TUESDAY, 5 JULY 2022

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

MUMBAI
~11.00
VOLUME XXVI NUMBER 226

THE MARKETS ON MONDAY chg#

Sensex 53,234.8 p 326.8

Nifty 15,835.4 p 83.4
Nifty Futures* 15,837.0 p 1.6 ECONOMY & PUBLIC AFFAIRS P4 COMPANIES P2
Dollar
Euro
Brent crude ($/bbl)
~79.0
~82.4
122.6##
~79.0
~82.7 **
118.4 **
GUJARAT, KARNATAKA TOP TATA MOTORS TARGETS 5X RISE
Gold (10 gm)### ~52,009.0 p
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~425.0
2021 START-UP RANKING IN EV SALES BY END OF FY24
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

THE CMIE TRACKER

Consumer Sentiments Index
(Base: September - December 2015 = 100)
Trade gap widens Industry body protests 5%
62.41
72
70
68
66 to record $25.6 bn GST on hospital room rent
64
62 Ficci bats for zero GST on health care in letter
17 24 1 8 15 22 29 5 12 19 26 3
69.68 60 June imports surge to $63.58 bn, led by crude oil to FM; CAIT against tax tweaks on food items ‘Policymakers
Apr May Jun Jul ASIT RANJAN MISHRA don’t have fetish
Unemployment rate (%)
New Delhi, 4 July SHRIMI CHOUDHARY
New Delhi, 4 July
TAXING TIMES to raise rates’
| 5% levy on hospital rooms (above

I
9.0 ndia’s merchandise trade deficit
6.41 8.5 surged to a new high of $25.6 billion Industry and trade chambers have ~5,000 per day) will increase the Revenue Secretary Tarun Bajaj
8.0 in June amid slowing demand for voiced concern at some of last week’s cost for patients said on Monday that the rate
7.5 Indian exports and rising imports of decisions of the Goods and Services rationalisation exercise of the
7.0 | Will create confusion as room rent
gold, coal and crude oil. Exports grew Tax (GST) Council, such as taxing is normally part of treatment GST Council is a result of
6.5
8.43 16.8 per cent year-on-year to $38 billion in hospital room tariffs and bringing introspection of GST, and
6.0 package, says Ficci
17 24 1 8 15 22 29 5 12 19 26 3 June while imports jumped 51 per cent unbranded packaged consumer policymakers do not have a
Apr May Jun Jul to $63.6 billion, according to the prelimi- items within the tax net. The | Hospitals won’t be able to claim “fetish” to raise the tax rates to
Source: CMIE nary data released by the commerce mini- Federation of Indian Chambers of ITC in case of 12% GST on the revenue-neutral level of 15.5
stry on Monday. Commerce and Industry (Ficci) has biomedical waste per cent. He said the government
ON THE JOB India’s traditional high dependence on
TRADE PERFORMANCE ($bn)
written to Union Finance Minister | Taxes are increasing the cost of intends to continue
crude oil led to its imports soaring 94.2 Nirmala Sitharaman, seeking zero with the top GST
VULNERABLE JOBS per cent in June to $20.7 billion. Exports Imports 70 rate GST for health care services to
compliance for hospitals, it says
| Taxing unbranded food items
slab of 28 per
India’s June 2022 labour statistics are Continuing fetish of Indians for gold amid 63.60 65 enable service providers to claim cent for luxury
hugely disappointing. Employment fell a downward spiral of the equity market input tax credit (ITC). may cause huge loss of business and sin goods.
60
by a massive 13 million from 404 million in meant gold imports rose 169 per cent to The industry body is of the view for foodgrain traders, says CAIT PTI
May to 390 million. This is the biggest fall $2.6 billion during the month. Amid a slow 55 that enabling this will not only keep
in employment during a non-lockdown increase in domestic coal production, the 50 the ITC chain intact but will make HOTELS, RESTAURANTS BARRED Turn to
Page 6 >
month. Employment had risen by government’s directive to power 45.72 45 compliance easier. Turn to Page 6 > FROM LEVYING SERVICE CHARGE P4
8 million during April and May 2022. generation companies to blend domesti- 40
MAHESH VYAS writes 19 > cally produced coal with 10 per cent 35
imported coal led to a 248 per cent jump 37.90 30
in coal imports to $6.4 billion.
Aditi Nayar, chief economist at ICRA
30.63
Apr 2021 Jun 2022
25 India misses 5th Credit-deposit Urban FMCG sales
Ltd, said the widening merchandise trade Source: Commerce ministry largest economy growth gap at see sharper fall
deficit was worrying with a sequential dip
in exports and a rise in the non-gold WORRYING SURGE tag by a whisker three-year high than rural in June
imports relative to May. “With a steady The Indian economy was While credit growth in FMCG sales continued
| India’s trade deficit in Q1 FY23
uptick in the size of the merchandise slightly smaller than the system has picked to be lower in June
trade deficit over the course of the
rose 124% YoY to $70 billion the United Kingdom’s up, deposit growth has compared to May with
quarter, we expect the current account | FPI outflows, rising trade deficit (UK’s), which deprived not kept pace with urban sales witnessing a
deficit (CAD) to more than double to $30 have put downward pressure on the former the rank of the credit growth,causing steeper decline than rural.
billion in Q1 FY23 from the modest $13 the rupee fifth-largest economy in the world in a widening of the gap to an over Sales of goods from shampoos to
billion in the previous quarter. However, 2021. Experts say it is just a matter of a three-year high and exacerbating biscuits stayed lower due to inflat-
robust services surpluses will partly | Experts see CAD more than year before India overtakes the UK. If concerns that slow deposit ionary pressures on commodities.
absorb the shock. We expect the CAD to doubling to $30 billion in Q1 FY23 the figures are rounded off, both the growth could emerge as one of the This pushed consumer companies
print in the range of $100-105 billion in versus $13 billion in Q4 FY22 economies were placed at $3.2 trillion biggest constraints for loan to continue taking price hikes, thus
FY23,” she said. Turn to Page 6 > in 2021. INDIVJAL DHASMANA writes 4> growth in the system. 6> impacting demand. 2>
2 COMPANIES MUMBAI | TUESDAY, 5 JULY 2022

> Tata Power > VA Tech Wabag > IDFC First Bank > Easy Trip Planners > Bharat Forge
STOCKS Plans to set up mega Secures ~430-crore order Q1FY23 advances grow Forays into New Zealand Successfully completes
IN THE NEWS solar manufacturing from RIL for a 53-MLD 21 per cent YoY to by incorporating a acquisition of JS
plant in Tamil Nadu plant at Jamnagar ~1.3 trillion wholly-owned foreign arm Autocast for ~490 cr
~211.5 CLOSE ~237.7 CLOSE ~34.1 CLOSE ~401.4 CLOSE ~649.5 CLOSE
p2.2% UP* p3.44% UP* p5.3% UP* p0.3% UP* p0.5% UP*
*OVER PREVIOUS CLOSE

>

Urban FMCG sales see sharper fall than rural in June7.5 per cent and the drop in sales challenge on an ongoing basis.
SHARLEEN D’SOUZA MONTHLY FMCG SALES (May 22 vs June 22) CATEGORY SALES (In %)
Mumbai, 4 July (month-on-month) was 0.7 per cent | *AMJ 21 vs AMJ 22 (Quarterly) | May 22 vs June 22 (MoM) “The drop in consumption in
in mega cities. The figure was 0.4 per -0.9% 0% -0.9% recent months is forcing them to re-

84.0
Fast-moving consumer goods cent in tier 3 cities. Sales value Active kirana Monthly sales per orient their growth strategies back

17.7
(FMCG) sales continued to be lower “There is a definite sign of prices growth growth active kirana towards consumption-led growth,”
in June compared to May with going down for essentials like edible D’Souza said.
urban sales witnessing a steeper oils and even for fuel rates, which URBAN/RURAL FMCG SALES (May 22 vs Jun 22) Bizom has noticed that brands

7.7

5.8
decline than rural. impact logistics. We expect this to have taken significant action to
Sales of goods from shampoos get passed on to consumers quickly.
-3.1% Urban growth -0.2% Rural growth improve realisation through shrink-

3.3
1.8
-8.8

2.1
-9.0
-0.9

-3.2
to biscuits stayed lower due to infla- In these products, we can defi- flation and bridge packs at the lower

tionary pressures on commodities.
This pushed consumer companies
to continue taking price hikes, thus
impacting demand, according to
data by Bizom.
Rural sales in June declined 0.2
per cent compared to May, data
showed.
However, urban sales declined
3.1 per cent in June compared to
May, largely driven by weakness in
tier-2 cities.
Sales in tier-2 cities were down
0.5
URBAN GROWTH BREAKDOWN(May 22 vs Jun 22)
nitely expect a bump up in rural end of pricing.
sales next month. They are showing -0.7% -7.5% -0.4% In May, sales in urban areas were
early revival signs in June,” Akshay Megacities Tier-2 cities Tier-3 cities down 16 per cent and those in rural
D’Souza, chief insights and growth (5 mn+ popln) (1-5 mn popln) (sub mn popln) parts fell 16.6 per cent (against April),
officer, Bizom, told Business Beverages Commodity Packaged Home care Personal Confectionery according to Bizom.
Standard. However, for other pro- QUARTERLY foods care Mayank Shah, product head at
ducts where these essentials act as (AMJ 21 vs AMJ 22) 14.2% (AMJ-April-May-June) *AMJ: Apri, May, June Source: Bizom Parle Products, said, “Demand has
just an input ingredient, Bizom been improving due to predictions
expects FMCG brands to hold prices. of better monsoon.”
“The revival of sales for these will However, in the April-June ble-digit growth year-on-year (YoY) quarter last year on account of trend create pressure on consump- He also added that due to high
possibly take longer, depending on quarter, sales were up 14.2 per cent despite strong inflationary head- Covid,” D’Souza said. tion. He further said FMCG com- commodity prices, farmers have
the income earned from the good compared to last year. winds. It was mainly because of He added that the first half of panies have been focusing on price- received better realisation for
monsoon,” D’Souza said. “April-June 2022 showed a dou- pressure on FMCG sales during the 2022 has seen a strong inflationary led growth. They expect it to be a their crop.

IN BRIEF
IL&FS approves Siva Shelters’s
plan to restructure loan to arm
Tata Motors targets EVs brace for trial
IL&FS has approved a one time-debt restructuring proposal by Siva
Shelters and Construction (SSCL), which offered to pay ~70 crore of its
dues worth ~76.8 crore. SSCL’s offer is subject to the National Company five-fold rise in by fire as firms
remain optimistic
Law Tribunal’s approval. IFIN, a subsidiary of IL&FS, the bankrupt

EV sales by FY24
infrastructure financing and construction company, had disbursed
~50 crore as loan to SSCL. The loan—part of a sanctioned ~175 crore—
was secured by way of an exclusive registered mortgage over
approximately 17 acres of land parcels in Chennai. The loan was
classified as a non-performing asset on May 30, 2019. BS REPORTER SURAJEET DAS GUPTA
New Delhi, 4 July
Will look to sell 100K units by next year: Chandrasekaran EXPONENTIALLY STATIC
Akasa Air unveils first look of SHALLY SETH MOHILE
Mumbai, 4 July
The reality behind all the noise
about people switching to elec-
n Total two-wheeler registrations (ICE and electric) in million

‘eco-friendly’ crew uniform IT’S (E-NEXON FIRE) A ONE-OFF

1.22
tric two-wheelers is that they

1.19
1.15

1.11
INCIDENT. WE ARE DETERMINED TO

T
ata Motors is eyeing 5x growth in sales amounted to just over 3 per

1.01

0.98
of electric vehicles (EVs) from the cur-
rent levels by the end of 2023-24, the
ENSURE SUCH INCIDENTS cent of the 6.69 million ICE and
electric two-wheelers regis-
automaker’s chairman N DON’T HAPPEN tered in the first six months of
Chandrasekaran told the shareholders at the AND OUR this year.
77th Annual General Meeting (AGM). The numbers from VAHAN
“We are determined to increase our EV sales
PRODUCTS ARE are based on the electric January February March April May June
at a very significant rate. Our target is to cross ABSOLUTELY scooter registration of eight
2.61 2.78 3.76 3.63 2.81 3.30
50,000 cars this year and 100,000 cars next year.
We are on an aggressive growth path,” said
SAFE companies (excluding the
incumbent players, Bajaj and Percentage share of electric two-wheeler registration
Chandrasekaran, answering a shareholder’s TVS) which make for the bulk Source: Analysis based on VAHAN data
question on the company’s EV targets. of electric sales.
Even as the company pursues its EV-related Between January-June, the
goals aggressively, safety is an important ele- eight players registered collec-

Akasa Air, India’s newest airline, unveiled its crew’s uniform

on Monday. Akasa Air is the first airline in the country to
have introduced custom trousers, jackets, and comfortable
sneakers for its in-flight crew, the firm claimed
DoT warns e-comm
firms on illegal sale
of wireless jammers
The Department of Telecom (DoT)
has warned e-commerce
platforms against selling some
telecom gears like wireless
jammers and network boosters
that require government
permission for sale, an official
statement said on Monday. PTI
ment, the chairman stated. In response to the
company’s findings regarding the recent e-
tively a total of 212,000 electric
scooters. True, in March their
Govt considers penalising EV
Nexon fire, he said it’s a one-off incident and
Tata Motors has formed a dedicated team to
share did go up to 3.7 per cent
of overall two-wheelers but it
companies for fire incidents
TWITTER look into it. fell to 2.8 per cent in May. In Months after a spate of from the companies on
“It’s a one-off incident. We are very deter- June, the figure is at over 3 per fires in two-wheelers put a show-cause notice, we'll
mined to ensure that such incidents don’t N CHANDRASEKARAN, Chairman, Tata Motors cent. The sales of electric dent in India's EV drive, the deliberate and decide
Tata Steel completes happen and our products are absolutely safe,” motorbikes are too insignifi- government will soon take what action needs to be
~12,100-cr NINL deal he said.
The market leader in EVs in India has seen
CHARGING AHEAD cant to consider.
But none of this has dimin-
a call on whether or not to
take penal action against
taken. Meanwhile, they've
been advised to course
via step-down arm its volumes rising steadily annually—from FY20 less than 1,000 ished the ambition of the manufacturers of faulty correct," a senior official
Tata Steel on Monday said it 1,000 units in FY20 to 5,000 in FY21, and over stakeholders. Ola Electric electric vehicles. told Business Standard.
had completed the 19,500 in FY22, driving the e-mobility almost
FY21 less than 5,000 founder Bhavish Aggarwal says "We haven’t yet The show-cause notices to
acquisition of 93.71 per cent in single-handedly with its e-Nexon and e-Tigor FY22 19,500 plus that by 2025 all two wheelers decided what penal action Ola, Okinawa, PureEV have
Neelachal Ispat Nigam (NINL) models. It has sold 18,378 EVs in the first half will shift to electric. will be taken against the been sent based on the
through its listed step-down of 2022. This is even as other carmakers have His rivals expect the indus- companies at fault. Once findings of a report.
subsidiary, Tata Steel Long been relatively slow in embracing the transition try to hit 750,000 electric two we receive all responses BS REPORTERS
Products (TSLP). citing an underdeveloped charging infrastruc- TARGET scooters by the end of the cal-
BS REPORTER ture, high battery costs and range anxiety to FY23 FY24 endar year. To do so, it has to
name a few. gear up and register around of December should touch $1 in two wheelers even beyond
The TPG Rise-backed Tata Passenger
50,000 100,000 90,000 vehicles on an average billion from around ~500 crore 2030.
plus plus
Electric Mobility (TPEM), company’s subsidiary every month for the next six in April-May. Nomura, which tracks the

TN signs MoUs
has made a commitment to invest $2 billion in Source: Tata Motors’ AGM months, that is 2.3 times more Then there is the govern- electric sector segment care-
the EV sector over the next few years and have than what it managed in June ment which is sticking to its fully, has more realistic esti-
ambitions to be a global player. — a pretty herculean task, if guns by insisting that 80 per mates, namely, that about 30
Underlining the commitment to get to net becoming a near zero debt company by 2024. not impossible, task. cent of two wheelers will be per cent of two wheeler

worth ~1.25 trn zero emissions (Scope 1, 2 and 3) by 2039 for

JLR, 2040 for passenger vehicles (PVs) and 2045
for commercial vehicles (CVs), he said a clear
He said the move of bifurcating the compa-
ny’s businesses into separate entities has paid
off well and made it leaner and more customer-
With around 6-8 million
scooters on average sold in the
country, this would have given
electric by 2030.
What has been missed
amid the bandying around of
vehicles will be electric by
2030.
“One might bear in mind

with 60 firms
road map is being drawn and several actions centric. “Each of these businesses are now self- the electric scooter players at all these numbers is that 70 per that the automatic transmis-
are already underway to deliver the same. sustaining which gives me greater confidence least a 10 per cent share of the cent of the 18-20 million two sion scooter is not the leading
“The shift to sustainable mobility is irrevers- to reiterate that we will get to near zero net auto- overall market for 2022 (both wheeler market is motorbikes contributor in the Indian two
ible and the group will be among the leaders of motive debt by FY24, a timeline I had ICE and electric) and the much and there is hardly any product wheeler market, rather it is
Tata Power, Lucas TVS and IMAL are green mobility globally,” Chandrasekaran said announced/committed in my address at the needed inflexion point for in the market for them. entry level mobikes which
in his opening address to the shareholders. last AGM.” Tata Motors Group is now operating quicker growth. Apart from announce- drive growth in India,” said
among the firms that signed MoU He assured an aggrieved shareholder that as three independent business units, compris- But that looks a long way off ments by Ola Electric, TVS and Harshvardhan Sharma,
SHINE JACOB potential for about 17,654 per- “it will soon become a dividend-paying com- ing commercial vehicles, passenger vehicles unless the situation changes Bajaj Auto, there is no electric Nomura’s head of auto retail
Chennai, 4 July sons. This includes a ~3,500- pany.” He attributed the non-payment of div- and Jaguar Land Rover. This has helped the dramatically during the rest of bike (Pune-based Torque has consulting practice.
crore data centre and IT unit idend to the accumulated losses. Tata Motors units offer a distinct and differentiated value the year. just launched one) with adequ- He added: “There are a very
Tamil Nadu secured invest- by L&T, ~2,500-crore data last paid dividends in FY14. proposition to their different customer seg- Tarun Mehta, co-founder of ate numbers to show for. few mass market electric
ments worth ~1.44 trillion on centre by Sify Technologies, The owner of Jaguar Land Rover reported a ments while leveraging backend and corporate Ather Energy, says that the Making electric motorbikes is mobikes currently. Also the
Monday by signing of mem- ~1,448-crore data centre by net loss of ~11,441 crore in the last fiscal year synergies wherever possible, he said. industry will hit a run rate of more complex, requires more bulk of the two wheeler electric
oranda of understanding CtrlS and an over ~500-crore (FY22) as the company’s UK subsidiary battled With the gradual improvement in availabil- 100,000 electric scooters by power and might still be some segment will be fuelled by B2B
(MoU) with 60 companies, garment unit by Jay Jay Mills. various odds, including a semiconductor short- ity of semiconductors and the stabilising of December if the chip crisis way down the line. Without a growth in the wake of hyperlo-
laying of foundation stones Of the total 60 MoUs signed age and a Covid-induced lockdown in China. commodity prices, Chandrasekaran said he does not worsen. substantial shift in motorbikes cals and e-commerce growth.
and inauguration of new on Monday, 53 were facilita- Despite the headwinds, Chandra re-iterated expects the second half of the current fiscal year And Aggarwal says that to electric, there is hardly any And there will be consoli-
projects. tion agreements that the company is on track with its target of to be better than the first. Ola’s own run rate by the end question of an 80 per cent shift dation.”
The projects The projects are involving an
are expected to expected to investment of
create 74,898 jobs. create 74,898 ~65,373 crore
The major invest- jobs in the
ment pacts state
include a ~52,000-
and a job crea-
tion potential
for 58,478
Ford India unions back at table, call off month-long strike
crore green people. SHINE JACOB final call on continuing the mum cap of ~80 lakh. porting production until July
hydrogen and ammonia Addressing the event, Chennai, 4 July strike will be taken after discus- “The company remains 2022. The company said that it
facility by ACME Green Stalin highlighted that semi- sions with the Ford manage- committed to achieving a fair is looking forward to a construc-
Hydrogen in Thoothukudi, a conductors, electric vehicles Employees at Ford India’s ment. Employees also cited the and balanced outcome on the tive discussion with Union to
~3,000-crore 4-giga watt and green energy are the key Chennai unit have called off rise in Covid cases in Tamil severance package and has ensure a timely severance pack-
(GW) cell and 4 GW solar emerging industries in the their strike temporarily, follow- Nadu as one of the reasons for requested the union to engage age settlement for all employees
module manufacturing unit state. Ever since the DMK ing which, the company has their change of mind. in a dialogue without any pre- is achieved by July 31.
by Tata Power, lithium ion government took charge in revised its severance package The company had conditions. Unreasonable The package included an
Cell unit by Lucas TVS, and May 2021, the state has from 115 days to 121 days for announced the extension of the demands and ongoing disrup- ex-gratia amount equivalent to
Chemicals and ceramic tile signed 192 MoUs worth employees who are supporting production schedule till the tions have proved to be an 87 days of last drawn wages
manufacturing facility by around ~2.25 trillion. Stalin production. The workers began end of July. As part of its earlier impediment and not in (May 2022) and a fixed amount
Aravind Ceramics. indicated that the state’s the agitation on May 30. package, employees were anyone’s interest,” said a com- ~50,000, both being for every
Chief Minister M K Stalin Dravidian model of govern- The company also indicated offered around 115 days of pany source. Ford India had completed year of service. In
also laid the foundation stone ance with a peaceful busi- that discussions will continue wages for each year of service. earlier announced that it would addition, benefits like an
for 21 projects with an invest- ness environment is bring- with the unions to further The cumulative amounts for protect the wages and employ- amount of ~240,000 and med-
ment commitment of ~22,252 ing global industrialists to The company has revised its severance package from 115 days sweeten the deal. An official components to be given was ment of those employees who ical insurance until March 2024
crore and employment the state. to 121 days for employees who are supporting production told Business Standard that a around ~30 lakh, with a maxi- are reporting to work or sup- were offered.

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.
MUMBAI | TUESDAY, 5 JULY 2022 COMPANIES 3 <

Vauld suspends withdrawals

Our expansion Shareholders junk Vauld, the Coinbase-backed Indian cryptocur- declined after the collapse of Terraform Lab’s

RPower’s asset rency exchange, said on Monday it is suspend- UST stablecoin, Celsius network pausing with-

plans will take

ing all withdrawals, trading and deposits as it drawals, and Three Arrows Capital defaulting
battles financial challenges. on loans.
Darshan Bathija, Vauld’s co-founder and Singapore-based Vauld said it is looking for

monetisation plan chief executive officer (CEO), in a blog post on

the company’s website talked about the finan-
new potential investors as it considers the
option of restructuring. Vauld will consider a

a hit due to ATF

cial difficulties of business partners and cus- moratorium before the Singapore courts, “so
tomer withdrawals in excess of $197.7 million as to give us breathing space to carry out the
VIVEAT SUSAN PINTO Lenders to Reliance Power include since June 12 when the cryptocurrency market proposed restructuring exercise.” BS REPORTER
Mumbai, 4 July Axis Bank, YES Bank and State Bank of
India, among others.

duty: Airlines
Shareholders of Reliance Power IiAS had also recommended that
(RPower) have turned down the compa- Reliance Power shareholders vote against
ny’s asset monetisation plan during its adoption of the financial statements for
LIC to hold
annual general meeting (AGM) held on the year ended March 31, 2022, citing
Saturday. Disclosing the results of the auditors’ concerns. But that has not hap-
AGM on Sept 27
AGM on Monday, the com- pened at the AGM. The ordi- Insurance behemoth Life
Say the move will make international pany said 72 per cent share-
holders had voted in favour 26% OF THE
nary resolutions,
included adoption of the
which Insurance Corporation (LIC)
will hold its first annual gen-
flights uncompetitive, seek rollback of the special resolution to SHAREHOLDERS
monetise its assets. The HAD VOTED
audited financial statements,
have been cleared by the share-
eral meeting (AGM) on
September 27 via videocon-
ANEESH PHADNIS & ASIT RANJAN MISHRA awaiting further clarity on the issue remaining 28 per cent had AGAINST holders. ferencing and other audio
Mumbai/Delhi, 4 July of excise duty from the government voted against the resolution. THE RESOLUTION The appointment of a direc- visual means, it said in a
in 24-48 hours. “It is still a bit of a Yet, the resolution did not tor in place of Sateesh Seth, a notification to the stock

D
omestic airlines are seeking grey area,” he said. Emailed queries get through because a spe- non-independent, non-execu- exchanges. The board of
a rollback of 11 per cent basic to airlines did not elicit any cial resolution requires 75 per cent of tive director, and payment of remuner- the insurance behemoth
excise duty on aviation tur- response. shareholders to vote in its favour, accord- ation to the cost auditors have also been also approved the record
bine fuel (ATF) for international Abhishek Jain, tax partner, ing to proxy advisory firms. A report by cleared. Ordinary resolutions require 50 date of dividend payment as
flights. The additional charge has KPMG, said the July 1 decision has Institutional Investor Advisory Services per cent of shareholders to vote in their August 26. It also gave a go-
been levied by one of the three state created a disparity between domes- (IiAS) last month said the company favour. ahead for investing in the
oil marketing companies (OMCs) tic and foreign airlines and the gov- defaulted on loans to the tune of ~3,561 Reliance Power received 72.74 per proposed rights issue of LIC
since Friday. ernment needs to crore as on March 31, 2022. cent votes in favour of the first resolution (Nepal) worth ~80.67 crore
Airlines feel that resolve it. This is the principal amount, the to adopt the audited financial state- approximately, subject to
it will make interna- According to report said, with the interest working out ments. It got over 99 per cent votes for the prevalent exchange rate.
tional operations Jain, the govern- to ~1,783 crore. the second and third resolutions.
costlier and slow ment has done away
down their expan- with the export
sion. On July 1, a
special additional
excise duty of ~6 per
litre was introduced
status of ATF con-
sumed in interna-
tional routes oper-
ated by Indian
Payments for Aakash
on bulk export of
ATF. This is not
applicable to air-
carriers. Thus ATF is
now subject to basic
excise duty, which is
deal completed: Byju’s CAUTION AGAINST LOANS
OFFERED BY APNAPAISA
It has come to the notice of
lines. However, applicable on PEERZADA ABRAR firm Aakash for a $1-billion Ventures is based in Los ApnaPaisa (A brand owned by
from July 1, one of domestic routes. Bengaluru, 4 July acquisition struck last year, Angeles, and has backed Andromeda Sales & Distribution)
the OMCs started “This has created a had concluded and that unicorns such as food that a group of people is
levying 11 per cent basic excise duty disparity with foreign airlines that Byju's on Monday said its the audited financial res- delivery firm Swiggy and impersonating ApnaPaisa and its
on fuel purchased for international are not liable to pay this duty, fundraising efforts were on ults would be announced local language tech plat- logos and offering loans to
flights. Hitherto, this charge was not according to Section 3 of the Foreign track and the majority of within the next 10 days. form VerSe. customers with a view to
levied for overseas flights. Aircraft (Exemption from Taxes and the $800 million had been According to a report by In March, Byju’s said it deceiving customers. This is to
“This is a big negative for domes- Duties on Fuel and Lubricants) Act already received. “The bal- The Morning Context, the raised $800 million in the inform all our esteemed
tic airlines and it will put us at a dis- 2002,” he said.ATF accounts for ance is also expected $800 million funding that round, with founder and associates and customers that
advantage against foreign airlines around 40 per cent of an airline’s soon,” said a Byju’s the firm announced this CEO Byju Raveendran con- Andromeda and Apnapaisa do
that are exempt from the duty. operating expenses. spokesperson. March has gone off track. tributing half the sum. NOT offer any loans directly to
Raising fares, too, would be difficult, A surge in its price has already The statement comes It also said that the money Sumeru Ventures, customers and merely facilitate
given the intense competition on put airlines on the back foot and amid a media report that from Sumeru Ventures, a Vitruvian Partners, and loans to customers from RBI
international routes. We have taken there have been repeated pleas from alleged that Byju's had participant in the round, BlackRock also participat- approved entities like Banks and
up the issue with the civil aviation the aviation industry to reduce raised a fake investment has gone off track, raising ed in the round, taking the NBFC's. Therefore, the public at
and petroleum and natural gas mini- taxes. Domestic ATF price has risen and delayed payment to a questions about the fund’s Bengaluru-based compa- large is advised to be cautious
stries,” said a senior executive from 78 per cent since January. group firm. antecedents. ny’s valuation to about about any act of cheating or loss
a private airline. The firm also said its According to Tracxn $22 billion from $18 billion o r d a m a g e c o m m i t t e d by
Another executive said they are (With inputs from Shine Jacob) payments to education and Crunchbase, Sumeru earlier. unscrupulous persons/entities
that are illegally using the trade
name "ApnaPaisa". Kindly
continue to use the services of
apnapaisa.com by visiting our
official site
https://apnapaisa.com/ or
connecting to our
authorised representatives only.
[Issued in Public Interest by
Andromeda Sales &
Distribution Pvt Ltd]

HO: BENGALURU
SANTACRUZ (EAST) BRANCH: Lovely House, J. N. Road, Santacruz (E), Mumbai - 400055.
POSSESSION NOTICE [Section 13 (4)] (For Immovable Property)
Whereas, The undersigned being the Authorised Officer of the Canara Bank under
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 (Act 54 of 2002) (hereinafter referred to as “the Act”) and in exercise of powers conferred
under Section 13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules 2002,
issued a Demand Notice dated 25.04.2022 calling upon the borrower Shri. Jeet S. Tendulkar
R/o. Building No. 51, New Malwani Breeze CHSL, Room No. 002, CSR Complex, Mhada,Old
Link Road, Kandivili (W), Mumbai to repay the amount mentioned in the notice, being
Rs. 44,82,561/- (Rupees Forty Four Lakhs Eighty Two Thousand Five Hundred Sixty One
Only) with future interest & cost within 60 days from the date of receipt of the said notice.
The Borrower having failed to repay the amount, notice is hereby given to the borrower and
the public in general that the undersigned has Taken Symbolic Possession of the property
described herein below in exercise of powers conferred on him / her under section 13 (4) of the
said Act, read with Rule 8 & 9 of the said Rule on this 29th day of June of the year 2022.
The Borrower in particular and the public in general are hereby cautioned not to deal with the
property and any dealings with the property will be subject to the charge of Canara Bank for an
amount of Rs. 44,82,561/- (Rupees Forty Four Lakhs Eighty Two Thousand Five Hundred
Sixty One Only) and interest thereon.
The Borrower’s attention is invited to the provisions of Section 13 (8) of the Act, in respect of
time available, to redeem the secured assets.
Description of the Immovable Property
Sr. Name of
Immovable Security
No. Title holder
rd
Mortgage of Residential Premises bearing Flat No. 301 & Flat No. 302, 3
Shri. Jeet S.
1. Floor admeasuing 499.73 Sq. Ft. Each built up area in Building known as
Ryyan View plot No. 25, Nawade Navi Mumbai Panvel, Raigad - 410206. Tendulkar

Date : 29.06.2022 Sd/-

Place : Mumbai Authorised Officer, Canara Bank
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 5 JULY 2022 1

IN BRIEF
PACS may soon sell petroleum India misses 5th largest economy tag by $13 bn
products, run PDS shops: Govt WHO STANDS WHERE INDIVJAL DHASMANA
New Delhi, 4 July
compared to 2020-21, while the pound
depreciated much sharper against the
The Centre has proposed to allow primary agriculture In current prices ($ trn) greenback in 2021 against that in 2020.
credit societies (PACS) to undertake activities like dealership of The Indian economy was slightly smaller It should be noted here while the dollar
US China Japan Germany UK India France
petroleum products, running PDS shops, and developing 25 than the United Kingdom’s (UK’s), which has more value than the rupee, it is the other
hospital and educational institutions, in addition to 23.00 deprived the former the rank of the fifth- way round in relation to the pound.
their regular functions. In this regard, the Ministry of 18.21 largest economy in the world in 2021. India’s currency depreciated by 0.55 per
Cooperation has floated a draft ‘Model By-laws of PACS’,
20 Experts say it is just a matter of a year before cent against the dollar while for the pound
17.73
on which it has invited suggestions from the state India overtakes the UK. it was 6.5 per cent in this period.
governments and other stakeholders by July 19. The 15 It should be noted that the figures ICRA Chief Economist Aditi Nayar said
existing framework does not allow PACS to diversify in 11.06 for other countries are on a calendar India’s GDP growth was likely to be
other areas apart from their core business. PTI 10 year basis, while those for India are one of the fastest globally during 2022-23,
3.36 4.22
4.94 on a fiscal year basis (April-to-March). which should help India overtake the
2.96 4.44 5 So, 2021 would mean 2021-22 for India UK imminently.
Centre planning export houses 2.44
2.10
3.19
2.94 3.17
0
and so on.
If the figures are rounded off, both the
India continued to race ahead of France,
with which it was on a level with $2.65 tril-
exclusively for co-ops: Shah 2015 2021 economies were placed at $3.2 trillion in
2021. However, to be specific, the UK’s econ- In PPP terms, India continued to
lion in 2017. The next year too, both the
economies were tied at $2.7 trillion. Since
The Centre is working on a proposal to set up two dedicated export
Purchasing power parity ($ trn) omy was a bit higher at $3.19 trillion against be the third-largest economy in then, India overtook France to occupy sixth
houses that will enable cooperatives to brand and export items, China US India Japan Germany UK France India’s at $3.17 trillion during the year, the world in 2021-22. The economy spot in the world. The gap stood at $100 bil-
said Cooperatives Minister Amit Shah on Monday. Shah said the 30 showed the latest World Bank data. stood at $10.22 trillion, which lion in 2019 but reduced to $40 billion the
government plans to enable KRIBHCO and IFFCO to go for seed 27.31 India’s economy was just $13 billion was almost twice as much as next year. The difference widened to $230
25
improvement and Amul, one of India’s largest cooperative, will behind the UK’s in 2021. India had also Japan’s $5.4 trillion in 2021 billion in 2021. Many would like to see the
18.21
set up laboratories to certify and test organic products. BS REPORTER 20 reduced the gap with the UK in 2019 to $50 ranking of countries in terms of purchasing
23.00 billion from $200 billion a year earlier but power parity (PPP), which takes into
17.80 4.82 15 the distance had widened to $90 billion in period of 2019. On the other hand, India’s account the cost of living in a country while
PFS: Auditor gave satisfactory 5.20
7.16 10.22
10
2020. Former chief statistician Pronab Sen
said India’s economic recovery was much
economy expanded by 17.8 per cent at
~236.44 trillion in 2021-22 against ~200.75
converting a currency into dollars.
In PPP terms, India continued to be the
report on business operations 3.89 5.40
5
sharper in 2021-22 over the pre-Covid
period than the UK’s in 2021 over 2019.
trillion in 2019-20.
When comparing figures in dollar terms,
third-largest economy in the world in 2021-
22. The economy stood at $10.22 trillion,
2.79 3.42
PTC India Financial Services (PFS), which has been facing probe 2.72 3.34 In national currency terms, the UK econ- one has to keep in mind the movement of which was almost twice as much as Japan’s
0
over alleged governance issues, on Monday said that a lender- 2015 2021 omy expanded to 2.32 trillion pounds in the exchange rate. $5.4 trillion in 2021. Japan was the fourth-
appointed auditor has given satisfactory report on its business Note: For India, figures are on fiscal year basis. So 2021 means FY22, and so on. World 2021, which was 2.6 per cent higher than Sen said India’s currency depreciated largest economy in the world in PPP terms
operations. Last month, capital markets regulator Securities and Bank may revise data in the next few weeks Source: World Bank the 2.26 trillion pounds in the pre-Covid marginally against the dollar in 2021-22 in 2021.
Exchange Board of India (Sebi) had asked PFS — a non-banking
financial company — not to make any changes to the company’s
board till the completion of the forensic audit. PTI

PM to attend first Arun Jaitley

Memorial Lecture on July 8
Centre committed to
Prime Minister Narendra Modi will attend the first Arun Jaitley
Memorial Lecture on July 8, which will also kick off the three-day
Kautilya Economic Conclave being organised by the Finance
Ministry, Economic Affairs Secretary Ajay Seth said on Monday.
meeting FY23 fiscal
deficit target: Official
The lecture, which the government plans to hold every year, will
be delivered by former Singapore PM Tharman
Shanmugaratnam. BS REPORTER

13 killed, 2 injured as bus falls ARUP ROYCHOUDHURY

into gorge in Himachal Pradesh New Delhi, 4 July
Govt to review windfall Hotels can’t levy
I tax on oil every fortnight
Thirteen passengers were killed and two others injured after a ndia’s macroeconomic funda-
bus fell into a gorge in Himachal Pradesh’s Kullu district on mentals and foreign exchange
Monday, officials said. The bus was on its way to Kullu from
Shainsher when it fell into the gorge at a hairpin bend near
Jangla village around 8.30 am, the officials said. Condoling the
loss of lives, Prime Minister Narendra Modi announced ~2 lakh
reserves are robust enough to
deal with the current geo-political
challenges, and the Centre is com- PRESS TRUST OF INDIA
mitted to meeting the FY23 fiscal 4 July
service charge by
each for the next of kin of those who died.

Delhi Assembly passes Bills to

PTI deficit target of 6.4 per cent of gross
domestic product, a top government The government will review the
official said on Monday. windfall tax on domestically pro-
“The government is committed duced crude oil and fuel exports
default, says CCPA
to the fiscal consolidation path and every two weeks based on foreign Nothing illegal in collecting it, says hotel body
hike salaries of its members we will make all efforts to meet the currency rates and international oil
current year’s budget target of 6.4 prices, but no levels have been fixed SANJEEB MUKHERJEE charge shall be imposed on con-
The Delhi Assembly on Monday passed Bills pertaining to over per cent of GDP,” the official, who for its recall, top officials said on New Delhi, 4 July sumers,” it added. “It is part of the
66 per cent hike in salaries and allowances of its members, the spoke off the record, told reporters. Monday. Revenue Secretary Tarun guidelines, which means that legal
first raise in last 11 years for the legislators who are considered the The official said that the govern- Bajaj (pictured) said the $40 per bar- The Central Consumer Protection action can be initiated against the res-
lowest-paid lawmakers in the country. Five different Bills were ment is taking steps to deal with the rel level of oil prices being talked Authority (CCPA) on Monday barred taurant by the CCPA, as under the new
tabled for the hike in salaries of ministers, MLAs, chief whip, high crude oil prices caused by about for a rollback of the levy is hotels and restaurants from levying Consumer Protection Act it is empow-
Speaker and Deputy Speaker, and Leader of Opposition in the Russia’s invasion of Ukraine. unrealistic, considering the interna- foreign currency rates and depend- service charge by default in food bills, ered to take action under relevant por-
Assembly, which were passed by the members. PTI India is 85 per cent dependent tional oil rates currently. The review ing on where the international prices and allowed customers to file com- tions of the law,” Bijon Misra, founder
on imports to meet its crude oil is based on the premise that if crude are,” Bajaj said. plaints in case of a violation of the of Consumer Online Foundation,
needs and a weaker rupee makes prices fall, then windfall gains will The government last week norms. There should not be any collec- which pioneered the ‘Jago Grahak Jago’
RBI slaps penalties on Kotak imports costlier. cease and new taxes would be roll-
Oil prices reversed losses and back. “There is a way we will monitor
slapped an export tax on petrol, die-
sel and jet fuel and imposed a wind-
tion of service charge by any other
name, it added.
campaign, said.
Misra said what will happen now is
Mahindra Bank, IndusInd Bank edged up on Monday as concerns of it every 2 weeks, depending on the
tight supply amid lower Opec out-
fall tax on crude oil produced locally. The hotels have to clearly inform
the consumer that paying the service
that restaurants and hotels will start
including the ‘service charge’ in the
The Reserve Bank of India (RBI) on Monday imposed a monetary put, unrest in Libya and sanctions charge is at the consumer’s discretion, price itself, which could inflate the bill.
penalty of ~1.05 crore and ~1 crore on Kotak Mahindra Bank and on Russia outweighed fears of a also lead to higher tax collections, equally confident that we will come the CCPA said. The order empowers CCPA also said that service charge
IndusInd Bank, respectively, for deficiencies in regulatory global recession, according to and hence, the fiscal deficit target out well when the headwinds have consumers to complain against the cannot be collected by adding it along
compliance. In case of Kotak Mahindra Bank, the RBI found that Reuters. Brent crude futures for could be met. subsided,” he said. practice under various provisions of the with the food bill and levying GST on
the private lender failed to maintain margin on advances to stock September rose 55 cents to $112.18 a While acknowledging that there The official also added that there Consumer Protection Act, tagging it as the total amount. If any consumer finds
brokers; credit (shadow reversal) the amount involved in the barrel, while US West Texas are strong global headwinds, should be no concern on the depre- an ‘unfair trade practice,’ and a viola- that a hotel or restaurant is levying
unauthorised electronic transactions to the customers’ account Intermediate (WTI) crude futures for the official said the country’s mac- ciation of the rupee as it was still per- tion of consumer rights. service charge in violation of the guide-
within 10 working days from the date of notification by the August delivery gained 44 cents, or roeconomic fundamentals are forming better than peer currencies. Reacting to the news, Gurbaxish lines, he or she can request the estab-
customer; and credit eligible amount to the Depositor Education 0.4 per cent, to $108.87 robust enough to deal “When US Fed is increasing pol- Singh Kohli, vice-president, Federation lishment concerned to remove it from
and Awareness Fund within the period prescribed. This was found a barrel, after also fall- with challenges. icy rates, dollar is appreciating vis- of Hotel & Restaurant Associations of the bill amount. “Victory for the com-
in a statutory inspection for supervisory evaluation of the bank ing $1 earlier. There was no “When oil prices are à-vis all other currencies. India, said, “We have explained over mon man is that after this, if anybody
conducted by RBI with reference to its financial positions as on The Centre faces a particular level of this high, obviously Appreciation vis-à-vis rupee has and over again that there is nothing does not want to pay service charge, he
March 31, 2018 and March 31, 2019. As for IndusInd Bank, the higher-than-budgeted rupee that the current account deficit been among the least. Several illegal in collecting a service can’t be forced to do that,” Misra said.
monetary penalty was imposed on it as it failed to adhere to food and fertiliser sub- govt and the RBI will go up. For the past other currencies of other countries, charge...But the industry is being He said as a positive fallout of the
customer due diligence procedure in the accounts opened using sidy burden, and for were targeting several years, India is have depreciated a lot more,” the painted as the black sheep in the eyes decision, waiters and others in hotels
OTP based e-KYC, in non-face-to-face mode. BS REPORTER the latter it could and the efforts bridging the CAD gap. official said, and added that of the consumer for no reason. might be tempted to provide better
exceed the budget tar- were to ease This year, the CAD has there was no particular level of Ironically, there are several online web- service to the customer in the hope of
Disclosure: Entities controlled by the Kotak family have a significant get by more than ~1 the volatility, been impacted by the the rupee that the government and sites and apps that charge convenience a good ‘tip’. The CCPA, in the guidelines
holding in Business Standard Pvt Ltd. trillion. The last round said the official global situation. But at the Reserve Bank of India were tar- fees, including the government-run said a tip or gratuity is towards hospi-
of excise duty cuts on the same time, the mac- geting and the efforts were to ease IRCTC. These do not even explain what tality received beyond basic minimum
petrol and diesel will roeconomic situation the volatility. the charge is for nor is the consumer service contracted between the con-
also lead to revenue foregone of as well the reserves are in far The rupee paired its early losses given a choice to opt out of it”. sumer and the hotel management, and
~85,000 crore. However, policy- stronger position than ever in the and settled on a flat note at 78.94 According to the guidelines, “No constitutes a separate transaction
MAHARASHTRA, TAMIL NADU, makers are confident that higher past,” the official said.
nominal GDP (due to inflation) will “Challenges are there, but we are
(provisional) against the US dollar
on Monday.
restriction on entry or provision of serv-
ices based on collection of service
between the consumer and staff of the
hotel at the consumer’s discretion.
GUJARAT AMONG TOP INDIAN
PLASTIC WASTE PRODUCERS
Maharashtra, Tamil Nadu
and Gujarat are among the
top Indian plastic waste
Gujarat, Karnataka ‘best performers’ in start-up ranking
producers, a Kotak ASIT RANJAN MISHRA States’ Start-up Ranking exercise “Indian start-ups have raised
Institutional Equities note New Delhi, 4 July since 2018 with the exception of last over $42 billion in funding in the
said, citing the Central year due to the pandemic. STATES’ START-UP RANKING 2021 State 2021 calendar year. This momentum
Pollution Control Board Gujarat and Karnataka emerged the This exercise facilitates states on > Gujarat continued in 2022, with start-ups
Best performer
(CPCB) data. India ranks fifth “best performers” in the third the basis of ease of building a start- > Karnataka raising over $11 billion in the first
in generating plastic waste edition of States’ Start-up ranking, up and doing business. The quarter,” he added.
2021, while Meghalaya bagged the consideration period for the third > Kerala Goyal said the Open Network for
globally, with an annual
top honour among Northeastern edition ranking exercise was > Maharashtra Digital Commerce (ONDC) has the
discharge of 3.5 million Top performers
(NE) states. In the second edition of October 1, 2019 to July 31, 2021. > Odisha power to spawn thousands of start-
tonne in fiscal year 2020, the of 19 single-use plastic items the survey, conducted in 2020, The documentary evidence > Telangana ups. “In the next five years, we will
note said citing CPCB data. manufactured using Gujarat was the best performer. submitted was evaluated over a six- have ONDC democratise e-
“Almost 83 per cent of this non-biodegradable / States and UTs with a month duration. The evaluation > Assam commerce across India,” the
Category

comes from just 10 states/ non-compostable plastic population of more than 10 million committee — across 14 meetings — > Punjab minister said.
Union Territories,” the report with effect from July 1, 2022. are ranked separately from those assessed each document for fair and Leaders > Tamil Nadu DPIIT secretary Anurag Jain said
said. India banned the use PUNEET WADHWA with a lower population. transparent evaluation. It was > Uttarakhand the 2021 ranking exercise evolved to
UTs and states are classified into composed of representatives from > Uttar Pradesh focus more on implementation and
five categories based on their 19 government departments and 29 grassroots impact of policies.
PLASTIC WASTE GENERATION IN FY20 performance in the survey. They are start-up ecosystem stakeholders, a > Chhattisgarh “The initiatives undertaken and
Others 11 Maharashtra 13 best performers, top performers, statement from DPIIT said. > Delhi their impact reported in this
leaders, aspiring leaders and The participants were evaluated
Aspiring leaders > Madhya Pradesh exercise are testimony of the on-
Punjab 3
Tamil Nadu 12 emerging start-up ecosystems. across seven broad reform > Rajasthan ground efforts being executed.
Madhya Top performers among the larger parameters. It comprised 26 action Trade minister Piyush Goyal Twenty-seven states and UTs have a
Pradesh 3 states include Kerala, Maharashtra, points ranging from institutional said ONDC has the power to Emerging start- > Andhra Pradesh dedicated online portal for start-up
Contribution Gujarat 12 up ecosystems
Kerala 4 Odisha and Telangana. support, fostering innovation and spawn thousands of start-ups > Bihar ecosystems in vernacular
(in %)
West Bengal 9 Among smaller states and UTs, entrepreneurship, access to market, languages. Forty government-
Haryana 4 Jammu and Kashmir was adjudged incubation support, funding backed seed, venture or fund of
Karnataka 9 the top performer. support, mentorship support to through surveys made in 13 different India now has the third largest start- funds have been established.
Uttar Pradesh 6
The Department for Promotion capacity building of enablers. languages to grasp the real situation up ecosystem in the world with over Capacity building of more than 350
Delhi 7 Telangana 7
of Industry and Internal Trade Feedback was also taken from at the execution level. 71,000 recognised start-ups and state-supported incubators has
Source: Kotak Institutional Equities report
(DPIIT) has been conducting the more than 7,000 beneficiaries Trade minister Piyush Goyal said more than 100 unicorns. been undertaken,” he added.
.
MUMBAI | TUESDAY, 5 JULY 2022 5
<

SecureKloud Technologies Limited

Regd. Off.: No.37 & 38, ASV Ramana Towers, 5th Floor, Venkat Narayana Road,
T Nagar, Chennai – 600 017. Ph: 044-6602 8000 | E-mail: cs@securekloud.com
Website: www.securekloud.com | CIN: L72300TN1993PLC101852

NOTICE TO MEMBERS
NOTICE is hereby given that the Thirty Seventh (37th) Annual General Meeting (‘AGM’)
of SecureKloud Technologies Limited (Formerly 8K Miles Software Services Limited)
scheduled to be held on Wednesday, July 27, 2022 at 09:30 A.M (I.S.T) through Video
Conference (VC)/Other Audio Visual Means (OAVM) in pursuant to section 101 , 136 and
other applicable provisions of the Companies Act, 2013 (“Act”) to transact the business(s)
contained in the notice dated June 30, 2022 as approved by the Board of Directors.
In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs (“MCA”)
vide its General Circular Nos. 14/2020, 17/2020, 20/2020, 2/2021, 19/2021, 21/2021
and 3/2022 issued by the Ministry of Corporate Affairs read with SEBI circular dated May
12, 2020 and January 15, 2021 issued by Securities and Exchange Board of India (“SEBI”)
permitted the holding of the AGM through VC/OAVM.
The Notice, Explanatory Statement thereof and the Annual Report for the Financial year
2021-22 have been sent only through electronic mode to all the members whose e-mail
addresses are registered with the Depository Participant (DPs) / Registrar and Share
Transfer Agent (RTA) on July 04, 2022 (Monday) and are also made available in the
Company’s website: https://www.securekloud.com/, website of the stock exchanges:
www.bseindia.com & www.nseindia.com and CDSL: www.evotingindia.com.
The Businesses as set out in the Notice shall be transacted through voting by electronic
means, the Company is providing remote e-voting facility to all its members to cast their
vote on all the businesses contained in the notice through e-voting platform of CDSL:
www.evotingindia.com, besides providing a facility for voting by electronic means in the
AGM. The remote e-voting shall begin at 9.00 A.M (I.S.T) on Sunday, July 24, 2022 to
5.00 P.M (I.S.T) on Tuesday, July 26, 2022. The remote e-voting shall be disabled by
CDSL thereafter.
A person whose name is recorded in the register of members or in the register of beneficial
owners maintained by the depositories on July 20, 2022 (Wednesday), being the cut-
off date, shall be entitled to avail the facility of remote e-voting/electronic voting in the
AGM. CDSL will be sending an e-mail with User ID and password to any person who has
acquired the shares and becomes a member of the Company after sending the notice to
the members and holding shares as of the Cut-off date of July 20, 2022. However, if such
person is already registered with CDSL for e-voting, then he/she can use the existing User
Id and password for casting the vote.
Those members who are present in the AGM through VC facility and had not cast their
votes through remote e-voting will be provided e-voting facility in the AGM. Those who
exercised their votes through remote e-voting may participate at the AGM but shall not
entitled to vote again.
Members may refer to the AGM Notice for detailed instructions on remote e-voting,
participation in the AGM through VC, submission of question(s) prior to AGM, registration
as a speaker at the AGM and e-voting in the AGM and the frequently asked questions.
The e-voting user manual is available at the www.evotingindia.com. In case of any
queries or grievances relating to e-voting procedure, members may write an email to
helpdesk.evoting@cdslindia.com or contact 1800225533
For SecureKloud Technologies Limited
By the order of the Board
Place: Chennai
Date: July 05, 2022
ROSHINI SELVAKUMAR
Company Secretary
ADC India Communications Ltd.
CIN:L32209KA1988PLC009313
Regd. Office: No.10C, 2nd Phase, 1st Main, Peenya Industrial Area,
Bangalore – 560058 Tel:+91 80 28396102 / 28396291
Email: support@adckcl.com Website: www.adckcl.com
TH
NOTICE OF THE 34 ANNUAL GENERAL MEETING
AND E-VOTING INFORMATION
Notice is hereby given that the 34th Annual General Meeting (“AGM”) of
ADC India Communications Limited (the “Company”) will be held on Friday,
July 29, 2022 at 11.00 a.m. IST through Video Conference (“VC”) / Other
Audio-Visual Means (“OAVM”) to transact the businesses as set out in the
Notice convening the 34th AGM of the Company.
In compliance with the applicable provisions of the Companies Act, 2013 (“the
Act”) and the Rules framed thereunder and the Securities and Exchange Board of
India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”) read with General Circular Nos.20/2020, 21/2021
and 02/2022 dated May 5, 2020, December 14, 2021 and May 05, 2022
respectively issued by the Ministry of Corporate Affairs (MCA)and SEBI Circular
No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 along with other
applicable Circulars issued by the MCAand SEBI (hereinafter collectively referred
to as “the Circulars”), the AGM of the Company will be to held through VC/OAVM.
In accordance with the aforesaid Circulars, the Notice of AGM and Annual
Report for the financial year 2021-22 has been sent on July 4, 2022 in electronic
mode to all the shareholders whose email addresses are registered with the
Company/Company’s Registrar and Share Transfer Agent, KFin Technologies
Limited/Depository Participant(s). These documents are also available on the
website of the Company at www.adckcl.com, on the website of KFin
Technologies Limited at https://evoting.kfintech.com and on the website of
BSE Limited at www.bseindia.com.
Pursuant to the provisions of section 108 of the Act read with Rule 20 of the
Companies (Management and Administration) Rules, 2014 and Regulation 44
of the Listing Regulations, the Company is providing to its shareholders the
facility of remote e-voting before the AGM / e-voting during the AGM to cast
their vote electronically on the business as set out in the Notice of the AGM.
The facility of casting votes by the shareholders using electronic voting system
and for participating in the 34th AGM through VC/OAVM facility along with
e-voting at the AGM will be provided by KFin Technologies Limited.
Shareholders are requested to note the following:
1. Shareholders can attend and participate in the AGM through VC/OAVM
facility provided by KFin Technologies Limited by accessing the link:
https://emeetings.kfintech.com.
2. The cut-off date for determining the eligibility of shareholders for voting
through remote e-voting and e-voting at the AGM is Friday, July 22, 2022. A
person whose name is recorded in the register of members or in the register of
beneficial owners maintained by Depositories as on Friday, July 22, 2022
(“Cut-off date’) shall only be entitled to avail the facility of remote e-voting as
well as e-voting at the AGM.
3. The remote e-voting shall commence at 9.00 a.m. IST on Tuesday, July 26,
2022 and end at 5.00 p.m. IST on Thursday, July 28, 2022. Voting through
remote e-voting will not be permitted beyond 5.00 p.m. IST on July 28, 2022.
4. The facility for e-voting shall also be made available during the AGM. Those
shareholders present in the AGM through VC / OAVM facility and who have
not cast their vote on the resolutions through remote e-voting and are
otherwise not barred from doing so, shall be eligible to vote through the
e-voting system during the AGM.
5. Once the vote on a resolution is cast by the shareholder, the shareholder shall
not be allowed to change it subsequently.
6. The shareholders who have cast their votes by remote e-voting prior to
the AGM may also attend the AGM but shall not be entitled to cast their
votes again.
7. The voting rights of shareholders shall be in proportion to the equity shares
held by them in the paid-up equity share capital of the Company.
8. Any person holding shares in physical mode and non-individual shareholders,
who acquire shares of the Company and become a shareholder of the
Company after the Notice is sent and holding shares as of the cut-off date i.e.,
July 22, 2022, may obtain the login ID and password by sending a request at
evoting@kfintech.com. However, if such person is already registered with
KFin Technologies Limited for remote e-voting then such person can use their
existing user ID and password for casting the vote.
9. In case of individual shareholders holding securities in demat mode and who
acquire shares of the Company and become a shareholder of the Company
after the Notice of AGM is sent and holding shares as of the cut-off date i.e.,
July 22, 2022 may follow the steps mentioned in the Notice of the AGM under
“Login method for remote e-Voting for individual shareholders holding
securities in demat mode.”
10. The manner of remote e-voting or e-voting at the AGM for shareholders
holding shares in dematerialized mode, physical mode and for shareholders
who have not registered their email addresses has been provided in the
Notice of the AGM.
11. In case of queries relating to voting by electronic means, shareholders may
refer to the Frequently Asked Questions (FAQs) for shareholders and e-voting
user manual for shareholders available at the “Downloads” section of KFin
Technologies Limited website at https://evoting.kfintech.com or call the toll
free no.1800 309 4001 or contact Ms. Sheetal Doba, Manager-Corporate
Registry, Kfin Technologies Limited at sheetal.doba@kfintech.com or
contact KFin Technologies Limited, Selenium Tower B, Plot No. 31 & 32,
Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad
500032, Email: einward.ris@kfintech.com.
12. Shareholders holding shares in demat mode and who have not updated their
email or KYC details are requested to register/update the details in their
demat account, as per the process advised by their Depository Participant.
Shareholders holding shares in physical mode and who have not updated
their email or KYC details are requested to register/update the said details in
the prescribed Form ISR-1 with Register and Share Transfer Agent of the
Company, KFin Technologies Limited. Shareholders can email the duly filled
in form to einward.ris@kfintech.com.
Alternatively, shareholders may register their email address with KFin
Technologies Limited on a temporary basis for receipt of the Notice of AGM
and the Annual Report for the financial year 2021-22 by visiting the link:
https://ris.kfintech.com/clientservices/mobilereg/mobileemailreg.aspx on
or before July 20, 2022.
Pursuant to section 91 of the Act, the Register of Members and Share
Transfer Books shall remain closed from Saturday, July 23, 2022 to Friday,
July 29, 2022 (both the days inclusive) for the purpose of AGM and
determining shareholders entitled to the dividend for the financial year ended
March 31, 2022.The dividend, if declared at the AGM, will be paid within
stipulated time from the conclusion of the AGM.
For ADC India Communications Ltd
Sd/-
Place: Bangalore R.Ganesh
Date: July 4, 2022 Company Secretary
6 ECONOMY & PUBLIC AFFAIRS
>
Credit-deposit growth gap
widens to three-year high
SUBRATA PANDA
Mumbai, 4 July
W
hile credit growth in
the system has
picked up, deposit
growth has not kept pace,
causing a widening of the gap
to an over three-year high, and
exacerbating concerns that
slow deposit growth
could emerge as one of the
biggest constraints for loan
growth in the system.
According to the latest
Reserve Bank of India (RBI)
data, credit growth in the
system for the fortnight
ended June 17 was 13.2 per
cent and deposit growth
was 8.3 per cent — a gap of
490 basis points (bps).
“…our biggest concern is
that the gap between deposit
growth and loan growth is
widening and is at a three-year
high. We think deposit growth
will be the biggest constraint
for loan growth for the sys-
tem,” said Suresh Ganapathy
and Param Subramanian of
Macquarie Research.
Credit offtake in the sys-
tem has been quite robust for
the past few months due to
several factors, including
better utilisation of working
capital limits by companies;
robust growth in housing and
consumption loans; and cor-
porations taking the bank
route to fund their projects
instead of short-term paper
because of hardening of rates
there. According to the latest
credit sectoral deployment
data, retail credit grew 16.4 per
Govt bond yields
slide 5 bps, in
tandem with US
BHASKAR DUTTA
Mumbai, 4 June
The Indian government bond
yields fell sharply on Monday,
mirroring US bond yields over
the weekend, as signs of weak-
ening economic growth world-
wide raised questions over the
degree of policy tightening that
central banks may execute.
Yield on the domestic 10-
year benchmark 6.54 per cent
2032 paper fell 5 basis points
(bps) to settle at 7.37 per cent
on Monday. Bond prices and
yields move inversely.
On Friday, yield on the 10-
year US Treasury note — a
global pricing benchmark for
debt — registered its steepest
drop since March, closing 7 bps
lower at 2.90 per cent.
The rally in the US bond
market has been driven by an
increasingly
gloomy out-
look on eco-
10-YR YIELD
(In %)
nomic growth
in the country,
with several
disappointing
data sets
released last
week strength-
ening the pessi-
mism.
The pro-
spect of a reces-
sion in the
world’s largest Source: Bloomberg
economy has
exerted its impact in the domes-
tic bond market.
The message emanating
from domestic bond traders is
clear — as growth slows down
globally, the Reserve Bank of
India may have to dial down
monetary tightening.
“There is a re-rating hap-
pening globally with regard to
growth prospects. The reces-
sion theme is playing out.
There is widespread buying in
the domestic market too,” said
Naveen Singh, head of trading
at ICICI Securities Primary
Dealership. “The feeling is that
when the growth risks are so
strong, central banks won’t be
able to hike too much beyond
a point. Our 10-year could even
go to 7.25 per cent if the
momentum continues.”
Domestic bond traders
have little doubt about the fact
that the RBI will raise interest
rates again at its next policy
review in August, but the price
action in the market shows
increasing conviction that the
repo rate may not be lifted as
much as was earlier feared.
Barely, three weeks ago, on
June 16, yield on the 10-year
paper had climbed to an over-
FOR THE RECORD
cent; credit to services sector
grew 12.9 per cent; agri port-
folio saw 11.8 per cent growth;
and industry sector witnessed
8.7 per cent growth.
Anil Gupta, vice president
(financial sector ratings) at
ICRA, said: “While deposits
grew by 8.3 per cent, net of
cash reserve ratio (CRR), stat-
utory liquidity ratio (SLR), the
lendable deposits from the
incremental deposits sourced
by the banks is even lesser.
The widening gap between
credit and deposit growth
indicates that surplus liquid-
ity is reducing and eventually
we may see tighter liquidity
conditions going ahead.”
Banking system surplus
liquidity dropped signifi-
cantly, from ~4.57 trillion in
April-end to ~3.5 trillion in
early July. “Also, certificate of
deposits have seen growth,
which is pushing up the
deposit growth. Without the
three-year high of 7.62 per cent
as the theme of aggressive rate
hikes played out strongly
following the US Federal
Reserve’s 75-bp hike a
day before.
Senior treasury officials said
that while the RBI is seen rais-
ing the repo rate by around 75-
100 bps in the coming months,
a view gaining momentum in
the market is that the central
bank may stop there.
The earlier view in the mar-
ket was of the repo rate heading
to at least 6.50 per cent from its
current level of 4.90 per cent.
The RBI has hiked the repo rate
by 90 bps since May 4.
Given that the bond market
has already priced in much
policy tightening — yield on
the 10-year paper closed at 6.45
per cent at the end of 2021 —
dealers said that there was
room for
yields to fall
further.
The decline
in yield on the
five-year gov-
ernment bond
on Monday
bears testa-
ment to the
view on policy
tightening as
short-term
papers are
more sensitive
to interest rate
expectations.
Yield on the five-year paper
dropped 5 bps to 7.16 per cent.
“The shift in the growth
view is playing out quite signif-
icantly,” a treasury official with
a large foreign bank said.
“The recent signals emanat-
ing from the RBI too suggest
that beyond a point, growth
won’t be sacrificed. If you look
at the OIS (overnight indexed
swap) curve, it shows how
much the rate view has
changed. The 5-year OIS
has plunged almost 60 bps in
16 days.”
From 7.34 per cent on June
16, the five-year OIS rate has
declined 57 bps to settle at 6.77
per cent on Monday.
The OIS market is largely a
play on future interest rate
expectations, unlike the gov-
ernment bond market, where
the direction of yields is also
majorly influenced by
demand-supply dynamics.
The Indian OIS market is,
however, not always a reliable
indicator of the degree to
which interest rates may move
as the positioning of offshore
entities plays a large role in
determining the trajectory of
swap rates.
growth in certificate of
deposits, the deposit growth
would be sub-8 per cent,” he
added. The sluggish growth in
deposits may compel banks to
raise the rates.
“As liquidity comes down
in the system, we could see
upward pressure on the liabil-
ities side of the banks to fund
the credit off-take in the sys-
tem,” said Prakash Agarwal,
director and head, (financial
institutions), India Ratings.
“Thus, banks may have to
compete against each other to
mobilise deposits by increas-
ing the deposit rates. The
downside to this is banks may
see contraction in their mar-
gins, given a large part of the
loan book is linked to external
benchmarks. However, at this
point in time, the credit –
deposit is moderate. If the
problem persists then we
could also see some impact on
banks’ ALM”, Agarwal said.
MAPPING INDIA'S MONSOON: DEFICIT IN
SOME POCKETS AMID OVERALL RECOVERY
J&K and
Ladakh
Himachal
Pradesh
Punjab Uttarakhand the cumulative rainfall distribution state-wise
Haryana
Rajasthan
Gujarat Madhya Pradesh
Maharashtra
Goa
Karnataka
Kerala
Source: IMD
> BS SUDOKU
SOLUTION TO #3705
MUMBAI | TUESDAY, 5 JULY 2022 1
‘RBI should intervene less,
let ~ depreciate gradually’
Amid a recent bout of volatility in the foreign exchange market, former Reserve Bank of India governor
DUVVURI SUBBARAO told Bhaskar Dutta in an interview that the rupee is tracking fundamentals and that
the central bank should let the domestic currency gradually depreciate. While the rupee has recently
HDFC Bank loans
weakened to new lows to the dollar, the depreciation has been much lower than that seen during
previous episodes of volatility such as the Taper Tantrum of 2013 or the Global Financial Crisis of 2008.
This is owing to heavy market intervention by the RBI in the form of dollar sales. Edited excerpts:
rise 21.5% in Q1, You were at the helm of the RBI during the
Taper Tantrum of 2013. The rupee has been
volatile but much more resilient this time
deposits up 19.3% around. How are we placed on the external
front, especially in the backdrop of
aggressive tightening by the US Fed?
HOW THE BANKS FARED The rupee has weakened by about 5-6 per cent
over the past year against the USD largely on
Jun 30,’22 YoY Chge QoQ Chge account of capital outflows through the FPI
DEPOSITS (~ cr) (%) (%) route, but also reflecting a rising current
HDFC Bank 1605,000 19.30 2.90 account deficit (CAD). It’s important to note
though that even as the rupee has depreciated
AU Small Finance Bank 54,631 48.00 4.00 vis-à-vis the dollar, it has actually strengthened
Federal Bank 183,355 8.20 0.90 against other hard currencies such as the euro
IndusInd Bank 303,094 13.25 3.00 and the yen. In fact, the broader 40 country
Real Effective Exchange Rate (REER) as of May
CSB Bank 20,267 8.65 0.40 was overvalued by about 5 per cent. I believe
IDFC First Bank 102,363 20.60 9.80 the rupee is tracking fundamentals and that the
RBI should lean towards non-intervention
Bank of Maharashtra 195,904 12.34 -3.16
rather than intervention, and allow the rupee to that time whereas critics are asking questions
ADVANCES gradually depreciate. with the benefit of hindsight. Several known
The external sector unknowns persist – the war in Ukraine and its
HDFC Bank 1395,000 21.50 1.90
situation today is quite impact on commodity prices, supply chain
AU Small Finance Bank 49,366 42.00 6.00 different from the disruptions because of lockdowns in China,
Federal Bank 154,405 16.30 4.60 Taper Tantrum period pace of policy normalization in advanced
D SUBBARAO of 2013. For one, economies and the chances of a hard landing of
IndusInd Bank 249,541 18.40 4.00
Former RBI governor pressure was building the US economy which could have knock on
CSB Bank 16,333 16.16 2.09 up in the exchange rate effects around the world.
IDFC First Bank 137,685 21.00 6.70 then, whereas the The RBI’s undivided attention should now
exchange rate today is tracking fundamentals be focussed on bringing inflation down to per
Bank of Maharashtra 140,374 26.93 3.80 more closely. Moreover, our macro situation cent, the centre point of its target band. RBI’s
Source: BSE then with year-on-year high fiscal and current credibility will depend on how quickly and how
account deficits was fragile. Today, there is sustainably that outcome materialises.
India’s largest private lender lender informed the more credibility on the fiscal front and the
HDFC Bank reported 21.5 per exchanges. expected CAD of over 3 per cent this year will Growth-inflation projections stand the
cent year-on-year (YoY) Six other lenders — AU hopefully be a one-off. Most importantly, our risk of constant revisions in such a volatile
growth in advances to ~13.95 Small Finance Bank, Federal foreign exchange reserves at $600 billion global environment, but in your view, what
trillion in Q1 of FY23. Advances Bank, IDFC First Bank, inspire confidence that we lacked at that time. would be an appropriate real rate for India?
were to the tune of ~11.48 tril- IndusInd Bank, CSB Bank and The guidance for this comes from the Fisher
lion on June 30, 2021. On a Bank of Maharashtra — have There has been much commentary on equation according to which the real rate is the
sequential basis, HDFC Bank’s released figures on advances whether the RBI was late to respond to nominal rate minus inflation. It accounts for
loans grew 1.9 per cent from and deposits to the exchanges inflation risks. What is your take on the the compensation that investors and savers
~13.69 trillion on March 31, the up to July 4. BS REPORTER Indian monetary policy response in the demand for loss of purchasing power on
current environment? account of inflation.
The current bout of inflation is driven largely, Which interest rate should be used to
though not entirely, by supply shocks–the determine the RBI’s monetary policy stance in
prices of food and fuel in particular. The real terms is not clear. Is it the overnight rate,
demand for these products is inelastic, which is
to say that people’s consumption of food and
one month or one year rate? The answer to that
question is non- trivial.
fuel does not adjust quickly to price changes. It’s standard practice though for analysts to
Though the southwest monsoon has staged a
smart recovery and wiped off much of the cumul-
The question is what good is monetary
tightening which acts on the demand side by
raising the price of money when the demand
look at the real rate in terms of the policy repo
rate. The real policy rate can’t be a constant; it’s
a moving target depending on where in the
side pressures are inelastic. business cycle the economy is. It’s clear though
ative shortfall seen since early June, several states My response to that is that no matter what that when the economy is in equilibrium – that
are yet to make up. Monsoon is yet to pick up pace the drivers of inflation, the first line of defence is growth is close to potential and inflation is at
in central, east, and northwestern parts of the has to be monetary policy. Because if inflation the mean of the target band – the real rate has to
country. With monsoon expected to remain persists long enough, inflation expectations get be modestly positive – say 1 per cent. This is
'normal' at least till the end of this month, it is unhinged — people can generate higher important because we need to make sure savers
likely to make up for the shortfall. The map shows
inflation merely by expecting higher inflation. get a real return. If not, they will move their
It is to curb that spiral of expectations that savings into riskier assets, and gold, which can
since the start of the monsoon season in June. monetary policy has to act even if demand have a negative impact on growth and stability.
SANJEEB MUKHERJEE pressures are not the primary culprit behind
Arunachal inflation. Combating inflation in situations like Has the RBI’s policy response been
Pradesh this is of course more of a mind game, and the rendered more complicated by its current
Uttar Pradesh
impact will depend on the credibility of the liquidity strategy? The system is in a fairly
Assam central bank. large surplus even as the tightening cycle
Nagaland
Bihar has commenced in earnest.
Meghalaya Manipur Has there been strain on RBI’s credibility? It is clear that there is surplus liquidity in the
Jharkhand It looks like that, but only in hindsight. Let me system as evidenced by the amount of about
West Mizoram explain. Inflation has been above the RBI’s ~3.5 trillion that banks are depositing with the
Bengal Tripura target band for the last six months and, even as RBI on a daily basis. In its June policy
Chhattisgarh
per RBI’s own estimates, is expected to remain statement, the RBI has committed to
above the target band for the next six months. withdrawal of accommodation in order to
Odisha
Questions are therefore being asked like catalyse monetary policy transmission and
whether the RBI was sleeping at the wheel, make its rate action prevail.
whether it went overboard on prioritising There are two questions, though, on
Telangana No data
economic recovery over inflation and how liquidity management going forward. What
No rain costly that might be in macroeconomic terms. does withdrawal of accommodation mean? Is it
That criticism is unfair. The RBI, like other that the weighted average call rate (WACR)
Andhra Large deficient central banks around the world, is having to act tracks the Standing Deposit Facility (SDF) rate
Pradesh (-99% to -60%) under astonishing uncertainty brought on by (the lower end of the corridor) as the RBI seems
Deficient rapidly unfolding geopolitical developments. to have indicated in the post policy conference?
(-59% to -20%) Throw your mind back to early April when the
RBI indicated exit from its pandemic driven
Is that sufficient given the inflation situation?
Shouldn’t the RBI be nudging the WACR
Tamil Normal
easy money policy. higher, more towards the repo rate?
Nadu (-19% to 19%)
The war in Ukraine had been on for weeks The second, and a related question is about
Excess by then of course, but even seasoned military whether RBI will depend only on the SDF route
(20% to 59%) experts and experienced diplomats were for withdrawal of accommodation or will it also
wrong-footed in predicting its course. It’s resort to open market operations to withdraw
Large excess unfair to expect central banks to anticipate the liquidity on a more durable basis.
(60% or more) future more accurately. The RBI was acting
within the universe of knowledge available at More on business-standard.com
# 3706 > FROM PAGE 1
for a “zero-rating” GST on
health care. Raising concern
tals has increased, including
the taxes on some of the medi-
PNB raises
Trade gap...
over the GST Council’s deci-
sion to impose 5 per cent on
cal equipment. As this incre-
mental cost is ultimately borne ~2k cr via AT1
The outflow of foreign portfo-
room rent (excluding ICU) if it
exceeds ~5,000 per day and 12
by the patients, it will not serve
the intention of the govern- capital bonds
lio investments and the rising per cent on bio-medical waste ment to provide affordable
trade deficit have put a down- treatment plants, the chamber healthcare to all,” the letter Benefitting from the dip in
ward pressure on the rupee, said it would increase the cost noted. However, on industry bond yields worldwide,
which has breached the 79 for patients. “Levying 5 per apprehensions on taxing hos- Punjab National Bank has
mark against the dollar. During cent on room rent will not just pital room tariffs, Revenue raised ~2,000 crore in capital
June, exports of engineering increase the cost of healthcare Secretary Tarun Bajaj, in an through tier-I bonds at a fine
goods and pharmaceuticals services to the patients but will interview to this paper, had rate of 8.75 per cent.
items contracted 1.6 per cent also create confusion for hos- said those were unfounded. Bond dealers said the
and 1.3 per cent, respectively, pitals, as room rent is usually The Confederation of All paper from the lender was
while petroleum exports the part of the package rate for India Traders (CAIT) is placed at a lower yield against
remained robust at 98 per cent. the treatment. It will lead to unhappy at the council’s deci- an indicative rate of 9-9.25
Among other items, exports of deconstructing of the pack- sion to bring unbranded pack- per cent. The 8.75 per cent
gems and jewellery (19.4 per ages, which is against the cur- aged consumer items within rate is seen as aggressive,
cent), readymade garments rent practice being encouraged the GST net. According to the coming mostly from the eas-
(44.7 per cent) and rice (39.3 per by the government,” Ficci said. CAIT, it will cause a huge loss ing bond of yields worldwide
cent) registered robust growth. The industry body said of business to foodgrain last week, and tracking the
Engineering Export hospitals had their own bio- traders. fall in crude oil prices and US-
Promotion Council of India medical waste treatment Treasury yields.
Chairman Mahesh Desai said
the negative spillover of the
plants. In case a GST of 12 per
cent is levied, hospitals would
Policymakers... PNB’s board has approved
a capital raising plan for 2022-
Russia-Ukraine war had be unable to claim ITC, given But the government is open to 23 aggregating to Rs 12,000
Very Hard: adversely impacted engineer- that hospital services were discussing narrowing down crore, via Basel III compliant
««««« ing exports. exempt from GST. These taxes the three slabs of 5, 12, and 18 instruments AT 1 Bonds (up
are increasing the cost of per cent into two, he said while to ~5,500 crore) and Tier-2
Solution
tomorrow 5% GST... compliance for hospitals and
making the process perplex-
addressing industry leaders.
On the industry demand for
Bonds (up to ~6,500 crore). It
may raise funds in one or
It will also ensure that the ing. This will defeat the gov- bringing petro products under more tranches.
HOW TO PLAY input taxes are not loaded into ernment’s intention of doing GST, he said since fuel consti- According to Clearing
Fill in the grid so that the cost of health care services, business easy, the Ficci letter tutes a larger part of their reve- Corporation of India data, the
every row, every col- the Ficci letter said. pointed out. nues, both the Centre and yield on the benchmark 10-
umn and every 3x3 The chamber added hospi- “The net impact of revised states have apprehension. year bond (6.54 per cent,
box contains tals had requested the govern- tax rates on inputs (goods and 2032) closed at 7.37 per cent.
the digits 1 to 9 ment several times in the past services) consumed by hospi- More on business-standard.com ABHIJIT LELE
>
MUMBAI | TUESDAY, 5 JULY 2022 POLITICS & PUBLIC AFFAIRS 7

India guiding world into 4th KALYANI STEELS LIMITED

CIN : L27104MH1973PLC016350
Regd. Office : Mundhwa, Pune 411036
Tel. : +91 20 66215000 Fax : +91 20 26821124

industrial revolution: Modi

Website : www.kalyanisteels.com
E-mail : investor@kalyanisteels.com
Notice of Forty-Ninth Annual General Meeting, Book Closure Date and
Remote E-Voting Information
NOTICE is hereby given that the Forty-Ninth Annual General Meeting (AGM) of the
members of Kalyani Steels Limited (“the Company”) will be held on Monday,
At Digital India Week August 1, 2022 at 11.00 a.m. (I.S.T.), at the Registered Office of the Company at

2022, Modi says India

Security scare: Black Mundhwa, Pune - 411 036, to transact the businesses as set out in the Notice of AGM
dated May 30, 2022.

has eliminated all balloons released Notice is further given that, pursuant to the provisions of Section 91 of the Companies
Act, 2013, Rule 10 of the Companies (Management and Administration) Rules, 2014
queues by going online near PM’s chopper and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, the Share Transfer Books and the Register of
In what the Special Protection Group Members of the Company shall remain closed from Tuesday, July 26, 2022 to
PEERZADA ABRAR (SPG) saw as a major breach of security, Monday, August 1, 2022 (both days inclusive) for determining the names of members
Bengaluru, 4 July black balloons were released into the eligible for dividend on Equity Shares, if declared at the AGM.
flight path of Prime Minister Narendra Electronic copies of the Notice of AGM and Annual Report for the Financial Year
2021-22 have been sent to all the members on July 4, 2022, whose email ID’s are

P
rime Minister Narendra Modi on
Monday said India was guiding the
world in the fourth industrial rev-
olution, Industry 4.0. Praising the role of
digital technology in changing the lives
of people of the country, the PM said India
had eliminated queues by going online
to provide different services.
He was speaking after launching digi-
tal initiatives aimed at enhancing the
accessibility of technology, streamlining
service delivery to ensure ease of living,
and giving a boost to start-ups. The ini-
tiatives were unveiled at the Digital India
Week 2022 held in Gandhinagar.
Modi said through Digital India, India
had exemplified how revolutionary the
correct use of technology is for the growth
“INDIA WANTS TO BECOME A CHIP
MAKER FROM A CHIP TAKER.
INVESTMENT IS RAPIDLY
INCREASING IN INDIA TO INCREASE
PRODUCTION OF SEMICONDUCTORS”
NARENDRA MODI, Prime Minister
of humanity. India was a victim of this
during the Third Industrial Revolution.
“But today we can proudly say that India
is guiding the world in the fourth indus-
trial revolution, Industry 4.0,” said Modi.
The PM said the government was
focusing on skilling, upskilling, and
reskilling the 1. 5 million for Industry 4.0
Modi's Mi-17 helicopter as he took off
from the Vijayawada International
Airport for Bhimavaram on Monday.
State police, however, denied there
was any breach of security but said four
Congress workers have been apprehe-
nded, while three other party workers
were arrested for trying to enter the
airport with black balloons. PTI
in 4-5 years. Be it space, mapping,
drones, gaming, and animation, many
such sectors have been opened up for
innovation.
“India wants to become a chip maker
from a chip taker,” said Modi. “Investment
is rapidly increasing in India to increase
production of semiconductors”.
registered with the Company / Depository Participant(s). Pursuant to SEBI Circular
No.SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, Notice of AGM
alongwith Proxy Form has been sent to all the members on July 2, 2022, whose email
ID’s are not registered with the Company / Depository Participant(s).
The Notice of AGM and Annual Report for the Financial Year 2021-22, are also
available on the website of the Company at www.kalyanisteels.com, website of the
Stock Exchanges i.e. BSE Limited at www.bseindia.com and National Stock
Exchange of India Limited at www.nseindia.com and also on the website of National
Securities Depository Limited at www.evoting.nsdl.com.
Notice is further given that, pursuant to provisions of Section 108 of the Companies
Act, 2013, Rule 20 of the Companies (Management and Administration) Rules, 2014,
as amended and Regulation 44 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, Members holding shares either in physical form
or dematerialized form, as on the cut-off date i.e. July 25, 2022, may cast their votes
electronically on the businesses set forth in the Notice of AGM through electronic
voting system of National Securities Depository Limited (“NSDL”) from a place other
than venue of the AGM (“remote e-voting”). Details of remote e-voting are as under :
1. The businesses as set forth in the Notice of the AGM may be transacted
through voting by electronic means.
2. The remote e-voting shall commence on Friday, July 29, 2022 at 9.00 a.m.
and shall end on Sunday, July 31, 2022 at 5.00 p.m.
3. The cut-off date for determining the eligibility to vote by electronic means or at

Maharashtra to cut VAT on fuel: the AGM is July 25, 2022.

4. The remote e-voting shall not be allowed beyond 5.00 p.m. on Sunday,
July 31, 2022.
5. Any person, who acquires shares of the Company and becomes a member

Shinde after winning floor test
PRESS TRUST OF INDIA
Mumbai, 4 July
The Maharashtra government
will reduce VAT on fuel soon,
Chief Minister Eknath Shinde
informed the State Assembly
on Monday, soon after comfort-
ably winning the floor test.
A decision to reduce VAT on
fuel will be taken in the state
cabinet, Shinde informed the
House.
In the 288-member House,
164 MLAs voted for the motion
of confidence, while 99 voted
against it. Three legislators
abstained from voting, while
Congress' Ashok Chavan and
Vijay Wadettiwar were among
those absent during the trust
vote.
WHEN I CAME FOR ELECTION
HERE, THERE ARE PEOPLE IN THIS
HOUSE WHO WITNESSED HOW I WAS
TREATED. I HAVE BEEN SUPPRESSED
FOR A LONG TIME. SUNIL PRABHU
(SHIV SENA MLA FROM THE UDDHAV
THACKERAY FACTION) IS ALSO
EKNATH SHINDE A WITNESS
Maharashtra CM
Speaker Rahul Narvekar ity mark is 144.
announced that the trust vote In his maiden speech in the
was carried by a majority vote. Assembly, an emotional
After the death of a Shiv Shinde, without naming the
Sena MLA recently, the current Shiv Sena, said he had been
strength of the Assembly is "suppressed" for a long time
reduced to 287, thus the major- and spoke about how he almost
became Chief Minister of the
erstwhile Sena-NCP-Congress
alliance government.
He said the rebellion led by
him last month was a fallout of
the "unfair treatment" meted
out to him, an apparent refer-
ence to his decades old associ-
ation with the Uddhav
Thackeray-led Shiv Sena.
“The happenings of today
(events leading to trust vote)
didn't happen in just one day."
“When I came for election here,
there are people in this House
who witnessed how I was treat-
ed. I have been suppressed for
a long time. Sunil Prabhu (Shiv
Sena MLA from the Uddhav
Thackeray faction) is also a wit-
ness," he said without elaborat-
ing.
after dispatch of the Notice of AGM and holding shares as of the cut-off date
i.e. July 25, 2022, may obtain the User ID and Password by sending the
request at evoting@nsdl.co.in. However, if a person is already registered with
NSDL for e-voting then existing user ID and password can be used for casting
vote.
6. Members may note that : (a) the facility for voting through ballot paper shall be
made available at the AGM; (b) the members who have cast their vote by
remote e-voting prior to the AGM may also attend the AGM but shall not be
entitled to cast their vote again; (c) a person whose name is recorded in the
register of members or in the register of beneficial owners maintained by the
depositories as on the cut-off date only shall be entitled to avail facility of remote
e-voting / voting at the AGM through ballot paper.
7. In case of queries members may refer to the Frequently Asked Questions
(FAQ’s) for members and e-voting user manual for members at the Downloads
Section of http://www.evoting.nsdl.com or call on toll free no.: 1800-22-2990 or
contact Mr.Umesh Sharma, of Link Intime India Private Limited (Registrar &
Transfer Agent) on umesh.sharma@linkintime.co.in or call on 020-26161629 /
26160084.
8. Members who have not registered their email IDs are requested to register their
email IDs with respective DP's and members holding shares in physical mode
are requested to update their email IDs with Link Intime India Private Limited
(Registrar & Transfer Agent) of the Company.
for KALYANI STEELS LIMITED
Pune Mrs.Deepti R. Puranik
July 4, 2022 Company Secretary

ACCENT REGION
RAJASTHAN
State set to introduce India’s
first right-to-health Bill
ANIL SHARMA
Jaipur, 4 July
The Rajasthan government is soon likely
to introduce in the Assembly the Right to
Health Bill — the first of its kind in India
— which aims to commit to quality and
affordable health care services through
government and private health
care providers.
In January, the government had pre-
pared a draft bill that defines the rights of
patients, their attendants and health care
providers, as well as a system for address-
ing grievances of the stakeholders.
According to Rajasthan Chief Minister
Ashok Gehlot, all necessary provisions in
the bill should be included in the interest
of patients.
The right to health was promised by
the Congress in its 2018 Assembly election
manifesto. Soon after coming to power,
the chief minister made consultations on
the proposal, but the Covid pandemic
stalled the process. However, the govern-
ment published the draft bill on March 8
and invited feedback from shareholders.
“The draft bill has been prepared and
we are seeking suggestions and opinions
of people, non-government organisations,
and others on it,” a senior medical and
health department official said.
The right to health bill is part of the
Rajasthan government’s bid to expand
and strengthen medical services in the
state. Recently, the chief minister
approved ~117 crore towards expansion of
the facilities in Mahila Chikitsalaya
(women's hospital) at Sanganeri Gate in
Jaipur.
The state has also ensured health secu-
rity of every family by providing free treat-
ment up to ~10 lakh to the people through
Mukhyamantri Chiranjeevi Swasthya
Bima Yojana. Along with this, an accident
insurance of up to ~5 lakh is being given
to the families registered in the scheme.
Also, medicines and tests of the
patients coming to government health
facilities are being provided free of cost.

CHHATTISGARH
Hamar Lab: A silent change in health care
R KRISHNA DAS
Raipur, 4 July
The Chhattisgarh govern-
ment’s “Hamar Lab”, an inte-
grated health laboratory with
state-of-the-art equipment, is
becoming a model for the
country.
The scheme was launched
in February 2020. Besides
strengthening health services,
it aims to give a sense of secu-
rity to the people who need it
most. Hence, it has been
named “Hamar Lab”, which
means “our lab” in the
Chhattisgarh dialect.
Priyanka Shukla, a doctor-
turned-bureaucrat, is the
brain behind the scheme,
which many states are keen
to follow. Soon after joining
the National Health Mission
as director in February 2019,
Shukla, who belongs to the
2009 batch of the Indian
Administrative Service (IAS),
observed the diagnostic cen-
tres at the state-run hospitals
were not in a position to fol-
low the prescribed health
standards. As against 120
tests, it could examine only
40. Shukla, who practised in
Lucknow and served people
living in slums before joining
the IAS, took up the task to
reform the medical test labo-
ratories in Chhattisgarh.
“I wanted to bring a sea
change in the diagnostic cen-
tres in the state,” she said.
After the first “Hamar Lab”
in the Raipur district hospital
was opened in February 2020,
the lockdown delayed expan-
sion. The project is now being
expedited. As of now, the cen-
tre has been set up in nine dis-
trict hospitals — in Durg,
Balod, Balodabazar, Kanker,
Kondagaon, Bastar, Sukma,
Bijapur, and Balrampur —
besides a community health
centre each in Manpur, Patan,
and Palari.
As against 18,000 tests per
month, the “Hamar Labs” are
conducting over 50,000,
Shukla said. The number is
increasing as more and more
centres are coming into the
orbit of the plan, she said.
Many centres have kept
the service free while others
are charging normal rates.
The local hospital committee
is authorised to set charges.
Besides quality testing,
patients are getting investiga-
tion facilities at the same
place. While 120 tests are
available at the “Hamar Lab”
of the district hospitals, the
community health centres are
investigating 50. These
include screening for diseases
such as cancer and TB.
Globally recognised organ-
isations including the CDC,
the Clinton Foundation, and
domestic pharmaceutical and
health care companies have
sent their teams to visit the
centres and study the con-
cept. Recently, a team of doc-
tors and officials from
Rajasthan and Karnataka vis-
ited the “Hamar Lab”.
8 WORLD
>
MUMBAI | TUESDAY, 5 JULY 2022

IN BRIEF
Turkey’s inflation at
78.6%, a 24-year high
Turkey’s annual inflation rate
jumped to a 24-year high of
TURKEY CPI
78.62 per cent in June, data
showed on Monday, just
above forecast, driven by the
impact of the Ukraine war,
soaring commodity prices and
a slide in the lira since a
Pakistan PM directs
Sri Lanka offers fuel quotas to reopening of closed
power plants
YoY %
firms which can pay in dollars Pakistan Prime Minister Shehbaz
Sharif has ordered authorities to
reopen the closed power plants to ease
Plans to allow foreign firms to distribute fuel & let marine bunker operators sell diesel the electricity crisis that has resulted in
upto 16 hours of outages in some parts of
90.60 the country, a media report said on
78.62 ANUSHA ONDAATJIE
4 July No fuel & cash, schools stay shut Monday. Chairing a meeting here on
Sunday on the existing
power situation in the

B
December crisis. ankrupt Sri Lanka is offering a guaran- including health and port country, Sharif also
Inflation has surged since Source Bloomberg
teed fuel quota to any company that can workers, public transport and sought an explanation
last autumn, when the lira Compiled by BS Research Bureau pay in dollars. food distribution, officials said. from the authorities
slumped after the central Potential purchasers must pay as much as a ”Finding money is a for the prolonged spells
bank gradually cut its policy growth. The latest figures month in advance to open a consumer account challenge. It's a huge of electricity outages,
rate by 500 basis points to 14 showed consumer prices rose at state-run Ceylon Petroleum, Energy Minister challenge,” Power and Energy The Express Tribune
per cent, in an easing cycle 4.95 per cent in June, against Kanchana Wijesekera tweeted on Sunday. Fuel Minister Kanchana Wijesekera newspaper reported. The power shortfall
sought by President Tayyip a Reuters poll forecast of 5.38 will be issued on a daily or weekly basis from told reporters. has reached 7,787 Mw. The report said the
Erdogan to boost economic per cent. REUTERS July 12, according to the minister. He said the government has power generation in the country was
Sri Lanka has closed public schools and ordered new fuel stocks and 21,213 Mw, while the total demand was
offices through July 10 to conserve fuel as the the first ship with 40,000 29,000 Mw. PTI
Copper hits 17-month low nation doesn’t have the dollars to pay for
imports. Roads across the island have been
tonnes of diesel is expected to
arrive on Friday while the first
over China restrictions deserted, even as thousands of vehicles con-
tinue to queue for kilometres waiting for filling
ship carrying gasoline would
come on July 22.
Copper prices fell to 17-months lows on Monday as new Covid
restrictions in top consumer China, slowing global manufacturing
stations to be replenished.
“I see this recent announcement by the Sri Lanka currently owes about $800 million to
Several other fuel
shipments are in the pipeline.
No politics: Bajwa
activity, and a jump in inventories sparked demand worries.
Benchmark copper on the London Metal Exchange traded down a
ministry of power and energy as the natural
progression of increased dollarisation in Sri
seven fuel suppliers PHOTO: REUTERS But he said authorities are
struggling to find $587 million
to military officials
touch at $8,044 a tonne in official rings. Prices of the metal used in Lanka to meet its near-term challenges,” said to pay for the fuel. Wijesekera Pakistan Army chief General Qamar
power and construction earlier fell to $7,918, the lowest since Deshan Pushparajah, head of global markets Cash-strapped Sri Lanka on banks to finance new oil said that Sri Lanka owed about Javed Bajwa has issued fresh directions
February 2021. “China’s manufacturers have had an awful time. and investment banking at CAL Sri Lanka. Sunday extended school purchases. $800 million to seven fuel to his commanders and officers,
People are fearful of inflation and recession, but the probability of “Dollar preference on the part of the Ceylon closures for one week because A huge foreign debt has left suppliers. Last month, schools including from the ISI, to stay away from
recession is less than 50 per cent,” said Dan Smith, MD at Petroleum may drive its larger customers, there isn't enough fuel for the Indian Ocean island with were closed nationwide for a politics after leaders of ousted prime
Commodity Market Analytics. "The market needs to find a floor, including the Ceylon Electricity Board, to also teachers and parents to get none of the suppliers willing to day due to fuel shortages and minister Imran Khan-led party alleged
but industrial metals are starting to look like good value.” REUTERS make similar pronouncements in the coming children to classrooms and the sell fuel on credit. The had remained closed for the that some officials of the country’s
weeks.” energy minister appealed to available stocks, sufficient for last two weeks in urban areas. intelligence agency were trying to
Calls to central bank Governor Nandalal the country's expatriates to only several days, will be Schools will remain shut until “manipulate” the upcoming by-elections
Gunman acted alone, likely Weerasinghe, who begins a new six-year term
Monday, were unanswered.
send money home through provided for essential services, Friday. AP/PTI in Punjab, according to a media report on
Monday. Pakistan Army had earlier said
not terror-related: Denmark Sri Lanka has announced plans to allow for-
eign companies to distribute fuel and let marine supplies while the government is hoping for the plantation minister said last month. Local
that it has nothing to do with politics and
it would remain apolitical in the future, as
bunker operators sell diesel and furnace oil to approval from India of a $500 million credit media has also reported shipping agents have well. He as also issued fresh directions to
export companies in dollars in a bid to ease the line for fuel imports. requested exporters to pay freight in dollars; all his commanders and key officers to
crippling shortages. The energy minister also The authorities are also exploring the pos- airlines, too, started to denominate tickets in avoid interactions with politicians,
traveled to Qatar last week to try to secure fresh sibility of conducting tea auctions in dollars, dollars instead of the local currency. BLOOMBERG The News newspaper reported. PTI

Putin declares victory in Bruised EMs are Many major

economies to
Danish PM Mette Frederiksen (foreground) and Minister of embattled Donbas region battle-ready for hit recession in
a recession in US CY23: Nomura
justice Mattias Tesfaye lay flowers at the entrance of the
Field’s shopping centre in Copenhagen on Monday. Police
believe a shooting at the mall that left three people dead and FRANCESCA EBEL
four others seriously wounded was not terror-related. They Pokrovsk (Ukraine), 4 July YOSHIAKI NOHARA
said the 22-year-old gunman acted alone PHOTO: REUTERS BLOOMBERG FED FUNDS 4 July
Russian President Vladimir 4 July
Putin on Monday declared vic- TARGET RATE (%) Many major economies will
PIO woman cancer-free after tory in the eastern Ukrainian
region of Luhansk, one day
Emerging markets are well
positioned to stare down a US
enter recessions over the next
12 months amid tightening
experimental drug trial in UK after Ukrainian forces with-
drew from their last remaining
recession and may even be
able to lure investors their way. 2
government policies and ris-
ing living costs, pushing the
A 51-year-old Indian-origin woman who was given just months bulwark of resistance in the That’s the message from global economy into a syn-
to live a few years ago is celebrating on Monday after doctors say province. money managers, including 2 chronized growth slowdown,
she is showing no evidence of breast cancer following a clinical Russia’s Defence Minister JPMorgan Chase and according to Nomura
trial at a UK hospital. Jasmin David from Fallowfield in Manchester Sergei Shoigu reported to Putin Deutsche Bank, even as fears Holdings.
is now looking forward to celebrating her 25th wedding in a televised meeting Monday of a contraction in the world’s The brokerage expects the
anniversary in September after the successful National Health that Russian forces had taken Russian President Vladimir Putin listens to Defence Minister largest economy spark a dash euro zone, the UK, Japan,
Service (NHS) trial. David's two-year trial at the National Institute control of Luhansk, which Sergei Shoigu’s report, at the Kremlin PHOTO: AP/PTI into Treasuries and other South Korea, Australia and
for Health and Care Research-Manchester Clinical Research Facility together with the neighbour- haven assets. Beyond the Canada to fall into recession
involved an experimental drug combined with Atezolizumab, an ing Donetsk province makes forces had withdrawn from General Staff said Russian short-term turbulence, they “We may be close to peak along with the US, Rob
immunotherapy drug administered intravenously which she up Ukraine’s industrial heart- Lysychansk on Sunday. forces were now focusing their say, developing nations will be pessimism,” said Oliver Subbaraman and Si Ying Toh
continues to have every three weeks. PTI land of Donbas. Luhansk governor Serhii efforts on pushing toward the cushioned by cheap val- Harvey, who heads currency at Nomura stated in a
Shoigu told Putin that “the Haidai said on Monday that line of Siversk, Fedorivka and uations, higher yields, faster research for central and east- research note.
operation” was completed on Ukrainian forces had retreated Bakhmut in the Donetsk growth and above all, a resur- ern Europe, the Middle East, Still, central banks look-
Meta to shut down Novi in Sunday after Russian troops
overran the city of Lysychansk,
from the city to avoid being
surrounded. “There was a risk
region, about half of which is
controlled by Russia. The
gent China.
That sounds like a tall order
Africa and Latin America at
Deutsche Bank. “There are rea-
ing to restore their inflation-
control credibility are likely
Sept amid crypto winter the last stronghold of
Ukrainian forces in Luhansk.
of Lysychansk encirclement,”
Haidai told the Associated
Russian army has also intensi-
fied its shelling of the key
given the current scale of
losses in EMs. Stocks and
sons to think EM performance
could hold up better than in
to err on the side of tighten-
ing policy too much even if it
The remainder of the cryptocurrency project that Meta Platforms’ Putin, in turn, said that the Press, adding Ukrainian troops Ukrainian strongholds of bonds have been gripped by past recessions, including very sacrifices growth, before cut-
Founder Mark Zuckerberg took a beating over from Congress is military units “that took part could have held on for a few Sloviansk and Kramatorsk, the sharpest slump since the low foreign ownership of local ting rates in 2023, they said.
officially shutting down. Meta’s Novi pilot — a money-transfer in active hostilities and more weeks but would have deeper in Donetsk. 1990s, while currencies are assets, a relatively high starting “Increasing signs that the
service using the company’s own cryptocurrency digital wallet — achieved success, victory” in potentially paid too high a On Sunday, six people, suffering their worst losses on point for interest rates.” world economy is entering a
will end on September 1, the service said on its website, a link to Luhansk, “should rest, increase price. including a 9-year-old girl, record, beating even the Covid History shows mere expec- synchronized growth slow-
which it texted to its users. Both the Novi app and Novi on their combat capabilities.” “We managed to do central- were killed in the Russian shel- rout of 2020. So why are inves- tations of US economic trouble down, meaning countries
WhatsApp will no longer be available, the company said on the Putin's declaration came as ized withdrawal and evacuate ling of Sloviansk and another tors expecting the developing spark a sell-off across EMs and can no longer rely on a
Website. Starting July 21, users will no longer be able to add money Russian forces tried to press all injured,” Haidai said. “We 19 people were wounded, world to show resilience when leave them cheaply valued rebound in exports for
to their accounts, Novi said, advising users to withdraw their their offensive deeper into east- took back all the equipment, so according to local authorities. a US recession hits? when the contraction arrives. growth, have also prompted
balance “as soon as possible.” Users won’t be able to access their ern Ukraine after the Ukrainian from this point withdrawal was Kramatorsk also came under us to forecast multiple reces-
transaction history or other data after the pilot ends. BLOOMBERG military confirmed that its organised well.” The Ukrainian fire on Sunday. AP/PTI sions,” they wrote.
Risk currencies jump on report High inflation is likely to
persist as price pressures
Biden may ease China tariffs have spread beyond com-
Sell premium: Thailand against discounts, wants high-value tourists Expectations of easing trade tensions
modities to services items,
rentals and wages, the note
between the US and China boosted the stated.
REUTERS months of this year, a steady it’s reasonable’, that’s where Vuitton wouldn't have any and down to 428,000 in 2021, offshore yuan and other risk The depth of recession
Bangkok, 4 July revival after its tourism indus- we can increase value,” he sales.” despite calibrated moves to currencies. American President Joe will vary among nations. In
try almost collapsed due to said, echoing remarks by the One of Asia's most popular end quarantine require- Biden (pictured) is expected to roll back the US, Nomura forecasts a
Thailand’s hotels, businesses, the pandemic and more than country's tourism minister. travel destinations, Thailand ments. It is forecasting 10 mil- some tariffs on Chinese imports soon, shallow but long recession of
and private hospitals should 18 months of complex and Anutin lik- welcomed a record of lion foreign arrivals in 2022. The Wall Street Journal reported. five quarters starting from
refrain from offering big dis- costly entry requirements. ened the Thailand is nearly 40 million vis- Earlier this year, Thailand According to people familiar with the situation, the report said, the final quarter of this year.
counts to lure tourists and “We cannot let people approach to that expecting itors in pre-pan- launched a long-term visa what comes next has been pending with Biden in recent weeks In Europe, the slump could
focus instead on raising the come to Thailand and say of luxury fashion 10 million demic 2019, who programme for wealthy for- and that he could announce his decision this week. It could be much deeper if Russia
country's value as a premium because it’s cheap,” Deputy brand Louis foreign spent 1.91 trillion eigners and skilled workers, include a pause on tariffs on consumer goods such as clothing entirely cuts off gas to
travel destination, govern- PM Anutin Charnvirakul said Vuitton. “Hold arrivals in CY22 baht ($53.53 billion), sticking to its plan to lure and school supplies, as well as launching a broad framework to Europe, the economists said.
ment ministers said on at an event at Bangkok’s main your ground. Sell equivalent to 11 per high-spending visitors, allow importers to request tariff waivers. Following the report, Nomura sees both the US
Monday. Thailand has international airport to pro- premium. The more expen- ent of gross domestic pro- despite major jobs and busi- the Chinese currency strengthened as much as 0.3 per cent to and the euro area economies
received about 2 million for- mote tourism. “Instead they sive, the more customers,” he duct.Arrivals slumped to 6.7 ness losses in tourism during 6.6807 per dollar. The Australian and New Zealand dollars contracting 1 per cent in 2023.
eign visitors in the first six should say ‘because it works, said. “Otherwise Louis million the following year, the pandemic. climbed to session highs against the greenback. AGENCIES BLOOMBERG

No experience, no resume, you’re hired! Hotels fight for staff

ANDREW MILLS, CORINA PONS &
CATARINA DEMONY
Doha/Lisbon/Madrid, 4 july
Top European hotel chains are hir-
ing workers without experience or
even a resume as executives admit
years of underpaying staff have
come back to bite. Thousands of
workers left the hospitality industry
when international travel shut down
during the Covid-19 pandemic.
Many chose not to return, finding
better paid employment elsewhere.
Europe’s largest hotelier Accor is
running trial initiatives to recruit
people who haven't previously
worked in the industry, chief execu-
tive Sebastien Bazin said in an inter-
view with Reuters at the Qatar
Economic Forum last month. Accor,
which operates in over 110 countries,
needs 35,000 workers globally, he
said. “We’re having people inter-
viewed with no resume, no prior job
experience and they are hired within
24 hours,” Bazin said.
In the short term, Accor is filling
roles in France with young people
and migrants while also limiting
services.
Staff shortages are particularly
pressing in Spain and Portugal,
where tourism accounted for 13 per
cent and 15 per cent of economic
output, respectively, before the pan-
demic. Hoteliers there are offering
higher pay, free accommodation and
perks like bonuses and health insur-
ance.
Gabriel Escarrer, CEO of Spanish
hotel chain Melia. said to attract
staff, his company recently provided
accommodation due to a shortage of
rental housing near its resorts.
The operations director of Hotel
Mundial said it was currently trying
to recruit 59 workers. “If we cannot
recruit, we will have to cut services,”
he said. “This is regrettable and dra-
matic for an industry that has had
no revenue for the last two years.”
Jose Carlos, 52, can only open his
Madrid bar, Tabanco de Jerez, dur-
ing the weekend. “During the week
we can't open because we have no
hands, they are studying,” he said,
gesturing to his student workforce
setting up tables on a Saturday.
At Madrid’s vibey La Latina dis-
trict, the Angosta Tavern owner,
Mariveni Rodriguez said, “We give
the opportunity to migrants who
come with a desire to work as they
have no family or institutional sup-
port,” she said. Spain’s catering
industry is 200,000 workers short
and Portuguese hotels need at least
15,000 more people to meet growing
demand, according to national hos-
pitality associations.
“The solution will surely be to
pay more,” said Jose Luis Yzuel,
from the catering services sector
association.
In Spain, bars and restaurants
increased workers’ wages by nearly
60 per cent in the first quarter com-
pared to previous year according to
official data. But the industry still
pays employees the least, around
^1,150 per month. In neighbouring
Portugal the average wage in the sec- Thousands of workers left the hospitality industry during
tor is ^881 per month, above the the Covid-19 pandemic. Many chose not to return, finding
minimum wage of ^705. REUTERS better paying employment elsewhere PHOTO: REUTERS

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

ILLUSTRATION: BINAY SINHA

Volume XXVI Number 226
MUMBAI | TUESDAY, 5 JULY 2022
The situation appears less sanguine in some fron-
tier markets, some of whom have seen a 6 to 10 per

Red signals for green laws cent point rise in sovereign bond yields, and cur-
rencies for some have depreciated by 10 to 30 per
cent against the US dollar. The risk of a contagion
Relaxing penalties in environment laws is ill-advised appears low for now though: Total sovereign debt

S
ince it came to power in 2014, the National Democratic Alliance govern- for all frontier markets is less than 2 per cent of all
debt, is mostly bilateral or multilateral (that is, not
ment has sought to establish itself as a business-friendly regime. One of
through bond portfolio investors), and their com-
the key means by which it has tried to fulfil this agenda is loosening envi- bined share of global gross domestic product is less
ronment protection laws. In this context, the latest set of proposals from than 3 per cent. So even a sharp decline in growth
the Ministry of Environment, Forest and Climate Change (MoEFCC) dilutes the for these economies may not affect global growth
penal provisions in three laws governing environmental protection, and air and meaningfully. Some countries currently in trouble,
water pollution. According to the MoEFCC, the idea is to decriminalise the provi- like Sri Lanka and Laos are small enough for eco-
nomically larger neighbours to bail out given the
sions to remove fear of imprisonment for “simple” violations. The ministry said
geopolitical interests.
it was acting on suggestions it had received. The government plans to scrap the One major risk though is yet to play out. Unlike
provision for imprisonment for the first default (originally up to five years) but in other such recent episodes, where the primary
raise the penalty from ~1 lakh to ~5 lakh. For a repeat offence the penalty has change had been monetary (first low rates and then

The risk of accidents

become more interpretational, as being equivalent to the damage caused. a sudden tightening), this time the spillover effects
Imprisonment would follow if the defaulter failed to pay both the original and of excessively loose US fiscal policy showed up as
well. The surge in goods exports buoyed EM econ-
additional penalty. But here too, the amendments propose that aggrieved parties
omies during Covid: The increase between CY19 and
can appeal to the National Green Tribunal against the adjudicating officer’s order. CY21 was 4-15 per cent of GDP for Asian economies
The government had also created an environment protection fund where Growth downturns can expose vulnerabilities that increase (2 per cent in India).
the penalty imposed by adjudicating officers under the amended rules will be This is likely to reverse, as the extraordinarily
deposited. The fund will be used for the benefit of affected parties. In principle,
market risks strong goods demand in the US, pushed by a strong
decriminalising white-collar crimes is good practice, but given India’s evolving fiscal stimulus in the middle of the pandemic (when

T
here are two drivers of market downturns: and one needs to be watchful. For example, junk services consumption was impossible) falls back to
ecological challenges — the country is among the world’s top climate-induced Cuts to forward earnings estimates and a bond prices in the US have fallen in the fear that trend. Excess finished goods inventories at US
disaster-hit countries — there is a robust argument to keep environmental decline in the price-to-earnings (P/E) multiple zombie firms that survived for years on raising new retailers and wholesalers mean more pressure on
protection laws as strict as possible. Given that business lobbying power remains that investors ascribe to them. A 15 per cent fall in loans to repay old ones would go bankrupt, though order flows. Demand elsewhere is weak too, not least
as durable as ever, allowances for appeals and waivers can reliably be expected earnings estimates and an 18 per cent lower P/E, for default rates, while the highest since 2020, are barely in China, where persistent weakness was visible
to coagulate into standard practice. The underlying principle for a country example, would mean a 30 per cent market correc- off the bottom. The leading indicator here is the even before lockdowns pushed it lower. The down-
that publicly presents itself as a beacon of climate justice should be that envi- tion. A reduction in P/E multiples usually drives the sharp decline in new junk bond issuance, which ward lash of the supply-chain bullwhip is already
first part of a correction (as markets move ahead of leads a rise in default rates by a few quarters. visible in steep declines in metal prices and in
ronment protection is non-negotiable. The government has, however, not con- changes to analysts’ forecasts), and cuts to forward Emerging market (EMs) currencies have depre- upstream technology components like panels and
sistently followed this principle. earnings drive the subsequent declines. ciated against the US dollar, but mostly less so than memory chips.
It is important that the balance between growth and environment sus- Over the past year or so (the market peak varied developed markets currencies (a few exceptions like The easing of Covid restrictions may provide
tainability is maintained at all times. In 2014, for instance, the government from country to country), forward P/E multiples have Turkey whose problems predate the recent down- some buffer to headline growth, but perhaps may
allowed factories to be set up in eight critically polluted belts. Later, mid-sized corrected quite meaningfully, and are comparable to turn). Remarkably, this is despite large portfolio out- not be enough to offset fully the growth headwinds
such declines seen around past US recessions. This flows from EMs in the last nine months: Only during from falling import orders and falling metal prices.
polluting industries were allowed to operate within 5 km of eco-sensitive areas
reflects normalising policies (higher the 2008-09 global financial crisis Several of these economies also lack the policy space
instead of 10 km, effluent norms were eased for thermal power plants, and US interest rates mean a lower P/E (GFC) were outflows worse. Further, (both fiscal and monetary) to provide a local stimu-
ecologically sensitive areas denotified and coastal regulation zones loosened. ratio), and rising risks, both geopo- the rise in EM sovereign bond yields lus to support aggregate demand. Sovereign debt to
Most concerning have been the proposed amendments to the Forest Act to litical and macroeconomic (higher is lower than in the US, implying a GDP increased meaningfully in most countries in
enable safaris, zoos, mining and other non-forest use on forest land. risks mean lower P/E). lack of stress in local currency bond the last two years (by 10 to 21 per cent points from
It is noteworthy that the government’s environmental rules principally The debate now shifts to how markets thus far. As capital accounts the pre-Covid levels), and their central banks have
much downward risk exists to earn- in many emerging markets are not had to raise interest rates in tandem with the US
benefit large and medium industries; it has not displayed similar latitude to
ings forecasts. It should be possible fully open, the risk of significant out- Federal Reserve to keep their currencies stable.
the scores of small and tiny industries that stand to go out of business on account to estimate the downside risk flows is limited to a handful of those These risks are meaningful for some developed
of the ban, albeit much-needed, on a range of single-use plastic products. It is within a reasonably narrow range that have high foreign ownership of market economies as well. For example, Credit
also significant that the government has sought to institutionally strengthen by isolating sectors that saw above- local currency sovereign bonds. Suisse economists estimate that Italy’s debt sustain-
its role in environmental decision-making bodies such as reducing the number normal earnings growth since 2019
and assuming that their earnings
TESSELLATUM Five months of elevated energy
prices have also demonstrated,
ability requires 10-year bond yields at less than 3
per cent. While yields have come down sharply from
of independent members on the National Board for Wildlife from 15 to three.
fall back to trend or to pre-Covid NEELKANTH MISHRA somewhat expectedly, that govern- 4.25 per cent seen three weeks ago, they are still
An attempt to play a bigger role in the appointment of the chairman of the
levels. Why then are the markets ments, whether in developed or in above that threshold. The recent fall in US govern-
National Green Tribunal was stayed by the Supreme Court. Taken together, continuing to be so volatile? developing economies, will try to subsidise energy ment bond yields may help, but it reflects market
green signals for industry are flashing red for India’s environment. Just as faster economic growth solves many prob- consumption. While this supports near-term concerns shifting to weak growth from high inflation
lems, slower growth can unearth hidden ones. For growth, it does not address the shortage in energy, — the fall in growth expectations may offset the fall
example, slow growth and high interest rates could and the inevitable dent to global growth. On this in yields.

Protecting the SC force a company with high levels of debt to default. count too, given comfortable current account bal-
This probably explains why market downturns end ances and foreign currency reserves in most EMs,
only when earnings forecasts have bottomed out, risks appear low for now. However, this is likely to
These uncertainties are an overhang on financial
markets, which may remain volatile until they have
quantified losses from the economic slowdown, and
Politically sensitive matters require care and not before that, as one would have expected keep energy prices higher for longer, prolonging fis- the risk of potential accidents has fallen.
given that markets are forward-looking. cal and balance of payment pressures, as the

T
he Supreme Court of India has found itself repeatedly in the news in
The more obvious areas of risk do not appear to demand destruction that high energy prices would The writer is co-head of APAC Strategy and India Strategist
the past weeks, and not necessarily for the best of reasons. First, in its be flashing red currently, but these are early days, otherwise have caused does not occur. for Credit Suisse
dismissal of a case related to the 2002 violence in the state of Gujarat,
the court expressed itself with some strength regarding some of those
involved in it — particularly the activist Teesta Setalvad, who was subsequently
arrested by the anti-terrorist squad. Whether or not the court intended to use
its judgment as an instruction for Ms Setalvad’s arrest, that was apparently the
consequence of its remarks on the subject. Then, in the course of firmly denying
The long-term hurdles to India’s export growth
a request from the former Bharatiya Janata Party national spokesperson Nupur

C
an exports power India’s economic growth? trade has firmly remained below 2 per cent — which The third factor that is almost never talked about
Sharma that several different first information reports filed against her be This is a question that is being raised after is abysmal considering the size of our economy. but needs to be examined and discussed is the poor
clubbed together, a two-member vacation Bench of the court delivered itself of last financial year’s scorching export growth The failure to become a global merchandise quality standards set by Indian regulators and the
a severe reproof of Ms Sharma, holding her passing remarks on television respon- even as domestic private consumption remained export power is largely because India has not really government in almost every sector —and the even
muted. In FY21-22, Indian merchandise exports become a hub for global manufacturing. Foreign worse monitoring and implementation of these
sible for a national violent response. Naturally, these remarks were widely scru-
jumped 43.18 per cent year-on-year, going up from manufacturers in India have largely focused on the standards. In sectors ranging from pharmaceuticals
tinised. Finally, one of the judges on that Bench, while delivering a lecture on $291.81 billion to $417.81 billion. domestic market, instead of treating it as a low-cost, and drugs to automobiles to food and cosmetics —
public opinion and the judicial process, called for more stringent regulation of The government certainly hopes so. Union high-quality manufacturing base for exports. Indian manufacturers have a lower quality bar to
digital media to prevent “personalised” attacks on judges. Commerce Minister Piyush Goyal recently stated Despite a realisation among global companies that meet than their global counterparts. Worse, there is
It is right that the court engage closely with matters of high principle, or that he expected merchandise exports to cross $1 they need alternative hubs to reduce dependence little monitoring or penalty even if these low stan-
with issues in which the political process appears to be failing. It should do so trillion by 2030 — a stiff target. The government has on China, few of them have looked at India seriously. dards are not adhered to. For some reason, Indian
commissioned a consultancy firm to prepare a Three factors have played spoilsport to India policymakers have never felt that Indian consumers
in a timely manner, and with fearlessness. After all, it is worse for the court’s
report on how to restructure export promotion coun- becoming a global manufacturing power. One, as I are being short-changed because of this. An Indian
reputation when it delays such matters, as was the case, for example, with the cils to achieve the stiff targets it is setting. had discussed in my last column, is the rapid changes automaker or a generics drug company exports
Article 370 reference or some high-profile, politically exposed Habeas Corpus Despite last year’s record perform- in policy and the uncertainty that higher quality goods to other countries than it sells
questions. But it is equally true that when engaging with these matters, the ance though, a close look at merchan- investors have to face. Anyone put- in the Indian market. Moreover, there is no real puni-
broader understanding of the effects of its remarks and its judgments must be dise export trends of the past decade ting millions to build a plant on the tive cost of not meeting the standards. Product
taken into account without in any way impairing its legal reasoning. The does not paint a very encouraging ground would like a stable policy recalls are almost unknown in the country.
picture. India’s merchandise exports regime, which has been missing for Yet, no country has succeeded in becoming a mer-
remarks about Ms Setalvad or Ms Sharma, which caused successive uproars,
had stayed between $280 billion and a decade now. Constant changes in chandise export powerhouse unless its quality stan-
may not have been essential to the reasoning behind the respective judgments. $315 billion for a decade before its tax rates, tweaking of rules and dards are uniformly high. Some policymakers argue
Judges’ right to have such opinions and to express them cannot and should surge last year. Even last year’s record abrupt reversals following policy that higher standards are impossible to implement
not be curtailed. But statements from the Bench on politically sensitive matters performance did not see much vol- announcements have spooked many in a country of India’s size and with the number of
should perhaps be more careful of the context and possible consequences. ume growth — it was largely driven investors. The changes in wheat, small and medium enterprises it has. The cost increas-
The fallout of recent events for Ms Setalvad and for general activism on by higher prices/values, according to petroleum products and steel export es, they claim, would make many of these enterprises
behalf of riot victims will be dire, for example. So will the effects on speech
a report by India Ratings. In an opin-
ion piece in Mint, Nikhil Gupta, chief
PROSAIC VIEW policies or tariffs are recent exam-
ples, though all of them have been
uncompetitive if they tried to sell high quality pro-
ducts in the country. Moreover, the consumers may
about religion following the Bench’s denunciation of Ms Sharma. The court has economist of Motilal Oswal, wrote PROSENJIT DATTA justified by the government as being not be able to afford it or even care for the difference.
considerable power to impact these and other open social questions, but that that real export growth had been neg- absolutely necessary given the cur- This is faulty thinking. The government should
power is best used only in respect to and in response to the specific constitutional ligible — the company’s analysis showed that the rise rent domestic requirements of the economy. focus on removing hurdles that increase the cost of
and procedural questions that arise before it. The court’s duty is to set legal in exports was largely accounted for by soaring com- The second factor, which is talked about whe- manufacturing or just doing business in India. At
precedent and address injustice, not to correct the ills in political discourse. modity price inflation. never businessmen meet, is the cost and difficulty the same time, it should set higher quality standards
India, unlike the Asian Tigers, has never managed of doing business on the ground. This includes not and monitor them stringently. This is an essential
Not only will this preserve the court’s authority that is now increasingly being
to be an export-driven economy. Since the economic only well-known issues such as poor roads, higher condition if India’s manufacturing needs to meet
assailed, but it will also ensure that “personalised” criticism of the sort referred reforms were initiated in 1991, private investment cost of power, longer turnaround times at ports, but global standards. That is the only way the country
to earlier will be minimised. As it stands, the court is in danger of being seen as and domestic consumption — along with govern- also other issues like dealing with local level officials, can become a major exporter of manufactured
inconsistent, while also calling for restrictions on speech and reporting to protect ment spending — have primarily driven India’s eco- meeting myriad regulations at the state, district and goods, not just software services.
its own sentiments and reputation. This does not do the august institution any nomic growth. Merchandise exports have played city levels and other such problems. These have
good, and is in danger of undermining its own position. only a supporting role. Service exports —largely IT often negated whatever cost benefits they have got The writer is former editor, Business Today and
services — have been a redeeming factor in India’s from government incentives like the production- Businessworld, and founder of Prosaicview.com, an
export story. India’s share in global merchandise linked incentive scheme. editorial consultancy

A story of the Bangladesh war
BOOK REVIEW
CHANDRASHEKHAR DASGUPTA
The USP of the book is the eyewitness
accounts of Bangladeshis Hafiz Uddin
Ahmad, Mohammad Hai and Malik
Mahmud, and Americans Candy and
Jon Rohde. The three Bangladeshis
hailed from Manpura island in the
Sunderbans, 75 per cent of whose
residents lost their lives in the cyclone.
All three ended up as freedom fighters
playing an active role in the liberation of
Pakistan treated East Pakistan like a
colonial province”. When East Pakistan is
devastated by the cyclone, Yahya Khan
refuses to declare it a disaster area. Callous
West Pakistani officials fail to arrange
distribution of relief supplies pouring in
from foreign countries. It is left to foreign
relief workers, like the Rohdes, to bring
succour to the victims. When Yahya
finally deigns to visit one of the devastated
was engaged with the fading actress,
Noor Jahan. Opening the locked door
with her private set of President House
keys, “Rani slid into the room to find
Jahan fellating Yahya. She pulled Jahan
off Yahya’s bulging midsection and
helped him put his uniform on so that he
would be fit for a diplomatic visit”. It is
difficult to believe
that even the priapic
Yahya would ignore
an appointment with
the Shah of Iran in
House to the five-star hotel with a pistol
in his hand…Yahya rushed upstairs and
banged on the door, screaming for the
scoundrel sleeping with his mistress to
face him man to man”… “The door
opened revealing his son, Ali.”
The source of these lubricious tales
appears to be a little-known Indian
publication. Their
The Vortex: The True authenticity is, at
Story of History’s
the very least, open
Deadliest Storm and to question but the
the Liberation of authors do not allow
Bangladesh
statement that Mujib raised the Joi
Bangla slogan for the first time in March
1971 is incorrect. In fact, the slogan was
raised at virtually every Awami League
rally in the 1970 election campaign.
India did not airlift “Tiger” Niazi to
Islamabad after the surrender ceremony
. Niazi was sent to a POW camp in India
and subsequently repatriated to
Pakistan across the land border. The USS
Enterprise did not sail “up the Bay of
Bengal”. From the Malacca Straits, it
sailed west towards Colombo, not north

I
n November 1970, a catastrophic
cyclone tore through the erstwhile
East Pakistan, killing 350,000 —
500,000 men, women and children.
The following year, the Pakistani army
unleashed a reign of terror on the
people of Bangladesh that dwarfed the
impact of the cyclone. Before the end of
that year, the people of Bangladesh suc-
ceeded in freeing themselves of
Pakistani rule, with the friendly assis-
tance of India. American journalists
Scott Carney and Jason Miklian provide
a vivid and captivating account of the
dramatic events leading up to the liber-
ation of Bangladesh.
their country. The American couple
played exemplary roles in providing
humanitarian aid in the wake of the
cyclone and, later, mobilising political
support for the Bangladesh cause. Their
vivid accounts of the situation at ground
level provide new insights and make the
book a real page-turner.
The opening scene in the book is a
Pakistan versus USSR football match in
Dhaka in 1968. The spectators break into
thunderous cheers and cries of Joi Bangla
as Hafiz Uddin Ahmad, a Bengali, scores a
goal. Similar feats by his West Pakistani
teammates are greeted with dead silence.
The fans could not “forget that West
islands, instructions are sent to “gather up
a few dozen dead bodies and drag them
over to the landing zone” for the cameras,
in order to spare the dictator a walk!
The sections dealing with
policymaking at the highest levels are no
less vivid and absorbing but, in several
instances, their historical accuracy is
open to question. Take the chapter on
the Shah of Iran’s visit to Islamabad in
May 1970. According to the authors,
Yahya was not to be found when the
Shah arrived at the President House for
negotiations. Yahya’s procuress, Rani,
came to the visitor’s rescue, leading him
to the President’s bedroom, where he
order to pursue his historical accuracy towards Chittagong. Nor did “global
amorous interests. Author: Scott Carney to stand in the way nuclear brinkmanship” feature in the
And would the & Jason Miklian of a good story. 1971 crisis. This is clear from the
visiting monarch Publisher: To cite some memoirs of Admiral Elmo Zumwalt, Jr,
actually pursue his HarperCollins other examples, the commander of the US Task Force.
host into his Pages: 528 Mao did not In short, the book offers a vivid and
bedroom? Who Price: ~599 “succumb to Yahya’s highly entertaining account of the
recorded the precise silver tongue” when events leading up to the liberation of
state of play between he agreed to open a Bangladesh. However, its historical
the Pakistani dictator and his new secret line of communications with the accuracy is questionable on several
mistress at that moment in history? US. Scholars have shown that Mao’s was counts.
Or take the story concerning another an independent and well-considered
of Yahya’s mistresses, a Mrs Hussain. decision. Nor was Nixon’s China The reviewer is a retired Indian foreign service
Learning that she was with another man initiative aimed at “opening up new officer, who has served in Bangladesh. He is
in the Islamabad InterContinental trade opportunities”. Nixon’s aims were author of India and the Bangladesh Liberation
Hotel, “Yahya raced from President geopolitical, not economic. The War: The Definitive Story (Juggernaut, 2021)
 QUICK TAKE: QUEERING THE PITCH FOR INFOTECH STOCKS “With signs that consumer
The Smart confidence is seeping

Investor
(Price in ~) Nifty IT, down 28 per cent year-to-date, may away, worries that global
slide further. Domestic firms are expected to growth will go down the
see margin pressure due to high attrition, and drain have returned to
resumption of discretionary spending, says a rattle financial markets”
MUMBAI | Nomura note. There are also downside risks for SUSANNAH STREETER, Markets
TUESDAY, 5 JULY 2022 2023-24 consensus revenue growth estimates analyst, Hargreaves Lansdown
<

Unkindest cut since ’20: mid-, small-cap cut-offs drop to lowest

Amfi releases list of large-, mid-, and
small-caps based on H1 stock price movement
SAMIE MODAK
Mumbai, 4 July
What is a large-cap, mid-cap,
and small-cap?
According to a formula prescribed
by the Securities and Exchange
Board of India (Sebi) for the
~38-trillion domestic mutual fund
industry, stocks with a market
capitalisation (m-cap) between
$2 billion (~16,443 crore) and
$6 billion (~47,228 crore) are
classified mid-caps. Those above
$6 billion are large-caps. Ones
below $2 billion are small-caps.
The latest stock reclassification
based on the January-June 2022
data was released by the
Association of Mutual Funds in
India on Monday.
Under Sebi framework, the first
100 stocks by m-cap are defined
large-caps; the next 150 are mid-
caps; and the rest small-caps.
During the previous reclassifi-
cation (based on stock prices for
July-December 2021), the cut-
off for mid-caps came in at
$6.42 billion, 7.4 per cent higher
than now, while the upper thres-
hold for small-caps was nearly
15 per cent higher at $2.4 billion.
This was the highest cut-off ever
since Sebi introduced the classifi-
cation framework in 2018.
The latest decline in upper
threshold — the first time since
June 2020 — follows a sharp fall in
small- and mid-caps so far this
year. The Nifty Smallcap 100 and
the Nifty Midcap 100 indices are
down 24 per cent and 12 per cent
year-to-date. In comparison, the
Nifty50 has declined 8.8 per cent.
While the overall market has
fallen, stocks that have underper-
formed have got downgraded from
large-caps to mid-caps. These
include IDBI Bank, HDFC Asset
Management Company, Godrej
Properties, Steel Authority of India,
Cadila Healthcare, Jubilant
FoodWorks, and PB Fintech.
About a dozen stocks have been
GETTING SMALLER have been directly inducted into legroom to hold stocks outside
the large-cap universe since their investing universe. In other
This year’s correction has lowered the their m-cap is among the top 100 words, a large cap-oriented
threshold for mid- and small-caps listed firms. actively-managed equity scheme
Large-cap (LHS) Small-cap (RHS) Similarly, Vedant Fashions and doesn’t necessarily have to dump
Mid-cap (RHS) Delhivery have been added to mid- a stock if it is no longer part of the
5.98 caps, following their recent IPOs. large-cap universe.
109.43 Adani Power, Cholamandalam In the past, stocks that were
3.70 Investment and Finance Company, upgraded tended to outperform
216.12 Bank of Baroda, Hindustan ones that were downgraded.
Aeronautics, and Bandhan Bank, At the end of May, the large-cap
too, have got added to the large-cap fund category had assets under
2.07 ecosystem, thanks to their management (AUM) of ~2.2 trillion.
1.17 outperformance during the first The mid-cap fund segment had
six months of the year. AUM of ~1.55 trillion. The small-cap
Sources: ICICI Securities, Amfi Equity-oriented schemes will fund category had an AUM of
have to realign their portfolios ~1 trillion. Besides, categories such
downgraded from mid-caps to Life Insurance Corporation of within the next one month to as multi-cap, flexi-cap, large-cap,
small-caps. These include Sanofi India and Adani Wilmar — which realign with the latest reclassifica- mid-cap investing across three
India, Aptus Value Housing, Ajanta came out with their initial public tion. Unlike passive funds, actively- buckets had a combined AUM of
Pharma, and Happiest Minds. offerings (IPOs) earlier this year — managed schemes have the over ~3.8 trillion.

Recession spectre haunts mkts: Supersized outflows from

Asia have room to rise
Unlikely to bottom out soon
Nomura expects US
ISHIKA MOOKERJEE & MARCUS WONG
4 July PEER PRESSURE
Taiwan Stock Exchange Weighted Index
WHERE INDIA IS PLACED Some of Asia’s biggest stock and bond markets
outside China are seeing greater outflows than
India's Sensex Korea's Kospi Index 100
economy to see five Country July 4 Year-to-date chg % in previous market crises, and the process may 52.47 80
just be getting underway. 60
straight quarters of Kospi South Korea 2,300.3 -22.7
Global funds offloaded a net $40 billion of 40
S&P 500 US 3,825.3 -19.7
declining GDP DAX Germany 12,866.4 -19.0
equities across seven regional markets last
quarter, exceeding any three-month period
20
9.11 0
PUNEET WADHWA characterised by systemic stresses since 2007.
CAC 40 France 5,987.8 -16.3 0.00 22.34 -20
New Delhi, 4 July The steepest selling was in technology (tech)-
Dow Jones US 31,097.3 -14.4 Jun 30,’20 Jul 4,’22
heavy Taiwan and South Korea and

G
lobal stock markets are unlikely
to bottom out amid recession
fears, according to analysts at
Nomura, who expect the US economy
to see five straight quarters of declining
gross domestic product (GDP) growth.
The silver lining, however, is that the
recession will be shallow — a peak-to-
trough decline in US real GDP of around
1.5 per cent in this cycle, compared with
declines of nearly 10 per cent during the
pandemic and around 4 per cent during
the global financial crisis of 2008,
says Nomura.
“History shows that stocks tend to
bottom out during recessions — and not
before — and thus, if Nomura’s macro
view does materialise, investors will
probably have to wait longer for a likely
bottom in global stocks. Asian stocks
will not be fully immune, but we expect
some differentiation,” it observes.
Over the past few months,
most global central banks have tweaked
their monetary policy to combat
rising inflation.
The US Federal Reserve (Fed), for
instance, raised its main interest rate by
75 basis points recently. It is the biggest
increase since 1994 in a move seen
to tame consumer price index-based
inflation that hit 8.6 per cent in May —
the highest level in 40 years.
“Markets are primarily focused on
Fed tightening and the coming eco-
nomic fallout, while Ukraine is more or
less forgotten about, or at least assumed
to have turned into an extended
stalemate,” wrote Christopher Wood,
global head of equity strategy at
Jefferies in his recent note to investors,
GREED & fear. Inflation concerns,
Nikkei 225 Japan
Nifty50 India
S&P BSE Sensex India
Hang Seng Hong Kong
Compiled by BS Research Bureau
geopolitical issues, and rising interest
rates have kept the market sentiment
in check. The S&P 500, for instance, has
lost nearly 20 per cent year-to-date.
Back home, the S&P BSE Sensex and the
Nifty50, too, have shed 10 per cent each
during this period.
Global inflation at 7.8 per cent,
according to analysts at JM Financial,
is expected to peak by mid-2022, soften
modestly to 6.6 per cent by end-2022,
and hover over 3.6 per cent till
the end of 2023 — higher than 2.1 per
cent recorded in February 2020
(pre-Covid levels).
“However, into the late third quarter,
we expect some stabilisation in Asian
26,153.8 -9.2
15,835.4 -8.8
53,234.8 -8.6
21,830.4 -6.7
Source: Bloomberg
stocks once/if there are clear signs that
actual US inflation may be moderating
and/or the Fed turns less hawkish. The
spectre of earnings downgrades will
likely dampen Asia stock markets’
expected returns. The deeper the
economic slowdown, the stronger the
earnings downgrade cycle,” cautions
Nomura. Indian markets, according to
analysts at JM Financial, have not
priced in the full impact of the ongoing
tightening and prospective recession.
India’s challenges, they feel,
emanate from the re-emergence of
global tightening, high domestic infla-
tion, and current account deficit amid
expected decline in structural growth.
energy-importing India, while foreign
investors also made supersized outflows from
Indonesian bonds.
Money managers are pulling out of
higher-risk markets as rampant inflation and
aggressive central bank interest-rate hikes sap
the outlook for global growth. Fears of a US
recession and supply-chain disruptions in
Europe and China in a global economy still
recovering from Covid-19 lockdowns are
providing additional reasons to sell. The total
amount of equity outflows for the quarter is
an aggregate of those from India, Indonesia,
Korea, Malaysia, the Philippines, Taiwan,
and Thailand.
The sum for the past three months was
then compared with three previous episodes:
the global financial crisis of 2008, the 2013
taper tantrum, and the peak of the US Federal
Reserve’s (Fed’s) last rate-hike cycle in 2018.
Foreigners withdrew a net $17 billion from
Taiwan stocks, easily surpassing the outflows
seen in any of the three previous periods.
Indian shares saw $15 billion of sales, and
Korea reported $9.6 billion.
Hawkish Fed
The Fed’s aggressive tightening, which is
pushing up US yields, is expected to keep
drawing money away from the region. Swaps
are pricing in a further 150 basis points of rate
hikes from the US central bank this year.
One of the main themes thrown up by the
data is selling of tech shares, which account for
more than half of Taiwan’s equity benchmark
and about a third of Korea’s.
Tech stocks have slumped around the
world this year due to concern over slowing
global growth.
The weakening yen is also hurting the econ-
omy and equities in Taiwan and Korea, given
the two countries have similar export products
to Japan, said Calvin Zhang, a fund manager at
Federated Hermes in Pepper Pike, Ohio.
Indian stocks meanwhile have come under
pressure as the economy has suffered from
surging oil prices, while the central bank has
been rapidly raising interest rates to try and
bring inflation under control. BLOOMBERG

Indices snap Brokerages remain bullish on RIL despite windfall tax

3-day losing VIVEAT SUSAN PINTO
Mumbai, 4 July
~32.9, or 1.4 per cent intraday, on the
BSE on Monday, before finally closing
trade at ~2,413.95 apiece, up 0.2 per
OIL IN TROUBLED WATERS
CMP (~) 1-day
chg (%)*
(As on July 4) ment. Every $1 per barrel change in
2-day
chg (%)**
its GRM will impact its earnings
before interest, tax, depreciation,

run amid firm Global and domestic brokerages

continue to have a ‘buy’ rating on
Reliance Industries (RIL) despite the
government’s move to levy new
cent over the previous day’s close.
In contrast, peers such as Oil and
Natural Gas Corporation (ONGC),
Oil India, Mangalore Refinery
n S&P BSE Oil & Gas
n BSE Sensex
#
17,362.35
53,234.77
-0.5
0.6
-3.7
0.4
and amortisation (Ebitda) by
3 per cent in the years ending March
2023 and March 2024, observed
Goldman Sachs.

global cues
n Oil India 201.7 -5.7 -19.9
taxes on petrol, diesel, and aviation and Petrochemicals (MRPL), and Jefferies sees no reason to lower
turbine fuel. Hindustan Oil Exploration Company n Oil and Natural Gas Corporation 126 -3.9 -16.8 RIL’s refining Ebitda estimate for the
At least eight brokerages, includ- (HOEC) remained in the red on n Mangalore Refinery and 78.85 -3.3 -13.0 year ending March 2024.
ing Goldman Sachs, BofA Securities, Monday, falling between 3.3 per cent Petrochemicals The impact of the tax means a
Bank, FMCG stocks propel markets Nomura, and Jefferies, had a ‘buy’ rat- and 5.7 per cent on the BSE. n Reliance Industries 2,413.95 0.2 -6.9 4 per cent cut to its Ebitda estimate
PRESS TRUST OF INDIA
Mumbai, 4 July
SENSEX ing on the stock on Monday, following
the announcement of the new fuel
The only other outlier, apart from
RIL on Monday, was Chennai
n Hindustan Oil Exploration Co. 174.8 -3.4 -6.5
for the company for the year ending
March 2023.
taxes by the government on Friday. Petroleum Corporation (CPCL), up 0.6 n Chennai Petroleum Corporation 299.1 0.6 -4.6 Emkay has estimated an
Equity indices found their Morgan Stanley remained per cent over the previous day’s close. *over Friday’s close **over Thursday’s close #Index value annualised duty-led revenue gain of
CMP: Current market price Sources: Bloomberg, exchange
feet on Monday after a ‘overweight’, while brokerage house In two days, Oil India has fallen ~1.35 trillion for the government,
three-session losing streak Haitong Securities had an the most at nearly 20 per cent, July 4, Morgan Stanley said fuel taxes crude oil — would imply an earnings based on the current crude oil sales
as investors snapped up ‘outperform’ tag on RIL. followed by ONGC at 16.8 per cent, imposed by the government would upgrades for RIL, said the brokerage. and run rate of transport fuel export.
banking, fast-moving con- The bullish outlook by brokerages and MRPL at 13 per cent, reveals data have a limited impact on RIL. It said Goldman Sachs estimates the impact This implies an effective revenue
sumer goods (FMCG), and contributed to RIL shares recovering compiled by BS Research Bureau. the company could sustain a gross to RIL’s GRM from the tax on exports benefit of ~1 trillion in the nine-month
information technology on the bourses on Monday, following RIL, HOEC, and CPCL have fallen refinery margin (GRM) of at least in the range of $1.5-12.7 per barrel. period ending March 2023. “While
(IT) stocks amid a positive the previous day’s plunge — its worst between 4.6 per cent and 6.9 per cent $15 per barrel. The brokerage sees an upside risk this move was partly expected, we
trend overseas. However, single-day fall in 19 months. on the BSE. This GRM — or the amount a com- to RIL’s Singapore GRM if its India believe an ad-valorem tax could have
a lacklustre rupee and RIL shares gained as much as In an updated report released on pany earns by refining one barrel of exports do not see seasonal improve- been more optimal,” added Emkay.
unabated foreign fund
outflows capped gains. TOP GUNS
Overcoming a choppy As on Price 1-D chg
start, the 30-share BSE July 4 in ~ (%)
Sensex gained momen- THE COMPASS
tum as the session pro- Hindustan 2,374.8 4.0
gressed to close 326.84 Unilever
points, or 0.62 per cent, IndusInd Bank
higher at 53,234.77.
Similarly, the broader
ITC
NSE Nifty rose 83.3 points, ICICI Bank
832.1 3.0
291.8 2.6
719.9 2.3
Valuation blip for DMart in the face of correction
or 0.53 per cent, to Power Grid
15,835.35.
210.7 2.0 Store additions strong, while same-store sales declined in the first quarter
Corp of India
Hindustan Unilever January, the stock has fallen has a ‘neutral’ stance and a company added 50 new businesses seeing signs of DMart stock in FY22.
Compiled by BS Research Bureau Base=100
topped the Sensex gainers Sources: Bloomberg, exchanges 180 26 per cent, while the Nifty target close to the current stores, with 38 stores added of investor interest. However, promoters hold just
chart with a leap of 4.03 Avenue Supermarts has fallen 11 per cent. DMart price. Motilal Oswal Research in the second half. Other scrips such as under 75 per cent and the
per cent, followed by IndusInd Bank, ITC, ICICI Bank, 160 is down 41 per cent from its estimates like-to-like (same- Revenue growth at ~9,807 Shoppers Stop, Sapphire market capitalisation is over
PowerGrid, Axis Bank, and State Bank of India. 52-week high of ~5,899 in store) revenue probably crore is 70 per cent above pre- Foods India, Westlife ~2.2 trillion. There have also
In contrast, Tata Consultancy Services, Tata Steel, Mahindra October 2021. declined 13 per cent YoY. Covid levels (~5,780 crore in Development, and Trent have been some foreign portfolio
140
& Mahindra, Dr Reddy’s, Tech Mahindra, and Wipro closed However, the stock However, store additions in Q1 of 2019-20), and indicates seen some investment buying investors buying the stock,
with losses of up to 2.46 per cent. rebounded 3 per cent on the past 12 months amounted recovery, given that Q1FY22 in the past week/10 days. apart from Morgan Stanley’s
The market breadth was in favour of the bulls, with 120 Monday, following its first to 21, taking the total count was at ~5,032 crore, and Q1 of There is a lot of recommendations.
24 of the 30 Sensex counters logging gains. quarter (Q1) of 2022-23 (FY23) to 294. 2020-21 at ~3,833 crore. competition in this area, Analysts see 50 per cent
Vinod Nair, head of research at Geojit Financial Services, 100 update. Morgan Stanley has In the last quarter, 10 new The same-store reduction ranging from informal revenue growth YoY in FY23
said, “The prime focus of the market will turn towards quarterly Sensex an ‘overweight’ rating on the stores were added. Apart from may be attributed to higher deliveries from and earnings before interest,
numbers and updated guidance for the new financial year.” company, which it reiterated, rising store count, the average penetration of online neighbourhood shops to tax, depreciation, and
80
In the broader market, the BSE MidCap gauge gained July 1,‘21 July 4,’22 because standalone Q1 store size has also increased shopping since the DMart platforms like Dunzo, amortisation (Ebitda) rise
0.82 per cent; the SmallCap index climbed 0.59 per cent. Compiled by BS Research Bureau revenue was up 95 per cent 22 per cent in two years. store roll-out is concentrated Swiggy, Reliance Retail, and 65-70 per cent. The company
Among BSE sectoral indices, FMCG gained the most by year-on-year (YoY), led by In terms of revenue per in metros and tier 1 cities. BigBasket. If consumption is is practically debt-free, which
2.49 per cent, followed by bankex (1.08 per cent), capital goods DEVANGSHU DATTA an increase in store count. square metre, sales are down. Prior guidance was that larger picking up, along with better is a big plus in a regime of
(0.97 per cent), consumer durables (0.82 per cent), and Morgan Stanley has a Brokerage estimates indicate stores take longer to hit high discretionary purchases, rising interest rates.
industrials (0.74 per cent). Energy, health care, IT, auto, metal, DMart (Avenue Supermarts), target price of ~4,332, which that another 30 stores could revenue per square metre. so is competition. Valuations remain very
oil and gas, and teck were the laggards. which was once the darling translates into 23 per cent be added by end-FY23 at an After a long period of weak One factor some analysts high with trailing price-
Global markets began the second half on a firm note, despite of the bourses, has upside in the stock. average of 10 new stores consumption, DMart may be have noted was some insider to-earnings at 147x and
overhanging concerns about inflation, economic recovery, and underperformed the market A more nuanced analysis per quarter. one of the several retail- selling in the past 12 months. enterprise value/Ebitda
rate hikes by central banks. in the recent past. Since from Motilal Oswal Research In 2021-22 (FY22), the /consumption-related Insiders sold ~90 crore worth at 88x.
>
MUMBAI | TUESDAY, 5 JULY 2022
Hard landing: Cabin crew
pressure, soaring ATF price
Airlines to witness ballooning employee costs, elevated margin pressure
NIKITA VASHISHT
New Delhi, 4 July
I
ndiGo’s latest flight-delay fiasco
suggests the Indian aviation sector
could be on the cusp of “the most
competitive and hostile environment”,
fear analysts. With three new players —
Air India under its new management,
Rakesh Jhunjhunwala’s Akasa Air, and
Jet Airways trying to find its wings —
vying for pilots and cabin crew staff,
incumbent players are set to witness
ballooning employee costs, along with
elevated margin pressure.
“The pain will be felt by IndiGo,
SpiceJet, and Go Air. The by-product of
increased cost and margin pressure is a
given. The situation is inevitable,” says
Deven Choksey, managing director,
KR Choksey Investment Managers.
Last week, over 50 per cent of the
flights operated by IndiGo got delayed
after a large number of cabin crew
members of the airline did not report for
duty. Reports suggest the staff went for
job interviews — likely for Air India.
They reported sick five hours before
departure, throwing the airline’s
operations out of whack. Tata-owned Air
India, Jet Airways, and Akasa Air are in
the middle of a massive recruitment drive,
suggest reports.
Following the development, shares
of IndiGo fell 4 per cent in intraday trade
on Monday, while those of SpiceJet
and Jet Airways shed 2.5 per cent and
5 per cent, respectively.
According to analysts, the Indian
aviation sector is seeing headwinds like
the information technology (IT) sector,
where higher attrition rates have forced
the management to dole out benefits like
double-digit pay hikes, health care
benefits, and hiring beyond metros.
“The acquisition of Air India by the
Tatas and the entry of Jet Airways and
Akasa Air could start a trend in the avia-
tion space, like the Indian IT, where we
may see a sudden spike in attrition rates.
Unfortunately, this is happening at a time
when aviation turbine fuel is at record
high levels, airlines have stretched balance
sheets due to the pandemic, and the rupee
is falling. One of the players has already
reported negative networth, which shows
elevated debt levels. It is not a good sign,”
TURBULENT TIMES
n InterGlobe Aviation n SpiceJet
32.60 37.40
9.40 8.00
Fuel expense Employee expense
Expenses as % of total costs
Data for IndiGo as of Q4FY22; SpiceJet for Q3FY22
says G Chokkalingam, founder and
chief investment officer, Equinomics
Research & Advisory.
During the January-March quarter
(fourth quarter, or Q4) of 2021-22 (FY22),
IndiGo posted a net loss of ~1,681.8 crore
as fuel costs surged 68.2 per cent year-on-
year (YoY). Fuel expenses accounted for
32.6 per cent of its total cost structure.
Employee costs, which accounted for
9.4 per cent of total expenses, rose 15 per
cent YoY in Q4FY22.
SpiceJet, meanwhile, is yet to report
its Q4FY22 results. During the October-
December period of FY22, the airline’s fuel
expenses were 37.4 per cent of its total
costs, while employee expenses were
8 per cent of total costs.
Concerns priced in?
Analysts believe this surprise dent in mar-
gin may not be completely priced in by
THE SMART INVESTOR 11
Good time to invest in debt
funds as portfolio yields rise
Opt for a mix of
shorter-duration,
target maturity, and
dynamic bond funds
SANJAY KUMAR SINGH
One positive impact of rising interest
rates has been that portfolio yields of
debt mutual funds (MFs) have
improved across categories. Their
returns, which were muted over the
past few years, are likely to turn around
in the near future.
Rising bond yields
The cumulative 90-basis-point (bp)
SpiceJet (~) rate hike and other policy tightening
39.5 measures by the Reserve Bank of India
39.3 38.6 (RBI) have pushed bond yields higher
39.0 over the past six/seven months.
38.5 The 10-year government security
(G-sec), which had touched a low of
38.0 5.75 per cent on May 22, 2020, is at
Jul 1,’22 Jul 4,’22 7.37 per cent currently.
Yields to maturity (YTM) of debt
InterGlobe Aviation (~) MF portfolios (which are mark-to-
1.660 market, or MTM) have hence moved
1,650.70 1,640 up. Their return potential has
also improved.
1,620
1,650.30 “The major component of debt
1,600 fund return comes from accrual,
1,580 which is much better today than
Jul 1,’22 Jul 4,’22 a year ago,” says Pankaj Pathak,
Source: Bloomberg
fund manager-fixed
income, Quantum Asset
Management Company.
the markets, leading to increased pressure Bond yields and prices
on stock prices in the immediate future. move inversely. With yields
“Airlines are set to see heightened moving up, bond prices are
margin pressure, limited elbow room to falling.
hike airfares, and restricted talent pool,” “While accrual has been
says Ambareesh Baliga, an independent improving, currently an YOUR
market analyst. adverse MTM impact is also
Airline crew, especially pilots, need taking place. Once the RBI’s MONEY
years of training. Besides, a single aircraft rate-hike cycle ends and
needs an average of 15 crew members. bond yields stabilise, the adverse
Even if incumbents or newer airlines MTM impact will end. That’s when
decide to hire a new crew, it will take some debt-fund returns will improve,” says
time to ease talent crunch stress, he adds. Joydeep Sen, corporate trainer (debt
Chokkalingam, too, expects listed markets) and author.
players to see margin compression in the
near term, although the extent may be Debt fund YTMs better than
difficult to gauge at the moment. fixed-deposit (FD) rates
“Airlines may choose to pass on some Since the bond market is forward-
part of the cost pressure. Besides, air travel looking, bond yields had moved up
is also picking up. Therefore, while margin sharply in anticipation of the RBI’s rate
pressure cannot be ruled out, only time hikes. The 10-year G-Sec had moved
will explain the exact quantum,” he adds. to 7.12 per cent by May 2. All this while,
YTMs OF DEBT FUNDS ARE ON THEIR WAY UP
Yield to maturity (%) n Minimum n Median
6.09
5.49
4.69 5.02
4.35
3.38
Liquid Ultrashort duration
the RBI repo rate remained at 4 per
cent. Since May 4, the repo rate has
risen by 90 bps. Meanwhile, the
10-year G-sec has moved from 7.12 per
cent to 7.37 per cent — only 25 bps
higher. While bank FD rates have risen,
they have not kept pace with the RBI’s
rate hikes.
“System liquidity is still in surplus.
Banks that expect credit offtake to
improve have hiked their FD
rates. But these rates will go
up with a lag,” says Sen.
While the State Bank of
India’s one-year FD rate is at
5.3 per cent, the one-year
treasury Bill yield is at
6.37 per cent. Hence, YTMs
of debt MFs are also looking
better than bank FD rates.
Will YTMs rise further?
According to fund managers, the RBI
is likely to continue hiking rates this
year. “The RBI is likely to hike the repo
rate to close to 6 per cent by early next
year. This will have some impact on
the short end of the yield curve,” says
Pathak. He adds that the bond market,
which has discounted a larger part of
the rate hikes, is likely to be less
sensitive hereafter to further hikes by
the central bank.
According to Sen, “Most of the
rate-hike cycle is already priced in. One
n Maximum
6.57
5.89 5.55 6.17
5.35
4.53
Low duration Money market
Source: Morningstar AWS
can expect bond yields to move up by
a small amount from current levels.”
YTMs of bond funds may hence
improve slightly hereafter.
Stick to shorter-duration funds
With interest rates likely to rise further,
investors should keep a larger part of
their portfolio at the shorter end of the
yield curve.
“To avoid MTM hits to your port-
folio, stick to shorter-duration funds,
like liquid funds and money-market
funds,” says Deepesh Raghaw,
founder, PersonalFinancePlan, a
Securities and Exchange Board of
India-registered investment advisor.
According to Pathak, the longer
end of the yield curve faces risk due to
demand-supply mismatch.
Investors who want higher yields
should buy and hold target maturity
funds. “The sweet spot here is funds
maturing in four/five years,” says
Raghaw.You may also consider
dynamic bond funds.
“They offer fund managers the
flexibility to adjust the portfolio,
much required in this environment,”
says Pathak.
Avoid longer-duration funds.
“Once inflation begins to soften and
the interest-rate cycle turns, that’s
when you should enter longer-
duration funds,” adds Sen.
12 STOCKS
>
MUMBAI | TUESDAY, 5 JULY 2022 1

> OFSTOCK
IN THE > Alembic > AIA Engineering > TVS Motor Co

NEWS Top gainer

among BSE500
Hits new all-time
high at ~2,422
Snaps
7-day winning THE DAY
companies on BSE streak KSB
~62.6 PREVIOUS CLOSE ~2,210.8 PREVIOUS CLOSE ~863.6 PREVIOUS CLOSE Hits new all-time high
~69.1 CLOSE ~2,371.4 CLOSE ~840.6 CLOSE at ~1,534; Up 22 per cent
p 10.3% UP p 7.3% UP q 2.7% DOWN YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
04 Jul ’22 Chg (%) Con Std 04 Jul ’22 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 682.0 0.6 0.7 30.3 361.9 ITC 291.9 2.7 5.0 23.6 23.9 price price (%) price price (%)
Apollo Hosp 3770.1 0.9 0.5 51.4 81.5 JSW Steel 551.5 -4.7 1.0 6.5 8.0 IDFC First Bank 34.5 34.1 5.3 44.2 54.8 Oil India 195.8 201.7 -5.7 195.8 153.2
MOST BULLISH MOST BEARISH
Asian Paints 2790.3 0.6 1.8 88.3 85.4 Kotak Mah Bank 1670.9 0.2 3.4 27.4 38.7 Gujarat Gas 445.7 443.0 5.0 583.6 786.7 JSW Steel 544.1 551.7 -4.6 520.1 520.1
Axis Bank 654.4 1.6 2.5 14.2 15.4 Vodafone Idea 8.4 8.4 1.2 REC 124.7 129.1 -3.4 Siemens 2526.9 2521.3 4.7 2526.9 2577.5 Adani Green En 1860.8 1882.7 -3.9 1651.1 860.2
L&T 1581.7 0.6 3.1 25.6 30.2
Bajaj Auto 3679.8 1.5 0.7 17.3 21.2 GNFC 601.7 598.0 0.6 Dr Lal PathLabs 2126.1 2197.0 -3.2 IDFC 53.7 53.3 4.6 70.2 70.2 ONGC 124.2 126.0 -3.9 124.2 108.5
Mah & Mah 1091.2 -1.5 1.5 20.6 27.5
GMR Infra 34.2 34.0 0.6 Tech Mahindra 973.4 1000.0 -2.7 Astral 1737.3 1731.0 4.4 2214.4 2525.0 MRPL 77.8 78.9 -3.3 44.2 37.1
Bajaj Fin 5630.3 0.3 2.1 48.5 53.7 Maruti Suzuki 8443.4 0.5 1.6 65.7 67.7 Tata Power 212.6 211.5 0.5 Shriram TrFn 1233.2 1264.9 -2.5 Angel One 1275.0 1264.3 4.4 2022.0 2022.0 Zomato 53.4 54.4 -3.0 50.4 50.4
Bajaj Finsrv 11388.3 0.6 1.0 39.8 427.2 Nestle India 17994.6 1.1 0.9 - 81.2 NBCC 29.2 29.1 0.5 TVS Motor 820.6 840.9 -2.4 Escorts Kub 1530.2 1527.3 4.2 1930.0 1930.0 TVS Motor 821.1 840.6 -2.7 589.1 495.0
Bharti Airtel 681.9 1.3 2.3 88.0 - NTPC 141.4 0.5 0.9 8.2 8.5
BPCL 316.4 -0.6 0.5 5.9 7.8 Godrej Cons 816.7 812.3 4.1 838.0 1138.5 Au Small Fin 560.0 563.0 -2.6 560.0 467.5
ONGC 126.0 -3.9 0.9 3.5 3.9
Britannia 3700.5 3.2 0.6 58.5 55.6 BSE NSE Trent 1122.0 1116.4 4.0 1347.1 1347.1 TCS 3225.8 3234.7 -2.5 3023.4 3023.4
Cipla 930.7 -2.0 0.7 29.8 25.4
Power Grid 210.7 2.0 1.0 8.7 8.6 Index Stock Index Stock PUT-CALL RATIO HUL 2379.0 2374.8 4.0 2413.0 2859.1 Tata Steel 844.0 854.6 -2.1 827.1 827.1
Reliance Ind 2413.7 0.2 11.6 26.9 41.8 Oberoi Relty 778.2 771.2 3.9 1021.5 1051.9 Cipla 928.7 930.4 -2.1 890.0 850.0
Coal India 182.1 -0.7 0.5 6.5 10.0 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 473.5 1.4 2.6 11.9 13.3 ABB India 2371.5 2360.6 3.7 2488.5 2488.5 Raymond 852.5 863.6 -2.0 739.0 390.0
Divis Lab 3639.6 0.1 0.7 32.6 32.8 Contracts - - 349285 717924
SBI Life Ins 1117.7 1.6 0.7 - 74.2 Market 938.1 1507.1 0.6 United Brew 1549.2 1544.8 3.5 1615.0 1793.7 PAYTM 632.2 644.7 -1.9 511.0 511.0
Dr Reddys 4354.5 -0.7 0.7 33.2 44.6 Open Int.(000) - - 16621 4726115
Shree Cement 19292.4 0.4 0.4 - 29.3 Britannia 3712.0 3701.6 3.3 3712.0 4152.1 Firstsource 101.1 101.9 -1.8 93.0 93.0
Eicher Motor 2796.4 0.5 0.5 45.6 48.2 Shares(In Mn) - - 14.3 1102.2 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 829.4 0.0 1.3 60.8 434.9 Avenue Supermar 3554.7 3495.6 3.2 4243.0 5899.9 Glenmark 384.1 387.0 -1.8 348.9 348.9
Grasim Ind 1350.8 0.3 0.7 11.8 29.1 Value(~ crore) - - 28248 44371
Tata Consumer P 730.2 1.5 0.6 71.9 76.0 Oracle Fin 15.5 Balkrishna I 0.1
HCL Techno 984.6 0.9 1.5 19.8 24.6 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 408.5 -1.0 1.0 - - Atul 2.5 ABB India 0.1
HDFC 2216.9 0.3 5.6 17.8 29.3 Contracts - - 71757373 2284237
Tata Steel 854.6 -2.1 1.0 2.6 3.4 ACC 1.5 JK Cement 0.2
HDFC Bank 1355.7 0.1 8.3 19.8 20.4
HDFC Std Life 574.3 1.6 0.8 91.5 100.5 TCS 3235.1 -2.4 4.6 30.9 31.0
Open Int.(000)
Shares(In Mn)
-
-
-
-
272137
2714.1
2173106
3198.0
Aditya Birla 1.3 Syngene Intl 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1000.0 -1.1 0.9 17.5 19.8 RBL Bank 1.2 Guj Petronet 0.2
Hero MotoCorp 2760.5 -0.1 0.5 23.8 22.3 Value(~ crore) - - 5858752 149743 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 340.5 -0.2 0.7 5.6 13.9 Titan Company 1962.5 0.8 1.1 80.2 79.9 BSE+NSE BSE+NSE
UltraTech 5709.1 0.3 0.9 22.4 23.3 1 Reliance Ind 1633066.1 BS200 DOWN 7 DAYS
HUL 2375.2 4.1 3.0 62.9 63.3 (~ crore) (Mn shrs)
ICICI Bank 720.1 2.3 7.0 19.9 21.5 UPL 654.5 1.7 0.5 13.8 42.5 ACTIVE CALLS ACTIVE PUTS Reliance Ind 4875.0 20.2
2
3
TCS
HDFC Bank
1183590.8
752870.5 UP 3 DAYS Gallopent -30.1
IndusInd Bank 832.0 3.1 0.8 - 14.0 Wipro 420.3 -0.4 0.9 18.8 19.0 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Muthoot Finance 9.6 Vitesse -29.9
ITC 1186.3 40.9 4 Infosys 625988.7
Infosys 1488.0 0.6 7.6 28.3 29.5 Nifty 50 15835.4 á0.5 100.0 21.6 24.1 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ONGC 1131.2 89.8 5 HUL 557983.0 Britannia 8.7 Sharpline -29.9
INDEX PE SHRS TRDS 1 YR Index Index 6 ICICI Bank 500752.9 United Brew 7.6 AF Enterprices -18.2
TCS 890.1 2.7
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
07/07/22
07/07/22
15800 119.2
16000 99.4
3.7
5.4
-9.0
33.0
Nifty
Nifty
07/07/22
07/07/22
15700 105.8
15600 76.1
5.4
4.3
74.2
9.4
Infosys 727.6 4.9
7
8
LIC India
SBI
438006.3
422535.2
REC
HDFC AMC
7.6
7.2
Tai Ind -11.3
SENSEX 23.8/26.4 7.0 239 24 6 1.4 Tata Steel 701.2 8.2 Aviva Inds -10.8
Asian Paints 2790.8 0.6 2.0 88.3 85.4 Mah & Mah 1091.1 -1.6 1.8 20.6 27.5 Nifty 07/07/22 15700 82.6 2.5 -6.4 Nifty 07/07/22 15500 72.9 4.5 8.3 9 HDFC 401991.4 United Spirt 6.6
Axis Bank 654.5 1.4 2.9 14.2 15.4 NIFTY 50 21.6/24.1 304.3 4571 36 14 0.7 ICICI Bank 613.4 8.6 Amba Ent -10.5
Maruti Suzuki 8440.3 0.5 1.8 65.7 67.7 C = CONSOLIDATED; S = STANDALONE Nifty 07/07/22 15900 80.4 3.1 -3.3 Nifty 07/07/22 15800 55.1 3.1 43.2 10 Bharti Airtel 374500.8 HDFC Std Life 6.1
Bajaj Fin 5629.9 0.3 2.4 48.5 53.7 Nestle India 17973.4 1.0 1.0 - 81.1 Nifty 07/07/22 16200 69.4 5.9 46.6 Nifty 07/07/22 15400 46.9 3.9 5.9 HDFC Bank 602.9 4.5 11 ITC 360019.9 UP 3 DAYS
DOWN
Bajaj Finsrv 11381.8 0.5 1.1 39.7 427.0 NTPC 141.4 0.6 1.1 8.2 8.5 CASH DERIVATIVES Stock Stock HUL 592.7 2.5 12 Bajaj Fin 340859.3 Motor & Gen 51.8
TURNOVER BSE NSE BSE NSE
Oil India -22.9
Bharti Airtel 681.9 1.3 2.7 88.0 - Power Grid 210.7 2.0 1.2 8.7 8.6 ITC 28/07/22 300 76.0 18.0 46.8 ONGC 28/07/22 120 25.2 6.5 91.6 Maruti Suzuki 548.2 0.7 13 Kotak Mah Bank 331796.8 10Ard 33.1
ONGC -18.2
Dr Reddys 4365.7 -0.4 0.9 33.3 44.8 Reliance Ind 2414.0 0.2 13.4 26.9 41.8 VALUE(IN ~ CRORE) 2198 38955 - 6081113 IDFC First Bank 28/07/22 35 70.1 9.7 9.1 ONGC 28/07/22 125 21.5 3.2 48.2 14 Adani Green En 298217.4 11Amd 32.8
Tata Motors 486.6 11.9 MRPL -15.3
HCL Techno 984.6 0.8 1.7 19.8 24.6 SHARES(IN MN) 261.7 1436.2 - 7028.5 ITC 28/07/22 290 54.4 9.9 18.9 ITC 28/07/22 280 15.4 5.1 58.7 15 Adani Trans 269424.3
SBI 473.5 1.4 2.9 11.9 13.3 Bajaj Fin 464.0 0.8 PAYTM -8.7 Ascensive Edu 32.3
HDFC 2215.5 0.2 6.5 17.8 29.3 TRADES(000) 1795 14601 - 29290 ONGC 28/07/22 140 43.3 20.8 43.4 ITC 28/07/22 290 14.0 2.9 370.6 16 Asian Paints 267688.7
Sun Pharma 828.7 0.2 1.5 60.8 434.5 SBI 462.4 9.8 Birlasoft -7.0 TPL Plastech 29.5
HDFC Bank 1355.4 0.1 9.6 19.8 20.4 IDFC First Bank 28/07/22 34 38.7 5.0 34.3 ITC 28/07/22 285 13.9 2.3 7.1 17 HCL Techno 267172.4
Tata Steel 854.6 -2.1 1.1 2.6 3.4 IndusInd Bank 407.3 4.9 Persistent S -6.9 Tierra Agrotech 27.5
HUL 2374.8 4.0 3.4 62.8 63.3 MARKET-CAP (~ CR) TRADED TOTAL 18 Adani Total Gas 263567.1
ICICI Bank 719.9 2.3 8.1 19.9 21.5 TCS 3234.7 -2.5 5.3 30.9 31.0 Au Small Fin -5.6
HDFC 383.6 1.7 19 Adani Enter 257708.4 EKI Energy 24.8
Tech Mahindra 1000.4 -1.0 1.0 17.5 19.8 BSE 24,542,719 24,686,498 Others
IndusInd Bank 832.1 3.0 0.9 - 14.0
Infosys 1487.8 0.7 8.8 28.3 29.5 Titan Company 1962.4 0.8 1.3 80.2 79.9 NSE 24,282,488 24,343,529 SPURT IN VOLUMES Hindalco
Adani Enter
382.8
366.3
11.5
1.6
20
21
Maruti Suzuki
Wipro
254963.1
230505.4 UP 7 DAYS
DOWN 3 DAYS
Trans Financ -14.3
UltraTech 5704.8 0.2 1.1 22.4 23.3 DERIVATIVES 17,561,148 17,561,148
ITC 291.8 2.6 5.8 23.6 23.9 Company Days 2-week Avg Change Close *Price 22á Avenue Supermar 226434.5 Imagicaworld En 54.0
TVS Motor 354.8 4.2 Lerthai Financ -14.2
Kotak Mah Bank 1671.2 0.1 4.0 27.4 38.7 Wipro 420.5 -0.3 1.0 18.8 19.0 Volume Volume % price %chg 23â L&T 222329.9 ST Corporations 40.6
L&T 1582.3 0.8 3.6 25.6 30.3 BSE SENSEX 53234.8 á0.6 100.0 23.8 26.4 TRADING ACTIVITY Icicipramc - Ic 104484.0 3681.8 2737.9 406.4 3.1
Bajaj Finsrv
JSW Steel
354.4
338.5
0.3
6.1
24á Axis Bank 201011.0 Mehta Housin 40.5
Swagtam -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Sun Pharma 198830.0 Shrigang Ind 40.5 Mehai Tech -14.1
Motor & Gen 330253.0 13772.2 2298.0 41.6 19.9 Power Grid 338.0 16.1
Equity Debt Equity Debt 26 Bajaj Finsrv 181129.2 Respons Info 40.5 ETT -14.0
Net Net Net Net Alembic 2252097.0 99929.8 2153.7 69.0 10.4 Zomato 329.6 60.4 27 Titan Company 174217.4 Moongipa Sec -13.9
WORLD INDICES On 01 Jul -2857 -106 - - Cubex Tubing 171793.0 8100.9 2020.7 29.5 19.9 Tata Power 325.1 15.5 28 Nestle India 173299.5
Rose Merc
KLK Elect
40.4
40.3 Bervin Inv -13.7
On 30 Jun -261 -186 -1722 -1012 Par Drugs And C 154520.0 7942.6 1845.5 170.2 20.0 Kotak Mah Bank 320.9 1.9 29á UltraTech 164679.0
Indices Close % Chg* Indices Close % Chg*
On 29 Jun -309 -60 -494 -943 EKI Energy 144381.0 8552.5 1588.2 2248.3 20.0 30â ONGC 158511.5 (T+2) cycleStocks which rose/fell continuously
Mah & Mah 317.1 2.9
Americas (Jul 01,22) Asia/Pacific (Jul 04,22) On 28 Jun -852 -1059 617 -568 R System Intl 578856.0 35657.5 1523.4 267.4 20.0
Dow Jones 31097.3 1.1 Straits Times 3120.2 0.8 On 27 Jun -1092 -942 489 -124 Autom Axle 472148.0 29090.2 1523.0 1960.3 13.3
Jul till date -2857 -106 - - ICICIB- 22 1828227.0 130589.8 1300.0 46.1 1.0
Nasdaq Composite
S&P/ TSX Composite (Jun 30)
11127.8
18861.4
0.9
-1.1
Shanghai Se Comp
Kospi
3405.4
2300.3
0.5
-0.2 2022 till date -220722 -16576 139380 -15319 Nelcast 399372.0 31669.9 1161.0 63.6 8.1
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 01,22) Stock Exchange of Thai 1560.3 -0.8 Group raising of funds Executive Di- w.e.f. 5th July each and
FTSE 100 7245.7 1.1 Kuala Lumpur Comp 1437.5 -0.8 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company by issue of rector on the 2022 matters related
Purpose equity shares Board of the PTC India: To thereto as may
CAC 40 5992.0 1.0 Taiwan Taiex 14217.1 -0.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock and/or con- Company. Any consider ap- be permitted
IBEX 35 8227.5 0.6 Jakarta Composite 6639.2 -2.3 NET Net Fut OI Opt OI OI JULY 05 vertible secu- other matters prove and take under applica-
HIGH *Bheema Cements . . . 100.2 LOW Parsvnath . . . . . . . . . . . . . 8.8
DAX 12872.2 0.5 Volatility (Jul 01,22) BS 200 *Akshar Spintex . . . . . . . 93.0 BS 200 *Mitshi India . . . . . . . . . 8.7 Anuroop rities or any with permis- on record the ble laws sub-
On 01 Jul -142 68 0.2 1.1 2.3
Asia/Pacific (Jul 04,22) CBOE Dow Jones 18.7 4.8 *ITC . . . . . . . . . . . . . . . . 293.3 *Onesource Ideas . . . . . 90.0 IndiaMART Int . . . . . . 3751.5 Catvision . . . . . . . . . . . . . . 8.0 Packa: To con- other secu- sion of the audited Finan- ject to such
On 30 Jun 9495 -337 0.1 0.8 2.3
Nikkei 225 26153.8 0.8 CBOE S&P 500 27.7 3.7 Others *NIBE . . . . . . . . . . . . . . . 87.6 Others Alacrity Securi . . . . . . . . . 8.0 sider and ap- rities of the Chairperson. cial Results regulatory/stat
On 29 Jun -910 89 0.2 1.9 2.4
*IndiaNivesh . . . . . . . . . 73.2 *Sical Logis . . . . . . . . . . . 7.7 prove to company Popular Estate: (standalone) utory approvals
Hang Seng 21830.4 -0.1 * Change over previous close On 28 Jun 2345 280 0.2 1.8 2.5 *Blue Dart E . . . . . . . . 7957.0 *G R Infraprojec . . . . . 1074.4
*Superb Pape . . . . . . . . . 65.0 Andhra Cem . . . . . . . . . . . 7.1 consider through rights To consider for the quarter as may be re-
On 27 Jun 1102 649 0.2 1.6 2.6 *Voltamp Tran . . . . . . 3048.0 ICICI Securitie . . . . . . . 408.2
*Advance LifeSty . . . . . . 61.3 Essar Ship . . . . . . . . . . . . . 6.8 Migration of issue and/or and approve 1. and financial quired includ-
*AIA Engg . . . . . . . . . . 2422.1 Surya Roshni . . . . . . . . 343.0
MAJOR INDICES Jul till date
2022 till date
-142
244009
68
26631
-
-
-
-
-
- *Autom Axle . . . . . . . . 1981.2 *Ambar Proteins . . . . . . 61.1 *Prabhat Tech . . . . . . . 194.8 Majestic Res . . . . . . . . . . 5.9 the Company preferential To take note of year ended ing the
*Scandent Imagin . . . . . 58.2 *Vallabh Stl . . . . . . . . . . . 5.5 from SME Plat- issue and/or resignation of March 31 2022 approval of the
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Rolex Rings . . . . . . . . 1749.0 Anjani Portl . . . . . . . . . 194.4
Gala Global Pro . . . . . . . 55.8 *Alfa Transfr . . . . . . . . . . . 5.5 form of BSE qualified insti- Mrs. Neelam M and consider shareholders of
*KSB . . . . . . . . . . . . . 1534.4 *Shervani Ind . . . . . . . . 192.6
Limited to tutions place- Gurbaxani recommenda- the Company;
S&P BSE Sensex 52,907.9 52,851.7 53,302.0 52,674.8 53,234.8 326.8 0.6 *FIEM Inds . . . . . . . . . 1495.5 *KLK Elect . . . . . . . . . . . 51.2 Dhunseri Vent. . . . . . . . 178.0 Prime Inds . . . . . . . . . . . . 4.9
Main Board of ment as may from the post tion of the In- 2. The proposal
*Insectcides . . . . . . . . . 918.0 *Panth Infi . . . . . . . . . 47.1 *Lerthai Financ . . . . . . . 99.7 *Bombay Rayon . . . . . . . . 4.7
S&P BSE Sensex 50 16,535.5 16,518.9 16,643.7 16,446.6 16,624.8 89.3 0.5 S&P BSE SECTORAL INDICES *Galaxy Bearings . . . . 771.8 Growington Vent . . . . . . 46.3 Machino Plst . . . . . . . . . 90.1 *Shamrock Ind . . . . . . . . . 4.7
BSE Limited
and National
be permitted
under applica-
of Company
Secretary
terim dividend
amongst other
for acquisition
of majority
S&P BSE-100 16,015.0 16,007.3 16,131.5 15,936.4 16,114.4 99.4 0.6 *Monte Carlo Fas . . . . 763.6 *Galactico Corpo . . . . . . 45.2 Mukesh Babu . . . . . . . . . 89.6 Tarai Foods . . . . . . . . . . . . 4.2 Matter as the capital of the the Annual Gen- may be consid- amongst other
Prev cls Close % Chng Stock Ex- ble law subject Compliance of- items men- stake in some
*Mahi Lifespc . . . . . . . . 439.9 *Siel . . . . . . . . . . . . . . 42.4 *Zodiac Cloth . . . . . . . . . 78.6 Darshan Orna . . . . . . . . . . 4.1 Board may de- Company sub- eral Meeting of ered necessary matters
S&P BSE-200 6,816.0 6,815.7 6,862.4 6,784.3 6,855.6 39.6 0.6 change of India to receipt of ficer and key tioned in the of the com-
Auto 26,793.8 26,748.4 -0.2 *Chalet Hotels . . . . . . . 339.0 *Motor & Gen . . . . . . . . . 41.6 *Maha Steel . . . . . . . . . . 60.0 GSL Sec . . . . . . . . . . . . . . . 3.9 cide. ject to the ap- the Company by the Board. City Union Bk:
Limited and regulatory/stat managerial agenda. panies and
Bankex 38,626.3 39,041.9 1.1 *ST Corporations . . . . 284.9 *Shrigang Ind . . . . . . . . 38.2 *Silver- ETF . . . . . . . . . . 59.8 *Indra Inds . . . . . . . . . . . . 3.1 Sungold Media: proval of for the F.Y. Bindal Agro: In- To consider and
S&P BSE-500 21,340.3 21,348.3 21,484.4 21,252.1 21,464.1 123.9 0.6 any other inci- utory approvals personnel Rama Steel matter related
Cons. Durables 34,866.3 35,153.6 0.8 *Marathon Nex . . . . . . 225.1 *Hazoor Mul . . . . . . . . . . 37.3 *ICICI P Silver . . . . . . . . 59.5 *Earum Pharmaceu . . . . 3.1 To consider and Shareholders. 2020-21 terim Dividend approve 1. Fix
dental matter as may be re- w.e.f. 5th July Tube: To con- thereto subject
S&P BSE IPO 8,740.4 8,764.8 8,789.4 8,730.4 8,770.6 30.1 0.3 Cap. Goods 26,027.1 26,280.3 1.0 *GKP Printing . . . . . . . 198.9 *Ster Green W . . . . . . . . 34.7 Leading Les Fin . . . . . . . 48.0 *Padmanabh Inds . . . . . . 3.0 approve In- Trekkingtoes: Capricorn Sy: the date of the
thereto quired. 2. Any 2022 2. To ap- sider and ap- to such regu-
FMCG 14,105.6 14,456.2 2.5 *Atam Valves . . . . . . . . 171.2 *VCU Data . . . . . . . . . . . 33.2 Madhav Marb . . . . . . . . . 40.0 Sea coast . . . . . . . . . . . . 2.8 crease in autho- To consider ap- JULY 06 Interalia to con- ensuing AGM
S&P Dollex-30 5,496.7 - - - 5,539.4 42.7 0.8 Ashnisha Inds: other busi- point Mrs. So- prove the latory/stat-
Healthcare 21,739.5 21,735.9 0.0 *Gayatri Tiss . . . . . . . . 170.5 *Ascensive Edu . . . . . . . 31.6 *Globalspace Tec . . . . . 35.0 *Meglon Infra . . . . . . . . . 2.8 rise share prove and take Athena Global sider and ap- and agenda
Meeting of the nesses with the nali Panchal as following pro- utory approvals
Nifty 50 15,752.1 15,710.5 15,852.4 15,661.8 15,835.4 83.3 0.5 Infra 252.6 251.6 -0.4 *Gogia Cap . . . . . . . . . . 158.9 *High Street . . . . . . . . . . 31.1 *Suumaya Corp . . . . . . . 31.1 *Anubhav Infra . . . . . . . . . 2.2 capital of the on record the T: To consider prove shifting of items to be in-
Board of Direc- permission of Company Sec- posal: 1. The as may be re-
IT 28,517.7 28,397.1 -0.4 *Alfavision . . . . . . . . . . 150.8 *Manraj Hsg.F . . . . . . . . 25.9 Hipolin . . . . . . . . . . . . . . . 30.4 *Hitech Winding . . . . . . . 2.1 company in Annual Report and approve registered of- cluded in
Nifty next50 36,901.2 36,937.2 37,316.6 36,833.8 37,273.9 372.7 1.0 tors of the Chairperson. retary and Proposal for quired includ-
Metal 15,612.5 15,380.5 -1.5 *Jamna Auto . . . . . . . . 135.6 Aroma Ent . . . . . . . . . . . . 25.7 *Olympic Oil . . . . . . . . . 26.8 Viceroy Htl . . . . . . . . . . . . 1.9 order to meet of the Company fund raising fice of company Notice of the
Company Panorama Stu- Compliance of- sub-division of ing the
Nifty 500 13,394.5 13,378.4 13,483.7 13,337.2 13,472.7 78.2 0.6 Oil & Gas 17,443.3 17,362.4 -0.5 *Trident Texofab . . . . . 131.9 *Sonal Adhes . . . . . . . . . 24.8 Compuag Info . . . . . . . . 20.4 Dolphin Medi . . . . . . . . . . 1.5 the proposed for the F.Y. through further from one place AGM.
NECC: To con- dio: To approve ficer and key companys approval of the
Power 4,035.5 4,051.8 0.4 *Shukra Pharmace . . . 124.1 *Respons Info . . . . . . . . 24.3 Asia Pack . . . . . . . . . . . . 15.6 Twinstar Ind . . . . . . . . . . . 1.5 increase in sub- 2020-21. To con- issue of secu- to another 2. Consider
India VIX 21.3 21.3 22.2 20.9 21.0 -0.3 -1.3 sider and ap- the appoint- managerial equity shares shareholders of
*Goyal Aluminium . . . . 104.9 *Standard Shoe . . . . . . . 22.6 *Brawn Bio . . . . . . . . . . . 15.0 *A & M Febcon . . . . . . . . . 1.0 scribed and sider approve rities and any place within raising of cap-
PSU 7,907.1 7,951.8 0.6 prove 1. The ment an ad- personnel of having face the Company.
paid up share the Notice of other matter as local limits ital if any.
Nifty CPSE 2,351.8 2,335.9 2,358.6 2,315.8 2,341.2 -10.6 -0.4 Realty 3,118.9 3,127.9 0.3 m m w w proposal for ditional the company value of Rs 5/- 3. Such Other

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (702.8) (703.3) (2275.9) (2275.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 708.2 702.5 2278.0 2278.4
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 708.2 708.0 2371.5 2372.7
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 690.8 690.5 2278.0 2266.1
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 699.4 699.5 2360.6 2361.5
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 14919 526K 10992 193K
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 19.7 19.7 66.6 66.6
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 2488/1619 2488/1618
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 25353 25357 50021 50040
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 Aditya Bir Fa m m H m H m « m mH H < « « « « m
(19081.9) (19100.4) (2167.6) (2167.1) (2231.6) (2232.2) (678.3) (677.9) (263.4) (263.3) (241.8) (242.6)
O 19090.0 19100.4 2167.0 2170.9 2234.0 2232.2 678.5 679.9 263.4 263.9 238.6 242.6 O O
19299.8 19300.0 2185.5 2186.9 2276.0 2277.0 684.0 684.3 266.5 266.5 249.8 249.9
w 18921.0 18901.0 2154.6 2154.1 2231.1 2228.4 673.1 673.1 260.1 261.0 238.6 242.5 w w
18940.1 18945.3 2165.0 2164.6 2260.6 2261.9 681.9 682.0 261.9 261.7 248.7 248.3
190 16058 3325 170K 41601 1581K 109K 1875K 490K 3109K 42821 1645K K K K K K K K K K K K K
50.4 50.4 24.0 24.0 331.9 332.0 30.3 30.3 20.6 20.6 - -
W 23902/15525 23934/15514 2588/1901 2589/1900 2420/1333 2421/1333 925/652 925/652 345/70 345/70 322/190 322/189 W W
M 40248 40259 40656 40649 257708 257851 144041 144062 101013 100936 23336 23298 M M

Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch
(522.5) (522.5) (645.2) (644.0) (3623.6) (3624.6) (5614.8) (5614.4) (11326.3) (11322.5) (2172.0) (2172.1) (361.2) (361.7) (264.8) (264.9) (96.9) (96.9) (1702.7) (1701.6) (581.7) (582.3) (229.5) (229.8) (646.3) (645.8) (673.4) (673.5) (45.7) (45.7) (311.6) (311.5) (349.7) (349.5) (15663.0) (15686.3)
O 523.0 521.7 644.1 641.6 3650.0 3644.4 5614.8 5612.9 11349.0 11310.0 2161.9 2187.0 O 360.0 361.7 267.3 265.0 97.7 97.0 1704.4 1705.0 590.0 586.3 229.0 228.7 O 656.1 648.0 674.3 670.5 45.7 45.4 312.0 312.0 357.4 354.9 15645.3 15660.0
531.0 531.2 655.3 655.2 3690.0 3695.2 5649.6 5649.0 11439.8 11443.0 2209.3 2213.0 366.9 366.8 271.7 271.8 99.9 100.0 1728.6 1729.9 590.0 586.9 232.5 232.7 656.1 655.0 685.1 685.5 46.1 46.1 314.3 314.4 357.4 357.6 16096.0 16000.0
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M 30974 31009 201011 200980 106506 106481 340859 340887 181129 181233 42250 42288 M 7365 7350 43612 43612 50912 50912 22148 22168 56724 56695 55993 55969 M 30238 30236 374501 374501 15878 15913 37363 37375 9649 9656 47038 47002

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(318.4) (318.4) (3582.5) (3584.4) (439.5) (439.7) (185.1) (184.9) (349.9) (349.9) (271.1) (271.3) (641.0) (640.3) (950.1) (949.3) (135.6) (135.4) (183.3) (183.3) (3485.7) (3488.1) (1514.8) (1515.4) (603.2) (603.3) (964.2) (965.3) (1025.8) (1026.1) (510.9) (511.3) (1324.1) (1326.8) (1722.5) (1722.9)
O 318.0 316.1 3594.7 3575.0 440.3 442.8 186.0 186.0 349.9 348.0 274.5 272.0 O 641.1 635.0 948.0 944.6 135.9 135.2 183.0 183.3 3500.0 3510.0 1515.0 1506.1 O 603.0 600.0 974.6 967.5 1026.8 1028.0 513.0 512.0 1328.1 1328.7 1750.0 1745.0
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w 312.7 312.7 3570.0 3575.0 437.6 436.9 185.1 185.2 348.1 347.8 271.1 271.0 w 635.0 632.1 928.7 928.5 133.9 134.0 179.1 179.1 3406.9 3407.0 1512.5 1506.1 w 598.7 600.0 967.5 966.0 1026.8 1027.1 511.6 511.3 1292.0 1292.0 1706.1 1706.0
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320K 2216K 19167 614K 15524 314K 228K 5493K 19010 1492K 57269 2453K 31448 917K 26084 1005K 79077 2455K 210K 8780K 4129 200K 9865 511K 26421 1015K 25080 1562K 12842 455K 62673 2120K 29010 561K 49888 1172K
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W 503/294 503/293 4152/3050 4153/3050 721/408 722/407 273/142 273/142 512/312 513/312 516/261 516/261 W 770/470 768/469 1083/850 1083/850 184/109 184/109 209/133 209/133 6133/3224 6135/3218 1823/1376 1823/1376 W 754/554 754/554 1003/710 1000/709 1162/822 1162/822 659/482 659/482 2547/1213 2548/1213 3020/1682 3020/1681
M 68646 68624 89172 89144 5885 5883 34151 34169 22165 22162 11442 11448 M 53600 53621 75070 75094 10229 10232 112223 112193 21316 21354 41378 41388 M 37618 37621 28855 28843 29125 29166 92997 93014 24664 24689 23749 23755

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.
MUMBAI | TUESDAY, 5 JULY 2022
— TENDER CARE —
GAIL’S HAWA BADLO INITIATIVE WINS
AWARD FOR SOCIAL AWARENESS
CAMPAIGNS FOR CLEAN AIR
AIL's "Hawa Badlo" initiative
G won ET Brand Equity Shark
Award '22 for persistent Social
Awareness Campaigns against
Air Pollution for a better environ-
ment. Mr S. Halder, ED (Corpo-
rate Communications), GAIL
received the award along with Corporate Communications Team
of GAIL.GAIL, as a responsible corporate, is committed to a
cleaner environment which is an integral aspect of GAIL’s
corporate value system and is firmly entrenched in its mission
statement. GAIL has been supporting the Hawa Badlo initiative
that connects with the citizens on a digital platform for creating
awareness for better air and environment.GAIL strives to
continue such awareness initiatives advocating sustainable
growth, a better environment, and healthier lives.
LAUNCHING OF FUEL CELL ELECTRIC
VESSEL (FCEV) MDL ON 01 JULY’ 22
Adm Narayan Prasad (IN
V Retd.), Chairman and
Managing Director, Mazagon
Dock Shipbuilders Limited
(MDL) successfully launched
Fuel Cell Electric Vessel pro-
totype, FCEV MDL on 01 July
2022. The function was attended by Cdr Jasbir Singh (IN Retd.),
Director (Submarine and Heavy Engineering), Shri Sanjeev Sing-
hal, Director (Finance), Shri Biju George, Director (Shipbuilding)
and Cdr Vasudev Puranik (IN Retd.), Director (Corporate Plan-
ning and Personnel) along with the senior executives from Tata
Advanced Systems Ltd. and MDL.
FCEV MDL is the very first hydrogen boat prototype which has
been conceptualized and developed by Mazagon Dock
Shipbuilders Ltd. with TataAdvanced Systems Ltd & Vijai Marine
Services Pvt Ltd as technology partners. It is a 6 Passenger boat,
fitted with a 6 KW Electric OBM, a 10.2 KWH Battery, Fuel Cell
System and can run for 22 Hours with compressed Hydrogen
filled in PESO approved Cylinders. The FCEV uses a green
hydrogen fuel cell system having zero toxic emission, very few
moving parts with a very low heat and acoustic signature.
MDL has taken up the challenge of developing Fuel Cell based
Electric Vessels in order to demonstrate that a pioneering spirit
combined with innovation can pave the way towards a new
energy revolution and so reduce our impact on the planet.
SAIL-ISP CELEBRATES 8th
INTERNATIONAL YOGA DAY
th International Yoga Day was celebrated at SAIL's IISCO Steel
8 Plant on Tuesday. The idea of International Yoga Day was coined
by Prime Minister Narendra Modi in 2014 and is celebrated every
year on 21st June. Director In-charge BP Singh, ED (Operations)
S Basu, officiating ED (P&A) Anup Kumar, Commandant CISF
B B Bhandari along with senior officers of ISP performed yoga at
Burnpur Stadium and Burnpur Club. Director In-charge Sri Singh
felicitated all the senior yoga instructors with mementos and
appreciated the good work being done by them in the field of yoga
practice and training. Employees of IISCO Steel Plant also celebrated
Yoga Day with their families by practicing yoga in the morning.
13
<
WITH YOU, RIGHT THROUGH
Series Payment Date ISIN No
9.60% Series 2012 - III 2nd August, 2022 INE038A07274
— Advertorial
RAILTEL’S STALL SHOWCASED ITS
SERVICES & PROJECTS AT IRSE
INTERNATIONAL TECHNICAL SEMINAR &
EXHIBITION 2022, INDIA
R ailTel has put up a stall at the
IRSE International Technical
Seminar & Exhibition 2022, India
being organized in Delhi by
Institution of Railway Signal
Engineers (IRSE), UK in associ-
ation with IRSE (Indian section) and Institution of Railway
Signal & Telecommunication Engineers & Ministry of Railways.
The exhibition was held on 30th June- 1st July 2022.
Smt. Darshana Jardosh, Hon’ble Minister of State for Railways
and Textile, inaugurated the stall in august presence of Smt.
Aruna Singh, CMD/RailTel, Sh. Sanjai Kumar, Director/NPM,
RailTel and other senior IRSE and Railway officials. Smt.
Jardosh appreciated RailTel’s role in bridging the digital divide.
During the 2 days of the event a number of high-level dignitaries,
including Chairman & CEO, Railway Board, Sh V.K Tripathi vis-
ited the RailTel stall.
PASCHIM BANGA GRAMIN BANK AND SBI
LIFE INSURANCE SIGN BANCASSURANCE
PACT; TO PROVIDE COMPREHENSIVE
INSURANCE SOLUTIONS FOR
RESIDENTS OF WEST BENGAL
aschim Banga Gramin Bank, a
P leadingregionalruralbankinWest
Bengal, has joined hands with SBI Life
Insurance, one of the most trusted
private life insurers in India,under a
bancassurance pact. The tie-up will
be beneficial to the residents of West
Bengal as they will now have access to a comprehensive range of
insurance solutions under the same roof of their trusted banking
partner. With an aim to cater to this growing insurance need of
consumers, to build a strong financial immunity, the partnership will
see all the branches of Paschim Banga Gramin Bank across West
Bengal offer SBI Life’s range of protection, wealth creation, credit
life, annuity and savings products to bank’s customers, thereby
increasing accessibility of life insurance solutions in the region.
The agreement was signed byShri Arun Kumar Patra, General
Manager, Paschim Banga Gramin Bank and Shri Jayant Pandey,
Regional Director- Bengal, SBI Life Insurance in presence of Shri
Pratha Pratim Sen, Chairman, Paschim Banga Gramin Bank, Shri
Ritesh Kumar Jha, RM- Institutional Alliance-Bengal, SBI Life
Insurance, Shri Amid Kumar Murmu, General Manager, Paschim
Banga Gramin Bank and Shri Debashish Nayak, General Manager,
Paschim Banga GraminBank and other dignitaries.
BANK OF BARODA, DEPUTY GENERAL
MANAGER, NETWORK-I OFFICE, STARTED
FUNCTIONING FROM BHUBANESWAR
D eputy General Manager, Network-I
Office of Patna Zone, Bank of Baroda has
started its operation from 2nd July 2022 at
Bhubaneswar as per the new organizational
structure of the Bank. Dr. Ramesh Kumar Mo-
hanty, Deputy General Manager took over the
functioning of Network DGM-I office from this
place. There are five Regions having 293 branches operating in the
state of Odisha and Jharakhand under his jurisdiction, wherein three
regions in Odisha State and two regions in Jharakhand State.
14
>
MUMBAI | TUESDAY, 5 JULY 2022 1
.
MUMBAI | TUESDAY, 5 JULY 2022 15
<

Government of Kerala
Published Tenders from 27-06-2022 to 03-07-2022

Department of Agriculture
Tender ID: 2022_AGRI_497629_1 * Deputy Director of
Agriculture Cum Senior Chemist * Purchase of GLC with FID
Detector * Closing Date: 22-Jul-2022 * PAC: Rs2300000
Directorate of Technical Education
Tender ID: 2022_DTE_497045_1 * PRINCIPAL * Purchase
of VECTOR NETWORK ANALYZER * Closing Date: 13-
Jul-2022 * PAC: Rs1003000
Visit https ://e te nde rs .ke rala.g o v.infor more details.
Ro .No :27-03/Jun-Jul/2022/PRD/(N)9
16
>
MUMBAI | TUESDAY, 5 JULY 2022 1

Ador Fontech Limited

Regd. office: Belview 7 Haudin Road Bengaluru 560 042 Tel: (080) 25596045/73
Email: investorservice@adorfon.com; web: www.adorfon.com; CIN: L31909KA1974PLC020010

47TH ANNUAL GENERAL MEETING

I. Details regarding Annual General Meeting and e-Voting
1. Notice is hereby given that the 47th Annual General Meeting (AGM) of the Company is scheduled to be held on
Thursday, July 28, 2022 at 11:00 A.M. through video conferencing ('VC'). Electronic copies of the Notice to the AGM and
the 47th Annual Report have been sent to all the Members whose email ids are registered with the Company/Depository
Participant(s) in compliance with circulars issued by the Securities and Exchange Board of India (SEBI), Registrar of
Companies/Ministry of Corporate Affairs and all other applicable legislations, circulars and notifications issued by
Statutory/Regulatory Authorities, to transact business set forth in the Notice to the Meeting.
2. Members holding shares either in physical form or dematerialised form as on the cut-off date (July 21, 2022) may cast their
vote electronically on the business set forth in the Notice of the AGM – Briefly the items of Agenda are (i) Adoption of
Standalone Financial Statements (ii) Adoption of Consolidated Financial Statements (iii) Declaration of dividend (iv) Re-
appointment of Statutory Auditors (v) Appointment of Mr. A T Malkani as Non-Executive Director designated as Chairman (vi)
Re-Appointment/Extension of term of Mr. H P Ledwani as ‘Managing Director and Chief Executive Officer’ (vii) Appointment
of Branch Auditors (viii) Cost Auditors and their remuneration, through the electronic voting system of the National Security
Depository Limited (NSDL) from a place other than the venue of the AGM (remote ‘e-voting’). All the Members are informed
that the business as set forth in the Notice to the AGM may be transacted only through voting by electronic means.
(i) The remote e-voting will commence on Monday – July 25, 2022 at 9 A.M.
(ii) The remote e-voting will conclude on Thursday – July 27, 2022 at 5 P.M.
(iii) The cut-off date for determining eligibility to vote by electronic means at the AGM is July 21, 2022.
(iv) Any person who acquires shares of the Company and becomes a Member of the Company after dispatch of Notice to
the AGM and holds shares as on the cut –off date i.e., July 21, 2022 may obtain login ID and password by sending a request
to evoting@nsdl.co.in or sanathkumar@adorfon.com.
3. Members may note that: (a) The remote e-voting module will be disabled by NSDL and CDSL beyond 5.00 P.M. on July 27,
2022 and once vote on a resolution has been cast/confirmed by a Member, he/she shall not be allowed to change it
subsequently. (b) The facility for voting through ballot paper will not be available as the AGM is held through video conference.
However, NSDL and CDSL will provide e-voting mechanism to those Shareholders who have not cast their vote, to vote on
the resolutions of the meeting during and up to half an hour from the end of the meeting. (c) Members who have cast their
vote by remote e-voting prior to the AGM may also attend the AGM, but shall not be entitled to cast their votes again and (d)
Only persons whose names are recorded in the Register of Members or in the Register of Beneficial owners maintained by
the Depositories as on the cut-off-date shall be entitled to vote using the remote e-voting facility during the AGM.
4.Copy of the Annual Report is available on the Company’s website ‘www.adorfon.com’ or in download section of NSDL
‘https://www.evoting.nsdl.com’and on the website of BSE (Bombay Stock Exchange).
M/s. S Kannan and Associates (email id cs.skannan@gmail.com) have been appointed as the Primary Scrutiniser(s) by
the Board to scrutinise the remote e-Voting and voting process at the Annual General Meeting in a fair and transparent
manner. Details of results declared along with the Scrutiniser’s report will be placed on (i) the website of the Company
www.adorfon.com (ii) website of e-Voting Agency www.evoting.nsdl.com and also will be communicated to the BSE
(Bombay Stock Exchange).
In case of any queries pertaining to e- voting, Member(s) may refer kindly refer to the detailed procedure provided in the
Notice to the AGM.
II. Book-Closure
Pursuant to the provisions of Section 91 of the Companies Act, 2013, the Register of Members and the Share Transfer
books of the Company will remain closed from July 22, 2022 to July 28, 2022 (both days inclusive), for the purpose of the
Annual General Meeting.
Bengaluru For Ador Fontech Limited
July 05, 2022 Company Secretary

Corporate Identity Number – L26593MH1950PLC008163

Registered Office: 5 Level, Leela Business Park, Andheri-Kurla Road, Marol,
Andheri (East), Mumbai 400 059
Tel: +91 22 4021 2121 * Fax: +91 22 4021 2102
* Email: sharecmpt.gno@saint-gobain.com * Website: www.grindwellnorton.co.in
ND
NOTICE OF 72 ANNUAL GENERAL MEETING
AND E-VOTING INFORMATION
Notice is hereby given that the 72nd Annual General Meeting (“AGM”) of
Grindwell Norton Limited ("the Company") is scheduled to be held on
Friday, July 29, 2022 at 3:00 p.m. IST through Video Conferencing ("VC")/
Other Audio Visual Means ("OAVM"), in compliance with the circulars
issued by the Ministry of Corporate Affairs (“MCA”) vide General Circular
Nos. 14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020, 22/2020
dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020 dated
December 31, 2020, 10/2021 dated June 23, 2021, 20/2021 dated
December 8, 2021 and 2/2022 dated May 5, 2022 (“MCA Circulars”) and
Circular no. SEBI/HO/CFD/CMD1/CIR/P/ 2020/79, SEBI/HO/CFD/
CMD2/CIR/P/2021/11 and SEBI/HO/ CFD/CMD2/CIR/P/2022/62 dated
May 12, 2020, January 15, 2021 and May 13, 2022, issued by the SEBI
(hereinafter collectively referred to as “the Circulars”), to transact the
business as set out in the Notice of the AGM ("the Notice").

In compliance with the Circulars, electronic copies of the Notice of the

AGM and Annual Report 2021-22 have been sent to all the Members
whose e-mail ids are registered with the Company/Depository
Participant(s). These documents are also available on the Company’s
website, www.grindwellnorton.co.in, websites of the Stock Exchanges i.e.
BSE Limited and National Stock Exchange of India Limited at
www.bseindia.com and www.nseindia.com respectively and on the
w e b s i t e o f K F i n Te c h n o l o g i e s L i m i t e d ( “ K F i n t e c h ” ) a t
https://evoting.kfintech.com. The dispatch of Notice of the AGM through
e-mails has been completed on Monday, July 4, 2022.

Members holding shares either in physical form or dematerialised form, as

on the cut-off date i.e. Friday, July 22, 2022, may cast their votes
electronically on the business as set forth in the Notice of the AGM through
the electronic voting system of KFintech (“remote e-Voting”).

The remote e-Voting period shall commence on Tuesday, July 26, 2022
(9:00 a.m. IST) and ends on Thursday, July 28, 2022 (5:00 p.m. IST). The
remote e-Voting module shall be disabled by KFintech after Thursday, July
28, 2022 (5:00 p.m. IST) and once the votes on a resolution is cast by the
Member, the Member shall not be allowed to change it subsequently. The
facility for e-Voting will also be made available during the AGM, and those
Members present in the AGM through VC/OAVM facility, who have not cast
their vote on the resolutions through remote e-Voting and are otherwise
not barred from doing so, shall be eligible to vote through the e-Voting
system at the AGM. The Members who have cast their votes by remote
e-Voting prior to the AGM may also attend the AGM but shall not be entitled
to cast their votes again.

Only person(s) whose name is recorded in the Register of Members or in

the Register of Beneficial Owners maintained by the Depositories as on
the cut-off date i.e. Friday, July 22, 2022, shall be entitled to avail the facility
of remote e-Voting or e-Voting at the AGM.

The manner of voting remotely for Members holding st

shares in
dematerialised mode, physical mode and for Members who have not
registered their e-mail addresses is provided in the Notice of the AGM.

Members who have not registered their e-mail addresses are requested to
register their e-mail addresses with respective Depository Participant(s)
and Members holding shares in physical mode are requested to update
their e-mail addresses with the Company’s Registrars and Transfer
Agents, TSR Consultants Private Limited (“TCPL”) at csg-
unit@tcplindia.co.in, for facilitating communication regarding the AGM.

Any person holding shares in physical form and non-individual

shareholders, who acquire shares of the Company and becomes a
Member of the Company after the Notice is sent and holding shares as of
the cut-off date i.e. Friday, July 22, 2022 may obtain the login ID and
password by sending a request at evoting@kfintech.com. However, if a
person is registered with KFintech for remote e-Voting then the existing
User-ID and password can be used for casting the vote. In case of
Individual Shareholders holding securities in demat mode and who
acquires shares of the Company and becomes a Member of the Company
after the Notice is sent and holding shares as of the cut-off date i.e. Friday,
July 22, 2022, may follow steps mentioned in the Notice of the AGM under
“Instructions for e-Voting”.

In case of any query and/or grievance, in respect of voting by electronic

means, Members may refer to the Help & Frequently Asked Questions
(FAQs) and e-Voting user manual available at the download section of
https://evoting.kfintech.com (KFintech Website) or contact Mr. S.V. Raju,
Deputy General Manager of KFin Technologies Limited, Selenium, Plot 31
& 32, Gachibowli Financial District, Nanakramguda, Hyderabad- 500 032
or at einward.ris@kfintech.com and evoting@kfintech.com or call KFin’s
toll free no. 1800 309 4001 for any further clarifications.

The facility for joining the AGM through VC/OAVM shall open 15 minutes
before the time scheduled for the AGM. The facility for joining AGM will be
closed on expiry of 15 minutes from the scheduled time of the AGM. The
instructions for attending AGM through VC/OAVM is provided in the Notice
of the AGM. Members who may require any technical assistance or
support before or during the AGM are requested to contact KFintech at toll
free number 1800 309 4001 or write to them at evoting@kfintech.com.

The Register of Members and Share Transfer Books of the Company will
remain closed from Thursday, July 21, 2022 to Friday, July 29, 2022 (both
days inclusive), for the purpose of AGM and for determining the names of
Members eligible for dividend on Equity Shares, if declared at AGM.
For Grindwell Norton Limited
Sd/-
Place: Mumbai K. Visweswaran
Date: July 4, 2022 Company Secretary
.
MUMBAI | TUESDAY, 5 JULY 2022
Form No. INC-26
[Pursuant to Rule 30 of the Companies
(Incorporation) Rules, 2014]
Before the Central Government
Regional Director, Western Region, MUMBAI
In the matter of sub-section (4) of Section 13 of
Companies Act, 2013 and clause (a) of Sub-
rule (5) of Rule 30 of the Companies
(Incorporation) Rules, 2014
AND
In the matter of
ARRIKA FIBRES PRIVATE LIMITED
(CIN: U17302MH2018PTC309654 )
having its Registered Office at OFFICE NO. 14,
1ST FLOOR, PLUMBER HOUSE, 557, J.S.S.
ROAD, CHIRA BAZAR, MUMBAI, Mumbai City,
MAHARASHTRA-400002
. Applicant Company / Petitioner
NOTICE is hereby given to the General
Public that the company proposes to make
application to the Central Government under
section 13 of the Companies Act, 2013
seekingconfirmation of alteration of the
Memorandum of Association of the
Company in terms of the special resolution
passed at the Extra Ordinary General
Meeting held on 15th June, 2022 to enable
the company to change its Registered office
from "State of Maharashtra" to the “State
of Gujarat”.
Any person whose interest is likely to be
affected by the proposed change of the
registered office of the company may
deliver either on the MCA-21 portal
(www.mca.gov.in) by filing 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, Western Region,
Ministry of Corporate Affairs, Everest, 5th
Floor, 100 Marine Drive, Mumbai-400002
within fourteen days from the date of
publication of this notice with a copy to the
applicant company at its Registered Office
at the address mentioned below:-
OFFICE NO. 14, 1ST FLOOR, PLUMBER
HOUSE, 557, J.S.S. ROAD, CHIRA BAZAR,
MUMBAI, Mumbai City, MAHARASHTRA-
400002 For & on behalf of
ARRIKA FIBRES PRIVATE LIMITED
Sd/-
GOPAL SULTANIA
(DIRECTOR)
Date : 05.07.2022
Place : MUMBAI DIN: 01322771
ADOR WELDING LIMITED
Registered Office: Ador House, 6, K. Dubash Marg, Fort,
Mumbai - 400001-16. Maharashtra, India.
Tel: +91 22 66239300 / 22842525 | Fax: +91 22 22873083
E-mail: investorservices@adorians.com | Web: www.adorwelding.com
CIN: L70100MH1951PLC008647
NOTICE
Notice is hereby given that the Sixty Nineth (69th) Annual General
Meeting (AGM) of the Company will be held through Video
Conferencing (“VC”) on Wednesday, 27th July, 2022 at 11:00 AM (IST),
to transact the ordinary and special business as stated in the
Notice, without physical presence of the Members at a common venue.
The Notice along with the 69th Annual Report was dispatched on
Friday, 01st July, 2022. In line with the Circulars, as issued by MCA
and SEBI, the notice of the 69th AGM along with the Annual Report
for FY 2021-22 was sent only by electronic mode to those Members
whose e-mail addresses are registered with the Company /
Depositories / RTA.
The instructions for joining AGM are provided in detail in the Notice
conveying the 69th AGM. Members participating through the VC
facility shall be reckoned for the purpose of quorum under Section
103 of the Companies Act, 2013.
The Notice of the 69th AGM and the Annual Report is posted on the
website of the Company: https://www.adorwelding.com/ and on the
websites of the Stock Exchanges viz. https://www.bseindia.com/
and https://www.nseindia.com/. A copy of the AGM Notice is also
available on the website of National Securities Depositories Limited
(NSDL) at https://www.evoting.nsdl.com/. The shareholders can
also write to the Company at investorservices@adorians.com to
avail a copy of the Notice of the 69th AGM along with Annual Report
for FY 2021-22 and the same will be provided to them.
E-voting: Pursuant to Section 108 of the Companies Act, 2013
read with Rule 20 of the Companies (Management and
Administration) Rules, 2014, as amended from time to time, and
Regulation 44 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, the Company is offering e-voting
facility (remote e-voting as well as e-voting at AGM) to its Members
to cast their votes electronically, on all the resolutions set forth in
the Notice of the 69th AGM, through the services provided by NSDL.
Instructions for E-voting:
1. The remote e-voting period shall commence on Sunday,
24th July, 2022 at 09:00 am (IST) and end on Tuesday,
26th July, 2022 at 05:00 pm (IST). The remote e-voting module
shall be disabled thereafter.
2. The cut-off date for determining the eligibility of Members for
remote e-voting and e-voting at the AGM is Wednesday,
20th July, 2022. A person whose name is recorded in the list of
Beneficial Owners maintained by the depositories or in the
Register of Members as on the cut-off date shall be entitled to
avail the facility of remote e-voting as well as e-voting at the AGM.
3. Any person, who acquires shares of the Company and
becomes a Member of the Company after dispatch of the
Notice of AGM and holds shares as on the cut-off date i.e.,
Wednesday, 20th July, 2022, may obtain the login ID and
password by sending a request at evoting@nsdl.co.in.
4. Members may participate in the 69th AGM, even after
exercising their right to vote through remote e-voting, but shall
not be entitled to vote again in the AGM.
5. The manner / instructions for / of e-voting have been set out in
the Notice convening the 69th AGM for shareholders, who hold
shares in demat / physical mode as well as for shareholders,
who have not registered their e-mail addresses.
As per SEBI Circulars, no physical copies of the 69th AGM
Notice and Annual Report will be sent to any Members. Those
Members who are holding shares in the physical form, whose
e-mail addresses are still not registered with the Company,
may register the same by sending a request e-mail on
investorservices@adorians.com or rnt.helpdesk@linkintime.co.in.
Members holding shares in demat form are requested to update
their e-mail addresses with their Depository Participant.
Book Closure & Dividend:
The Register of Members & Share Transfer Books will remain
closed from Thursday, 21st July, 2022 to Wednesday, 27th July, 2022
(both days inclusive) for the purpose of payment of dividend.
Dividend, if declared at the AGM, will be paid on or after 27th July,
2022, as under:
1. To all the beneficial owners, in respect of Shares held in
electronic mode, as per details furnished by the depositories for
this purpose, as on 20th July, 2022.
2. To all the Members, in respect of Shares held in physical form,
after giving effect to all valid transfer / transmission /
transposition requests lodged on or before 20th July, 2022.
The Dividend will be paid electronically, through online mode, to
those shareholders who have updated their bank account details
with the Company / RTA / DP. For shareholders, who have not
updated their bank account details, dividend warrants / demand
drafts will be sent to their registered address.
To avoid delay in receiving the dividend, the Shareholders are
requested to update Bank / other relevant details with the Registrar
& share Transfer Agent (RTA) of the Company i.e. Link Intime India
Private Limited / depository Participant (DP), as applicable.
Declaration of e-voting results:
The results of the remote e-voting and e-votes cast at the AGM
shall be declared within 2 (two) working days from the conclusion
of the AGM. The results declared, along with the Scrutinizer’s
Report, shall be placed on the Company’s website and also on the
website of NSDL immediately after its declaration and also shall be
communicated to the Stock Exchanges, where the Company’s
shares are listed, viz. BSE Ltd. and the National Stock Exchange of
India Ltd. (NSE). Any queries / grievances regarding e-voting can
be addressed to Ms. Sarita Mote, Assistant Manager - NSDL,
email: evoting@nsdl.co.in, Tel: 1800-1020-990 / 1800-224-430.
By the Order of the Board
Place: Mumbai V. M. Bhide
Date: : 04th July, 2022 Company Secretary
17 <
PUBLIC NOTICE
LOSS OF SHARE CERTIFICATE
Notice is hereby given that the Certificate(s) for the under mentioned Equity Shares of
the Company have been Lost/ Misplaced and the Holder(s)/ Purchaser(s) of the said
Equity Shares have applied to the Company to issue duplicate Share Certificate(s).
Any person who has a claim in request of the said Shares should lodge the same with
Name and Registered Office Address of Company :
GENESYS INTERNATIONAL CORPORATION LTD, BIGSHARE SERVICE PVT LTD :
1st oor, Bharat tin works Building opp Vasant oasis Makwana Road, Marol,
Andheri (East), Mumbai - 400059 within 21 Days from this date else the company
will proceed to issue duplicate certificate(s) to the aforesaid applicants without any
further information. Details of Certificate are as follows
Folio No. Name of shareholder Shares Distinctive Nos Cert. No.
0001307 Pratik k. Ashar 400 80529 - 80928 94
Date : 05.07.2022 Name of Shareholders
Pratik k. Ashar
Place : Mumbai
PUBLIC NOTICE
LOSS OF SHARE CERTIFICATE IN THE COURT OF SMALL CAUSES AT MUMBAI
Notice is hereby given that the Certificate(s) for the under mentioned Equity Shares of
R.A.E. & R. SUIT NO. 372 OF 2019
the Company have been Lost/ Misplaced and the Holder(s)/ Purchaser(s) of the said MR. ORRICK OSCAR TIXEIRA )
Equity Shares have applied to the Company to issue duplicate Share Certificate(s). )
Aged 30 Years, Occupation: Service,AnAdult, Indian, Inhabitant of Mumbai,
Any person who has a claim in request of the said Shares should lodge the same with )
Name and Registered Office Address of Company : AASAANJOBS PRIVATE LIMITED Residing at 160/A, Clar Hill Villa Village Ward, Kurla (West), Mumbai -
400070. ) ...Plaintiff
THE ANDHRA PETROCHEMICALS LTD. XL Softech Systems Ltd, 3,Sagar Society, Reg off: 3rdKrislon House, B Wing, Saki Vihar Road, Sakinaka, Andheri (East),
Mumbai - 400072, Maharashtra | Contact No: 022-4444 6666 Versus
Road No. 2,Banjarahills, Hyderabad, Telangana, 500034 within 21 Days from this date CIN:U74900MH2014PTC259558 | E-mail : amit.sambaragi@aasaanjobs.com
else the company will proceed to issue duplicate certificate(s) to the aforesaid applicants MR. MANIK MARUTI KALE
Form No. INC-26 )
without any further information. Details of Certificate are as follows age not known, Room No. 4, 1st Floor, 160/B, Hilda Villa, Village Ward, )
[Pursuant to rule 30 the Companies (Incorporation) Rules, 2014]
Folio No. Name of shareholder Shares Distinctive Nos Cert. No. Advertisement to be published in Newspaper for the change
Kurla (West), Mumbai - 400070. )
00152916 Pratik k. Ashar 100 28880901- 28881000 149417 in registered Office of the Company from one state to another Occupation Not Known ) ...Defendant
00152916 Jt 50 52435284 - 52435333 425272 BEFORE THE CENTRAL GOVERNMENT
To,
WESTERN REGION, MUMBAI
00152916 Ashish L. Ravani 25 52435334 - 52435358 425273 The Defendant abovenamed,
In the matter of sub-section (4) of Section 13 of Companies Act, 2013 and clause (a)
00152916 10 52435359 - 52435368 425274 of sub-rule (5) of rule 30 of the Companies (Incorporation) Rules, 2014 Whereas the Plaintiff abovenamed has instituted the above suit against Defendant
00152916 1 52435369 - 52435369 425275 And praying therein that the Defendants be ordered and decreed to quiet, vacate and hand over
00152916 1 52435370 - 52435370 425276 In the matter of Aasaanjobs Private Limited having its registered office at 3rd Floor,
the vacant and peaceful possession of the suit premises viz., Room No. 4, 1st floor, 160/B
Name of Shareholders Krislon House, B Wing, Saki Vihar Road, Saki Naka, Andheri-East, Mumbai- 400072,
Date : 05.07.2022 ... Petitioner Hilda Villa, C.T.S. No. 293, 293/1, Village Ward, Kurla (west), Mumbai - 400070, to the
Place : Mumbai Pratik k. Ashar
NOTICE Plaintiff, and for such other and further reliefs, as prayed in the Plaint.
Notice is hereby given to the general public that the company proposes to make THESE are to change and command you the Defendant abovenamed, to file your
application to the Regional Director, Western Region, Mumbai under section 13 of the Written Statement in this Court within 30days from the date of the receipt of the summons,
Companies Act, 2013 seeking confirmation of alteration of the Memorandum of As-
!"# %&'(!# %&)#*#+!, -./+./!0#.) sociation of the Company in terms of the special resolution passed at the Extra
ordinary general meeting held on Thursday, June 16, 2022 to enable the company to
and appear before the Hon’ble Judge presiding over Court Room No. 14, 05th Floor, New
Annex Building, Small Causes Court, L. T. Marg, Mumbai - 400 002, on 06th July 2022 at
change its registered office from "State of Maharashtra" to "State of Karnataka".
2.45 p.m., in person or through authorized Pleader duly instructed to answer the Plaint of
-.//#12)3&' Any person whose interest is likely to be affected by the proposed change of the
the Plaintiff abovenamed.
-#04 5)1#)22/ 62+!/0'2)0 registered office of the company may deliver either on the MCA-21 portal
(www.mca.gov.in) by filing investor complaint form or cause to be delivered or Take notice that, in default of your appearance of the day before mentioned, the suit
72)32/ .0#*2 .8 %%-9-59:;9<=<<><; send by registered post of his/her objections supported by an affidavit stating the will be heard and determined in your absence.
!"# %&'(!# %&)#*#+!, -./+./!0#.) ?!3 #)"#023 nature of his/her interest and grounds of opposition to the Regional Director at the
address Everest 5th Floor, 100 Marine Drive, Mumbai-400002 within 14 (fourteen You may obtain the copy of the said Plaint from Court Room No. 14 of this Court.
02)32/@ A./ 0?2 A.,,.B#)1 B./C@ !@ +2/ 0?2 !(."2 02)32/ days) of the date of publication of this notice with a copy of the applicant company Given under seal of the Court,
).0#A#*!0#.) )&'(2/8 7?2 3!02 A./ @!,2D !**2+0!)*2 !)3 at its registered office situated at 3rd Floor, Krislon House, B Wing, Saki Vihar Road,
this 01st day of August, 2019.
.+2)#)1 .A 02)32/ !++,#*!0#.)@ A./ 02*?)#*!, /2!@.)@ #@
Saki Naka, Andheri-East, Mumbai- 400072.
SEAL Sd/-
(2#)1 2E02)323 !@ A.,,.B@8
For and on behalf of the Aasaanjobs Private Limited
Tarun Sinha (Neelam Y. Shahir)
Date: July 05, 2022 Designation: Director (Additional Registrar)
!" %&'(&" #$)*+& %&'(&" -../*+-)*$' %&'(&" Place: Mumbai DIN: 00329134
#$ #$, 0$" 1-/& -'( $.&'*'2
%&'(&" -++&.)-'+& (-)&
.&"*$(
TIMEX GROUP INDIA LIMITED
! 72)32/ .0#*2 6!023 F=9=G9<=<<D 6!023 (CIN: L33301DL1988PLC033434)
.8 %%-9-59:;9 A/.' F=8== !' 7. FH9=:9<=<< Regd. Office: E-10, Lower Ground Floor, Lajpat Nagar-III, New Delhi – 110024
<=<<><; 6!023 FH9=:9<=<<D !0 I8== +' Phone No.: 011-41021297, Website: www.timexindia.com, E-mail : investor.relations@timex.com
0#,, ;8== +' J #A K.@@#(,2L
Notice of the 34th Annual General Meeting
620!#,23 )2B #)A./'!0#.) !(.&0 0?#@ 02)32/ ?!@ (22)
Notice is hereby given that the 34th Annual General Meeting (AGM) of the Company is scheduled to be held on Thursday,
+&(,#@?23 .) 0?2 B2(@#02 .A !"# %&'(!# %&)#*#+!, July 28, 2022 at 4.00 PM (IST) through Video Conferencing (VC)/ Other Audio Visual Means (OAVM) only, to transact the
-./+./!0#.) ?00+@M99)''*81."8#) N ?00+@M99)''*8202)32/@8#) business as detailed in the Notice dated May 26, 2022 which has been sent to the members of the Company. In accordance
!"#$%& with the General Circulars dated April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December 8, 2021, December
14, 2021, and May 5, 2022 issued by the Ministry of Corporate Affairs (‘MCA Circulars’) and Circulars dated May 12, 2020,
O!)P!4 62@!# January 15, 2021 and May 13, 2022 issued by the Securities and Exchange Board of India (‘SEBI Circulars’), the Company
-#04 2)1#)22/ has sent the Annual Report 2021-22 along with the Notice of 34th AGM on Friday, July 1, 2022, through electronic mode only
to those Members whose e-mail addresses are registered with the Company or Registrar & Transfer Agent or Depositories.
'(() *+ ,-. $/0123% !"# %&'(!# %&)#*#+!, -./+./!0#.)
The requirement of sending physical copy of the Annual Report and Notice of AGM has been dispensed with vide MCA
Circulars and the SEBI Circulars.
The Annual Report 2021-22 along with the Notice of AGM is also available on the Company’s website at weblink - https://
www.timexindia.com/wp-content/uploads/2022/06/Timex-Annual-Report-2022.pdf, on website of BSE Ltd. viz.
VELOX INDUSTRIES LIMITED www.bseindia.com and also on NSDL website viz. www.evoting.nsdl.com.In compliance with the relevant provisions of the
Regd. Office: The Submit Business Bay, 102-03, Level-1, Service Road,
Western Express Highway, Villey Parle (East), Mumbai - 400 052
Companies Act, 2013 read with Rules made thereunder, SEBI Regulations and Secretarial Standards, the Company is
Ph: 022-42288300, 08146995909 | Email: veloxindustriesltd@gmail.com providing the facility of remote e-voting to the Members prior to the AGM and during the AGM in respect of the business to
CIN: L15122MH1983PLC029364 be transacted at the AGM. The Company has appointed National Securities Depository Limited (NSDL) for facilitating e-
voting to all Members. The instructions for e-voting are given in the Notice of the AGM. Members are informed that:
NOTICE OF POSTAL BALLOT
Notice is hereby given that pursuant to the provisions of 110 read with Section 108 a. The Remote E-voting period shall commence on July 25, 2022 (9:00 A.M.) and end on July 27, 2022 (5:00 P.M.).
and other applicable provisions, if any, of the Companies Act, 2013, Rule 20 and Rule The e-voting Module for voting shall be disabled by NSDL after the aforesaid date and time.
22 of the Companies (Management and Administration) Rules, 2014, as amended b. The Voting rights of Members shall be in proportion to their share of the paid up equity share capital of the Company as
from time to time, Regulation 44 of the SEBI Listing Regulations and other applicable
provisions of the Act, rules, regulations, circular and notifications (including statutory
on Friday, July 22, 2022 (‘Cut-off date’). A person whose name is recorded in the Register of Members/ Register of
modification(s), clarification(s), substitution(s) or re-enactment(s) thereof for the Beneficial Owners as on the cut-off date only shall be entitled to avail the facility of remote e-voting before or during the
time being in force), the resolutions as set out in postal ballot notice dated 4th July AGM.
2022, are proposed for approval by the member of Velox Industries Limited (formally c. The facility of remote e-Voting system shall also be made available during the Meeting and the Members attending the
known as the Khatau Exim Ltd) by means of postal ballot only through remote e-
Meeting, who have not already cast their vote by remote e-Voting shall be able to exercise their right during the Meeting.
voting.
In compliance with the MCA Circulars, the Postal Ballot Notice along with the Members who have cast their vote by remote e-Voting prior to the Meeting may also attend the Meeting electronically, but
instructions regarding Remote e-Voting is being sent by electronic mode only to shall not be entitled to vote again on such resolution(s).
those Members whose names appear in the Register of Members / list of Beneficial d. A non-individual shareholder or shareholder holding securities in physical mode, who acquires shares of the Company
Owners, maintained by the Company / Depositories as at close of business hours and becomes a Member of the Company after the dispatch of the Notice and holds shares as on the cut-off date, may
onFriday, 01st July, 2022(i.e. Cut-off date), and whose e-mail IDs are registered with
obtain the User ID and Password for e-Voting by sending a request at evoting@nsdl.co.in. However, if the Member is
the Depository Participants (DPs) or with the Company or its Registrar and Transfer
Agent as on the Cut-off date. already registered with NSDL for remote e-Voting then he/ she can use his/her existing User ID and password for casting
The postal ballot notice is also available on the Company's website the vote.
veloxindustriesltd@gmail.com:, on the website of stock exchanges, BSE Limited at e. Individual shareholders holding securities in electronic mode and who acquire shares of the Company and become
www.bseindia.com, and on website of.e-voting facility provider the Central
Depository Services (India) Limited website ("CDSL") at www.evotingindia.com. Member of the Company after dispatch of the Notice and hold shares as of the cut-off date may follow the login process
The Company has set Friday, 01st July, 2022 as the "Cut-off Date" for taking record of
detailed in the Notice of the AGM.
the shareholders of the Company who will be eligible for casting their vote on the Members can also login by using the existing login credentials of the demat account held through Depository Participant
resolution. A person who is not a Member of the Company as on the said cut-off date, registered with NSDL or Central Depository Services (India) Limited (‘CDSL’) for e-voting facility.
will not be entitled to vote and should treat this Postal Ballot Notice, for information
purposes only. Members who have not yet registered their email addresses may follow the following process:
The remote e-Voting period commences Tuesday, 05th July, 2022 (10:00 a.m. IST) a) For the shareholders holding shares in physical mode – Register / update the details in Form ISR-1 and other relevant
and ends on Wednesday, 03rd August, 2022 (5:00 p.m. IST). The e-voting module forms with the Registrar and Transfer Agents of the Company, Alankit Assignments Limited at 205-208, Anarkali
shall be disabled by the CDSL and the members will not be able to cast their vote after Complex Jhandewalan Extension, New Delhi-110055. Members may download the prescribed forms from the Company’s
5:00 PM (IST) on Wednesday, 03rd August, 2022. Once the vote on the resolution is website at www.timexindia.com.
cast and submitted, the member shall not be allowed to modify it subsequently.
The voting rights of Members shall be in proportion to the share in the paid-up b) For shareholders holding shares in demat mode – Register/ update the details in your demat account as per the process
equity share capital of the Company as on the cut-off date. Once the vote is cast on advised by your Depository Participant.
a resolution, the member will not be allowed to change it subsequently or cast the Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
vote again.
Depository i.e. NSDL and CDSL.
The copy of the Postal Ballot Notice is available on the website of the Company http:/
/veloxindustriesltd.in/, website of the stock exchanges i.e. BSE Limited at Login type Helpdesk details
www.bseindia.com and on the website of our e-Voting agency i.e. CDSL e-voting
website at www.evotingindia.com. Individual Shareholders holding Members facing any technical issue in login can contact
The company has appointed Mr. Vishal Arora, Company Secretary (Membership No. securities in demat mode with NSDL NSDL helpdesk by sending a request at evoting@nsdl.co.in
4566) as the Scrutinizer for providing facility to the members of the Company to scrutinize or call at toll free no.: 1800 1020 990 and 1800 22 44 30
the entire e-voting process in a fair and transparent manner. The result of the Postal
Ballot will be declared by the Chairman or any person authorized by him on or before Individual Shareholders holding Members facing any technical issue in login can contact CDSL
securities in demat mode with CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com
Friday, 05th August, 2022 , in this regard, will be displayed on the website of the Company:
http://veloxindustriesltd.in/, the website of CDSL: www.cdslindia.com and also shall or contact at 022- 23058738 or 022-23058542-43
be communicated to BSE Limited ("BSE"), where the Company's equity shares are
listed and be made available on their respective websites. The Company will also Notice is also hereby given that pursuant to Section 91 of the Companies Act, 2013 read with Companies (Management and
display the results of the Postal Ballot at its Registered Office. Administration) Rules 2014, the Register of Members and Share Transfer Books of the Company will remain closed from
In case of any queries or issues regarding e-voting, members may also refer Tuesday, July 26, 2022 to Wednesday, July 27, 2022 (both the days inclusive), for the purpose of 34th AGM to be held on
'Frequently Asked Questions' (FAQs) and 'User manual for shareholders to cast their July 28, 2022.
votes' in Help Section at www.evotingindia.com or write an email to help
&desk.evoting@cdslndia.com or contact CDSL at 022- 23058738 and 22-23058542-43. In case of any queries, you may refer to the Frequently Asked Questions (FAQs) and e-voting user manual for Members
Shareholders are requested to carefully read the instructions contained in the notice available at the ‘Downloads section’ of www.evoting.nsdl.com or contact NSDL at the following toll free no.: 1800-1020-990/
of the postal ballot. 1800-224-430 or contact Ms. Sarita Mote, Assistant Manager, NSDL at evoting@nsdl.co.in.
For VELOX INDUSTRIES LIMITED for Timex Group India Limited
(formerly Khatau Exim Limited) Sd/-
Place: Mumbai Sd/- Place : Noida Dhiraj Kumar Maggo
Date: 05th July, 2022 Abhay Sharma
(Company Secretary and Compliance Officer) Date : 04 July 2022 VP-Legal, HR & Company Secretary
18
>
MUMBAI | TUESDAY, 5 JULY 2022 1
PUBLIC NOTICE Public Notice
Notice is hereby given to public at large that we, Nehru Nagar – Ashirwad
Co-Operative Housing Society Ltd, a registered Society having Registration Notice is hereby given that the following Share Certificates issued by the Gini
No.B/O/M ( W.L./HSG (O.H.) 6248-91-92) of 1992 dated 09.06.1992 and & Jony Limited having its CIN: -U18101MH1994PLC082837 and its Registered
address at Building No.52, Nehru Nagar, Kurla (East), Mumbai, Office at - (A - 601, Citi Point, Next to kohinoor Continental, Andheri - Kurla
400024,(“the said society building”) presently having 56 numbers of Road, Andheri East, Mumbai - 400059) are stated to have been lost or
tenement of Ground plus six floors. There are various illegalities, non- misplaced or stolen and the registered holders thereof have applied to the
compliance / violation of terms and conditions by the erstwhile Managing Company for the issue of duplicate Share Certificates.
Committee without M-20 Bond compliance being illegally in affairs of the Name of Distinctive No’s No. of Shares Share
society etc. The erstwhile Managing committee without authority have Registered Holder Certificate No.s
executed a 1) Development Agreement dated 15th January, 2010, bearing Chartered Finance 1,45,00,001 - 1,59,00,000 14,00,000 299
registration No. BDR-3/1629/2010 dated 15.01.2010, 2)Power of Attorney & Leasing Ltd.
bearing registration No.BDR-3/1630/2010 dated 09.02.2010 and 3) All the The public are hereby warned against purchasing or dealing in any way, with
Consent Letters of the society Member/Individual Consent Letter and all
the above Share Certificates. Any person(s) who has / have any claim(s) in
the ancillary documents etc duly registered before the office of the Sub-
respect of the said Share Certificates should lodge such claim(s) with the
Registrar Office at Kurla, (“said agreements”) executed in favour of one
Company at the registered office at the address given above within 15 days of
M/s. Abhimanyu Developers, through its proprietor Rajendra Ramakant
Lad ( The said Developer ) under a scheme promoted to construct the publication of this notice, after which no claim will be entertained and the
additional 7th Floor of the society building under terms & conditions more Company will proceed to issue the Duplicate Share Certificates.
particularly started therein. The said documents were executed in breach For CHARTERED FINANCE & LEASING LTD.
& violations of the law by the erstwhile Managing Committee of the society Sd/-
in collusion with the said Developer and more importantly not acted upon Santoshkumar Pandey
till date in any manner. The said proprietor of the said developer also Director
expired on 4th May, 2018 and thereby have lost all rights due to death. The DIN: 00294327
New Managing Committee of the society passed resolution dated 6th
July,2014 and 30th September 2021 to initiate as per law and accordingly ,
vide their Advocate notice dated 29th November 2021, the society has
terminated/cancelled / revoked above said documents, executed in favour
of one M/s Abhimanyu Developer, its proprietor, the late Mr.Rajendra
Ramakant Lad and now his appointed nominee rights are ceased and
revoked after death of the proprietor, having his address at Office No. 2,
Aradhana Vishram Nivas, Shiv Shrushti, Kurla (East), Mumbai-400024.
Society has sent notice to the developer, without any positive response,
from the nominee of the deceased proprietor having no rights, after death
of the sole proprietor developer. Society therefore, informs the public at
large that not to deal in any arrangement with the said M/s. Abhimanyu
Developers in respect of the society building in any manner whatsoever
and inform the general public at large that for any such documents entered
into in the interim period when the agreements were valid also should be
brought with the proper proof and supporting documents to the notice of
the society, within 15 days from the publication of this notice. Thereafter
no any request shall be entertained in any manner and the society shall be
at liberty to proceed and/or to deal with the subject matter as per
unanimous decision and discretion of the society. Members of public are
hereby cautioned and warned to refrain from dealing with the said
developer in respect of the society building and/or any part there of and/or
the said agreement and/or any part thereof shall be doing so it at its sole
risk, as to cost and consequences and the society shall not be liable and or
responsible for the same and any such transactions which shall be deemed
invalid and void ab initio.
Secretary / Chairman
Date: 05.07.2022 Nehru Nagar-Ashirwad CHS Ltd.

PUBLIC NOTICE
NOTICE IS HEREBY GIVEN on behalf of my Client viz. Mr. Sanjay Madanlal
Thapar, that, my client has revoked his Irrevocable General Power of Attorney,
in favour of his father Shri. Madanlal Harichand Thapar, dated 18-10-2021,
in respect of residential flat, in which my client is having 50% rights of
ownership, alongwith said Mr. Madanlal Harichand Thapar, acquired by
agreement for sale, jointly executed by my client and his father said
Mr. Madanlal Harichand Thapar, vide agreement for sale dated 14-06-2018,
being flat No. 2403, 24th Floor, Ebony Chs Ltd, Tower No. 6, Runwal Greens,
Mulund Goregaon Link Road, Bhandup West, Mumbai 400078, a residential
flat admeasuring about 1908 sq ft carpet area (equivalent to 177.29 sq mtrs
carpet area) plus 17.24 sq mtrs balcony/deck area, also 4 car parking,
situate on land bearing (old CTS Nos. 681/A(part), 681/A3-A8, 681/B) and
new Cts Nos. 861A/7, 681A/8, 681A/9, situate at Nahur Village, Taluka- Kurla,
Mulund Goregaon Link Road, Bhandup West, Mumbai 400078, by registered
Advocate's Notice dated 20-06-2022.
It is learnt by my client that, the above mentioned residential flat is being
attempted to be sold by said Mr. Madanlal Harichand Thapar, father of my client,
without his consent, on the basis of said irrevocable general power of attorney,
dated 18-10-2021, or under the pretext of the alleged power of attorney of
my client. ALL concerned are, hereby, informed that, do not purchase and / or
deal with any manner whatsoever, in respect of the said residential flat, from
my father Mr. Madanlal Harichand Thapar, on the basis of said power of
attorney, dated 18-10-2021, as the same has already been revoked and
PUBLIC NOTICE IN THE COURT OF SMALL CAUSES AT MUMBAI cancelled by my client and therefore, the same has no legal validity, failing which,
Notice is hereby given that I R.A.E. SUIT NO. 370 OF 2019 the said deal on the basis of the said revoked power of attorney dated 18-10-2021,
Shri Shivlal Umashankar Pandey MR. ORRICK OSCAR TIXEIRA )
(hereinafter referred to as the owner) will be illegal and invalid and father of my client said Mr. Madanlal Harichand Thapar,
Aged 30 Years, Occupation : Services, An adult, Indian, Inhabitant of )
of the office no.14 on the 5th Floor Mumbai, Residing at 160/A, Clar Hill Villa Village Ward, Kurla (West), ) solely will be responsible and liable for such illegal transactions.
in the building known as Tardeo Air ) ...Plaintiff
Conditioned Market Building CSL Mumbai -400070. Dated this 5th Day of July 2022
situated at Tardeo Mumbai- 400034. Versus
The Chain of documents in respect MR. MELDON M. LOBO, Gaurav Borse
of the said property have been age not known, Occupation not known ) Advocate,High Court .
misplaced & have not been found Room No.3, 1st Floor, 160/B, Hilda Villa, Village Ward, Kurla (West), )
till date. Mumbai - 400070. ) Rajabahadur Mansion – 6, Gr. Floor, Opp. Bldg. No. 32,
Any person having original of above Full name Not Known ) ...Defendant Ambalal Doshi Marg, Near Stock Exchange, Fort, Mumbai-400 001
and /or any claim or right in respect To,
of the said property by way of gift,
inheritance, share, sale, mortgage, The Defendant abovenamed,
lease, lien, licence , possession Whereas the Plaintiff abovenamed has instituted the above suit against Defendant
or encumbrance howsoever or praying therein that the Defendants be ordered and decreed to quiet, vacate and vacate
otherwise or having above chain and hand over the vacant and peaceful possession of the suit premises viz., Room No. 3,
documents is hereby called upon and 1st floor, 160/B Hilda Villa, C.T.S. No. 293, 293/1, Village Ward, Kurla (west), Mumbai -
required to make the same available /
known in writing with due evidence 400070, to the Plaintiff, and for such other and further reliefs, as prayed in the Plaint.
and detailed particulars thereof THESE are to change and command you the Defendant abovenamed, to file your
to the undersigned at the below Written Statement in this Court within 30days from the date of the receipt of the summons,
mentioned address within 15 days and appear before the Hon’ble Judge presiding over Court Room No. 14, 05th Floor, New
from the publication of this notice Annex Building, Small Causes Court, L. T. Marg, Mumbai - 400 002, on 06th July 2022 at
by registered post A.D. / Courier/
Hand Delivery, falling which, the 2.45 p.m., in person or through authorized Pleader duly instructed to answer the Plaint of
claim or claims if any of such person the Plaintiff abovenamed.
or persons will be considered to have Take notice that, in default of your appearance of the day before mentioned, the suit
been waived and / or abandoned. will be heard and determined in your absence.
Dated this 5th day of July 2022 You may obtain the copy of the said Plaint from Court Room No. 14 of this Court.
Sd/- Given under seal of the Court,
Shivlal Umashankar Pandey this 01st day of August, 2019.
Office No.14, 5th Floor SEAL Sd/-
Tardeo AC Market Building (Neelam Y. Shahir)
Tardeo, Mumbai-400034 (Additional Registrar)

PUBLIC NOTICE
.
NOTICE is hereby given to the public that Flat
No 127 1ST Floor, Building No. 11,
Government Housing (Scheme) Khar Chs Ltd,
Ramkrishna Nagar, S.V. Road, KHAR (West)
Mumbai- 400052. Society registered under
registration no BOM/HSG/1462 of 1967.
Share Certificate No.067(V-5) Fully paid up
shares of Rs.50 each bearing Distinctive nos.
331 to 335 (both inclusive). .
That the Said flat was originally in the name
of Late K. R. Venkatraman Who passed away
on 13/07/2010 and left behind his wife
Sankari Venkatraman, and two daughter Mrs.
vijayalakshmi Krishnamurthy & Mrs.usha
Janakiraman only legal heirs. .
Then Late Sankari Venkatraman Who passed
away on 28/10/2011 who had nominated her
both daughter and then society transferred
the said Flat, right, title, interest and share to
Mrs.vijayalakshmi Krishnamurthy & Mrs.usha
Janakiraman equally. .
Mrs.vijayalakshmi Krishnamurthy & Mrs.usha
Janakiraman selling said flat to Mr. Ashok
Jayprakash Badgujar & Mrs. Vinayata Ashok
Badgujar. .
The undersigned advocate hereby invites in
case any person has any right, title, interest,
claim of whatsoever nature by way of sale,
gift, lease, heirship, possession or by any
other nature in respect of aforesaid property,
the same should be known in writing to me at
the address mentioned below with the
documentary proof within 7 days from the
date hereof, failing which it shall be construed
that such claim is waived and/or abandoned.
Date 05/07/2022 Sd/-
Vasim Jamsher Shaikh
Advocate High Court, Bombay Office no 4 ,
Suraj Prasad Chawl Opp Royal Sweet,
Station road Kurla (w) Mumbai :- 400070
Mob 9860786030
.
MUMBAI | TUESDAY, 5 JULY 2022 TAKE TWO 19 <

It’s a bird, it’s a

one does get noticed, split-sec-
ond decisions have to be taken
to ensure the safety of everyone
on board.
“The first thing you notice
ened across rural and urban
ON THE JOB regions in June but the deterio-
ration was far more pronounced
Vulnerable jobs in rural regions. Labour partici-
pation rate fell in rural India
is vulnerable to the vagaries of
the monsoon.
The monsoon was sluggish
till June 15 and the rural labour
force participation rate fell dur-

plane, it’s a bane

is a flock of birds around the
plane. Then there is thud and
you realise one or more has
been ingested by the engine.
Usually, there is no abnormal
engine activity and we contin-
Birds and sundry animals pose a permanent safety ue the flight. But sometimes an
unusual engine vibration is
hazard at Indian airports built near densely palpable. Large birds (such as
populated areas seagulls and geese) cause more
damage to the blades and may
even start an engine fire,” said
a pilot with a private airline.
The United States aviation
regulator, the Federal Aviation
Administration, highlights in
its periodic training that “most
bird encounters do not affect
the safe outcome of a flight. In
more than half of the bird
ingestions into engines, the
flight crew is not even aware
that the ingestion took place”.
At times, only when the
bird hit is unusually big, pilots
see an engine surge: its com-
pressor, which funnels in high-
pressure air, stalls as the ingest-
ed object disrupts the airflow
to burn fuel. This is reflected
in deviations on instruments,
such as the engine pressure
ratio (EPR) and the exhaust gas
temperature panels. The EPR
indicates the thrust produced
by the engine and unusual
SAI MANISH readings point to a loss of pow-
New Delhi, 4 July HIT SHOW rather than technology er that calls for action by the
n In 2021, aeroplanes pilots to stabilise the aircraft.
n US Federal Aviation
MAHESH VYAS
India’s June 2022 labour statis-
tics are hugely disappointing.
Employment fell by a massive
13 million from 404 million in
May to 390 million. This is the
biggest fall in employment dur-
ing a non-lockdown month.
Employment had risen by 8 mil-
lion during April and May 2022.
The fall in May has more than
wiped out this gain. In fact,
employment in June was the
lowest in the last 12 months, i.e.
since July 2021.
Labour markets shrunk
during June. While about 13
million lost jobs during the
month, the count of the unem-
ployed increased by only 3 mil-
lion. The rest exited the labour
markets. As a result, the labour
force shrunk by 10 million in
June 2022.
This mass exit of labour
shows up in the labour force
from 41.3 per cent in May to 39.9 ing this period. Then, as the
per cent in June. This fall of 1.4 monsoon revived, the LPR
the LPR has hovered in the 39.5- percentage points is much larger improved as well. It is expected
41 per cent range. The fall to than the 0.4 percentage point that as the monsoon picks up in
38.8 per cent in June 2022 dip in the LPR in urban India the coming weeks, employment
therefore is a sharp decline. where it fell from 37.1 per cent to in rural India will revive.
A shrunken labour force held 36.7 per cent. The unemploy- This revival of rural employ-
back the unemployment ment rate shot up by 1.4 percent- ment is expected to be in the
rate from rising sharply. age points to 8 per cent in rural form of agricultural labourers.
Nevertheless, the unemploy- India in June. However, in the
ment rate rose from 7.1 per cent towns and cities the unemploy-
This labour would be supplied
by the daily wage labourers,
in May to 7.8 per cent in June. ment rate declined by 0.9 per- who lost jobs in large numbers
The unemployment rate has centage points to 7.3 per cent, in June. Of the 13 million job
mostly been between 7 and 8 per which is the lowest unemploy- losses during the month, 12.7
cent in recent times. ment rate in India in 16 months. million were of small traders
The employment rate fell to The employment rate declined and daily wage labourers. This
35.8 per cent in June 2022. in rural India from 38.6 per cent loss was concentrated in rural
This is its lowest level in two to 36.7 per cent while in urban India. In fact, rural small traders
years. Implicitly, less than 36 India it was almost unchanged. and daily wage labourers saw
per cent of the working age pop- June marks the onset of the employment shrink by a mas-
ulation in India was employed southwest monsoon over the sive 13.9 million. This loss was
in June 2022. Indian subcontinent. possibly transitional. As rains
While total
While this sharp Sowing of the kharif revive in July, this labour can be
employment fell
fall in employment crop catches pace dur- expected to be absorbed into the
by 13 million in
and an equally sharp ing this month. The labour force.
June, it
deterioration in the monsoon’s progress It is worrisome that such
increased by
principal labour mar- till June 15 was patchy. large swathes of labour are
0.1 million in
ket ratios are alarm- Rains were 32 per cent so vulnerable to the vagaries of
urban regions.
ing, the worsening of below normal during the monsoon.
The massive fall
the labour market is the first fortnight. This The other worrisome data
was entirely in
not widespread could have slowed the point is that June 2022 saw a fall
rural areas
across the country. deployment of labour of 2.5 million jobs among
The June debacle was essentially into the fields. The agricultural salaried employees. June also
a rural phenomenon. Also, the sector shed nearly 8 million jobs exposed the growing vulnerabil-
fall was located largely in the in June. These were mostly in ity of salaried jobs. The govern-
informal markets. It is possible plantations. Crop cultivation ment shrunk the demand for
that this is largely a labour added 4 million jobs. This is low- armed personnel and opportu-
migration issue and not a larger er than the additions seen in nities in private equity-funded
economic malaise that led to the June 2021 and June 2020. new-world jobs also started to

O
n June 19, a SpiceJet
plane carrying 191 peo-
ple that had just taken
off from the Patna airport had
sparks and smoke coming out
of one of its engines below the
left wing. Captain Monica
Khanna took the plane back to
Patna airport. An inspection
after landing showed a
bird had gone inside Engine 1
and damaged three of its
fan blades. Khanna’s feat and
photo spread far and wide on
social media.
The same day, an IndiGo
plane returned to the Guwahati
airport soon after take-off
because of a suspected bird
hit. Six days later, last Sunday,
a helicopter carrying Uttar
Pradesh Chief Minister Yogi
Adityanath made an emer-
gency landing in Varanasi after,
well, a bird hit. All of a sudden,
bird hits on aircraft began to
fly as a topic of discussion
and curiosity.
Bird hits are not uncom-
mon in Indian skies; in 2021,
aeroplanes suffered an average
of four bird hits a day. And
birds alone are not to blame.
Last year, a pack of 25-30 gold-
en jackals were reported to be
roaming around the runway at
the Chipi airport in
Sindhudurg, Maharashtra.
There have been reports of
sundry other animals —
among them cows, dogs, nilgai
(blue bull) and even dead foxes
— turning up at airports.
suffered an average of
four bird hits a day
n Sundry other animals
— cows, dogs, nilgai
(blue bull), even
dead foxes — also pose
a threat
n Boeing says a
$10-million engine can
incur repair costs of $1.6
million after being hit by
a bird or other debris
n The process of
identifying and dealing
with a bird hit relies
mostly on natural
human observations
This is no surprise, given
that many of India’s airports
are situated close to densely
populated areas and have open
drains or garbage dumps in the
vicinity. The Patna airport,
which has an open abattoir
close to it, has a group of
employees dedicated to driving
birds away. Last year, airport
officials in Ahmedabad made
an employee dress and pose as
a bear to keep monkeys away.
But bird hits are no monkey
business. Planes reporting bird
hits are given priority to land at
airports and the engines are
immediately taken off for
inspection. Repairing them is
a costly affair. Boeing, the air-
Administration says
most bird encounters do
not affect the safe
outcome of a flight
n DGCA has bird or
animal strike reporting
guidelines in place
n In 2018, it issued an
advisory that sometimes
the best course of action
is inaction
n DGCA also advises
increasing human
presence at aerodromes,
noise-making devices
and use of flare guns to
ward off birds
craft manufacturer, says an
engine, usually priced around
$10 million, can incur repair
costs of $1.6 million after being
hit by a bird or other debris. Just
replacing a set of fan blades can
cost $25,000. Damage to critical
components that are beyond
repair mean new engines must
be purchased.
Yet, the process of identify-
ing and dealing with a bird hit
relies a lot on natural human
abilities and observations —
say, spotting smoke or sparks,
or getting the smell of burning
flesh — rather than a system
based on technology or instru-
ments. In fact, such hits can
often go unnoticed. But, when
The Directorate General of participation rate, which fall in employment in June. We Interestingly, while the agri- shrink. The rain gods cannot
Civil Aviation (DGCA), India’s shrunk to its lowest level at 38.8 explain this in the paras below. cultural sector as a whole shed save these jobs. The economy
aviation regulator, has put bird per cent. It was 40 per cent in First, while total employ- jobs, people engaged as farmers needs to grow at a faster pace
or animal strike reporting the preceding two months. The ment fell by 13 million in June, increased by 1.8 million. than it may in the near future to
guidelines in place. But it has LPR has struggled to hang on it increased by 0.1 million in Implicitly, the fall in employ- save and generate such jobs.
acknowledged that such to the 40 per cent mark for a urban regions. The massive fall ment in the agricultural sector
events are an integral hazard long time. In the two years from was entirely in rural areas. was among agricultural labour- The writer is MD & CEO,
of aviation and need to be June 2020 through May 2022, Labour market ratios wors- ers. The absorption of this labour CMIE P Ltd
dealt with accordingly. In 2018,
it issued an advisory that
sometimes the best course of
action is inaction.
“Before considering the use
of an active method to disperse
or deter wildlife on the aero-
drome, consideration should
be given to the fact that doing
nothing may in some cases be
a better choice than chasing
birds away and losing control,”
said the advisory.
Analysts say it was the
SpiceJet incident in 2014, when
the plane hit a blue bull on the
runway, which roused the
regulator. “Before that, the
DGCA was pretty lax about
wildlife threats at aerodromes.
According to the DGCA, they
are doing better at preventing
bird hits than the targets they
have set for themselves. But it
is also about all the hits that
are going unreported,” said
Captain Amit Singh of Safety
Matters Foundation.
The DGCA also advises
increasing human presence at
aerodromes, noise-making
devices and use of flare guns
to ward off birds. And, when
all else fails, you can always get
someone to dress up as a bear.

Experts bat for mixing vaccines

as BA.2.75 variant emerges
SOHINI DAS
Mumbai, 4 July
Experts have backed heterolo-
gous boosting or mixing of vac-
cines for the booster dose in the
wake of BA.2.75, a variant result-
ing from another major muta-
tion in the Sars-CoV-2 virus that
infects people with Covid-19.
Shahid Jameel, senior
research fellow at Green
Templeton College in Oxford
University, told Business
Standard that the BA.2.75 has
several mutations in the spike
protein, two of which are unique
to it and are not found in its par-
ent strain, BA.2. These two
mutations are G446S and
R493Q.
Jameel feels that G446S is
one of the most potent sites of
escape from antibodies made
by current vaccines that still
neutralise BA.2. “So it increases
chances of infection (even) in
people so far protected,” he says.
The other unique mutation
(R493Q) enhances virus binding
to an enzyme called ACE2
receptor. The enzyme — usually
attached to the membrane of
cells of the intestines, kidney
and other organs — acts as the
receptor for the SARS-CoV-2
virus, allowing it to infect the
cell. “Mutations often occur in
pairs as the virus evolves to opti-
mise receptor binding and anti-
body evasion,” Jameel explains.
What does it mean?
Jameel says, “The numbers
are still low, but the rapid
increase suggests a growth
advantage. This may fuel fresh
re-infections and keep the pan-
demic going.”
Besides advocating booster
shots for the vulnerable, Jameel
as most of the mutations are
unique, and it has also
changed its physicochemical
character quite a lot.” Most of
the mutations are in the recep-
tor-binding domain, or in
domains that bind antibodies
or human proteins.
Thukral, however, feels that
it is still early to comment on
whether mixing vaccines would
give a better immune response.
“More data is required on this
lineage in terms of immune
escape,” she says.
Experts say that this is a sec-
INDIA VACCINATES 90% OF ITS ADULTS ond-generation mutation.
Union Health Minister Mansukh Mandaviya “All variants drift with time
announced on Monday that India has achieved acquiring new mutations.
complete vaccination of 90 per cent of its adult BA.2.75 can be called second
population. The country has administered 1.97 generation because it is derived
billion doses of Covid-19 vaccines since the drive from BA.2. That is true for all
began in January 2021. At present, 40,673 sites are BA.2. mutations, and not just
vaccinating Indian citizens, and more than 39,000 this one,” says Gagandeep Kang,
sites are government-run and administering free microbiologist and professor at
vaccines. India has fared well in terms of vaccination CMC Vellore.
and is ahead of the US, where 67 per cent of the What needs to be kept in
population has been fully vaccinated. mind, now that BA.2.75 has been
detected, is that if it expands as
a percentage of all strains found,
also says that India should use Jameel says. it is more capable of spread and
science to update its booster Samples of BA.2.75 have immune escape than the cur-
policy. “The current policy is been found globally, including rent variants, she adds.
not making the best use of evi- Canada, Australia, New Zealand Jameel observes that one
dence and available vaccine and Germany. The Indian gov- cannot say if this variant origi-
choices,” he says, adding that ernment is yet to confirm its nated in India or it came
recent data from a Christian presence in the country. from elsewhere and found a
Medical College (CMC) Vellore According to a senior scien- niche here.
study on mixing Covishield and tist from India, who does not “We need broader genomic
Covaxin shows that Covishield wish to be named, the BA.2 surveillance and availability of
after Covaxin is a far superior Omicron variant is accumulat- data in public space to better
combination, but India contin- ing a lot of sub-lineages, and understand the epidemiology
ues to use Covaxin as the third many of these lineages from and spread. One needs to
dose in those who have been India are of BA.2.75 now. continue wearing masks in
jabbed twice. Lipi Thukral, a scientist at closed and crowded spaces;
“Also, global data shows pro- the Council of Scientific and improve ventilation and com-
tein vaccines are better after two Industrial Research-Institute plete vaccination schedules.
doses of the AZ (AstraZeneca, of Genomics and Integrative Also, boosters should also be
marketed as Covishield in India) Biology, says: “This lineage taken by people with vulnera-
vaccine than a third dose,” may require urgent attention bilities,” he cautions.
20
>
MUMBAI | TUESDAY, 5 JULY 2022 1

New IT rules may impact RECOVERY TRACKER

Workplace visits up, vehicle

ease of business: Report registrations continue to slip
IAMAI study raises fears over mandates potentially creating entry barriers SACHIN P MAMPATTA 1: WORKPLACE VISITS RISE 3: VEHICLE REGISTRATIONS
SOURABH LELE and information assistance & KRISHNA KANT DOWN FROM 2019 LEVEL
New Delhi, 4 July rules were creating burdens. Mumbai, 4 July n Vehicle registrations for week ending
The singular timeline for the June 26 (in 100,000)

A
majority of intermedi- takedown of all grades of harm- More employees visited work- n Vehicle registrations for week ending
aries and other key ful content was an overwhelm- places last week despite a gro- July 4 (in 100,000)
stakeholders fear that ing and impacted investment, wing count of Covid-19 cases.

3.91

3.66
3.54
5.13

3.54
the new IT rules drafted last year the report added. The study has The total cases were 16,135,

3.13
4.29
may create entry barriers affect- recommended the creation of a according to a government

ing ease of doing business in
India, said a report on Monday.
The report titled “IT Rules,
2021: A Regulatory Impact As-
sessment Study” assessed man-
dates prescribed under the In-
formation Technology
(Intermediary Guidelines and
Digital Media Ethics Codes)
Rules, 2021. It was released by
the Internet and Mobile
Association of India (IAMAI)
and The Dialogue, a public pol-
icy think tank.
The IAMAI said it is the first
impact study on the rules; it
found that the originator trace-
ability provision was “techni-
cally infeasible” as implement-
ing it on end-to-end encrypted
platforms would break the
encryption technology itself.
The report came days after
the Ministry of Electronics and
Information Technology
(MEITY) held an open house
discussion on the proposed
changes to the IT rules and
asked for inputs on proposed
amendments by July 6.
The report, based on
responses from 70 stakeholders,
has recommended clear and
implementable standard oper-
ating procedures (SOPs) with
expert inputs for checks and
balances on the access to data
2.67
risk-based content gradation release on Monday, down 5.5
mechanism to provide specific per cent from a week ago.
timelines for different grades of Workplace visits are now
harmful content. 22.3 per cent above what was Note: Latest update is as of June 29, 2022, based on location data as processed by the
Several legal and technical seen in a baseline period for company. The percentage change is compared to a baseline value for the same day of 2019 2020 2021 2022
the week, calculated on a median basis during the 5-week period Jan 3–Feb 6, 2020. Note: Based on road transport offices (RTOs)
experts highlighted the incon- 2020 before Covid-19 took The chart shows a seven-day rolling average of visits to each category. Residential for which Vahan data is available.
sistency of the data retention hold. This is higher than the 21 data refers to change in time spent at home. Source: Ministry of Road Transport
Source: Google LLC “Google COVID-19 Community Mobility Reports”, Our World In Data and Highways
mandate. They have suggested per cent rise seen a week ago,
WHAT STAKEHOLDERS WANT a 90+90 days approach, where
the intermediaries might store
shows mobility data from
search engine Google. It uses
2: POWER GENERATION LOWER THAN PREVIOUS WEEK 4: DROP IN TRAFFIC
n Creation of gradation mechanism for data for the original 90 days anonymised location data to CONGESTION
removal of harmful content and would retain it after that track how people are moving n Change in traffic congestion from 2019
only if needed. during the pandemic. (as of June 26, in percentage points)
n Reset threshold for SSMIs, as current level of
Amar Patnaik, Member of However, retail & recreation n Change in traffic congestion from 2019
5 million could be burdensome (as of July 4, in percentage points)
Parliament (Rajya Sabha), said and grocery and pharmacy
n Removal of originator traceability provision, at the time of releasing the visits were down in the same New Delhi Mumbai
as it was “infeasible” on encrypted platforms report: “Takedowns must be period (see chart 1).
n Clear SOPs for data access by law graded, and one cannot com- Power generation was up
enforcement agencies pare differing forms of harm 1.5 per cent from the previous -35 -36
and put them in the same (reg- week but generation remained -43 -44
n 90+90 days approach for data retention, ulatory) basket.” low compared to its highs in Note: Refers to change in Monday morning
considering privacy concerns The study has recommend- June. The power producers in (9am) traffic congestion. Comparison is made
ed the removal of the personal the country generated an aver- Note: Power generation based on reporting day data (million units, 7-day rolling average) to 2019 levels.
Source: National Load Despatch Centre Source: TomTom International
liability mandate, saying it was age of 4,509 million units per
by law enforcement agencies. rent norms, intermediaries hav- legally infeasible and caused a day of electricity in the latest 5: AIR TRAFFIC DECLINES 6: DECLINE IN
The IT rules require signifi- ing 5 million users are consid- compliance burden. week. It was 4,445 million RAIL FREIGHT
cant social media intermedi- ered as SSMIs — the report According to the study, the units in the previous week. n Change vs same week last year
aries (SSMIs) to trace the first observed that the figure is too IT rules were intended to create Power generation remains (as of June 26, in %)
originator of a message. minuscule for a country with a a regime for tackling modern- higher than was seen in 2019 n Change vs same week last year
Instead, the law enforcement population of 1.3 billion. day challenges such as prolifer- (see chart 2). (as of July 4, in %)
ecosystem needs to enhance its Stakeholders including int- ation of disinformation, child Vehicle registrations were 25.85 23.7
meta-data analysis capabilities, ermediaries and legal experts sexual abuse material, and sedi- lower than 2019 levels for the 16.49
the report said. raised concerns over the provi- tious and terrorism-related con- fourth week in a row. A total of 6.4
The majority of stakeholders sions related to content take- tent. However, it said, the legal 365,782 vehicles were register-
Freight loading Freight revenue
expressed a need for resetting down and data retention. The and technical legitimacy and ed in the latest week. This is
(quantity) (value)
the threshold for designating intermediaries said the time- the viability of many of their 28.8 per cent lower than the Note: Shows 7-day rolling average numbers for domestic traffic based on departing flights and
passengers. Averages have been used wherever archival data was unavailable. Note: For seven days ending Sunday.
the SSMIs. According to the cur- lines for the content takedown provisions are problematic. 513,794 vehicles registered Source: Ministry of Civil Aviation Source: Indian Railways
in the same period in 2019
(see chart 3). cent decline seen previously The Indian Railways growth in the previous week
Major cities saw a rise in (see chart 4). showed a moderation in (see chart 6).

Nasa satellite heads to moon Beck said the relatively low

NICK PERRY
Wellington, New Zealand, 4 July
A satellite the size of a micro-
wave oven successfully broke
free from its orbit around Earth
on Monday and is headed tow-
ards the moon, the latest step
in Nasa’s plan to land astron-
auts on the lunar surface again.
It’s been an unusual journey
already for the Capstone satel-
lite, which was launched six
days ago by the company Roc-
ket Lab in one of their small
Electron rockets. It will take
another four months it to reach
the moon.
“It’s been a project that has
taken us two, two-and-a-half
years. So to see it all come tog-
ether tonight, it’s just absolutely
epic,” Rocket Lab, founder Peter
Beck told The Associated Press.
cost of the mission — Nasa put
it at $32.7 million — has marked
the beginning of a new era for
space exploration.
If the rest of the mission is
successful, the satellite will send
back vital information for
months as the first to take a new
orbit around the moon called a
near-rectilinear halo orbit. AP
traffic congestion as of Mon-
day 9 am, shows data from
global location technology
firm TomTom International.
New Delhi traffic was down 35
per cent in relation to 2019 lev-
els for the latest week. It had
been down 43 per cent previ-
ously. Mumbai traffic was
down 36 per cent in the latest
week, compared to the 44 per
The seven-day moving
average of airline flights and
passengers declined last week.
Averages were used where
archival data was unavailable.
Sunday data showed 2,623
domestic flights compared to
2,768 flights a week ago. The
number of daily passengers
declined to 3.2 lakh from 3.59
lakh a week ago (see chart 5).
growth goods carried on its
network last week. Freight
loading was up 6.4 per cent
year-on-year last week com-
pared to the 16.49 per cent
growth in the previous week.
The freight revenues that the
Railways made from carrying
these goods was up 23.7 per
cent year-on-year (YoY), down
from 25.85 per cent YoY
Business Standard tracks
these indicators as a way of
getting a weekly picture of
how the economy is doing. Of-
ficial macroeconomic data is
often released with a lag. The
Google data is released with a
lag. The latest is as of Wednes-
day, June 29. The traffic data is
as of Monday, July 4. All other
data is as of Sunday, July 3.

LGB FORGE LIMITED

CIN : L27310TZ2006PLC012830
Regd. Office: 6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore- 641 006.
Email: secretarial@lgbforge.com Website: www.lgbforge.com
Phone: 0422 2532325, Fax: 0422 2532333
NOTICE OF POSTAL BALLOT / E-VOTING
Members are hereby informed that pursuant to the provisions of Sections 108, 110
and other applicable provisions, if any, of the Companies Act, 2013 (‘the Act’), read
with Rule 22 of the Companies (Management and Administration) Rules, 2014 as
amended, read with the Circular No. 14/2020 dated April 8, 2020, Circular No.
17/2020 dated April 13, 2020, Circular No. 22/2020 dated June 15, 2020, Circular
No. 33/2020 dated September 28, 2020, Circular No. 39/2020 dated December 31,
2020, Circular No.10/2021 dated June 23, 2021, No. 20/2021 dated December 08,
2021 and No. 3/2022 dated May 05, 2022 issued by the Ministry of Corporate Affairs
(“MCA”) (hereinafter collectively referred to as “MCA Circulars”) and Regulation 44
of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and other applicable provisions of the Act, rules,
circulars and notifications issued thereunder (including any statutory modifications or
re-enactment thereof for the time being in force and as amended from time to time), the
company has completed the dispatch of the Postal Ballot Notice through e-mail to all
its shareholders, who have registered their e-mail IDs, as on 24th June, 2022 seeking
consent of the members through voting by electronic means to transact the businesses
as set out in the Postal Ballot Notice dated 25th June, 2022 in respect of the following
ordinary and special resolution(s):
1. Appointment of Sri. B. VIJAYAKUMAR (DIN: 00015583) as Non-Executive Director
of the Company.
2. Appointment of Sri. PREMKUMAR PARTHASARATHY (DIN: 07126673) as an
Independent Director of the Company.
3. Appointment of Sri. SAJEEV MATHEW RAJAN (DIN: 01252269) as an Independent
Director of the Company.
4. Appointment of Sri. MURUGESA SARAVANA MARTHANDAM (DIN: 09623736) as
an Independent Director of the Company.
In pursuance of Section 108 of the Companies Act, 2013 read with Rule 20 of the
Companies (Management and Administration) Rules, 2014 and Regulation 44 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the
aforesaid MCA Circulars, the Company has engaged the services of Central Depository
Services (India) Limited (“CDSL”), to provide e-voting facility to the members of the
Company through the e-voting website www.evotingindia.com for passing of the
ordinary and special resolution(s) mentioned in the Postal Ballot Notice.
The postal ballot notice has been sent only through electronic mode to those members
who have registered their e-mail addresses with the Company or with the Depositories.
In compliance with the requirements of the MCA Circulars, the hard copy of the postal
ballot notice along with postal ballot forms and pre-paid business envelope will not be
sent to the shareholders for this postal ballot and the shareholders are requested to
communicate their assent or dissent through the remote e-voting system only.
Therefore, those shareholders who have not yet registered their e-mail address are
requested to get their e-mail addresses submitted by following the procedure as
mentioned in the said postal ballot notice. Members whose names are recorded in
the Register of Members of the Company or in the Register of Beneficial Owners
maintained by the Depositories as on the cut-off date i.e. Friday, 24th June, 2022 only
will be entitled to cast their votes by e-voting. The persons who are not members of the
Company as on the cut-off date should treat this notice as informative only.
Members are requested to carefully read the instructions printed for voting through
e-voting on the notice. Members are also requested to note the following
1 Date of dispatch of the postal ballot 04th July, 2022
notice through e-mail
2 Date and time of commencement of 9:00 AM on Tuesday, the
remote e-voting/postal ballot 05th July, 2022
3 Date and time of the closure of remote e-voting/ 5.00 PM on Wednesday,
postal ballot (Remote e-voting facility will be the 03rd August, 2022
disabled beyond this date and time)
4 Cut-off date for determining the members 24th June, 2022
eligible for e-voting/postal ballot
P. Eswaramoorthy and Company, Company Secretaries, Coimbatore has been
appointed as the Scrutinizer for conducting the Postal Ballot voting process in a fair
and transparent manner and for the purpose of ascertaining the majority. The results of
the Postal Ballot e-voting shall be announced on or before close of business hours on
Thursday, 05th August, 2022 at the Registered Office of the Company and the same
shall be intimated to BSE Ltd (BSE) and National Stock of Exchange of India Limited
(NSE), being the stock exchanges where the shares of the Company are listed. The
results shall also be displayed on the Company's website www.lgbforge.com and on
the CDSL’s website www.evotingindia.com.
For any grievance/ queries relating to voting by electronic means, the shareholders
are requested to write an e-mail at helpdesk.evoting@cdslindia.com or
Sri. K. Maheswaran, Company Secretary at the E-mail ID: secretarial@lgbforge.com.
The Notice of the Postal Ballot is available on the Company's website www.lgbforge.com,
CDSL’s website www.evotingindia.com and on the website of the Stock Exchanges.
Place: Coimbatore By Order of the Board
Date: 05th July, 2022 For LGB Forge Limited
K. Maheswaran
Company Secretary and Compliance Officer