WEDNESDAY, 13 JULY 2022
18 pages in 1 section
MUMBAI
~11.00
VOLUME XXVI NUMBER 232
THE MARKETS ON TUESDAY
Sensex 53,886.6
Nifty 16,058.3
Nifty Futures* 16,044.3
Dollar
Euro
Brent crude ($/bbl)
~79.6
~79.7
105.8##
Gold (10 gm)### ~50,674.0
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
POSITIVITY RATE
VIRUS
TRACKER FALLS TO 3.23%
Total 43,652,944
Active cases Recovered
131,043 42,996,427 525,474
é330 é13,265
Vaccination
1,990,044,709
é 1,082,310
WORLD Total
556,575,162
Deaths
6,353,039
ADANI SECURES LoI FOR
UNIFIED LICENCE IN
GUJARAT CIRCLE
The Adani group has secured a letter of
intent (LoI) from the Department of
Telecommunications (DoT) for the grant of
a unified licence for the Gujarat circle. The
LoI was issued on June 28. The unified
licence will allow the group to provide
long-distance call and internet facilities in
the Gujarat circle. The group, however, has
stated that it has no plans to offer
consumer mobility service and
intends to use spectrum for
captive private networks.
It will have to obtain
separate licences to
provide services in
other
circles.
ECONOMY & PUBLIC AFFAIRS P6
GoM on e-gaming to give
final report by August 10
The meeting of an empowered group of
ministers (GoM) set up to look into online
gaming, casinos, and races ended
inconclusive on Tuesday because of certain
legal issues. The panel, which was set to
submit the final report on July 15, will now
submit it by August 10, one of the panel
members said.
ECONOMY & PUBLIC AFFAIRS P4
Eating out? Get ready to
fork out 10-15% more
The steep rise in food prices
has left a bad taste in the
mouth of restaurant
owners. To deal with the
high cost of inputs, many
have already increased the
prices on their menus,
FARM TO FORK while others are planning
PART-III to do the same in the
coming weeks, forcing
customers to fork out much more when they
dine out.
After 2-yr pandemic thrift, ‘revenge
spending’ likely this festival season
SHARLEEN D’SOUZA & SHALLY SETH MOHILE
Mumbai, 12 July
Consumer companies across retail,
fast-moving consumer goods (FMCG),
and consumer durables expect
demand revival this festival season
after two years of weak sales.
With semiconductor shortage
having eased, passenger vehicle
sales are also expected to pick up,
helping automotive (auto) makers
increase output.
The FMCG sector continues to be
burdened with weak volumes as
inflation pushes up the prices of goods,
afflicting consumption.
The apparel sector in the urban
markets has witnessed a sales uptick
from April. The positive sentiment
is expected to sail through the
festival months.
However, rural demand for apparel
continues to lag behind as buyers
chg#
q 508.6
q 157.7
q 14.0
~79.4
~80.3 **
112.4 **
p
~1.0
P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E
Asian nations eye
INDIA
é13,615
Deaths
settling trade in
local currencies
é20
Note: Total cases
Looking to reduce
include 1 migration;
arrow shows 1-day
change; figures as
of 9 pm IST; sources:
reliance on dollar
Ministry of Health
MANOJIT SAHA & BHASKAR DUTTA
and Family Welfare;
CoWin.gov.in; Johns Mumbai, 12 July
Hopkins Coronavirus
Resource Center
T
he Reserve Bank of India’s
(RBI’s) latest move allowing
international trade settlement
in rupees comes at a time
when several Asian economies such as the
United Arab Emirates, Indonesia, Sri Lanka,
Myanmar, and India are in talks with
each other to settle trade in their domestic
currencies.
Sources in the central bank told Business
Standard that discussions among these coun-
tries were on, and that the measures
announced by the RBI on
Page 9 Monday were the first steps in
that direction. “The next step
EDIT is settling trade transactions in
TRADING bilateral currencies. Both coun-
GAINS tries will accept each other’s
currency,” said a source.
“China is already trading with Russia without
dollars,” the source added.
On Monday, the RBI put in place an
additional arrangement for invoicing, pay-
ment, and settlement of exports and imports
2> in rupees.
A key factor behind the decision to cut
dependence on US dollar-denominated trans-
actions was the outbreak of the Russia-
Ukraine conflict, which resulted in wide-
spread sanctions on Moscow by western
powers, the sources said. Turn to Page 6 >
ILLEGAL PHONE-TAPPING CASE
ED seeks info from
NSE on iSec Services
SHRIMI CHOUDHARY
New Delhi, 12 July
The Enforcement Directorate (ED) has
sought an explanation from the
National Stock Exchange (NSE) as to
why it gave the contract for its systems
auditing to little-known
iSec Services, which has “limited
expertise”.
It also wants to know the terms of
the contract and whether the NSE knew
the firm had also audited the servers of
some brokerages that allegedly gained
from the co-location facility, which
gave them preferential access to the
exchange trading platform.
The move comes after the federal
agency stumbled upon transcripts of
phone calls during its ongoing money-
laundering probe stemming from the
co-location case.
“We have sought information from
the NSE about its server audits and
the contract awarded to iSec Services,”
a senior official told Business
Standard.
The agency is examining some new
findings and may register a fresh case
*Expected; ***Navratri to Diwali
prioritise their household budgets by
spending more on food.
“With revival in rural demand and
Covid cases not as alarming, given
vaccination rates are up, the festival
www.business-standard.com
WORLD P8 COMPANIES P2
SUNAK HITS THRESHOLD FOR PM PLASTIC SUBSTITUTES
RACE, GETS SUPPORT FROM 20 MPs LOOK TO CASH IN ON BAN
Retail inflation stays above 7%;
IIP growth hits 12-month high
Elevated inflation level KEY INDICATORS
raises prospects of
Still above RBI's tolerance level Strong performance
more rate hikes by RBI Retail inflation (% YoY) Index of Industrial Production
ARUP ROYCHOUDHURY
New Delhi, 12 July
GAINING India’s retail inflation rate in June
CURRENCY remained above the upper tolerance
limit of the central bank for a sixth
> India, UAE, Indonesia, straight month, increasing chances
Sri Lanka, and Myanmar of further monetary policy tighten-
among Asian ing, even as industrial production in
countries in May jumped to a 12-month high, sup-
talks to settle ported by a low base.
trade in Data released by the National
domestic currencies Statistical Office on Tuesday showed
that the Consumer Price Index (CPI)-
> RBI has allowed > Next step could be based inflation eased only marginally
international trade bilateral currency to 7.01 per cent in June from 7.04 per
settlement with some trade between cent in the previous month, while the
CPI: Consumer Price Index Source: MOSPI
countries in rupees countries Index of Industrial Production (IIP)
grew 19.6 per cent in May compared driven by sticky food prices. The sub-groups that saw the
> Aim is to lower dependence on dollar trade to 6.7 per cent in April. Consumer food price inflation stood sharpest year-on-year rise in June
in the wake of western sanctions on Russia In April, headline retail inflation at 7.75 percent in June compared were vegetables (17.37 per cent),
had touched an eight-year high of with 7.97 in May. Food prices account spices (11.04 per cent), fuel and light
7.79 per cent. for nearly half of the inflation bas- (10.31 per cent), and footwear (11.92
~ falls to a fresh low, just The CPI for June was primarily ket. per cent). Turn to Page 6 >
40 paise away from 80/$
The rupee shed 0.2 per cent on Tuesday to mark
a new closing low versus the US dollar, and
dealers saw the domestic currency heading
towards the 80 per dollar mark in the near
‘Pointed attack on inflation to continue’
term. The rupee settled at 79.60 per US NIKUNJ OHRI ful and watchful how the price the government will have to
dollar, as against 79.44 per US dollar at its New Delhi, 12 July movement is. I will keep mon- be mindful,” she added.
previous close. 4> itoring (prices) item by item Rising inflation has
The government will have to for anything that goes hay- prompted the RBI to revise its
PAGE 4 be mindful of the movement wire. This pointed attack on inflation projection for 2022-
SHARE OF $, EURO IN TRADE PAYMENTS in prices, and will continue its inflation will need to con- 23 in June to 6.7 per cent.
BY INDIA UP 30% SINCE ’90s: IMF DATA pointed attack on inflation, tinue,” Sitharaman said. The finance minister also
SBI, ICICI BANK RAISE INTEREST
Finance Minister Nirmala
Sitharaman said on Tuesday.
“As the RBI has estimated,
till the start of the second half
said she expected the
monsoon to be favou-
RATES ON FCNR (B) “We will have to be mind- of the year, both the RBI and rable for agriculture.
ED also wants to know the terms
of the contract and whether the
NSE knew the firm had also
audited the servers of some
brokerages that allegedly gained
from the co-location facility
under the Prevention of Money
Laundering Act (PMLA), the official
added.
“The NSE is learnt to have pro-
vided most of the required informa-
tion and reports to the agency. They
are under examination. However, it
failed to give any clear reply on iSec,”
the official cited above said.
A detailed email sent to the NSE
on Monday remained unanswered.
Turn to Page 6 >
BETTING ON SALES REBOUND
FMCG sales in 2021 vs 2020 (Oct-Dec quarter)
Value growth Volume growth:
19.6% -2.6%
Consumer durables (Aug-Sept to Oct/Nov)
Value growth
2020 vs 2019 2021 vs 2019 2022 vs 2019*
-40% -30% 8-10%
Auto volume growth in festive period of 42
days in 2021 vs 2020
Two-wheelers Passenger vehicles
-18.5% -26.2%
Sources: Bizom, NielsenIQ, Industry, FADA
season is expected to see higher sales,
compared to 2019,” says Mayank Shah,
category head, Parle Products. The
pandemic has invoked people to
rethink their eating habits. Turn to Page 6 >
2 COMPANIES MUMBAI | WEDNESDAY, 13 JULY 2022

> Rail Vikas Nigam > Suryoday Small Finance Bank > Ahluwalia Contracts India > HFCL > Star Health & Allied Insurance
STOCKS 31.8 NHAI gets LoA for 88 Reports gross advance 449 Secures new order for 69 Bags orders to provide 563.20
580 Partners CSC to make
IN THE NEWS 31.60
31.2 construction of NH-5
86.30
86 of ~5,136 crore in
445.60
436 construction work of
65.90
services for fibre-to-home & 486.90 540 health insurance
64
83.90 84.40 414.60 Amity Campus Bengaluru 54.90
30.30
30.6
in Himachal Pradesh 84
first quarter of FY22 423
long-distance fibre network 500
accessible in rural India
59
31.00 ~445.6 CLOSE 552.40
30.0 ~31.6 CLOSE 82 ~86.3 CLOSE 424.30 410 62.40 54
~65.9 CLOSE 460 ~563.2 CLOSE
Jul 2022 Jul Jul Jul 2022 Jul Jul Jul 2022 Jul Jul
5 11 12 p2.1% UP* 5 11 12 p2.25 % UP* Jul 2022 Jul Jul
11 12
p7.5% UP* Jul
5
2022 Jul Jul
11 12 p5.5% UP* 5 11 12 p2.0% UP*
*OVER PREVIOUS CLOSE 5
>

IN BRIEF
9th incident in 24 days: SpiceJet Adani gets key nod for BYD goes past
Dubai-Madurai flight delayed
Tesla globally,
SpiceJet's Dubai-Madurai flight was delayed
on Monday after the Boeing B737 Max
aircraft's nose wheel malfunctioned,
Directorate General of Civil Aviation officials
said. Monday's incident is at least the ninth
5G services in Gujarat but has low-key
incident of technical malfunction in a Adani Data Networks, Jio, Airtel and Vodafone Idea to bid for 5G spectrum
SpiceJet aircraft in 24 days. On July 6, the
DGCA issued a show-cause notice to SpiceJet
following eight incidents of technical malfunction in its aircraft
ANEESH PHADNIS & PTI
Mumbai/New Delhi, 12 July
believe if the Adani Group does end up
buying spectrum in the upcoming auc-
India presence
since June 19. The aviation regulator said the budget carrier had tion, it could potentially increase com-

T
“failed” to establish safe, efficient and reliable air services. On he Adani group has secured a petition in enterprise 5G, in addition to SURAJEET DAS GUPTA
Monday, the Boeing B737 Max aircraft with registration number letter of intent (LoI) from the opening the doors for the Adani Group New Delhi, 12 July
VT-SZK operated the Mangaluru-Dubai flight, DGCA officials noted. Department of Telecommu- to expand into consumer mobile serv-
Meanwhile, the firm on Tuesday said the complaint of alleged nications (DoT) for the grant of a unified ices over time”. Globally, 5G services Chinese company BYD Auto,
fraud filed by an individual against airline’s Chairman Ajay Singh licence for the Gujarat circle. The LoI was have been launched in three bands — backed by Warren Buffet’s
was “completely bogus” and a defamation suit will be filed issued on June 28. 700MHz (coverage), 3.5GHz (5G cover- Berkshire Hathaway, has
against the complainant. Gurugram police on Monday said an FIR The unified licence will allow the age and capacity) and 26GHz (capacity blazed a trail by dethroning
has been filed against Singh, who is the Chairman and Managing group to provide long-distance call and and low latency). Tesla to become the largest
Director of SpiceJet, based on a complaint by one Amit Arora for internet facilities in the Gujarat circle. “However, with Adani group ruling electric vehicle maker in the
allegedly duping him on the pretext of allotting shares of the The group, however, has stated that it out offering consumer mobility servic- globe in the first half of 2022
company. “A frivolous, mischievous, and completely bogus has no plans to offer consumer mobility es, we believe that its participation in but its operations in India
complaint has been filed by a liquor dealer Amit Arora with the service and intends to use spectrum for 5G spectrum auctions will be limited to have always been rather low
Gurugram police with an intention to hurt SpiceJet and Ajay captive private networks. It will have to 3.5 GHz and 26 GHz bands for provision key.
Singh's image,” an airline spokesperson said in a statement. PTI obtain separate licences to provide serv- of private enterprise 5G network serv- The Chinese auto group
ices in other circles.
The Adani group is the latest entrant
licence with authorisation of access
service in specified licenced service
ices,” said Credit Suisse.
The group’s foray to provide stand-
opened an office in India in
2007 both as an electric
NOT A MAJOR
RBI imposes ~1.67cr penalty in the telecom sector and has applied for areas upon winning spectrum in the alone 5G enterprise network solutions vehicle manufacturer with MARKET YET
participation in 5G spectrum auction. auction. was a tad “unclear” given that globally, licensed technology for mak-
n Premium MPV launched
The DoT released details of companies Cash-strapped Vodafone Idea has a 5G enterprise use cases are still under ing electric buses and as a
on Ola Financial Services participating in the spectrum auction on negative net worth of ~80,918 crore as on pilot stages, it added. Credit Suisse contract manufacturer for last November, but only
for the B2B market
The Reserve Bank of India (RBI) has imposed a monetary Tuesday. March 31. Reliance Jio Infocomm and also questioned the rationale behind mobile devices.
penalty of ~1.67 crore on Ola Financial Services for non- The pre-qualification of bidders will Bharti Airtel have a net worth of ~1.97 bidding for 5G spectrum in auctions In 2016, BYD signed an n Technology tie-up for
compliance with certain provisions of the central bank’s take place on July 18 and the final list of trillion and ~75,886.8 crore, respectively, when the Centre has already allowed MoU with B K Modi’s Smart making electric buses
master directions on prepaid payment instruments. Ola bidders will be declared on July 20. as on March 31. private enterprises to set up a captive group for a comprehensive
n Contract manufactures
Financial Services was found to be non-compliant with the Bidding will be held for airwaves in mul- Brokerage CLSA wondered why non-public network by acquiring spec- technology partnership to
mobile devices for
directions issued by RBI on Know Your Customer (KYC) tiple bands, including the 3.5 GHz band would Adani bid in auction versus await- trum from the government for a nomi- make electric buses, electric
requirements. Accordingly, the central bank issued a notice to and milimetre wave band that is used ing a direct spectrum assignment. “The nal cost and without any licence fees. taxis and electric cars but it
Xiaomi but operations
the entity advising it to show cause as to why a penalty for 5G services. question is why would Adanis bid in Credit Suisse felt that the possibility did not take off. much smaller than
should not be imposed on it. Following the company’s The Adani group has made the appli- auction versus awaiting a direct spec- of Adani Group foraying into consumer Six years later, BYD today Foxconn or Wistron
response to RBI’s notice, the central bank concluded that the cation through a newly incorporated trum assignment? Adani's entry will mobility in the future is “non-zero”. saw its shares plummet on n Mulling contract
charge of non-compliance with the directions issued by it Adani Data Networks Limited. It has a create uncertainty over spectrum pric- “While the Adani group has expressly speculation that Buffet was manufacturing iPads for
was substantiated and it warranted an imposition of net worth of ~248.35 crore. Net worth of ing in the 5G auctions, which was denied intentions of entering the con- dumping the company by Apple Inc in India but
monetary penalty on the company. BS REPORTER promoter firm Adani Enterprises expected to see bidding competition pri- sumer mobility business, we believe selling his shares, an allega- dropped plans. Set up
(~4,730.66 crore) will be used for deter- marily between Bharti Airtel and RJio,” that market participants may still view tion which the company has plant in Vietnam instead
mining eligibility for the bids. it said in a report. this as a low, distant possibility given denied.
Adani group is a new entrant in the Goldman Sachs said while the group the sector’s history. However, it would In India, sources say that
Lightspeed India raises $500 mn telecom space and according to the bid
condition, it will have to obtain unified
has stated it does not intend to be in
the consumer mobility space, “we
require a meaningfully higher capital
commitment...” it added.
BYD was planning to set up a
plant to contract manufac-
top up the battery.
While the premium end
for India and Southeast Asia ture iPads for Apple which
included applying for the IT
product is available in key
metros such as Delhi,
VC firm Lightspeed on Tuesday announced that it raised $500 products’ Production Linked Mumbai, and Chennai, its

Eveready board reshuffle:

million for India and Southeast Asia as the firm deepens its Incentive scheme. The numbers are miniscule: it has
commitment in the region. This is part of the $7 billion that the fund strategy was that Apple registered 152 vehicles in the
house has raised. Lightspeed joins the list of a few fund houses that would, as it has in mobile first six months of this year
have raised funds in a slowing cycle for fund raise. The fourth fund devices, diversify its supply according to data from the

Burmans, Sunil Alagh join

from Lightspeed, which has been investing in India since 2007, was base which is concentrated in VAHAN website.
hard-capped at $500 million. Hard capped means company did China. BYD’s electric foray is not
not want to raise additional capital. This is also one of the largest But the project was limited to MPVs. It has also
fund dedicated to India and Southeast Asia. Over the past 5 years, dropped, sources say, tied up with Hyderabad-
the firm's presence has expanded to 28 professionals across four ISHITA AYAN DUTT the largest shareholder in because tensions between the based Olectra Greentech
locations, representing one of the largest venture advisory teams in Kolkata, 12 July Eveready since July 2020 but two countries led to numer- which manufactures electric
the region. BS REPORTER had not sought a board seat. ous restrictions being buses. The combine has been
The board of the country’s It’s only after completion of imposed on Chinese players competing with Tata Motors
largest dry cell battery the open offer – which has who wanted to invest in and others on bidding for city
Pernod halts investments, maker, Eveready Industries taken its holding in the com- America. Instead, BYD has set public transport tenders and

cites protracted tax fight India, has been reconsti-

tuted with Burman family
French spirits group Pernod Ricard has put new Indian investments members and nominees
on hold due to long-running tax disputes with authorities on being appointed to it.
valuing liquor imports, according to two sources with direct In a filing with the stock
knowledge and company letters seen by Reuters. Its shares fell 1.8 exchanges, the company
per cent on the news, underperforming peers. The world's second- informed that the board had
biggest spirits group said its legal wrangles have progressively approved the appointment of
worsened since they first started nearly 30 years ago, making it Anand Chand Burman,
tough to do business in the country and raising the prospect of a Mohit Burman and Arjun
major financial hit. REUTERS Lamba as non-executive
directors (additional direc-
tors) with effect from July 12,
CDPQ buys additional 10% in 2022.
In addition, Sunil Alagh,
Apraava Energy for ~660 crore has been appointed as an
independent director
Canadian pension fund CDPQ has increased its stake in Mumbai- (additional director) of the
based Apraava Energy to 50 per cent by acquiring an additional 10 company for a period of five
per cent stake from shareholder CLP for ~660 crore. The company, years. The resolutions of the
formerly called CLP India, will become a 50:50 joint venture after board of directors were
the deal, CLP said in a notification to the Hong Kong Stock passed by circulation and are
Exchange. CDPQ acquired 40 per cent stake in Apraava in 2018 for subject to the approval of
~2,645 crore, with CLP retaining 60 per cent stake back then. The shareholders.
Hong Kong-listed CLP Holdings is among the largest foreign The board-level changes
investors in the power sector. Rajiv Ranjan Mishra, managing follow the completion of the
director, Apraava Energy, said the firm aimed to double its energy open offer for acquisition of
portfolio in 3-4 years. BS REPORTER shares and control of
Anand Burman (left) and Mohit Burman
Eveready by the Burman
Group.
In February, when the
Burman Group announced
its intent of launching an
open offer for Eveready, it
had requested adequate rep-
resentation on the board
through appointing three
non-executive directors at a
time permitted by the
Takeover Regulations of the
Securities and Exchange
Board of India (Sebi).
The Burmans would be
appointing the chairman of
the company – a post that fell
vacant after Aditya Khaitan,
younger son of late Brij
Mohan Khaitan, stepped
down as non-executive chair-
man, following the
announcement of the open
offer by the Burman Group
earlier this year.
Sources indicated that
appointment of chairman
was likely at the next board
meeting.
The Burmans had been
pany to 38.3 per cent – that
they are on-boarding.
Burman family members
– Anand Burman and Mohit
Burman – have been in key
roles in Dabur India.
Anand Burman is a
member of the fifth genera-
tion of Dabur group’s founder
family and took charge as the
chairman of Dabur India in
2007. He stepped down as the
Chairman of Dabur India in
2019. Other than the Dabur
Group companies, he is also
on the board of Aviva Life
Insurance, Ester Industries
Limited. Mohit Burman is
the vice chairman of Dabur
India.
Lamba is founder director
of Guardian Advisors Private
Limited, a Portfolio
Management Company and
is understood to have helped
the Burman Group in various
independent ventures and
investments.
up a contract manufacturing
plant for iPads in Vietnam
and commercial production
is underway.
According to the BYD
website, the company has
invested $150 million in two
plants in India which it sees
as a strategic hub in south
Asia. A detailed question-
naire to the company did not
elicit any response.
Last November, BYD
made a quiet launch of its
electric multi-purpose
vehicle or MPV, its first foray
in the segment. The vehicle,
called BYD e6, is powered
with a 60kwh electric motor
with a range of 500 kilome-
tres in one charge and is on
sale for 29.6 lakh, addressing
only the B2B market.
To support buyers, the
company has tied up with
three electric vehicle charg-
ing networks which will pro-
vide over 1000 locations to
has been able to win many
bids due to aggressive pric-
ing.
According to VAHAN
data, Olectra Greentech has
registered over 285 electric
buses between January-
June this year and has regis-
tered 685 electric buses since
it started selling them in
2015.
BYD has also entered into
contract manufacturing of
mobile devices at its plant
near Chennai. One of its
clients is Xiaomi. The plant
initially manufactured com-
ponents for mobile devices
and later extended it to full
mobile devices.
The plant also makes elec-
tric batteries, an area where
BYD is a global leader. Yet, for
a global contract manufac-
turer, it has a much smaller
play in India than Taiwanese
companies like Foxconn or
Wistron.

Single-use plastic substitutes look to cash in on the ban

ISHITA AYAN DUTT
Kolkata, 12 July
Opportunity came knocking for Jagdish
Bhatia, a resident of Delhi, when Prime
Minister Narendra Modi called for
phasing out of single-use plastic (SUP) in
his Independence Day address in 2019.
He went on to set up a ‘No Plastic’ shop, a
website for eco-friendly products,
primarily focussing on cotton bags for
wholesale and retail.
In March 2020, as the country saw the
onset of the pandemic and businesses
started getting hit, cotton prices started
to rise. The last 10 months, though, have
been good with enquiries coming in from
corporations and the Plastic Waste
Management Amendment Rules, 2021,
in effect. With the uptick in sales and the
rule in place, Bhatia is expecting a 200
per cent jump in FY23 sales.
The Plastic Waste Management
Amendment Rules, 2021, prohibits
manufacturing, importing, stocking,
distributing, selling and using plastic
carry bags with a thickness less than 75
microns with effect from September 30,
2021. This will go up to 120 microns from
December 31, as cotton and jute bag
manufacturers are gearing up to cash in
on the opportunity.
Bhatia’s supplier, Sekawati Impex, is
one of the largest manufacturers of
cotton bags in India but largely cater to
the export market.
“We are planning a big entry in the
domestic market and are chalking out a
strategy. Right now, we are not doing big
volumes in the domestic market. But we
will be targeting large corporates and
retail chains,” Dinesh Gupta, president,
Sekawati, said.
Sekawati Impex plans to double
production in the next two years to cash
in on the rising demand.
Cotton’s more expensive substitute,
jute, is also vying for space in the
domestic market after making major
inroads in the export market.
The Indian Jute Mills Association
(IJMA) has made presentations to the
ministry of textiles and ministry of cons-
umer affairs. “We are proposing a pan-
India campaign, Bring Your Own Bag
(BYOB), to the government. There can be
a tripartite arrangement with top retail-
ers, jute industry and the government for
introduction of jute bags,” Raghavendra
Gupta, chairman IJMA, said.
The BYOB campaign is akin to what
global retailers like Tesco have been
doing for some years. Discussions
around the campaign between the jute
industry and the government first
started in 2019 but didn't progress. Now,
a fresh pitch is being made.
The opportunity for plastic
substitutes however is not limited to the
carry bag space. A number of products –
earbuds, sticks for balloons, flags, candy
sticks, ice-cream sticks, polystyrene
(thermocol) for decoration, plates, cups,
glasses, cutlery such as forks, spoons,
knives, straw, trays, wrapping or
packaging films, invitation cards,
cigarette packets, PVC banners less than
100 microns – have been banned from
July 1. And that has opened up
possibilities even for large players like
the diversified conglomerate, ITC.
ITC’s paperboards division had been
gearing to produce plastic substitutes for
a while now with its packaging solutions
for quick-service restaurants, personal
care and packaged foods industries.
Sources indicate that while exports have
been big, demand in the domestic
market was picking up.
Export boom
The demand for plastic substitutes in
India is still at a nascent stage. But
countries across the world have been
moving to beat plastic pollution for a
while now and – whether its cotton, jute
or value added paperboard – Indian
players are making the most of it.
Consider this: data from IJMA shows
value of exports of jute handbags/ shopp-
ing bags went up to ~820.36 crore in FY22
from ~321.61 crore in FY16; in terms of
quantity, it moved to 104 million bags in
FY22 from around 47 million in FY16.
The ban has given jute mills a fresh
lease of life as major foreign retailers like
Tesco, Muji, Lidl, Aldi and Asda are
sourcing bags from India.
Mills are also looking to add capacity
to meet the demand. “Last year, we
exported 2.7 million bags and this year, I
am confident it will go up to 5 million,” G
R Verma, president, Birla Jute Mills, a
unit of Birla Corporation.
Kolkata-based Gloster is also setting
up a mill. The new mill – which would be
fully operational in three years – would
increase capacity from 50,000 tonnes to
80,000 tonnes. “We decided on a new
mill because we were forced to give up on
exports. Globally, there has been a clear
trend of shift from plastics wherever it is
commercially viable,” said Hemant
Bangur, executive chairman, Gloster.
Price factor
While India is expected to see a boom
in the use of plastic alternatives, pricing
could be a stumbling block.
“In terms of pricing, paper is the next
cheapest option as compared to plastic
packaging, with glass priced higher than
the majority of the options. Jute and
cotton are still priced higher than paper
and hence, preferred less compared to
paper in most cases,” Pushan Sharma,
Director, Crisil Research, said.
Birla Jute’s Verma said in the overseas
market, penetration of jute bags had
increased like anything. “A similar thing
should happen in India. But if it doesn’t,
the only reason would be cost.”

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.
MUMBAI | WEDNESDAY, 13 JULY 2022 COMPANIES 3 <

In damage control, Uber Tata Neu app

says it changed after ’17 downloaded
SHIVANI SHINDE The biggest change came when Uber
by 7 million in
just 7 weeks
Mumbai, 12 July signed a deal last year with Britain’s trade
union body, GMB, that its private hire

W
ith a report on Uber by the
International Consortium of
Investigative Journalists (ICIJ)
opening a Pandora’s box, the company
is in a damage-control mode. Distancing
itself from the actions of its management
pre-2017, Uber, while acknowledging the
"mistakes" of the past, has said that under
CEO Dara Khosrowshahi, it “is a different
company".
“There has been no shortage of report-
ing on Uber’s mistakes prior to 2017.
Thousands of stories have been pub-
lished, multiple books have been written
-- there’s even been a TV series,” Uber
said in a statement on Monday.
Five years ago, those mistakes led to
a big moment of reckoning in corporate
America. The company brought in Dara
Khosrowshahi as the new chief executive
officer (CEO) and also hired Eric Holder,
a former US attorney general, to investi-
gate and overhaul its business practices.
Based on Holder’s recommendations,
Khosrowshahi rewrote the company’s
values; revamped the leadership team;
made safety a top priority; implemented
best-in-class corporate governance prac-
tices; hired an independent board chair;
and installed the controls and compliance
necessary to operate as a public company.
“When we say Uber is a different com-
pany today, we mean it literally: Ninety
per cent of current Uber employees
joined after Dara became CEO,” said the
company in its statement.
Several reports from the time when
Khosrowshahi took over quote him as
saying that the company was doing away
with its “pirate culture” and the new
focus was on “growing responsibly”.
One of the biggest criticisms of the
company was its lack of diversity. So,
Khosrowshahi’s first big hire was a chief
diversity and inclusion officer, Bo Young
Lee, and also a first chief operating officer
Uber on the
whistleblower
An official Uber spokesperson in India
shared this statement on whistleblower
Mark MacGann, a former top lobbyist for
the company who has identified himself
as the source of the leaked files: “We
understand that Mark has personal regrets
about his years of steadfast loyalty to our
previous leadership, but he is in no
position to speak credibly about Uber
today.” “Mark had only praise for Uber
when he left the company six years ago. In
his 2016 departure email, he called Uber
the ‘enterprise of this generation’ and
described himself as ‘a strong believer in
Uber’s mission.’ Since then, however,
Mark has been in litigation against the
company in an attempt, among other
things, to get paid a bonus he claimed to
be owed for his work at Uber. That lawsuit
recently ended with him being paid
585,000 euros. It is noteworthy that Mark
felt compelled to ‘blow the whistle’ only
after his check cleared."
(COO), Barney Harford.
Khosrowshahi, unlike his predeces-
sor, was keen to meet lawmakers to
resolve regulatory logjams. The first one
was to meet London lawmakers after the
city revoked Uber’s licence to operate.
drivers would become members of the
union. Uber signed the deal two months
after agreeing to guarantee its 70,000 UK
drivers a minimum hourly wage, holiday
pay and pensions in March after a land-
mark Supreme Court ruling, according
to a report in The Guardian.
This March, Uber also joined hands
with the famous yellow taxis of New York,
which can be booked using Uber’s app.
The India story
Uber’s run-ins with the Indian gov-
ernment are well-documented. Only last
month, the Central Consumer Protection
Authority (CCPA) pulled up both Uber
and Ola on rising complaints of con-
sumer rights violations.
A senior official at CCPA confirmed
that the authority has issued notices to
online cab booking platforms, including
Uber, on rising complaints from users.
"The replies to these notices are currently
under examination. We would consider
any further action after completing the
review of the replies," said the official,
asking not to be named.
In March this year, Bombay High
Court, too, pulled up cab aggregator plat-
forms Ola and Uber for operating in
Maharashtra without valid licences.
Uber is also facing heat from its driver
partners who have been complaining
that their earnings have fallen drastically.
The other big ask from Uber in India
has been the “panic button” for the safety
of passengers. When contacted, an Uber
India spokesperson said: “We continue
to enhance safety on the platform,
including the share-trip feature through
which a rider can share their trip details
with their trusted contacts, while they
are riding in an Uber. In addition, rider
and driver contact details are anonym-
ised when they are connected to ensure
their safety and privacy.
SHIVANI SHINDE
Mumbai, 12 July
Tata Neu, the super app from
the Tata group, has been
downloaded by over 7 million
users within seven weeks of
its launch.
And, the company wants
to ramp this up to 150 million
users in the next two years,
said senior executives of Tata
Digital in an internal maga-
zine of the Tata group.
According to data from
App Annie, a mobile app
tracking platform, the Tata
Neu app has been down-
loaded by over 11 million
users.
Pratik Pal, chief executive
officer (CEO), Tata Digital, in
an interview in Tata Review,
said, “We aspire to have 100-
150 million NeuPass
members in the next two-
three years.”
He added: “We have made
a good beginning with around
7 million downloads as we
speak.”
NeuPass is a membership
service from Tata Neu that
allows users to earn Neu coins
as they keep shopping.
Pal also hinted in the inter-
view that the next big play
from Tata Neu will come from
the services segment with the
products’ category now well
established across the plat-
form. The next big launch
would come from the hospi-
tality and travel segment.
This will see convergence
of its airline offerings —
Vistara, AirAsia India, Air
India as well as Indian Hotels
Company (IHCL). IHCL was
among the first brands from
the Tata group to join Tata
Neu. IHCL also has one of the
oldest and coveted loyalty
programmes with a user base
of 2 million. These members
were transitioned to the new
HCL Tech net
loyalty programme.
Within seven weeks of the
super app’s launch, IHCL saw
rises 2.4% at
a rise of 3 per cent in gross
merchandise value (GMV)
from the pre-pandemic level,
said the IHCL management.
~3,283 cr in Q1
“By 2025, we want to take HCL Technologies reported a lion and product TCV was at
the GMV from the loyalty pro- net profit of ~3,283 crore, up $104 million.
gramme to double of what it 2.4 per cent year-on-year Growth driver for the com-
was with Taj InnerCircle. (YoY), but was down 8.6 per pany was its engineering and
Internally, we’re targeting a 60 cent sequentially. R&D segment, which grew 23
per cent increase from loy- Revenue for the quarter per cent YoY and 3.7 per cent
alty-led revenue this year. stood at ~23,646 crore, up 16.9 sequentially. The IT and serv-
This is possible because we’re per cent YoY. The growth was ices business grew by 18.1 per
going from two million cus- 3.8 per cent sequentially. cent YoY. “The TCV that we
tomers to 40 million. And, our The revenue met have signed is the highest ever
average order value is higher Bloomberg estimates but and this also gives confidence
(about ~25,000 per person) missed the net income target. for a strong note to start FY23
compared to other brands. We Bloomberg had estimated the on. Our services business con-
are very bullish about it,” said net income to be ~3,320 crore. tinues to have robust growth
Parveen Chander, executive In dollar terms, revenue momentum, growing at 2.3 per
vice-president, sales & mar- grew 11.2 per cent YoY and 1.1 cent quarter-on-quarter and 19
keting, IHCL. per cent sequentially. The per cent YoY in constant cur-
After the travel industry, company also maintained its rency. It was driven by our dig-
the next big bet is entertain- FY23 revenue guidance at 12- ital engineering and digital
ment, with Tata Ply as the 14 per cent growth. application services with
main platform and the third HCL Tech had a total con- Cloud adoption being a hori-
pillar will be finance. But tract value of new deals worth zontal theme across services
finance will take more than a $2 billion, a growth of 23.4 per and verticals,” said C Vijaya-
year to bring all its offerings, cent YoY. Of this, the services kumar, CEO and MD, HCL
said Pal. business had a TCV of $1.95 bil- Technologies. BS REPORTER

IndiGo to APPOINTMENTS
take action
over mass
sick leave
PRESS TRUST OF INDIA
New Delhi, 12 July

IndiGo has started disciplin-

ary proceedings against the
aircraft maintenance techni-
cians who went on mass sick
leave during the last five
days to protest against low
salaries, sources said.
The airline has asked the
technicians concerned to
report to the airline’s doctor,
along with necessary medical
documents, so that the car-
rier can verify if they were
actually sick, sources men-
tioned.
In an email to a techni-
cian who took sick leave on
July 10, IndiGo said that such
an absence without any prior
notice impacts the opera-
tions of the airline.
“Therefore...you are directed
to meet our company doctors
immediately along with nec-
essary medical documents to
substantiate your medical
condition," it mentioned.
The airline did not
respond to PTI's request for
a statement on the matter.
The email said that since
the airline has not been able
to get in touch with the tech-
nician, he should urgently
take an appointment with
the company doctor.
In case he does not take
the appointment, the airline
will conclude that he is "vol-
untarily staying away from
work and treat it appropri-
ately".
During the last five days,
a sizeable number of the air-
line's aircraft maintenance
technicians went on sick
leave to protest against their
low salaries.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 13 JULY 2022 1

IN BRIEF

No indication about effect of ~ falls to a fresh low, just ‘India should

UK PM exit on FTA talks: Goyal
There are no indications about the effect of the recent political
40 paise away from 80/$ be broadly
aligned with
developments in Britain on the ongoing negotiations for a
proposed free trade agreement between the two countries,
Commerce and Industry Minister Piyush Goyal has said. BHASKAR DUTTA
On July 7, British Prime Minister Boris Johnson announced his Mumbai, 12 July
FALLING ON
HARD TIMES ICICI Bank,
the West’
resignation as Conservative Party leader after a mutiny from
within his Cabinet in the wake of a series of
scandals that rocked his government,
triggering a leadership election for a new T
he rupee shed 0.2 per
cent on Tuesday to
mark a new closing low
~ vs $ (inverted scale)
SBI raise
Tory leader to be his successor. “Since
the Conservative Party is still going to be in
the government and normally in relation
versus the US dollar, and
dealers saw the domestic cur-
rency heading towards the 80
interest on The Narendra Modi government has a somewhat mixed record in
politics, economics, and welfare, but with clear successes, says
MARTIN WOLF, chief economics commentator at the Financial Times.
to international engagements,
governments have continuity. So, I do not
per dollar mark in the near
term. The rupee settled at 79.60
FCNR Speaking from the sidelines of the Kautilya Economic Conclave,
Wolf, in conversation with Asit Ranjan Mishra, warns that big
see any immediate problem and I have not
heard of any reason, which may affect the
strong bilateral partnership between India
per US dollar, as against 79.44
per US dollar at its previous
close. In the course of the day,
deposits problems are emerging due to relatively weak investment in the
private sector. Edited excerpts:

and UK,” Goyal said.
Crackdown on urea diversion
PTI the domestic currency had SUBRATA PANDA The Narendra Modi government recently
touched a lifetime low of 79.66 Mumbai, 12 July completed eight years in office. How do you
per US dollar. rate its performance?
With the crucial level of
ILLUSTRATION: AJAY MOHANTY

79.50 per US dollar breached, president, Treasury Advisory February, climbing to a 14-year
Two of the country’s largest
banks — State Bank of India MARTIN WOLF
That’s quite complicated. From the outside
world’s point of view, it would be seen as a
to plug ~6K-cr subsidy leakage the rupee was now seen Group, HDFC Bank told
heading towards the 80 per dol- Business Standard.
high of $140 per barrel in
March.
(SBI) and ICICI Bank — have
hiked interest rates on their for-
Chief economics mixed record. There are very clear realities.
commentator, First, it is a politically very successful
The Centre has launched a nationwide crackdown to curb lar mark over the near term, “Against this backdrop, the While prices have cooled off eign currency non-resident Financial Times government. It has established an
diversion of about 1 million tonnes of agriculture-grade urea CR Forex Advisors said current move in USD/INR is since then — a barrel of Brent (FCNR) bank deposits after the extraordinarily strong position in the country.
per year for industrial uses that results in subsidy leakage of on Tuesday. understandable and the pair crude last stood at around $105 Reserve Bank of India (RBI) last Everybody assumes it is going to last for a long time. It gives
around ~6,000 crore, an official said. In the last two-and-a- Meanwhile, the US dollar can move up further if current per barrel – the current levels week eased the interest cap on political stability. One understands what it is trying very
half months, the government has identified leakages worth index rose to a high of 108.56 dollar strength continues”. also exert significant pressure FCNR bank deposits till broadly to do. There are questions abroad about potential for
~100 crore through various covert operations. The Centre on Tuesday, its highest level The sharp rise in the dollar on India’s import bill and infla- October 31, 2022. communal divisiveness and whether that would affect its
provides urea at a highly subsidised rate of ~266 per bag (of 45 since August 8, 2002, the index has been caused tion. Huge outflows of overseas According to SBI’s website, stability and what that would mean for its future. India is seen
kg) to farmers. It has to bear a subsidy of over ~2,700 per bag. PTI data from Bloomberg showed. by a global rush to the investment from Indian finan- the interest rate on US dollar as a very important country for the future because of its size and
The index, which is a gauge of safety of the US currency amid cial markets amid higher category deposits with matur- economic potential.
the US currency against six fears of slowing economic returns in the US have further ities up to 2 and 3 On the economic front, the performance of the government
Centre looks to create PPP major currencies, was at 108.02 growth worldwide. Such
at its previous close. A surge in fears have been
deepened worries over financ-
ing the current account deficit.
years have been raised by 85
basis points (bps) to 2.85 per
is again mixed. The growth record has not been very good. The
country’s economy was terribly hit by Covid-19. There is a
framework for agri sector the greenback to a
fresh 20-year high P8 accentuated by the
US Federal Reserve’s
Foreign portfolio investors
have sold a net $30.23 billion
cent and 3 per cent, respec-
tively. And, interest rate on
perception the
government took some
With a focus on securing more investments and expertise globally has eroded AT $1.00005, resolve to hike inter- of Indian assets, more than maturities above 3 years has rather whimsical
from private players in the agriculture sector, the government is the appetite for est rates sharply to three times the outflow for the been raised by 80 basis points. decisions like
keen to create a formal comprehensive framework for emerging market cur-
EURO DRAWS curb inflation in whole of 2008, the year of the Accordingly, 3-year to less than demonetisation. Some
Public Private Partnership in the sector, a senior government rencies, dealers CLOSER TO the country and a global financial crisis, the 4-year maturity will attract an big problems are
official said on Tuesday. Speaking at a Ficci event, Agriculture said. The rupee has PARITY AS deepening energy cri- NSDL data showed. interest rate of 3.10 per cent; 4- emerging in terms of
Secretary Manoj Sinha said work on the framework was lost 6.6 per cent DOLLAR RUNS sis in Europe. A sharp decline in domestic years to less than 5-years relatively weak
currently ongoing and private players were encouraged to share against the greenback For India, the equities also dragged the rupee maturity will fetch an interest investment in the private
their inputs. BS REPORTER in 2022, so far.
RAMPANT strengthening dollar lower on Tuesday. The rate of 3.15 per cent; and 5-year sector, in particular.
“Today INR worsens the outlook BSE Sensex and the NSE maturity will fetch an interest There is an attempt to
touched a new low against USD on the current account deficit Nifty50 closed 1 per cent lower rate of 3.25 per cent. build some sort of a
HC pulls up Centre for filing due to global factors. The dollar as the country is a substantial
index has hit a 2-decade high importer of crude oil, which is
each on Tuesday.
Dealers said that the RBI
The interest rate on British
pound sterling has been raised
welfare state. There is a
recognition that the
1-page reply in PM CARES case as the euro is on the verge of denominated in the US cur-
hitting parity with USD and rency. Oil prices have been
was likely to have intervened
in the market through dollar
by 25 bps across maturities.
Interest rates on Canadian and
government is really quite
successful and quite
Expressing displeasure over the Centre’s one-page reply on a global oil prices remain high,” extremely volatile since the sales around the 79.62-79.63 per Australian dollar deposits were determined to improve
petition to declare PM CARES Fund a State, the Delhi High Court on Bhaskar Panda, senior vice- Ukraine war broke out in dollar mark. increased by 50 bps as well. public services for the
Tuesday said that such an important issue warranted a detailed mass of the people.
reply. The plea sought to make the fund a State to ensure
SOME BIG
transparency in its functioning. Noting that the issues pertaining
to the citizen’s assistant fund were important, the court told
the Centre to file a detailed and exhaustive reply in the
matter. The Bench said, “Let a detailed and exhaustive reply be
Share of $, euro in trade payments You touched upon
communal tensions
building up. Do you
think they have the
PROBLEMS ARE
EMERGING (IN INDIA)
filed in four weeks. Rejoinder, if any, be filed in two weeks
thereafter. List on September 16.” PTI by India up 30% since ’90s: IMF data potential to undermine
the economic prospects
of the economy if left
IN TERMS OF RELATIVELY
WEAK INVESTMENT
SACHIN P MAMPATTA
KING OF THE PACK unchecked? IN THE PRIVATE SECTOR
CBI books NCP MP Faizal in Mumbai, 12 July
Dollar has been the main currency for Dollar share in imports was less than
It is very difficult for me to
judge as an outsider. The IN PARTICULAR.
tuna fish export scam case The share of developed market cur- India’s exports (export invoice, share in %)
rencies in India’s trade has only been
60% in 1991 (import invoice, share in %) answer to that is I assume
and hope not because it
THERE IS AN ATTEMPT
The CBI has booked Lakshadweep MP going up in recent decades. n US dollar n Euro n Home currency n US dollar n Euro n Home currency will be very foolish and TO BUILD SOME
Mohammed Faizal under corruption charges The share is up around 30 percentage
0.3
100
7.2
100 unnecessary. One of the SORT OF A
for alleged irregularities in export of tuna fish points since the early 1990s, shows an 8.9 7.7 11.1 remarkable things is how
to a Sri Lankan firm represented by his analysis of data from the Washington-
3.3 80
0.4
80 peaceful Muslims have WELFARE STATE
nephew, officials said on Tuesday. The NCP based International Monetary Fund. 27.7 7.7 been here unlike in many
60 60
MP’s nephew Abdul Razaq and a Colombo- The Reserve Bank of India (RBI) other countries, including our own - very limited domestic
based firm that he represented, SRT General announced a mechanism on Monday to terrorism or violence. But, of course, there is always a risk.
40 40
Merchants, have also been named as accused in the FIR. The pay for imports and exports in Indian If the relation with the minority community was to be
agency on Tuesday conducted searches at the residence of Faizal rupees. This will likely help settle trade 57.2 78.8 87.0 86.4 86.8 59.7 73.5 85.8 85.4 89.4 seriously destabilised, which has clearly not happened from an
20 20
in Delhi, Calicut and Lakshadweep. PTI with countries like Russia and Sri Lanka outsider’s perspective, that would be a concern not just for
and remove any risks of dealing in dol- 0 0 Indians, but for people who want to invest in India, people who
lars. Russia has been facing sanctions fol- 1991 1995 2000 2010 2014 1991 1995 2000 2010 2014 are friends of India, and people who want India to be a great
ASI killed, 2 constables injured lowing military action in Ukraine. Sri
Lanka has been facing debt issues that
Note: The data is presented for years and currencies available. Three main categories have been used here for clearer
representation, which includes home currency exports as well as US dollar and euro exports. Euro data includes
success. (I assume) there is a place for all Indians in New India.
That is obviously in the interests of India and the world.
in terrorist attack in Srinagar have left it with hardly any dollars to
meet its obligations.
legacy currencies; Source: IMF Working Paper 20/126, Boz et al. (2020), ‘Patterns in Invoicing Currency in Global Trade’
India has been importing crude oil from Russia despite
A police officer was killed and two constables were injured Research suggests that a change in The share of India’s export invoices per cent in 2014. The share of the euro Western pressure. Do you think there is greater
when terrorists attacked a police team in the outskirts of the city the value of the dollar can affect import denominated in dollars was 57.2 per cent was at 7.16 per cent in 2014, though it had understanding of India’s position in the Western world on
on Tuesday, officials said. The incident happened around 7:15 or export prices between two trading in 1991, shows the data from another reached as high as 12.61 per cent in 2009 the matter and will it allow this concession to India forever
pm when the terrorists fired upon the police naka at the Lal partners, even if the exchange rate IMF working paper with some (see chart 2). while it reduces its own energy dependence on Russia?
Bazar area, the officials said. They said an assistant sub- between the two remains constant. common authors to the one cited above, While trade can happen in rupees, I have assumed from the beginning that the West will accept
inspector of police was killed, while the two constables were “…the relevant predictor for bilateral titled ‘Patterns in Invoicing Currency in there is a difference in the demand for this. The truth is I don’t think the West has the capacity to stop
injured in the attack. PTI trade prices and volumes is not the bilat- Global Trade’, which came out in 2020. different currencies globally. Anyone Russia’s oil exports. There are mechanisms it could use —it can
eral exchange rate but the dollar The data shows exports have since who accumulates US dollars finds a large limit the insurance of marine cargo — but ultimately Russia is a
exchange rate, even where the US is on shown a rising trend. The latest available demand for the currency. It was on one big supplier of oil.
UP police forms SIT to investigate neither side of the trade transaction. A
1 per cent dollar appreciation against all
data was for 2014. It was then at
86.8 per cent. The euro is another devel-
side of 88 per cent of all trades in foreign
exchange market in April 2019, according
Oil has a world market, and the West doesn’t have the
capacity to stop that happening. There is a realisation that
cases against Alt News founder other currencies in the world predicts a
0.6–0.8 per cent decline within a year in
oped market currency that has gained
prominence in Indian exports. It
to data from the Switzerland-based Bank
for International Settlements.
countries will strike favourable bargains with Russia; India and
China being the most important, they will import oil more
The Uttar Pradesh Police Tuesday constituted a Special the volume of total trade between coun- accounted for close to 8 per cent of Some part of the demand for a cheaply than the world price and in a way they are the
Investigation Team (SIT) for a “transparent” probe into cases tries in the rest of the world, controlling exports according to the latest available currency can be because it is needed beneficiaries.
lodged against Alt News co-founder Mohammad Zubair in for the global business cycle,” according data (see chart 1). for trade. Since oil prices are high, Russia is doing very well, allowing it
various districts of the state, a senior official said. The SIT has been to the 2017 IMF working paper titled, The share of developed market cur- India’s share of global exports has to survive. I don’t think we can stop this. But broadly speaking,
asked for a speedy probe and submit a charge sheet in the court, ‘Global Trade and the Dollar’ from rencies in imports shows a similar been under 2 per cent, according to the in this environment, it is in the interests of India to become a
Additional Director General (Law & Order) Prashant Kumar said. authors Emine Boz, Gita Gopinath and trend. The dollar accounted for 59.7 per World Bank. The US accounts for 12.95 little less non-aligned, to somewhat align very broadly with the
The SIT will be headed by IG (Prison) Preetinder Singh. PTI Mikkel Plagborg-Møller. cent of imports in 1991. This was at 89.37 per cent of 2019 (pre-pandemic) exports. West because we share common interests.

Thinking of dining out? Get ready to fork out 10-15% more

High food inflation forces restaurants to hike prices; ban on service charge may lead to further increase in the prices of dishes on the menu
SHALLY SETH MOHILE
Mumbai, 12 July
The steep rise in food prices has left a
bad taste in the mouth of restaurant
owners. To deal with the high cost of
inputs, many have already increased
the prices on their menus, while others
are planning to do the same in the
coming weeks, forcing customers to
fork out much more when they
dine out.
“On an average, there has
been a 10-15 per cent
increase in the prices of
dishes on the menu. While
some have already
implemented the higher
prices, others are in the
process of doing so,” says
FARM TO FORK
Pradeep Shetty, joint
honorary secretary,
Federation of Hotel and Restaurant
Associations of India (FHRAI).
Whether it is farm produce or
packaged food stuff or cooking fuel —
high food inflation has made everything
more expensive in recent months.
Hence, an upward revision in the prices
of items on the menu was inevitable,
adds Shetty.
The prices of all inputs have gone up
by at least 25 per cent, says M
Venkadasubbu, managing director at
Vellore-based Hotel Darling Residency.
“But though there has been a multi-fold
jump in costs, we cannot increase
prices by more than 10 -15 per
cent,” he says.
To be sure, these price
revisions have happened
over the last nine months
and since the restaurants
resumed operations after the
second wave of the Covid-19
pandemic. Having suffered
huge losses over the last
PART-III couple of years due to
lockdowns, many restaurant
owners were reluctant to hike prices for
fear that it would derail the recovery
process. So initially, most of them
absorbed the high costs. However, with
the restaurant business springing back to
pre-Covid levels, they have decided to
raise their prices, says Shetty.
However, like Venkadasubbu, others,
too, say that price increases on the menu
are not commensurate with the
escalation in costs and only marginally
cover the overheads. “Prices of food
items, salaries and electricity account for
over a third of the total costs for a
restaurant. This has gone up by
20-30 per cent over the last one year,”
points out Gurbax Singh Kohli, vice
president, FHRAI, and joint managing
director at the Mumbai-based Pritam
Group of Hotels.
In fact, industry insiders say that
restaurants have been able to pass on
only about half the increase in the input
costs to customers and have been forced
to absorb the rest. “As it is, we operate on
a thin margin of 15-20 per cent. It will now
take a further hit,” Kohli laments.
Among all the overheads, the cost of
refined oil and commercial LPG
cylinders has burnt the biggest hole in
the pockets of restaurant owners. Kohli
points out that while refined oil prices
ON THE MENU
Price rise in key inputs
(Nov '21 to May '22)
Sunflower
oil
Chicken*
Cooking LPG
(commercial) 30
Coal 10-20
Vegetables 20-25
Note: *Wholesale price Source: Industry sources
have gone up by 100 per cent since the restaurants from adding a service charge
Russia-Ukraine war broke out, (ranging from 5 per cent to 18 per cent) to
commercial LPG prices have risen food bills without the customer's
by 70 per cent in the last 2 years — 30 per consent, has also dealt a blow to
cent in 2020-21 and another 40 per cent restaurant owners. This, too, will force
in 2021-22. them to increase prices, they said.
What’s more, the July 4 directive by The CCPA has written to all the
the Central Consumer Protection states to ensure strict implementation
Authority (CCPA) prohibiting hotels and of the order, while empowering
consumers to lodge a complaint in case
of any violation.
(in %) The FHRAI maintains that there is
“nothing illegal” about such charges and
that service charges are levied to reward
55 the staff, including those who may not
serve the customers directly. Since the
49 beginning of the pandemic,
restaurateurs have been grappling with
staff shortages. Banning the levy of
service charge will force them to do away
with bonuses and other incentives paid
to the staff, and will add to the already
high attrition rate, they point out.
Kohli says that the hotels and
restaurants association will seek legal
opinion on the matter. The amount
added as a service charge is discretionary
and no hotel or restaurant is forcing
consumers to pay the charges, he claims.
According to Kohli, one should
compare their service charge with the
convenience fee being levied by many
other service providers. “How is it that
nobody questions when an IRCTC or
online travel companies levy a
convenience fee on bookings?” he asks.
.
MUMBAI | WEDNESDAY, 13 JULY 2022 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 13 JULY 2022 1

GoM on e-gaming Manufacturing

exports to hit At Quad meet, US to urge India
$1 trn by FY28: to back cap on Russia oil price
to submit final Bain report
SHREYA NANDI
DAVID STRINGER
12 July
without driving Russian cargoes off the
global market. It would cap prices by ban-

report by Aug 10
New Delhi, 12 July
India is expected to scale up
its manufacturing exports to
$1 trillion by fiscal year
SHRIMI CHOUDHARY of the casino industry. His that in the case of online gam- 2027-28. This comes amid
New Delhi, 12 July apprehension was that exces- ing, tax should be levied on the favourable trends in manu-
sive taxation on casinos would “full value” of consideration, facturing and growth in pri-
ning insurance and transportation serv-
US Energy Secretary Jennifer Granholm ices needed to ship Russian crude and
will use talks with nations, including petroleum products unless the oil is pur-
India and Japan, to rally support for a chased below an agreed price.
new effort aimed at capping prices for The efforts are intended to try to cap
Russian oil. the price on Russian oil at between $40
Granholm is scheduled to meet with and about $60 a barrel, people familiar
counterparts from the Quad group of with the matter said earlier this month.

T
he meeting of an
empowered group of
ministers (GoM) set up
to look into online gaming,
casinos, and races ended
inconclusive on Tuesday beca-
use of certain legal issues. The
GoM will now submit the
report by August 10, instead of
July 15 finalised earlier, one of
the panel members said.
The GoM, constituted by
the GST Council, met to dis-
cuss ambiguities in valuation
of services and their taxability.
However, the panel is of the
view that certain legal aspects
should be examined by the law
committee of the Council and
a final decision would be taken
after considering the commit-
tee suggestions.
The next meeting of the
panel is likely to be held in New
Delhi by the end of this month.
The GoM had proposed a
flat 28 per cent levy on online
gaming and fantasy sports to
bring them at par with gam-
bling and betting.
The proposal, however, was
opposed by the Goa minister
who said taxing the casino on
full value would decrease the
footfall in tourism and viability
negatively impact the tourism including the contest entry fee, ority sectors, said Bain & nations —Australia, India, Japan, and the India has boosted purchases of
adversely. He argued that incl- paid by the player for partici- Company, in a report titled, US — during a visit to Sydney that’ll also Russian fuel in recent months, spending
usion of prize money in taxable pation in such games. ‘The Trillion-Dollar touch on cooperation on supply of $8.8 billion on petroleum and coal
value could lead to litigations. With respect to the race Manufacturing Exports critical minerals needed for clean energy imports from February 24 to June 30 —
“Following Goa’s request course, the panel was of the Opportunity for India.’ technologies. more than it doled out for all Russian
for special treatment for casi- view that 28 per cent GST The six sectors driving “We want to put on the table the goods in 2021. Japan also remains heavily
nos, it was decided that GoM should be levied on the full bet export growth will be chemi- option of joining a buyers’ group that will India has boosted purchases of Russian reliant on energy imports from Russia.
will give one more hearing for value, whereas in the case of cals, auto, electronics, phar- have greater market power to be able to fuel in recent months, spending $8.8 Critics have said the price-cap plan is
online games and horse racing casinos, on the value of chips/ maceuticals, textiles and lower the price, and therefore lower the billion on petroleum and coal imports too complex to work in practice, and also
as well,” Finance coins purchased industrial machinery. price of Russian oil and lower the profits from February 24 to June 30 raised questions over whether countries
Minister Nirmala The GST Council from the casino by The electronics sector is to Putin,” Granholm said Monday in an like China and India, who are among
Sitharaman had has asked the the player. expected to see the highest interview in Sydney. Seven leaders last month, is to limit the the largest buyers of Russian oil, would
said after the group of ministers Meanwhile, a compound annual growth The strategy, raised among Group of revenue Moscow earns from oil exports cooperate. BLOOMBERG
Council meeting to re-examine the panel of state min- rate (CAGR) of 35-40 per cent
last month in proposal of isters on GST rate till FY28. This would be fol-
Chandigarh. levying 28% tax rationalisation lowed by chemicals at 19-23
The GST on online gaming, met on Tuesday to
Council had last casinos, and horse discuss the rate
month deferred racing after Goa
the proposal and raised objections
slabs restructur-
ing. The seven-
per cent and industrial
machinery at 18-20 per cent.
Automotive is another key
sector and is expected to
TCS CEO, KKR India chairman
asked the panel to member panel,
re-examine the issues after headed by Karnataka Chief
holding discussions with the minister Basavaraj Bommai,
grow at 15–18 per cent CAGR.
The report comes in
the backdrop of India’s man-
among 29 to join Board of Trade
states and stakeholders. met after the Council meeting ufacturing exports seeing SHREYA NANDI Cellular and Electronics 2019 merged the Council of
At present, the entire trans- held last month. The Council tremendous growth over the New Delhi, 12 July Association, Praveen Khan- Trade Development and
action value — which includes had given nod to all the sug- past two years. delwal, Secretary General Con- Promotion with the Board of
the winning amount — attracts gestions proposed by the panel Manufacturing exports saw a The government has nominat- federation of All India Traders), Trade to bring greater coher-
GST. Most online gaming plat- on hiking rates of certain con- CAGR of more than 15 per ed 29 non-official members Laghu Udyog Bharati Exe- ence in the consultation
forms pay 18 per cent GST as sumer items and doing away cent to touch $418 billion in from large and small enterpris- cutive Member Om Prakash process with all stakeholders
platform fees. The GoM, head- with exemptions. The panel is fiscal year 2021-22. es and different sectors in the Mittal, GCMMF (Amul) Mana- for promoting exports and im-
ed by Meghalaya Chief examining the merger of the “The positive develop- Board of Trade, which is a top ging Director RS Sodhi, among ports, according to an official
Minister Conrad Sangma, was current four slabs and the pos- ments in the manufacturing advisory body on external others, according to not- notification.
tasked with examining the tax- sibility of hiking the lower sector, driven by production trade. The inductees include ification issued by the Centre. The terms of reference for
ation of fantasy sports and casi- threshold of 5 per cent to capacity expansion, govern- chief executive officer of Tata The official members will the non-official members
nos. The panel had suggested 7-8 per cent. ment policy support, height- Consultancy Services Rajesh include secretaries of depart- include providing a platform to
ened M&A activity, and Gopinathan, and KKR India TCS Chief Executive Officer ment of revenue, department states and UTs to articulate
PE/VC-led investment, are Chairman Sanjay Nayyar. Rajesh Gopinathan of commerce, ministry of state oriented perspectives on
creating a robust pipeline for The Board, chaired by health, agriculture, Deputy trade policy, act as a facilitators
the country’s sustained eco- Commerce and Industry min- Other non-official members Governor of the Reserve Bank in implementation of District
nomic growth in the years to ister Piyush Goyal, advises the include Pasha Patel, former of India, and chairman Central Export Hub events including
come,” said Deepak Jain, government on policy meas- member of Maharashtra Board of Indirect Taxes and sensitization workshops, iden-
partner, Bain and Company ures to improve the country's Legislative Council, Pankaj Customs (CBIC), among others. tification and promotion of
and co-author of the report. foreign trade. Mahindroo, Chairman India The government had in identified products.

Account aggregator system: SBI, BoB to go live soon

SUBRATA PANDA & ABHIJIT LELE
Mumbai, 12 July
After the finance minister
directed public sector banks
(PSBs) to join the account
aggregator (AA) ecosystem, 5-
6 major banks, including State
Bank of India (SBI) and Bank
of Baroda, are expected to go
live by July-end.
Sahmati, an industry
alliance for the AA ecosystem,
has been working with PSBs to
get them onboarded for quite
some time now. While Union
Bank has been live on the
ecosystem for a while, PNB
went live this week. Bank of
Maharashtra is also expected
to follow suit in the next
two weeks.
Bank of Maharashtra exec-
utives said the lender would be
on the account aggregator net-
work in two weeks, before the
July 31 deadline. The focus is
on making end-to-end Straight
Through Processing (STP)
backbone robust for ensuring
business gains.
“Bank of Baroda is working
on developing multiple use
cases for providing enhanced
product offerings using the
account aggregator frame-
work. We are confident of
meeting the timelines set by
the FM,” said Akhil Handa,
chief digital officer, Bank
of Baroda.
Major private banks, such
as HDFC Bank, ICICI Bank,
Axis Bank, IndusInd Bank,
Kotak Mahindra Bank, and
Federal Bank, have been the
early ones to get onboarded
onto the ecosystem. Currently,
12 private and public sector
banks have gone live in the
ecosystem. Overall, 54 finan-
cial institutions, including
banks, non-banking finance
companies, insurance compa-
nies, insurance brokers, stock
brokers and investment advi-
sors, have gone live on the
ecosystem.
B G Mahesh, co-founder of
Sahamati, said: “We expect 5-
6 large PSBs, including SBI and
Bank of Baroda, to go live on
the AA ecosystem soon. Each
of them is in an advanced stage
of implementation. The banks
are working out a plan to not
just enable sharing of data as
FIP, but also roll out use cases
to access financial data of cus-
tomers from other banks or
financial sources and offer
competitive products.”
“PSBs, as financial informa-
tion users (FIU), will make a big
impact on financial inclusion.
Many who weren't having
access to formal credit could
qualify for small-ticket loans
from banks because banks will
have access to the borrower’s
verified, tamper-proof finan-
cial data. Currently 300 mil-
lion-plus accounts are enabled
on AA. As more banks join, the
number of AA-enabled
accounts will soon cross 600
million,” he said.
PSB executives said joining
the network is technical and
just a start. The question is
whether or not banks under-
stood the implications — it is a
rehaul in the ecosystem and
not a just change in the busi-
ness model.

> FROM PAGE 1
Asian...
Several Russian banks have
also been excluded from the
Society for Worldwide
Interbank Financial Telecom-
munications (SWIFT). While
the war in Ukraine and the
Western response may have
quickened the process, there
were increasing signs of a chal-
lenge to the hegemony of the
dollar as the universal trade
currency. An International
> BS SUDOKU
SOLUTION TO #3712
Monetary Fund (IMF) blog
published last month said cen-
tral banks were no longer hold-
ing the greenback in their
reserves to the earlier extent.
The dollar’s share in global for-
eign exchange reserves fell
below 59 per cent in the fourth
quarter of last year, extending
a two-decade fall, according to
the IMF’s currency composi-
tion of official foreign excha-
nge reserves data, the blog
read. Analysts said the central
bank’s measures were likely
aimed at facilitating smoother
transactions with Russia,
# 3713
Very Hard:
«««««
Solution tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every
column and every 3x3
box contains
the digits 1 to 9
which accounts for over 10 per
cent of India’s crude oil
imports. With the safe-haven
US dollar globally strengthen-
ing to 20-year highs because of
risk aversion worldwide, coun-
tries such as India, which are
heavily dependent on overseas
fuel purchases, have faced con-
siderable pressure on their
import bills. Commodities such
as crude oil are denominated
in the US dollar, which is the
world’s reserve currency. The
RBI’s move essentially implies
that the countries that are
counterparties to a transaction
would be taking on exchange
rate risk on the rupee rather
than the US dollar.
Retail...
“Inflation is expected to remain
elevated with only a gradual
descent through the rest of the
year. While the softening global
commodity prices provide
some relief, the gains will be
limited due to a weakening
rupee,” said Upasna Bhardwaj,
chief economist, Kotak
Mahindra Bank. On June 8, the
six-member Monetary Policy
Committee (MPC) of the RBI
unanimously decided to raise
the repo rate by 50 basis points.
This followed an off-cycle rate
hike of 40 basis points in May,
making it a 90 bps rate hike in
just over a month. Analysts
expect two more rounds of rate
hikes. “We continue to foresee
front-loaded rate hikes of 60
bps spread over the next two
policy reviews followed by an
extended pause, as the MPC
will focus on containing infla-
tionary expectations without
sacrificing growth,” said Aditi
Nayar, chief economist at
ICRA.
Festival...
Thus, the demand for pack-
aged food is expected to
increase further, he says. The
festival season kicks off with
Onam end-August right
through Diwali in October.
Notwithstanding a volume hit,
CavinKare expects sales to perk
up. “We expect 10 per cent
growth in volume, compared to
pre-Covid levels, as we expect
consumption to pick up by
then,” says Ventakesh
Vijayaraghan, group CEO,
CavinKare.
In the October-December
quarter of 2021-22, FMCG sales
were up 19.6 per cent in value
terms, according to Bizom – a
retail intelligence platform.
“Value sales were higher in the
quarter due to price hikes
already initiated by companies
to beat rising raw material
costs, coupled with festival
demand,” says Akshay
D’Souza, chief of growth and
insight at Bizom. NielsenIQ’s
data points out that while there
was price-led growth in the
quarter ended December last
year, volumes were at minus 2.6
per cent. Apparel and fashion
chain Lifestyle has already
begun to see revival in sales
since April and the trend per-
sists through this sales season.
It expects double-digit like-for-
like retail sales growth this sea-
son, in contrast to 2019. “While
there has been a price hike of
12-13 per cent that came into
effect in April, we will not take
further price hikes and expect
volumes to pick up in single
digits, as opposed to pre-Covid
levels,” says Devarajan Iyer,
CEO, Lifestyle.
He says the chain has
placed higher orders than what
it did before the pandemic
breakout. However, V-Mart
Retail, which has stores in
smaller cities and towns, is cur-
rently seeing volume decline.
The retailer though is in wait-
and-watch mode. Lalit
Agarwal, chairman and MD, V-
Mart Retail, says, “Consumers
in smaller towns have seen 60-
65 per cent of their total income
diverted to food, which stood
at 50-52 per cent in pre-Covid
times.” Consumer durables
manufacturers are still reeling
from supply-chain constraints
and weak demand. However,
they expect demand to
improve this season, compared
to last year’s. “We are opti-
mistic that this year’s sales will
be better than last year’s, but
volumes will continue to
remain in the negative,” says
Kamal Nandi, business head
and executive vice-president,
Godrej Appliances.
Passenger vehicle retailers
are also looking to make the
most of the season as improved
availability of semiconductors
has helped automakers
increase output and cut back
on the waiting period. A clutch
of new model launches in the
sport utility vehicle segment is
expected to buoy sentiment
further. However, the pain for
those in the scooter and motor-
cycle business endures.
ED...
Whether the present manage-
ment was in the loop on this is
also part of the probe. Notably,
the surveillance set up by iSec
was disposed of as e-waste in
2019. The ED is also looking
into whether the current man-
agement or auditors raised the
red flag or if they enquired
about such contracts while
destroying iSec-related evi-
dence. The contract with iSec
is learnt to have terminated in
February 2017, within two
months of Chitra Ramkrishna’s
exit as CEO. The new manage-
ment came in July that year.
Ramkrishna, former NSE
CEO Ravi Narain, iSec Services,
and former Mumbai police
commissioner Sanjay Pandey,
who floated iSec, were booked
last week by the CBI for
allegedly snooping on the
exchange’s key employees.
More on business-standard.com
>
MUMBAI | WEDNESDAY, 13 JULY 2022 POLITICS & PUBLIC AFFAIRS 7

Soon, fly Delhi to Shimla

as UDAN spreads wings
ANEESH PHADNIS
Mumbai, 12 July
I
n April 2017, Prime Minister Narendra
Modi flagged off Alliance Air’s
Delhi-Shimla flight heralding a new
era in regional air connectivity. The flight,
however, was suspended in March 2020
and Shimla virtually fell off the aviation
map. But there is good news for travellers.
The Delhi-Shimla route is among nine
that airlines plan to launch in the next
50 days under the civil aviation min-
istry’s UDAN scheme. On Tuesday,
IndiGo launched its service between
Kolkata and Deoghar in Jharkhand after
the PM inaugurated its new airport, built
at a cost of ~401 crore.
“We will receive our first new ATR
42-600 aircraft by July-end and another
in September. We hope to start service
between Delhi and Shimla, and Delhi and
Kota from August 15 with the new air-
craft. However, that depends upon the
readiness of the airports,” said Alliance
Air’s Chief Executive Officer (CEO)
Vineet Sood.
Shimla has a tabletop airport and a new
runway end safety area is being built as an
additional safety measure. According to
an Airport Authority of India official, the
work is expected to be completed by July
15 and would need approval from the
Directorate General of Civil Aviation.
Additionally, Alliance Air plans to deploy
the new aircraft on existing routes between
Delhi-Kullu and Delhi-Dharamshala.
These routes are currently served with
ATR 72 aircraft, which seats 70 passengers.
“The ATR 42-600 route is more suit-
able than the ATR 72 for operations at
airports with short runways or with high
elevation. Its operating costs are lower.
Also, at such airports, there are restric-
tions on maximum takeoff weight. So it
is more profitable to deploy ATR 42 air-
craft,” Sood said.
“Currently, we serve 52 destinations.
Overall, our performance has been good
and we will be adding new flights in north-
eastern states under the scheme. After the
delivery of our second ATR 42 aircraft we
will have more than 20 aircraft in the fleet
and we will gradually commence opera-
tions to neighbouring countries,” he said.
Odisha will get new flights under the
UDAN scheme with the launch of new
regional airline IndiaOne Air.
“We received an air operator certificate
from the DGCA last month, and are await-
ing a few final clearances. We hope to start
service between Bhubaneswar-Jeypore
and Vizag-Jeypore later this month,” said
Arun Kumar Singh, the airline’s CEO.
IndiaOne Air will use single-engine nine-
seater Cessna Grand Caravan aircraft on
the routes. Incidentally, it will be the first
scheduled airline to use a single-engine
aircraft for commercial flights. “Our plan
is to provide safe, on time, and reliable
service,” Singh said.
According to Singh, fuel price is not a
PM INAUGURATES DEOGHAR AIRPORT
CONNECTING
INDIA
948 Number of 423 Number
routes awarded of routes
under UDAN operationalised
Note: Shimla is only connected by a Pawan Hans helicopter service to Chandigarh and Mandi
Source: Lok Sabha replies
big worry as the airline is using single-
engine aircraft. Demand, too, is not a chal-
lenge as growth is expected to be driven
by tier-II and -III towns. The main con-
cern, Singh said, is maintaining schedule
reliability as smaller airports are not
equipped with modern navigation aids
and have higher visibility requirements
for landing. Also the DGCA has permitted
IndiaOne Air to operate only during the
day since the Grand Caravan is a single
engine aircraft.
“This reduces aircraft utilisation,” he
said. In fact, the delay in airport readiness
is among the reasons for slow take-off of
the scheme.
Adverse weather and poor infrastruc-
ture contributed to the problem as it led
to inconsistent operations. The Covid-19
pandemic impacted the scheme further
with overall reduction in flights.
Moreover, airlines participating in the
scheme shut down. These include Air
Costa, Air Carnival, and Zoom Air. TruJet
Prime Minister Narendra Modi
on Tuesday inaugurated the
657-acre Deoghar airport,
constructed at a cost of ~401
crore. He also flagged off the
Deoghar-Kolkata IndiGo flight
from the new airport. The
airport has a 2,500-metre-
long runway, which can
handle the landing and
takeoff of Airbus A320 planes.
Civil Aviation Minister
Jyotiraditya Scindia said
Jharkhand was set to get three
more airports, and 14 new air
routes would be made
available in the state. PTI
~2,458.95 cr ~1784.39 cr
Collection of Regional (till March) Fund
Air Connectivity Fund disbursed to airlines
suspended operations in February and is
yet to resume despite funding commit-
ments from new investors.
44% of routes operationalised
Only around 44 per cent of the 948 routes
awarded under the scheme have been
operationalised so far. The UDAN scheme
provides airlines viability gap funding for
50 per cent of seats on a flight and puts a
cap on fares on those seats to encourage
air travel from towns that are not served.
It is funded by a ~50 ticket levy on flight
tickets on major routes.
“UDAN was meant to stimulate the
market in addition to opening up new
routes. The idea was to make routes mar-
ket ready without subsidy. Clearly, that is
not working well. Sustaining routes
beyond three years is a challenge. It can
only be partly blamed on Covid-19
pandemic,” said Ameya Joshi, aviation
expert and founder of aviation blog,
Network Thoughts.
NLC India Limited
Navratna - Government of India Enterprise
NL C I NDI A Regd. Office: No. 135, E,V,R. Periyar High Road, Kilpauk, Chennai-600 010
CORPORATE OFFICE: BLOCK-1, NEYVELI-607 801 TAMIL NADU
C R E A T I N G W E A LT H
FOR WELLBEING CIN NO.: L93090TN1956GOI003507, Website: www.nlcindia.in
email: investors@nlcindia.in Phone: 044-28360037, Fax: 044-28360057
NOTICE
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Notice is hereby given to the shareholders of NLC India Ltd. (“the
Company”) whose shares are required to be transferred to the Investor
Education and Protection Fund (“IEPF”) Authority in accordance with
the section 124(6) of the Companies Act, 2013 (“the Provisions”) and
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(Accounting, Audit, Transfer and Refund) Rules, 2016 (“the Rules”).
As per the provisions, all shares in respect of which dividend have
remained unpaid or unclaimed for seven consecutive years or more
shall be transferred to IEPF Authority.
The dividend amount for the year 2014-15 (Final) unpaid/unclaimed for
a period of seven consecutive years is due for transfer to the Investor
Education and Protection Fund. Accordingly, the Company will be
transferring the equity shares corresponding to the dividend which
remained unpaid or unclaimed for a period of last seven years to IEPF
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please be noted that all subsequent corporate benefits such as Bonus
Shares, Dividend etc. that may accrue in relation to the above shares
will also be credited to the said demat account of IEPF Authority.
The Company has communicated individually to the concerned
shareholders whose shares are liable to be transferred to IEPF Authority.
The Company has also uploaded full details of such shareholders
and shares due for transfer to the above Account on its website at
www.nlcindia.in The shareholders may also note that both the
unclaimed dividend and the shares transferred to IEPF Authority
including all benefits accruing to such shares, if any, can be claimed
back by them from IEPF after following the procedure as prescribed
under the Rules.
The shareholders who have not claimed their dividend, can write to the
Company Secretary at the Registered office mentioned above or email
at investors@nlcindia.in or to our Registrar and Share Transfer Agent,
M/s. Integrated Registry Management Services Private Limited,
2nd Floor, 'Kences Towers', No.1, Ramakrishna Street, North Usman Road,
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on or before 15th October 2022, failing which the relevant shares will
be transferred to IEPF Authority, without further notice in this regard, in
accordance with the Rules from time to time.
For NLC India Limited
Place: Chennai K. VISWANATH
Date: 12.07.2022 COMPANY SECRETARY
PUBLIC SECTOR IS YOURS : HELP IT TO HELP YOU

Faster security clearance on

cards for PPP port projects
DHRUVAKSH SAHA
New Delhi, 12 July
After losing ~6,000 crore on
asset monetisation proceeds
last fiscal year due to delayed
security clearances, the min-
istry of ports, shipping and
waterways (MoPSW) is mulling
a framework that would allow
a faster clearance of bidders for
port development under the
public-private partnership
(PPP) mode.
The ministry has written to
other ministries, including
home affairs, defence and
external affairs, seeking a “pos-
itive and negative list” frame-
work. Under this, prominent
players and regular bidders in
government tenders would not
need to go through repeated
clearances under normal
circumstances.
Since ports are a subject of
national security, bidders dur-
ing the pre-qualification stage
of government tenders need to
be cleared for security risks.
These clearances are not
given by MoPSW until inputs
are received from the min-
istries of home affairs, defence
and external affairs as well as
the cabinet secretariat and the
Intelligence Bureau.
The ministry wants to have
a positive list of prominent
players and a negative list of
CLEARANCE
HURDLES
n Ministry accounts for
2% of national
monetisation pipeline,
at ~12,828 crore
nAward of big-ticket
projects at Paradip Port
delayed by 4 months
and Jawaharlal Nehru
Port by 9 months
irregular and new entities.
“If there are 10-15 bidders
for a project, it would save time
and reduce delays if regular
and established players are
cleared de facto. The rest could
be vetted in accordance with
the standard norms. Informal
deliberations are currently
underway, where finer details
are being taken up. However,
there is a consensus that these
delays are not good for the sec-
nCentre could not award
86% worth of projects
in FY22 due to lack of
security clearance
nNew framework sought
to expedite the award of
projects
nMore projects added to
shipping ministry’s FY22
asset monetisation
pipeline of ~4,680 crore
tor,” a senior official said.
Current guidelines man-
date a deadline of 12 weeks for
these inputs to be given by the
ministries and departments
but sources said this takes
around 4-6 months. This
delays the opening price bids.
There are concerns that
these delays could reduce the
pace of infrastructure develop-
ment of ports.
According to the current
guidelines, a security clearance
accorded to a bidder is valid for
five years. The validity only
extends to tenders floated thro-
ugh the same port authority.
If a different port floats a
tender around the same time,
that requires a fresh round of
clearances.
In 2012, the Centre had
identified clearance bottle-
necks as an issue for the sector
and formed new guidelines.
Under these, the concerned
authorities would have to pro-
vide security clearance for all
prequalification bidders within
12 weeks on a case-by-case
basis. The provisions mandat-
ed the sitting of an inter-min-
isterial committee to ascertain
causes of delay and take action.
Business Standard had pre-
viously reported that clearance
delays had created a roadblock
to the ministry’s asset moneti-
sation ambition in 2021-22,
despite private interest in all
the 13 port projects.
At the end of the fiscal year,
it had been able to monetise
only 14 per cent of its ~7,000
crore pipeline. Many big-ticket
projects such as development
of the western dock at Paradip
Port (~3,000 crore) and con-
tainer terminal at Jawaharlal
Nehru Port (~832 crore) only
saw fruitful completion in the
first quarter of 2022-23.

Shiv Sena to support Murmu: Uddhav

PRESS TRUST OF INDIA
Mumbai, 12 July
The Shiv Sena will support
National Democratic
Alliance’s (NDA) Presidential
candidate Droupadi Murmu,
party chief Uddhav Thackeray
said on Tuesday.
He said the Sena is
announcing support for
Murmu without any pressure
while acknowledging that this
is the first occasion wherein a
tribal woman is getting the
opportunity to become the
President.
“Nobody pressured me in
the meeting of Sena MPs,”
Thackeray said, referring to
the meeting of Sena MPs held
at his residence in Mumbai a
day earlier. After getting the
support of some regional par-
ties like BJD, YSR-CP, BSP,
AIADMK, TDP, JDS,
Shiromani Akali Dal and now
Shiv Sena, the vote share of
NDA nominee Droupadi
Murmu has already crossed
60 per cent. It was around 50
per cent at the time of her
nomination. In the meeting
held on Monday, most MPs of
Sena had urged Thackeray to
back Murmu’s candidature.
8 WORLD
>
MUMBAI | WEDNESDAY, 13 JULY 2022

At $1.00005, euro draws closer to parity as $ runs rampant

The dollar index gained 0.3% to as high as 108.56, while sterling hit another two-year low and the yen was not far off its weakest in more than two decades
REUTERS
London, 12 July
The euro sank to within a
whisker of parity with the
dollar on Tuesday and stock
markets fell as the prospect
of further central bank tighten-
ing and worries about the
health of economies worldwide
unnerved investors.
The dollar’s role as the
safe-haven go-to currency for
investors worried about the
economic outlook has been
burnished in recent weeks,
with the US currency roaring
to two-decade highs against
multiple currencies.
The euro has been particu-
larly vulnerable given the
impact of an ongoing spike in
natural gas prices on the
regional economy and the
war in neighbouring Ukraine,
and with the European
Central Bank behind rivals in
raising interest rates.
The single currency had
dropped to a low of $1.00005
by 10.30 GMT (4.00 pm), its
weakest since December
2002. It was last at $1.0011,
down 0.3 per cent on the day.
The dollar index gained
0.3 per cent to as high as
108.56, while sterling hit
another two-year low and the
yen was not far off its weakest
in more than two decades.
“There doesn’t seem to be
a lot of support for euro at
this point,” said Sarah Hewin,
senior economist at Standard
^ HITS 20-YR LOW AGAINST $
Euro spot ( Price of 1 EUR in $)
1.01
Nov 7, '02
Chartered. “It does not just
relate to gas prices but to
what seems to be a split
within the ECB over how far
they raise rates.”
1.00
Jul 12, '22
Business morale is also
deteriorating in the euro zone
with more worried about a
recession. German investor
sentiment fell sharply in July,
KEY REASONS
consumer inflation on Wedn-
esday, and comments from
1.7
BEHIND ^ FALL Federal Reserve officials as
investors look for clues on the
> Surging cost of energy outcome of the Fed’s upcoming
policy meeting before the
1.5 > Worries of a recession pre-meet blackout period.
> A high inflation A high inflation reading
1.3 reading would add pressure for the Fed
to step up its already aggressive
> Surge in Covid cases pace of interest rate increases.
1.1 in China In equity markets, the Euro
STOXX fell 0.3 per cent, while
> Maintenance of German’s DAX was off 0.8 per
0.9 Russia-Germany natural cent and Britain’s FTSE 100
gas pipeline was down 0.35 per cent.
US futures markets also
according to a widely watched pointed to a weaker open .
economic sentiment index MSCI’s broadest index of
published on Tuesday. Asia-Pacific shares outside
The focus for this week will Japan fell 1.21 per cent to its
be macro data including US lowest level in two years, while
Japan’s Nikkei lost 1.77 per cent.
Also high on investors’ list
of worries is the fact that a
growing number of Chinese
cities, including the commer-
cial hub Shanghai, are adopting
fresh Covid-19 curbs from this
week to rein in new infections
after finding a highly transmis-
sible Omicron subvariant.
The surging cost of energy
in Europe is also a major fear
as the biggest single pipeline
carrying Russian natural gas to
Germany entered annual
maintenance, with flows
expected to stop for 10 days.
Investors are concerned
the shutdown might be
extended because of the war in
Ukraine, restricting European
gas supply further and tipping
the struggling euro zone
economy into recession.
The yield on benchmark
10-year Treasury notes was
at 2.93 per cent, having
dropped back below 3 per cent
overnight as investors bought
safe-haven Treasuries amid a
sell-off on Wall Street.
Growth fears were also
weighing on oil, despite
concerns about tight supply.
Brent crude futures fell
2.3 per cent to $104.7 a barrel,
while US West Texas Interm-
ediate crude was at $101.42 a
barrel, down 2.57 per cent.
Gold was steady, with spot
prices trading at $1,734 per
ounce. Cryotcurrency prices
dropped, with bitcoin last down
1.4 per cent at $19,680.

DEEPEST IMAGE OF UNIVERSE YET

The first image from the $10-billion James Webb Space
Telescope is the farthest humanity has ever seen in
both time and distance
IN BRIEF
Former FM Basil Rajapaksa
denied immigration service
Sri Lankan immigration officials said on Tuesday they
prevented the president’s brother and former FM Basil
Rajapaksa from flying out of the country, as anger moun-
ted against the family for a debilitating economic crisis.
His elder brother Gotabaya Rajapaksa will resign as pre-
sident on Wednesday. Meanwhile, a petition has been
filed in Sri Lanka’s SC seeking an interim order restraining
former PM Mahinda Rajapaksa and other influential
officials of the Rajapaksa regime from fleeing the country
without the prior approval of the apex court.
China locks down city of
300K over 1 Covid case
Ditching Twitter makes Microsoft cuts
Musk richer by billions 1,800 jobs in
Sold 9.6 mn Tesla shares at an average of $885 per share to finance Twitter deal
REUTERS
12 July
E
lon Musk’s attempt to scrap his
purchase of Twitter Inc may leave
the world’s wealthiest person in
a stronger financial position than before
he unveiled the $44 billion deal, with
billions of dollars in cash from selling
Tesla shares now sitting in the bank.
After Musk on Friday tore up his April
25 agreement to buy the social media
platform, with Twitter promising to force
him to make good, the two sides face a
potentially drawn-out legal battle that
could still cost Musk billions of dollars,
according to legal experts.
Whatever the outcome may be, the
Tesla chief executive for now appears to
be sitting on around $8.5 billion in cash
raised from selling shares of the auto-
maker late in April to finance the Twitter
acquisition. In the last week of April,
Musk sold 9.6 million Tesla shares at an
average price of around $885 per share.
“He is almost certainly in a better cash
position now than he was a year ago
because he has sold so much Tesla stock,
REUTERS particularly at a fairly high price,” said
Guidehouse Insights analyst Sam
Abuelsamid. “However, depending on
what the ultimate outcome of the
litigation around this is, he could end up
being in a much worse situation.”
restructuring,
ON A DOWNWARD
TRAJECTORY
be poorer, but also not stuck with
owning the company,” Quinn said.
At the time Musk sold his shares
will hire more
in April, Tesla investors worried that
Tesla ( Price in $) buying Twitter could become a
distraction for Musk while Tesla faces
growing worries about the economy and
FALL OF mounting competition from rivals. But
OVER while CEO stock sales normally make
30 % investors nervous, the Twitter deal pro-
vided a reasonable explanation for Musk
to reduce his massive stake in Tesla. BLOOMBERG number of role eliminations.
In December, Musk cited looming 12 July Like all companies, we eval-
options expiries and tax payments for the
sale of over $16 billion of Tesla stock. Microsoft cut some jobs on
uate our business priorities on
a regular basis, and make
Since selling Tesla shares in April, the
stock has tumbled 19 per cent, with it and
Monday as it realigned busi-
ness groups and roles after the
structural adjustments accord-
ingly,” Microsoft said. “We will
Twitter Inc ( Price in $)
other growth stocks hammered by inves-
tor worries about inflation and a potential
close of its fiscal year on June
30. It said it plans to keep hir-
continue to invest in our busi-
ness and grow headcount
recession. If Musk had not sold those ing for other roles and finish overall in the year ahead.”
Tesla shares, they would now be worth the current fiscal year with In recent years, Microsoft
FALL OF almost $1.6 billion less. It is not clear how increased headcount. has typically announced job
OVER much income tax Musk may pay on pro- The layoffs, affecting less cuts shortly after the July 4
35% ceeds from the sale of his Tesla shares. than 1 per cent of the 180,000- holiday in the US as it makes
Musk receives no salary from Tesla, person workforce, spanned a changes for the new fiscal
instead earning billions of dollars worth variety of groups including period. The company said the
of stock options after hitting several stock consulting and customer and layoffs were not spurred by
and performance targets in recent years. partner solutions and were the worsening economic pic-
He still owns about 16 per cent of Tesla, dispersed across geographies, ture, but in May it also slowed
worth about $115 billion. the Redmond said. hiring in the Windows and
Musk has not done as well with “Today we had a small Office groups.
Twitter shares he bought
before announcing he would
acquire the company. Musk

Hundreds of thousands of people were under lockdown

in a small Chinese city Tuesday after just one case of
If Musk loses his legal battle against
Twitter and is forced to complete the
acquisition or pay a stiff penalty, he
professor at Boston College
Law School, said he would not
be surprised if Musk and
purchased 73 million Twitter
shares for $2.64 billion
through January to April, at
Gap CEO Syngal
Covid-19 was detected, as Beijing’s strict no-tolerance
virus strategy showed no sign of abating. China is the last
major economy glued to a zero-Covid policy, crushing
could conceivably have to sell more
Tesla shares, spooking investors and
hurting the value of his remaining
Twitter eventually agree on
compensation of more than
$1 billion for Twitter.
an average price of around
$36 per share. Twitter’s stock
tumbled 9.5 per cent to $33.50
exits as margin
squeeze deepens
new outbreaks with snap lockdowns and onerous travel Tesla stake, said Abuelsamid. “For his part, Musk would on Monday. At that price, the
curbs despite mounting public fatigue and damage to the Tesla shares slumped 6.5 per cent on value of his Twitter
economy. Authorities in several regions have imposed a Monday. Following his stock sales in stake has fallen by
range of restrictions as they struggle to tamp down fresh April, Musk tweeted, “no further Elon Musk, CEO, Tesla Motors about $200
flare-ups driven by Omicron variant. REUTERS TSLA sales planned.” Brian Quinn, a million. Gap said on Monday that Chief
Executive Sonia Syngal (pic-
tured) will step down just over
two years into the role, as the

Global energy crisis may get worse, says IEA

AGENCIES
12 July
A global squeeze on energy supply
that’s triggered crippling shortages
and sent power and fuel prices
surging may get worse, according
to the head of the International
Energy Agency.
“The world has never witnessed
such a major energy crisis in terms of
its depth and its complexity,” IEA
Executive Director Fatih Birol said
Tuesday at a global energy forum in
Sydney. “We might not have seen
the worst of it yet — this is affecting
the entire world.”
The whole energy system is in tur-
moil following the February invasion
of Ukraine by Russia, at the time the
biggest oil and natural gas exporter
and a major player in commodities,
Birol said. Soaring prices are lifting
the cost of filling gas tanks, heating
homes and powering industry across
the globe, adding to inflationary
pressures and leading to deadly
protests from Africa to Sri Lanka.
Like the oil crises of the 1970s,
which prompted huge gains in fuel
efficiency and a boom in nuclear
power, the world may see faster adop-
tion of government policies that
speed the transition to cleaner energy,
Birol said. In the meantime, security
of oil and gas supplies will continue
to pose a challenge for Europe, and
also for other regions, he said.
“This winter in Europe will
be very, very difficult,” Birol said.
“This is a major concern, and this
may have serious implications for the
global economy.”
The fallout for the global energy
sector as the US and allies challenge
President Vladimir Putin over the war
in Ukraine and seek alternatives to
Russian exports have highlighted the
need to reduce dependence on fossil
fuels, US Energy Secretary Jennifer
Granholm told the same forum.
“Our move to clean energy
globally could be the greatest peace
plan of all,” she said. “We want and
need to move to clean.”
Nations need to guard against
switching reliance on one dominant
energy supplier — Russia — for
another in the shift to clean power,
Granholm said.
apparel seller wrestles with w-
eak demand for its casual atti-
re and a slump in its stock price.
It also warned that margins
would stay under pressure in
BRENT CRUDE ICE the second quarter as costs spi-
FUTURES ( $/BBL) ral, sending shares of the com-
pany down about 4 per cent
140
after hours. Executive make room for new products,
120 Chairman Bob Martin will step Gap has ramped up promo-
100 in as interim CEO. tions in a move that is
56.82 80 Gap had earlier this year expected to negatively impact
flagged execution issues at Old gross margins in the second
60 Navy and said a shift to for- quarter, the company said on
103.00 40 mals and partywear from Monday. Gap’s stock has tum-
20 more casual attire had left the bled more than 75 per cent
brand’s selection “out of sync” from highs in May 2021, and
0 with the change in tastes. in June traded at its lowest in
Dec 30, 2016 Jul 12,2022
To clear out inventory and more than two years. REUTERS

Sunak hits threshold for PM race; gets support from 20 MPs

Pledges tax cuts once inflation is under control UK PM
AGENCIES
12 July
Former UK Chancellor Rishi Sunak on Tuesday
emerged as one of the early candidates to hit
the threshold of 20 supporting Conservative
Party members of Parliament for his nomina-
tion to compete for the post of leader and the
next British PM, to be announced on
September 5. The 42-year-old British Indian
MP for Richmond in Yorkshire maintains his
lead in the race to replace Boris Johnson as
nominations formally opened for the contest.
The prime ministerial hopefuls have until 6 pm
local time to get their nominations in, with
Trade Minister Penny Mordaunt, new
Chancellor Nadhim Zahawi and Tory back-
bencher Tom Tugendhat the others in the run-
ning to hit the requisite 20-MPs mark.
Others expected to run include: Attorney
General Suella Braverman, Foreign Secretary
Liz Truss, Nigerian-origin Kemi Badenoch,
Here’s a rundown of the tax policies of top candidates:
former Foreign Secretary Jeremy Hunt, Trans- HOPEFULS RISHI SUNAK NADHIM ZAHAWI
The man in charge of the UK The new chancellor has pledged to cut taxes for
port Secretary Grant Shapps, Foreign Office
Minister Rehman Chishti and former Health
TOUT Treasury as taxes spiralled higher. households and businesses. He will lower the basic
Secretary Sajid Javid. Priti Patel, Home Secre-
tary, is said to be still considering a bid and
BILLIONS IN Sunak reversed part of the NI rise
by raising the threshold at which
rate of income tax from 20% to 19% in 2023 and to 18%
in 2024, reverse the planned corporation tax increase,
could be a late entry to the race with a consid- TAX CUTS: it is paid and pledged to cut abolish VAT on energy bills at a cost of around £3 billion
and increase defence spending
erable backing within the hardline Brexit wing.
On Monday, the 1922 Committee laid out WHO’S income tax in 2024 — if the public
finances allowed. Sunak pledged
the timetable for the leadership race and con-
firmed that the new prime minister will be
PROMISING to lower taxes only once inflation SAJID JAVID
is under control, putting him at
elected on September 5 and address their first WHAT? odds with rivals bidding to be
The former health secretary has set out a full scorecard
for his plans. He will scrap the rise in corporation tax
Prime Minister’s Questions in Parliament on Candidates to succeed Britain’s next prime minister who and will lower the rate to 15% “if conditions allow
September 7. The first round of voting by Tory
Boris Johnson as UK are calling for instant cuts longer term.” He will reverse the NI hike from next
MPs is scheduled for Wednesday, when each
prime minister are April and cut the basic rate of income tax to 19%
candidate will require the backing of 30 col-
leagues – or just under 10 per cent of Tory MPs
lining up billions of LIZ TRUSS
– in total to progress to round two. Former pounds of tax cuts to The foreign secretary promises to “start TOM TUGENDHAT
Chancellor of the Exchequer Rishi Sunak lure support from cutting taxes from day one.” She said Tugendhat has promised to reverse the recent NI hike,
pledged to lower taxes only once inflation is Conservative Party would reverse Sunak’s NI rise and but has also blasted his opponent’s corporation tax
under control, putting him at odds with rivals members who will signalled she would lower corporation cuts as “not realistic unless you have a 10-year
bidding to be Britain’s next prime minister who select the winner in tax. She has also pledged to cut fuel duty economic plan.” “Britain at its best is low-tax and
are calling for instant cuts. the coming weeks. by the 5p per liter reduction already in place high growth,” he said

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

Volume XXVI Number 232 ILLUSTRATION: BINAY SINHA

MUMBAI | WEDNESDAY, 13 JULY 2022

Trading gains
Rupee settlement will increase flexibility

T
he Reserve Bank of India (RBI) has done well to allow international
GDP. The next time such a confluence of twin-defi-
trade settlement in Indian rupees. This will give importers and cits endangered the economy was between 2011 and
exporters another option to settle payments. The central bank on 2013, during the US Fed’s taper tantrum days. That
Monday announced all imports and exports under the new frame- period saw the gradual build-up of the current
work could be denominated in rupees. The exchange rate with the trading account deficit, even as the fiscal deficit stayed well
partner will be market-determined. Accordingly, for settling trade, Indian above the 4 per cent mark for those years. The cur-
banks have been allowed to open special Vostro accounts in banks of the rent account deficit for this period was also over 4
trading-partner countries. Thus, Indian importers will be able to make the per cent of GDP. And even though the capital account

A makeover for
surplus held firm at over 2 to 2.5 per cent, the overall
payment in rupees, which would be credited to the special account in the
effects on the external economy were adverse.
trading-partner country. Similarly, exporters can receive payment from over-
The prognosis now is that India may well be enter-
seas in rupees. The new system, which according to the RBI has been intro- ing into a third phase when both the fiscal deficit
duced to promote international trade and exports from India, has come at and the current account deficit would widen, adding

an interesting time.
The rupee, along with several other currencies, is under pressure and the
RBI is using its reserves to slow the depreciation. Fundamentally, the current
account deficit (CAD) is likely to be higher than 3 per cent of gross domestic
product this fiscal year, and the capital account is also witnessing outflows
because of rising risk aversion in the global financial system. Foreign portfolio
investors have sold Indian assets worth over $30 billion since the beginning
of the year. Theoretically, if a significant part of India’s trade is settled in
rupees, financing the CAD would become easier, providing greater stability to
North Block
to the woes of the government and the RBI. In 2021-
22, the Centre’s fiscal deficit was maintained at 6.7
per cent, while the current account deficit was 1.5
per cent. But there are clear signs now that during
2022-23, the current account deficit may double to
The Indian economy faces tough challenges, but the over 3 per cent of GDP and the fiscal deficit may just
manage to stay below 6.5 per cent.
pressure today is more on Mint Road Within weeks of the presentation of the Union
Budget for 2022-23, serious doubts surfaced over

A
recent conversation with a Mumbai-based accepted that the dangers of a twin deficit loom large the government’s ability to stick to the deficit target
the exchange rate. Since India runs a CAD, it is likely that trading partners financial market analyst provided an inter- before the Indian economy. Economists had been of 6.4 per cent of GDP. Fresh commitments on
would be left with surplus rupees, which can be used to invest in Indian assets. esting perspective on perceptions of how the warning of both the dangers for the last couple of higher expenditure were made, including those for
However, this is unlikely to happen in the short run. Most of the global challenges before the Indian economy were being months. But now the finance ministry’s monthly extending the free food ration scheme till
trade is settled in US dollars and is likely to remain so in the foreseeable future. managed by North Block, headquarters of the Union economic report, released in June, has hinted at the September and providing more concession for cook-
As a 2021 research note by economists at the US Federal Reserve showed, the finance ministry, and Mint Road, headquarters of risks of both a widening current account deficit and ing gas cylinders under the Ujjwala scheme. At the
the Reserve Bank of India (RBI). In the past, the usual a fiscal deficit. Perhaps this may well be yet another same time, the revenue side was adversely impacted
dollar share in global trade invoicing between 1999 and 2019 was 97 per cent
response from financial analysts, based in Mumbai, factor that has endeared North Block to the analysts by decisions to cut cess on petrol and diesel and
in the Americas and 74 per cent in the Asia-Pacific, while in the rest of the would be marked by complaints about how North of Mumbai. reduce Customs duty on a few commodities.
world it was about 80 per cent. Invoicing is done in dollars predominantly Block was getting most things wrong, complicating Indeed, that report was one of the most candid According to one estimate, the total impact of these
because it is seen as the most stable currency. When Indian importers and problems for the central bank. In con- admissions of incipient economic measures on the government’s budget was about
exporters deal in dollars, they bear the exchange rate risk — a change in the trast, Mint Road was seen to be doing risks, coming as it did from the ~3.3 trillion or about 1.3 per cent of GDP. This cast a
value of the rupee against the dollar. Settling in rupees will shift this risk to its best to contain those damages. finance ministry after a few years of shadow on the government’s ability to contain its
the trading partner. However, not too many trading partners would be willing, The tone of the response last week brazen attempts at hiding even the fiscal deficit.
particularly in the current circumstances. was different. There was hardly any obvious problems under the carpet. But the mood changed by the first week of July.
complaint about the finance mini- It was both worrying and reassuring. A series of measures to bolster the government’s
In the given situation, though, this arrangement could prove to be useful
stry, which was seen to be function- Worrying, because the challenges of revenues (including the levy of a cess on upstream
in dealing with Russia and Sri Lanka. India’s increasing energy imports from ing coherently, responding to the managing the economy were becom- oil companies and a tax on fuel exports) meant that
Russia can be settled in rupees. This would also help bypass the Western finan- challenges quickly and taking steps ing more complex and formidable. the additional burden of ~3.3 trillion could be
cial system, which has cut off Russia. In the case of Sri Lanka, the government to make the best of a bad fiscal situ- Reassuring, because the government almost halved. And with the tax revenue buoyancy
of India can extend support in rupees, which can be used to import essential ation by trying hard to rein in the def- seemed to be conscious of the prob- in place, the task of fiscal management began to
items such as food and medicine from India. Sri Lanka is facing a serious eco- icit and, therefore, its borrowing. The lems and was ready to take the nec- look less difficult, even as the finance ministry
nomic crisis, resulting in a shortage of most essential items. India has been RBI too was taking steps, often by RAISINA HILL essary corrective steps. You may quar- remained confident of meeting its higher capital
extending support to the extent possible. It would be easier for India to increase shocking and surprising the markets. rel with the effectiveness of those expenditure target.
the scale and scope of support if it can use its own currency. Thus, at a broader But there was a tinge of dissatisfac- A K BHATTACHARYA steps, but you couldn’t complain that In contrast, the RBI appeared to be struggling
tion about the way it was dealing with the finance ministry has not respond- with fulfilling the tasks of containing inflation and
level, though trade settlement in rupees may remain limited, it will increase
the rupee and inflation at a time when the situation ed to the challenges. stabilising the fall in the rupee, even as its foreign
flexibility and could be useful in certain circumstances. was getting more difficult by the day. One aspect of the gravity of that challenge exchange reserves dipped by about $19 billion in the
What has brought about this change and a per- emanated from the data of the two deficits in the first three months of 2022-23. With the frequent clam-
ception reversal of sorts in how the RBI and the last four decades. Both the deficits have been a our for a more proactive intervention by the

Regulating insiders finance ministry are seen to be managing the econ- cause for serious concern for the Indian economy
omy? Mind you, this reversal was not noticed even a in different phases of this period. But only twice in
year ago. The RBI was seen to have managed the the past four decades did the two deficits widen at
Monetary Policy Committee to meet its inflation tar-
get of 4 per cent, the RBI is certainly facing more
pressure to perform its duties as the apex body in
Including mutual funds will be progressive Covid impact without any major problem and it was an alarming pace almost at around the same time. charge of monetary policy and inflation manage-
the finance ministry’s role in Covid management Those were in 1991 and for about two years from ment. North Block must be heaving a sigh of relief

A
consultation paper from the Securities and Exchange Board of India
that came in for some attack. 2011 to 2013. that, in spite of the tough situation, it has not suffered
(Sebi) suggests bringing units of mutual funds within the ambit of
To be sure, the change in the relative perception The current account deficit had risen to 3.1 per the kind of image management problem that Mint
the Prohibition of Insider Trading Regulations, 2015 (PIT, 2015). Units of Mint Road and North Bock has coincided with cent of gross domestic product (GDP) in 1990-91, Road has to deal with. How long that lasts, however,
of mutual funds are specifically excluded from the definition of secu- the worsening of the economy. It is now widely even as the fiscal deficit had soared to 7.6 per cent of is a moot point.
rities under the PIT at the moment. Other pooled investment vehicles such as
alternative investment funds and real estate investment trusts are considered
securities. This is a progressive step which brings mutual funds under regula-
tions that govern direct trading in securities. This would enable the regulator
to initiate serious enforcement actions against individuals who may misuse
access to sensitive non-public information to profit from trading mutual fund
Anthropology can help businesspeople
units. Asset management companies (AMCs) will be asked to formulate a code

H
ave you ever wondered whether anthropol- in my career as also from my early years as a board and choose the best option. These are sound ideas
of conduct to regulate, monitor, and report dealing in units by employees and ogy could help with solving complex prob- director 35 years ago. During my career, I learned for business and public governance.
their relatives. lems in business and public affairs? I am how consumer goods companies undertake behav- In the 1960s, the Indian government’s family
Employees of AMCs are often in possession of unpublished price-sensitive persuaded by a book, Anthro Vision, written by ioural studies to build consumer insights into their planning advertisement advised the new bride to
information (UPSI) and there are known instances where this has been misused. anthropologist and Financial Times journalist product design. Nowadays design thinking has avoid having a kid for five years. The campaign
The paper cites a case where the registrar and transfer agent of a mutual fund Gillian Tett. The cover asserts how anthropology become the rage in management education bombed. Which bride could avoid snide remarks if
redeemed all their units from a scheme, being privy to sensitive information can explain business and life. and practice. a baby did not arrive soon enough? The revised
which had not yet been communicated to the unit-holders. In another instance, Every leader, indeed, every human being, is a vic- In The Alchemist, there is a fable about leading approach talked to the mother-of-one to postpone
tim of the Dunning-Kruger effect— that is, the wide- a holistic, rational as well as empathetic approach the second kid for five years. It worked.
a few key personnel of a fund redeemed their holdings in schemes because
spread feeling that we are inherently superior to our to life. A trader sent his son to a wise man in a palace When India was short of food grains in the 1960s,
they had sensitive information that was not communicated to the unit-holders. peers. Being conscious of its existence helps to pro- to learn happiness. The wise man gave the boy two Shastriji did not tell people to skip a meal. He
It is easy to also conceive instances where executives of an AMC might buy mote a modest leadership behaviour. spoonsful of oil and requested him requested the north to skip wheat and the south to
units on the basis of inside information, which enables them to benefit in the Another way is to develop an anthro- to walk around his palace without skip rice for two meals per week.
future. Sebi already has several circulars pertaining to trading in securities by pological mindset. spilling the oil. Extremely con- In the US, pollster Frank Lutz has pointed out that
employees of AMCs and the trustees of mutual funds. Such transactions and When you are deeply immersed scientious, the boy returned with Republicans and Democrats respond differently to
trading plans have to be reported to compliance officers well in advance, and in solving a problem, you are like a the two spoons of oil intact. The climate change exhortations. Republicans respond
there are also time periods or specific circumstances when employees of AMCs fish in the water. Remember that wise man complimented him and well to messages of opportunity (good for family and
fish do not notice the water. Board asked what he thought of the arte- community), whereas Democrats respond better to
cannot transact in the units of the mutual funds concerned.
directors could become promoter- facts and marvels in the palace. messages of fear (planet in danger).
This consultation paper hopes to close gaps in regulation. The regulator fixated or profit-focused rather than The boy confessed that he had con- A non-judgemental sensitivity to reactions of
has to thrash out the details and norms of disclosures of unit-holdings by execu- purpose-driven or stakeholder- centrated so much on the oil that people is key to success. Big transformation has
tives of AMCs, connected persons, and their relatives. Sebi proposes such trans- oriented. Companies could get com- he had not noticed anything else. been on the agenda of Indian governments for at
actions be disclosed in seven days, and every transaction above ~10 lakh must
be disclosed on an independent platform; but systematic plans are exempt
petitor-focused to a fault rather
than remain customer-focused.
THE WISE LEADER The wise man directed him to
repeat the walk with the spoons,
least three decades, perhaps even longer. In recent
times, the target beneficiaries, for whom a trans-
after the disclosure of the initial trade. Sebi proposes to insert a new chapter Political parties may get perma- R GOPALAKRISHNAN but, this time, to also observe the formative change is intended, have opposed the
into PIT regulations to specifically cover transactions in fund units. The defi- nently preoccupied with elections palace. When the boy returned, he initiative vehemently. For example, the farmers in
nitions of technical terms such as “systematic transactions”, “insider”, “desig- or with decimating the opposition. In both cases, it was ecstatic about the beauty of the things he had the farm laws, traders in goods and services tax,
is at the expense of sound public governance and observed in the palace; however, his spoons were and the youth, in the Agnipath scheme.
nated persons”, and “connected persons” need to be expanded and fine-tuned.
the voter. empty. The wise man told him that the secret of Over the last 20 years, while in opposition, a party
The paper also discusses what could be considered “independent plat- Applying the intellectual framework of anthro- happiness is to enjoy the marvels of the world with- has opposed proposals. Recall the eponymous Arun
forms” where information may be made available for general consumption. pology could help a person see around corners, gain out forgetting about the drops of oil on the spoon. Jaitley remark that “the job of the opposition is to
This could include the websites of the stock exchanges and collective fund- empathy for others, and derive fresh insights on Here is another interesting episode from history. oppose”. Later, if in government, the same party
platforms like the Association of Mutual Funds of India (AMFI). While regu- problems. This approach requires open mindedness In the early 1900s, Peter Palinsky, a Russian engineer advocates similar, though slightly modified, propo-
lation to plug insider trading in units is laudable, this must have a light touch. and four habits—observe, listen, record, reflect, all and contemporary of Stalin, played a significant role sals. Tu tu mein mein may make for good politics,
For example, there are legitimate reasons why an insider may share UPSI with an open mind. How? in applying scientific methods to industry. Stalin had on which I am no expert, but it is sad for the public.
with trustees, registrars, share transfer agents, custodians, valuation agencies, I was unaware that technology companies like a penchant for dramatic and big announcements— I wonder whether the Dunn-Kruger effect,
Intel and Microsoft engage trained anthropologists many national leaders have this tendency. Palinsky Palinsky principles, and anthropology hold lessons
accountants, the AMFI, credit rating agencies, legal advisors, auditors, etc.
to help engineers to see problems from a broader learned about large projects, but also about small for leaders in management and public policy.
These legitimate purposes should not be obstructed by regulations. If the point of view. Engineers need such help because minds. Three of his reflections on how to avert gran-
right balance is found, it should lead to cleaner practices across this important the competent among them act as if all people must diosity came to be called the Palinsky principles: The writer is an author and a business commentator. His
asset-class. think like them. I can confirm this mindset from First, experiment with multiple alternatives, second, articles and videos can be accessed at his website
my own left-brained approaches to problems early ensure survivability, and third, learn as you go along www.themindworks.me. rgopal@themindworks.me

Imagining India in the world speeches focused on modernising and

gives the impression that colonial India
generally lacked any thinking or under-
standing about the world around it prior
to this time frame. The book attempts to
fill this gap.
The author has undertaken the
important task of examining talks, dis-
BOOK REVIEW courses or writings by prominent 19th
century Indians who were focussing on
GUNJAN SINGH global and geo-political debates and
whether they were able to locate their
of the development of Indian thinking.
He has also edited the speeches to suit
the focus of the book.
Though the book focuses on 19th
century ideas, it is striking how the
speeches and ideas remain relevant to
India’s domestic and foreign policy even
today. The debates about local manufac-
turing and how India lags in this sector
are central to Indian policymaking
today; the speech by S E Gopalacharlu
strengthening the army, focused on the
necessity of a strong and loyal military
for a strong nation and the need to
would pan out for India if Russians
were to replace the British as rulers. To
a large extent, the British had a posi-
tive image among Indians relative to
impacts Beijing’s foreign and domestic
policies. The fact that Indians were
aware and concerned about the way the
British were trading with China
equip the military with the right the Russians because of the introduc- counters the notion that Indians were
weapons and training. Though this dis- tion of railways, English education and inward-looking.
course is rooted in the colonial era, so on. Given the geo-political develop- Given this backdrop, the book does
when military ments of recent much to underline the fact that there is
excursions were a To Raise a Fallen months, the more to Indian thinking than what has
standard feature, People: How 19th- debates about been discussed in the popular writings.
the idea of a strong Century Indians Saw Russian expan- Indians of eminence were acutely
military is even Their World and
Shaped Ours
sions and out- aware of their social and political situ-
more relevant today comes and how ation. The book counters the notion
given India’s unset- Author: Rahul Sagar India should that Indian thinking on international
tled northern and Publisher: relate to it are relations is heavily dependent on other

W
ith the rise of India as an
important regional and global
player in the 21st century there
has been a need to understand whether
the country ever had its own under-
standing of its geographical and geo-
political locations. Much has been
written and spoken about the ideas of
non-alignment, non-violence, and
strategic autonomy. But most of these
ideas that are credited to Indian
thinkers have emerged during or after
the independence movement. This
outlook vis-à-vis an Indian position.
The task is not easy and as the editor
has stated, it required a long time
period and extensive focus to come up
with a volume that could do justice to
the debates. The book also had to be
compiled in a way that it would cover
most of the important ideas prevalent
in the 19th century, while acknowledg-
ing that there will be some gaps still.
With the extensive use of archives and
numerous speeches, Rahul Sagar
creates a coherent and linear narrative
in 1892 strongly expresses this sen-
timent. The comparisons between India
and China, based on their economic
development and models of growth
have renewed this debate in the 21st
century. Both are Asian nations with
huge populations, and the issue of why
has one managed to build on that
advantage when the other lags engages
decision-makers in India today.
The same could be said about
debates around defence and security.
There were plenty of writings and
eastern boundaries
and disputed terri-
tories, coupled with
the rise in cross-
border terrorism.
The book also highlights the
debates and understandings of Indians
towards the idea of Russian invasions
or attacks on the Raj. It clearly shows
that the interlocutors were aware of the
challenges which the Russian military
would face if it moved towards India
and were also debating how things
Juggernaut Books pertinent.
Educated 19th
Pages: 312 century Indians
Price:: ~799 were also aware of
the challenges that
China faced due to the opium trade.
There were various schools of thought
in India that were debating and discus-
sing this development from economic
and geo-political aspects. Current his-
tory is an example of how the opium
trade shaped Chinese thinking and how
the idea of the “century of humiliation”
influential nations and India lacks its
own body of work. Indians were very
much aware of how changes in the
global system impacts the Indian posi-
tion, positively or adversely. Every
scholar, teacher or student keen on
gaining insights on Indian interna-
tional thinking, its roots and path of
development would gain from reading
this book.
The reviewer is Assistant Professor, OP
Jindal Global University
 QUICK TAKE: LOWER LICENCE FEE POSITIVE FOR CONCOR “Earnings expectations will
The Smart (Price in ~) come down this year and

Investor
680 The Container Corporation of India (Concor) stock is probably next year as well.
673.80 660 up 14 per cent since the start of July on expectation That is somewhat priced in.
640 of land licence fee (LLF) policy. The LLF could be The question is how big will
620 reduced to 2-3 per cent from the current 6 per cent be the cuts we will see”
MUMBAI | 600 which will add 15 per cent to the company’s FY23 JULIEN LAFARGUE, chief market
594.30 580
WEDNESDAY, 13 JULY 2022 Jun 30 Jul 12
profit estimates, says Jefferies strategist, Barclays Bank
<

90 days on, MFs line up Infosys leads slide in IT stocks as

NFOs as embargo lifts indices lose 1%, follow global trend
PRESS TRUST OF INDIA Finance, rising to 1.87 per cent.
Mumbai, 12 July “Rate hike fears are back in focus in
ANOTHER NSE NIFTY 50
A dozen schemes expected; new offerings to support inflows Equity indices nursed losses for the sec-
the global markets ahead of the release of
CPI numbers. Inflationary pressures along DAY IN RED
16,250
ond consecutive session on Tuesday as with strong US jobs data would keep the 16,216.0 16,200
SAMIE MODAK investors continued to dump information Fed on the path of aggressive rate
Mumbai, 12 July technology (IT), banking and fast-moving hikes...Demand concerns amid the 16,150
consumer goods (FMCG) stocks amid a rebound of virus cases in China com-
16,100

D
omestic mutual funds bearish trend in global markets. pelled crude to trade lower,” said Vinod
(MFs) will go into over- Unabated foreign fund outflows and Nair, head of research at Geojit 16,050
drive to launch a clutch of
new fund offers (NFOs), following
the rupee dropping to another record low
against the dollar added to the woes,
Financial Services.
In the broader market, the BSE small-
1% 16,058.3 16,000
the end of a three-month traders said. cap and midcap indices dropped 0.52 per Jul 11 2022 Jul 12
embargo. Industry players say Participants were also in wait-and cent and 0.51 per cent, respectively.
about a dozen NFOs in the equity watch mode ahead of the Tuesday release Among BSE sectoral indices, IT fell by SCORECARD (as on Jul 12, 2022)
and hybrid categories will kick off of retail inflation and factory output data. 1.29 per cent, followed by teck (1.21 per Price in ~ Chg 1D(%) Price in ~ Chg 1D(%)
over the next few weeks as asset The 30-share BSE Sensex opened on a cent), metal (1.16 per cent), auto (1.13 per
management companies (AMCs) weak note and fell 508.62 points or 0.94 cent), FMCG (1.03 per cent), bank (0.94 GAINERS LOSERS
look set to take advantage of pent- per cent to end at 53,886.61. The broader per cent), consumer discretionary goods NTPC 147.1 1.6 Eicher Motors 2,954.1 -3.0
up demand and fall in valuations. NSE Nifty declined 157.70 points or 0.97 & services (0.93 per cent) and capital
On Tuesday, Edelweiss AMC’s per cent to settle at 16,058.30. goods (0.91 per cent).
Shree Cement 19,962.1 0.5 Hindalco 346.9 -2.6
multi-cap Focused Equity Fund Infosys was the top laggard in the Telecom, utilities, power and realty Bharti Airtel 663.0 0.4 Infosys 1,438.6 -2.3
and WhiteOak Capital Flexicap Sensex pack, slipping 2.33 per cent, fol- ended higher. Adani Ports 731.9 0.4 BPCL 308.7 -2.3
Fund opened to subscription. lowed by Nestle India, PowerGrid, HUL, World stocks were under pressure on
Next week, Quantum AMC's M&M, HCL Tech and Kotak Mahindra renewed concerns over policy tighten- Coal India 193.9 0.3 Nestle India 18,125.2 -2.0
first index fund will open for ILLUSTRATION: BINAY SINHA Bank. Only three counters closed in the ing by central banks and its impact on Compiled by BS Research Bureau Sources: Bloomberg, exchanges
subscription. the 2022 average. green — NTPC, Bharti Airtel and Bajaj global growth.
Since April, the ~37-trillion MF The Securities and Exchange TAKING FRESH GUARD
industry has not rolled out a Board of India (Sebi) allows New MF offerings are expected to
scheme due to delay in imple- fund houses to launch only one hit the markets in a big way (~ cr)
mentation of the new norms open-ended scheme
around pooling of investor funds category. As a result, AMCs can
that were to come into effect only launch new schemes to fill
on April 1. product gaps.
per
25,000

20,000
NMDC to be excluded from Nifty CPSE
Between June 2021 and April “One should look at NFOs only
this year, equity and hybrid NFOs to fill gaps in current product
have helped mop up ~67,400 offerings. Current gaps in client
3,200
15,000 index over steel arm rejig; stock down 5%
crore. Experts say portfolio could be in
the resumption of international invest- 10,000 BS REPORTER
NFOs will help sup- While monthly
port inflows into flows signal bullish
ing, low-cost index
funds, and smart-
Mumbai, 12 July Iron ore tumbles towards $100
5,000
equity schemes, sentiment, a
which are key to off- correction in the
beta strategies,” says
Tarun Birani,
State-owned miner National
Mineral Development
Iron ore prices sank to a seven-
month low, with the demand out-
SGX TSI IRON ORE
set selling by market and concerns founder and chief 200
0 Corporation (NMDC) will be look dimming on fears China FUTURES $/MT
foreign funds. around monetary executive officer, Jun 2021 Apr 2022 removed from the Nifty CPSE may again impose strict Covid- 180
“Although we tightening could TBNG Capital Note: Figures for only equity and hybrid NFOs; index following its decision to hive 19 curbs that hurt construction 107.80
have seen a spike in discourage investors Advisors. Figures rounded off Sources: Jefferies, Amfi off its steel subsidiary NMDC activity. Market watchers are 160
volatility, domestic from making Over the past few Steel. The proposal has received
THE LONG AND SHORT OF IT monitoring the government’s
ONGC and Coal India could benefit 140
investors are not in huge lump-sum weeks, AMCs have shareholder’s approval. response as the daily virus case-
panic mode. Flows investments filed their offer doc- its zenith since it results in higher According to an analysis done on account of the reorganistion load in Shanghai grows, topping 120
continue to remain uments — a precur- inflows,” adds Birani. by IIFL Alternative Research, Estimated flows ($ mn) 50 for the fourth straight day. A
strong. Fund houses sor to an NFO While monthly flows signal NMDC, which has nearly 5 per more contagious sub-strain of the 100
NMDC -106.3 103.23
will aggressively look to spawn launch — with Sebi. Industry bullish sentiment, a correction in cent weightage in the Nifty CPSE omicron variant has triggered 80
NFOs, which will only support players say the actual number of the market and concerns around index, could see outflows of over NTPC -23.5 additional mass testing amid the Dec 1,’21 Jul 12,’22
existing flows,” says Arun Kumar, roll-outs will depend on the monetary tightening could dis- $100 million (nearly ~800 crore) on Power Grid -14.9 flare-ups, and close to 30 million
head of research, FundsIndia. response to the initial few courage investors from making account of its exclusion. people nationwide are under sector, or complicate the roll-out
Notwithstanding a correction launches. huge lump-sum investments. No new stock will get added to
BEL 30.8 some form of movement restric- of infrastructure stimulus. Dollar
in stock prices and the ban on “As a thought process, a lot of Even if investor response is meek, the index as a result, some of the Coal India 44.5 tions. There’s concerns that more bonds of China’s real-estate
NFOs, month-on-month flows AMCs will want to launch now a fall in valuation could be an existing members of the CPSE ONGC 45.9 intense curbs could pile pressure developers plunged Tuesday.
into equity schemes have moder- when inflows are still robust and opportune moment to launch index will benefit due to Source: IIFL Alternative Research
on the still-struggling property BLOOMBERG
ated. Positive flows have largely the entry point is better. But new schemes, they believe. the rebalancing.
been supported by systematic depending on investor response “The recent fall provides a ONGC, Coal India and Bharat in share price between now and crash in iron-ore prices. NMDC’s The Nifty CPSE ETF, formed to
investment plans. to the initial crop of NFOs, AMCs better entry point and will benefit Electronics (BEL) are expected to August 5, the adjustment date. is India’s largest iron-ore minor. help the government divest its hold-
In June, equity schemes may tweak their plans,” says funds. This can help them see inflows of between $31 million Shares of NMDC fell 5.3 per Global iron ore prices have hit a ing in the underlying stocks, has
logged their 16th straight month Kumar. acquire good flows a few years and $46 million on account of the cent on Tuesday. The stock fell on seven-month low on fears that assets under management of over
of positive flows. They stood at “Normally, NFOs are timed down the line if performance rebalancing. The exact quantum account of a double whammy in fresh Covid-19 outbreaks in China ~17,000 crore. The index has gained
~15,498 crore — 18 per cent below when investment sentiment is at passes muster,” observes Kumar. of flows will depend on the change form of CPSE index deletion and could impact demand. nearly 6 per cent year-to-date.

‘Recent correction has removed froth from the market’ M&M Fin zooms over 16%
The biggest unknown in the market is the intensity of the ongoing global growth
slowdown, says C J GEORGE, managing director and chief executive officer, Geojit
in July on strong outlook
Financial Services, in an interview with Nikita Vashisht. Edited excerpts: BS REPORTER POURING IN JULY
Mumbai, 12 July
(Stock price in ~)
Have the markets bottomed out,
or are any more surprises left?
What have you been
buying/selling amid
OUR VOLUMES ARE IN LINE Shares of Mahindra & Mahindra 210
The biggest unknown in the mar-
kets is the intensity of the ongoing
this volatility?
We have been suggesting to our
WITH MARKET DATA, BUT WE Financial Services
(MMFSL) hit a 52-week high of
Limited
200
global growth slowdown. While the clients to have a balanced portfolio DO NOT BELIEVE MARGIN ~206.85 (intraday) on the BSE, gain- 175.40
190
markets have partly factored in the with a mix of equity, debt, gold, ing 3 per cent in Tuesday’s weak
probability of a US recession, what and cash. We prefer private banks, NORMS HAVE ADVERSELY trade on a strong business outlook 204.05
180
they haven’t reckoned on is the
potential of it being a full-blown
fast-moving consumer goods, tele-
com, and chemicals companies. AFFECTED OUR BUSINESS before ending on ~204.05 per share.
The stock of the Mahindra group
one and its impact on global eco- Lately, we have also added select company surpassed its previous 170
Jun 30 Jul 12
nomic growth and corporate earn- pharma, auto, gas, and consump- high of ~206.40 touched on
ings. Since valuations in tion-based ideas. November 9, 2021.
India continue to be In comparison, the S&P BSE YoY growth of 145 per cent. As of
higher than the long- Have FII (foreign much, which has helped to curb affected our business. While the introduced flexible brokerage Sensex ended the day down 0.94 June 30, the company estimates
term average, and also institutional investor) FII selling. In FY23 and FY24, margin norms will make markets plans for those clients who prefer per cent at 53,886.61 points. the gross business assets at ~67,500
above those of other concerns begun to India will be the fastest-growing safer, the only hitch is that well- only day trading, but our focus Thus far in July (last eight days), crore, a YoY growth of 6 per cent.
emerging markets (EMs), abate as far as India is large economy in the world. Our capitalised brokers will likely reap has always been on helping our MMFSL has rallied 16 per cent, as "MMFSL is likely to perform
there is a risk of further C J GEORGE concerned? corporate profit to GDP is on a benefits from this change, leading clients create wealth. compared to a 1.6 per cent rise in better in the coming days. The
correction. MD & CEO, FII selling started on steady uptrend. Therefore, India to further consolidation in the To fight the competition, we the S&P BSE Sensex. stock witnessed significant deliv-
That said, we believe Geojit Financial valuation concerns, will outperform. industry. have strengthened our product In June 2022, the company had ery-based activity in early April and
the Fed has a good Services and gathered momen- bouquet. For those clients who delivered a 115 per cent year on year May 2022 at ~170-180, which is a
chance of engineering a tum with the dollar How has your business How tough is the competition prefer their investments to be (YoY) and a 27 per cent sequential crucial support level for the stock.
soft landing for the US strengthening and US performed in terms of volumes now from discount brokerages? handled by experts, we will offer month-on-month (MoM) growth in Since accumulation was seen in
economy, particularly after the bond yields rising steadily. The and margins? We have been strengthening our more diverse model portfolios disbursement at nearly ~3,750 this stock last week, downsides are
recent moderation in commodity recent moderation in commod- Our volumes are in line with the research department to help our and PMS. We will further develop crore, aided by macro tailwinds. limited and positive momentum is
prices. The correction has removed ity prices is a big relief. The market data, but we do not believe clients make informed invest- our network of branches across The year to date disbursement likely to remain above the men-
froth in the broader market. rupee is unlikely to weaken margin norms have adversely ment decisions. We have also India to support new investors. at around ~9,450 crore registered a tioned levels," said ICICI Securities.

THE COMPASS
formance over the past sev- profitability, with 2022-23

Blue Dart Express: Unboxing the demand potential
Margins could
moderate
after hitting a
record in Q4
RAM PRASAD SAHU
South Asia’s largest integrated
air express courier and logis-
tics company Blue Dart
Express has gained 21 per cent
over the past fortnight,
extending its gains since its
lows in March to over 43 per
cent. The gains were aided by
strong volume growth over
the past year and record mar-
gins. Prospects of recovery
across sectors, profitability at
elevated levels, and higher
contribution from the ground
express segment are stimuli
for the company.
What will act as a catalyst
is the company’s intent of
increasing its contribution
from the ground express (sur-
face) segment, with the current
levels at 30-35 per cent. The
company expects high double-
digit volume growth in the sur-
face segment, compared to the
high single-digit growth in the
air express segment. While the
margin profile in both seg-
ments is similar, the cut in die-
sel prices will be favourable to
the surface business.
Volume growth trajectory
and margin profile of the
logistics major will be key
monitorables. The company
posted 34 per cent revenue
growth in 2021-22 (FY22),
assisted by 30 per cent growth
in volumes; the rest came
Base=100
140
from higher realisations.
Most growth came from
Blue Dart Express the business-to-consumer
(B2C) segment. It posted ship-
ment growth of 42 per cent.
120 The business-to-business
(B2B) segment saw 30 per cent
growth in tonnage terms.
The company reported a
100 450-basis point expansion in
operating profit margins to 16
SENSEX per cent, propped up by a
strong finish to the year in
80 the March quarter. Margins
July 1,‘21 July 12,’22
Compiled by BS Research Bureau
in the last quarter were at all-
time high levels of 18.7 per
eral quarters. It has been able
to take adequate price
increases, which helped
margins at 15 per cent, accord-
ing to Ankita Shah and Ash
Shah of Elara Securities.
cent. This was on account of maintain its robust margin.
cost optimisation measures, The cost-control measures
MOFSL expects margins to
stabilise at 14.5-15 per cent.
operating leverage, high- are playing out well, with the Given strong volume
margin interna- company clock- expectations, both brokerages
tional air charter The company ing a record high expect the company to deliver
services,
reduction
and posted 34% revenue margin.”
in growth in FY22, With its air
annual revenue growth of 13
per cent over FY22 through
employee assisted by 30% and surface net- 2023-24.
expenses. growth in volumes work operating While MOFSL has a ‘neu-
Say Alok at peak utilisa- tral’ rating on the stock, with
Deora and tion levels and a target price of ~7,715 per
Dhirendra Patro of Motilal strong outlook for B2B and share, Elara Securities’ target
Oswal Financial Services B2C segments, the company is at ~9,780 per share.
(MOFSL), “Notwithstanding is looking at expanding capac- Given the recent rally,
steep rise in fuel prices, Blue ity. However, the expanded investors can consider the
Dart has delivered robust per- capacity could be a drag on stock on dips.
>
MUMBAI | WEDNESDAY, 13 JULY 2022 THE SMART INVESTOR 11

Investors brush aside tariff, Games people play: Skill or

margin concerns for SRF chance? Tax rates will differ
Earnings from former are taxed at slab rate and latter at 30 per cent
Impact of duty reversal, if any, could only be in a mid-single digit
RAM PRASAD SAHU
BINDISHA SARANG
THE KIND TAX
Mumbai, 12 July Many people took to online games n If the prize that a person is to
during the lockdown. The possibility receive is in kind (in the form of

A
fter a recent 10 per cent fall, the stock
of India’s largest specialty chemicals
maker by market capitalisation, SRF,
recovered on Friday, gaining 5 per cent and
then going up by over a per cent, after the
twin market sessions of Monday and
Tuesday to end at ~2,198.75 apiece. The stock
has been under pressure on concerns related
to demand, its ability to sustain margins and
increased competitive pressures due to
policy decisions.
Surya Patra of PhillipCapital India
Research highlights three uncertain macro
developments which will make the near-
term outlook of the global chemical industry
(and by extension, SRF) volatile. These
include the possibility of a recession which
will hit demand, global chemicals giant
BASF shutting down its largest fully inte-
grated plant in Germany on account of gas
of earning a windfall, while playing goods), such as a car, then the prize
from home, had attracted a lot of distributor must ensure before
players to them. Now, with the dead- releasing the prize that tax has been
line for filing income-tax return paid on it
(ITR) approaching (July 31, 2022),
gamers need to know the rules that n Tax is paid at the market value of
govern taxation of income from the prize
online games. n The prize distributor can either
Maneet Pal Singh, partner, I.P. recover the tax from the winner or
Pasricha & Co says, “Any income, bear it himself
irrespective of its quantum, earned
from online gaming must be > For instance, suppose that Suman
reported while filing income-tax has won an Alto car in a contest
returns.” which has a market value is ~4 lakh
LOOKING GOOD Games of chance
> Tax @ 31.2 per cent, which is
~ 1,24,800, must be paid before the
Sales, profit to go up Valuations to grow First, the taxpayer needs to winner can receive the car
Yearly change (in %) March 2024 estimates determine whether the game she/he
Source: Cleartax.in
n Sales n Operating profit n Net profit Value* Price per played was one of chance/luck, or it
(in ~cr) share (~) involved skill. Section 115BB
48

unavailability and US government’s inten- determines how winnings from No deductions for games winners can claim a refund of the
tion to lift tariffs on some China supplies Technical textiles 4,300 145 lotteries, racing (including horse of chance excess tax.”
which were imposed during the Trump Chemicals 65,500 2,210 racing), cards, gambling or betting Section 58 (4) restricts the assessee The TDS deducted will be
administration. of any form, including online from deducting any expenses from reflected in the taxpayer’s Form
While a recession would have a signifi- Packaging films 13,000 438 gaming, are to be taxed. the income derived from a game of 26AS. Credit for this amount should
26
26

cant impact, the plant shutdown at BASF Jayashree Parihar, counsel, PSL chance. Gopal Bohra, partner, NA be taken while filing ITR. Suresh
25

Others 600 22
25

would have a limited immediate one, Advocates & Solicitors, says, “Such Shah Associates, says, “The taxpayer Surana, founder, RSM India, says, “If
21

Total 83,400 2,815

18
17
17

believes the brokerage. About 4 per cent of income is computed under the head cannot claim any benefit of tax slab on any winnings are subject to TDS, the
15

15
14
14
13

earnings are at risk due to supply of certain Less: Gross debt -3,600 123 ‘income from other sources’.” such income, or deduction under taxpayer should check Form 26AS
specialty chemicals from BASF. However, it According to Aditya Chopra, Section 80C or 80D, while computing and the Annual Information
Add: Cash/cash equivalent 2,200 74
throws up a potential mid-to long-term managing partner, Victoriam his/her tax liability on such income.” Statement to ensure that the correct
supply opportunity of downstream products Target price 82,000 2,765 Legalis-Advocates and Solicitors, Adds Singh: “If the winnings have amount of tax has been deducted.”
instead of intermediates currently for com- FY20 FY21 FY22 FY23E FY24E “Under Section 115BB, any been derived from a game of Players need to be careful about a
-8

*Based on March 24 operating profit and enterprise

panies such as SRF.
Brokerages have also brushed aside con-
cerns of additional competition due to the
lifting of tariffs on Chinese exports of refrig-
erant gases. The US government had
imposed a 285 per cent duty on import of
hydrofluorocarbon (HFC) gases from China
back in 2018. HFCs are used in refrigeration,
air conditioning and in fire extinguishing
systems among others.
Investors are concerned that lifting of
tariffs would result in pressure on pricing
and thus impact margins for SRF. The com-
pany’s exposure to the US refrigerant market
is limited to 6 per cent overall sales and
would thus have a limited impact on the
bottomline. Further, while the imposition
of tariffs led to higher refrigerant prices it
was more due to supply disruption in China
rather than the American action.
Krishan Parwani of JM Financial
Research says it is highly unlikely that the
value/operating profit multiple
E: Estimates; Source: JM Financial Institutional Securities Source: JM Financial Institutional Securities
US will reverse the tariff hike as refrigerant strong over the next few years. Among the
gases make up only 1-2 per cent of final reasons cited by JM Financial for HFC
equipment costs and will not lead to price demand staying strong till at least CY30 is
inflation. Further, no additional capacities the European Union’s support for heat
can be put up in China for HFCs starting
January 2022 which means future incre-
pumps to replace oil and gas for space heat-
ing, replacement of older generation flu-
mental HFCs demand will have to be met orine-based gases in developing countries
by incremental supplies from India and sev- and global shift towards interim low global
eral West-Asian countries. warming potential HFCs.
However, if the US indeed lifts tariffs, In addition to the US tariff decision, the
downward revision of earnings before near-term trigger would be the June quarter
interest and taxes is expected to be 6 per results. SRF’s revenues are expected to grow
cent and 9 per cent respectively, for by 31 per cent year-on-year (YoY) to
FY23 and FY24. ~3,500 crore while its operating profit is
While there are worries of phasing out of expected to rise by 46 per cent YoY
HFCs given their impact on global warming to ~980 crore.
and multiple global pacts have been signed At the current price the stock is trading
for the same, brokerages believe that at 26.5 times its FY24 earnings estimates
demand trend will continue to remain and investors can consider it on dips.
income arising from a
game of any sort, which
does not involve any skill,
is taxed at the rate of
30 per cent.”
Ankit Jain, partner, Ved
Jain & Associates says that
the government has
imposed the highest tax
YOUR
rate in order to discourage MONEY
such activities.
Games of skill
Any game that involves talent and
knowledge, and is not based entirely
on chance, is considered a game of
skill. Chopra says, “If a game
involves application of a person’s
skills, then winnings from such a
game are taxed at the normal rate
applicable to the recipient of
such income.”
skill, then expenses incurred
on earning that income can
be deducted while
computing taxable income.”
TDS rules under Sec 194B
Tax is deducted at source by
the entity paying out the
price money before
distributing the winnings.
“TDS will be deducted at the
flat rate of 30 per cent, excluding cess.
TDS is applicable only if the winnings
exceed ~10,000,” says Parihar.
In the case of games that involve
knowledge or skill, TDS is not required
to be deducted. Deepak Jain, chief
executive, TaxManager.in says,
“Winnings from games of skill need
not be taxed. However, most
platforms deduct 30 per cent of the
winnings and pay out the rest. The
few things. Bohra says, “Sometimes,
the winning amount is not credited
to the winner’s bank account, but is
used for some other purpose on the
online portal. Individuals should,
therefore, keep track of all such
winnings, especially those that are
less than ~10,000, on which no TDS
is deducted.”
Caution should also be exercised
while claiming TDS. Jain from Ved
Jain & Associates says, “If a claim is
made incorrectly, the taxpayer may
have to shell out additional tax,
interest, and penalty.”
At the end of each quarter, obtain
Form 16A from the gaming platform.
Verify that your PAN has been
correctly reported, so that you are
able to get the benefit of the tax
already deducted at the time of filing
your tax return.
12 STOCKS
>
MUMBAI | WEDNESDAY, 13 JULY 2022 1

> STOCK
IN THE > ITI > Rolex Rings > Jubilant Foodworks

NEWS Top gainer

among A-group
Hits new high
since listing at
Snaps 7-day
winning streak OF THE DAY
companies ~1,865 on BSE Vadilal Industries
~97.9 PREVIOUS CLOSE ~1,829.9 PREVIOUS CLOSE ~581.6 PREVIOUS CLOSE Hits new all-time high
~114.5 CLOSE ~1,852.8 CLOSE ~578.2 CLOSE at ~2,218, Up 53 per cent
p 16.9% UP p 1.3% UP q -0.6% DOWN this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
12 Jul ’22 Chg (%) Con Std 12 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 731.9 0.4 0.7 32.5 388.4 ITC 292.7 -0.8 5.0 23.7 24.0 BSE NSE price price (%) price price (%)
Apollo Hosp 3929.7 -0.1 0.6 53.5 85.0 JSW Steel 574.5 -0.5 1.1 6.7 8.3 2 000 1 200 MOST BULLISH MOST BEARISH
Zomato 59.7 59.0 5.2 88.2 169.1 NMDC 101.8 103.3 -5.3 101.6 101.6
Asian Paints 2893.2 -1.4 1.8 91.6 88.5 Kotak Mah Bank 1719.0 -1.3 3.5 28.2 39.8 Adani Wilmar 648.1 648.0 5.0 878.4 878.4 REC 124.0 124.2 -4.8 109.7 109.7

62
898
Axis Bank 676.2 -0.5 2.6 14.7 15.9 L&T 1653.8 -0.6 3.2 26.8 31.6 1 500 900 Vodafone Idea 8.8 8.7 0.6 Tech Mahindra 968.8 997.4 -2.9 Indus Towers 224.5 221.7 3.9 224.5 332.6 Firstsource 100.6 101.6 -3.8 93.0 93.0
Bajaj Auto 3847.9 0.0 0.7 18.1 22.2 Power Grid 214.4 213.5 0.4 Birlasoft 328.2 336.8 -2.5 Adani Green En 2374.0 2289.0 3.6 3048.0 3048.0 HPCL 233.1 234.0 -3.7 206.7 206.7

458
Mah & Mah 1146.7 -1.6 1.6 21.7 28.9
1 000 600 CGCEL 369.5 368.1 0.4 M & M Fin 199.6 204.1 -2.2

59
Bajaj Fin 5873.6 0.2 2.2 50.6 56.0 Dixon Tech 3919.3 3870.3 3.4 4485.0 6240.0 Bharat Forge 630.0 633.3 -3.4 597.5 595.9
Maruti Suzuki 8419.7 -1.0 1.5 65.6 67.5 Syngene Intl 573.0 570.9 0.4 Piramal Entp 1678.8 1710.4 -1.8
Bajaj Finsrv 11864.8 -0.6 1.0 41.4 445.1 Adani Total Gas 2845.0 2798.4 3.1 2845.0 2845.0 Intell Des Aren 672.1 675.0 -3.3 564.0 564.0
Nestle India 18125.2 -2.0 0.9 - 81.8 500 300 Indraprst Gs 368.1 366.9 0.4 Shree Cement 19595.3 19962.1 -1.8
Bharti Airtel 663.0 0.4 2.2 85.6 - Bandhan Bank 284.2 282.8 2.8 349.5 349.5 RBL Bank 83.8 84.1 -3.3 74.2 74.2
NTPC 147.1 1.6 1.0 8.6 8.9
BPCL 308.7 -2.3 0.4 5.7 7.6 Adani Power 299.2 293.0 2.8 344.8 344.8 Eicher Motor 2941.2 2953.2 -3.1 2311.1 2110.0
ONGC 124.1 -1.1 0.9 3.4 3.9 0 0 BSE NSE Containr Crp 681.7 674.1 2.1 695.0 754.1 Piramal Entp 1705.5 1709.9 -3.0 1561.0 1561.0
Britannia 3725.5 -1.8 0.6 58.9 56.0
Cipla 935.8 -1.2 0.7 30.0 25.5
Power Grid 213.5 -1.6 1.0 8.9 8.7 n n n n Index Stock Index Stock PUT-CALL RATIO Adani Trans 2810.0 2748.8 1.9 2899.0 3000.0 Indiabulls Hous 94.0 94.8 -2.9 89.0 89.0
Reliance Ind 2420.5 -0.1 11.5 27.0 41.9 NTPC 148.2 147.1 1.9 166.3 166.3 Chola Inv 618.4 620.7 -2.8 594.0 469.8
Coal India 193.9 0.3 0.6 6.9 10.7 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 485.0 -0.7 2.6 12.2 13.7 Chennai Petr 273.6 270.0 1.8 418.0 418.0 Nippon Life Ind 290.2 291.4 -2.8 259.3 259.3
Divis Lab 3687.5 -1.2 0.6 33.1 33.2
SBI Life Ins 1139.8 -0.7 0.7 - 75.7 BSE M DCAP BSE SMA CAP Contracts - - 389169 705535
Market 1250.5 2110.6 0.6 MCX 1352.0 1334.4 1.6 1440.4 2134.9 Glenmark 379.0 379.7 -2.7 348.9 348.9
Dr Reddys 4483.7 -0.4 0.8 34.2 46.0 60 468 Open Int.(000) - - 16628 4848190
Shree Cement 19962.1 0.5 0.4 - 30.3 NBCC 31.7 31.4 1.6 40.9 55.4 Dr Lal PathLabs 2069.7 2079.5 -2.7 1805.1 1805.1
Eicher Motor 2954.1 -3.0 0.6 48.2 50.9 Shares(In Mn) - - 16.0 1032.8 Top 5 PC Ratio Bottom 5 PC Ratio

60

459
Sun Pharma 851.6 -0.7 1.3 62.4 446.5 Oberoi Relty 854.2 837.3 1.6 1021.5 1051.9 Petronet LNG 215.8 216.4 -2.7 195.5 190.3
Grasim Ind 1380.1 -1.8 0.7 12.0 29.8
Tata Consumer P 756.5 -1.2 0.6 74.5 78.7
45 351 Value(~ crore) - - 32386 43194
ACC 1.7 Oracle Fin 0.1

235
HCL Techno 927.8 -1.7 1.4 18.7 23.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 430.6 -1.5 1.1 - - RBL Bank 1.2 JK Cement 0.1
HDFC 2226.9 -1.0 5.6 17.9 29.4 30 234
39
Contracts - - 90128929 2673733
Tata Steel 902.1 -1.2 1.0 2.7 3.6 Canara Bank 1.2 Syngene Intl 0.1
HDFC Bank 1391.8 -1.0 8.4 20.3 20.9
HDFC Std Life 539.8 -1.3 0.8 86.0 94.4 TCS 3084.7 -0.9 4.3 29.4 29.6 15 117
Open Int.(000)
Shares(In Mn)
-
-
-
-
315068
3362.2
3046100
3221.6
Asian Paints 1.0 Max Fin Sre 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 997.4 -1.0 0.9 17.4 19.7 Bank of Baroda 1.0 Sun TV Net 0.2
Hero MotoCorp 2875.5 0.3 0.5 24.8 23.2 Value(~ crore) - - 7558048 170059 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 346.9 -2.6 0.7 5.7 14.2 Titan Company 2130.0 -1.6 1.2 87.0 86.7 0 0 BSE+NSE BSE+NSE
UltraTech 5778.9 -1.3 0.9 22.7 23.6 n n n n 1 Reliance Ind 1637265.4 BS200 Quest Softech 40.8
HUL 2449.6 -1.6 3.0 64.8 65.3 (~ crore) (Mn shrs)
ICICI Bank 759.9 -1.2 7.3 21.1 22.6 UPL 680.2 -1.5 0.5 14.3 44.2 ACTIVE CALLS ACTIVE PUTS Adani Green En 1993.3 8.6
2
3
TCS
HDFC Bank
1128704.3
773103.3
UP 7 DAYS Katare Spg 40.6
IndusInd Bank 847.1 -1.3 0.8 - 14.2 Wipro 409.2 -0.5 0.8 18.3 18.5 Adani Total Gas 17.2 Shrigang Ind 40.4
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Reliance Ind 1255.4 5.2 4 Infosys 605266.1
Infosys 1438.6 -2.3 7.3 27.4 28.5 Nifty 50 16058.3 â-1.0 100.0 21.8 24.4 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
TCS 1219.3 3.9 5 HUL 575499.3 Containr Crp 11.8 KACL
Panth Infi
40.4
40.3
Index Index 6 ICICI Bank 528582.1 Can Fin Home 8.6
INDEX PE SHRS TRDS 1 YR Tata Steel 944.2 10.5 DOWN 7 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
14/07/22
14/07/22
16200 129.0
16100 126.4
8.8 65.6
5.4 156.5
Nifty
Nifty
14/07/22
14/07/22
16100 146.9
16000 118.8
3.0
4.6
-38.2
-15.4
ICICI Bank 793.8 10.4
7
8
LIC India
SBI
453692.3
432664.6
Tata Power
DOWN
7.0
Abhinav Capital -30.1
Asian Paints 2892.3 -1.4 2.1 91.5 88.5 Mah & Mah 1146.0 -1.6 1.8 21.7 28.9 SENSEX 24.0/26.7 6.3 172 3 27 2.9 Adani Power 720.9 24.4 UP 3 DAYS Kohinoor Fd -30.0
NIFTY 50 21.8/24.4 208.6 3699 7 43 2.3 Nifty 14/07/22 16300 100.3 6.7 49.7 Nifty 14/07/22 15900 67.7 3.8 4.1 9 HDFC 403960.1
Axis Bank 675.5 -0.7 3.0 14.7 15.9 Maruti Suzuki 8422.1 -1.0 1.8 65.6 67.6 Infosys 711.0 4.9 Adani Green En 19.5 Nilachal Ref -29.9
C = CONSOLIDATED; S = STANDALONE Nifty 14/07/22 16500 90.9 8.0 56.5 Nifty 14/07/22 15800 65.5 3.8 9.9 10á Bharti Airtel 363818.9
Bajaj Fin 5873.5 0.2 2.5 50.6 56.0 Nestle India 18124.1 -1.9 1.0 - 81.8 Nifty 14/07/22 16400 83.9 6.6 63.3 Nifty Bank 14/07/22 35300 61.3 0.6 -41.0 HDFC Bank 703.7 5.0 Adani Trans 11.4 Mehai Tech -29.9
11á Adani Green En 362576.5
Bajaj Finsrv 11860.0 -0.6 1.2 41.4 444.9 NTPC 147.1 1.9 1.1 8.6 8.9 CASH DERIVATIVES Stock Stock Zomato 8.3 ETT -29.8
Hindalco 607.5 17.5 12â ITC 361340.8
Bharti Airtel 662.5 0.3 2.6 85.5 - Power Grid 213.4 -1.7 1.2 8.8 8.7 TURNOVER BSE NSE BSE NSE BHEL 28/07/22 50 30.8 13.4 33.8 Vodafone Idea 28/07/22 8 10.5 44.5 3.4 13â Bajaj Fin 355608.0 M & M Fin 7.7 Eiko Life -27.5
Bajaj Fin 586.6 1.0
Dr Reddys 4485.5 -0.4 0.9 34.2 46.0 NTPC 28/07/22 150 27.2 7.0 -5.7 RBL Bank 28/07/22 80 9.9 6.8 13.9 14 Kotak Mah Bank 341247.5 Renuka Sugar 6.3 White Organic -21.2
Reliance Ind 2420.2 -0.1 13.3 27.0 41.9 VALUE(IN ~ CRORE) 2837 40272 - 7803687 Kotak Mah Bank 537.4 3.1
HCL Techno 928.1 -1.6 1.6 18.7 23.2 ITC 28/07/22 300 25.0 26.7 1.1 Bank of Baroda 28/07/22 100 9.6 6.8 5.7 15á Adani Total Gas 307762.5 SRF 6.1 UP 3 DAYS
SBI 484.8 -0.7 3.0 12.2 13.7 SHARES(IN MN) 369.7 1762.5 - 7632.6 HCL Techno 522.0 5.6
HDFC 2226.4 -1.0 6.4 17.9 29.4 TRADES(000) 2313 15209 - 34356 PNB 28/07/22 32 21.5 14.3 11.1 ITC 28/07/22 290 9.5 4.8 -5.8 16â Adani Trans 306625.9 Oberoi Relty 5.8 Morarka Fin 49.6
Sun Pharma 851.2 -0.7 1.5 62.4 446.3 Bharti Airtel 508.5 7.7
HDFC Bank 1391.7 -1.0 9.7 20.3 20.9 IDFC First Bank 28/07/22 35 20.4 11.2 21.7 Delta Corp 28/07/22 170 8.2 1.8 91.0 17 Asian Paints 277424.6 DOWN National Oxy 33.0
Tata Steel 902.1 -1.2 1.2 2.7 3.6 Apollo Hosp 463.4 1.2
HUL 2449.4 -1.6 3.5 64.8 65.3 MARKET-CAP (~ CR) TRADED TOTAL 18 Adani Enter 269706.9 BPCL -6.3 MTNL 29.7
ICICI Bank 759.9 -1.2 8.4 21.1 22.6 TCS 3084.7 -0.9 5.0 29.4 29.6
Axis Bank 449.7 6.6 19á Maruti Suzuki 254414.8 TCS -6.2 BGR Energy 21.2
Tech Mahindra 997.7 -1.0 1.0 17.4 19.7 BSE 25,208,060 25,356,286
IndusInd Bank 846.7 -1.3 0.9 - 14.2 Pressman Advert 20.8
Infosys 1438.5 -2.3 8.4 27.4 28.5 Titan Company 2130.9 -1.3 1.4 87.1 86.8 NSE 24,943,458 25,008,183 SPURT IN VOLUMES Adani Ports
Vedanta
439.9
426.8
6.0
18.6
20á
21â
HCL Techno
Avenue Supermar
251840.3
251470.8
HCL Techno
Shriram TrFn
-6.1
-5.5 Bajaj Healthcar 20.4
UltraTech 5775.4 -1.3 1.1 22.7 23.6 DERIVATIVES 17,839,589 17,839,589
ITC 292.7 -0.8 5.8 23.7 24.0 Company Days 2-week Avg Change Close *Price 22 L&T 232383.7 Dr Lal PathLabs -4.7 Duroply In 20.1
Tata Motors 424.4 9.8
Kotak Mah Bank 1718.8 -1.1 4.0 28.2 39.8 Wipro 409.1 -0.5 1.0 18.3 18.5 Volume Volume % price %chg 23 Wipro 224255.5 Rain Inds -4.2 DOWN 3 DAYS
L&T 1653.8 -0.5 3.7 26.8 31.6 BSE SENSEX 53886.6 â-0.9 100.0 24.0 26.7 TRADING ACTIVITY Banaras Bead 276214.0 2808.9 9733.4 78.4 10.3
ITC
HDFC
418.9
405.9
14.3
1.8
24 Axis Bank 207461.1 Hindalco -4.2 09Agg -23.6
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 204228.4 Others EKI Energy -22.8
Keerti Knowledg 479773.0 6804.0 6951.3 21.8 10.1 ITI 378.2 33.8
Equity Debt Equity Debt 26 Titan Company 189176.9
Net Net Net Net Ahluwalia Co 351207.0 11107.4 3061.9 445.6 7.5 UP 7 DAYS Kreon Fin -14.2
SBI 376.0 7.7 27 Bajaj Finsrv 188740.0
WORLD INDICES On 11 Jul 359 -36 - - Premier Poly 223705.0 7509.0 2879.2 94.6 8.9 Maruti Suzuki 376.0 0.4 28 Nestle India 174752.6
10Ard
PC Jeweller
94.9
57.9
Advance LifeSty
Gian Life Care
-14.2
-14.1
On 08 Jul 119 -10 - - BGR Energy 1510486.0 64220.6 2252.0 75.5 19.9 Zomato 355.2 61.1 29 UltraTech 166717.0
Indices Close % Chg* Indices Close % Chg*
On 07 Jul -882 -22 - - Cambridge T 474652.0 23198.3 1946.1 59.8 15.4 30 ONGC 156058.4 (T+2) cycleStocks which rose/fell continuously
Tata Power 351.0 15.8
Americas (Jul 11,22) Asia/Pacific (Jul 12,22) On 06 Jul -796 925 - - ITI 33805321.0 1926068.5 1655.1 114.4 16.9
Dow Jones 31173.8 -0.5 Straits Times 3145.8 0.5 On 05 Jul 2133 237 - - MTNL 34318661.0 2111770.3 1525.1 25.1 8.0
Jul till date -3357 669 - - Rehspd 152602.0 11112.8 1273.2 0.9 -9.3
S&P/ TSX Composite
Nasdaq Composite
18816.8
11372.6
-1.1
-2.3
Kuala Lumpur Comp
Jakarta Composite
1426.1
6718.3
0.0
-0.1 2022 till date -221221 -15801 139380 -15319 CMI 898886.0 69966.6 1184.7 26.1 19.1
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 11,22) Stock Exchange of Thai 1546.8 -0.7 Quarterly BS 200 Press Hol ABB Power
IBEX 35 8054.4 -0.1 Kospi 2317.8 -1.0 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Federal Bank Pil Italica Lif Polycab India India
JULY 13 Jindal Steel Group X Group A Cyient
CAC 40 5986.6 -0.2 Shanghai Se Comp 3281.5 -1.0 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 L&T Tech Ser Netlink Solu Dcmshriram GSFC
FTSE 100 7169.4 -0.4 Taiwan Taiex 13950.6 -2.7 NET Net Fut OI Opt OI OI Mindtree Group A Welcure Drug Group B ICICI Securitie
HIGH *Shukra Pharmace . . . 166.2 *High Street . . . . . . . . . . 38.9 LOW
DAX 12747.3 -0.7 Volatility (Jul 11,22) BS 200 *Maximus Intl . . . . . . . 160.0 *PC Jeweller . . . . . . . . . . 37.8 BS 200 Group P Kesoram Ind JULY 18 Control Prnt IIFL Wealt
On 11 Jul 2189 -486 0.1 1.3 2.4
Asia/Pacific (Jul 12,22) CBOE Dow Jones 22.2 6.6 On 08 Jul -296 1063 0.1 1.1 2.4 *Adani Total Gas . . . . 2845.0 *Star Hou Fin . . . . . . . . 159.3 *Sonal Adhes . . . . . . . . . 33.0 HCL Techno . . . . . . . . . 925.0 Jupiter Ind Group B Group A Ponni Sugar Ramkrshn Frg
Hang Seng 20844.7 -1.3 CBOE S&P 500 27.0 3.1 On 07 Jul 6781 135 0.1 1.0 2.4 M & M Fin . . . . . . . . . . . 206.9 *Morarka Fin . . . . . . . . 158.2 *Respons Info . . . . . . . . 32.4 Others Group X Den Network Bhansli Engg Pritika Auto In Group B
On 06 Jul 606 1523 0.2 1.5 2.4 Others *Royal Orchid . . . . . . . . 157.2 *RCAN . . . . . . . . . . . . . . . 30.1 Gland Pharma . . . . . . 2480.1 Guj Hotels Group M Heidelberg Steel Str Wh Meghmani Finech
Nikkei 225 26336.7 -1.8 * Change over previous close
On 05 Jul -577 303 0.2 1.4 2.4 *Blue Dart E . . . . . . . . 8181.0 *Brand concept . . . . . . 140.8 *Sparc Electrex . . . . . . . 29.9 *Ekennis soft . . . . . . . . . 76.1 Int Travel IFL Enterprises NELCO Group X Rane Madras
*Vadilal Ind . . . . . . . . 2218.3 *Sumedha Fisc . . . . . . 130.0 *Syschem (I) . . . . . . . . . 29.5 *Balaji Telef . . . . . . . . . . 39.4 Rama Signs Group X Group B Aut Corp Goa Tokyo Plast
MAJOR INDICES Jul till date
2022 till date
9430
253581
2142
28705
-
-
-
-
-
- *Rolex Rings . . . . . . . . 1865.0 *Titagrh Wgns . . . . . . . 127.6 *Deep Diam . . . . . . . . 28.7 *Suumaya Corp . . . . . . . 27.2 JULY 14 Amal Darshan Orna Indian Acry Group IF
*DHP India . . . . . . . . . 1312.0 *Valiant Comm . . . . . . 125.9 *ABC Gas Int . . . . . . . . . . 25.8 *Olympic Oil . . . . . . . . . 26.3 BS 200 Ashirwad Stl Ganesh Hsg Skyline Mill Embassy Of-
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Insectcides . . . . . . . . . 922.0 *APM Finvest . . . . . . . . 123.7 *Swad.Polytex . . . . . . . . 22.6 *Adjia Techno . . . . . . . . . 23.0 ACC Deep Diam Rane Eng Val JULY 20 fice
S&P BSE Sensex 54,395.2 54,219.8 54,236.5 53,825.0 53,886.6 -508.6 -0.9 *Galaxy Bearings . . . . 921.0 *Sera Inves . . . . . . . . 113.1 *Quest Softech . . . . . . . 20.2 *Steel Exchng . . . . . . . . 21.7 Angel One ICSL Group T BS 200 JULY 22
*Orient Bell . . . . . . . . . 790.2 *Akshar Spintex . . . . . . . 96.3 *Davangere sugar . . . . . 20.2 *Soni Medicare . . . . . . . 20.0 L & T Infotech Martin Burn Alok Inds Havells I BS 200
S&P BSE Sensex 50 17,022.1 16,963.4 16,967.0 16,840.6 16,860.0 -162.1 -1.0 S&P BSE SECTORAL INDICES *Gensol Engg . . . . . . . . 650.0 *IFL Enterprises . . . . . . . 90.8 *Dhruva Capital . . . . . . . 15.6 *KKalpana Inds . . . . . . . 14.3 Tata Elxsi Mayukh Dealtrad Group X Syngene Intl Atul
*Sumitomo Che . . . . . 511.9 *Hubtown . . . . . . . . . . . . 81.3 *Stanpacks I . . . . . . . . . . 15.5 MIC Electr . . . . . . . . . . . . 13.6 Group A Tricom Fruit Arfin India Wipro HDFC AMC Shetron Group A Asian Paints Group A M & M Fin
S&P BSE-100 16,546.2 16,493.1 16,506.4 16,379.6 16,400.7 -145.4 -0.9 Prev cls Close % Chng
*AGI Infra . . . . . . . . . . . 470.0 *M-Sumi Wiring . . . . . . 79.7 *Thakral Ser . . . . . . . . . . 15.3 Southern Info . . . . . . . . . 13.5 Tata Steel Group XT Space Incubatri Group A JSW Steel Group XT Craftsman Bajaj Auto Mahi Lifespc Nestle India
S&P BSE-200 7,063.2 7,043.1 7,053.6 6,999.0 7,008.0 -55.3 -0.8 Auto 28,107.3 27,790.8 -1.1 *Eurekaforbe . . . . . . . 422.5 *IndiaNivesh . . . . . . . . . 79.1 *Yarn Syndct . . . . . . . . . 12.6 Setco Auto . . . . . . . . . . . 12.4 Long Beekay Niryat Tanfac Ind Gland Pharma UltraTech Yash Trading Auto United Spirt TeamLease Ser Nippon Life Ind
Bankex 40,792.3 40,407.3 -0.9 *Kewal Kiran . . . . . . . . 325.9 *KLK Elect . . . . . . . . . . . 65.9 *Tirupati Tyres . . . . . . . . 12.3 Globe Comm . . . . . . . . . 12.1 Group B Hathway Bhaw Group XT Group B Group A JULY 23 GSK Pharma Group A Group B Shree Cement
S&P BSE-500 22,123.4 22,066.9 22,099.7 21,928.4 21,955.6 -167.8 -0.8
Cons. Durables 37,475.8 37,236.5 -0.6 *Elecon Engin . . . . . . . 325.1 *Panth Infi . . . . . . . . . 63.0 *Venlon Entr . . . . . . . . . . . 8.9 Arshiya . . . . . . . . . . . . . . 11.3 Earum Pharmaceu Suncity Synt Elixir Cap CyberTech Huhtamaki BS 200 IIFL Wealt Ramco Sys Novartis Group A
S&P BSE IPO 9,079.8 9,078.1 9,157.6 9,040.7 9,127.2 47.4 0.5 Cap. Goods 27,476.6 27,225.4 -0.9 *Sterl Tools . . . . . . . . . 322.0 Rudra Glo . . . . . . . . . . 56.1 *Mudunuru . . . . . . . . . . . . 8.3 O P Chains . . . . . . . . . . . 11.3 GTPL Hthwa Tokyo Fin Southern Rane Eng Val India ICICI Bank Lakshmi Machine Sanofi India Group X Bajaj Hold
FMCG 14,931.4 14,778.0 -1.0 *Ganesh Hsg . . . . . . . . 319.0 *Galactico Corpo . . . . . . 55.0 *Esaar (I) . . . . . . . . . . . . . 8.2 *Evoq Remedies . . . . . . 11.0 Group X Group Z Latex Sagar Cem Mahindra CIE Navin Fluo Maha Scoot Group B Greencrest NOCIL
S&P Dollex-30 5,626.4 - - - 5,556.9 -69.6 -1.2 Moschip Tech. Opto Circuit JULY 19 Group X Group B
Healthcare 22,306.5 22,163.6 -0.6 *Mirza Intl . . . . . . . . . . 283.0 *Shrigang Ind . . . . . . . . 51.1 *Kush Inds . . . . . . . . . . . 8.0 *Starlit Power . . . . . . . . . 8.3 Group B Sonata Soft Mahindra EPC JMD Ventures Ramco Ind
Nifty 50 16,216.0 16,126.2 16,158.8 16,031.2 16,058.3 -157.7 -1.0 Infra 264.3 264.1 -0.1 *Rajnish Welines . . . . . 245.0 *Bhatia Communic . . . . 50.7 *JMD Ventures . . . . . . . . 6.3 *Sical Logis . . . . . . . . . . . 7.6 Richirich In JULY 16 BS 200 Benares Htl 20 Microns D-Link India Swaraj Engin Rane Brake Super Sales Group B
IT 28,020.7 27,660.3 -1.3 *Kernex Micro . . . . . . . 239.0 Acemen . . . . . . . . . . . 50.3 Bansisons Tea . . . . . . . . . . 5.4 Parsvnath . . . . . . . . . . . . . 6.9 Tiger Logistic BS 200 Ambuja Cem Chandra Prab Meghmani Or- Kewal Kiran Group X JULY 27 Group XT Oriental Htl
Nifty next50 38,979.6 38,854.4 39,078.8 38,749.3 38,849.3 -130.4 -0.3 Group XT Bharat Elctn Au Small Fin Kiran Syntex gani
Metal 16,217.7 16,029.2 -1.2 *Shuubham Poly . . . . . 219.0 *Ster Green W . . . . . . . . 46.3 *Regency Cera . . . . . . . . . 5.4 *Janus Corp . . . . . . . . . . . 6.5 JULY 24 Johnson BS 200 V B Inds Group X
Nifty 500 13,886.9 13,823.6 13,866.7 13,757.3 13,779.0 -107.8 -0.8 Oil & Gas 17,962.1 17,914.3 -0.3 *Atam Valves . . . . . . . . 210.0 *VCU Data . . . . . . . . . . . 44.3 *Mercury Meta . . . . . . . . 5.1 Mayur Leathr . . . . . . . . . . 6.2 Gayatri Bio HDFC Bank HDFC Std Life JULY 21 Seshasa Pprs BS 200 Pharma Bajaj Fin JULY 28 SI Paper
Power 4,376.5 4,426.9 1.2 *Arex Inds . . . . . . . . . . . 192.8 *Indagiv Comm . . . . . . . 41.3 *Kore Fo . . . . . . . . . . . 4.4 *RCI Inds & Tech . . . . . . . 6.0 Gorani Indus ICICI Prud Life HUL BS 200 Ugro Cap Infosys Shree Gan Bio Biocon BS 200 JULY 29
India VIX 18.4 18.4 18.6 17.3 18.5 0.2 1.0 *Inducto Stl . . . . . . . . . . 40.0 *Haria Apparels . . . . . . . . 3.6 Linaks Micro Group B ICICI Lombard Persistent S Group X JULY 25 JULY 26 Colgate Bajaj Finsrv BS 200
PSU 8,181.6 8,128.9 -0.6 *GTV Engg . . . . . . . . . . 168.0 *Anna Infra . . . . . . . . . . . . 5.7
Nifty CPSE 2,392.8 2,378.9 2,406.0 2,372.3 2,382.0 -10.8 -0.5 Realty 3,324.5 3,325.9 0.0 JULY 15 Infomedia L&T Finance Group A Duncan Engg Axis Bank BS 200 Tata Motors Dr Reddys Chola Inv
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (744.2) (744.2) (2609.1) (2610.9)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 745.0 744.0 2609.0 2607.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 750.9 747.9 2609.0 2609.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 726.7 726.6 2530.0 2529.1
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 728.7 728.9 2546.1 2540.8
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 48818 905K 21456 205K
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 20.5 20.5 71.8 71.6
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 2629/1619 2630/1618
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 26414 26421 53952 53840
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
(19335.5) (19344.4) (2184.9) (2184.3) (2371.6) (2373.3) (729.0) (729.2) (285.0) (285.1) (261.9) (261.9)
O 19326.1 19300.0 2162.3 2181.0 2331.9 2364.4 731.4 729.0 286.2 286.8 260.6 260.0 O O
19547.7 19574.1 2182.0 2182.6 2389.0 2389.8 743.0 742.9 299.2 299.4 263.3 263.3
w 19211.4 19180.2 2156.1 2156.0 2331.9 2350.2 727.0 726.4 286.2 286.1 256.1 256.5 w w
19464.3 19463.2 2167.8 2167.3 2365.9 2365.7 732.0 731.9 293.0 292.8 257.1 257.6
306 8572 3687 262K 46862 1273K 133K 5847K 2038K 22403K 75069 1132K K K K K K K K K K K K
51.8 51.8 24.0 24.0 347.3 347.3 32.5 32.5 23.0 23.0 - -
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 41362 41359 40708 40699 269707 269684 154613 154603 112989 112912 24124 24171 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
(543.5) (544.0) (680.0) (679.8) (3849.9) (3848.6) (5861.4) (5861.5) (11932.7) (11938.2) (2280.1) (2279.8) (359.8) (359.8) (275.0) (275.0) (109.6) (109.6) (1836.2) (1836.3) (592.3) (592.6) (234.9) (234.8) (655.5) (655.2) (660.3) (660.5) (48.0) (48.0) (328.6) (328.9) (337.7) (337.8) (16549.8) (16554.9)
O 547.0 541.1 677.0 677.0 3849.0 3853.0 5825.5 5849.8 11900.0 11880.0 2283.7 2270.0 O 359.5 358.9 273.1 274.8 108.9 108.8 1836.1 1839.0 594.0 592.0 233.9 233.5 O 655.5 656.0 663.0 663.3 48.0 47.9 329.8 328.2 337.7 337.0 16645.0 16555.0
547.0 545.0 685.2 685.3 3860.9 3863.0 5960.0 5959.6 11980.0 11990.0 2325.0 2325.0 365.9 366.0 284.2 284.3 110.5 110.5 1850.0 1850.0 594.0 592.0 236.7 236.8 655.6 656.2 667.0 666.9 49.7 49.7 331.8 331.9 343.2 343.0 16645.0 16565.0
w 534.0 534.1 670.0 673.0 3830.5 3832.1 5785.5 5784.0 11741.0 11741.0 2263.9 2265.1 w 356.0 355.7 273.1 273.2 108.2 108.1 1797.1 1795.2 578.2 577.7 230.2 230.2 w 630.0 630.0 660.1 660.0 47.5 47.5 323.9 323.9 334.1 334.1 16424.5 16422.0
535.0 535.3 675.5 676.2 3848.8 3847.9 5873.5 5873.6 11860.0 11864.8 2298.7 2298.3 359.7 359.4 282.8 282.4 109.2 109.3 1800.8 1801.9 580.0 580.3 231.9 232.3 633.3 633.1 662.5 663.0 48.5 48.5 324.4 324.5 336.8 336.8 16509.0 16512.9
52618 790K 152K 6447K 18509 245K 24440 975K 4908 227K 18935 235K 99592 1883K 228K 8983K 1532K 29736K 9010 343K 21282 947K 186K 4318K 32677 1207K 246K 7417K 1546K 26847K 41170 1245K 53628 2274K 522 11692
11.8 11.8 15.9 15.9 18.1 18.1 56.0 56.0 41.4 41.4 31.5 31.5 14.3 14.2 362.1 361.6 7.8 7.8 229.4 229.5 75.1 75.2 24.1 24.1 27.4 27.3 85.5 85.6 41.1 41.2 60.1 60.1 20.3 20.3 40.0 40.0
W 978/503 979/503 867/618 867/618 4047/3028 4050/3027 8044/5236 8050/5220 19320/10777 19325/10727 2724/1682 2724/1691 W 526/298 526/298 350/230 350/230 123/73 123/73 2262/1550 2262/1550 872/544 873/544 260/162 260/162 W 848/596 848/595 782/513 782/513 79/41 80/41 414/305 414/305 586/316 586/316 19245/12940 19250/12932
M 31346 31360 207461 207691 111371 111345 355608 355614 188740 188816 44434 44426 M 7337 7332 45545 45489 56471 56497 23143 23157 56335 56365 56505 56590 M 29486 29477 363819 364121 16871 16888 38941 38953 9430 9429 48685 48697

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(315.9) (315.9) (3793.7) (3795.4) (470.8) (471.2) (216.9) (216.9) (368.8) (368.7) (303.2) (303.4) (638.5) (638.0) (946.5) (947.5) (149.4) (149.1) (193.3) (193.4) (3503.2) (3502.9) (1560.5) (1561.4) (660.3) (660.5) (993.0) (993.0) (1111.8) (1111.3) (545.3) (545.4) (1449.9) (1450.5) (1834.2) (1834.4)
O 315.5 315.0 3814.7 3783.0 484.0 471.0 215.3 215.5 368.0 368.0 303.2 301.1 O 639.6 635.1 935.1 941.9 147.0 148.9 193.1 192.8 3450.0 3480.0 1579.8 1561.5 O 659.0 659.0 998.0 993.1 1111.0 1100.1 545.4 539.1 1444.6 1446.0 1840.0 1840.0
315.5 315.5 3814.7 3787.9 485.8 486.0 221.4 221.4 371.3 371.5 308.3 308.5 642.0 640.6 947.1 947.4 150.9 150.9 195.3 195.3 3551.0 3554.0 1579.8 1568.0 681.7 682.0 998.0 998.0 1116.8 1116.7 545.4 545.0 1453.6 1453.9 1842.4 1843.0
w 308.1 308.1 3716.6 3716.2 465.3 464.6 214.2 214.6 365.4 365.3 296.6 299.3 w 618.4 618.2 934.7 934.0 147.0 147.8 192.2 192.1 3450.0 3454.0 1530.0 1529.5 w 655.2 652.4 975.6 975.0 1086.0 1085.8 540.0 539.1 1430.4 1431.9 1803.0 1803.0
308.6 308.7 3723.4 3725.5 477.2 476.8 216.6 216.9 368.2 368.1 299.9 301.1 620.7 620.2 935.7 935.8 148.4 148.4 193.9 193.9 3516.5 3518.2 1537.7 1537.0 674.1 673.8 982.3 981.7 1092.8 1093.2 543.6 543.5 1435.5 1438.2 1810.5 1811.0
142K 5345K 7731 284K 15721 689K 625K 11121K 12943 271K 104K 2442K 97849 1755K 10849 672K 155K 4096K 246K 6943K 12087 204K 6705 188K 72789 2715K 15099 296K 12111 208K 10610 383K 5127 194K 31519 634K
7.6 7.6 58.8 58.9 13.5 13.5 6.9 6.9 39.3 39.3 9.7 9.7 23.7 23.7 30.0 30.0 14.4 14.4 6.9 6.9 32.4 32.4 38.8 38.8 38.7 38.6 18.9 18.9 34.2 34.2 55.4 55.4 23.5 23.6 50.8 50.8
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 1013/710 1014/709 1162/822 1162/822 659/482 659/482 2547/1213 2548/1213 3020/1682 3020/1681
M 66943 66954 89696 89747 6354 6349 39294 39348 23328 23325 12480 12530 M 50984 50943 75502 75506 10976 10976 119465 119495 21419 21429 41824 41806 M 41073 41055 28850 28831 30291 30304 96301 96283 26893 26944 24695 24701

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(390.3) (390.3) (35.3) (35.3) (630.0) (630.3) (858.7) (859.0) (1301.4) (1302.6)
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w w w 379.0 379.1 34.8 34.8 618.0 618.0 843.5 841.4 1290.2 1290.0
379.7 379.8 34.9 34.9 618.7 619.1 856.4 856.5 1300.4 1301.0
K K K K K K K K K K K K K K K K K 35938 795K 105K 2719K 68749 1303K 28367 904K 19693 532K K
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W W W 691/349 691/349 49/27 49/27 912/313 912/314 1139/660 1138/660
M M M 10715 10718 21065 21065 9616 9622 87575 87581

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.
MUMBAI | WEDNESDAY, 13 JULY 2022 13 <

Thane Zonal Office: B-37, Wagle Industrial Estate, Thane (West) - PUBLIC NOTICE
400604. This is to given Notice to the Public at large that upon request made by borrowers for
Tel.: 022-25829406 / 25823040 • Fax: 022-25829731 financial assistance against the collateral security of the Immovable property being Residential
Flat bearing No. 603, 6th Floor, in the Building No. 19-B, of Society Bimbisar Nagar, Sarvoday
E-mail: dzmthane@mahabank.co.in
Co-Operative Housing Society Limited, situated at Goregaon (East), Mumbai- 400 063, in favour
Head Office: Lokmangal, 1501, Shivajinagar, Pune - 411005. of our client State Bank of India, RACPC Chinchpokali Branch, Mumbai.
DEMAND NOTICE And whereas the document/s as mentioned in the schedule hereunder has been misplaced and
Under Section 13(2) of the the Securitisation & Reconstruction of Financial Assets and Enforcement of Security our client has lodged the complained in the concerned Police Station for same.
Any persons either having or claiming any Right, Title, Interest or Claim in said Flat or possession
Interest Act, 2002 (SARFAESI ACT) read with Rule 3(1) of the Security Interest (Enforcement) Rule, 2002 of the said Flat in any manner including by way of any agreement, undertaking, agreement for
The accounts of the following borrowers with Bank of Maharashtra having been classified as NPA, the Bank has issued notice under Sale, Transfer, Exchange, Conveyance, Assignment, Charge, Mortgage, Gift, Trust, Inheritance,
Sec. 13(2) of the SARFAESI Act on the date mentioned below. In view of the non service of the notice on the last known address of Lease, Lien, Monthly Tenancy, Leave and License, Partnership, Joint Venture, Easement, Right
below mentioned Borrowers / Guarantors, this public notice is being published for information of all concerned. Of Prescription, any adverse Right or Claim of any Nature Whatsoever, Dispute, Suit, Decree,
The below mentioned Borrowers / Guarantors are called upon to pay to Bank of Maharashtra; within 60 days from the date of Order, Restrictive Covenants, Order of Injunction, Attachment, Acquisition or otherwise upon
publication of this Notice the amounts indicated below due on the dates together with future interest at contractual rates, till the and required to make the same known to the undersign in writing within 14 days from the
date of publication hereof either by hand delivery against proper written acknowledgment of the
date of payment, under the loan / and other agreements and documents executed by the concerned persons. As security for the undersigned or by the Registered post A.D.
borrowers’ obligation under the said agreements and documents, the respective assets shown against the names have been charged Failing which any such claim shall be deemed to be waived and/ or abandoned.
to Bank of Maharashtra. SCHEDULE OF THE MISSING PROPERTY DOCUMENTS
A) Mr. Raghu Malla Ravariya 1. Original Allotment Letter dated 13.08.2003.
Name & Address of (1) Mr. Raghu Malla Ravariya (Applicant), 2. Possession Letter cum Possession Receipt dated 18.08.2003 issued by MHADA,
3. Share Certificate bearing No.-Issued by Bimbisar Nagar Sarvoday Co-Operative Housing
Borrower(s) (2) Mrs. Diwaliben Raghu Ravariya (Co-applicant and Guarantor),
Society Limited.
Flat No. 902, Plot No. 12/13, Sector 18, In Top Paradise, Kharghar, Navi Mumbai - 410210.
Dated this 13th day of July, 2022 sd/-
Date of Demand Notice 28.06.2022 Name of the Branch: Panchpakhadi Branch
Rajkumar K. Shukla Law Firm Advocate & Consultants,
Particulars of Property / Hypothecation of Inventory and receivables of electrical equipments and hardware. Office No.10, 2nd Floor, Building No. 84, Janmabhoomi Marg, Fort, Mumbai - 400 001
Assets charged Equitable Mortgage of Flat No. 902, Plot No. 12/13, Sector 18, In Top Paradise, Kharghar,
Navi Mumbai - 410210.
Outstanding Amount as on the date of issue of Demand Notice:-
Housing Loan Ledger Balance - Rs. 48,15,262.00 plus Unapplied Interest @ 7.40% plus penal interest @ 2% plus
A/c.No.: 60284319300 other expenses w.e.f. 05.03.2022.
Cash Credit Ledger Balance - Rs. 97,276.43 plus Unapplied Interest @12.20% plus penal interest @ 2% plus other
A/c.No.: 60287500815 expenses w.e.f. 31.03.2022.
Term Loan MSME Ledger Balance - Rs. 18,82,397.36 plus Unapplied Interest @ 8.25% plus penal interest @ 2% plus
A/c.No.: 60381322266 other expenses w.e.f. 30.04.2022.
FITL Loan Ledger Balance - Rs. 97,276.43 plus Unapplied Interest @7.25 % plus penal interest @ 2% plus other
A/c.No.: 60381322970 expenses w.e.f. 31.05.2022.
B) Somnath Dagdu Shinde
Name & Address of (1) Mr. Somnath Dagdu Shinde (Borrower),
Borrower(s) (2) Mrs. Subhadra Somnath Shinde (Co-applicant and Guarantor),
Address at: 1203, Artica-A, Lodha Aqua CHSL, Mahajanwadi, W. E. Express Highway, Mira Road
(E), Dist. Thane - 401101, AND ALSO AT Flat No. 404, 4th Floor, Building No. H-2, Hiral-II CHSL,
Pandurangwadi, Siddhivinayak Nagar, at Village Mahajanwadi, bearing City Survey No.125, Hissa
No. 2 & 3, Mira Road (East), Thane - 401107, AND ALSO AT Flat No. 303, 3rd Floor, Building No.
6D, Shubha Vastu Complex, Off. Mumbai Nasik Highway, at Village Khativali, Vashind (West), Tal.
Shahapur, Dist. Thane - 421604.
Date of Demand Notice 21.06.2022 Name of the Branch: Virar, Thane
Particulars of Property / Equitable Mortgage of: Flat No. 404, 4th Floor, Building No. H-2, Hiral-II CHSL, Pandurangwadi, Sid-
Assets charged dhivinayak Nagar, at Village Mahajanwadi, bearing City Survey No. 125, Hissa No. 2 & 3, Mira Road
(East), Thane - 401107 in the name of Somnath Dagdu Shinde and Subhadra Somnath Shinde,
admg 333 sq. ft. (carpet area) i.e. 400 sq. ft. (Built up Area) AND Flat No. 303, 3rd Floor, Building
No. 6D, Shubha Vastu Complex, Off. Mumbai Nasik Highway, at Village Khativali, Vashind (West), Tal.
Shahapur, Dist. Thane - 421604 in the name of Somnath Dagdu Shinde.
Outstanding Amount as on the date of issue of Demand Notice:-
Housing Loan Ledger Balance - Rs. 17,15,004.00 plus Unapplied Interest Rs. 88,898.00 @7.80 % p.a.
A/c.No.: 60314811654 as on 20.06.2022.
Housing Loan Ledger Balance - Rs. 12,29,035.00 Plus unapplied interest Rs. 63,675.00 @7.80 % p.a.
A/c.No.: 60327342039 as on 20.06.2022.
Covid - Personal Loan- Rs. 3.00 Lakhs, Ledger Balance - Rs. 1,83,714.00 plus unapplied interest Rs. 7,930/- @8.70 % p.a. as
A/c. No. 60355753099 on 20.06.2022.
If the concerned Borrowers / Guarantors shall fail to make payment to Bank of Maharashtra as aforesaid, then the Bank of Maharashtra
shall be entitled to proceed against the above secured assets under Section 13(4) of the Act and the applicable Rules entirely at the risks
of the concerned Borrowers/ Guarantors as to the costs and consequences.
In terms of provisions of SARFAESI ACT, the Concerned Borrowers / Guarantors are prohibited from transferring the above said assets, in
any manner whether by way of sale, lease or otherwise without the prior written consent of Bank of Maharashtra. Any contravention of the
said provisions will render the concerned persons liable for punishment and / or penalty in accordance with the SARFAESI Act.
For more details, notice may collect the unserved returned notices from the undersigned. Sd/-
Date: 12.07.2022 Chief Manager & Authorized Officer
Place: Thane Bank of Maharashtra, Thane Zonal Office
14
>
MUMBAI | WEDNESDAY, 13 JULY 2022 1

FIJI CO-OP. HOUSING SOCIETY LTD.
Regn No. BOM/WS/HSG/TC/8825/2003
CTS No. 63/A/7 (part), Opp. IIT Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076
DEEMED CONVEYANCE PUBLIC NOTICE
Notice is hereby given that the above Society has applied to this office under Section 11 of
Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management &
Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties.
The next hearing in this matter has been kept before me on 26/07/2022 at 4:15 pm at the office
of this authority.
Respondent No. - (1) Mr. Chitranjan C. Sharma add- Plot No. A/15, Opp. IIT Main Gate,
Village Tirandaz, Powai, Mumbai-400076 (2) M/s. GHP Enterprise, add- GHP Group, 3rd floor,
Milenium Tower, Behind TOC Petrol Pump, Powai, Mumbai-400076 (3) Mr. Govardhandas
Lachamandas add. GL Constructions Pvt. Ltd, 304, Gokul Aracade, B Wing, Subhash Road, Near
Garvare, Vileparle (East), Mumbai-400057 (4) Mr. Maruti Bandu Nalawade (5) Mr. Yadappa
Shettyba Pawar (6) Mr. Ganpat Bala Pawar (7) Mr. Shivram Gyanu Nalawade above having
4 to 7 Address - Plot No. A/15, Opp. IIT Main Gate, Village Tirandaz, Powai, Mumbai-400076 (8)
Hawai CHS Ltd. Address- CTS No. 63/A/7 (part), Opp. IIT Main Gate, Near Hiranandani Hospital,
Village Tirandaz, Powai, Mumbai-400076 (9) Samoa CHS Ltd. Address- CTS No. 63/A/2 (part),
Opp. IIT Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076 and
those, whose interests have been vested in the said property may submit their say at the time of
hearing at the venue mentioned below. Failure to submit any say shall be presumed that nobody
has any objection in this regard and further action will be taken accordingly.
DESCRIPTION OF THE PROPERTY :-
Fiji CHSL along with land as mention Chaphekar Bandhu Marg, CTS No. 63/A/7 (part), Opp. IIT
Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076
HAWAI CO-OP. HOUSING SOCIETY LTD.
Regn No. BOM/WS/HSG/TC/8824/2003
CTS No. 63/A/7 (part), Opp. IIT Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076
DEEMED CONVEYANCE PUBLIC NOTICE
Notice is hereby given that the above Society has applied to this office under Section 11 of
Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management &
Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties.
The next hearing in this matter has been kept before me on 26/07/2022 at 4:15 pm at the office
of this authority.
Respondent No. - (1) Mr. Chitranjan C. Sharma add- Plot No. A/15, Opp. IIT Main Gate,
Village Tirandaz, Powai, Mumbai-400076 (2) M/s. GHP Enterprise, add- GHP Group, 3rd floor,
Milenium Tower, Behind TOC Petrol Pump, Powai, Mumbai-400076 (3) Mr. Govardhandas
Lachamandas add. GL Constructions Pvt. Ltd, 304, Gokul Aracade, B Wing, Subhash Road, Near
Garvare, Vileparle (East), Mumbai-400057 (4) Mr. Maruti Bandu Nalawade (5) Mr. Yadappa
Shettyba Pawar (6) Mr. Ganpat Bala Pawar (7) Mr. Shivram Gyanu Nalawade above having
4 to 7 Address - Plot No. A/15, Opp. IIT Main Gate, Village Tirandaz, Powai, Mumbai-400076 (8)
Fiji CHS Ltd. Address- CTS No. 63/A/7 (part), Opp. IIT Main Gate, Near Hiranandani Hospital,
Village Tirandaz, Powai, Mumbai-400076 (9) Samoa CHS Ltd. Address- CTS No. 63/A/2 (part),
Opp. IIT Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076 and
those, whose interests have been vested in the said property may submit their say at the time of
hearing at the venue mentioned below. Failure to submit any say shall be presumed that nobody
has any objection in this regard and further action will be taken accordingly.
DESCRIPTION OF THE PROPERTY :-
Hawai CHSL along with land as mention Chaphekar Bandhu Marg, CTS No. 63/A/7 (part), Opp.
IIT Main Gate, Near Hiranandani Hospital, Village Tirandaz, Powai, Mumbai-400076

Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area
63/A/7 (Part) 572.49 sq.mtr. 63/A/7 (Part) 1221.01 sq.mtr.
-- -- - -- -- -
(C.S.O. Mulund) (C.S.O. Mulund)
Ref. No. MUM/DDR(2)/Notice/1880/2022 Ref. No. MUM/DDR(2)/Notice/1879/2022
Place : Konkan Bhavan, Place : Konkan Bhavan,
Competent Authority & District Dy. Registrar, Competent Authority & District Dy. Registrar,
Room No. 201, Konkan Bhavan, Sd/- Room No. 201, Konkan Bhavan, Sd/-
C.B.D. Belapur, Navi Mumbai-400614. Competent Authority & District C.B.D. Belapur, Navi Mumbai-400614. Competent Authority & District
SEAL Date : 11/07/2022 Tel.: 022-27574965 SEAL
Date : 11/07/2022 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2), Dy. Registrar Co.op. Societies (2),
Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai
.
MUMBAI | WEDNESDAY, 13 JULY 2022 15 <

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

District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op.Bank building, 2nd floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mumbai/ Deemed Conveyance/Notice/2296/2022 Date: - 08/07/2022
CIN : L99999MH1962PLC012451 Application u/s 11 of Maharashtra Ownership Flats
Regd. Office : Unichem Bhavan, Prabhat Estate, Off. S. V. Road, Jogeshwari (W), (Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Mumbai - 400 102. | Tel.: (022) 6688 8333 | Website : www.unichemlabs.com Public Notice
NOTICE OF 59TH ANNUAL GENERAL MEETING, Application No. 210 of 2022
REMOTE E-VOTING AND BOOK CLOSURE Mangal Co-op. Hsg. Soc. Ltd. Having its registered address at Akurli Road No. 2,
1. Notice is hereby given that the 59th Annual General Meeting (AGM) of the Company Kandivali East, Mumbai 400 101. ....Applicant Versus 1) M/S. Adarsh Builders, Prop.
will be held on Tuesday, 9th August, 2022 at 2:00 p.m. (IST) through Video Shri. Haribhai P. Patel, Mangal, Akurli Road, No.2, Kandivali (E), Mumbai 400 101; 2)
Conference ('VC')/ Other Audio-Visual Means ('OVAM') to transact the business
as set out in the Notice of the 59th AGM without the physical presence of Members
Shri. Jeevanlal M. Shah (Deceased), Smt. Chandrakanta Jivanlal Shah, Vaishnav
at a common venue in terms of the various Circulars issued by the Ministry of Niwas Compound, Akurli Road, No.2, Kandivali (E), Mumbai 400 101; 3) Mumbai
Corporate Affairs (MCA), from time to time and the SEBI Listing Gorakshak Mandali, Akurli Road, No.2, Kandivali (E),Mumbai 400 101. ....Opponents
Regulations.(Circulars) and those, whose interests have been vested in the said property may submit their say
2. In terms of the said Circulars, the requirement of sending physical copies of the at the time of hearing at the venue mentioned above. Failure to submit any say shall be
Annual Report is dispensed with, accordingly the Annual Report for the year presumed that nobody has any objection in this regard and further action will be taken
ended 31st March, 2022, along with the Notice of the AGM is sent and completed accordingly.
on Tuesday, 12th July, 2022 only through electronic mode to the Members whose
e-mail ids are registered with Company/Depository Participant(s) (DPs)/Registrar Description of the Property, :-
& Share Transfer Agents (RTA) in compliance with the MCA Circulars and
Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Claimed Area
Regulations, 2015. Unilateral conveyance of land admeasuring 627 sq. meters bearing CTS No. 82 of
3. The Notice of the AGM and Annual Report of the Company for the year 2021-22 Village Akurli, Taluka Borivali, Mumbai Suburban District and the building standing
is available on the Company's website at www.unichemlabs.com and the website thereon in favour of the Applicant Society.
of the Stock Exchanges namely BSE Limited and National Stock Exchange of
India Limited at www.bseindia.com and www.nseindia.com respectively and also
on website of the e-voting agency namely Central Depository Services (India) The hearing is fixed on 28/07/2022 at 2.00 p.m.
Limited (CDSL) at www.cdslindia.com.
4. In compliance with Section 108 of the Companies Act, 2013 and the Rules made Sd/-
thereunder as amended from time to time and Regulation 44 of the Listing District Deputy Registrar,
Regulations, Members will be provided with the facility to cast their votes on all
Resolutions set forth in the Notice of the 59th AGM using the electronic voting Co-operative Societies,
system i.e. via remote e-voting platform provided by CDSL and the same is available Mumbai City (4)
on www.cdslindia.com.
5. The remote e-voting period shall commence on Friday, 5th August, 2022 at 09.00 Seal Competent Authority,
A.M. (IST) and shall end on Monday, 8th August, 2022 at 5.00 P.M. (IST). During this U/s 5A of the MOFA, 1963.
period Members of the Company, holding shares either in physical or in
dematerialized form, as on the cut-off date i.e. Tuesday, 2nd August, 2022 may cast
their vote electronically. The e-voting module shall be disabled by CDSL for voting
thereafter.
6. The facility for voting through electronic means shall also be provided at the
Meeting. Those Members who are present at the AGM through VC/OAVM facility
but have not cast their vote by remote e-voting and are otherwise not barred from PUBLIC NOTICE
doing so shall be eligible to vote through the e- voting system during the AGM.
Members who have exercised their voting prior to the AGM may attend the Meeting I, Smt. SISLY TENSINGH NADAR, on
through VC/OAVM but shall not be entitled to vote again or change their vote at 28/09/2019, had made one “Affidavit-
the AGM. CumUndertaking”which is Notarised,
7. The voting rights of Members shall be in proportion to the equity shares held by bearing Sr. No.3338/2019, that I would
them in the paid-up capital of the Company as on Tuesday, 2nd August, 2022 being transfer the ownership of the Room
the cut-off date for this purpose. herein under described as Room No. 8,
8. A person whose name is registered in the Register of Members or in the Register
BAKG Nagar, Shell Colony Road,
of beneficial owners maintained by the depositories as of the cut-off date shall be C h e m b u r, M u m b a i - 4 0 0 0 7 1 ,
entitled to avail the facility of remote e voting as well at voting at the AGM. Person admeasuring area about 117 Sq. . in
who becomes a Shareholder of the Company after the electronic dispatch of the favour of my son, Mr. NIKSON
Notice of AGM and holding shares as of cut-off date can follow the process for T E N S I N G H N A D A R . To d a y t h e
generating the Login- ID and password as provided in the Notice of the AGM. circumstances have changed and I
9. If you have any queries or issues regarding attending AGM & e-Voting from the withdraw my notarized “AffidavitCum-
e-Voting System, you may refer the Frequently Asked Questions ("FAQs") and e- Undertaking” and it stands revoked &
voting manual available at www.evotingindia.com under help section or write an cancelled. I do this out of my own free
e-mail to helpdesk.evoting@cdslindia.com or contact at toll free number 1800 22 will and under no coercion.
55 33. Place : Mumbai.
10. The Register of Members and the Share Transfer books of the Company will Date : 13/07/22
remain closed from Wednesday, 3rd August, 2022 to Tuesday, 9th August, 2022 Smt. SISLY TENSINGH NADAR
(both days inclusive) for the 59th AGM and payment of Dividend, if declared, at the
forthcoming AGM shall be paid to the Shareholders by Saturday, 20th August, 2022.
For Unichem Laboratories Limited
Sd/-
Pradeep Bhandari CANARA BANK, Shop no.1, Mint Building , Near Hiranandani Meadows, Thane (West)-400610
Date:12th July, 2022 Head - Legal & Company Secretary
Place: Mumbai A14177 DEMAND NOTICE [SECTION 13(2)]
TO BORROWER/ GUARANTOR/MORTGAGOR
Ref: 18157/SARFAESI/M/S Saroj Trading Company Date: 22.06.2022
To
M/S Saroj Trading Company Proprietor Mr Deepak A Goyal
ADITYA BIRLA FINANCE LIMITED Shop No. A/105, Sidhi Sofi Complex, Kudus, Wada, Palghar, 401304 CANARA BANK, Shop no.1, Mint Building , Near Hiranandani Meadows, Thane (West)-400610
Registered Office: Indian Rayon Compound, Veraval, Gujarat - 362266. Sh. Deepak A Goyal S/o Sh. Anil Shyamsunder Goyal (Proprietor)
DEMAND NOTICE [SECTION 13(2)]
Corporate Office : 12th Floor, R Teck Park, Nirlon Complex, Near Hub Mall, R/O : 21/103 Tulsidham , Near Dav Public School Amrapali CHS , Gb Road Maharashtra In 400610
Dear Sir/Madam, TO BORROWER/ GUARANTOR/MORTGAGOR
Goregaon (East) Mumbai-400 063. Maharashtra.
Sub: Notice issued under Section 13(2) of the Securitization & Reconstruction of Financial Assets & Ref: 18157/SARFAESI/DEEPAK KUMAR GOYAL Date: 22.06.2022
E-AUCTION PRE-SALE NOTICE Enforcement of Security Interest Act, 2002. To
The undersigned being the Authorized Officer of Canara Bank, Ghodbunder road Branch (hereinafter referred Sh. Deepak A Goyal S/o Sh. Anil Shyamsunder Goyal (Borrower)
30 days Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and
to as “the secured creditor”), appointed under the Securitization and Reconstruction of Financial Assets and R/O : 21/103 Tulsidham , Near Dav Public School Amrapali CHS , Gb Road Maharashtra In 400610
Enforcement of Security Interest Act, 2002read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. Enforcement of Security Interest Act, 2002, (hereinafter referred as the "Act") do hereby issue this notice to you as Smt. Saroj A Goyal W/O Sh. Anil Shyamsunder Goyal (Co Borrower)
Whereas the Authorized Officer of Aditya Birla Finance Limited / Secured Creditor had taken possession of the following under: R/o 21/103 Tulsidham , Near Dav Public School Amrapali CHS , Gb Road Maharashtra In 400610
secured assets pursuant to notice issued under Sec. 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement That you M/S Saroj Trading Company, Proprietor Mr Deepak A Goyal (hereinafter referred to as “the Dear Sir/Madam,
of Security Interest Act, 2002(SARFAESI) for recovery of the secured debts of the secured creditor, for the dues as mentioned herein Borrower”) has availed credit facility / facilities stated in the Schedule A hereunder and has entered into the Sub: Notice issued under Section 13(2) of the Securitization & Reconstruction of Financial Assets &
below with further charges and cost thereon from the following Borrowers and Co-Borrowers. Notice is hereby given to the public security agreement/s in favor of the secured creditor. While availing the said financial assistance, you have Enforcement of Security Interest Act, 2002.
in general and in particular to the Borrowers and Co-Borrowers that e-auction of the following property for realization of the debts expressly undertaken to repay the loan amount/s in accordance with the terms and conditions of the above The undersigned being the Authorized Officer of Canara Bank, Ghodbunder Road Branch (hereinafter referred
due to the Aditya Birla Finance Limited will be held on “As is where is”, “As is what is” and “Whatever there is” basis. mentioned agreements. to as “the secured creditor”), appointed under the Securitization and Reconstruction of Financial Assets and
However, from April 2022 , the operation and conduct of the said financial assistance / credit facilities have Enforcement of Security Interest Act, 2002, (hereinafter referred as the "Act") do hereby issue this notice to you as
DATE & TIME OF E-AUCTION : 10.08.2022, BETWEEN 11:00 A. M. TO 01:00 P. M. become irregular. The books of account maintained by the secured assets shows that the liability of the Borrower under:
towards the secured creditor as on 21.06.2022 amounts to Rs. 20,36,905.92/- (Rupees Twenty Lakhs Thirty Six That you Sh. Deepak A Goyal S/o Sh. Anil Shyamsunder Goyal and Smt. Saroj A Goyal W/O Sh. Anil
LAST DATE OF RECEIPT OF KYC & EARNETS MONEY DEPOSIT (EMD) : 09.08.2022 Thousand Nine Hundred Five And Ninty Two paise only ) the details of which together with future interest rate Shyamsunder Goyal (hereinafter referred to as “the Borrower”) has availed credit facility / facilities stated in the
Earnest Money are stated in Schedule C hereunder. It is further stated that the Borrower/Guarantor having failed to keep up with Schedule A hereunder and has entered into the security agreement/s in favor of the secured creditor. While
Sr. Name of the Borrowers & Description of Properties / Reserve Price Demand Notice Date and availing the said financial assistance, you have expressly undertaken to repay the loan amount/s in accordance
Deposit (EMD) the terms of the above said agreement in clearing the dues of the secured creditor within the time given, and have
No. Co-Borrowers Secured Assets and Date of Possession (in `) Total Amount been evasive in settling the dues. The operation and conduct of the above said financial assistance / credit with the terms and conditions of the above mentioned agreements.
(10% of RP) (in `)
facility/ies having come to a standstill and as a consequence of the default committed in repayment of principal However, from April 2022 , the operation and conduct of the said financial assistance / credit facilities have
1 1. Mrs. Sangeetha All that piece and parcel of the property 01.10.2022 debt/ installment and interest thereon, the secured creditor was constrained to classify the debt as Non become irregular. The books of account maintained by the secured assets shows that the liability of the Borrower
Sudarshan Khichi W/o. bearing Flat No. 103, 1st Floor, E-Wing ` 25,60,405.90/- Performing Asset (NPA) as on 29.05.2022 in accordance with the directives/guidelines relating to asset towards the secured creditor as on 21.06.2022 amounts to Rs. 48,55,144.30/- (Rupees Forty Eight Lakhs Fifty
Prakash Saligram Salunke Building No. 5, SHRI ASTAVINAYAK (Rs. Twenty Five classification issued by the Reserve Bank of India. Five Thousand One Hundred forty four only ), the details of which together with future interest rate are stated in
2. Mr. Praveen Sudarshan VASTU, PRAKALPA Phase 2, Katrap, Lakhs Sixty Thousand The secured creditor through this notice brings to your attention that the Borrower has failed and neglected to Schedule C hereunder. It is further stated that the Borrower/Guarantor having failed to keep up with the terms of
3,20,000/- repay the said dues/ outstanding liabilities and hence hereby demand you under Section 13(2) of the Act, by the above said agreement in clearing the dues of the secured creditor within the time given, and have been
Khichi Ambernath Badalapur Road, S. No. 53/15 32,00,000/- Four Hundred Five &
(Rs. Three issuing this notice to discharge in full the liabilities of the Borrower as stated in Schedule C hereunder to the evasive in settling the dues. The operation and conduct of the above said financial assistance / credit facility/ies
3. Mr. Jay Khichi of Village, Belvalli-Badalapur (E) Thane, (Rs. Thirty Ninety Paise Only)
Lakh Twenty secured creditor within 60 days from the date of receipt of this notice. Further, it is brought to your notice that having come to a standstill and as a consequence of the default committed in repayment of principal debt/
4. M/s. Khichi Enterprises Maharashtra and Bounded by :- East by Two Lakh AND ` 4,87,248/- installment and interest thereon, the secured creditor was constrained to classify the debt as Non Performing
Thousand you are also liable to pay future interest at the rate of 8.85 % per Year together with all costs, charges, expenses
LAN : : Internal Road / Ambernath Badlapur Fifty Only). (Rs. Four Lakh Eighty Asset (NPA) as on 29.05.2022 in accordance with the directives/guidelines relating to asset classification issued
Only). and incidental expenses with respect to the proceedings undertaken by the secured creditor in recovering its
ABFLMUMDSB0000074621 Road; West by : Open Plot; North by Seven Thousand Two dues. by the Reserve Bank of India.
& :- Internal Road / Ambernath Badlapur; Hundred & Forty 20,36,905.92/- (Rupees Twenty Lakhs Thirty Six Thousand Nine Hundred Five And Ninty Two paise only ) The secured creditor through this notice brings to your attention that the Borrower has failed and neglected to
ABFLMUMDSB0000102314 South by : Open Plot / Internal Road. Eight Only) Due as on together with further interest and incidental expenses and costs as stated above in terms of this notice under repay the said dues/ outstanding liabilities and hence hereby demand you under Section 13(2) of the Act, by
issuing this notice to discharge in full the liabilities of the Borrower as stated in Schedule C hereunder to the
(Symbolic Possession) 29.11.2021 Section 13(2) of the Act, the secured creditor will exercise all or any of the rights detailed under sub-section (4)(a)
and (b) of Section 13, the extract of which is given here below to convey the seriousness of this issue: secured creditor within 60 days from the date of receipt of this notice. Further, it is brought to your notice that
For detailed terms and conditions of the sale, please refer to the link provided in Aditya Birla Finance Limited /Secured Creditor’s 13(4)- In case the Borrower/Guarantor fails to discharge liability in full within the period specified in sub-section you are also liable to pay future interest at the rate of 9.35 % per Year together with all costs, charges, expenses
website i.e. https://personalfinance.adityabirlacapital.com/properties-for-auction-under-sarfaesi-act.aspx. (2), the secured creditor may take recourse to one or more of the following measures to recover his secured debt, and incidental expenses with respect to the proceedings undertaken by the secured creditor in recovering its
ContactNos.: (1)AdityaBirlaFinanceLimited AuthorizedOfficer- (1)Mr.MukeshKumarChoudhary (mukesh.choudhary@adityabirlacapital. namely; dues.
com) Mob. No. 9343976618/9004266300 & Mr. Manoj Sharma (Manoj.Kumar37@adityabirlacapital.com) Mob. No.-9830058592. (a) Take possession of the secured assets of the Borrower/Guarantor including the right to transfer by way of Please take note of the fact that if you fail to repay to the secured creditor the aforesaid sum of Rs. 48,55,144.30/-
(Rupees Forty Eight Lakhs Fifty Five Thousand One Hundred forty four only ) together with further interest
Sd/- lease, assignment or sale for realizing the secured asset;
and incidental expenses and costs as stated above in terms of this notice under Section 13(2) of the Act, the
Place : Badlapur, Dist. Thane (Maharashtra). Authorised Officer (b) Take over the management of the business of the Borrower including the right to transfer by way of lease,
secured creditor will exercise all or any of the rights detailed under sub-section (4)(a) and (b) of Section 13, the
Date : 13.07.2022 ADITYA BIRLA FINANCE LIMITED assignment or sale for realizing the secured asset:
Provided that the right to transfer by way of lease, assignment or sale shall be exercised only where the extract of which is given here below to convey the seriousness of this issue:
substantial part of the business of the Borrower is held as security for the debt; 13(4)- In case the Borrower/Guarantor fails to discharge liability in full within the period specified in sub-section
Provided further that where the management of whole of the business or part of the business is severable, the (2), the secured creditor may take recourse to one or more of the following measures to recover his secured debt,
secured creditor shall take over the management of such business of the borrower which is relatable to the namely;
security for the debt; (a) Take possession of the secured assets of the Borrower/Guarantor including the right to transfer by way of
lease, assignment or sale for realizing the secured asset;
and under other applicable provisions of the said Act.
(b) Take over the management of the business of the Borrower including the right to transfer by way of lease,
Your attention is invited to provisions of sub-section (8) of Section 13 of the Act, in respect of time available, to
assignment or sale for realizing the secured asset:
redeem the secured assets.
Provided that the right to transfer by way of lease, assignment or sale shall be exercised only where the
You are also put on notice that in terms of section 13(13) the Borrower/Guarantor shall not transfer by way of
substantial part of the business of the Borrower is held as security for the debt;
sale, lease or otherwise the said secured assets detailed in Schedule B hereunder without obtaining
Provided further that where the management of whole of the business or part of the business is severable, the
written consent of the secured creditor. It is further brought to your notice that any contravention of this
secured creditor shall take over the management of such business of the borrower which is relatable to the
statutory injunction/ restraint, as provided under the said Act, is an offence and if for any reason, the secured
security for the debt;
assets are sold or leased out in the ordinary course of business, the sale proceeds or income realized shall be and under other applicable provisions of the said Act.
deposited with the secured creditor. In this regard you shall have to render proper accounts of such realization / Your attention is invited to provisions of sub-section (8) of Section 13 of the Act, in respect of time available, to
income. redeem the secured assets.
This notice of Demand is without prejudice to and shall not be construed as waiver of any other rights or remedies You are also put on notice that in terms of section 13(13) the Borrower/Guarantor shall not transfer by way of
which the secured creditor may have including further demands for the sums found due and payable by you. sale, lease or otherwise the said secured assets detailed in Schedule B hereunder without obtaining
written consent of the secured creditor. It is further brought to your notice that any contravention of this
This is without prejudice to any other rights available to the secured creditor under the Act and/or any other law in statutory injunction/ restraint, as provided under the said Act, is an offence and if for any reason, the secured
force. assets are sold or leased out in the ordinary course of business, the sale proceeds or income realized shall be
Please comply with the demand under this notice and avoid all unpleasantness. In case of Non- compliance, deposited with the secured creditor. In this regard you shall have to render proper accounts of such realization /
further needful action will be resorted to, holding you liable for all costs and consequence. income.
Thanking you This notice of Demand is without prejudice to and shall not be construed as waiver of any other rights or remedies
Yours faithfully, which the secured creditor may have including further demands for the sums found due and payable by you.
Sd/- This is without prejudice to any other rights available to the secured creditor under the Act and/or any other law in
AUTHORIZED OFFICER force.
SCHEDULE –A Please comply with the demand under this notice and avoid all unpleasantness. In case of Non- compliance,
[Details of the credit facility/ies availed by the Borrower] further needful action will be resorted to, holding you liable for all costs and consequence.
Thanking you
Sl No Loan No Nature of Loan/Limit Date of sanction Amount Yours faithfully,
1 3046285000001 OCC limit 12.01.2021 Rs 19,50,000/- Sd/-
SCHEDULE –B AUTHORIZED OFFICER
3
[Details of security assets ] SCHEDULE –A
[Details of the credit facility/ies availed by the Borrower]
Sl No Movable Name of Title
Sl No Loan No Nature of Loan/Limit Date of sanction Amount
NA NA
1 3046619000010 Housing Loan 02.03.2019 Rs 55,25,000/-
Immovable CERSAI ID
SCHEDULE –B
1 EMT of Flat No 3, admeasuring 405 Sq. ft. carpet Area (486 sq. ft. Mr. Deepak 200031932417
[Details of security assets3]
built up area) Ground Floor Building No 4, Gokuldham residency, Kumar Goyal
Co-Operative Housing Society Ltd., situated on Plot no- 1 to 11 , Sl No Movable Name of Title holder
bearing Gat no.- 157, of Village- Kudus, Taluka -Wada, District NA NA
–Palghar and Sub-District of Wada and within the Municipal Limits of Immovable
Gram Panchayat Kudus, owned by Mr. Deepak Kumar Goyal 1 Flat no.- 101, 1st Floor , admeasuring 527 sq. ft. with built up area Mr Deepak A Goyal
With boundaries as mentioned below; alongwith 306.24 sq ft terrace area, Bldg no. 7, Tulsivihar CHS LTD at S And
North : Gat no.-156& 155 South: Gat no.- 160 & 141 V road near DAV school, Ghodbunder road, Thane west, 400610. Mrs Saroj A Goyal
East: Gat no.-154 West: Gat no.-163 Survey No.- 157, 158/1, 1258/2, 159/P, 160(P), 161(P0, Village-
2 EMT of Shop no. A, 105, admg.312 sq.ft. b.u. area , on the 1st Floor , Mrs Saroj A 200023333114 Majiwade, Taluka & District- Thane within the limits of Thane Municipal
in “ A” Wing, in the building / Complex known as “ Sidhi Sofi Complex” Goyal Corporation -400610 with boundaries as mentioned below:
situated on the Land bearing Gat no.- 182, admg. 6470 sq. mtrs . of North : Survey no.-157 P and 158
Village- Kudus, Taluka -Wada, District –Palghar and Sub-District of South: Hno.-1
Wada and within the Municipal Limits of Gram Panchayat Kudus, East: Survey no.- 41 P
owned by Mrs. Saroj Anil Kumar Goyal West: 15 mtrs Wide DP Road and Survey no.- 161
SCHEDULE – C SCHEDULE – C
[Details of liability as on date] [Details of liability as on date]
SL LOAN NO NATURE OF LIABILITY WITH INTEREST AS RATE OF SL LOAN NO NATURE OF LIABILITY WITH INTEREST AS RATE OF
NO LOAN/LIMIT ON DATE 21.06.2022 INTEREST NO LOAN/LIMIT ON DATE 21.06.2022 INTEREST
1 3046285000001 OCC Limit Rs. 20,36,905.92/- 16.35 % 1 3046619000010 Housing Loan Rs. 48,55,144.30/- 9.35%
Thanking you Thanking you
Yours faithfully, Yours faithfully,
Sd/- Sd/-
AUTHORIZED OFFICER AUTHORIZED OFFICER
16
>
MUMBAI | WEDNESDAY, 13 JULY 2022 1
NOTICE FOR LOSS OF SHARE CERTIFICATE
I am concerned for KETAN & AMIT GUNVANT KHAMAR, member of
The Swatantra Bhavan Co-op Housing Society Ltd., Anand Nagar, Forjett
Street, Mumbai – 400036 ( Society ) having share certificate no. 265 for
five shares of Rs.50/ - each bearing Distinctive no. 321B to 325B Both
Inclusive ( Share Certificate )and right, title and interest in Flat No. B/404.
That member have reported loss of share certificate of Society and in
compliance of issuance of another / duplicate Share Certificate, Society
has called for publication of public notice.
NOTICE is hereby given to the public at large that any person having
possession of share Certificate or any claim by way of lien, mortgage,
security, charge, trust or otherwise may raise their objection/s to the
issuance of Duplicate Share Certificate to society within (15) fifteen days
from the date of publication of this notice at the address above.
Mumbai Sd/-
Dated –13th July 2022 Ashok Panchan Maru
Advocate High Court , Mumbai.
11/ Shankar Bhuvan, Bandrekar Wadi, Jogeshwari(East), Mumbai - 400060.
Mobile -9819104665, Email-maru.ashok@yahoo.co.in

CIN : U25209MH1961PLC012223
Registered Office:
A-8 Marol Industrial Estate of MIDC, Cross Road B, Street No.5,
Andheri (East), Mumbai 400 093.Telephone No.(022) 61987000
Email: info@resplast.com Website : www.resplast.com;
NOTICE
NOTICE is hereby given that the 61st Annual General Meeting
("AGM") of the Company will be held on Friday, the 5th
August, 2022 at 11 a.m. through Video Conferencing (''VC") or
other Audio Visual Means ("OAVM"), to transact the business
as set out in the Notice of the 61st Annual General Meeting.
The Notice of the AGM along with the Annual Report for the
Financial Year 2021-22 (“Annual Report") is sent only by
electronic mode to those Shareholders whose email addresses
are registered with the Company / Depository Participants in
accordance with General Circular No. 14/2020 dated 8th April,
2020 read with Circular No. 17/2020 dated 13th April, 2020,
Circular No. 20/2020 dated 5th May, 2020 Circular No. 02/2021
dated 13th January, 2021, Circular No. 19/2021 dated 8th
December, 2021 and Circular No. 2/2022 dated 5th May, 2022
issued by The Ministry of Corporate Affairs (collectively
referred to as “MCA Circulars”). The same is also available on
the website of the Company viz. www.resplast.com and also on
the website of National Depositories Services Limited (NSDL)
https://www.evoting.nsdl.com.
Pursuant to Section 91 and other applicable provisions, if any,
of the Companies Act, 2013 the Register of Members and
Share Transfer Books of the Company will remain closed from
Saturday, the 30th July, 2022 to Friday, the 5th August,
2022 (both days inclusive) for the purpose of Annual General
Meeting and declaration of Dividend.
In compliance with provisions of Section 108 of the Companies
Act, 2013 and Rule 20 of the Companies (Management and
Administration) Rules, 2014 as amended by Companies
(Management and Administration) Rules, 2015, the Members
are provided with the facility to cast their votes on all resolutions
set forth in the Notice of the AGM using electronic voting
system from a place other than the venue of the AGM ('remote
e-voting'), provided by NSDL and the business may be
transacted through such voting. The e-voting shall commence
on Tuesday, the 2nd August, 2022 at 9.00 a.m. and ends on
Thursday, the 4th August, 2022 at 5.00 p.m. No e-voting
shall be allowed beyond the said date and time and the portal
shall be blocked forthwith. A vote once cast on the resolution,
would not be allowed to be changed subsequently.
The voting rights of Members shall be in proportion to the equity
shares held by them in the paid up equity share capital of the
Company as on Friday, the 29th July, 2022 ('cut-off date').
Any person, who is a Member of the Company as on the cut-off
date is eligible to cast vote on all the resolutions set forth in the
Notice of AGM using remote e-voting or voting at the AGM.
The facility for voting through electronic voting shall also be
made available during the AGM being held through VC/OAVM
and Members attending the meeting who have not cast their
vote by remote e-voting shall be able to exercise their right to
vote at the meeting. The members who have cast their vote by
remote e-voting prior to the meeting may also attend the
meeting but shall not be entitled to cast their vote again.
Any person, who acquires shares of the Company and
becomes member of the Company after dispatch of the notice
and holding shares as of the cut-off date, may obtain the login
ID and password by sending a request at evoting@nsdl.co.in.
However, if you are already registered with NSDL for remote e-
voting then you can use your existing user ID and password for
casting your vote. If you forgot your password, you can reset
your password by using “Forgot User Details / Password”
option available on www.evoting.nsdl.com.
The Results declared along with the Scrutinizer's Report shall
be placed on the Company's website: www.resplast.com and
on the website of NSDL.
In case of any queries, you may refer the Frequently Asked
Questions (FAQs) for Shareholders and e-voting user manual
for Shareholders available at the download section of
www.evoting.nsdl.com or call on toll free no. 1800 1020 990
and 1800 22 44 30 or send a request at evoting@nsdl.co.in.
By Order of the Board of Directors
RESINS & PLASTICS LIMITED
Sd/-
Place: Mumbai (RUPEN CHOKSI)
Date: 12th July, 2022 MANAGING DIRECTOR
.
MUMBAI | WEDNESDAY, 13 JULY 2022 TAKE TWO 17 <

The CNG mirage

rare globally. For example, 99 per cent
of US gas imports last year came via
pipeline with only 0.01 per cent of total
gas imports shipped as CNG by truck
from Canada. CNG transportation is vir-
tually non-existent, and the cost of a gas
The government’s draft policy encouraging imports in compressed form molecule today is very high, be it in CNG
or LNG form, the official added.
over LNG ignores major technological and logistical hurdles Record gas prices question the gov-
ernment’s logic of cost savings behind
S DINAKAR CNG imports. Liquefaction, or the cost
New Delhi, 12 July to liquefy the methane molecules, range
from $2.5 to $3.5 per million British ther-
AMBI PARAMESWARAN
LNG tankers. It will be used to transport
natural gas from Indonesian fields in
East Java to remote communities located
across sprawling Indonesian islands
where it is not economically feasible to
supply by pipeline.
New Delhi must focus on expanding
the use of LNG rather than bringing
another form of the fuel to market, an
official with a state gas utility said,
because of the under-utilisation of LNG
terminal capacity.
LNG imports account for over half of

I
ndia’s ambitious plans to explore mal units (Btu). Additionally, regasifica- India’s gas needs, and the recent escala-
imports of natural gas, a key driver tion costs, or the money spent to convert tion in domestic gas prices has prompted

Changing how for a $10-trillion economy, in com-

pressed form (CNG) instead of in lique-
fied molecules (LNG), may falter in the
the liquid back to gas, amount to $1-$2
per million Btu. CNG imports avoid these
costs because the product can be loaded
gas users to switch to alternative fuels.
Imports of the fuel may increase by only
3 per cent this fiscal from a year earlier,

consumers
view cooking
Those of you who have watched the Malayalam
movie, The Great Indian Kitchen, will see the
most traditional interpretation of cooking: a
drudgery! The film depicts the slave-like life of a
smart Dubai-educated Malayalee girl when she
gets married in a conservative traditional family
living in Kerala heartland. While she adopts the
role of a homemaker/cook, giving up aspirations
of becoming a dance teacher, what’s in store gets
her to take a relook at life in general.
Food needs to be cooked the way it always
has been. Rice cannot be made in a pressure cook-
er (Jo Biwi Se Kare Pyaar, goes out of the window].
Some items have to be cooked on a wood stove
(Government of India’s LPG scheme is of no avail
here). She gets so frustrated with the multiple
demands of her husband and her even more
obtuse father-in-law, (spoiler alert) she serves
dishwater as tea and scoots. A new cook aka bride
is found in double-quick time. Our original slave
finds salvation as a dance instructor.
If that is one end of the cooking drudgery, let
me present another scenario. Mobile services
brand Airtel had an ad a few years ago, which
shows a woman boss admonishing her subordi-
nates on a job they had not executed: “Sorry guys,
this has to be done!” As the office winds down in
the evening, she pops by the subordinate’s office
to ask how things are going; and also tells him
that she is heading home. At home you see that
she has changed into comfortable clothes and is
enjoying cooking up a storm. The ad then reveals
that she is also the wife of the poor chap slaving
in the office. The ad demonstrated the speed of
mobile video calling while at the same time mak-
ing a comment on the rise of educated women
in the Indian corporate world. Unfortunately, this
ad got trolled. The trollers accused the brand and
the ad-maker of gender
Tamil girls were stereotyping; Why should
gifted the book, the woman do the cook-
Samaithu Paar, ing, was the argument.
by Parvathy Were they right?
Ammal; in the Cooking is a chore and
rest of India it a drudgery to many. But
was Tarla Dalal’s in the case of the Airtel
book that film, cooking is presented
went as part of as a fun activity.
the trousseau Something that is almost
cathartic in its effect. The
lady boss is enjoying the process of cooking. If
you think this is farfetched, you are wrong. A
number of couples enjoy the process of cooking
together. And this has become a bigger trend in
the last two years, during the pandemic.
Kitchen was mostly the domain of the woman
in India. But this is set to change. In the US, in
almost 40 per cent of the homes, it is the male of
the household who is doing the cooking. As I talk
at B-schools, I find that more than 50 per cent of
the boys know how to cook, at least most of the
basic dishes. What has happened?
For one, cooking has got a big boost with the
glamorisation of the cooking process. Julia Child,
cookery teacher, who died on August 13, 2004,
aged 91, changed the way Americans saw cooking.
Child’s moment of illumination came in a restau-
rant in Rouen in 1948. “The meal was simple, but
the whole experience,” she later wrote, “was an
opening up of the soul and spirit for me.” Under
her trilling and exuberant guidance, Americans
came to embrace at least the cooking of France,
writes the Economist (June 28, 2004). Child was
determined to show that French cooking could
be fun. Her eruption on television, in 1962, made
the point superbly.
If it was Julia Child who made cooking and
experimenting with dishes more approachable
(check out the movie Julie & Julia), in India too
chefs are no small celebrities. In the past, Tamil
girls were gifted the book, Samaithu Paar (Cook
& See), by Parvathy Ammal; in the rest of India it
was Tarla Dalal’s book that went as part of the
trousseau. Incidentally, she was the first ‘chef’ or
‘cook book author’ to be awarded the Padma Shri.
Then came the Master Chef invasion. Cookery
shows became entertainment. This probably
spurred a number of young boys and girls to
experiment with cooking.
Molecular gastronomy is the scientific disci-
pline concerned with the physical and chemical
transformations that occur during cooking. Krish
Ashok’s eminently readable book, Masala Lab
— Science of Indian Cooking, deconstructs the
myriad flavours of Indian food through the molec-
ular gastronomy lens.
When the lockdown was announced in March
2020, Amul was first off the block to launch its
Live Recipe Show. Knowing that consumers were
homebound, looking for ideas to cook new dishes,
it roped in chefs, food influencers and offered
800 live demos from 2,000 chefs. These live cook-
ery demonstrations, each lasting upwards of 40
minutes, reached over 600 million global audi-
ences through Facebook. And it was done without
any significant marketing budget.
During the pandemic, with kids locked up,
moms and dads learnt how to cook up new dishes
watching shows like the Amul Live Recipe. On a
parallel path, ready-to-cook and ready-to-eat
brands have never had it so good. Even smaller
brands like Weikfield have started spreading the
good word about family cooking together.
There is an old adage: “A family that eats
together, stays together.” Maybe it is time for us
to adopt a new one: “A family that cooks together,
stays together.”
The writer is an independent brand coach
and a best-selling author. His latest book is
Spring – Bouncing Back From Rejection. He can
be reached at ambimgp@brand-building.com
face of technological and logistics hur- on to ships directly and offloaded directly hurting usage of existing LNG facilities,
dles. A new draft policy encouraging into pipelines, thus resulting in savings said Prashant Vashisht, vice president,
CNG imports on the basis of cost savings of almost $3.5-$5.5 per million Btu com- ICRA. “Utilisation levels are expected to
will also confuse investors in India’s pared with LNG imports, Gandhi said. be depressed due to new capacity addi-
crowded, but slowing LNG business.
At the peak of Covid-19, in September THE LNG PORTFOLIO
But these savings amount to a frac-
tion of the prevailing spot LNG prices,
tions and high gas prices,” he said.
Yet Indian companies expect to more
2020, then Gujarat chief minister Vijay and will still render CNG imports unaf- than double LNG import capacity from
Rupani approved a proposal for a CNG LNG import terminal Upcoming LNG terminal fordable for Indian consumers. an existing 42.5 million tonnes a year.
import terminal by the UK-based status in India capacity For instance, the ANEA price, the Adani, Total, Petronet, Swan Energy, H-
Foresight Group, Padmanabh Mafatlal, Name Company Capacity in Argus assessment for spot LNG prices for Energy and HPCL among others plan to
Name Company Capacity Commissioning
and Dutch dredging firm Royal Boskalis. mtpa deliveries to northeast Asia, was around add 49 million tonnes a year of capacity.
Of the ~1,000 crore project cost, 70 per Dhamra Adani Total 5 FY23 $43 per million Btu deliveries in August. Overall utilisation of installed LNG
cent would be spent on ships and the rest Dahej Petronet 17.5 Jaigarh H Energy 5 FY24 CNG imports, therefore, will cost around capacity was 59 per cent last fiscal, and
on terminal infrastructure. Billed as the Hazira Shell 5.2 Chhara HPCL Shapoorji 10 FY24 $38 per million Btu after deducting new facilities will drag it lower.
world’s first CNG import terminal, the Ennore IOC 5 Energy around $5 per million Btu in savings. But CRISIL pegs LNG import demand to
facility, when ready, would have a capac- Kochi Petronet 5 Jafrabad Swan Energy 5 FY24 Indian consumers can typically afford grow at 1-3 per cent to 25-27 million tonnes
ity of 1.5 million tonnes a year – that com- Dabhol* Konkan LNG 5 Dahej Petronet 5 FY25 only $7-$20 per million Btu, depending — a far cry from the 18 per cent year-on-
pares with 43 million tonnes a year of East Coast Petronet 4 FY27 on the sector, an industry official said. year growth recorded in 2019-20 — on
Mundra GSPC LNG 5
existing LNG import capacity, and 49 mil- This apart, lack of CNG carriers pre- account of surging global prices, owing
lion tonnes in announcements. Total 42.7 Total 34 vent meaningful global trade. The ener- to geopolitical tensions and low inventory
Since the US shipped the first parcel *Breakwater needed to use full capacity. Only 2.9 million tons commissioned Source: Oil Ministry, CRISIL gy intensity of CNG is 2.2-2.7 times lower levels. LNG prices averaged $7.1 per mil-
of LNG to the UK in 1959, and from the than LNG, meaning one has to ship sig- lion Btu in 2019-20 from $9 per million
first commercial shipment of Algerian tion of CNG imports over LNG,’’ said ment, India’s biggest gas consumer, that nificantly larger volumes for import of Btu a year earlier, reflecting the sensitivity
LNG to UK and France in 1964, to Hetal Gandhi, director, CRISIL Research. goal is unmet — the CNG import project, equivalent LNG, Gandhi said. That will of the Indian gas users to rates. Spot LNG
around 365 million tonnes of the lique- “Despite these significant savings asso- three years after an initial agreement in require thousands of CNG carriers, but costs nearly six times today compared to
fied fuel traded last year, no country ciated with the cost of the shore-side 2019, is still not ready. Now the Modi compared to the global fleet of more average 2019-20 values.
has bothered to ship the fuel in com- infrastructure with CNG imports vis-à- government has asked state-run natural than 700 LNG carriers, the number of Domestic gas use fell 2 per cent in the
pressed form because of concerns over vis LNG imports, there are major con- gas utilities, Gail and Petronet LNG, to CNG carriers is only a handful, accord- March to May period after the Ukraine
viability and transportation. cerns associated with the marine trans- evaluate importing the fuel in com- ing to Germany-based market data conflict began late February. LNG imports
“While there are significant savings portation of CNG,’’ she added. pressed form. provider Statista. fell by 10 per cent but the value of the
with CNG imports compared with LNG If faster implementation of cheaper There is no detailed communication The world’s first CNG carrier, the purchases rose by $900 million, or 39 per
imports on the liquefaction infrastruc- CNG facilities as compared to 3-4 years from the government on CNG imports, Jayanti Baruna, has a nominal capacity cent, according to oil ministry data. In
ture, logistical constraints will act as a for expensive LNG import plants was a officials said. A senior official with one of 2,200 cubic meters, miniscule com- other words, India’s gas economy is in a
significant roadblock for the viable adop- consideration for the Gujarat govern- of the utilities said that CNG imports are pared to Qatar’s 266,000 cubic meter hard place between LNG and CNG.
Why it felt hotter in
Delhi than it was
SANJEEB MUKHERJEE the normal temperature that is
New Delhi, 12 July recorded at a given point of time.
Maximum and minimum temper-
For the last few days, the national atures are the day’s highs and lows.
capital and its adjoining areas Meanwhile, ‘wet bulb temper-
have been muggy due to high ature’ is the temperature of evap-
humidity caused by the near oration. When humidity is high,
absence of monsoon rains. While the wet bulb temperature rises.
the experience of summers has Thereafter, combining both
been uncomfortable, the actual the dry and wet bulb tempera-
readings on thermometers may tures based on a table generates
cause wonder about the exagger- what is called the ‘dew point tem-
ated discomfort. perature’ and humidity.
This is what meteorologists
call ‘real feel temperature’ or ‘real What is dew point temperature?
feel heat’. The dew point temper-
ature, commonly
What exactly is the termed dew point, is the
‘real feel heat’? temperature to which a
Weathermen say that parcel of moist air must
in April and May be cooled at constant
when we have dry atmospheric pressure
heat, whatever is the and constant water
actual temperature is
what is felt on the
DECODED vapour content in order
for saturation to occur.
body. But as humidity
rises in the months of In normal times, Is this the final meas-
June and July, the ‘wet bulb ure of real feel heat?
feeling of heat on the temperature’ is Palawat says real feel
body also rises. So, say lower than ‘dry heat is based on a set
the actual tempera- bulb temperature’. formula that is calcu-
ture is 30-35 degree But when both wet lated using dew point
Celsius or maybe and dry bulb and relative humidity.
even lower, the level temperatures Usually, when the
of discomfort is high- become uniform, wet bulb temperature
er due to sweating. the humidity is is more than 30
In simpler terms, almost 100 per cent degrees Celsius, it
‘Real Feel heat’ can causes discomfort.
be termed as a measure of dis- In normal times, ‘wet bulb
comfort for a human body. A temperature’ is lower than ‘dry
‘real feel’ temperature can be bulb temperature’. However,
warmer or colder than the actual when both wet and dry bulb tem-
temperature, depending on the peratures become uniform, the
weather conditions. humidity is almost 100 per cent.
This happens when it has
Is there a scientific formula or rained continuously in a region.
method to arrive at this real In conclusion, ‘real feel heat or
feel heat? temperature’ is a measurement
Yes. According to Mahesh Palawat, of discomfort to the human body
vice president, meteorology and when humidity is high or ‘wet
climate change, Skymet — a pri- bulb temperature’ is high.
vate weather forecasting agency
— three kinds of measurements Is ‘real feel heat’ used as a stan-
are usually taken in a weather lab- dard application?
oratory. These are: Dry bulb tem- Several mobile companies, sports
perature, second is maximum and stadiums, public places etc give
minimum temperatures in a day, this measurement to provide
and wet bulb temperature. accurate information about the
The ‘dry bulb temperature’ is prevailing weather conditions.
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MUMBAI | WEDNESDAY, 13 JULY 2022 1