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SATURDAY, 9 JULY 2022 l MUMBAI ~11.00

VOLUME IX NUMBER 48 l 18 pages in 1 section
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WEEKLY POSITIVITY
VIRUS
TRACKER STANDS AT 4.09%
TCS beats estimates with Real growth not
Total 43,585,554
INDIA
é18,815
16.2% Q1 revenue growth possible without
Active cases Recovered
122,335 42,937,876 525,343
é2,878 é15,899
Deaths

é38
Net profit misses estimate as salary hikes impacted margins by 150 bps inclusiveness: PM
ARUP ROYCHOUDHURY
1,985,268,100 SHIVANI SHINDE “WE ARE STARTING THE NEW New Delhi, 8 July
Vaccination é 1,189,893
Mumbai, 8 July Q1 REPORT CARD FISCAL YEAR ON A STRONG NOTE… Prime Minister Narendra Modi on
BUT WE REMAIN VIGILANT GIVEN

T
WORLD Total Note: Total cases
include 1 migration;
he results of Tata Consultancy nRevenue nNet profit Friday said real growth was not pos-
553,563,518 arrow shows 1-day
change; figures as
Services (TCS) for the first (~ cr) THE MACRO-LEVEL sible without inclusiveness while
quarter of FY23, declared on recalling the steps his government
of 9 pm IST; sources:
Ministry of Health
Friday, beat street estimates on 52,758 9,478 UNCERTAINTIES” had taken in the past eight years.
Deaths and Family Welfare;
CoWin.gov.in; Johns the top line and continued to keep pace Rajesh On the occasion of the first Arun
6,347,681 Hopkins Coronavirus
Resource Center with the growth momentum it delivered Gopinathan Jaitley Memorial lecture, the prime
in FY22. Margins CEO & MD, TCS minister said the government was
TCS’ net profit grew 5.2 per cent year-
% chg YoY % chg QoQ
(%) 23.1 treating the private sector as a partner
on-year and 2.5 per cent sequentially to in growth.
chg YoY chg QoQ
M&M, BII PARTNER ~9,478 crore in Q1FY23, but missed the esti-
mate of ~9,850 crore, according to the
16.2
5.2
4.28
2.5 240 bps 190 bps
India is not carrying out reforms
out of compulsion but out of convic-
TO ROLL OUT FIVE Bloomberg data.
Revenue for the quarter came in at
Growth Total Attrition at 19.7%, tion to prepare a road map for growth
over the next 25 years, he said. “INDIA IS NOT UNDERTAKING
drivers: BFSI contract compared to 17.4%
E-SUVs IN FOUR YRS ~52,758 crore, up 16.2 per cent YoY and 4.28
per cent sequentially.
(13.9% YoY), value for in previous quarter
“We don’t see growth as a neces-
sary evil but as a win-win situation for REFORMS UNDER COMPULSION
Mahindra and Mahindra (M&M) and British While the company’s Q1 revenue was CPG & retail
(25.1%)
Q1 at
$8.2 bn
and 8.6% in year-
ago period
all,” Modi said. BUT BY CONVICTION TO
International Investment (BII)-backed EV
Co will co-develop a portfolio of five electric
ahead of the Bloomberg estimates of
~52,486 crore, the margins for the quarter
On the steps to promote inclusive
growth, he said 90 million free cook-
PREPARE A ROAD MAP FOR
SUVs through the former’s came in at 23.1 per cent, down 2.4 per cent NO SIGNS OF A SLOWDOWN IN ATTRITION PAGE 3 ing-gas connections had been given, THE NEXT 25 YEARS”
wholly-owned arm, year on year. The impact of salary hikes 100 million toilets were constructed, Narendra Modi,
into which the two on margins was 150 basis points, and that customer experience while mitigating Gartner estimates that end-user spending and 450 million bank accounts had Prime Minister (at the first Arun Jaitley
firms shall invest for travel cost was 30 basis points. business risks. High priority areas of IT on the IT services industry will grow 6.2 been opened in the past eight years. Memorial Lecture)
around ~10,000 “TCS earnings reflect that chief invest- investments will include Cloud, AI/ML, per cent in 2022. IT demand is poised to He said before 2014, on average 50
crore over the next ment officers are actively seeking help application modernisation, security, data be robust in the remaining part of 2022,” medical colleges used to be set up in
four years, their from their IT services partners to acceler- and analytics, and the services industry said Naveen Mishra, senior director ana- 10 years. However, in the past seven- leader Arun Jaitley, who died in
executives said on ate their digital journey and improve their will see revenue growth in these areas. lyst, Gartner. Turn to Page 6 > eight years, 209 medical colleges had August 2019.
Friday. 2> been created. Union Finance Minister Nirmala
He told the gathering that in the Sitharaman attended the event.
past seven-eight years, the number The topic of the lecture was

ON Sebi considers of undergraduate medical seats had

increased by 75 per cent and that of
“Growth through Inclusivity,
Inclusivity through Growth”, deliv-

SATURDAY Shinzo Abe shot dead annual medical seats had almost ered by senior minister of Singapore

bringing MFs
doubled. and head of its Monetary Authority
SPECIALS Further, Modi said India’s recovery Tharman Shanmugaratnam.
from the pandemic reflected choosing Shanmugaratnam said India
a people-centric policy adopted by the needed to grow at 8-10 per cent over
WEEKEND RUMINATIONS
Revving up in low gear
under insider government and not taking measures
based on a populist impulse.
Modi paid tribute to former
the next 25 years if it wanted to create
millions of jobs for its young work-
force as well as raise per capita income
Return on investment is not the primary
metric for decisions on investment in a
country’s transport infrastructure, which is
trading ambit finance minister and senior BJP substantially. Turn to Page 6 >

why it is usually funded out of the Budget SAMIE MODAK

and not commercially. T N NINAN writes 9 > Mumbai, 8 July PHONE TAPPING OF NSE EMPLOYEES
NATIONAL INTEREST
Blasphemy, offence,
The Securities and Exchange Board of India (Sebi)
on Friday proposed bringing mutual fund (MF)
transactions under the purview of stringent insider-
CBI books ex-Mumbai
trading regulations to prevent abuse of sensitive
defence
Nobody should be prosecuted, or jailed, for
their views. My complaint with
information by key personnel in the MF industry.
Currently, MF
units are excluded
top cop, Ramkrishna
Mohammed Zubair is one should apply the from the definition ON THE CARDS SHRIMI CHOUDHARY
same principle of what is offensive and of ‘securities’ under New Delhi, 8 July
Concepts that could
avoid taking liberties with other people’s the Prohibition of
be extended to MF
gods too. SHEKHAR GUPTA writes 9> Insider Trading (PIT) Former top brass of the National Stock
Regulations, and
industry Exchange (NSE), led by Chitra
buying and selling of Pre-clearance of Ramkrishna and Ravi Narain, had alleg-
MF units is excluded transactions: Trades edly engaged a company founded by
Four firms apply for from the definition by designated persons retired Mumbai police commissioner
of ‘trading’. The mar- and their immediate Sanjay Pandey to snoop on the bourse’s
5G spectrum auction ket regulator had relatives shall be employees and illegally intercepted
The Department of Telecommunications sought public com- subject to pre- their phone calls between 2009 and
(DoT) has received applications from four ments on whether clearance by 2017, according to people privy to the IN THE DOCK
companies to participate in the upcoming the PIT Regulations compliance officer Central Bureau of Investigation’s (CBI’s) > iSec Services was engaged in the
spectrum auction. The auction includes need to be amended Closure period: Period fresh probe. guise of conducting ‘periodic study of
5G airwaves in 3.5 GHz and the milimetre to also cover the MF during which The federal agency has filed a new cyber vulnerabilities’ at NSE
bands. The applicants include three industry. criminal case against Ramkrishna,
designated persons > NSE issued work orders in favour of
telecom service providers — Bharti Airtel, The proposal Narain, Pandey, and others, and named
wont’ be allowed to the security audit firm to install
Reliance Jio and Vodafone Idea. The comes close on the them as accused. The case was regis-
transact in MF units machines to tap phones
name of the fourth bidder could not be heels of allegations of tered based on instructions of the
confirmed. BS REPORTER front-running at a Code of conduct: Ministry of Home Affairs (MHA). The > Calls of NSE board members, key
large fund house. In Minimum standard to accused will soon be called for question- management personnel were
the discussion paper be followed by ing in the matter, sources indicated.
‘fiduciaries’ transcribed and submitted to the
COMPANIES P3 floated on Friday, Ramkrishna is currently in judicial cus-
former brass
Relief to airlines as Centre Sebi has said it has
observed that a MF
Reporting of Former Japan Prime Minister Shinzo Abe, the
longest-serving leader in the history of the nation,
tody in the NSE co-location scam.
Pandey’s iSec Securities, a security > CBI alleges contravention of Indian
transactions:
rolls back 11% excise duty Registrar and Mandatory to report died on Friday after being shot while campaigning audit firm, had allegedly entered into Telegraph Act
In a relief to airlines, the government has Transfer Agent (RTA) trades of MF units by for a parliamentary election REUTERS an agreement with Ramkrishna and
rolled back the 11 per cent excise duty on had redeemed all its designated persons Narain to provide the transcripts of all HC ASKS ED TO CONSIDER P2
aviation turbine fuel (ATF) for units from a scheme
AT ABE'S PEAK, JAPAN ACCOUNTED FOR MORE THAN
incoming and outgoing calls of the VIVO’S REPRESENTATION
international flights. The finance while being privy to NSE’s board members and key mana-
ministry issued a notice on Thursday, certain sensitive information. Similarly, it observed A TENTH OF INDIA’S FDI PAGE 18 gerial personnel such as chief financial
withdrawing the duty. Indian Oil a few key personnel of the MF industry redeemed officer, business development officer, iSec was taken aboard for conduct-
Corporation began levying 11 per cent their holdings in the schemes while in possession RELATED REPORTS P8 and regulatory officer during the period. ing a “periodic study of cyber vulner-
excise duty on ATF, which it sold for of certain sensitive information not communicated In return, iSec was allegedly paid ~4.45 abilities” at the NSE, according to a
international flights. to the unit holders of the schemes. Turn to Page 6 > crore by them. CBI official. Turn to Page 6 >

10 killed, several missing

in Amarnath cloudburst
At least 10 persons were killed when a
cloudburst near the cave shrine of Amarnath
in south Kashmir triggered flash floods
Friday evening that also damaged 25 tents
and three community kitchens, officials
said. Three persons have been rescued, they
said. The cloudburst struck around 5.30 pm,
they said. Ten persons were killed even as
police, army and NDRF personnel launched
a rescue operation, the officials said.
> NIFTY
THIS WEEK
SoftBank to bet on smaller ticket size for second Vision Fund
Public Investment Fund of Saudi
SURAJEET DAS GUPTA
New Delhi, 8 July
VISION FOR THE FUTURE Arabia, Mubadala, Qualcomm, and
> Average cheque size will be > Will look at >Two Vision Apple, amongst others.
SoftBank Chief Executive Officer around $150-250 mn early-growth Funds have Masayoshi Son, Sources point out that the average
(CEO) Masayoshi Son who has already stage companies collectively Chief Executive check size by the new fund will be
invested over $4-5 billion in over 15 >Equity stakes picked up in a Officer, around $150-250 million, in contrast to
start-up will be 10-20% which have hit invested over
deals in India through the group’s unicorn status $11-12 bn SoftBank the $900 million in Vision Fund 1.
PTI second Vision Fund, will be looking >Will not lead consortium of The focus will be on early growth
for smaller ticket sizes, lower equity investors in follow-up fund raises Key deals through second fund include Swiggy, Ola start-ups which have already become
holding, and more numbers than Electric, Lenskraft, Flipkart, Meesho, Unacademy, Cars unicorns with valuations of $1-2 billion,
what it bet on through its previous >Second Vision Fund has a dry not later stage deals.
24, inMobi amongst others
fund (the first Vision Fund), say powder of $30 bn On average, the fund will be
sources in the know. interested in a stake of around 10- 20
He will prefer not leading a RAJEEV MISRA LOOKS TO RAISE $8-10 BILLION FOR HIS NEW FUND PAGE 3 per cent rather than as much as 40
consortium of investors in the follow- per cent (in Oyo), as was the case with
up rounds, say sources. investing arm. controversial) role. The open-ended second Vision Vision Fund 1. It is also involved in
In an internal memo on Thursday, Misra will step back in a reduced The two funds together have Fund has a dry powder of $30 billion more deals, having already closed 15
SoftBank said Son will now oversee role in order to set up his own fund. invested over $11-12 billion in the and can continue to top up the fund. It in two years, as compared to the total
the running of the second Vision However, he will continue overseeing country. Together with SoftBank’s has been entirely funded by SoftBank, of 25- 26 investments made totally by
Fund instead of Rajeev Misra, head of the first $100-billion Vision Fund in direct investment, this goes up to unlike the earlier fund which had Son in the country through the two
SoftBank Group’s mega venture which he played a key (and sometimes $14 billion. many other investors such as the funds. Turn to Page 6 >
2 COMPANIES
>
MUMBAI | 9 JULY 2022 1

IN BRIEF
Tata Motors global wholesale
increases 48% in first quarter
M&M, British fund join hands HC asks ED to
take up Vivo’s
Tata Motors on Friday said its
global wholesale, including
that of Jaguar Land Rover,
rose 48 per cent to 3,16,443
to roll out 5 e-SUVs in 4 years representation
BHAVINI MISHRA
units in the first quarter of
the current financial year.
At $9.1-billion valuation, BII will have 2.75-4.76% stake in M&M’s EV subsidiary New Delhi, 8 July

The auto major had SHALLY SETH MOHILE STOCK MOVEMENT STEADY The Delhi High Court on Friday told the
dispatched 2,14,250 units to
dealers in the April-June
Mumbai, 8 July DEAL STRUCTURE M&M (~) Enforcement Directorate to consider the rep-
resentation of Chinese phone company Vivo
~1,925 cr to be invested by

quarter of 2021-22. Global
wholesale of all Tata Motors'
commercial vehicles and
Tata Daewoo range in the
first quarter stood at 1,03,529 units as compared with 52,470 units
a year ago, the company said in a statement. The company's
global sales of all passenger vehicles were at 2,12,914 units, up
from 1,61,780 units in June quarter of FY22. Global wholesale of JLR
stood at 82,587 units. Jaguar wholesale units for the period under
review stood at 14,596 vehicles, while Land Rover wholesales
stood at 67,991 units. JLR had sold a total of 97,141 units in the
April-June quarter of FY22.
Q4 numbers being rechecked
post-ransomware, says SpiceJet
SpiceJet has retrieved its system and data following the
ransomware attack last month, the aviation company has said.
The company's fourth quarter result has not been declared as yet
as auditors are re-authenticating financial numbers, it added.
"Our financial results have been delayed due to reasons beyond
the company’s control as a result of the ransomware attack that
affected our IT systems, which includes certain data as well,”
SpiceJet said in a statement. The airline said its Q4 FY22 financial
result was prepared before the ransomware attack. But now the
numbers are being re-authenticated by auditors. "The process is
normal in such events," it added. BS REPORTER
GMR Airports JV starts ops in
Indonesia's Medan airport
GMR Group on Friday said its joint venture Angkasa Pura Aviasi has
started operating the Kualanamu International Airport in Medan,
Indonesia. Angkasa Pura Aviasi (APA) is a joint venture between
GMR Airports and Indonesia's state-owned airport operator PT
Angkasa Pura II. With the project, GMR Airports, a subsidiary of
GMR Infrastructure, has entered the growing Indonesian aviation
market and the project will cover a cooperation period of 25 years,
according to a release. PTI
Piramal: Pharma companies with
quality compliance to be stronger
Pharmaceutical businesses that have a strong track record of quality
compliance and can remain agile towards new regulatory
requirements, will emerge stronger as the impact of the pandemic
decreases, according to Piramal Enterprises Chairman Ajay G Piramal.
Addressing shareholders, Piramal said the company's pharma
vertical is expected to have nearly 15 per cent CAGR revenue growth
across businesses in the medium to long-term. "In the current
circumstances, the pharmaceutical sector has emerged as an
essential industry," he wrote.
I-T raids on pharma, real estate
firms in Delhi-NCR, Haryana
The Income Tax Department carried out
search and seizure operations on June 29
on pharmaceutical manufacturers and
distributors in Delhi-NCR and Haryana,
along with some real estate players in
the region, according to a Ministry of
Finance release on Friday. Cash receipts
through hawala for sale of medicines to
Afghanistan were admitted by a key
person involved in such transactions, the
statement claimed. So far, unaccounted cash of ~4.2 crore and
jewellery or bullion worth ~4 crore have been seized. The search
covered 25 premises in Delhi-NCR and Haryana. BS REPORTER
M
ahindra and Mahindra
(M&M) and British
International
Investment (BII)-backed EV Co will
co-develop a portfolio of five elec-
tric SUVs through the former’s
wholly-owned subsidiary, into
which the two firms shall invest
around ~10,000 crore over the next
four years, their executives said on
Friday.
PTI This deal will help M&M reduce
its planned automobile capex over
FY22-24 to ~9,975 crore, from
~11,900 crore.
BII and M&M have reached a
binding agreement to co-invest
~3,850 crore (~1,925 crore each) at
a valuation of ~70,070 crore ($9.1
billion) in the yet-to-be-named EV
company, M&M said in a notifica-
tion to stock exchanges on
Thursday night. BII would invest
~1,925 crore in two tranches --
~1,200 crore by June 2023 and ~725
crore on certain pre-decided com-
pany milestones.
The agreement marks one of
the major investments in the e-
mobility space. Mahindra is the
latest among the legacy auto firms
to tap the green fund. The com-
pany has taken a leaf out of Tata
Motors’ playbook. In October 2021,
the Tata Group flagship sought an
‘Can beat global competitors with
much lower cost of development’
For a yet-to-be incorporated company that has no product in the market yet, the $9.1-billion valuation — at
which British International Investment (BII) has agreed to invest — has surprised many. But ANISH SHAH,
managing director and CEO, Mahindra Group, tells Shally Seth Mohile in an interview that the valuation for
the upcoming wholly owned EV subsidiary is fair and the company will be rewarded adequately by investors
soon. Edited excerpts:
In the absence of any EV currently, and also
for a valuation that’s too good to be true,
M&M’s investors do not seem to be very
enthused with the deal...
BII is a marquee investor and has gone
through a lot of due diligence before arriving
at this valuation. They (BII) have seen the
PTI strength of our current portfolio (of internal
combustion engine-powered models) and the
EVs we are working on — which we haven’t
shown to the world as yet. We will show them
on August 15.
Their (BII’s) assessment of those upcom-
ing models is that they are likely to be market
leaders, which is an endorsement of what we
believe. We feel it’s a very fair valuation and
the one that reflects what we can do
in the EV space.
Our focus right now is execu-
tion. It’s about making a promise
and delivering on the same. We
have been delivering on capital allo-
cation and the EV growth story, and ANISH SHAH
we are confident that the market MD & CEO,
will reward us as we go along. Mahindra Group
How much funds will you be looking to raise
from the second investor?
BII as a development institution wants to see
more capital coming into the business.
investment of $1 billion (then
~7,500 crore) from TPG Rise
Climate for its EV arm, Tata
Passenger Electric Mobility
(TPEM), at a valuation of $9.1 bil-
lion.
"We are very confident that we
will take leadership in this (EV)
space,” said Anish Shah, MD &
CEO, Mahindra Group, during an
investor-analyst meeting on
Friday. “This is not just one invest-
ment. This is also the starting
point.”
Mahindra would work jointly
with BII to bring other investors
into the EV company to match the
funding requirement in a phased
manner, said Shah.
The supposed high valuation
for an entity that is currently on
paper — with no products and just
funding, it reduces our capex. For us, the
amount is not important but who comes in.
It’s about do they believe in the story and will
they add value and will partner with us going
forward.
We expect EV penetration to be faster than
our anticipation, which is why we are going
with a full range of electric products.
What benefits do you expect to accrue from
the asset-light model of the upcoming EV
arm?
The benefits, as we see it, are establishing the
valuation for what we think is going to be an
exciting business and the ability to unlock
more value for our shareholders by bringing
in one investor now and another in
the next 16-18 months. So, that is
what we see as the path to value
creation.
Will you be looking for a similar
deal for the last mile e- mobility
business where you have a
leadership position?
We are looking at unlocking across
all our businesses right now, so that is likely to
move faster, potentially bringing in investors.
Commercial vehicles will take longer and, at
this point, passenger vehicle is the focus for
1,200 to allow it to unfreeze some bank accounts to
BII in two tranches pay for its liabilities.
1,180 The matter is posted for July 13.
~1,925 cr M&M’s Justice Yashwant Varma asked the enforce-
co-investment amount 1,132.7
1,160 ment agency to give its reply to the plea filed
2.75-4.76% BII ownership by the phone company seeking to unfreeze
1,140 some of its accounts.
~70,070 cr EV firm valuation 1,133.4 The court directed Advocate Zoheb
1,120
~8,000 cr EV company to Jul 7,’22 Jul 8,’22
Hossain, counsel for ED, to take note of the
invest between FY24 & FY27 Source Bloomberg reliefs sought by Vivo in the petition.
Compiled by BS Research Bureau Vivo’s lawyers — Sidharth Luthra and
Siddharth Agarwal — said there are liabilities
such as taxes, TDS, and excise duties to be
BII investment — failed to enthuse portfolio will include the electri- paid. “There are thousands of employees in
the Street. The M&M stock opened
5 per cent up at ~1,180.25 but gave
fied version of the XUV3OO (to be
called XUV4OO) — to be unveiled
the company. There is an urgency as these
liabilities are growing every day,” he said.
up the gains at the end of the trad-
ing session, closing at ~1,132.65,
in September 2022 and available
for sale in January 2023 — and four
Meanwhile, ED’s counsel opposed Vivo’s
plea to unfreeze the bank accounts, saying it
down 0.06 per cent. “They (M&M) “born” or pure electric SUV plat- was too soon to do so. He added that the search
are getting a small amount of $250 forms. operation by the agency would be over at the
million and extrapolating it to By 2026-27, M&M expects its e- end of the day.
arrive at a $9.1 billion valuation,” SUVs’ share to be 20-30 per cent of “Keeping in mind the financial conditions
said an analyst at a brokerage. its overall SUV portfolio. This mentioned in the petition, this court directs
This is in contrast with Tata would translate into a volume of the respondent (ED) to consider the represen-
Motors. When Tata Motors around 200,000 units per annum, tation in the petition and decide to give per-
stitched the deal with TPG, it had said Rajesh Jejurikar, executive mission to deal with the seized property as
products and a share of 75 per cent director, farm and automotive sec- under Section 17(1)A of the Prevention of
in the e-passenger vehicle market. tors, Mahindra and Mahindra. Money Laundering Act,” Justice Yashwant
“Therefore, investors are looking Industry body Society of Indian Varma said.
at the whole (M&M-BII) deal with Automobile Manufacturers (Siam) The matter was listed by Vivo in the morn-
scepticism… May be after the expects the SUV share as a percent- ing before Chief Justice Satish Chandra
brand reveal on August 15, inves-
tors will have greater confidence,”
age of the total passenger vehicle
market to grow to 54 per cent, from
Sharma and Justice Subramonium Prasad.
Earlier, the Enforcement Directorate’s
the analyst added.
The aforementioned e-SUV
50 per cent in 2022, Jejurikar said
in his presentation.
(ED’s) money-laundering probe into the
mobile phone maker revealed the company,
to avoid paying taxes in India, remitted about
~62,476 crore of its turnover to China between
2017 and 2021.
According to the agency, 18 companies that
were allegedly incorporated fraudulently
helped the smartphone maker to transfer 50
per cent of the turnover outside India, mainly
China. The sale proceeds during the period
stood at ~1.25 trillion.
Srei Equipment
Finance’s auditor
Haribhakti resigns
ISHITA AYAN DUTT & ABHIJIT LELE
Kolkata/Mumbai, 8 July
We are generally in talks with investors for all Srei Equipment Finance (SEFL) auditor,
our businesses. It depends on when someone Haribhakti & Co LLP, has resigned with effect
wants to move fast. This particular transac- from July 7, 2022.
tion (refers to BII) happened really fast — it
took two months. We weren’t out there telling
In a filing on Thursday, Srei Infrastructure
Finance (SIFL) had informed about the resig-
people 'come and invest in us'. We were wait-
ing to develop our products and launch them.
nation of SEFL’s auditor. SEFL is a wholly-
owned subsidiary of SIFL. Haribhakti was
They saw our products and really liked them appointed statutory auditors of SEFL from
and asked if they could come in as investors. FY20 to FY24 at the 14th annual general meet-
ing of the company held on August 25, 2020.
How do you expect to retain a competitive In a letter to the administrator of SEFL,
edge given the inflationary trend — high Haribhakti cited the Reserve Bank of India
battery and input cost increase -- and norms for the appointment of statutory central
competition from global automakers? auditors (SCAs)/statutory auditors (SAs) of
You have got all the global players in India commercial banks. This restricted the tenure
with their best models. We have just launched for appointment of statutory auditors to a max-
five blockbuster models at a fraction of their imum of three years. It is subject to the audit
costs. It’s not easy to do so in a market where firm satisfying the eligibility norms each year.
you have all the global platforms in play. Our “On completion of the audit for the finan-
engineering capabilities give us a lot of confi- cial year ended March 31, 2022, our firm has
dence. We have confidence that we can beat completed the tenure of three years in accor-
global competitors, at a much lower cost of dance with the guidelines. Owing to some
development. That is why we aren’t much unavoidable circumstances, we will not be able

Indonesian firm Hence, we will work together with them (BII)

to get more investors.
We have already earmarked funding for
electric.

Are you in talks with PE investors for the

bothered about the cash burn or competition.
We have a certain capex plan for the busi-
ness and we are confident that it would trans-
to continue as the statutory auditors of the
company till the conclusion of the AGM in
relation to the financial year ended March 31,

outbids Adani in the business to the extent that if we get more same? late into volumes and market share. 2022,” the letter read.

CIL import tenders Assam floods: Major tea firms stare at crop loss
SHREYA JAI
New Delhi, 8 July ISHITA AYAN DUTT rains.
Kolkata, 8 July
THE PRODUCTION BREAK-UP Goodricke Group Managing
Indonesia’s Bara Daya Energi India tea production 2021 (in million kg) Director and Chief Executive Officer,
quoted the lowest bid for two Incessant rainfall and floods, fol- Atul Asthana, said it had lost about
1,343.06

coal import tenders of Coal lowed by pest attack in Assam, have 15 per cent crop during June vis-à-
India (CIL) for supplying 3 taken a toll on the production of the vis last year.
million tonne (MT) each. The premium second flush. “And the entire June is second
1,108.04

firm has outbid Adani Nayantara Palchoudhuri, chair- flush period,” he pointed out.
667.73

Enterprises, the only other person, Indian Tea Association (ITA), That is a worry for planters in
bidder for these two tenders. said the situation was grave in Assam Assam. The premium quality second
408.17

Adani, however, has emerged Valley and Barak Valley. “It is a huge flush is a major revenue earner and
as L1, or the lowest bidder, for problem among our members. But producers are ruing its loss.
235.02

the short-term coal import
tender of CIL for supplying
2.4 MT.
The Indonesian company
quoted ~4,331 crore for the
technical level on grounds of
submitting invalid legal doc-
uments such as “power of
attorney” and “consortium
agreement,” said sources.
the Assam government is doing its Moreover, Indian tea producers have
best and some of our member com- an export opportunity thrown up by
panies are also doing a lot of flood the crisis in Sri Lanka
relief work individually.” Most of June, which is usually the
The ITA has assessed the impact prime second flush period, the qual-
West

South
India
North
India

All India*
Bengal
Assam

eastern coast tender and
~4,497 crore for the west
coast. Adani Enterprises,
which came second, quoted
~5,035 crore and ~5,080 crore
for west and east coast,
respectively. This is a
medium-term supply con-
tract for CIL to build a stock
during next season.
Bara Daya, however, has
earlier faced termination of
its contract from Gujarat
State Electricity Corporation
(GSECL) over “breach of con-
tract and failure to supply
coal”, said sources. Even in
the first import tender of CIL,
Bara Daya was rejected at the
Bara Daya has submitted
its bid through a consortium
with an Ahmedabad-based
company GHV India. The two
tenders, issued by CIL last
month, pertain to the supply
of 3 MT of coal at the east and
west coast of the country.
There were only two bidders
for these tenders.
For the first tender — for
which the winning bid was
submitted by Adani — is still
being evaluated. The com-
pany had quoted ~4,033 crore
in its bid. There were 11 other
bidders for the contract to
supply 2.4 MT during the
June-September period.
in Barak Valley. “According to esti-
mates, about 150 hectares were lost
in landslide, 300 hectares of planta-
tion was submerged for a week. Its
mortality and impact will be known
later. There was no work for a week
in several gardens as roads and
bridges were washed away,” Arijit
Raha, secretary general, ITA, said.
“Our quick estimate indicates that
the crop in June 2022 is lower by at
least 20-25 per cent over June last
year,” said Sujit Patra, secretary,
exports & market promotion, ITA.
This year, April and May saw a
record crop but much of the gains
would have been wiped out during
June and July.
“Till May, 45 mkg of crop was
higher than last year. But all gains
are lost now. Only in the second half
of July, the crop is likely to be com-
parable to last year on a day-to-day
basis,” Himanshu Shah, chairman,
M K Shah Exports, said.
Shah said for the second half of
June, his firm lost 22 per cent crop
but for June, it was about 2 per cent
higher as compared to 2021.
Other major tea producers have
also recorded a loss in crop. Vikram
Singh Gulia, managing director,
*All India is the combination of South & North India;
Source: Tea Board India website
Amalgamated Plantations Private
Ltd (APPL) said in Upper Assam, con-
siderable crop was lost.
“But we are spread out, so overall
loss would be about 20 per cent.”
APPL was carved out of erstwhile
Tata Tea to run plantations in North
India.
Those who are only in Upper
Assam, which is the larger basket,
may have lost 30 per cent crop, Gulia
pointed out, adding that helopeltis,
a tea mosquito bug, and fusarium
solani, a fungal disease, were
adversely impacting the upcoming
crop of 15-21 days.
McLeod Russel is estimating the
loss to be about 20 per cent. “We are
well hedged between North Bank,
South Bank and a little bit of Dooars
(West Bengal). So North Bank and
Dooars have not lost that much. Also,
our exposure to South Bank is not
that high,” McLeod Russel director,
Azam Monem, said. Parts of North
Bengal have also been impacted by
ity was impacted, said Shah.
“Being the quality season, pro-
ducers will face tremendous prob-
lems to meet workers’ wages and
arrange for input materials where
there is persistent increase in pro-
curement costs and stagnancy in
price realisations,” Patra said.
Patra said, looking at the present
trend and persistent rains, floods in
vast parts of Assam and North
Bengal, this year, the crop will be
heavily down even in July.
Last year, there was a record crop
in North India during June and July.
The total crop in June was 144
mkg and in July 158 mkg against an
average of 120 mkg and 145 mkg,
respectively.

MUMBAI : Printed and Published by Sangita Kheora on behalf of Business Standard Private Limited and Printed at M/s. Dangat Media Private Limited, 22 Digha M.I.D.C., TTC Industrial Area, Vishnu Nagar, Digha, Navi Mumbai, 400708 and M/s. Dainik Bhaskar, Plot no. 10.11, Sector B, Industrial Area, Govindpura, Bhopal (M.P.)-462023. & Published at
H/4 & I/3, Building H, Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai- 400013. Editor : Shailesh Dobhal RNI No. MAHENG/2013/53717 Readers should write their feedback at feedback@bsmail.in Fax : +91-11-23720201
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.
MUMBAI | 9 JULY 2022 COMPANIES 3 <

Tata Tech in talks with

banks; IPO likely this FY
This is likely to be Tata Group’s first IPO since the TCS listing in 2004
DEV CHATTERJEE reduce debt by selling part of
Mumbai, 8 July COMPANY FINANCIALS its stake in the company. SUBRATA PANDA
Figures in ~crore nSales turnover nProfit after tax nTotal assets "Earlier the Tata group was Mumbai, 8 July What this
A
fter almost 18 years, a nTotal liabilities planning to sell the stake to a
means

2,563
Tata Group firm is private equity firm but that Several payment providers
2,978

2,843
2,262
planning to sell shares plan has been shelved," the such as Razorpay, Pine Labs,

2,104
1,937
to retail investors, with Tata source said. Stripe, and 1Pay have received Getting the Reserve Bank of

1,731
Technologies — the profit- Apart from the Tatas, in-principle approval from India’s (RBI’s) nod for

1,320
making arm of Tata Motors — Reliance Industries — India’s the Reserve Bank of India payment aggregator’s
1,125
1,112

1,069
1,044

1,051
planning to list its shares in biggest company in market (RBI) for payment aggregator licence essentially means
947

the current financial year and capitalisation — is planning licences. More players are the entities will now be
727
use the proceeds to expand its to list its wireless telephony expected to get the central directly under the purview
521

Relief to airlines
299
291

business to new clients. and retail arms. An announce- bank’s nod for the licence, of the central bank in
252
226

219
214

104
177

Once launched, the initial
public offer (IPO) will be the
first from the Tata group since
the group holding firm, Tata
Consultancy Services (TCS)
listed its shares in 2004.
Bankers said the company is
in talks with several banks,
including Citibank to manage
the share sale. Tata Motors
owns 74 per cent stake in Tata
Technologies and rest by Tata
group companies. The talks
on the size of the issue and
dilution is currently on.
“The Tata group is likely to
dilute about 25 per cent with
the share sale though a final
decision will be taken once the
markets improve,” said a
banker close to the develop-
ment.
As of now, about 40 per
cent of Tata Technologies
FY17
Numbers for Tata Technologies Source: Capitaline Compiled by BS Research Bureau
income comes from its top
two captive customers — Tata
Motors and JLR — which,
analysts said, poses a signifi-
cant revenue concentration
risk for the company. Bankers
said the company earns its
income from three industrial
segments, viz., automotive,
aerospace and industrial
machinery, but derives the
maximum chunk of its reve-
nue from the automobile seg-
ment.
According to data sub-
mitted by the company, it
earned revenues of ~2,648
crore in the first nine months
FY18 FY19 FY20
of the fiscal year ending
March 2022 and net profit of
~330 crore.
Tata Group officials
declined to comment on the
IPO plans. The Tata Group
company’s share sale comes at
a time when several top com-
panies are planning to list their
unlisted companies to unlock
value for the holding firms.
Bankers said the Tata
group companies are plan-
ning to bring down their debt
across group companies and
the listing the technology arm
by Tata Motors will help the
company to unlock value and
ment by RIL is expected at the
forthcoming annual general
FY21 FY22 meeting of the shareholders.
In the first half of 2022, 50
companies have filed their
draft red herring prospectus
(DRHP) with the Securities
and Exchange Board of India
(Sebi), so as to raise funds.
This is the highest number of
filing for IPOs since 2007, sta-
tistics by PRIME Database
shows. Bankers said the surge
is on the back of strong
momentum seen in the initial
public offering (IPO) market
in 2021 and many companies
may have either put on hold
or abandoned their issue plan
because of volatile market
conditions, the broader mar-
kets’ crash, and drying up of
liquidity after the Reserve
Bank of India raised rates.
people in the know said. rendering payment
Payment aggregators are services to merchants. This
entities that enable e-com- was a grey area in terms of
merce sites and merchants to
accept various payment
instruments from customers
regulations and looking at
the important functions,
these intermediaries play
as govt rolls back
for completion of their pay-
ment obligations, without
the need for merchants to
in the online payments
space and also their role in
handling funds, the RBI
11% excise duty
create a separate payment decided to regulate these
integration system of their entities in entirety. As a ANEESH PHADNIS civil aviation minister
own. result, non-bank entities Mumbai, 8 July Jyotiraditya Scinda on
They allow merchants to offering payment Tuesday.
connect with acquirers. In the aggregator services had to In a relief to airlines, the gov- “The July 1 decision had
process, they receive pay- apply for authorisation to ernment has rolled back the 11 created an anomaly. With a
ments from customers, pool the RBI. According to some per cent excise duty on avia- new notification, the fear is
and transfer them on to the reports, about 180 appli- tion turbine fuel (ATF) for gone,” a senior airline execu-
merchants after a time cations were made to the international flights. The tive said.
period. RBI, among which a num- finance ministry issued a “The removal of excise
Back in 2020, RBI issued ber of applications have notice on Thursday, withdraw- duty on fuel purchased on
guidelines that said only been rejected and quite a ing the duty. international flights is a posi-
firms approved by the regu- few have been given the Indian Oil Corporation tive step,” said a Vistara
lator can acquire and offer nod. BS REPORTER began levying 11 per cent spokesperson.
payment services to the mer- excise duty on ATF, which it Abhishek Jain, tax partner,
chants. sold for international flights. KPMG, welcomed the govern-
While banks do not need including the likes of This 11 per cent duty was not ment move.
separate approvals, non-bank Amazon, Tata Group, levied on international “The potential levy of

Rajeev Misra looks to raise entities offering payment

aggregator services had to
apply for authorisation to the
RBI by June 2021, which was
Reliance Industries, PhonePe,
BharatPe, and others.
According to RBI guide-
lines, payment aggregators
flights before July 1. It was
being levied following a gov-
ernment notification on
export of ATF.
excise duty on ATF supplies to
a foreign-going aircraft has
proactively been exempted by
the government with no excise

$8-10 billion for his new fund
SURAJEET DAS GUPTA
New Delhi, 8 July
Masayoshi Son’s powerful
lieutenant Rajeev Misra is
looking to raise $8-10 billion
for his proposed new fund and
has had fruitful talks with
funds in Abu Dhabi and Saudi
Arabia whose members are
from the royal families and
who were key backers of the
first Vision Fund in which
Softbank raised $100 billion.
Sources say it is also pos-
sible that Son may invest
some money in the fund
through Softbank or other
vehicles, although this could
not be confirmed.
Misra, 60, came for a quiet
visit to Delhi on Thursday
when Son’s memo was circu-
lated among Softbank
employees. He threw a dinner
party at his farm house in
Chhatarpur which was attend-
ed by many of the founders
in which Son had invested,
senior Softbank executives,
TCS attrition
later extended. The central
bank had, however, allowed
them to continue their oper-
need to have a net worth of
~15 crore as on March 2021,
and a net worth of ~25 crore
Airlines protested against
the decision and demanded a
roll back.
duty being applicable on such
supplies,” he said.
ATF accounts for around
ereign fund, as a key investor ations till they received com- by on or before March 2023. The elevated crude oil 40 per cent of an airline’s oper-
THE ROAD AHEAD in the first vision fund and it munication from the regu- And, they have to maintain a prices and high taxes are ating expenses.
is believed he is close to strik- lator regarding the fate of net worth of ~25 crore at all already hurting airline The surge in its price has
n Misra will be travelling
ing a deal with them again. their application. times thereafter. incomes. And, a further hike already put airlines on the
to and from London According to reports, talks After RBI came in with the An email sent to Razorpay in excise duty would impact back foot and there have been
where he will continue to are also on with Chimera guidelines for payment did not elicit a response till international operations and repeated pleas to reduce taxes
oversee the first Vision Capital, an investment vehicle aggregators, there were the time of going to press. slow down expansion, airlines on the sector. Domestic ATF
fund and to Abu Dhabi controlled by Sheikh Zayed bin reports that a host of firms Pine Labs could not be imme- argued. The issue was also price has risen 78 per cent
and Dubai for his own Sultan Al Nahyan, the UAE’s have applied to the RBI for a diately reached for a com- raised at a meeting chaired by from January.
fund national security advisor. payment aggregator license, ment on the development.
Other reports say that
n Fund likely to be joined Misra has developed strong
by some ex-Softbank ties with sovereign funds such
executives who worked as the Public Investment
closely with him, Board of Saudi Arabia which
including Akshay Naheta put a staggering $45 billion
into Softbank’s first vision NOTICE OF POSTAL BALLOT
fund and bet big on Son. Members of Prime Focus Limited (the "Company") are hereby informed that pursuant to
leaders of other private equity that it will take a year to put Softbank said Misra was not the provisions of Sections 108, 110 and other applicable provisions of the Companies Act,
funds such as Sequoia and things together. available for comment. 2013 (hereinafter referred to as the "Act"), including any statutory modification(s) or re-
KKR, and colleagues from Sources say that his fund Those in the know say that, enactment thereof for the time being in force and other applicable provisions, if any, of the
abroad and friends such as will be joined by some ex- apart from technology which Act and Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014
Spicejet CMD Ajay Singh. Softbank executives who was a key area of investment (the "Rules") as amended from time to time read with General Circular No. 14/2020 dated
They also say that Misra worked closely with him, with Son, he might also lever- April 8, 2020; General Circular No. 17/2020 dated April 13, 2020; General Circular No.
22/2020 dated June 15, 2020; General Circular No. 33/2020 dated September 28, 2020;
will be travelling frequently to including Akshay Naheta. age his strength in debt General Circular No. 39/2020 dated December 31, 2020; General Circular No. 10/2021
and from London where he Misra has close relation- restructuring which made dated June 23, 2021; General Circular No. 20/2021 dated December 08, 2021 and
will continue to oversee the ships with the west Asian him well known in the UBS General Circular No. 3/2022 dated May 05, 2022 (the "Relevant Circulars") issued by
first Vision fund and to Abu funds; he was instrumental in group as well as Deutsche Ministry of Corporate Affairs ("MCA"), Regulation 44 of Securities and Exchange Board of
Dhabi and Dubai for his own bringing in Mubadala, the Bank where he had earlier India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
fund. He has told colleagues Abu Dhabi government’s sov- stints. Regulations') and Secretarial Standard - 2 on General Meetings ("SS-2") issued by the
Institute of Company Secretaries of India and other applicable laws and regulations, if any,
including any statutory modification(s) or re-enactment(s) thereto for the time being in
force, the Company has completed dispatch of Notice of Postal Ballot dated June 30, 2022
along with the Explanatory Statement on July 08, 2022 only through electronic mode to all
Mphasis Limited
those members of the Company whose email addresses are registered with the
Company's Registrar and Share Transfer Agent i.e. Linkintime India Private Limited or with

shows no sign Regd.Office: Bagmane World Technology Centre, Marathahalli

of ebbing
SHIVANI SHINDE
Mumbai, 8 July
Attrition at India’s largest IT
services provider Tata
Consultancy Services (TCS)
continues to rise at a fervent
pace.
For the Q1 of FY23, the
company reported an
attrition rate of 19.7 per cent.
The management said the
high number was partly due
to the seasonality impact
when junior employees opt
for higher studies as well as
supply-side constraints.
The management added
that attrition will see some
moderation only in the sec-
ond half of this financial year.
“On an absolute basis, it is
continuing to increase,
though on a percentage basis,
it is starting to flatten. And,
we expect it to continue into
Q2 also. It will be H2 when we
will start seeing some amount
of moderation. That’s our
immediate short-term view
on attrition but from a
The shareholders concerned, holding shares in physical form and whose shares are liable to be transferred to IEPF,
medium-to-long term, we
may note that the Company would be issuing duplicate Share Certificate(s) in lieu of the original Share Certificate(s)
think that both the supply
held by them for the purpose of transfer of shares to IEPF as per the Rules and upon such issue, the original Share
side as well as the demand
Certificate(s) which stand registered in their name will stand automatically cancelled. The Shareholders may further
side is easing up. This is in
note that the details uploaded by the Company on its website is treated as notice in respect of issue of the duplicate
terms of talent coming from
Share Certificate(s) by the Company for the purpose of transfer of shares to IEPF pursuant to the Rules.
outside of the immediate
industry system and that
should play into moderation,”
said Rajesh Gopinathan, chief
executive officer (CEO) and
managing director (MD), TCS.
However, the 19.7 per cent
attrition rate is much higher
than 17.4 per cent reported in
the preceding quarter and
way ahead of the 8.6 per cent
in Q1 of FY22.
Outer Ring Road, Doddanakhundhi Village, Mahadevapura,
Bengaluru - 560048 CIN: L30007KA1992PLC025294
Tel: 91 80 6750 1000
Website: www.mphasis.com email: investor.relations@mphasis.com
NOTICE
(For the attention of the Equity Shareholders of the Company)
Mandatory transfer of Equity Shares to the demat account of Investor Education
and Protection Fund (IEPF)
This notice is published pursuant to the provisions of the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 (“the rules”) notified by the Ministry of Corporate Affairs
(MCA).Pursuant to Section 124(6) of the Companies Act, 2013 read with the Rules, every Company is required to
transfer shares, in respect of which the dividend(s) remains unpaid or unclaimed for a period of seven consecutive
years, to the account of INVESTOR EDUCATION AND PROTECTION FUND (IEPF) established by the Central
Government. The final dividend declared for the year 2014-2015, which is unclaimed, is due to be transferred to IEPF
on 10 October 2022. Accordingly, the shares in respect of which the dividend are unpaid/unclaimed for a period of
seven consecutive years are due to be transferred to IEPF on 10 October 2022.
In accordance with the requirements as set out in the Rules, individual letters are being sent to the shareholders, who
have not claimed their dividends, at their registered email ids/ address as appearing in the Register of Members,
inter alia, providing the details of the shares due for transfer to IEPF. The details of such shareholders and shares
due for transfer is also being displayed on the website of the Company at https://www.mphasis.com/content/dam/
mphasis-com/global/en/investors/governance/shareholders-whose-dividend-remains-unpaid-for-seven
consecutive-years-as-at-7-july-2022.
To claim the said shares and unclaimed dividend amount before it is transferred to the IEPF, the shareholders may
forward the following documents on or before 1 October 2022 to Integrated Registry Management Services Private
Limited, the Registrar and Share Transfer Agent (RTA) :
n Letter of Undertaking duly filled in and signed (format is provided in the intimation letters being sent to the
shareholders); and
n Self-attested copy of PAN Card and Address Proof
The shareholders may note that both the unclaimed dividend and the shares transferred to IEPF Authority including all
benefits accruing on such shares if any, can be claimed from IEPF Authority after following the procedure, prescribed
by the Rules.
For further information/clarification, concerned shareholders may contact the Company's Registrar and Share
Transfer Agent (RTA) at:
Integrated Registry Management Services Private Limited (Unit: Mphasis Limited)
30, Ramana Residency, 4th Cross, Sampige Road, Malleswaram, Bangalore - 560 003
Ph: +91 080 2346 0816 to 818 E-mail: giri@integratedindia.in
Place : Bengaluru
Date : 8 July 2022
the Depositories/Depository Participant as on Thursday, June 30, 2022 ("Cut-off Date").
The requirement of sending physical copy of the Notice of Postal Ballot, Postal Ballot
Forms and pre-paid business reply envelopes has been dispensed with, vide relevant
MCA circulars. Mr. Mehul Raval, Practicing Company Secretary (Membership No.: ACS-
18300, CP No.:24170), has been appointed as the Scrutinizer for conducting the Postal
Ballot through remote e-voting process only in a fair and transparent manner.
In this regards, the members are informed that:
1. The special business as set out in the Notice of Postal Ballot is to be transacted through
Postal Ballot by voting through electronic means only ("remote e-voting") through
remote e-voting platform provided by Central Depositories Services (India) Limited
("CDSL").
2. The remote e-voting period shall commence on Saturday, July 09, 2022 (9:00 a.m. IST)
and end on Sunday, August 07, 2022 (5:00 p.m. IST). Members may cast their vote
electronically during the aforesaid period. The remote e-voting module shall be
disabled at 5:00 p.m. on Sunday, August 07, 2022 and remote e-voting shall not be
allowed beyond the same. The procedure of remote e-voting is given in the notes
forming part of Notice of Postal Ballot. Once, the vote caste by member, the same
cannot be changed subsequently. Voting Rights of the Members shall be in proportion
to the shares held by them in the paid-up capital of the Company as on Cut-off Date.
3. Only those members, whose names appeared in the Register of Members of the
Company/ List of Beneficial Owners maintained by the Depositories as on the Cut-off
Date i.e. Thursday, June 30, 2022, are eligible to cast their votes on the Ordinary/ Special
Resolutions set out in the Notice through remote e-voting only. A person who is not a
member as on the Cut-off Date should treat the Notice for information purpose only.
4. Members who have not received Notice of Postal Ballot may write to
rnt.helpdesk@linkintime.co.in/ ir.india@primefocus.com and obtain the same.
5. For any query or grievances connected with the facility for voting by electronic means
may be addressed to Mr. Rakesh Dalvi, Sr. Manager (CDSL), Central Depository
Services (India) Limited,AWing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds,
N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to
helpdesk.evoting@cdslindia.com or call on 022-23058542/43.
Notice of Postal Ballot is available on the Company's website www.primefocus.com, website
of Stock Exchanges i.e. BSE Limited and the National Stock Exchange of India Limited at
www.bseindia.com and www.nseindia.com respectively and also on the website of CDSL
at www.evotingindia.com.
Members who have not registered their email address are requested to register the same
in the following manner:
1. For Physical shareholders- please provide necessary details like Folio No., Name of
shareholder, scanned copy of the share certificate (front and back), PAN (self-attested
scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by
email to ir.india@primefocus.com / rnt.helpdesk@linkintime.co.in.
2. For Demat shareholders - Please update your email id & mobile no. with your
respective Depository Participant (DP).
3. For Individual Demat shareholders - Please update your email id & mobile no. with your
respective Depository Participant (DP) which is mandatory while e-Voting & joining
virtual meetings through Depository.
The resolutions, if approved, shall be deemed to have been passed on the last date of e-voting
i.e. Sunday, August 07, 2022. Result of Postal Ballot shall be declared on or before Tuesday,
August 09, 2022 and shall be displayed along with the Scrutinizer's Report on the website
of the Company www.primefocus.com and communicated to BSE Limited, National Stock
Exchange of India Limited and CDSL.
For Prime Focus Limited
Sd/-
Parina Shah
Place : Mumbai Company Secretary & Compliance Officer
For Mphasis Limited ACS 18061
Date : July 08, 2022
Sd/-
Subramanian Narayan
Senior Vice President & Company Secretary
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | 9 JULY 2022 1

IN BRIEF
NTAGI panel for use of Corbevax,
Covaxin for kids aged 5-12 years
States to get matching ‘Major recession
The NTAGI's Standing Technical Sub-Committee (STSC) approved
the use of Covid-19 vaccines Corbevax and Covaxin for children
amounts from Centre in developed
nations unlikely’
aged between five and 12 years, official sources said on Friday.
However, there was no decision on introducing these vaccines

for SPSEs’ privatisation

in the vaccination programme. Data of Biological E's Corbevax
and Bharat Biotech's Covaxin for children aged between five
and 12 years were reviewed in the STSC meeting held on June 16
and members decided that the vaccines can be recommended
for administering in children.
Govt extends grace period
Rising tensions between India and China have not affected project funding by the Asian
Infrastructure Investment Bank (AIIB) in India. On the sidelines of the Kautilya Economic
PTI Conclave, AIIB chief economist ERIK BERGLOF tells Asit Ranjan Mishra that, if anything,
ASIT RANJAN MISHRA ILLUSTRATION: BINAY SINHA AIIB has played a positive role in bringing India and China closer. Edited excerpts:
New Delhi, 8 July
How different is the current economic

T
o incentivise state govern-
for sugar exports to July 20 ments for privatising state
public sector enterprises
The Centre has extended by two weeks a deadline for the export (SPSEs), the Centre has promised to
of 800,000 tonnes of sugar as annual monsoon rains make it provide 100 per cent of the realised
tough for many producers to move stocks from factories to ports, amount from such strategic disin-
the government said on Friday. Mills in the world's biggest vestments in FY23.
sugar producer are now allowed to export the sweetener until However, this will be on a
July 20, the government said in a notification, pushing back a first-come first-serve basis with a cap
previous date of July 5, which some mills missed after heavy of ~1,000 crore for a state.
rains impeded transport. Industry officials welcomed the longer The Centre has allocated ~5,000
grace period. REUTERS crore for disinvestment of SPSEs and
asset monetisation. This is over and
above the ~1 trillion interest-free
India a ‘great partner’: Blinken capex loans to states for FY23.
In 18 pages of guidelines issued
at meeting with Jaishankar to states in April — which was
reviewed by Business Standard —
the finance ministry said such
SPSEs should be under the majority
ownership and management control
of a state government or state and
central governments together.
The organisation should also be
subject to audit jurisdiction of the
Comptroller and Auditor General
(CAG).
In view of the higher multiplier
effect of capital expenditure on
growth and to provide resources to
External Affairs Minister S Jaishankar (left) and US Secretary
of State Antony Blinken on Friday discussed energy and food
the states due to the pandemic, a
“scheme for special assistance to
security concerns triggered by the Ukraine war. On the sidel- states for capital expenditure” was
ines of the G20 foreign ministers’ meeting in Bali, Blinken first launched in FY21, earmarked
said challenges had been “dramatically exacerbated by with ~12,000 crore.
Russia’s aggression against Ukraine” even as he described
India as a “great partner” of the US PHOTO: PTI
In FY22, the scheme was con-
tinued with ~15,000 crore allocation.
The funds were disbursed under
three heads in FY22 — Northeast
Panel on GST Appellate Tribunal and hilly states, general states and
formed, report by July-end
The GST Council has set up a group of ministers (GoM), chaired by
Haryana Deputy Chief Minister Dushyant Chautala, to suggest
required changes in the law for setting up the GST Appellate
Tribunal. According to the terms of reference of the GoM, the
Sowing of kharif crops lags
panel would recommend required amendments in the GST law
to ensure that the legal provisions maintain the right federal
balance and are in line with the overall objective of uniform
despite pick-up in monsoon
taxation within the country. PTI SANJEEB MUKHERJEE
New Delhi, 8 July
The sowing of kharif crops continued to remain below
CENTRE’S PR0MISES
100% of ~1,000 crore
realised
amount to be
cap amount
given will be on
given by Centre
in FY23
a first-come
first-serve basis
for incentivising states to divest
SPSEs and monetise assets.
In case of disinvestment of SPSEs
through minority stake sale, the
latest guidelines said states will be
given additional allocation equiv-
alent to 50 per cent of the amount
realised from such sale in FY23. This
would be deposited in the consoli-
dation fund of the state.
In case a state lists an SPSE in
FY23 in any stock exchange or offers
for sale the shares of already-listed
SPSEs, it would be provided
additional allocation under the
scheme equivalent to 66 per cent of
the amount realised.
To incentivise state governments
to monetise assets, 50 per cent of the
realised value of assets deposited —
turmoil that India and the world is
experiencing from the past ones?
We are in a world which is very
different after February 24. Already
the Covid pandemic had created a
divergence between the advanced
economies and developing
economies. That pattern was playing
out particularly in access to vaccines,
scarring in terms of unemployment
and GDP growth; and scarring from
education losses. On February 24
onwards, on top of the existing
~5,000 crore 50% of inflationary pressure, we got new price
allocated for
disinvestment
realised value
of assets
rises of fuel and food stuff. Also, we
should not forget the impact of (rising)
and asset
monetisation
deposited to
be provided
investments on defence. For many
years, since the Cold War, we have
benefited from the “peace dividend”.
We don’t see any longer convergence
either in the state consolidation between advanced and emerging
fund or in the account of the SPSE economies — that is a new feature of
owning the assets — will be pro- the world.
vided under the scheme.
The list of assets that states can Are we heading towards yet another
monetise include roads, ports, air-
ports, bus terminals, metro rail
global recession and do you see it as a
mild or strong one?
“INDIA IS BECOMING A KEY
assets, desalination plants and other
infrastructure assets. It is subject to
This is true for the advanced
economies, it is not for sure, but it is
PLAYER IN THE GLOBAL
approval of the Union ministry more likely than not. With rapid price VALUE CHAIN. THE
of finance.
“Monetisation of assets unlocks
rises, central banks have reacted now,
which typically triggers a recession. I
PROBLEM IN INDIA IS THAT
their value, eliminates their holding don’t think we are going to see a major ONLY A FEW STATES ARE
cost and enables scarce public funds recession like the global financial
to be deployed for new projects. The crisis. It will be a recession of the more INVOLVED IN GLOBAL VALUE
amount realised by the states/SPSEs
from monetisation/recycling
traditional type. It may not necessarily
figure a financial crisis, there is always
CHAINS. THE CHALLENGE IS
of assets should be used for a risk of that, but that seems less likely TO BROADEN THE NUMBER
capital expenditure only,” the at the moment.
guidelines said. OF STATES BY IMPROVING
If recession hits the developed world, INFRASTRUCTURE AND
how bad will its impact be on
countries like India? PRODUCTIVITY”
It will have a very significant impact,
but I don’t think you will see recession
or anything we saw during the
pandemic. We should not forget the
need to think about how to address it.
The real challenge for India is to
broaden the number of states
pandemic is not gone, it is coming
back again with new variants. We must
not let our guard down when it comes
participating in global value chains, by
improving infrastructure and
productivity.
to the pandemic.
The tension between India and China
The February event of has increased in the past
Russia’s invasion of two-three years. Has it

Maha has most last year’s levels during the week ended July 8, despite
a pick-up in rains in some parts of the country, with
paddy posting a near 24 per cent drop in acreage as
Ukraine that you referred
to has led to elevated
inflation
affected AIIB’s
functioning and project
funding in India since

govt-recognised compared to the same period last year.

Oilseeds acreage was 20.21 per cent lower than the
year-ago period while the area under pulses rose a little
PADDY WORST-HIT
levels across the world. Do ERIK BERGLOF
you see it
as a short-term
AIIB is considered as a
Chief economist, AIIB China-led bank?
This association of “China-

start-ups: DPIIT less than one per cent. Data shows that the overall area
under kharif crops till July 8 was estimated at about
44.82 million hectares, or 9.28 per cent lower than the
Sowing of kharif crops as on July 8
n 2021 n 2022 (in mn hectares)
phenomenon or
the world has to live with it for a
longer period of time?
led bank” is unfortunate.
China has a quarter of shares in AIIB;
Europe has another quarter; and more
Maharashtra has the highest number of government-recognised same period last year. The southwest monsoon was Crops % chg Total* I am afraid we will have inflation at an than half is for other countries. Yes, the
start-ups, followed by states such as Karnataka and Delhi, data cumulatively just 2 per cent below normal as on July 8, Rice 9.50 -24.00 elevated level for some time. But there relation of India and China has been
shared by the industry department showed. with most regions of the country recovering from their 7.22 is still some uncertainty how long it through some difficult times and
As many as 13,541 active Department for Promotion of June deficits. However, pockets of distress remained. 9.75 -20.21 44.82 will last, perhaps into next year, that’s through some difficult patches. In that
Oilseeds 7.78
Industry and Internal Trade (DPIIT) recognised start-ups were In 15 of 19 West Bengal districts, cumulative rainfall the consensus. process of rebuilding the relationship
from Maharashtra, out of the total 73,205 such government- between June 1 and July 8 was in deficit. In Odisha, 16 Cotton 8.47 -0.12 between India and China, AIIB has
8.46 40.66
approved new-age companies in the country. This means of the 30 districts saw deficit rainfall. Other states that What is your economic outlook played a positive role. It has not
Maharashtra has a share of 18 per cent with respect to the total saw deficit in rainfall were Jharkhand (23 of 24 districts), Pulses 4.61 0.87 for India? affected our operations in India. Our
number of startups. Karnataka has 8,902 start-ups and Delhi is Bihar (30 of 38 districts), and UP (71 of 75 districts). 4.65 % chg We don’t do frequent updates of most important client by some stretch
home to 8,670 enterprises as of July 5. Much of the deficit was due to patchy rains in the Coarse cereals 6.43 1.56 -9.28 individual economies. I am quite is India. We actually have a problem
6.53
These start-ups have created more than 750,000 jobs with early part of monsoon, and unless there is a strong * Total might not match as all crops haven’t been included
positive about India’s economic because there may be too much
an average of 11 jobs per enterprise, the data showed. Shruti recovery in showers over the next two months, the initial Source: Government of India development. India is indeed activity in India. Markets don’t like too
Singh, joint secretary of DPIIT, said: “Fifty per cent of start-ups shortfall is likely to spell trouble. becoming a more important player in much concentration. But we are very
are from small towns. Over 45 per cent have at least one woman The India Meteorological Department (IMD) said in over Northwest India on July 9-10. the global value chain. The problem in happy with our collaborations in
director.” Singh said a platform was being developed to connect its latest update, active monsoon conditions over central This should further aid planting of oilseeds such India is that only a few states are India.
start-ups and domestic investors. The portal Sidbi is developing India and along the west coast are likely to continue for as soybean and groundnut in Madhya Pradesh and involved in global value chains. It’s not
towards this end should be ready in two months. BS REPORTER five days starting July 8. It foresees an increase in rainfall Gujarat. fully spread across countries. You More on business-standard.com

Govt asks traders

Easing prices may prompt RBI to rethink rate hikes
SANJEEB MUKHERJEE
New Delhi, 8 July
After attaining record highs a few
months back, prices of some key
food items and even critical inputs
like fertilisers have started
declining due to strong inflation
control measures and slowdown in
the demand. But whether or not the
indications will be good enough or
sustainable to prompt the Reserve
Bank of India (RBI) to pause or
recalibrate its interest rate hiking
cycle remains a question.
Rate hikes
The Monetary Policy Committee
(MPC) raised the repo rate by 40
basis points (bps) in an off-cycle
move in May in order to tame
inflation. Then, in its policy review
in June, it raised the rate by another
50 bps to 4.9 per cent.
The MPC normally looks at core
inflation, which does not include
food and fuel. But in these
extraordinary times, it even keenly
watches movements in food and
fuel prices. The performance of the
southwest monsoon is also
significant. Good rains will ensure a
strong kharif harvest, which will
further ease supply side woes,
particularly of oilseeds, cotton,
pulses and cereals, and step up
efforts to combat inflation. So, far
the rains have been mixed — extre-
me heavy in some places, patchy in
others. Kharif acreage as of July 8
was 9.3 per cent less than last year.
Last month, RBI Deputy
Governor and MPC member
Michael Patra indicated that with
retail inflation showing signs of
moderation, the RBI actions here
onwards might be moderate.
Shravan Shetty, managing
director at Primus Partners, said
with normal rainfall and correction
in agriculture commodity prices,
food inflation was expected to
moderate, which, coupled with
drop in crude prices, could
moderate inflation since food and
fuel together constitute almost 60
per cent of the CPI basket. “We
expect the RBI to take cognizance
and adjust its stance accordingly.
The risk currently is primarily due
to the depreciating currency off-
setting the price reduction and,
hence, the RBI and government
focus is shifting towards currency
stabilisation,” Shetty said.
Global downturn
According to a Bloomberg report,
worries over surging global food
costs are easing as prices of
everything from cooking oils to
wheat and corn have tumbled to the
lowest levels in months on rising
physical supplies and reduced bets
by investors on futures markets.
Palm oil, the world’s most used
cooking medium, has plunged
more than 45 per cent from its
record close in April to the weakest
level in a year. Whole wheat has
slumped over 35 per cent from an
all-time high in March, and corn has
dropped 30 per cent from its peak.
Edible oil and oilseeds
Prices of major edible oils have
slumped in the global markets since
June, pulling down domestic
markets in the process. According
to data, between June 1 and July 1,
the landed price of crude palm oil
(the largest consumed edible oil in
India) has dropped by almost 24 per
cent, while that of soybean and
sunflower oil dropped by 17.4 per
cent and 12.2 per cent, respectively.
Sougata Niyogi, CEO (oil palm)
at Godrej Agrovet, said going
forward too, there was hope that
edible oil would remain subdued
due to the drop in global demand
and healthy sowing of the domestic
kharif crop of soybean and
COMBATING INFLATION
Landed price of edible oils in Mumbai
(in $/tonne)
1,735 1,185
CPO*
-31.70
*Crude palm oil; All edible oils are in crude form. CPO rates are C&F
Mumbai while the rest two are CIF Mumbai
groundnut. “The market has
overreacted because Indonesia is
running out of storage capacity; and
as estimated before, is in urgent
need of offloading. Meanwhile, the
global demand has not picked up
much and the fear of global
recession continues to loom,”
Niyogi said. “The correction, almost
25 per cent in the last two weeks in
crude edible oil prices, will take a
month or so to reflect on the
consumer’s side,” Niyogi said.
Cotton
Cotton prices in the domestic
markets had surged to an all-time
CPI food inflation
nJune 8 nJuly 8
1,825 1,460 1,495 1,700
2,000 1,800
Soybean oil Sunoil
-20 -15
Change %
Source: SEA
high of ~50,330 a bale in early May
2022 while international rates were
at an 11.5-year high of 155.95 cents
per pound in the International
Cotton Exchange.
Since then, prices have dropped
sharply in India and are currently
trading at ~40,000-42,000 per bale
with strong expectations that they
will fall below ~30,000 a bale by
2022-end and in the international
markets to 80 cents per pound.
“Cotton prices will fall below
~30,000 a bale by the end of 2022.
Demand erosion, firm US dollar
outlook, global recessionary fears,
and better crop outlook are the
(% YoY)
Source: MoSPI
factors suggesting lower prices in
the coming weeks to months,” said
Tarun Satsangi, AGM-Research,
Origo e-Mandi.
Wheat, rice and other cereals
Prices of major domestic cereals,
too, have fallen from multi-year
highs of April and May due to a
series of measures and weakness in
global markets. But they are still
higher than last year. Data shows
wheat is trading at ~2,000-2,300 per
quintal for almost a month now in
the domestic wholesale market,
down from a high of over ~2,500 per
quintal in April and May. Trade
to cut edible oil
prices by ~15/litre
The government has asked trade
bodies to reduce edible oil prices by
~15 per litre immediately because
prices in the world market have
fallen sharply, the government said
in a statement. The world’s biggest
importer of
vegetable oils
directed
trade bodies
to quickly
pass on the
reduction in
global prices
to end-
consumers.India buys palm oil
mainly from Indonesia, Malaysia
and Thailand, while soyoil is mainly
sourced from Argentina, Brazil
and the United States. India
imports sunflower oil from
Ukraine and Russia. REUTERS
sources said Delhi wheat would
trade firm at ~2,300-2,350 a quintal
but a big downside seemed limited.
Urea and other fertilisers
The landed price of imported urea
softened by almost 27 per cent in
May 2022 from the peak in
December 2021. However, the rates
are still considerably higher than
the same period last year (by almost
95.4 per cent). About 30 per cent of
India’s annual urea consumption is
imported. Imported prices of DAP
remained high in May. Nearly half
of India’s DAP consumption is
imported.
.
MUMBAI | 9 JULY 2022 5
<

SALE NOTICE
FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED
(IN LIQUIDATION)
LIQUIDATOR: MR. SANTANU T RAY
Liquidator’s address: 301, A Wing, BSEL Tech Park, Sector 30A, Opposite Vashi Railway Station,
Vashi, Navi Mumbai, Maharashtra, 400705
Email: liquidator.firestardiamond@aaainsolvency.com, assetsale1@aaainsolvency.in,
santanutray@aaainsolvency.com Mobile: 8800865284 (Mr. PuneetSachdeva)/022-42667394
E-AUCTION Sale of Assets under Insolvency and Bankruptcy Code, 2016
Date and Time of E-Auction: 30/07/2022between 03.00 PM to 05.00 PM
(With unlimited extension of 5 minutes each)
Last date for submission of EMD and documents: 25/07/2022by the end of the day.
Sale of Assets and Properties owned by Firestar Diamond International Private Limited (in Liquidation)
forming part of Liquidation Estate formed by the Liquidator, appointed by the Hon’ble National Company Law
Tribunal, Mumbai Bench vide order dated 26th February 2020. The sale will be done by the undersigned through
the e-auction platform https://aaa.auctiontiger.net
Reserve Initial EMD Incremental
Asset Price (In Rs.) Amount (In Rs.) Value in Rs.
Option A
All the assets of the Corporate Debtor including Plant &
74,49,30,719 7,50,00,000 10,00,000
Machinery & Car Parking.
OR
Option– B
Sale ofUnit No. 2G, Ground Floor, Wing ‘B’, Kohinoor City,
Kirol Road, Off LBS Marg, Kurla West along with Plant & 21,77,86,158 2,18,00,000 5,00,000
Machinery and Car Parking.
Option– C
Sale of Unit No. 23, 3rd Floor, Tower II, Wing ‘B’, Kohinoor
City, Kirol Road, Off LBS Marg, Kurla West along with 26,43,81,432 2,65,00,000 5,00,000
Plant & Machinery and Car Parking.
Option– D
Sale of Unit No. 24, 4rd Floor, Tower II, Wing ‘B’, Kohinoor
City, Kirol Road, Off LBS Marg, Kurla West along with 26,02,12,429 2,60,00,000 5,00,000
Plant & Machinery and Car Parking.
Option– E
Sale of Inventory (imitation, sample jewellery). 25,50,700 5,00,000 1,00,000
Important Note: The Bidders have 5 Options to bid categorized as Option A, Option B, Option C, Option D
and Option E. Further Option A has an overriding preference over Option B, Option C, Option D and Option
E, which means if there is a bid received under Option A. The bidder will be treated as preferred bidder
and the bids received in other individual options will stand cancelled. Such overriding option shall not be
applicable in a scenario when the cumulative bid amounts received by adding the successful bids received
under the rest of the 4 options (Option B, Option C, Option D and Option E) is higher than the bid received
for Option A, wherein Liquidator shall be having the authority to decide between the bids received and
declare a successful bidder, in order to maximize the value for the Creditors/Stakeholders.
The details of all the assets and Option A,B, C, D and E along with any pending legal cases/ on-going litigations/
eviction notices have been disclosed in the E-Auction process document and are to be mandatorily seen before
participating in the auction.
NOTE - Certain packed materials like artifacts & furniture kept at open space area on ground floor of the said
NOTICE premises does not belong to the corporate debtor & will not be the part of this auction.
It is clarified that, this invitation purports to invite prospective bidders and does not create any kind of binding
obligation on the part of the Liquidator or the Company to effectuate the sale. The Liquidator reserves the right
DECLARATION OF AN INTERIM DIVIDEND to cancel or modify the process and / or not to accept and / or disqualify any interested party / potential investor
AND RECORD DATE / bidder without assigning any reason and without any liability.
Board of Directors of the Company has at its meeting held on Friday, July 8, 2022, However, as per the Paragraph 12 of Schedule I of IBBI (Liquidation Process), Regulations, 2019, “On
declared an interim dividend of `8 per equity share of `1 each of the Company. the close of the auction, the highest bidder shall be invited to provide balance sale consideration within
The interim dividend will be paid on Wednesday, August 3, 2022, to the equity ninety days of the date of such demand:
shareholders of the Company, whose names appear in the Register of Members of the Provided that payments made after thirty days shall attract interest at the rate of 12%:
Company or in the records of the Depositories as beneficial owners of the shares as on Provided further that the sale shall be cancelled if the payment is not received within ninety days.”
Saturday, July 16, 2022, which is the Record Date, fixed for the purpose. Date of Inspection for interested parties –18th July 2022 & 19th July 2022 (with prior appointment)*.
The above information is also available on the website of the Company (www.tcs.com) Timing – 11:00 AM to 06:00 PM
and on the website of the stock exchanges where the shares of the Company are listed, The E-Auction will be conducted strictly on “AS IS WHERE IS’’, “AS IS WHAT IS” and “WHATEVER THERE
i.e., BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited IS BASIS’’ through approved service provider M/S E-Procurement Technologies Limited (Auction Tiger). All the
(www.nseindia.com). terms and conditions of the auction are mentioned in a detailed document available at
https://insolvencyandbankruptcy.in/public-announcement/firestar-diamond-international-private-limited/
For TATA CONSULTANCY SERVICES LIMITED and at the website of the e-auction service provider: https://aaa.auctiontiger.net
Sd/- SANTANU T RAY
Pradeep Manohar Gaitonde Liquidator in the matter of Firestar Diamond International Private Limited
Company Secretary IBBI Regn No. : IBBI/IPA-002/IP-N00360/2017-2018/11055
Place : Mumbai Address: 301, A Wing, BSEL Tech Park, Sector 30A, Opposite Vashi Railway Station,
Date : July 8, 2022
Vashi, Navi Mumbai, Maharashtra – 400 705,
Registered Office:
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021 Email: liquidator.firestardiamond@aaainsolvency.com, assetsale1@aaainsolvency.in,
Tel: +91 22 6778 9595 santanutray@aaainsolvency.com
Email: investor.relations@tcs.com Website: www.tcs.com Contact Person: Mr. PuneetSachdeva (8800865284 / 022-42667394), Mr. VaibhavMohnot (7597767782)
CIN: L22210MH1995PLC084781
Date: 09/07/2022, Place: Mumbai
6 ECONOMY & PUBLIC AFFAIRS
>
Banks’ net profit growth
in Q1 estimated at 47%
ABHIJIT LELE & BHASKAR DUTTA
Mumbai, 8 July
W
ith increases in lend-
ing rates, high credit
growth, and lower
credit costs, banks are likely to
report a significant rise in net
interest income (NII) and
profits year-on-year (YoY) in
the quarter ended June 2022
(Q1FY23).
Sequentially, however, they
may show flat growth in NII
and a drop in the bottom line
over the March 2022 quarter
(Q4FY22) because treasury
profits took a hit due to yields
hardening.
According to
Bloomberg’s data
on analysts’ esti-
mates, net profits of
the 12 listed banks
in Q1FY23 will grow
47 per cent YoY and
shrink 7.8 per cent
sequentially. NII
RESULTS
will rise 11.6 per PREVIEW
cent YoY but fall 0.3
per cent sequentially.
Financial services group
Nomura said bank lending
spreads had bounced back
with the 90 basis point repo
rate hike, initially through new
loans, while the reset in the
stocks of loans will be visible
in Q2. Lending rates on new
loans have increased 35 basis
points month-on month,
while new loan spreads are up
15 basis points. On the stock of
loans, lending rates are higher
by 7 basis points month-on-
month, while spreads are up 3
basis points.
JM Financial Institutional
Securities Ltd in a note said
the earnings of banks under its
coverage were estimated to
grow 17.3 per cent, albeit on a
low base of Q122, which was
affected by the second wave of
Covid-19.
Headline credit
growth for the sys-
tem (13 per cent
YoY as of June 17,
2022) is also driven
by a low base
though sequential
growth of 2.2 per
cent to date in FY23
is encouraging.
Seconding JM’s
assessment,
domestic brokerage Emkay
Global in a note said strong
credit growth and lower loan
provisions (LLP) would sup-
port profitability, partly offset
by higher operational expen-
diture/mark-to-market (MTM)
THE
EXPECTATIONS
NII (~ cr)
Q1FY23
Private
sector banks 77,129
Public
sector banks 52,491
Total 129,619
Source: Capitaline
hits on investments.
The yield on the 10-year
government of India bench-
mark bond rose sharply to 7.43
per cent on June 30, 2022,
from 6.86 per cent on March
31, 2022. Banks would have to
provide for erosion in the price
of bonds such as MTM losses.
Aniket Dani, director, CRI-
SIL Research, said with faster
and sharper increases in inter-
est rates, yield movements on
Chg % PAT ( ~ cr) Chg %
QoQ YoY Q1FY23 QoQ YoY
2.8 17.2 23,895 -7.9 55.0
-3.2 4.4 10,078 -7.5 30.7
0.3 11.6 33,973 -7.8 46.9
treasury would negatively
impact profitability on account
of one-time MTM losses.
As for asset quality, the
books of banking entities are
in better shape with gross non-
performing assets (GNPAs)
and net NPAs improving from
pre-pandemic levels. Plus,
they have increased provisions
for impaired portfolios,
including restructured
accounts.
Forex reserves slip $5 bn in a ED serves ~61-crore
week amid RBI interventions FEMA penalty notice
BHASKAR DUTTA
Mumbai, 8 July
India’s foreign exchange
reserves declined $5 billion to
$588.31 billion during the week
ended July 1, the latest data
released by the Reserve Bank
of India (RBI) showed.
The fall in forex reserves
was mainly because of a
decline in foreign currency
assets worth $4.5 billion, the
data showed. This was likely
on account of the central bank
stepping up intervention in the
foreign exchange market. The
central bank has been selling
dollars to curb excessive vol-
atility in the exchange rate and
prevent runaway depreciation
in the rupee.
In the week ended July 1,
the rupee depreciated 0.9 per
cent versus the US dollar and
weakened past the 79-mark for
the first time. The rupee has
declined 6.2 per cent against
> FROM PAGE 1
Sebi...
“MF units are specifically
excluded from the purview of
PIT Regulations. A need has,
therefore, been felt to harmo-
nise the provisions in PIT
Regulations to initiate serious
enforcement actions against
those who misuse the sensitive
non-public information per-
taining to MF schemes, directly
or indirectly, which they have
access, by virtue of their fiduci-
ary capacity,” Sebi said in a dis-
cussion paper, which is open for
public comments until July 29.
Sebi has mulled applying
ideas like connected persons,
designated persons, closure
period, and pre-clearance for
MF transactions. It has also
considered putting in place a
code of conduct for designated
persons. This would be appli-
cable to every person who is
required to handle unpub-
lished price sensitive informa-
tion (UPSI) relating to a MF
scheme or its units in the
course of business operations.
The rules, if applied, would
bring transacting in MF units
at par with shares and would
put the responsibility on top
industry officials. However, it
won’t be as straightforward as
it is in case of shares.
SoftBank...
Softbank declined to comment.
Sources say that as part of
the plan, the expectation is that
at least five of the investments
made by the two funds will go
public by the end of this year
or next.
These include First Cry (an
investment of 30 per cent) with
a current valuation of $2.7 bil-
lion and for which there may
be follow up funding before an
IPO; Swiggy, in which it has 10
per cent, with a valuation of $10
billion; and Lenskart at $4.5 bil-
lion for which all the funding
has come via Vision Fund 2.
LIC gains 2% market share
in new business premium
NBP, however, is below
the FY21 and FY20 levels
SUBRATA PANDA
Mumbai, 8 July
Life Insurance Corporation’s (LIC’s) mar-
ket share in new business premium
(NBP) rose by 200 basis points during the
April-June quarter of FY23.
According to Insurance Regulatory
and Development Authority of India
(Irdai) data, LIC’s market share in NBP
stood at 65.42 per cent at the end of the
June quarter, compared with 63.25 per
cent at the end of FY22.
However, its market share is still
below the FY21 and FY20 levels. In FY21,
LIC’s NBP market share was 66 per cent,
while in FY20, it was 69 per cent.
NBP is the premium acquired from
new policies for a particular year.
LIC remains the most dominant
player in the life insurance industry for
over 20 years.
However, LIC does not enjoy a similar
market share on an annualised premium
equivalent (APE) basis.
In FY22, LIC’s market share was 46
per cent in APE terms. It stood at 49 per
cent in FY21 and 59 per cent in FY20.
LIC has a high share of single pre-
mium products due to its large group
business. In fact, single premiums con-
stitute over 70 per cent of its NBP. For
private sector players, it is 20-30 per cent
of their NBP.
Covid-related disruptions posed dis-
INDIA’S FOREX RESERVES
($ bn) be due to the central bank's
700 as other currencies like the
588
600
457
500
400
Dec 29,’19 Jul 1,’22
Source: RBI
Compiled by BS Research Bureau
the dollar in 2022. On July 5,
the rupee fell to a new low of
79.36 versus the dollar.
Most emerging market cur-
rencies have faced pressure
since the start of the war in
Ukraine in late February as
investors have rushed to safe-
haven assets.
The RBI’s total reserves
were at $631.53 billion as on
February 25. “The $5-billion
decline in forex reserves was
on the back of a fall in forex
The other two which will
hit the IPO trail are Ola Cabs
and Oyo. The latter is planning
to cut the initial size of its IPO.
In these two, the investment
has come from the previous
fund which Misra will con-
tinue to oversee.
The other key investments
made by Son through the first
Vision Fund have already gone
public: Paytm, Policybazaar
and most recently, Delhivery.
With Zomato buying out
Grofers (now called Blinkit), the
holding which the first fund
had in the startup will be con-
verted into a 3.5 per cent stake
in Zomato.
Yet the move to go public
has not turned out to be a
bonanza with markets crash-
ing across the world and in
India. Softbank has reported an
unrealised loss of $585 million
in FY’22 against a $1.6 billion
investment in Paytm. But in
Policybazaar, it gained $402
million on an investment of
$199 million in the same
period. As to Delhivery which
reduced its IPO size by 30 per
cent, it barely managed to sail
through in a volatile market.
TCS...
From an outlook perspective,
the company signed a total
contract value of $8.2 billion.
The order book compared to
Q4FY22 is low because the pre-
vious quarter had two large
deals.
On the outlook and demand
environment, Rajesh
Gopinathan, chief executive
officer and managing director,
said: “Based on the conversa-
tion we have had with clients
we see steady demand. We are
constantly taking polls to
understand if there are any
early indications of softening.
We are already in the middle of
the year, and there are no indi-
cations of that. We remain vig-
ilant, given the macro-level
uncertainties.”
Ashis Dash, analyst,
MUMBAI | 9 JULY 2022
LIC’S MARKET SHARE IN
NEW BUSINESS PREMIUM
68.74
66.24
66.18
FY19 FY20
Source: Irdai
tribution challenges for LIC initially,
given it has always been an agency-
driven institution.
However, it quickly invested in its
currency assets which could
intervention and revaluation
euro, pound, and yen declined
sharply in the past couple of
weeks,” Dilip Parmar, research
analyst at HDFC Securities,
said. The foreign exchange
reserves touched an all-time
high of $642 billion for the
week ended September 3.
That amount was equivalent
to 14-15 months of imports for
2021-22.
In its financial stability
report released on June 30, the
RBI said the current level of
reserves is equivalent to nearly
10 months of imports projected
for the current year.
In June 2022, overseas
investors had net sold $30.29
billion worth of Indian assets,
NSDL data showed. India’s
trade deficit, too, was a record
monthly high of $25.63 billion
in June.
Sharekhan by BNP Paribas,
said: “We believe TCS is well-
positioned to benefit from mar-
ket opportunities, given its
solid capabilities, end-to-end
service offers and a strong pres-
ence across technologies.
Further, TCS is likely gain from
a vendor consolidation exercise
even in an adverse macro envi-
ronment. We have a buy rating
on the stock.”
However, not all were
happy with the numbers.
Aditi Patil, research associ-
ate at Prabhudas Lilladher, in
her first cut report, said: “Miss
on both revenue and margins.”
In dollar terms the compa-
ny’s performance disap-
pointed the street. Though the
dollar revenue came in at $6.78
billion, a growth rate of 15.5 per
cent in constant currency
year-on-year, on a sequential
basis, revenue grew 1.3 per
cent. In terms of geographies,
the UK and continental
Europe witnessed the stress of
the Russia-Ukraine conflict.
The UK was down 3.3 per cent
and continental Europe
declined 0.7 per cent.
Importantly, attrition con-
tinued to peak, coming in at
19.7 per cent for the quarter, and
much higher than the 17.4 per
cent in Q4FY22. The company
had a net headcount addition
of 14,136 during the quarter,
taking the total to 606,331. The
company attributed the peak
in attrition to seasonality.
N Ganapathy Subra-
maniam, chief operating officer
and executive director, said:
“The investments we made in
people, upskilling efforts and
select lateral hiring et al helped
manage the talent turnover
with minimum impact on our
operations. During the quarter,
we have resumed in-person
meetings, and hosted several
clients at our facilities. We are
bringing in more of our associ-
ates back to our development
centres, and it is steadily
increasing at all levels. On the
sustainability front, we have
signed our commitment to
1
digital infrastructure and managed to
get its distribution network back on
track.
LIC had been losing ground to private
(In %) players because of diversifying its port-
folio mix. Now, LIC is also looking to
diversify its product mix and reduce reli-
63.25
ance on par products.
It is looking to introduce more non-
par products in the market.
On an APE basis, non-par is about 7
65.42 per cent of LIC’s portfolio and it plans to
take it up to 12-15 per cent in 3-4 years.
LIC is also looking to diversify its distri-
bution strategy by focusing more on the
bancassurance channel.
Currently, around 3-3.5 per cent of its
business comes from the bancassurance
FY21 FY22 Q1FY23
route.
In the next five years, it wants ban-
cassurance to contribute at least 15 per
cent to the business. An email sent to LIC
did not elicit a response.
In an interview to Business Standard
last month, LIC chairperson MR Kumar
had said, “LIC is a very large institution
and we have come out of every tough sit-
uation stronger.”
“In fact, post Covid recovery is a sign
of our resilience and I hope the current
rise in Covid does not really disrupt the
way the first two waves did. We are con-
fident that we will be able to retain the
market share of 60-65 per cent that we
have been able to achieve over a period
of time.”
LIC’s shares closed at ~708.05 a piece
on the BSE on Friday, up 1.42 per cent
from the previous day’s close.
on Amnesty India
PRESS TRUST OF INDIA the ED. The agency alleged
New Delhi, 8 July London-based Amnesty
International sent huge
The Enforcement Directorate amount of foreign contrib-
(ED) Friday said it has slapped ution to its Indian entities
a total penalty amount of more (AIIPL), during November
than ~61 crore against 2013 to June 2018, “in guise of
Amnesty India and business activ-
its former head The ED issued a ities” to escape
Aakar Patel for con- ~51.72-cr penalty FCRA scrutiny”.
travening the notice against FCRA stands
Indian foreign Amnesty India and a for foreign con-
exchange law. ~10-cr one against tribution regula-
The ED show- its former head tion Act.
caused Amnesty Aakar Patel The ED said
India International it initiated a
(AIIPL) with a penalty notice, FEMA probe on the basis of
issued under the Foreign information that Amnesty
Exchange Management Act International, UK had been
(FEMA), of ~51.72 crore, while remitting “huge amount” of
the fine amount against Patel foreign contribution through
is ~10 crore. The order has its Indian entities (non-FCRA
been issued on completion of companies) following FDI (for-
the probe by the adjudicating eign direct investment) route,
authority of FEMA, which is a to evade FCRA to expand its
special director rank officer of NGO activities in India.
SBTi version 5 standards dur- arrested Ramkrishna and
ing the quarter and are making NSE’s former group operating
steady progress towards our net officer Anand Subramanian
zero journey with tremendous
alignment to this initiative
and filed a chargesheet in the
matter a few months ago.
across our associates.”
The company expects iSec Securities under
attrition to slow from Q3 scanner
onwards. Milind Lakkad, chief Pandey, who retired as
HR officer, said: “Our empow- Mumbai police commissioner
ering, performance-driven on June 30, had incorporated
work culture is helping us iSec in 2001 (he was not in the
attract local talent across all our service then). Later in 2006,
key markets. Continued hiring he quit the directorship of the
momentum resulted in a mile- firm and named his mother
stone quarter, with the and son as directors. The com-
employee strength crossing the pany was doing a security
600,000 mark.” audit of the NSE and brokers
involved in the co-location
CBI... matters. Sources said the firm
never detected the breaches in
The probe agency has alleged the NSE system. The firm had
that under the guise of this conducted security audits at
study, top officials of the NSE the NSE during 2010-2015,
had issued a work order in when the co-location scam
favour of iSec for intercepting surfaced and a probe had been
the phone calls of its employees started.
by installing machines at the
NSE office.
“This is in contravention of
provisions under the Indian
PM...
Telegraph Act. No permission Shanmugaratnam, who is
for this activity was taken from former deputy prime minister
the competent authority. of Singapore, said unlike
Neither any consent taken China, India did not have the
from the employees of the luxury to choose between pro-
bourse,” the official said.
Following the fresh revela-
ductivity growth and job
growth, as with around 580
tions, the CBI carried out an million of its population below
extensive search operation on the age of 25, a major challenge
Friday, covering 18 locations, was job creation.
including the residences of Shanmugaratnam said it
Pandey, Ramkrishna, and
Narain in Mumbai, Pune,
was imperative that a bigger
push was given to labour-inten-
Delhi-NCR, Lucknow, Kota, sive sectors and low-skilled
and Chandigarh. jobs. “Manufacturing takes an
Ramakrishna quit as chief unskilled worker and makes
executive officer in December him semi-skilled. It takes a
2016, while Narain stepped semi-skilled worker and makes
down as chairman and board him fully skilled. There needs
member in June 2017. to a major push in manufactur-
Ramkrishna and Narain ing jobs and a strong focus on
have been under investigation low and semi-skilled jobs.”
by the CBI in the co-location He said that production-
case, in which some brokers, in linked incentive (PLI) schemes
connivance with some officials had worked for India and
of the NSE, allegedly got unfair would continue to do so as long
access to the bourses, helping as the focus was on labour
them book huge profits. intensive sectors.
The CBI, which had initi-
ated the investigation in 2018, More on business-standard.com
.>
MUMBAI | 9 JULY 2022 POLITICS & PUBLIC AFFAIRS 7
<

Ministries pulled up for

delay in port connectivity
DHRUVAKSH SAHA
New Delhi, 8 July

U
nion Cabinet Secretary Rajiv
Gauba has pulled up infrastruc-
ture ministries over repeated
delays in execution of road and rail con-
nectivity projects with non-major ports,
Business Standard has learnt.
The ministries of railways (MoR) and
road transport and highways (MoRTH)
have been asked to take up these projects
on priority.
Non-major ports are the ones that are
not owned by the central government.
At a meeting of PM GatiShakti
Empowered Group of Secretaries (EGoS)
on June 22, Cabinet Secretary Rajiv Gauba
asked the ministries to finalise a compre-
SLOW PROGRESS 52 road and 28 rail projects under Sagarmala
hensive action plan in coordination with still undergoing feasibility assessment
the Department for Promotion of Industry 35 of 59 port connectivity
and Internal Trade (DPIIT) and integrate projects sanctioned under 40 operational non-major ports have no
it into the PM GatiShakti framework by Bharatmala still in DPR stage railway connectivity
August 15, officials close to the develop-
ment said. 12 critical rail infrastructure 30 non-major ports have no connectivity to
Around 52 road and 28 rail connectivity projects yet to be completed four-lane roads or national highways
projects for ports remain incomplete, with
more being added to the pipeline of the
Ministry of Ports, Shipping Waterways Recently, Shipping Minister call to the global shipping industry to
through its flagship scheme, Sagarmala. Sarbananda Sonowal exhorted all ports to invest in India’s maritime economy, with
The respective secretaries informed the build capacities to compete with private Prime minister Narendra Modi inviting
panel that many of these projects were ports, as well as an action plan to become several Nordic countries to invest in the
either in a feasibility assessment or mega ports, with a minimum capacity of sector at the India-Nordic summit in May.
detailed project report (DPR) stage. 300 million metric tonne (mmt). Among other issues, lack of multi-modal
“These projects have been stuck for a Currently, 40 operational non-major and last-mile connectivity to ports has
long time. With the recent directions for ports in the country have no railway con- been a cause for concern, as it results in
expedition, there is hope that the execu- nectivity while 30 have no connectivity to delayed evacuation of cargo, and conse-
tion of these projects will fall in line with four-lane roads or national highways, offi- quently, a delay in the supply chain and
the other efforts to augment the growth of cial data shows. increased cost of logistics.
the port sector. There is little benefit in According to an official correspon- The Sagarmala pipeline is currently
enhancing capacity at ports if cargo evac- dence, several reminders to expedite these worth ~6.5 trillion with more than
uation still lags,” a senior government offi- projects have been sent to MoRTH and 1,500 projects.
cial said. MoR since 2020. While 59 road projects As the shipping sector has grown slow-
Continued slow implementation of worth ~22,721 crore were approved under er than its transportation counterparts,
these projects could have a negative the Bharatmala project earlier, 35 of them seamless multi-modal connectivity with
impact on the government’s bid to have a are still in DPR stage. Similarly, 28 rail con- all sea and inland waterways ports has
smooth logistics network as ports account nectivity and 12 critical rail infrastructure been one of Centre’s priorities in its ambi-
for nearly 95 per cent of India’s export- projects are yet to be completed. tious pursuit of bringing down the cost of
import (EXIM) cargo. Sagarmala has been the government’s logistics under 10 per cent of GDP.

Rly asset monetisation
through ~18,000-crore
InvIT unlikely in FY23
DHRUVAKSH SAHA
New Delhi, 8 July
The Centre may be pushing
hard to meet the asset moneti-
sation target, but the moneti-
sation of Indian Railways’
assets through an Infrast-
ructure Investment Trust
(InvIT), estimated at ~18,000
crore, is unlikely to succeed
this fiscal year, Business
Standard has learnt.
Being the second-highest
contributor (26 per cent) to the
~6-trillion asset monetisation
pipeline, a shortfall on the part
of the railways could put a sig-
nificant dent on the Centre’s
overall target. “Making an
InvIT is a long-drawn process.
It has to be finalised with a
careful valuation of assets,
which the market will be recep-
tive to. Approvals will have to
be taken from regulators, such
as the Securities and Exchange
Board of India (Sebi), and the
plan would have to be sanc-
tioned by stakeholder min-
istries and empowered com-
mittees, whose feedback will
have to be accommodated.
Between all that, it is likely to
take significant time,” said an
official aware of the matter.
The ministry has received
an interim report on the way
forward for public-private part-
nership by its advisory consul-
tancy firm. The options,
including InvIT, in the report,
THE TARGET
~57,222 cr: Asset monetisation ~29,305 cr: Redeveloped
target for Railways in FY23
~18,700 cr: Track signalling
and overhead equipment
will be discussed with the the
railway board chairman and
top officials and a plan is likely
to be made after the final
report is submitted.
“We currently have an
abstract structure for InvITs,
based on which there is an
evaluation underway. This will
be formulated into a plan with
clear monetary targets and
asset structures, which are
being internally deliberated as
of now,” said the official.
All InvIT proposals have to
be cleared by the Public-
Private Partnership Appraisal
Committee (PPPAC), headed
by the finance ministry's
Department of Economic
railway stations
~7,002 cr: Passenger
train operations
Affairs. The last PPPAC meet-
ing took place in December.
According to private-sector
sources in the know, a recur-
ring issue with a railways InvIT
has been its reluctance to part
with operational control of the
assets. In August, PPPAC
rejected a GAIL India proposal
to monetise gas pipelines, as it
wanted to keep operational
control of the assets. The report
sent to the Railways has tried
to accommodate the specific
needs of railways regarding
operational technicalities,
while adhering to the require-
ments of the PPPAC.
More on business-standard.com
UP Police FIR:
Alt News’
Zubair gets
interim bail
The Supreme Court on
Friday granted five-day
interim bail to Alt News co-
founder Mohammed Zubair
in connection with an FIR
lodged against him in
Sitapur district of Uttar
Pradesh for allegedly out-
raging religious sentiments
but he will remain in cus-
tody as per the order of a
Delhi court in another case.
The top court also barred
Zubair from posting any-
thing on Twitter and said he
shall not tamper with any
evidence, electronics or oth-
erwise. PTI
No coercive
action against
news anchor
in clip case: SC
In a relief to TV news anchor
Rohit Ranjan, the Supreme
Court on Friday restrained
state authorities from taking
coercive steps against him to
take him in custody in con-
nection with multiple FIRs
for playing a doctored clip of
Congress leader Rahul
Gandhi during the telecast of
a programme on July 1. A
vacation bench also issued
notices to the Centre and
Chhattisgarh, Rajasthan, and
UP seeking responses on
Ranjan's plea for quashing of
complaints or FIRs. PTI

CRISIL SME TRACKER

EPC road contractors faced with shrinking margins
ROAD CONTRACTORS contractors, with only a truncated on moderation in award of
FROM the small and ROAD CONTRACTORS’ small proportion sub- rural road projects under the centrally-
medium enterprises REVENUE SHARES contracted to SMEs. sponsored Pradhan Mantri Gram Sadak
(SME) segment Rural roads National Still, higher spending Yojana or state schemes, such as
undertaking projects 15-20% highways by state governments Mukhya Mantri Gram Sadak Yojana.
in the engineering, 15-20% will ensure revenue While these are primarily
procurement and increase of 10-15 per executed directly by SME EPC road
construction (EPC) cent year on year for contractors, awarding is expected to
mode are expected SME contractors, as it moderate, as only 70,000-75,000 km
to see continued accounts for 60-65 per of the target under the scheme is
growth momentum cent of their revenue. pending to be executed, as compared
State roads
in 2022-23 (FY23) on
60-65% State spends to over 200,000 km executed over the
higher award of rebounded 20-25 per last five years.
Note: SME EPC contractors are those
national highway with annual revenue of ~250 crore cent in FY22, and are Meanwhile, the operating margin
contracts and or less projected to rise a of SME EPC contractors is expected to
Source: CRISIL Research
sustained state further 8-10 per cent in be under pressure, as prices of
spending. Steps FY23, given the recent commodities such as bitumen have
under Aatmanirbhar Bharat to ease state budget announcements. rallied more than 50 per cent over the
liquidity will also support revenue A further increase in revenue of SME past six months. Continuation of such
growth. EPC road contractors, which comprise input-cost pressures is expected to
However, national highway 35-45 per cent of the overall roads and clip their margin by about 200 basis
projects are typically executed by large highways sector, is expected to be points in FY23.
8 WORLD
.>
MUMBAI | 9 JULY 2022
<

IN BRIEF
Sunak announces
Abe’s assassination stuns the world
candidacy for post SHOT FROM CLOSE RANGE ATTACKED WHILE MAKING SHOOTER HELD; HAD
WITH HOMEMADE WEAPON POLL CAMPAIGN SPEECH ‘GRUDGE’ AGAINST ABE
of UK prime minister REUTERS
Former British Cabinet Minister Rishi Nara, 8 July
Sunak said on July 8 that he is

“standing to be the next Prime
Minister”. He said: “We need to
restore trust in our politics. We
need to rebuild our economy. And
we need to reunite the country.” In
a video post on the website
ready4rishi.com, Sunak said: “My
family gave me opportunities they could only dream of.
But it was Britain, our country, that gave them and
millions like them the chance of a better future. I got into
politics because I want everyone in this country to have
those same opportunities, to be able to give their
children a better future.” He added: “Our country faces
huge challenges, the most serious for a generation. And
the decisions we make today will decide whether the
next generation of British people will also have the
chance of a better future.” The former British finance
minister’s announcement came a day after United
Kingdom’s ex-Prime Minister Boris Johnson resigned
from the position. AP/PTI
G-20 members struggle
for unity on Ukraine war
Deeply divided top diplomats from the world’s richest and
largest developing nations struggled to find common
ground over Russia’s war in Ukraine and how to deal with
its global impacts. At talks that were were knocked off
F
ormer Prime Minister Shinzo Abe, the
longest-serving leader of modern Japan,
was gunned down on Friday while cam-
paigning for a parliamentary election, shocking
a country where guns are tightly controlled and
political violence almost unthinkable.
Abe, 67, was pronounced dead around five
and a half hours after the shooting in the city
of Nara. Police arrested a 41-year-old man and
said the weapon was a homemade gun.
“I am simply speechless over the news of
Abe’s death,” Prime Minister Fumio Kishida,
Abe’s protege, told reporters.
Earlier, as Abe still lay in hospital where
doctors tried to revive him, Kishida struggled
to keep his emotions in check.
“This attack is an act of brutality that hap-
pened during the elections — the very foun- PM Narendra Modi with Shinzo Abe during the
dation of our democracy — and is absolutely India Cultural Road Show organised in honour
unforgivable,” he said. of Abe, in Ahmedabad in September 2017 PTI FILE
Abe had been making a campaign speech
outside a train station when two shots rang out.
Security officials were then seen tackling a man
in a grey T-shirt and beige trousers.
“SHOCKED AND SADDENED BEYOND
WORDS...HE WAS A TOWERING GLOBAL
“There was a loud bang and then smoke,”
businessman Makoto Ichikawa, who was at the
41-year-old Tetsuya Yamagami, who worked at Japan’s Maritime Self-Defence Forces,
being detained after he allegedly shot Shinzo Abe, in Nara on Friday PHOTO: AP/PTI STATESMAN, AN OUTSTANDING LEADER
scene, told Reuters. “The first shot, no one AND A REMARKABLE ADMINISTRATOR”
knew what was going on, but after the second
shot, what looked like special police tackled
him.” Kyodo news service published a photo-
Who shot him Abenomics: The NARENDRA MODI, PM, India

balance by two unrelated and unexpected political graph of Abe lying face-up on the street by a
developments far from the Indonesian resort, Group of 20 guardrail, blood on his white shirt.
foreign ministers heard an emotional plea for unity and an People were crowded around him, one
end to the war from their Indonesian host. Yet, consensus administering heart massage.
appeared to remain elusive amid deepening East-West Abe was taken to hospital in cardiopulmo-
splits driven by China and Russia on one side and the US nary arrest and showing no vital signs. He was
and Europe on the other. AP/PTI declared dead at 5.03 p.m. (08.03 GMT), having
bled to death from deep wounds to the heart
and the right side of his neck.
Theranos COO Balwani He had received more than 100 units of
blood in transfusions over four hours, Hidetada
found guilty of fraud Fukushima, the professor in charge of emer-
gency medicine at Nara Medical University
Blood testing company Theranos’s Chief Hospital, told a televised news conference.
Operating Officer (COO) Ramesh ‘Sunny’ Nara police said the shooter, identified in
Balwani (pictured) has been found guilty the media as Tetsuya Yamagami, was a Nara
by a federal jury in the US on all counts he resident and had worked at Japan’s Maritime
was charged with related to a Self-Defence Forces for three years but now
multimillion-dollar fraud scheme at the appeared to be unemployed. The police said
firm founded by his ex-girlfriend they were investigating whether he had acted
Elizabeth Holmes. The federal jury in San alone.
Jose on Thursday found Pakistan-born Balwani guilty of two The suspect said he bore a grudge against a
counts of conspiracy and ten counts of wire fraud through a “specific organisation” and believed Abe was
multimillion-dollar scheme to defraud investors and patients part of it, and that his grudge was not about
in connection with the operations of Theranos. AGENCIES politics, the police said, adding it was not clear
if the unnamed organisation actually existed.
Blatter, Platini acquitted Past assassinations
The last time a current or former Japanese
$2.1-million payment case prime minister was shot was 90 years ago. It’s
a measure of just how rare and shocking gun
Ex-FIFA boss Sepp Blatter and his former heir apparent Michel violence is in the country, where gun owner-
Platini were acquitted of criminal charges over a 2 million- ship is strictly controlled.
franc ($2.1 million) payment to Platini, in a case that There have been three instances when the
threatened to tarnish soccer’s image in the run-up to the country’s leader has been killed while in office
World Cup in Qatar. The decision clearing them was handed — Takashi Hara in 1921, Osachi Hamaguchi in
down at a hearing on Friday morning at Switzerland’s top 1930 and Tsuyoshi Inukai in 1932.
criminal court located in the city of Bellinzona, according to
Chinese celebrate
Agence France-Presse. BLOOMBERG
Chinese nationalists celebrated the death of
former Japanese Prime Minister Shinzo Abe
Beijing to retract vaccine on Weibo. Weibo was full of comments about
Chinese people rejoicing after Abe was shot in
mandate after pushback Nara.
One user called the shooter a “hero”.
Beijing appears to have backed off a plan to Meanwhile, China’s foreign ministry
launch a vaccine mandate for entry into
certain public spaces after pushback from
residents. While not explicitly saying it had
dropped the plan, a city official was quoted
in state media late Thursday saying that
people could enter venues with a negative
virus test result and a temperature check, as has been the
Musk’s $44-bn Twitter deal in ‘serious jeopardy’
norm. They also said vaccinations would continue on the
principle of “informed, voluntary consent.” AP/PTI
AGENCIES
8 July
Shares of Twitter fell about 4
US adds 372,000 jobs in per cent in early Friday trade
following a report from The
June, beats estimates Washington Post that said bil-
lionaire Elon Musk’s deal to buy
The US saw stronger than expected job growth in June, as the the company is in “serious jeop-
economy added 372,000 jobs and the unemployment rate ardy”. The stock had sharply
remained at 3.6 per cent, according to data released by the declined on Thursday, too.
Bureau of Labor Statistics on Friday. The data shows The deal was already in
moderately lower but robust job growth, despite uncertain territory, according to
aggressive borrowing cost increases from the Federal Musk, after he demanded more
Reserve. The leisure and hospitality industry continued to information on the percentage the $44 billion deal. Musk’s
show strong growth, adding 67,000 jobs, though a slight of spam accounts on the plat- team has determined it can’t
dip from the positions added over the month prior. Jobs form. But the Post, citing one verify Twitter’s spam account
were also added in health care and professional and unnamed source, said Musk’s figures and they are now pre-
business services. AGENCIES team has stopped engaging in pared to soon make “a change
some funding discussions for in direction,” the Post reported.
and why?
In a country where gun violence is
rare, the murder of former Japanese
leader Shinzo Abe is raising big
questions about the shooter and his
motive. Here’s what we know based
on media reports and official
statements
WHAT HAPPENED?
Abe had just begun a campaign speech
in the western city of Nara on Friday
when he was shot from behind, from a
distance of about three meters. Two
gunshots were heard. Moments later
security personnel tackled a man to the
floor. He was wearing a gray t-shirt,
khaki trousers and a face mask.
WHO WAS THE SHOOTER?
The gunmen has been identified as
Tetsuya Yamagami, a 41-year-old
former member of the Japan Maritime
Self-Defense Force — Japan’s navy —
who was arrested on suspicion of
attempted murder.
WHAT HAS THE SUSPECT SAID?
The arrested man told police he was
“frustrated” with Abe and had planned
to kill him, broadcaster NHK reported.
But he claimed not to have attacked the
former PM over his political beliefs.
WHAT WEAPON DID HE USE?
The gun had been homemade and a
close-up shot of the weapon on the floor
appeared to show it taped together.
spokesperson Zhao Lijian said China was
“shocked” by the “sudden incident” when
being asked to comment on the shooting of
Japanese former Prime Minister Shinzo Abe.
Zhao Lijian told the daily news conference
TWITTER SINCE DEAL
(in $)
51.7
Apr 25,’22
Musk can’t just pay the $1
billion breakup fee and walk
away. Twitter could try to hold
Musk to the original terms by
claiming his reasons for back-
ing out aren’t related to its
economic mantra
“IT IS BARBARIC AND
THE ABE YEARS MALICIOUS AND IT CANNOT
BE TOLERATED”
FUMIO KISHIDA, PM, Japan
“I AM STUNNED,
OUTRAGED, AND DEEPLY
SADDENED BY THE
Abe Years NEWS THAT MY FRIEND
SHINZO ABE...GUN
Abenomics is a blend of words — “Abe”
VIOLENCE ALWAYS LEAVES A DEEP SCAR
and “Economics”. It refers to the economic ON COMMUNITIES”
policies advocated by Shinzo Abe. In early JOE BIDEN, President, US
2013, after two decades of economic
stagnation, Abe unveiled a comprehensive
economic policy package to sustainably “HIS GLOBAL LEADERSHIP
revive the Japanese economy.
THROUGH UNCHARTERED
A THREE-PRONGED STRATEGY TIMES WILL BE
According to experts, Abenomics is based
on the “three arrows” of — aggressive
REMEMBERED BY MANY.
monetary policy, flexible fiscal policy, and THE UK STANDS WITH YOU AT
growth strategy, including structural
reform. These were aimed at bringing in
THIS DARK AND SAD TIME”
BORIS JOHNSON, PM, UK
more private investments. Specific
policies, such as inflation targeting at a 2%
annual rate, correction of the excessive yen
appreciation, setting negative interest rates, “PROFOUNDLY SHOCKED BY
radical quantitative easing, expansion of THE HEINOUS ATTACK OF
public investment, buying operations of
construction bonds by Bank of Japan , and WHICH SHINZO ABE WAS
revision of the Bank of Japan Act were THE VICTIM”
adopted as a part of this policy.
EMMANUEL MACRON,
president, France
on Friday that China is following the develop- “ABE WAS A LEADER IN THE INDO-PACIFIC,
ment of the situation and hoped that former CHAMPIONING A VISION OF A FREE AND
Prime Minister Abe will be out of danger and
recover swiftly. He also expressed sympathy OPEN REGION”
for Abe’s family. ANTHONY ALBANESE, PM, Australia
core business.
Twitter held a virtual brief-
Twitter cuts 30% HR jobs
55 ing with reporters on Thursday Twitter on Thursday said it laid off 30 per cent of
to explain how it determines its talent acquisition team, as the company deals
50 which of the accounts on its
platform are bots or spam
with increasing business pressures and a
potential takeover from Elon Musk.
45 accounts. The company said
trained workers use internal
The layoffs come after the company in May
announced that it would be pausing hiring and
37.3 data and signals to come up looking to cut costs. As a result of the revised
40
with the figure that less than 5 business needs, the company is restructuring
per cent of its monetisable daily and reducing its talent acquisition team. The
35 active users each quarter are layoffs are expected to affect fewer than 100
Jul 8,’22
spam accounts. Musk has com- people and are limited to the talent acquisition
plained that the number is team, the company said.
much higher, and has threat- A Twitter spokesman confirmed the layoffs
ened to walk away from his but declined further comment. In light of the
agreement to buy the company hiring pause Twitter is reprioritising the talent
for $44 billion until he gets con- acquisition team, which includes recruiters, to
firmation about Twitter’s bot ensure that it operates efficiently and
percentage. responsibly, the spokesman said.

THE BS CROSSWORD #3427 BS SUDOKU #3710

ACROSS: divers? (8) distributing love (7) 22 Half a dozen go up after
beer for a Russian (6) Easy:
8 A pinned on decoration (6) 23 Regional publications ? (6) 5 E.R. Burroughs’s virile hero
9 A way of making Bill work in 25 Rub away a bread roll (6) (6) 24 Saint resolved to end war? ««
(6) Solution on Monday
the house? (8) 26 Strip to reveal a shapely 6 Fish of stringy variety (8)
10 Finding success with the outline (8) 7 Rings up before lengthy
other version, up to now (8) 27 It’s appropriate to include farewell (2,4) SOLUTION #3426
11 One has no right to follow one girl (8) 15 Weapons never used at the
oriental thinking in 28 Tilted over just as he had front ? (4,4)
Cornwall (6) SOLUTION TO # 3709
caught the fish (6) 17 Sounds loose enough,
12 Cultivated fish, say, in DOWN: perhaps, not to be learned
distant sea (6) (8)
1 Dare a gin be mixed, getting HOW TO PLAY
13 Architect of the theatre (8) rid of the water? (8) 18 Stretcher provided by Fill in the grid so that every
14 Pullovers for cattle ? (7) former nurse? (8)
2 Ski resort cooked meat (6) row, every column and
16 They swear they’ll try in the 19 Mortified male in charged
3 Yard shut - to be tidied one every 3x3 box contains the
box (7) with false pretences (7)
day each week on this digits 1 to 9
20Garden construction not island (8) 21 Wetted limb used after
necessarily for dippers and fifty’s out ? (6)
4 Go around with a clergyman

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 >
OPINION 9
Volume IX Number 48

Blasphemy, offence and defence

MUMBAI | 9 JULY 2022

WEEKEND RUMINATIONS
T N NINAN
Can we complain about Mohammed Zubair of Alt News? office, college parties. In her film Fire Deepa Mehta
Revving up in low gear The answer isn’t a simple yes or no. It is no, no and yes
featured lesbian love between two lower middle
class Hindu sisters-in-law trapped in loveless mar-
riages. There were murmurs if she really had to

I
ndia’s transport sector offers a strange mosaic of stagnant traffic trends, poor
name them Radha and Sita, but no consequences.
or negative returns, and yet unprecedented levels of investment for the future.

W
hat if you asked me if I have a complaint power with no permanent stakes in India. Not only Blasphemy was almost non-existent for the vast
After years of vast sums being ploughed into all forms of transport, the next with Mohammed Zubair of Alt News? I has it survived on the books, it’s been sanctified Hindu majority in our country. Now, if the same
two or three years could see the results of that investment in the form of shall give you three answers. No, No, and by a large Bench of the Supreme Court in 1957. It Hindus are taking offence, and that too so angrily
transformational change in the air, on highways and expressways, and in the rail- Yes. Let me elaborate on the two “Nos” first. was taken to its awful logical end—and I call it log- as to cheer Zubair’s arrest and demanding more
ways. Here’s hoping. To begin with, nobody should be prosecuted, ical deliberately, it isn’t a typo—by Zia-ul-Haq in such, it shows an “Abrahamisation” of Hinduism,
But the paradoxes don’t go away. No Indian airline makes money, and the or jailed, for their views. Especially when these are Pakistan. which isn’t good. This is the second reason for my
rise of “incidents” in the air has raised concerns about safety, while passenger air limited to social media. People living in a democ- He added further sub-sections prescribing life second “no”. Given how we Hindus have been, I’d
traffic is just about back to pre-pandemic levels. Yet, investment in new airline racy, liberal or not, can’t be so thin-skinned. In any sentence or death and death for offence to the still see Zubair as a victim. He obviously didn’t fig-
capacity has never been more ambitious. Akasa is about to take off as an “ultra- case, recourse to a law that takes away the liberty Quran or the Prophet. If in India nobody has dared ure the mood had changed.
low cost” carrier, and has ordered 72 aircraft. Indigo as the sector leader has some for who they see as “offender” should not be to dump this law in 75 years of independence, who
275 aircraft and about 700 on order — but unhappy staff chafing about pay cuts.
On their part, the new owners of Air India (which hasn’t ordered new aircraft
available.
That explains my first “no”. I stand four-square
behind him for the restoration of his liberty.
will ever touch it in Pakistan?
In India, it has lately found a new oomph with
tit-for-tat FIRs.
W hich brings us to my third answer, yes.
Having stood by his side on principle as well
as my religious beliefs, here is my complaint with
since the infamous one in 2006) are contemplating massive refurbishing of the Further, the laws under which people are being If the law is an obscenity, so is the arrest of Mohammed Zubair. While it is correct that he and
fleet with an order for 300 planes (the current fleet strength is about 120). prosecuted by those offended, sections 153 and 295A Zubair, or anybody under this law, or the demands Alt News have caused much discomfiture to the
The fresh orders could total up to nearly twice the country’s current aviation of the Indian Penal Code (IPC), are obscenities. to arrest Nupur Sharma. Modi government with their fact-checking version
fleet of about 665 aircraft. The planes on order will come in stages, and many will While section 295 was included in the IPC of 1860, If the first “no” to whether I have a complaint with of journalism, the reason behind his current trou-
only replace existing aircraft. But this scale of capacity creation is almost certain to subsection 295A was added by the British in 1927 Zubair is principled, the second comes from the heart bles is the Nupur Sharma episode.
exceed demand growth, so expect pressure on fares — and therefore more losses, responding to a specific crisis. All laws made in as a believer, a Hindu. I understand that old social In an argument on Times Now, she made some
especially if oil prices stay high and taxes where they are. One or more of the existing crises, or responding to events, are dangerous. media posts by Zubair have popped up and triggered references to the Prophet’s personal life that
This was in a decade of public disorder which a vast number of Hindus. Now that’s new. offended the Muslims. This may have blown over
airlines could well go belly up, following the trail of Jet, Kingfisher, and others.
ended with the killing of a Hindu (Mahashay Rajpal) For generations, we Hindus have grown to have with an apology, or stayed within India, but Zubair
Similarly, the railways are investing like never before — close to 1 per cent of in 1929. He had published in 1924 a a questioning, often critical view of taking out that short clip and giving it wide airing
gross domestic product (GDP) annually. They are progressively introducing “semi- book by a pseudonymous author our gods. Probably that’s why we led to a kerfuffle in the Islamic world and embar-
high speed” passenger trains that will average 100 km per hour (up from today’s 70 that Muslims then considered blas- have so many of them. You need rassed Modi government. His unfortunate arrest
kmph for express trains), feel-good initiatives like Vistadome coaches on scenic routes, phemous to the Holy Prophet. Top one god to make up for the imper- now, is a regrettable payback for that.
and a major programme for upgrading railway stations. Change will come slower Muslim lawyers, including fections of the other. None has Nupur Sharma’s Hindu supporters’ defence that
than desired because the dedicated freight corridors (on to which a good bit of current Mohammed Ali Jinnah, appeared given us the final word we can’t she was only stating what’s written in Islamic
freight traffic is to move) have made slow progress and massively overshot the initial in defence of the assassin. Poet argue with. At least not until lately. records doesn’t wash as much as the one for Leena
cost estimates. But comfortable travel on reasonably fast inter-city trains could be on Iqbal of the Saare Jahan se Achcha All our gods, particularly in Manimekalai saying what’s the issue if she has Kali
the way to reality, and eventually compete with airlines on the shorter routes. fame attended his funeral. He was their humanised manifestations, puffing a cigarette because in that manifestation
hailed a “Ghazi” and is still a have frailties. Through history, the Goddess doesn’t exactly conform to conserva-
The paradox once again is that this is against a backdrop of stagnant passenger
national hero of sorts in Pakistan. Hindu religiosity has been worn tive social injunctions. In both cases, it is the
traffic, which is hugely loss-generating, painfully slow growth in freight traffic, and
overall finances, which barely bring revenue level with expenditure (helped by some
It was in the preceding decade
that the British had to deal with ris-
NATIONAL INTEREST mostly lightly, with some sense of
humour. Even our gods have
context that matters.
See, on the other hand, the larger proposition
flexible accounting). These trends may change, but annual railway investment is now ing Hindu-Muslim troubles. There SHEKHAR GUPTA much sense of humour, and thank of Zubair and his institution. Left or not, it is liberal
as much as revenue. Almost none of the investment is from operational surpluses, was the bloody Moplah Rebellion in god for that. and secular. If that be so, do you still believe in
and a good bit is coming from external resources, which could translate into mounting Malabar (Kerala). This followed a series of riots One of the storied exchanges in the history of blasphemy? What kind of liberalism justify pro-
debt; the bulk of the investment will continue to come as budgetary support. across the country. In the Punjab, this manifested The Indian Express, now recorded by Arun Shourie moting outrage over blasphemy?
As for roads and highways, annual investment is about half what it is for the in angry argument wars between the Muslims and in his memoir, is between late Jansatta editor It would be ok if you were speaking merely as a
railways (or 0.5 per cent of GDP), but the imbalance with revenue is much worse, Arya Samajist Hindus. Prabhash Joshi and Ramnath Goenka. Joshi asked devout Muslim. My complaint is, that you get your
From the Muslim side, a book was published Goenka why he wasn’t renewing the contract of fame and respect from your secular-liberal creden-
with investment being about nine times earnings. Before the investment splurge
which the Hindus saw as offensive to a revered Sita then Express editor B G Verghese, although he was tials. Or, please say that isn’t so. If you still, like
began, investment and revenue were about equal. But as the country moves from of the Ramayana. They got even soon enough with such a “sant aadmi” (saintly soul)”. “That’s the another member of the Muslim clergy, are
highways to expressways, and develops inter-modal traffic nodes and port linkages, the book on the Prophet. There were multiple but problem,” said Goenka. “He’s Saint George offended when somebody says something you see
the country’s perennial infrastructure deficit is finally being addressed. Truck failed assassination attempts on some suspected to Verghese. And my Express is Shiv ji ki baraat.” You as derogatory or offensive about figures you so revere,
traffic is reported to have speeded up on the new highways, with the introduction be the author, and the publisher. Until Ilm-ud-din, want to know what Lord Shiva’s marriage party that’s acceptable too. But then apply the same princi-
of goods and services tax helping the process, but the distance moved in a day by barely 20, succeeded in April 1929. looks like, check out this song from the 1955 Dev ple and avoid taking liberties with other people’s
the average truck remains well below what it is elsewhere. It was during this troubled decade that the Anand starrer Munimji. For nearly seven decades gods too.
Return on investment is not the primary metric for decisions on investment British attempted a legal-cum-bureaucratic solution now nobody has taken offence to this. Nobody was I have zero problem with the Left, as long as
in a country’s transport infrastructure, which is why it is usually funded out of the by passing the equivalent of India’s blasphemy law. charged under 295A IPC. Or under the NDPS Act. they are true to their ideology and do not believe
That’s how sub-section 295A was added in 1927. The We might also remember how late Sushma in any god or religion. I have a serious issue with
Budget and not commercially. But since substantial private funding is required for
hope was that once people had a legal recourse for Swaraj was angered by the “Radha on the dance the so-called Left-liberalism, which holds this selec-
the transport infrastructure, it is relevant that India has come through a half-decade their anger on blasphemy, violence would be pre- floor” song from Student of the Year and asked tive view of the right to deliver or endure offence. I
and more of low or no growth in traffic across sectors. At some point, traffic growth vented. It did not save Rajpal’s life. Almost a hun- why does it always have to be the name of a Hindu am complaining as an Indian here. Na Hindu, na
will have to justify the investment, or the government’s asset monetisation pro- dred years later, it didn’t save Kanhaiya Lal or deity. But there were no consequences. Since then Musalman.
gramme will not deliver the expected numbers. Again, here’s hoping. Umesh Kolhe’s lives either. millions of Hindus must have danced to the same
It was a bad law, enacted by a cynical colonial songs at weddings, anniversaries, birthdays and By Special Arrangement with ThePrint

Nitish Kumar burns another bridge Brook’s ways

began in 2005, that was not the case. Bihar
was recovering from a spell of Lalu-Rabri
raj, the base was low, and the smallest gov-
ernment effort seemed to yield big results.
the ministry. When Nitish Kumar even-
tually became chief minister in 2005, RCP
moved to Patna as his principal secretary.
When he quit the IAS in 2010, he
have courage not to listen to someone rec-
ommended by Amit Shah (sic).” The indi-
cation was the RCP was an agent of Amit
Shah. Nitish Kumar didn’t believe
EYE CULTURE the possibility of Vidura being the
father of Yudhishthira to drawing
ARUNDHUTI DASGUPTA readers into the vortex of helpless rage
that Gandhari felt, at being married

Nitish Kumar made road building the pri-
mary infrastructure activity. By introduc-
ing incentives for girls to go to school (free
bicycles, free uniform, free meals, free
school books …), Bihar’s dropout rates for
girls fell by half. The state was also the first
in India (2006) to ensure 50 per cent reser-
PLAIN POLITICS vation for women in over 8,000 pan-
ADITI PHADNIS chayats in the state. School buildings were
refurbished, and teachers were appointed
became a Rajya Sabha MP almost imme-
diately. In Patna, he was already known as
the go-to man when the administration
needed to be prodded into doing some-
thing. In New Delhi, as the person han-
dling the JD(U) line and strategy, he came
into contact with other political leaders,
especially from the BJP. When in 2016, he
was given a second term as Rajya Sabha
MP and also made leader of the party, it
Mr Kishor. RCP was made party president
soon after and then sent to New Delhi as
Union minister.
And then, as abruptly, his Rajya Sabha
seat was taken away. His government bun-
galow on Patna’s Strand Road has been
allotted to someone else. And RCP’s “exclu-
sion” from the JD(U) power structure is
brutal and complete.
On the other hand, what has Bihar got
T
he death of Peter Brook has
brought forth a stack of obituaries
and a voluminous desk of mem-
ories. Some recount his theatrical
genius, while others talk of his minimal-
ism and his innovative and amazing
oeuvre. In India, much of the reminisc-
ing has veered towards his nine-hour
long adaptation of the Mahabharata
that had Mallika Sarabhai playing
off to a blind king, Karve’s book
Yuganta humanised the characters of
the Mahabharata and did not shy
away from controversial interpreta-
tions. She found a huge audience for
her ideas and even today, there are
dancers and actors reinterpreting
Karve’s version of the Mahabharata.
Retelling, reimagining, versioning
— call it what you will, it was an

I
s the exit of Ram Chandra Prasad Singh
(RCP to most, former Union steel min-
ister) from the National Democratic
Alliance government part of the collateral
damage caused by strains in relations
between the leaders of the Janata Dal
(United), or JD(U), and the Bharatiya
Janata Party (BJP)?
Or is he a symbol of how rapidly Bihar
has gone to seed?
RCP’s term in the Rajya Sabha ended
earlier this week after Nitish Kumar
refused him another term in the Upper
House (it would have been his third) and
Prime Minister Narendra Modi hinted RCP
should resign. There was an unstated
option — he could join the BJP. RCP
rejected that. In that sense, he was a victim
of politics.
But then, politics has always trumped
governance in Bihar, although in Nitish
Kumar’s first term as chief minister, which
by the same panchyats that had women in
command. Nitish Kumar followed this up
with imposing prohibition.
This could not have been done without
a bureaucracy that was as committed to
change as Nitish Kumar seemed to be. One
such member of the bureaucracy was RCP
Singh. He left the IAS (he was from the UP
cadre) in 2010 prematurely and joined pol-
itics. This was not a wild leap in the dark.
It was Uttar Pradesh socialist leader Beni
Prasad Verma who introduced Nitish
Kumar to RCP. Having been at JNU and
later joining the IAS, RCP might have been
the model Bihari: Especially as he was
from the same Kurmi caste as Nitish
Kumar, belonged to Nalanda, which is
Nitish Kumar’s district, and was socially
disadvantaged but defied the odds to reach
where he did. When Nitish Kumar became
railways and agriculture minister in the
Vajpayee government, RCP joined him in
seemed that he had become an important
pole of power in the party. He was also
made president of the JD(U). Many IAS
officers have left the service and joined
politics. Many have become senior minis-
ters. But he was likely the only retired IAS
officer to have become president of a major
political party. At that time, it looked as if
he was going nowhere but up.
However, untethered, RCP felt he could
afford to take some things for granted. One
was the job he had been hired for:
Managing the relations between the JD(U)
and the BJP. When his bitterest rival,
Prashant Kishor, was turfed out of the
JD(U), his tweet identified RCP as the man
who had engineered his exit. “Nitish
Kumar, what a fall for you to lie about how
and why you made me join JDU!! Poor
attempt on your part to try and make my
colour same as yours! And if you are telling
the truth who would believe that you still
by excluding him? As Nitish Kumar grimly
fights to control the BJP in the state, every-
thing the BJP suggests by way of govern-
ance reform is ignored. The latest is the
Agnipath controversy. The biggest damage
to the reform (whatever your views about
it) was done through vandalism and vio-
lence by young men in Bihar. Reform soon
got embroiled in politics as senior BJP
leader Hari Bhushan Thakur Bachoul
named JD(U) leaders Upendra Kushwaha
and Lallan Singh, and also state Chief
Secretary Amir Subhani, as being respon-
sible for the violence. Nitish Kumar holds
the home portfolio.
Like other bureaucrat-politicians before
him, Pyari Mohan Mahapatra in Odisha,
for instance, RCP might vanish without a
trace. He might not. But Nitish Kumar has
to make an existential choice: Between
governance and politics. Because trying to
do both is simply not working.
Draupadi alongside a cast that spanned
16 different countries.
When Brook staged his
Mahabharata in 1985, the epic was
not known to too many outside the
country. The labyrinthine multi-gen-
erational saga of war between cousins
and a struggle between good and evil
hadn’t found the currency that other
classics of its kind, such as the Iliad
and the Odyssey, or even its domestic
counterpart, the Ramayana had gath-
ered in their global sojourn.
Brook’s Mahabharata found new
audiences in new lands and among
new age groups. He contemporised
the complex arguments of the epic
and moved away from the opulent
and grand structures that the story
was woven around, deliberately
choosing to relocate the epic into a
new, modern and spare setting.
His rendition had his fair share of
detractors; everything, from Brook’s
casting decisions to the treatment of
accepted practice. And what Brook,
Bhasa and Karve were doing, may have
been unconventional, but it was not
new, nor was it considered disrespect-
ful. And it was definitely not the out-
come of a colonised mindset, as many
have termed such experiments today.
The epics were never inviolable
texts. Orally transmitted, they
belonged to the people and were
tweaked with every retelling. Everyone
sought to cast the story in a frame of
their choosing. The Bhil community
in Gujarat, for instance, have a version
where Kunti is kidnapped by the
Kauravas and rescued by Bhima. Here
Draupadi is a bloodthirsty demoness
in disguise and is seduced/attacked by
Vasuki, the king of the serpents.
In the Konkani version of the
Mahabharata, Hanuman (a character
from the Ramayana) has a major role
and Dhritarashtra, is not the weak pre-
varicating king that he is portrayed in
the Sanskrit version. He constantly

When is it time to change your celebrity?
74. The just concluded IPL, though, was not
too bad — Virat scored 505 runs in 16
matches at an average of 45.90. He managed
three 50s notching 35 fours and 23 sixes in
total. Yet, the 30-odd brands that he endors-
es are nervous. In fact, very nervous.
Akshay Kumar’s Samrat Prithviraj was
apparently made on a budget of ~300 crore.
The film’s total earnings may well end at
~75-80 crore in India and ~85-90 crore
worldwide, making it one of the biggest
YES, BUT... flops of 2022. The superstar’s Bachchhan
Paandey too tanked — made on a budget
SANDEEP GOYAL of over ~150 crore, it brought in just ~50
crore. The lean patch actually goes back a
dominant, big screen superstar or super
captain is now over. Are we headed to a
more broad-based democracy in celebrity
choice? After all, Kartik Aaryan’s Bhool
Bhulaiyaa 2 delivered an opening weekend
box office collection of ~55.96 crore and
ended up with gross collections of ~185.57
crore — a smashing performance, to say
the least. Similarly, the sometimes-on-
sometimes-off Rishabh Pant scored a bril-
liant 146 at Birmingham over the last week-
end and India’s newly minted Test captain
Jasprit Bumrah, batting at No. 10, created
a new world record by smashing 29 runs
off an over from Stuart Broad. Are these
extended to LinkedIn. And the celebrity is
used as the brand’s RTB (reason to believe)
in all PPTs made to the board.
In Virat’s case, it has been very apparent
that he has hit an arid patch. That too for
the past two years. But brands persisted with
him, in the vain hope that he would bounce
back. But so far the confidence seems some-
what misplaced. In the case of Akshay too,
the poor performance of Laxmii and Bell
Bottom should have set off alarm bells in
2020 itself. Even his Atrangi Re had a very
tepid OTT reception. But Akshay’s brands
continued to exude trust and confidence.
The issue really is about watching out for
the story, was critiqued and censured.
But there were no calls for a ban on
the play. It ran to full capacity for
months on end and was even made
into a film. And last year, he was
awarded the Padma Shri for his efforts.
It would be impossible to imagine
a version such as this being concep-
tualised today—a dark-skinned
Bhima, a white Ganesha mask on
stage and a white Krishna with a
hooked nose, all of this would have
been unacceptable to a country that
is rapidly giving up its multicultural
ethos for a singular, uniform identity.
Interestingly, Brook was not the
first person to break down the
Mahabharata and offer up a very dif-
admonishes his son and reminds him
of the dangers of crossing the Pandavas.
The epics were told and retold,
leading people to find many ways of
looking at the same story. A K
Ramanujan and Paula Richman have
documented the process in great
detail in their work on the Ramayana
where they recorded hundreds of ver-
sions, each with a different insight into
the hero and the meaning of heroism.
Many argue that the multiple retell-
ings of the epic have helped them sur-
vive and stay relevant. It lets new
readers and viewers find new meanings
in an ancient tale. As Ganesh Devy
writes in his recent book on
Mahabharata, people always look for a

I
have been rather busy over the past few
weeks. The think-tank that I run on
“celebrities as human brands” has been
inundated with one nervous question from
over a dozen clients: Is it time to change
my brand’s celebrity?
The question has largely been triggered
by the recent downturn in the fortunes of
a number of celebrities who, until not very
far back, were seen to be almost infallible,
and too big to fail.
Virat Kohli, in the last one year has been
dethroned as India’s captain across all three
formats. And, he is facing a batting drought.
Before Edgbaston, in his last 14 Tests, com-
prising 25 innings, the returns for Virat have
been unbelievably sparse: 652 runs at an
average of 26.08, and his highest score was
little longer, with 2020 seeing Laxmii and
Bell Bottom not delivering. Only his
Sooryavanshi did well in 2021. Akshay too
has about 30 brand endorsements. His
backers too are asking the inevitable ques-
tion: Is Akshay done and over?
There’s been more bad news on the
celebrity front. Ranveer Singh’s 83 was at
best a lukewarm success. His Jayeshbhai
Jordaar has been a super-flop — it just
managed an opening day collection of
~3.25 crore and a first week harvest of a
puny ~14.95 crore. Tiger Shroff’s Heropanti
2 was a box office disaster with total col-
lections of just ~24.35 crore. Ranveer has
45 endorsements; Tiger has over a dozen.
No wonder advertisers are worried.
Advertisers are asking if the era of the
the new celebrities that today deserve
more attention from brands?
When is it time to change your celeb-
rity? When the incumbent is visibly start-
ing to show a downward spiral? Well, that’s
too simplistic. And obvious.
Then what? The unfortunate thing with
most brands is that they do not actually
use any empirical research in the selection
of celebrities. Much of it is gut feel, and
feel good. Most promoter families land up
at shoots with all of mama-chacha-bhanja-
bhatija and other brethren in tow. It is a
sort of cumulative family high and a show
of one-ness with the celebrity as the entire
parivaar lines up for pictures for Insta and
Facebook. Multinat managers are no dif-
ferent. Except that the bragging rights get
early warning signals and heeding them.
That does not of course mean that you
jettison the celebrity on seeing the first
signs of trouble. But it would certainly help
to have a sentiment track being done on
the celebrity at well-defined time intervals.
Very few brands actually do it. Most often
they grudge the expense, which is teeny-
weeny compared to the enormous celeb-
rity fees. Feedback obtained is mostly
hearsay from trade, consumers and
increasingly social media. These may all
be valid listening posts, but a well-struc-
tured, well thought-through research can
provide clues for decision-making much
ahead of the actual down slide.
The writer is managing director of Rediffusion
ferent insight into its story. Sanskrit
playwright Bhasa, working in the sec-
ond century (BCE) had done the same.
Bhasa cast Duryodhana as the
wronged hero in his plays. He showed
the Pandavas to be weak and needy,
and Krishna as a manipulative string-
pulling political force in the epic. His
plays Dutavakyam and Urubhangam
shocked many at the time. But Bhasa
was not cancelled from the history
books. He won acclaim and respect
(the playwright Kalidasa was said to
have acknowledged his greatness too).
Another character-led retelling of
the stories of the Mahabharata was
done by author and academic, Irawati
Karve in the late 1960s. From raising
slice of themselves in the story and the
tellers of the story were aware of this
need. This led to the open, interpre-
tative nature of the text. Engaging with
the stories leads to questioning and that
further gives rise to multiple versions.
This is an age-old tradition, one
that predated colonisation and the
birth of the colonial mindset. To dis-
regard these methods and instead,
treat the Mahabharata, the Ramayana
and the mythologies about heroes and
gods and goddesses like narratives cast
in stone is truly the colonial approach.
The ancient traditions didn't look at
diversity as a threat. Culture was not a
monochromatic monolith in the
subcontinent.
 QUICK TAKE: US SITE CLEARANCE A POSITIVE FOR LUPIN “After a cascade of

The Smart bad news and large

Investor
Lupin (~) 634.70 640 The stock of pharma major Lupin has gained liquidations, many crypto
630 about 4 per cent since the start of July. A investors are still sitting
620 near-term trigger has been the clearance of the on the sidelines waiting
610 Somerset facility in the United States. Nomura for the next shoe to drop”
MUMBAI | 600 Research believes the current action raises hopes BEN MCMILLAN,
608.15
9 JULY 2022 Jun 1,’22 Jul 8,’22
590 of clearance of the company’s other sites which Chief Investment Officer,
are under the FDA scanner IDX Digital Assets
<

Market volatility slows down Markets record biggest

N WEEKLY REPORT CARD N

equity mutual fund inflows 7-day gain in 2 months

BS REPORTER SENSEX
~15,498 crore net investment in equity schemes in June, 18% below monthly average in CY22 Thiruvananthapuram, 8 July
54,481.8
55,000
54,500
The benchmark Sensex and the Nifty rose for
CHIRAG MADIA TOPSY-TURVY SIX MONTHS a third day on Friday, led by gains in utility
52,907.9 54,000
Mumbai, 8 July Net inflows (~ crore) and banking shares, to cap their third straight 53,500
weekly advance. Both the indices rose 3 per
53,000

F
lows into equity- cent during the week—their biggest weekly
oriented mutual fund advance since May 15. Softening bond yields 52,500
(MF) schemes moder- and moderation in foreign portfolio investor Jul 1,’22 Jul 8,’22
ated in June amid the sharp (FPI) selling boosted sentiment.

19,705.27

28,463.49
SCOREBOARD

18,529.43
sell-off in stocks due to fears On Friday, the Sensex finished at 54,482
of a global recession. Net and the Nifty at 16,221, each gaining 0.55 per

15,890.38
GAINERS (~) Jul 01,22 Jul 08,22 % Chg

15,497.76
inflows stood at ~15,498 crore, cent. From this year’s low on June 17, both

18 per cent below the 2022
average of ~18,829 crore and 16
per cent below May's tally of
~18,529 crore. But sustained
inflows into systematic invest-
ment plans (SIPs) endured a
16th straight month of inflows
for equity schemes.
On June 17, the markets
had dropped to its lowest level
since May 2021 and several
mid- and small-caps had
slipped into bear market ter-
ritory amid heavy sell-off by
foreign portfolio investors
(FPIs). Despite a recovery in
the latter part of the month,
the S&P BSE Sensex ended the
month with a loss of 4.6 per
cent; the S&P BSE Midcap
and S&P BSE Smallcap fell 6.2
per cent and 6 per cent,
respectively.
Industry players said sus-
tained inflows despite correc-
tions in the markets are a sign
of maturity among investors.
In June, all equity fund
sub-categories logged net
inflows. Net flows of more
than ~2,000 crore were seen in
the flexi-cap and large-cap
categories.
Arun Kumar, head of
research, Funds India, says:
“Despite significant FPI selling
over the past several months,
the market impact has been
reasonably contained, thanks
to strong domestic institu-
tional investors (DII) flows.
Usually, whenever the mar-
kets are volatile and one-year
(rolling) returns turn lacklus-
tre — as is happening now —
DII flows tend to weaken. We
need to keep a close watch on
THE COMPASS
ILLUSTRATION: BINAY SINHA
equity MF inflows and the SIP
trend in the coming months
as they are critical against the
backdrop of strong FPI out-
flows.” Inflows through the SIP
route stood at ~ 12,276 crore in
June, slightly lower than
~12,286 crore seen in May.
The number of SIP
accounts hit a fresh all-time
high of 55.4 million. The assets
under management (AUM) for
SIPs stood at ~5.51 trillion.
Passive schemes also wit-
14,887.77
Jan Feb Mar
2022
Source: Amfi
nessed net inflows worth
~13,110 crore, while hybrid
funds saw net outflows of
~2,279 crore due to high
redemptions from arbitrage
funds. Debt funds saw out-
flows worth ~92,248 crore.
Typically, the last month of
every quarter debt funds sees
huge outflows as institutions,
such as banks and corporates,
redeem their investments to
pay for advance taxes. The big-
gest outflows were seen in
SEBI CORNER
IIFL Wealth Management
Apr May
overnight funds, at ~20,668
crore; they were followed by
liquid funds and ultra-short
duration funds. Other shorter-
end categories of funds like
low duration funds, money
market funds, and short dura-
tion funds also saw sharp net
outflows.
Net outflows for the indus-
try across all categories stood
at ~69,853 crore and average
AUM stood at ~36.98 trillion
in June.
Titan 1,946.10 2,143.75 10.16
indices are now up 6 per cent but are still down
over 12 per cent from their record high levels HUL 2,282.80 2,495.85 9.33
seen in October 2021. L&T 1,569.55 1,687.40 7.51
The latest rebound in the market is trig-
LOSERS
gered by fall in commodity prices, particularly
oil, which has eased inflation concerns and TCS 3,316.15 3,264.85 -1.55
spared optimism that central banks will be RIL 2,408.95 2,391.50 -0.72
less aggressive with monetary tightening. Wipro 421.80 419.20 -0.62
“The rally has gotten stronger as crude Source: Bloomberg/Exchange; Compiled by BS Research Bureau
prices have corrected, halving FPI sales com-
pared to last week. However, this rally can fiz- numbers will be released in the US and India
zle out as corrections in commodity prices and in the coming week, and this number would
tightening monetary policy are negative for be crucial in deciding the trajectory of the mar-
the global economy, limiting earnings growth kets,” added Joseph Thomas, Head of
and valuation expansion. June 2022 earnings Research, Emkay Wealth Management.
Jun
season will be the prime focus of the market, FPIs on Friday sold shares worth just ~105
in the near-term," said Vinod Nair, Head of crore. In the past one week, daily FPI selling
Research at Geojit Financial Services. has been just a fraction of that seen during
“The rise in the equity markets witnessed mid-June. All sectoral indices closed higher
in the last few trading sessions is based on the during the week with Nifty FMCG and Nifty
assumption of moderation in inflation, and Realty emerging as the top gainers, with gains
therefore rates. However, the actual inflation of 5.7 per cent and 5 per cent, respectively.
~ falls 10 paise to 79.26/$
The rupee declined by 13
paise to close at 79.26
~ VS $ go,” said Gaurang Somaiya,
Forex & Bullion Analyst,
(inverted scale)
against the US dollar on Motilal Oswal Financial
78.90
Friday, tracking a rebound Services. Focus will be on
in crude oil prices and the 79.00 the non-farm payrolls data
strength of the American 79.10 in US and better-than-
currency overseas. expected numbers could
At the interbank foreign 79.20 keep the dollar supported at
exchange market, the rupee
opened weak at 79.20 and
79.04
79.30 lower levels, Somaiya said,
adding, “We expect the $-~
79.26 79.40
touched a high of 79.20 and to trade sideways but with a
Jul 1,’22 Jul 8,’22
a low of 79.32. positive bias and quote in

Life insurers to once pays ~3.12 cr to regulator

IIFL Wealth Management on Friday paid a settlement amount
It finally ended at 79.26,
down 13 paise over its pre-
vious close of 79.13.
“Gains for the currency
measures. Pound held on to
its gains after Boris Johnson
said he was quitting as
prime minister following a
the range of 79.05 and
79.80.” The dollar index,
which gauges the green-
back's strength against a

again benefit from of over ~3 crore the Securities and Exchange of India (Sebi) to
settle a case pertaining to violations of regulatory norms. The
company was alleged to have violated stock brokers' regula-
were short-lived even after
RBI announced forex related
rush of ministerial resigna-
tions and calls for him to
basket of six currencies, rose
0.39 per cent to 107.54. PTI

a low-base effect
tion as well as PFUTP (Prohibition of Fraudulent and Unfair

Brent crude set for a loss

DEVANGSHU DATTA
For two consecutive fiscals, life insurance
companies have experienced low-base
effects in quarter 1 (Q1) due to the Covid-19
first and second wave effect. The financial
year 2022-23 (Q1FY23) is likely to see growth
given the base effect. Based on the IRDA
data, SBI Life has had a standout quarter but
other insurers have done reasonably well.
The low base was balanced off by an
adverse environment with high inflation,
elevated interest rates and volatile equity
markets. While April and May benefitted
from strong base effects, there was modera-
tion in June 2022. Overall, ticket sizes
declined 8 per cent year-on-year (YoY).
For FY23, total RWRP (retail weighted
received premium) is estimated to see a
growth of 12-13 per cent YoY, with the private
Trade Practices) regulations. The High Powered Advisory
Committee of Sebi considered the settlement terms proposed
by the company and recommended the case for settlement
on payment of ~3.12 crore. Sebi noted that the amount was
strong base effect. LIC reported a growth of remitted by the firm dated July 04, 2022. PTI Oil was set for a weekly loss eclipsing concerns about the
21.2 per cent YoY (a three-year CAGR of 9.7 after choppy trading in which
BRENT SPOT economic outlook.
per cent, up 65.1 per cent in May’22) in concerns over a demand-sap- 215 Crude’s volatile trading
118.39
Individual WRP. ping slump clashed with sig- means that it’s well down from
The three-year CAGR for LIC is similar to ~10L fine on Bajaj Hindusthan nals of tight supply. 112.49
120
115
last month’s high but still up
the average for private players. Brent Crude was trading at more than 35% this year fol-
There was wide variation. Among listed
players, SBI Life posted impressive growth
Sugar for disclosure lapses $112.49 a barrel, on Friday,
putting the commodity on
110 lowing Russia’s invasion of
Ukraine.
105
of 42 per cent YoY in June’22 (a three-year The capital markets on Friday imposed a penalty of ~10 lakh course for a weekly fall of 4 Jul 1,’22 Jul 8,’22 The complex market out-
CAGR of 14.9 per cent), while the others were on Bajaj Hindusthan Sugar Ltd for not disclosing closure orders per cent. Prices have swung in look has spurred banks to offer
much weaker. HDFC Life reported a 6.3 per with respect to its certain distilleries and imposition of penalty a range of more than $16 this monetary policy could herald starkly different scenarios for
cent YoY growth (a three-year CAGR of only by Central Pollution Control Board. The company has been week — the biggest since a recession, and oil has been prices, with Goldman Sachs
0.9 per cent). ICICI Prudential Life posted a directed to pay the fine within 45 days, Sebi sai. The order came March — as both WTI and dragged lower alongside other Group Inc remaining broadly
decline of 2.9 per cent YoY (a three-year after Sebi received a complaint through SCORES against Bajaj Brent briefly dropped below commodities. bullish while Citigroup Inc has
CAGR of minus 7.8 per cent). MAX Life Hindusthan Sugar, whereby the complainant raised concerns $100. On Friday US employment said the commodity is at risk
reported a decline of 1.8 per cent YoY (a regarding false reporting/misreporting in the annual report in Investors remain con- figures beat expectations, sug- of a significant tumble.
three-year CAGR of 9.3 per cent). While SBI respect of show cause notices. PTI cerned that restrictive US gesting hiring needs are so far BLOOMBERG
Life remained in second rank for market
share behind LIC, it may have gained some
percentage points. LIC’s market share stood

RBI’s FPI moves may not bear fruit: Analysts

sector growing in the mid- to high-teens and
newly-listed Life Insurance Corporation
(LIC) growing in the high-single digits. Listed
private companies could see at least 20 per
cent YoY growth in Value of New Business
(VNB) in Q1FY23. SBI Life will probably have
far higher VNB growth rates – maybe close
to 90 per cent.
Due to product diversification, better dis-
tribution mix and better cost efficiencies,
listed private players should be able to keep
relatively higher margins. The growth would
be driven by demand for the annuity/non-
participating segment and recovery in the
protection business (term policies). But
growth in ULIPs (unit linked insurance
plans) may be soft due to the market correc-
tion. Individual weighted received premium
(WRP) for private players grew 22 per cent
YoY in June 22 (a three-year CAGR or com-
pounded annual growth rate of 9.7 per cent).
But it was moderating from 96 per cent YoY
growth in May’22 when there was a very
at 39 per cent in the individual WRP market,
while SBI Life held 14.4 per cent, followed
by HDFC Life (8.5 per cent) and ICICI Pru
(6.1 per cent). On an unweighted basis, SBI
Life held market share of 9 per cent, followed
by HDFC Life (6 per cent) and Bajaj Allianz
BHASKAR DUTTA
Mumbai, 8 july MILES TO GO As on July 7, 2022* scenario of considerable volatil-
ity in the domestic exchange
(4 per cent). Instrument Eligible Upper Investment Unutilised Total % of Limit rate, overseas investors are
While LIC accelerated its growth slightly The Reserve Bank of India type foreign limit (~cr) blocks investment limit available unlikely to consider unhedged
in Q1, with a CAGR for retail annualised pre- (RBI) permitted Foreign investors (~cr) (~cr) (~cr) utilised* for investment in Indian secu-
mium equivalent (APE) which equalled the Portfolio Investors (FPIs) a investment rities.
private sector. But in terms of 3-year APE larger share in Indian debt ear- The rupee, which has weak-
CAGR, the private sector is growing at 12.5 lier this week, in a bid to attract Central govt General 260,594 74,438.21 0 74,438.21 28.56 186,155.79 ened 6.2 per cent against the
per cent while LIC’s CAGR is at 7.8 per cent. more overseas investment securities US dollar so far, touched a fresh
Analysts have ‘buy’ ratings on the four flows at a time when the coun- Central govt Long term 129,594 15,086.30 0 15,086.30 11.64 114,507.69 low of 79.36/$ on July 5. A
listed private players and ‘hold’ ratings on try’s Current Account Deficit securities depreciating rupee eats into
LIC. While LIC stock has lost a lot of ground (CAD) is on the rise. FPIs’ returns from Indian debt.
since listing at ~875 in May, Max Financial Treasury officials, however, As on December 31, 2021** “Right now, there is not
has gained slightly in the last month, and are of the view that the steps much confidence in the rupee.
also gained over the last three months and may not cause a significant Instrument Eligible Upper Investment Unutilised Total % of Limit At least among the foreigners,
SBI Life has gained marginally in the last uptick in foreign investment as Type foreign limit (~cr) blocks investment limit available it seems to be an article of faith
month. Stocks of HDFC Life and ICICI Pru rising interest rates abroad and investors (~cr) (~cr) (~cr) utilised** for that the rupee could go to 81 or
have both lost ground in the last month and high domestic inflation have investment 82 for a US dollar. So, they
last three months. eroded returns from fixed- Central govt General 253,298 85,019.58 142.24 85,161.82 33.62 168,136.17 would rather prefer to wait it
income assets. securities out,” Goel said.
On Wednesday, the RBI The turbulence in the
expanded the basket of secu- Central govt Long term 122,298 18,777.85 0 18,777.85 15.35 103,520.14 exchange rate has intensified
rities that fall under the ‘Fully securities over the last couple of weeks
Accessible Route’ for FPIs to due to a surge in the dollar
Source: CCIL
include 7-year and 14-year sov- index as investors have rushed
ereign bonds. Before this, FPIs Through these steps, the ernment bonds, Clearing look at the one-year point now, to the safety of the US currency
were only allowed unrestricted central bank is essentially Corporation of India Ltd data if you look at T-bills… the amid global recession fears.
investment in 5-year, 10-year looking to bring in greater showed. numbers are not adding up,” The dollar index was at a 20-
and 30-year bonds. foreign investment in short- In 2022, the net outstanding said Vikas Goel, managing year high of 107.21 on Friday,
The central bank removed term securities, which hold a FPI investment in the general director and chief executive Bloomberg data showed. In
a 30 per cent limit on overseas lower degree of risk on bond category has dropped by officer, PNB Gilts. 2022, the index, which meas-
investments in government portfolios. ~10,723 crore, data showed. “They don’t want to do ures the dollar against six major
and corporate bonds with a However, as the data on FPI An analysis of current credit risk. Essentially, if you currencies has strengthened
residual maturity of less than investment in Indian debt returns from Indian short-term take a one-year T-bill, which is 10.8 per cent.
one year till October 31. A win- shows, overseas entities have bonds shows little incentive for around 6.15% - the cost of hedg- From a structural point of
dow was also provided to per- evinced little interest in domes- FPIs to enter the market in a ing on a fully hedged basis is view, treasury officials said that
mit FPIs to invest in commer- tic debt over the last few meaningful way. roughly around 3.5%. So, then the biggest deterrent for FPIs’
cial papers and months. At present, FPIs have “The one-year point, which you are left with around 2.65%. entry into Indian bonds was
non-convertible debentures utilised a mere 28.6 per cent of is where the RBI’s relaxation is, The one-year US Treasury is high domestic inflation.
with an original maturity of up the ~1.9 trillion general category is where you generally would above 2.65%,” he added.
to one year till October 31. investment limit in central gov- have seen interest. But if you Moreover, in the current More on business-standard.com
.
MUMBAI | 9 JULY 2022 THE SMART INVESTOR 11 <

Q1 results of multiplexes Returns on small savings remain

could be a blockbuster attractive despite no rate reviews
Investors who want SMALL-SAVING SCHEMES: ATTRACTIVE RATES WITH TAX BENEFITS
But broadcasters’ showing could be muted because of subdued advertising to avoid longer Scheme Rate of returns (%) Taxation
lock-in periods can Public Provident Fund 7.1 Section 80C benefit;
VIVEAT SUSAN PINTO
Mumbai, 8 July
ENTERTAINMENT choose from a host
interest income is tax-free
STOCKS VS SENSEX Sukanya Samriddhi Yojana 7.6 Section 80C benefit;
of other high credit interest income is tax-free

B
roadcasters and mul-
tiplexes are likely to
report a contrasting
set of financial
numbers for the quarter ended
June 30, 2022 (Q1), analysts
tracking the media sector said
in reports released over the past
few days.
The April-June period was
among the strongest for cine-
mas, following a wave of pan-
demic-led closures in the past
two years which led to a
slump in business.
Brokerages, such as Emkay,
Elara, and ICICI Securities,
have all indicated that strong
box-office collections will drive
top-line growth for multiplexes,
while near-term headwinds
may result in muted revenue
growth for broadcasters.
“For multiplexes, the good
run of movies such as RRR, KGF
2, and Bhool Bhulaiyaa 2 will
result in a robust performance
on top line and profitability. For
broadcasters, while ad growth
will be seen on a benign base,
margins will be lower amid
higher content costs,” stated
Bhupendra Tiwary, research
analyst at ICICI Securities, in a
report dated July 6.
Q1FY23 marks a full quarter
of operations after the Covid
pandemic for cinemas. This
shall reflect in financial per-
formance for these companies,
with likely revenue growth in
the region of 65-70 per cent for
PVR and Inox on a sequential
basis. Year-on-year figures are
not comparable since the cor-
responding period last year was
marred by the second wave of
the Covid-19 pandemic.
While PVR and Inox are
merging, for now, their
numbers will be reported sep-
arately until the merger process
is completed later this financial
year. Analysts Naval Seth and
BROKERAGES’ VIEW
(Figures are estimates for Q1FY23, in ~cr)
Brokerages Financial parameters
EMKAY Revenue
Profit after tax
ICICI SECURITIES Revenue
Profit after tax
ELARA CAPITAL Revenue
Profit after tax
Source: Reports/Analysts
Pulkit Chawla at Emkay
Research said that the perform-
ance of regional, Hollywood,
and select Bollywood films
resulted in record box-office
collections in Q1.
Apart from southern films
and Bhool Bhulaiyaa 2,
Hollywood movies — such as
Doctor Strange in the
Multiverse of Madness, Top
Gun: Maverick and Jurassic
World Dominion — did well in
Q1, said trade analysts.
“Though higher collections
of regional movies will not
translate into proportional
gains for PVR and Inox, they are
still likely to report ticket sales
well above pre-Covid levels,
supported by increases in the
average ticket price,” said Seth
and Chawla in a report released
on July 7.
Operating metrics, the two
analysts said, would track well
Zee TV Sun TV PVR
1,886 1,134 895
188 435 27
1,910 1,047 921
198 406 27
1,858 998 975
264 438 169
for PVR and Inox, thanks to
stable ticket pricing and good
spends per head on a quarter-
on-quarter basis. This would be
supported by a good recovery
in ad revenue, they added.
For television broadcasters,
however, the picture appears
gloomy, with likely flat sub-
scription growth and subdued
advertising as steep inflation
led to ad spend cuts by fast-
moving consumer goods
(FMCG) companies, which
account for over 50 per cent of
television advertising in the
country.
“On the subscription front,
the implementation of the new
tariff order (NTO) 2.0 has been
extended to November. Hence,
the pricing power of TV players
is likely to be limited until then.
In terms of advertising, growth
of 3 per cent year-on-year is
expected for Zee and 2 per cent
Sensex Sun TV Network
Zee Entertainment Enterprises
PVR Inox Leisure quality options
180
167.96 SARBAJEET K SEN
160 On June 30, the government
decided to leave interest rates on
142.74 Small Saving Schemes (SSS)
unchanged. Expectations that the
140
rates would be reset upwards amid
a rising interest-rate environment
were high. Investors need to eval-
100
120 uate how they stack up against
other high credit quality fixed-
104.13 income options before putting
Inox money in them.
100
551 104.07 Returns still attractive
31 Experts say the returns on some SSS
542 80 still remain attractive. “A few
schemes like Public Provident Fund
32 (PPF) and Sukanya Samriddhi
81.80
571 Yojana (SSY) still look attractive as
60 they offer tax deduction. Interest
85 Jul 1,’21 Jul 8,’22
income from them is also
Source: Exchanges
exempted from tax,” says
Pankaj Mathpal, manag-
for Sun TV,” said Karan ing director, Optima
Taurani, senior vice president, Money Managers.
Elara Capital. SSS returns look better
In terms of subscriptions, than those offered by bank
Zee and Sun TV are expected to fixed deposits (FDs). For
report negative and flat growth example, National Savings
each, Dolat Capital said in a Certificates (NSC), which
report dated July 5.
Elara, which also expects
have a five-year tenure,
offer 6.8 per cent along
MONEY
flat subscription growth for TV with Section 80C deduc-
majors, said television was the tion. This is a better option than the
first traditional medium to 5.5-6 per cent being offered by five-
recover to pre-Covid levels in year tax saving bank FDs.
FY22. “But recent inflationary However, advisors say one needs
pressures have seen a negative to take a holistic view when com-
impact on recovery in ad paring these instruments. “While
spends,” Taurani added. comparing SSS rates with bank FDs,
Overall revenue is expected consider two points: tax efficiency
to grow 4.7 per cent and 23.2 and lock-in period. SSS like PPF
per cent year-on-year for Zee enjoy tax benefits which make their
and Sun TV, respectively. But post-tax yield significantly better
operating profitability would than bank FD rates. However, such
likely be muted for all broad- investments typically have a long
casters due to content invest- lock-in period. For example, with-
ments and lower ad revenue, drawals from PPF are permitted
he added. only after the fifth year. An investor
Senior Citizen Savings
Scheme
National Savings
Certificates (VIII issue)
Source: indiapost.gov.in
who may need money in the near
future, or who wants to park funds
for personal emergencies, may con-
sider bank FDs,” says Vibhor Mittal,
chief business officer, fixed income,
(YubiInvest), Yubi (formerly
CredAvenue).
Corporate FD rates are on
the upswing
FDs issued by quality corporates,
typically with AAA ratings, are avail-
able at attractive interest rates. Bajaj
Finance, for instance, recently hiked
its interest rates to 6.2 per cent on
one-year and 7.4 per cent on three-
year FDs. AA+ rated FDs are
even more attractive. For
similar tenures, Shriram
Transport Finance offers
6.5 per cent and 7.75 per
cent respectively.
“Given their track
record and higher rates
compared to other pro-
YOUR ducts, offerings from com-
panies like Bajaj Finance
and Shriram Transport are
attractive options,” says
Anup Bhaiya, founder and manag-
ing director, Money Honey
Financial Services.
However, they can’t compare
with SSS on credit quality, as the
latter enjoy sovereign backing.
Check out government debt
Conservative investors may also
shop for government securities (G-
Secs), state development loans
(SDLs), and treasury bills from the
RBI Retail Direct website.These
carry zero credit risk. Currently,
364-day treasury bills are offering a
yield of 6.28 per cent. 91- and 182-
7.4 Section 80C benefit; interest
income taxable if it exceeds
~50,000
6.8 Section 80C benefit;
taxable at slab rate
day treasury bills are also available.
One- to two-year G-Secs are cur-
rently offering a yield of around 6.5
per cent, while five-year G-Secs are
offering around 7.1 per cent.
While the interest rates on FDs
and G-Secs are turning attractive,
investors in the higher tax slabs may
not want to invest in them, as inter-
est from them gets taxed at the mar-
ginal tax rate.
Debt fund yields are improving
Investors may also consider debt
funds that invest in quality bonds.
Corporate debt funds invest in
bonds issued by corporate entities
with AA+ and AAA ratings. On May
31, corporate bond funds were offer-
ing an average yield to maturity of
6.54 per cent. An expense ratio of
around half percentage point leaves
the investor with around 6 per cent
expected return.
Investors may also consider tar-
get maturity funds maturing in
four-five years. They invest in G-
Secs, SDLs, and bonds issued by
quality PSUs. “Select debt funds
whose average maturity is in line
with your investment horizon.
Consider money market and short-
duration funds for a shorter invest-
ment horizon, floating-rate funds
for the medium term, and banking
and PSU funds for the long term,”
says Mathpal.
Gains on the sale of debt fund
units held for three years are treated
as long-term capital gains and are
taxed at 20 per cent post indexation,
which makes them attractive for
investors in the higher tax brackets.
With interest rates still rising,
avoid longer-duration funds.

ADOR MULTI PRODUCTS LIMITED

Regd. Off :Ador House, 5th Floor, 6 K Dubash Marg,
Fort, Mumbai – 400 001. Tel.: (91) 22 66239300
Email: cs.adormultiproducts@gmail.com
Web site: www.adormultiproducts.com
CIN: L85110MH1948PLC310253
NOTICE
th
Notice is hereby given that the 74 Annual General Meeting (“AGM”) of the
company will be held through Video Conferencing (“VC”) and other Audio Visual
Means (“OAVM”) on Monday, 01stAugust, 2022 at 11:00 A.M. ISTto transact the
business set out in the AGM Notice. In compliance with the applicable provisions of
the Companies Act, 2013 and the Rules made thereunder and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with
General Circular 14/2020 dated 8th April, 2020, General Circular 17/2020 dated
13th April, 2020 and General Circular 20/2020 dated 5th May, 2020 and Circular No.
th
02/2021 dated January 13, 2021, 21/2021 dated 14 December, 2021 and 02/2022
th
dated 5 May, 2022 and all other relevant circulars issued from time to time by the
Ministry of Corporate Affairs (MCA) and SEBI (collectively referred to as “relevant
circulars”).
In compliance with the relevant circulars, the Notice of Annual General Meeting
Procter & Gamble Health Limited along with the Financial Statements for the year ended 31st March, 2022, Auditor's
(CIN: L99999MH1967PLC013726) Report, Board's Report and other relevant documents required to be attached
Registered Office: Godrej One, 8th Floor, Eastern Express Highway, th
thereto have been sent through e-mail on 07 July, 2022 to all the members who
Pirojshanagar, Vikhroli East Mumbai – 400079 have registered their email addresses with the Company or depository / depository
Website: www.pghealthindia.com participants and whose name appears on the Register of Members/List of
Email ID: investorgrievance.im@pg.com
Beneficial Owners as on July 01, 2022. The aforesaid documents are also available
Tel: (91-22) 6866 9000 • Fax: (91-22) 2518 6828
Investor helpline no.: 8291902520 on the company's website www.adormultiproducts@gmail.com and on the website
of the stock exchange i.e. BSE Limited at www.bseindia.com and on the website of
PUBLIC NOTICE
National Securities Depository Limited (NSDL) at www.evoting.nsdl.com
1) Smitha S. Khambekar
Instructions for remote e-voting and e-voting during AGM:
2) Asha D. Patil
3) Kalpana G. Waghmare The Company has engaged the services of National Securities Depository Limited
Mesdames, (NSDL) for the purpose of providing e-voting facility to all its Members
Procter & Gamble Health Limited has filed Miscellaneous Information and instructions including details of user id and password relating to
Restoration Application (IDA) No. 01 of 2022 before the Hon’ble e-voting have been sent to members through e-mail. The same login credentials
4th Labour Court, Thane for quashing and setting aside the ex-parte should be used for attending the AGM through VC / OAVM. The manner of remote
Order dated 27th January 2022 passed in the Application (IDA) No. e-voting and voting at the AGM by the members is also mentionedin the e-mail
174 of 1997 by Ms. Sandhya Pote and Ors. against E-Merck India being sent.
Ltd. Since you were amongst the Applicants in the Application (IDA) The remote E-voting shall commence from Friday, 29thJuly, 2022 at 9.00 A.M (IST)
No. 174 of 1997 and currently are amongst the Opponents in the and end on Sunday, 31stJuly, 2022 at 5.00 P.M. (IST). The remote e-voting will not
Miscellaneous Restoration Application (IDA) No. 01 of 2022, you are be allowed beyond the aforesaid date and time and the remote e-voting module
required to take note that the said Miscellaneous Restoration shall be forthwith disabled by NSDL upon expiry of the aforesaid period.
Application (IDA) No. 01 of 2022 is fixed before the Hon’ble NSDL also facilitates the shareholders whose e-mail Id is not registered, to receive
4th Labour Court, Thane on 14th July 2022 and may be heard at this notice electronically and cast their vote electronically, company has made
11.00 a.m. or any time thereafter as per the convenience of the special arrangements for registration of email addresses. The process for
Hon’ble Court. You may remain present in the Hon’ble Court on the registration of email addresses is given as under:
said day if you so desire. Pursuant to the General Circular No. 17/2020, for remote e-voting for this AGM,
Procter & Gamble Health Limited shareholders who have not registered their email address and in consequence the
e-voting notice could not be serviced may temporarily get their email address registered
for procuring user id and Password for e-voting for the resolution set out in the notice of
FORM NO. INC-26
the AGM in the following manner:
[Pursuant to Rule 30 of Companies (Incorporation) Rules, 2014]
1. In case shares are held in physical mode, please send scanned copy of certificate
BEFORE THE REGIONAL DIRECTOR, WESTERN REGION, MUMBAI (front and back), PAN (scanned copy of PAN card) and Folio number by email to
In the matter of the sub-section (4) of Section 13 of Companies Act, 2013 cs.adormultiproducts@gmail.com.
and clause(a) of sub-rule (5) of rule 30 of the Companies (Incorporation) 2. In case shares are held in demat mode, please send copy of Client Master Report or
Rules, 2014 copy of Consolidated Account Statement, PAN (scanned copy of PAN card) and demat
AND account number (8 Character DP ID followed by 8 Digit Client ID for members who hold
In the matter of VMF Finance Limited (“Company”) having its Registered shares in demat account with NSDL and 16 Digit Beneficiary ID for members who hold
Office at B 405, Vrindavan Apt, Syndicate Kalyan, Thane-421304, shares in demat account with CDSL) by email to cs.adormultiproducts@gmail.com.
Maharashtra, India Members whose names appear on the Register/List of Beneficial Owners as on
Petitioner July 26, 2022 (Cut-off date) will be considered for the purpose of voting. A person who is
not a Member as on the cut-off date should treat this notice for information purpose only.
Notice is hereby given to the General Public that the Company proposes to
Any member who does not receive the AGM Noticemay either send an e-mail to
make an application to the Central Government under Section 13 of the
cs.adormultiproducts@gmail.com. The AGM Notice can also be downloaded from the
Companies Act, 2013, seeking confirmation of alteration of the Memorandum
Company's website www.adormultiproducts.com
of Association of the Company in terms of the Special Resolution passed at
the Extraordinary General meeting held on 21/03/2022 to enable the company
The members who have cast their vote(s) by remote e-voting may also attend the AGM
to change its Registered office from “State of Maharashtra” to “State of but shall not be entitled to cast their vote(s) again at the AGM.
Telangana”. Notice is also given that the Register of Members and Share Transfer Books of the
Company will remain closed from Tuesday, 26th July, 2022 to Monday, 01st August, 2022
Any person whose interest is likely to be affected by the proposed change of
[both days inclusive].
the Registered office of the Company may deliver either on the MCA-21 portal
(www.mca.gov.in) by filing investor complaint form or cause to be delivered, In case of any queries/ grievances , members may refer Frequently Asked Questions
send by registered post of his/her objections supported by an affidavit stating ( FAQ) and remote e- voting user manual for shareholders available at the 'Downloads'
the nature of his/her interest and grounds of opposition to the Regional section of www.evoting.nsdl.com or contact Ms.Pallavi Mhatre, Asst. Manager,
Director, Western Region, Everest, 5th Floor, 100 Marine Drive, Mumbai- NSDL, Mumbai at Telephone No.022-24994545 or call on toll free No.1800-222-990 or
400002, Maharashtra, within (14) fourteen days of the date of publication of email id :pallavid@nsdl.co.in or evoting@nsdl.co.in.
this notice with a copy to the applicant company at its Registered office at
the address mentioned below: By Order of the Board of Directors
B 405, Vrindavan Apt, Syndicate Kalyan, Thane-421304, Maharashtra, India For Ador Multi Products Limited
For and on behalf of Sd/-
VMF Finance Limited Place : Mumbai Deep A. Lalvani
Sd/- Date : 08.07.2022 Chairman
Ashok Kumar Gupta
Date : 08/07/2022 Director
Place : Mumbai DIN: 01662910
12 STOCKS
.>l
MUMBAI | 9 JULY, 2022
<

> OFSTOCK
IN THE > Himadri Speciality Chemical > Varun Beverages > Cummins India

NEWS Top gainer

among BSE500
Hits new all-time
high at ~852
Snaps 7-day
winning THE DAY
companies on BSE streak Apar Industries
~75.5 PREVIOUS CLOSE ~825.1 PREVIOUS CLOSE ~1,131.3 PREVIOUS CLOSE Hits new all-time high
~82.5 CLOSE ~848.6 CLOSE ~1,115.1 CLOSE at ~1,060; Up 57 per cent
p 9.3% UP p 2.9% UP q 1.4% 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
08 Jul ’22 Chg (%) Con Std 08 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 715.7 1.7 0.7 31.8 379.8 ITC 293.1 0.4 4.9 23.7 24.0 price price (%) price price (%)
Apollo Hosp 3936.2 0.5 0.5 53.6 85.1 JSW Steel 566.2 -1.5 1.0 6.6 8.2 SRF 2182.2 2175.8 5.0 2766.5 2773.0 NBCC 30.6 30.9 -3.3 26.7 26.7
MOST BULLISH MOST BEARISH
Asian Paints 2879.8 -0.4 1.8 91.1 88.1 Kotak Mah Bank 1744.8 0.4 3.5 28.7 40.4 India Cement 175.0 173.4 5.0 235.0 259.9 Tata Tele(M) 119.1 119.6 -3.1 103.0 32.9
Axis Bank 669.2 1.7 2.5 14.6 15.8 Vodafone Idea 8.4 8.4 0.6 REC 126.3 130.8 -3.4 L&T 1702.0 1687.4 4.7 1830.0 2078.2 Bandhan Bank 269.4 272.1 -2.7 259.1 229.7
L&T 1687.5 4.7 3.2 27.4 32.3
Bajaj Auto 3825.0 0.8 0.7 18.0 22.1 Rain Inds 154.1 153.4 0.5 Tech Mahindra 997.7 1026.5 -2.8 Raymond 975.6 971.3 4.5 1280.0 1280.0 Ashok Leyland 143.7 144.1 -2.6 113.0 93.2
Mah & Mah 1133.6 0.0 1.6 21.4 28.6
Firstsource 105.2 104.7 0.5 Shriram TrFn 1245.6 1280.5 -2.7 Oil India 188.6 184.1 4.3 306.0 306.0 Max Fin Sre 831.2 839.0 -2.4 697.1 697.1
Bajaj Fin 5873.2 0.2 2.1 50.6 56.0 Maruti Suzuki 8476.0 -1.5 1.5 66.0 68.0 Indraprst Gs 372.6 370.9 0.5 Dr Lal PathLabs 2128.4 2178.1 -2.3 M & M Fin 198.9 197.6 4.2 198.9 206.4 Rain Inds 151.8 153.3 -2.4 128.7 128.7
Bajaj Finsrv 12003.1 0.3 1.0 41.9 450.3 Nestle India 18419.2 1.2 0.9 - 83.1 Max Fin Sre 842.5 838.7 0.5 M & M Fin 193.8 197.9 -2.1 Adani Trans 2575.0 2546.3 3.2 3000.0 3000.0 Indiabulls Hous 93.6 94.2 -2.4 89.0 89.0
Bharti Airtel 695.2 1.2 2.3 89.7 - NTPC 143.7 2.3 0.9 8.4 8.6
BPCL 325.3 -1.2 0.5 6.0 8.0 Bharat Dyn 724.0 714.6 3.1 905.0 905.0 Indiab Real 61.7 62.3 -2.3 58.1 58.1
ONGC 121.5 -1.6 0.9 3.4 3.8
Britannia 3817.0 0.2 0.6 60.3 57.4 BSE NSE Delta Corp 181.0 179.5 3.0 333.0 339.5 Shriram TrFn 1272.0 1280.0 -2.3 1047.7 1002.5
Cipla 935.5 0.0 0.7 30.0 25.5
Power Grid 218.8 2.9 1.0 9.1 8.9 Index Stock Index Stock PUT-CALL RATIO Power Grid 219.5 218.8 2.9 248.3 248.3 Gujarat Gas 445.0 446.6 -2.1 403.8 403.8
Reliance Ind 2391.4 0.1 11.3 26.7 41.4 Trent 1210.0 1204.7 2.9 1295.3 1347.1 Jindal Steel 338.5 343.2 -2.1 304.2 304.2
Coal India 189.8 2.0 0.5 6.7 10.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 488.6 0.4 2.6 12.3 13.8 Varun Bever 852.0 848.6 2.9 852.0 852.0 RBL Bank 82.5 83.7 -2.1 74.2 74.2
Divis Lab 3671.3 0.4 0.6 32.9 33.1 Contracts - - 329495 775014
SBI Life Ins 1146.9 2.0 0.7 - 76.2 Market 1133.9 1845.1 0.6 HDFC AMC 1963.0 1955.5 2.7 2286.0 3363.0 Polycab India 2197.2 2206.4 -1.9 2045.0 1761.3
Dr Reddys 4406.2 1.6 0.7 33.6 45.2 Open Int.(000) - - 15402 4788789
Shree Cement 19932.8 -0.4 0.4 - 30.3 Tata Power 220.9 220.1 2.6 288.5 298.0 Chola Inv 616.3 630.9 -1.8 594.0 469.8
Eicher Motor 2931.6 -0.4 0.6 47.8 50.5 Shares(In Mn) - - 13.3 1115.3 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 857.7 1.0 1.3 62.9 449.7 Aarti Inds 725.0 722.8 2.6 975.5 1168.4 SAIL 71.2 71.6 -1.7 63.6 63.6
Grasim Ind 1391.4 1.2 0.7 12.1 30.0 Value(~ crore) - - 27560 48283
Tata Consumer P 761.4 0.9 0.6 75.0 79.2 ACC 1.6 Syngene Intl 0.1
HCL Techno 983.6 -0.6 1.4 19.8 24.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 441.6 2.5 1.1 - - RBL Bank 1.2 Honeywell A 0.1
HDFC 2239.8 -0.3 5.6 18.0 29.6 Contracts - - 51507686 2813863
Tata Steel 885.9 -1.6 1.0 2.7 3.5 Dixon Tech 1.2 JK Cement 0.2
HDFC Bank 1397.1 0.1 8.4 20.4 21.0
HDFC Std Life 545.4 -1.7 0.8 86.8 95.4 TCS 3265.5 -0.7 4.5 31.2 31.3
Open Int.(000)
Shares(In Mn)
-
-
-
-
236466
1951.5
2742513
3447.4
Kotak Mah Bank 1.2 Sun TV Net 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1026.5 0.6 0.9 17.9 20.3 Canara Bank 1.1 Max Fin Sre 0.2
Hero MotoCorp 2849.3 0.3 0.5 24.6 23.0 Value(~ crore) - - 4349249 181424 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 357.6 -1.1 0.7 5.9 14.6 Titan Company 2144.4 0.8 1.2 87.6 87.3 BSE+NSE BSE+NSE
UltraTech 5839.1 0.0 0.9 23.0 23.9 1 Reliance Ind 1617878.4 BS200 DOWN 7 DAYS
HUL 2496.9 1.0 3.1 66.1 66.5 (~ crore) (Mn shrs)
ICICI Bank 755.7 1.8 7.2 20.9 22.5 UPL 690.3 1.1 0.5 14.5 44.8 ACTIVE CALLS ACTIVE PUTS Reliance Ind 2153.5 9.0
2
3
TCS
HDFC Bank
1194641.3
775838.8 UP 7 DAYS Mehai Tech -30.0
IndusInd Bank 848.6 -1.4 0.8 - 14.3 Wipro 419.1 -0.4 0.8 18.8 18.9 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Alkem Labs 5.1 ETT -29.7
Mah & Mah 1251.7 10.9 4 Infosys 637033.7
Infosys 1514.5 1.1 7.6 28.8 30.0 Nifty 50 16220.6 á0.5 100.0 22.0 24.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
L&T 1133.5 6.8 5 HUL 586424.9 UP 3 DAYS Vitesse -29.7
INDEX PE SHRS TRDS 1 YR Index Index 6 ICICI Bank 525660.4 Poonawalla Finc 11.6 Sharpline -29.7
Tata Motors 1073.9 24.5
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
14/07/22
14/07/22
16200
16300
98.9
75.0
4.3 55.8
3.3 57.5
Nifty
Nifty
14/07/22
14/07/22
16200 106.4
16000 67.4
4.0 467.7
4.5 78.6
Tata Steel 1059.7 11.9
7
8
LIC India
SBI
447841.6
435922.1
Canara Bank 11.6 Moongipa Sec -24.6
SENSEX 24.3/27.0 7.5 250 21 9 3.6 HDFC 1043.6 4.7 Titan Company 9.9 Eiko Life -21.8
Asian Paints 2880.4 -0.4 2.1 91.2 88.1 Mah & Mah 1132.7 -0.1 1.8 21.4 28.5 Nifty 14/07/22 16500 50.9 3.9 67.4 Nifty 14/07/22 16100 60.1 2.8 39.6 9 HDFC 406210.0
Axis Bank 669.1 1.6 2.9 14.6 15.8 NIFTY 50 22.0/24.6 281.1 4510 35 15 3.1 Hindalco 949.9 26.3 ABB India 9.7 Lotus Choco -17.1
Maruti Suzuki 8475.5 -1.4 1.8 66.0 68.0 C = CONSOLIDATED; S = STANDALONE Nifty 14/07/22 16400 47.9 3.3 98.4 Nifty Bank 14/07/22 35000 53.8 1.9 244.7 10 Bharti Airtel 381832.7
Bajaj Fin 5871.3 0.2 2.5 50.6 56.0 Nestle India 18402.4 1.0 1.0 - 83.0 Nifty 14/07/22 16700 42.2 3.8 108.4 Nifty 14/07/22 15900 31.6 3.9 29.4 HDFC Bank 928.0 6.6 India Cement 9.3 UP 3 DAYS
11 ITC 361711.2
Bajaj Finsrv 12004.8 0.3 1.2 41.9 450.3 NTPC 143.5 2.2 1.1 8.3 8.6 CASH DERIVATIVES Stock Stock Axis Bank 869.9 13.0 12 Bajaj Fin 355474.8 Honeywell A 9.1 MPDL 53.0
Bharti Airtel 695.3 1.3 2.7 89.7 - Power Grid 218.8 2.9 1.2 9.1 8.9 TURNOVER BSE NSE BSE NSE PNB 28/07/22 32 33.0 13.0 -3.7 RBL Bank 28/07/22 80 16.4 5.9 34.7 13 Kotak Mah Bank 346459.3 Transcorp I 31.5
ICICI Bank 750.3 10.0 Apollo Tyres 9.1
Dr Reddys 4403.5 1.5 0.8 33.6 45.2 Reliance Ind 2391.5 0.2 13.0 26.7 41.4 VALUE(IN ~ CRORE) 2533 42715 - 4606517 Tata Motors 28/07/22 450 31.5 4.6 -11.3 ONGC 28/07/22 120 12.9 7.2 10.4 14 Adani Green En 304276.3 Himadri Sp Chem 30.3
TCS 725.3 2.2 DOWN
HCL Techno 983.8 -0.5 1.7 19.8 24.5 SHARES(IN MN) 317.7 1561.4 - 6527.5 Coal India 28/07/22 200 29.8 16.7 67.8 Tata Motors 28/07/22 430 10.4 1.8 64.1 15á Adani Trans 284031.6
SBI 488.5 0.3 3.0 12.3 13.8 Himadri Sp Chem 611.0 75.0 Chennai Petr -9.6 Keynote Fin Ser 30.1
HDFC 2238.8 -0.3 6.4 18.0 29.6 TRADES(000) 2195 15507 - 23265 Tata Motors 28/07/22 440 27.2 4.2 30.3 RBL Bank 28/07/22 75 9.7 5.4 37.4 16á Adani Total Gas 279497.7
Sun Pharma 857.4 0.9 1.5 62.9 449.5 Maruti Suzuki 596.5 0.7 HDFC Std Life -3.5 TCPL Pack 20.6
HDFC Bank 1396.8 0.1 9.7 20.4 21.0 Coal India 28/07/22 190 26.5 4.9 45.4 PNB 28/07/22 30 9.5 7.6 -0.6 17â Asian Paints 276283.2
Tata Steel 885.8 -1.6 1.1 2.7 3.5 Infosys 583.4 3.9 Modella Wool 19.2
HUL 2495.9 0.8 3.5 66.0 66.5 MARKET-CAP (~ CR) TRADED TOTAL 18 HCL Techno 266955.3 Muthoot Finance -2.2
ICICI Bank 755.7 1.8 8.3 20.9 22.5 TCS 3264.9 -0.7 5.2 31.2 31.3
ONGC 549.3 44.9 19á Adani Enter 261407.7 Others PC Jeweller 17.2
Tech Mahindra 1026.3 0.5 1.0 17.9 20.3 BSE 25,173,317 25,327,394
IndusInd Bank 848.5 -1.5 0.9 - 14.3
Infosys 1514.0 1.0 8.7 28.8 30.0 Titan Company 2143.8 0.7 1.4 87.6 87.3 NSE 24,913,572 24,979,394 SPURT IN VOLUMES Vedanta
Bajaj Fin
496.5
485.4
22.0
0.8
20â
21
Maruti Suzuki
Avenue Supermar
256026.4
255354.2
UP 7 DAYS
10Ard 94.8
DOWN 3 DAYS
Motor & Gen -19.5
UltraTech 5839.1 0.0 1.1 23.0 23.9 DERIVATIVES 17,986,464 17,986,464
ITC 293.0 0.4 5.7 23.7 24.0 Company Days 2-week Avg Change Close *Price 22á L&T 237105.0
SBI 462.7 9.5 K P Energy 42.4 LE Lavoir -19.1
Kotak Mah Bank 1745.0 0.3 4.0 28.7 40.4 Wipro 419.2 -0.4 1.0 18.8 18.9 Volume Volume % price %chg 23â Wipro 229820.1
L&T 1687.4 4.7 3.7 27.3 32.3 BSE SENSEX 54481.8 á0.6 100.0 24.3 27.0 TRADING ACTIVITY Sbiamc - Sbietf 915533.0 3724.3 24482.9 71.8 0.2
Titan Company
SRF
452.8
439.0
2.1
2.1
24 Sun Pharma 205704.0
ST Corporations 40.7 Indian Card -18.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Axis Bank 205510.7 Katare Spg 40.6 NIBE -14.2
Nucleus Soft 617693.0 8366.8 7282.7 429.4 9.1 Tata Power 408.7 18.8
Equity Debt Equity Debt 26 Bajaj Finsrv 191044.4 Shukra Pharmace 40.6 Tayo Rolls -14.2
Net Net Net Net Keynote Fin Ser 443993.0 8666.5 5023.1 122.4 8.1 Asian Paints 372.6 1.3 27 Titan Company 190322.1 Shrigang Ind 40.5 Mehta Housin -14.2
WORLD INDICES On 07 Jul -882 -22 - - Signet Inds 259214.0 10290.0 2419.1 39.5 19.9 HUL 357.0 1.4 28 Nestle India 177435.9 Ambar Proteins 40.4 Kohinoor Fd -14.2
On 06 Jul -796 925 - - Reliance Chm 160278.0 7189.3 2129.4 217.0 6.5 ITC 339.4 11.6 29 UltraTech 168555.9
Indices Close % Chg* Indices Close % Chg*
On 05 Jul 2133 237 - - Miraeamc - Man5 665116.0 40618.3 1537.5 168.9 0.5 30 ONGC 152850.4 (T+2) cycleStocks which rose/fell continuously
HCL Techno 331.2 3.3
Americas (Jul 07,22) Asia/Pacific (Jul 08,22) On 04 Jul -1434 -318 - - SMS Pharma 437100.0 27017.1 1517.9 82.0 1.4
Nasdaq Composite 11621.4 2.3 Jakarta Composite 6740.2 1.3 On 01 Jul -2857 -106 - - AMJLAND 356049.0 22633.6 1473.1 27.6 9.7
Jul till date -3835 715 - - Ashima 623726.0 46358.7 1245.4 12.7 10.3
S&P/ TSX Composite
Dow Jones
19063.2
31384.6
1.8
1.1
Taiwan Taiex
Kospi
14464.5
2350.6
0.9
0.7 2022 till date -221699 -15754 139380 -15319 Gokul Ref 1362291.0 103214.0 1219.9 36.8 16.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 07,22) Kuala Lumpur Comp 1425.8 0.5 Group ecutive Officer) other matter ended on June ance Officer of
DAX 12896.1 0.4 Straits Times 3131.3 0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company of the Com- with the per- 30 2022 pur- the Company.
Purpose pany. 3. To con- mission of the suant to Regu- 2. Appointment
CAC 40 6007.4 0.0 Shanghai Se Comp 3356.1 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock sider and board. lation 33 of of Ms. Bharti
FTSE 100 7175.8 -0.2 Stock Exchange of Thai 1557.9 -0.3 NET Net Fut OI Opt OI OI JULY 09 appoint M/s. Supremex Shin: SEBI (Listing Rana as Com-
HIGH *Alfavision . . . . . . . . . . 153.4 *Lorenzinl App . . . . . . . . 29.9 LOW
IBEX 35 8093.6 -0.4 Volatility (Jul 07,22) BS 200 *Shukra Pharmace . . . 150.8 *Manraj Hsg.F . . . . . . . . 29.8 BS 200 Avenue Super- Nitesh Chaud- A.G.M. Obligations and pany Secretary
On 07 Jul 6781 135 0.1 1.0 2.4
Asia/Pacific (Jul 08,22) CBOE S&P 500 26.3 0.7 *Siemens . . . . . . . . . . 2692.7 *Dhabriya Poly . . . . . . 130.0 *Respons Info . . . . . . . . 29.5 NONE mar: To con- hary & Associ- Trident Texo- Disclosure Re- and Compli-
On 06 Jul 606 1523 0.2 1.5 2.4
Hang Seng 21725.8 0.4 CBOE Dow Jones 22.9 -0.9 *ABB India . . . . . . . . . 2611.2 *Titagrh Wgns . . . . . . . 125.5 Aroma Ent . . . . . . . . . . . . 28.0 Others sider and ates as fab: To consider quirements) ance Officer of
On 05 Jul -577 303 0.2 1.4 2.4
*ICICI ETF AUto . . . . . . 123.6 *Sparc Electrex . . . . . . . 27.2 approve stand- Secretarial Au- and approve in- Regulations the Company.
Nikkei 225 26517.2 0.1 * Change over previous close On 04 Jul 868 -464 0.2 1.2 2.4 *Mah & Mah . . . . . . . . 1191.9 Kemp & Co . . . . . . . . . . 485.1
*Morarka Fin . . . . . . . . 123.0 *Standard Shoe . . . . . . . 26.4 alone & consoli- ditor of the cluding: 1. Res- 2015. (b) Any KCL Infra Pro:
On 01 Jul -142 68 0.2 1.1 2.3 *Varun Bever . . . . . . . . 852.0 MSTC . . . . . . . . . . . . 229.1
*Valiant Comm . . . . . . 121.9 *Deep Diam . . . . . . . . 26.0 dated financial Company for ignation of Ms. other business. Meeting of the
*ITC . . . . . . . . . . . . . . . . 294.5 *Fermenta Biotec . . . . 184.0
MAJOR INDICES Jul till date
2022 till date
7536
251687
1565
28128
-
-
-
-
-
- Others *APM Finvest . . . . . . . . 117.4 *ABC Gas Int . . . . . . . . . . 23.5 *Electrotherm . . . . . . . . 78.8
statements for the financial Ami Ash- Atharv Enter: Board of Direc-
*Dolfin Rubbers . . . . . . 114.8 *Chothani . . . . . . . . . . 21.6 the quarter year 2022-2023 winbhai Desai To consider and tors of the
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Elantas Beck . . . . . . 4400.0 *Quality RO Ind . . . . . . . 49.0
*Captain Pipes . . . . . . . 110.0 *Swad.Polytex . . . . . . . . 20.6 ended June 30 and 2023-2024. as an Independ- approve Stand- Company is
*Voltamp Tran . . . . . . 3315.0 Vibrant Glob . . . . . . . . . . 43.5
2022. 4. Any other ent Director. 2. alone Un-au- scheduled to
S&P BSE Sensex 54,178.5 54,574.4 54,627.1 54,278.8 54,481.8 303.4 0.6 *Tube Inv of Ind . . . . . 2057.0 *Hubtown . . . . . . . . . . . . 80.5 *Davangere sugar . . . . . 19.2 *Olympic Oil . . . . . . . . . 26.3
Prismx Glob: business with Reconstitution dited Financial consider and
*FIEM Inds . . . . . . . . . 1675.9 *IndiaNivesh . . . . . . . . . 77.7 *Navigant Corp . . . . . . . 17.2 *AJIL . . . . . . . . . . . . . . . . 21.0
S&P BSE Sensex 50 16,933.8 17,056.6 17,072.6 16,960.7 17,024.0 90.2 0.5 S&P BSE SECTORAL INDICES *Arman Fin . . . . . . . . . 1346.2 *Ambar Proteins . . . . . . 74.2 *Dhruva Capital . . . . . . . 14.1 *Soni Medicare . . . . . . . 20.6
To consider and the permission
approve 1.To of Chair person
of Board Com-
mittees. 3. Any
Results for the
Quarter ended
approve Intima-
tion of meeting approve the Fol- dow for dealing take the note of 11/07/2022 inter (Indian Rupees
S&P BSE-100 16,448.4 16,564.0 16,577.0 16,464.2 16,530.6 82.2 0.5 *Apar Ind . . . . . . . . . . 1060.0 *Adv Petroch . . . . . . . . . 64.6 *Stanpacks I . . . . . . . . . . 14.1 Asia Pack . . . . . . . . . . . . 15.6
Prev cls Close % Chng consider and RailTel Corp: other business on 30th June of the Board of lowing:- 1. To in securities of same in your alia to consider Five Thousand
*TCPL Pack . . . . . . . . . 984.0 *NINtec Sys . . . . . . . . . . 63.3 *Capfin India . . . . . . . . . 12.7 Dharani Sug . . . . . . . . . . 10.7
S&P BSE-200 7,003.7 7,051.6 7,056.5 7,007.3 7,037.2 33.5 0.5 approve the Final Dividend with the per- 2022. Directors for approve Un-Au- the company record. and approve 1. Crore only) on
Auto 27,770.8 27,791.1 0.1 *Insectcides . . . . . . . . . 920.5 Gala Global Pro . . . . . . . 62.5 *Mathew Easow . . . . . . 12.4 *Citi Prt Fin . . . . . . . . . . 10.2 resignation of Scandent mission of the Bervin Inv: Right Issue of dited Financial shall continue to Sahara One: Increase Au- private place-
S&P BSE-500 21,929.4 22,077.1 22,090.6 21,940.1 22,028.1 98.7 0.5 Bankex 40,180.8 40,445.6 0.7 *Monte Carlo Fas . . . . 799.9 *KLK Elect . . . . . . . . . . . 62.1 *Yarn Syndct . . . . . . . . . 11.4 *Sical Logis . . . . . . . . . . . 7.7 Results of the remain closed Meeting of the thorized Capital ment basis in
Mr. Tejas Hingu Imagin: To con- Chair. Quarterly Re- Equity Shares.
Cons. Durables 37,124.7 37,136.1 0.0 *Gensol Engg . . . . . . . . 633.8 *Panth Infi . . . . . . . . . 57.2 *Tirupati Tyres . . . . . . . . 11.2 Parsvnath . . . . . . . . . . . . . 7.5 company for the for all desig- Board of Direc- 2. issue of War- one or more
(DIN 06936684) sider and ap- sults (Revised) Mishtann
S&P BSE IPO 8,969.9 9,004.5 9,051.9 8,953.5 8,977.4 7.6 0.1 Cap. Goods 26,979.4 27,580.5 2.2 *AGI Infra . . . . . . . . . . . 418.4 *Galactico Corpo . . . . . . 52.7 *Euro Asia . . . . . . . . . . . . . 8.8 Andhra Cem . . . . . . . . . . . 5.8 as Managing prove the JULY 11 & Audited Re- Foods: To con- Quarter Ended nated persons tors rant tranches subject
FMCG 14,788.9 14,868.3 0.5 *Choice Int’l . . . . . . . . . 407.0 Acemen . . . . . . . . . . . 48.9 *Venlon Entr . . . . . . . . . . . 8.1 *Adishakti Loha . . . . . . . . 5.4 Director of the Unaudited Fi- 5Paisa Capital: sults sider and ap- on 30th June upto 48 hours Samor Reality: Satin creditcar: to applicable
S&P Dollex-30 5,613.7 - - - 5,643.2 29.5 0.5
Healthcare 22,074.7 22,160.4 0.4 *ST Corporations . . . . 346.2 *Shrigang Ind . . . . . . . . 46.4 *Esaar (I) . . . . . . . . . . . . . 7.9 *Tiaan Consumer . . . . . . 5.0 Company. 2. To nancial Results To consider and Gogia Cap: To prove 2022 along with after the decla- Samor Reality To consider and laws and neces-
Nifty 50 16,132.9 16,273.7 16,275.5 16,157.9 16,220.6 87.7 0.5 Infra 256.0 258.7 1.1 *J Kumar Infr . . . . . . . . 312.0 *Bhatia Communic . . . . 46.1 *Kush Inds . . . . . . . . . . . 7.3 Prime Inds . . . . . . . . . . . . 4.9 consider ap- of the Company approve inter consider the Intimation of Limited Review ration of Unau- Ltdhas informed approve the pro- sary approvals
IT 28,709.8 28,798.1 0.3 *Kewal Kiran . . . . . . . . 307.8 *Ster Green W . . . . . . . . 42.1 *JMD Ventures . . . . . . . . 6.0 Tarini Intl . . . . . . . . . . . . . . 4.7 prove and ap- for the first alia: (a) Stand- following: 1. Board Meeting Report. 2. Any dited Financial BSE that the posal for raising from share-
Nifty next50 38,264.4 38,499.8 38,511.4 38,069.5 38,374.7 110.3 0.3
Metal 16,106.2 15,950.4 -1.0 *Elecon Engin . . . . . . . 303.0 *VCU Data . . . . . . . . . . . 40.3 *Regency Cera . . . . . . . . . 4.9 *Triveni Ent . . . . . . . . . . . 3.0 point Mr. quarter ended alone and Con- Resignation of to be held on other Matter Results of the meeting of the of funds by way holders and any
Nifty 500 13,765.6 13,873.8 13,874.7 13,770.9 13,828.3 62.7 0.5 Oil & Gas 17,584.7 17,614.6 0.2 *Kernex Micro . . . . . . . 222.1 *Indagiv Comm . . . . . . . 39.4 *Mercury Meta . . . . . . . . 4.6 Satvahan Isp . . . . . . . . . . . 2.7 Ravindra Bhas- 30th June 2022 solidated Ms. Bhavna Monday 11th with the permis- company for the Board of Direc- of issuance of statutory au-
Power 4,129.2 4,199.8 1.7 *Atam Valves . . . . . . . . 203.0 *High Street . . . . . . . . . . 35.3 *Haria Apparels . . . . . . . . 3.3 Sea coast . . . . . . . . . . . . 2.6 kar (DIN along with the unaudited Fi- Seth as Com- July 2022 sion of Chair- Quarter Ended tors of the Com- Non-Convertible thorities as may
India VIX 19.2 19.2 19.2 18.2 18.4 -0.8 -4.2 *Sonal Adhes . . . . . . . . . 30.0 *DSJ keep Learni . . . . . . . 2.6
PSU 8,097.9 8,143.7 0.6 *GTV Engg . . . . . . . . . . 158.6 *Padmanabh Inds . . . . . . 2.5 00290973) as Limited Review nancial Results pany Secretary Nakoda Group: man. Further on 30th June pany is Debentures upto be required/ap-
Nifty CPSE 2,346.0 2,367.1 2,376.8 2,357.4 2,373.1 27.2 1.2 Realty 3,274.8 3,274.7 0.0 m m w w CEO (Chief Ex- Report; and any for the quarter and Compli- To consider and the trading win- 2022. Please scheduled on INR 5000 Crore plicable.

> 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 (704.8) (704.8) (2563.3) (2562.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 714.5 708.0 2563.3 2570.0
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 725.0 725.0 2611.2 2612.3
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 708.2 708.0 2553.8 2554.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 722.8 723.0 2590.1 2589.1
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 77760 697K 25227 534K
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 20.3 20.3 73.0 73.0
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 2611/1619 2612/1618
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 26202 26207 54883 54863
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
(19231.7) (19287.7) (2167.8) (2168.4) (2275.3) (2274.3) (703.2) (703.6) (275.5) (275.6) (250.5) (250.5)
O 19250.1 19312.2 2177.0 2175.0 2280.0 2286.0 708.2 709.9 275.0 277.9 251.0 252.8 O O
19598.7 19600.0 2200.0 2201.1 2301.0 2303.6 717.8 717.8 278.7 278.6 254.3 254.3
w 19220.2 19193.2 2163.7 2159.9 2263.5 2263.9 706.6 706.6 269.0 269.0 248.2 248.2 w w
19486.8 19474.7 2169.2 2169.4 2293.1 2293.1 716.0 715.7 271.4 271.6 253.4 253.4
178 14700 2488 241K 37573 899K 101K 3881K 518K 7078K 90826 1894K K K K K K K K K K K K K K
51.8 51.8 24.0 24.0 336.6 336.6 31.8 31.8 21.3 21.3 - -
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 41409 41384 40734 40738 261408 261408 151244 151181 104677 104735 23772 23777 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
(546.3) (546.5) (658.5) (658.2) (3802.3) (3795.5) (5859.9) (5860.7) (11965.8) (11967.3) (2279.8) (2280.4) (345.6) (345.7) (279.5) (279.6) (105.1) (105.0) (1783.0) (1784.5) (593.2) (593.3) (236.8) (236.6) (664.8) (664.8) (686.7) (686.8) (47.0) (47.0) (321.6) (321.4) (340.6) (340.5) (16162.3) (16170.7)
O 552.0 550.0 665.4 667.0 3835.0 3830.0 5924.0 5928.0 12100.0 12050.0 2297.0 2289.0 O 351.0 349.9 282.0 282.0 105.9 105.9 1786.0 1789.0 595.0 590.0 239.5 238.1 O 670.0 669.0 686.2 688.0 47.1 47.3 320.0 323.1 344.9 344.0 16212.7 16140.0
553.0 553.4 676.6 676.8 3835.0 3830.0 5936.6 5928.0 12105.3 12127.3 2297.0 2294.5 356.6 356.5 283.0 282.9 106.3 106.3 1804.5 1805.0 595.0 595.5 242.5 242.5 675.0 675.4 696.5 696.6 47.4 47.4 324.6 324.6 347.0 347.4 16285.1 16290.0
w 541.2 541.1 661.3 661.4 3792.0 3792.7 5803.6 5801.0 11877.0 11880.0 2251.1 2250.1 w 347.7 347.2 269.4 269.2 104.0 104.0 1786.0 1782.5 579.5 579.3 233.5 233.5 w 666.5 665.0 686.2 686.7 46.6 46.6 319.6 319.7 341.8 341.7 16036.4 16025.0
546.4 546.6 669.1 669.2 3824.4 3825.0 5871.3 5873.2 12004.8 12003.1 2287.9 2289.2 352.9 353.1 272.1 271.9 105.6 105.6 1792.8 1791.9 585.4 585.3 235.9 236.0 668.5 668.7 695.3 695.2 47.1 47.1 322.7 322.8 343.9 343.7 16145.3 16139.5
25301 540K 327K 12670K 21538 327K 27298 803K 4477 169K 6273 127K 126K 3471K 136K 4930K 1170K 19420K 2761 133K 84780 998K 202K 7060K 22723 1049K 170K 2732K 888K 9074K 41399 629K 82925 1775K 971 17133
12.1 12.1 15.8 15.8 17.9 18.0 56.0 56.0 41.9 41.9 31.3 31.4 14.0 14.0 348.4 348.2 7.5 7.5 228.4 228.3 75.8 75.8 24.5 24.5 28.9 28.9 89.7 89.7 39.9 39.9 59.7 59.8 20.8 20.8 39.1 39.1
W 978/503 979/503 867/618 867/618 4090/3028 4080/3027 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 32014 32022 205511 205526 110667 110684 355475 355593 191044 191017 44225 44249 M 7199 7203 43822 43797 54609 54609 23040 23029 56855 56845 57479 57504 M 31123 31132 381833 381778 16383 16383 38737 38755 9628 9622 47612 47595

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH m Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(329.4) (329.4) (3808.9) (3810.3) (463.3) (463.5) (208.6) (208.6) (367.4) (367.4) (642.3) (642.2) (936.4) (935.3) (144.8) (144.9) (185.9) (186.0) (3609.1) (3609.4) (1569.0) (1570.0) (652.8) (653.0) (972.6) (974.0) (1131.3) (1130.3) (543.3) (543.5) (1451.5) (1453.2) (1760.8) (1761.1)
O 330.0 330.0 3815.0 3830.0 469.3 469.2 209.0 209.0 368.9 370.9 O 646.6 647.5 936.4 942.3 146.5 146.5 186.8 187.1 3665.0 3680.0 1570.0 1572.0 O 655.0 655.0 977.8 985.0 1140.9 1133.0 543.6 545.0 1457.8 1458.0 1777.0 1782.6
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w 324.6 324.5 3795.0 3792.5 459.3 459.0 206.4 206.5 363.8 363.8 w 616.3 616.3 928.3 927.9 143.3 143.2 186.8 187.1 3578.3 3578.0 1559.0 1558.6 w 651.6 651.3 964.6 964.2 1108.1 1108.1 540.5 540.6 1425.0 1425.6 1748.1 1748.0
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W 503/294 503/293 4152/3050 4153/3050 721/408 722/407 273/142 273/142 W 770/470 768/469 1083/850 1083/850 184/109 184/109 209/133 209/133 6133/3224 6135/3218 1823/1376 1823/1376 W 754/554 754/554 1003/710 1000/709 1162/822 1162/822 659/482 659/482 2547/1213 2548/1213 3020/1682 3020/1681
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MUMBAI | 9 JULY 2022 13 <

KERALA WATER AUTHORITY e-Tender Notice

Tender No : 16/2022-23/SE/PHC/MVPA
JJM 2020-21: Providing FHTC from extended lines to households in
Vannappuram Panchayath. EMD: Rs. 100000/-. Tender fee: Rs. 7500. Last
Date for submitting Tender: 18-07-2022 04:00:pm. Phone: 04852835637.
Website: www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
Superintending Engineer
KWA-JB-GL-6-495-2022-23 PH Circle, Muvattupuzha

Centre for Aromatic plants (CAP)

Industrial Estate, Selaqui - 248011, Dehradun (Uttarakhand)
Telefax - 0135-2698305,
E-mail: cap.dun@gmail.com Website www.capuk.in.

e-Tender Notice No 05/CAP/2022-23

e-tenders are invited from the Manufacturers for the supply,
installation and commissioning of Mobile Steam Distillation
Units-1 No. (5 QtI, 2000 L capacity) to be fitted on Truck
Chassis. The terms and Conditions of tender document
along with other information can be downloaded from e-
tendering website of Uttarakhand Government
www.uktenders.gov.in from 11th July, 2022 to 26th July,
2022. The cost of tender is Rs.1180/- including GST. EMD
is Rs. 70,000/ (Rupees Seventy thousand only). The tender
can only be applied through e-tendering procedure on the
website www.uktenders.gov.in. The last date of applying
and submission of tender is 26th July 2022
Director      
             
              
          
                      
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14
>
MUMBAI | 9 JULY 2022 1

IN THE CITY CIVIL COURT AT DINDOSHI GOREGAON-BORIVALI DIVISION

CHAMBER SUMMONS NO. 479 OF 2021
IN S.C. SUIT NO. 2222 OF 2016
DIPESH MEHENDRA JAIN, age 29 years.
Occ.: Business, having an address at
Shreeji Heights, A - 201, Sector - 46A,
Plot 1ABC, Nerul West, Seawoods,
Navi Mumbai-400 706.
In the matter between
1. MR. PHOOTERMAL JUHARMAL JAIN
Age about 71, Occ.: Retired, having an
Address at A-503, Darshan Tower, Seth
Motisha Lane, Love Lane,
Byculla, Mumbai - 400 010.
2. DIPESH MAHENDRA JAIN
Age 29, Occ.: Business, having an Address
at Shreeji Heights, A - 201, Sector -46A,
Plot 1ABC, Nerul West, Seawoods, Navi
Mumbai - 400 706.
Versus
1. MR. CHANDRASHEKHAR G. RANE
Age not knwon, Occ.: Business the proprietor
of Cosmos Enterprises having an address
At 101, Om Sahil Apartment, Natwar Nagar
Road No. 5, Jogeshwari (E), Mumbai-400060
2. M/S. B.R. BUILDERS AND DEVELOPERS
Partnership firm having an address at 1 and
2, status II, Yashwant Nagar, Vakola,
PUBLICATION NOTICE B. D. Cri. No. CR0605589/2022 Santacruz (E), Mumbai - 400 055 through
Dated: 06/07/2022 Its partners Mr. Brian Miranda and
Rajesh Pawar
DUE ON 18.07.2022 3. MISS CHETANA BANAWAT
IN THE HIGH COURT OF JUDICATURE AT BOMBAY, Are not known, Occ.: Not known, having
Address At 3, Madhavi Society, 277.C.
APPELLATE SIDE, BOMBAY Mughal Lane, Mahim (W), Mumbai 400016
INTERIM APPLICATION NO.1737 OF 2022 And also at Flat No. 401, 4th Floor, B-wing
IN Siddharth Apartment, Village kole Kalyan.
CRIMINAL APPLICATION (APL) No. 919 of 2019 Santacruz (E), Mumbai - 400 055.
AND
MAKALU TRADING LIMITED ....APPLICANT
1. MRS. HANJABAI PHOOTERMAL JAIN
V/S. Age about 73 years, Occupation Household
MR. SURENDRA CHAMPALAL LODHA & ORS ....RESPONENT Having an address at Flat No. 503, Darshan
Tower, Seth Motisha Lane, Mazgaon,
To, Mumbai - 400 010.
2. MR. ASHOKKUMAR PHOOTERMAL JAIN
3. MR. MADHUR SOMA MAGHNANI Age about 55 years, Occupation : Business
R/AT: 503, IVORY TOWER-1, JUHU TARA ROAD, Having an address at Flat No. 801, Kumar
MUMBAI, PIN CODE: 400 049. Sophraniya Tower, Cross Ulster Road, Near
Rani Baug, Mumbai - 400 027.
WHEREAS the Applicant Makalu Trading Limited has 3. MR. VIMALKUMAR PHOOTERMAL JAIN
presented the above mentioned Criminal Revision Application to Age about 51 years, Occupation : Business
Having an address at Flat No. 801, 8th Floor
this high court on 16.04.2022 through Advocate Kartik Garg praying Royal Residence, Dr. B.A. Ambedkar Road
therein that this Hon'ble Court be please to allow the service of Chiwda Galli, Lalbaug, Parel, Mumbai - 400 012.
Notice by Substitute Service by Paper Publication upon 4. MR. SUIRENDRAKUMAR PHOOTERMAL JAIN
Respondent No.3 in one Local Language News Paper and in one Age about 50 years, Occupation : Business
Having an address at Flat No. 503, Darshan
English Language News Paper. Tower, Seth Motisha Lane, Mazgaon,
Mumbai - 400 010
AND UPON HEARING Mr. Kartik Garg, Advocate for the 5. MRS. APSARA NITIN SHAH
Applicant, Mr. A. D. Kamkhedkar, APP for the Respondent 4- State Age about 49 years, Occupation: Household
& The Court (Coram: PRAKASH D. NAIK, J) has on 15.06.2022 Having an address at Flat No. 506, Kamal
Darshan, Chinda Galli, Lalbaug, Parel,
passed the following order:- Mumbai - 400 012.
6. MRS. SHARMILA RAKESH JAIN
P.C- Age about 46 years, Occupation: Household
This is an application for substituted service. Notice was issued Having an address at a/1001, Vardhaman
to Respondent No. 3 in Criminal Application No. 919 of 2019, which Estate, Chiwda Galli, Lalbaug, Parel,
Mumbai - 400 012.
is return with remark “left”. In this circumstances the Applicant who
is original Complainant has preferred this application seeking TAKE NOTICE that, this Honourable Court will be moved before His Honour Judge
Shri. R.M. Mishra presiding in court room No. 04 on 29th day of July, 2022 at 2.45
permission to give notice to respondent No. 3 by publication in local PM in the forenoon by the abovenamed Plaintiff for following reliefs:
newspaper. (a) That this Hon’ble Court be pleased to condone the delay of 117 days in the
2. Considering the factual aspects, this application is allowed in plaintiff No. 2 taking out present Chamber Summons.
terms of Prayer clause (a) (b) That the abatement of the suit, if any, be set aside, (c)This Hon’ble Court be
3. Interim Application No. 1737 of 2022 stands disposed of pleased to permit the Applicant to join the Respondent No. 1 to 6 as party
Plaintiff No. 1(a) to 1(1) in the present suit by deleting the name of the plaintiff
accordingly. No. 1;
TAKE A NOTICE that High Court has determined to hear the said (d) The Applicant be permitted to carry out consequential amendment in the plaint
Criminal Application due on 18.07.2022. You are therefore directed as per schedule annexed to the Chamber Summons.
to appear in person or by an Advocate, in this Court on the said day, (e) For Costs
(f) For such other and reliefs as this Hon’ble Court may deem fitin the circumstances
or thereafter from day to day until the disposal of the said Criminal of the case.
Application to show cause why the rule should not be granted or
such other order made, as to the High Court may deem fit. Should Given under my hand and the seal of this Hon’ble Court,
you fail to appear in person or by an Advocate the Court will hear the Dated this 20 day of June, 2022
said Criminal Application ex –parte.
Sealer
WITNESS Shri. Dipankar Datta, the Chief Justice at Bombay Dated this 22 day of June, 2022
aforesaid, this 15th day of JUNE, 2022.
By the Court, MR. RAKESH K. AGRAWAL,
Sd/- Dt. 06/07/2022 Advocate for Plaintiffs, Office at 7-11,
Vardhaman Chambers, Cawasji Patel Street, Fort, Mumbai - 400 001.
(Mrs. Vrushali Sawant)
(Section Officer) To,
MR. CHANDRASHEKHAR G. RANE,
Age not knwon, Occ.: Business the proprietor
Sd/- Dt. 06/07/2022 or Cosmos Enterprises having an address
Seal (Shreevidya Naik) At 101, Om Sahil Apartment, Natwar Nagar
Sd/-dt.6/07/2022 (Assistant Registrar) Road No. 5, Jogeshwari (E), Mumbai-400060
PUBLIC NOTICE
Notice is hereby given that an Immovable Property, bearing Flat No.
th
) 402, on 4 Floor, area admeasuring 847 sq. feet (Carpet Area), which is
)
)
inclusive of balconies, Wing-E, in the building known as “Laura”, in
the Society known as 'Rosalie Co-operative Housing Society Limited',
) ..Applicant being lying and constructed on land bearing Survey Nos. 6/11, 8/1, 9/7,
8/2, 6/10, situated at Village – Barave, Kalyan (West), Taluka - Kalyan,
) District - Thane, within the limits of Kalyan-Dombivli Municipal
)
)
Corporation ('the said Flat'), was purchased by (1) Mrs. Indra Kamlesh
) Lakhpati & (2) Mrs. Jayashree Bunty Lakhpati from (1) Mr.
) Omprakash Chandanmal Chugh & (2) Ms. Barkha Omprakash Chugh
) vide an Agreement for Sale, dated 26.10.2016, which is duly registered
)
) before the Office of the Sub-Registrar of Assurances, Kalyan-2, at
) Serial No. 6701/2016, dated 26.02.2016. Further, one of the co-
owners, Mrs. Indra Kamlesh Lakhpati died intestate on 19.09.2019 &
she was survived by (1) Mr. Kamlesh Kishanchand Lakhpati, (2) Mrs.
) Komal Sanjay Chhatani @ Miss. Madhu Kamlesh Lakhpati, (3) Mrs.
) Kashish Sunil Parwani @ Miss. Laxmi Kamlesh Lakhpati, (4) Mrs.
) Preeti Vishal Chhabria @ Miss. Reshma Kamlesh Lakhpati & (5) Mr.
)
) Bunty Kamlesh Lakhpati, as her legal only heirs. Furthermore, (1) Mr.
) Kamlesh Kishanchand Lakhpati, (2) Mrs. Komal Sanjay Chhatani @
) Miss. Madhu Kamlesh Lakhpati, (3) Mrs. Kashish Sunil Parwani @
)
Miss. Laxmi Kamlesh Lakhpati, (4) Mrs. Preeti Vishal Chhabria @
Miss. Reshma Kamlesh Lakhpati, being the Releasors, alongwith a co-
) owner, Mrs. Jayashree Bunty Lakhpati, being a Confirming Party have
) released and relinquished all their rights, title & interest, over the said
)
) Flat, in favour of my client, Mr. Bunty Kamlesh Lakhpati, vide a
) Release Deed (Without Consideration), dated 22.10.2021, which is
) duly registered before the Office of the Sub-Registrar of Assurances,
) Kalyan-2 at Serial No. 19591/2021, dated 25.10.2021.
) ...DEFENDANTS
Any person having or claiming any right, interest, claim or demand of
any nature whatsoever into or upon or in respect of the said Flat by way
)
)
of sale, exchange, assignment, lease, tenancy, mortgage, charge, lien or
) otherwise howsoever is hereby required to intimate the same
) alongwith the supporting documents to the undersigned within fifteen
) (15) days from the date of publication of this notice, on the mailing
)
) address mentioned below, failing which the claim, if any, of such
) person shall be deemed to have been waived.
) Dt. 09.07.2022 Sd/-
) J.K. DALWANI
) ADVOCATE HIGH COURT
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
) ....RESPONDENTS
Addl. Registrar,
City Civil Court, Dindoshi.

SHREENATH APARTMENT IV CO-OP. HOUSING SOCIETY LTD.

NICKY CO-OP. HOUSING SOCIETY LTD. Regn No. BOM/WT/HSG/TC/3127/1988-89
Chaphekar Bandhu Marg, Village Mulund (E), Tal. Kurla, Mumbai-400081
Regn No. MUM-2/WL/HSG/TC/11287/2021-2022
Nicki Palace, Brahman Wadi, Moreshwar Patankar Marg, Pipe Road, Kurla (W), Mumbai-400070 DEEMED CONVEYANCE PUBLIC NOTICE
Notice is hereby given that the above Society has applied to this office under Section 11 of BASF India Limited
DEEMED CONVEYANCE PUBLIC NOTICE Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management & Regd. Office: The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No.C-70,
Notice is hereby given that the above Society has applied to this office under Section 11 of Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties.
Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management & The next hearing in this matter has been kept before me on 26/07/2022 at 3:45 pm at the office ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051
We create chemistry CIN: L33112MH1943FLC003972 Tel: +91 22 62785600
Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties. of this authority.
The next hearing in this matter has been kept before me on 26/07/2022 at 4:00 pm at the office Respondent No. - (1) Smt. Sumatibai Gajanan Upadhye add- CTS No. 866, Mulund (East), Website: www.basf.com/in Email: investor-grievance-india@basf.com
of this authority. Mumbai-400081 (2) M/s. Shree Builders add- 2/A, Mulund Vaibhav, Zever Road, Mulund (West), NOTICE FOR THE ATTENTION OF MEMBERS OF BASF INDIA LIMITED (“THE COMPANY”)
Respondent No. - (1) Smt. Padma Shreedhar Patankar (2) Sou. Kanchan Shreekant Mumbai-400080 (3) M/s Mangesh Builders address Not known and those, whose interests
Akolkar (3) Shree Ranjan Sheedhar Patankar Lat. Shreedhar Moreshwar Patankar (4) have been vested in the said property may submit their say at the time of hearing at the venue 78TH ANNUAL GENERAL MEETING OF THE COMPANY & INFORMATION ON E-VOTING
Shree Samir Vinayak Patankar Above No. 1 to 4 Add. Nicki palace Brahman Wadi, Moreshwar mentioned below. Failure to submit any say shall be presumed that nobody has any objection in
NOTICE is hereby given that the 78th Annual General Meeting (AGM) of the Members of the Company will be held on
Patankar Marg, Pipe Road, Kurla (W), Mumbai-400070 (5) Vijay Gajanan Raje, Add - Togor this regard and further action will be taken accordingly.
Nagar, Vikhroli, Mumbai-400076 (6) Mr. Rajan Lilaram Nathani, Add. C-9, Om Nivas, LBS Road, DESCRIPTION OF THE PROPERTY :- Wednesday, 3rd August 2022 at 3.00 p.m. through Video Conferencing (VC) or Other Audio Visual Means (OAVM),
Kurla (W), Mumbai-400070 (7) Smt Jaya Purshottam Asrani, Add. 403, Sai Kutir CHS Ltd. LBS Shreenath Apartment IV CHSL along with land as mention Chaphekar Bandhu Marg, Village in compliance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of
Road, Kurla (W), Mumbai-400070 (8) J K Builders Add. Bhrahman Wadi, Opp Shyam Laundry, Mulund (E), Tal. Kurla, Mumbai-400081 India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with all the applicable circulars on
Pipe Road, Kurla (W) Mumbai-400070 (9) Regal Builders & developers Add. 101, White House, Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area the matter issued by the Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI), to
Bldg No. 1, S G Barve Marg, Kurla (W) Mumbai-400070 and those, whose interests have been
866 460.10 sq.mtr. transact the businesses as set out in the Notice convening the said Meeting and the Explanatory Statement thereto.
vested in the said property may submit their say at the time of hearing at the venue mentioned 132 8 -
below. Failure to submit any say shall be presumed that nobody has any objection in this regard (C.S.O. Mulund) The Notice of the 78th AGM along with the Annual Report for the financial year ended 31st March 2022 has been sent
and further action will be taken accordingly. Ref. No. MUM/DDR(2)/Notice/1860/2022 in electronic form to all those Members whose email addresses are registered with the Company/ Depository
DESCRIPTION OF THE PROPERTY :- Place : Konkan Bhavan,
Nicky CHSL along with land as mention Nicki Palace, Brahman Wadi, Moreshwar Patankar Competent Authority & District Dy. Registrar, Participants on 7th July, 2022, in accordance with the said circulars issued by MCA and SEBI.
Marg, Pipe Road, Kurla (W), Mumbai-400070 Room No. 201, Konkan Bhavan, Sd/- The aforementioned documents of the Company are also available on the Company’s website i.e. www.basf.com/in
C.B.D. Belapur, Navi Mumbai-400614. Competent Authority & District
Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area Date : 08/07/2022 Tel.: 022-27574965 SEAL and on the website of the Stock Exchanges i.e. BSE Limited & The National Stock Exchange of India Limited at
Dy. Registrar Co.op. Societies (2),
Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai www.bseindia.com & www.nseindia.com respectively and also on the website of National Securities Depository Limited
984, 984/2, 984/3, 985, 676.20 sq.mtr.
-- -- - 985/1, 985/2, 985/3, (NSDL) at www.evoting.nsdl.com.
985/4 (C.S.O. Kurla) The documents referred to in the Notice of the AGM are available for inspection electronically by the Members from
Ref. No. MUM/DDR(2)/Notice/1863/2022 NEW OASIS CO-OP. HOUSING SOCIETY LTD. the date of circulation of the Notice up to the date of the AGM. Members seeking to inspect such documents can send
Place : Konkan Bhavan,
Competent Authority & District Dy. Registrar, Regn No. MUM-2/WL/HSG/TC/10888/2017 email to investor-grievance-india@basf.com.
Room No. 201, Konkan Bhavan, Sd/- Hari Om Nagar, Village Mulund (East), Tal. Kurla, Mumbai-400081 Information on e-voting:
C.B.D. Belapur, Navi Mumbai-400614. Competent Authority & District
SEAL DEEMED CONVEYANCE PUBLIC NOTICE The Company is pleased to provide remote e-voting facility to the Members to cast their votes electronically on all the
Date : 08/07/2022 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2),
Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai Notice is hereby given that the above Society has applied to this office under Section 11 of resolutions set forth in the Notice convening the said Meeting. The Company has engaged the services of National
Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management & Securities Depositary Limited (NSDL) to provide the remote e-voting facility.
Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties.
The remote e-voting period shall commence on Sunday, 31st July 2022 (9.00 a.m. IST) and shall end on Tuesday,
The next hearing in this matter has been kept before me on 26/07/2022 at 4:00 pm at the office
of this authority. 2nd August 2022 (5.00 p.m. IST). During this period, Members of the Company, holding shares in physical or
Respondent No. - (1) Smt. Sitabai Mahadev Bhoir (2) Devanand Mahadev Bhoir (3) Mrs. dematerialized form as the case may be, as on 27th July 2022, being the cut-off date for the purpose of voting, may
MANISHA TOWER CO-OP. HOUSING SOCIETY LTD. Kamina Hanumant Thakur (4) Shashikant Mahadev Bhoir (5) Jayvant Mahadev Bhoir (6) cast their votes electronically. The remote e-voting will not be allowed beyond 5.00 p.m. IST on Tuesday, 2nd August
Regn No. BOM/WT/HSG/TC/9058/8849/2004-2005 Smt Meena Sadanand Bhoir (7) Kavita Mahendra Patil (8) Nitin Sadanand Bhoir (9) Mangesh 2022 and the e-voting module will be disabled by NSDL thereafter.
Tata Colony, Mulund (East) Mumbai-400081 Sadanand Bhoir 1 to 9 all legal heirs of Sadanand Mahadev Bhoir (10) Janabai Laxman
Bhoir (11) Anant Laxman Bhoir (12) Ashok Laxman Bhoir (13) Hari Laxman Bhoir (14) Persons who have acquired the equity shares of the Company after mailing of the Annual Report and are Members
DEEMED CONVEYANCE PUBLIC NOTICE Deu Laxman Bhoir (15) Sandeep Laxman Bhoir (16) Babibai Raghunath Bhoir (17) Kishor as on 27th July 2022 i.e., the cut-off date, may send a request for obtaining their User ID and Password for the purpose
Notice is hereby given that the above Society has applied to this office under Section 11 of Raghunath Bhoir (18) Jayvant Raghunath Bhoir (19) Hiralal Raghunant Bhoir (20) Motiram of remote e-voting to evoting@nsdl.co.in or investor-grievance-india@basf.com or csg-unit@tcplindia.co.in or contact
Maharashtra Ownership Flats (Regulation of the promotion of construction sale, management & Raghunath Bhoir (21) Hemeshwar Raghunath Bhoir (22) Vishnu Pandurang Bhoir above TSR Consultants Private Limited (“TSR”) on 022-66568484 Extn. 411/412/413.
Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance of the following properties. 1 to 22 Having add- Kopari Goan, Thane (East), Dist Thane (23) Gautam Enterpises (24) M/s.
The next hearing in this matter has been kept before me on 26/07/2022 at 3:30 pm at the office Hanan Developers above 23 & 24 having add- Soham House, Hari Om Nagar, Mulund (East), The facility of e-voting will also be made available to the Members at the AGM. Members attending the AGM through
of this authority. Mumbai-400081 (25) M/s Regal Enterprises Joint venture with Gautam Enterpises, Soham VC/OAVM, who have not cast their vote(s) by remote e-voting, will be able to vote at the AGM through e-voting facility.
Respondent No. - (1) Shri. Dwarkanath Tukaram Vaity (2) Shri. Chandrakant Tukaram House, Hari Om Nagar, Mulund (East), Mumbai-400081 (26) Regal Shelter Pvt Ltd. 7th floor, A Member who has cast his/her vote using the remote e-voting facility shall be entitled to attend and participate in the
Vaity (3) Smt. Bhimabai Tukaram Vaity (4) Smt. Parvatibai Tukaram Vaity (5) Smt. Taibai
Sun Plaza, Hari Om Nagar, Mulund (East), Mumbai-400081 (27) Saket Developers, 8, Mahajan AGM of the Company but shall not be allowed to vote on the resolutions at the AGM.
Tukaram Vaily (6) Smt. Laxmibai Dinanath Vaity (7) Shri. Kamlakar Dinanath Vaity (8) Smt.
Manjula Dinanath Vaity (9) Smt. Bhanumati Dinanath Vaity (10) Smt. Pushpalata Dinanath Apartment Veer Savarkar Marg, Thane 400601 (28) Brigton CHS Ltd (29) Hari Om CHS Ltd
(30) Parth CHS Ltd. (31) Shreeji Ratna CHS Ltd. (32) Shri Oaswal Tapgacha Jain Prabhavak In case of any queries regarding e-voting, you may refer to the 'Frequently Asked Questions' (FAQs) and 'e-voting
Vaity (11) Smt. Sunita Dinanath Vaity (12) Smt. Janabai Dinanath Vaity 6 to 12 are Legal Heirs
of Mr. Dinanath tukaram Vaity (13) Mrs. Rukminibai Tukaram Vaity (Rukmini Kashinath Trust (33) Shri Shantinath Dingamber Jain Mandir Terapanthi (34) New Millenium Row user manual' available in the ‘Downloads’ Section of NSDL's e-voting website www.evoting.nsdl.com. You may also
Kawle) (14) Mr. Harishchandra Kashinath Kawle (15) Mr. Liladar Kashinath Kawle (16) Mrs. House CHS Ltd (35) Soham House (36) Ratnashree CHS Ltd (37) Banglow B1, C2, E3 above contact NSDL via e-mail at evoting@nsdl.co.in or call on toll free no.: 1800 1020 990 / 1800 224 430 or send a request
Bharti Kashinath Kawle (17) Mrs. Narmada Kashinath Kawle (18) Mrs. Bhimabai Kashinath 28 to 37 Having add- Hari Om Nagar, Mulund (East), Mumbai-400081 and those, whose interests to Mr. Amit Vishal, Asst. Vice President - NSDL at amitv@nsdl.co.in or Ms. Pallavi Mhatre, Senior Manager, NSDL at
Kawle (19) Mrs. Mukta Kashinath Kawle (20) Anjali Kashinath Kawle (21) Vandana have been vested in the said property may submit their say at the time of hearing at the venue
pallavid@nsdl.co.in
Kashinath Kawle All 1 to 21 Legal heirs of Tukaram Mangalya Vaity CTS No. 1266. A/3, Mulund mentioned below. Failure to submit any say shall be presumed that nobody has any objection in
(East), Mumbai-400081 (22) M/s. Manisha Developers, C 10, Shanti Bhavan, RP Road, Mulund this regard and further action will be taken accordingly. Manner of registering / updating e-mail address: -
(East), Mumbai-400081 and those, whose interests have been vested in the said property may DESCRIPTION OF THE PROPERTY :-
submit their say at the time of hearing at the venue mentioned below. Failure to submit any say a) Members holding shares in physical form, who have not registered/ updated their e-mail addresses with the
New Oasis CHSL along with land as mention Hari Om Nagar, Village Mulund (East), Tal. Kurla,
shall be presumed that nobody has any objection in this regard and further action will be taken Company are requested to register / update their email addresses by writing to the Company with details of
Mumbai-400081
accordingly. folio no., name of the Member, scanned copy of the share certificate (front & back side), self-attested PAN &
DESCRIPTION OF THE PROPERTY :- Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area Aadhar Card copy, email id and mobile number at investor-grievance-india@basf.com
Manisha Tower CHSL along with land as mention Tata Colony, Mulund (East) Mumbai-400081
29, 30, 31, 63-A, 64/4, 64/5, 85/A/5, 1075.97 sq.mtr. b) Members holding shares in dematerialised form, who have not registered / update their email addresses, are
Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area 32, 36, -- - 85/A/7, 85/A/9 requested to register / update the same with their Depository Participants, where they maintain their demat accounts.
1266 A/3 1488 sq.mtr. 40/1 P (C.S.O. Mulund)
78/1-B -- - The detailed instructions for joining the AGM through VC/OAVM and casting the vote through remote e-voting/
(C.S.O. Mulund) Ref. No. MUM/DDR(2)/Notice/1861/2022
e-voting at the AGM are provided in the Notice of the AGM. Members are requested to carefully go through the same.
Ref. No. MUM/DDR(2)/Notice/1862/2022 Place : Konkan Bhavan,
Place : Konkan Bhavan, Competent Authority & District Dy. Registrar, For BASF India Limited
Competent Authority & District Dy. Registrar, Room No. 201, Konkan Bhavan,
Room No. 201, Konkan Bhavan, Sd/- Sd/- Sd/-
Competent Authority & District C.B.D. Belapur, Navi Mumbai-400614. SEAL Competent Authority & District
C.B.D. Belapur, Navi Mumbai-400614. SEAL Place : Mumbai MANOHAR KAMATH
Date : 08/07/2022 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2), Date : 08/07/2022 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2),
Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai Dated : 9th July 2022 Director – Legal, General Counsel (India) & Company Secretary
.>
MUMBAI | 9 JULY 2022 15
<

ZONAL OFFICE : RATNAGIRI ZONE STAR MEGA E AUCTION FOR SALE

OF IMMOVABLE PROPERTIES
SHIVAJINAGAR RATNAGIRI 415639
UNDER SARFAESI ACT 2002
E Auction sale notice for sale of Immovable Assets under the securitization and reconstruction of financial assets and enforcement of security
interest act 2002 read with provision to Rule 8(2) of the Security Interest (Enforcement) Rules 2002. Notice is hereby given to public in general & in
particular to following Borrower(s) / Guarantor(s) that the below mentioned Immoveable properties mortgaged / hypothecated to bank of India (Secured
Creditor), the physical / symbolic possession of which has been taken by the Authorized Officer of Bank of India will be sold on "AS IS WHERE IS
BASIS" , "AS IS WHAT IS BASIS" for recovery of respective dues as detailed hereunder against the secured assets Hypothecated / Mortgaged to Bank
of India from the respective borrower(s)/Guarantor(s). The Reserve Price and Earnest Money Deposit is shown there against each secured assets. The
sale will be done by the undersigned through e-auction platform provided hereunder.
DATE & TIME of Action : 25.07.2022 between 11 AM to 5 PM (With auto extensions clause in case of bid in last 10 minutes before closing)

PUBLIC NOTICE
NOTICE is hereby given to the Public at large that I am
investigating the ownership right, title, share and interest of Mrs.
Manishaa Dinesh Sharma to the resident premises
admeasuring 555 sq. feet built up area (Equivalent to 51.6 sq.
meters). Located at Flat No. 603, on the 6th Floor, of the C2
building, known as Implosion Co-Operative Housing Society
Ltd., Sri Sankara Colony, P. L. Lokhande Marg, Chembur,
Mumbai, Maharashtra - 400043, situated on land bearing
Survey No 96, Hissa No.1 (part) & bearing CTS No. 4 of revenue
village Borla, Taluka Kurla, in the Greater Mumbai Registration
Sub-District, Mumbai Suburban District along with the related
shares of Implosion Co-operative housing society Ltd. recorded
under share certificate No. 7.
Any person having any claim in respect of the aforesaid resident
premises and the related shares by way of sale, exchange,
mortgage, charge, gift, trust, inheritance, maintenance,
possession, lease, lien, custodian interest howsoever or
otherwise, is hereby requested to inform the same in writing to
the undersigned having his resident at Room no. 401, F2
Building, Sri Sankara Colony Implosion CHS,
Ghatkopar-Mankhurd Link Road, Govandi Mumbai 400043
within 15 days hereof with documentary proof in support thereof,
failing which claims, if any, shall not be entertained or
considered and shall be deemed to have been waived or
abandoned for all intents and purposes and not binding on me.
At Mumbai, dated this 9th July 2022.
Sd/-
Mr. Nitin Dhokale
TERMS & CONDITIONS of E Auctions are as under:
1. E-Auction is being held on "AS IS WHERE IS BASIS" and "AS IS WHAT IS BASIS" and will be conducted online.
2. For downloading further details, process compliance, terms & Conditions please visit
a) https://bankofindia.co.in
b) Website address of E Auction service provider is- https://mstcecommerce.com/auctionhome/ibapi/index.jsp .Bidder may visit https://
www.ibapi.in where guidelines for bidders are available with educational videos. Bidders have to complete following formalities well in
advance in order to participate in E Auction.
Step-1: Bidder Registration-Bidder to register on E Auction platform (link given above) using his mobile number and Email ID.
Step-2: KYC Verification-Bidder to upload requisite KYC Documents. KYC documents shall be verified by the E Auction service provider.
Step-3: Transfer of EMD amount to bidder Global EMD wallet: On-line/Off-line transfer of fund using NEFT/Transfer using challan generated
on E Auction platform.
Step-4: Bidding Process & Auction Results: Interested bidders can bid online on E Auction platform after completing Step 1,2 & 3.Please note
that Step 1 to 3 should be completed by the bidder well in advance, before E Auction date.
3. To the best of knowledge & information of the authorized officer, there is no encumbrance on the properties. However the intending bidders
should make their own independent inquiries regarding the encumbrance, title of properties put for E-Auction and claims/rights/dues
affecting the property prior to submitting their bid. The E Auction advertisement does not constitute and will not deemed to constitute any
commitment or any representation of the bank. The property is being sold with all the existing and future encumbrances whether known or
unknown to bank. The Authorized Officer/ Secured Creditorshall not be responsible in any way for third party claims/rights/dues. No claim
of whatsoever nature will be entertained after submission of On-line bid regarding properties put for sale.
4. It shall be the responsibility of the bidders to inspect and satisfy themselves about the asset and specification before submitting the bid. The
bidder inspect the property in consultation with the dealing official as per the details provide. Date of Inspection of Immovable
Properties:13.07.2022&16.07.2022from 11.00 AM to 4:00 PM with prior appointment with above mentioned respective branches
on the contact numbers given against respective branches.
5. Bids shall be submitted through online procedure only.
6. Bidders shall be deemed to have read & understood the terms & conditions of sale & be bound by them.
7. The bid price to be submitted shall be above the Reserve Price & bidders shall improve their further offers in multiples of Rs.10, 000/-
(Rs. Ten Thousand only)
8. The Earnest Monet Deposit (EMD) of the successful bidder shall be retained towards part sale consideration and EMD of the unsuccessful
bidders shall be refunded.
9. The Earnest Monet Deposit (EMD) shall not bear any interest. The successful bidder shall have to deposit 25% of the sale price inclusive of
EMD already paid, immediately upon same day or next working day as the case may be .The balance of the purchase price shall have to
be paid within 15 days of acceptance / confirmation of sale conveyed to them failing which Bank is at liberty to forfeit the amount deposited
by the successful bidder.
10. Neither the Authorized Officer/ Bank nor E Auction service provider will be held responsible for any Internet Network Problem/ Power failure
any other technical lapses etc. In order to ward off such contingent situation the interested bidders are requested to ensure that they are
technically well equipped with adequate power back up etc. for successful participation in E Auction event.
11. Payment of sale consideration by the successful bidder to the bank will be subject to TDS under Section 194- 1A of Income Tax Act 1961
and TDS is to be made by the successful bidder only at the time of deposit of remaining 75 % of the bid amount/full deposit of BID
amount.The purchaser shall bear the applicable stamp duties, registration charges and other incidental charges and also the statutory and
non-statutorydues, taxes, assessments etc.
12. The Authorized Officer/bank has the absolute right & discretion to accept or reject any or all offers or adjourn/postpone/ cancel the E Auction
or withdraw any property thereof from the auction proceedings at any stage without assigning any reason therefor. The particulars of
Secured Assets specified in the Schedule hereinabove have been stated to the best of the information of the Authorized Officer, but the
Authorized Officer shall not be answerable for any error, misstatement or omission in this proclamation.
13. Thesale certificate will be issued in the name of purchaser(s)/applicant(s) only and will not be issued in any other name(s).
14. The sale shall be subject to rules/conditions prescribed under the Securitization & Reconstruction of Financial Assets & Enforcement of
Security Interest Act 2002. For further details / enquiries,if any, of the terms and conditions of sale, can be obtained from the respective
branches on the contact numbers given.
15.While inspecting the properties, preventive measures such as social distancing, compulsory wearing of mask at places of social gatherings
and all other rules prescribed by State & Central administration must be followed to contain the spread of COVID19 pandemic.
16. For the properties where symbolic possession is taken and put for E Auction, actual possession of the properties will be handed over to
successful bidders strictly after obtaining permission for physical possession from district magistrate.

SALE NOTICE TO BORROWERS/GUARANTORS

his Notice is also to be treated as Statuary sale notice to borrower and Guarantor (L/Rs) Under Rules 8(2) Security Interest
(Enforcement), Rule 2002.
Dear Sir/Madam,
The undersigned being the Authorized Officer of Bank of India is having full powers to issue this notice of sale and exercise all powers of sale
under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Rules framed there under.
You have committed default in payment of the outstanding dues and interest with monthly rests, costs and charges etc in respect of the advances
granted by the bank mentioned above. Hence the bank has issued a Demand Notice to all of you under section 13(2) to pay the above mentioned
amount within 60 days. You have failed to pay the amount even after the expiry of 60 days. Therefore the Authorized Officer, in exercise of the
powers conferred under Section 13(4), took symbolic/physical possession of the secured assets, more particularly described in the schedule
mentioned above. Notice is hereby given to you to pay the sum as mentioned above before the date fixed for sale, failing which the immovable
properties will be sold and balance due, if any, will be recovered with interest and cost from you. Please note that all expenses pertaining to
demand notice, taking possession, valuation and sale etc. shall be first deducted from the sale proceeds, which may be realized by the
undersigned and the balance of the sale proceeds will be appropriated towards your liability as aforesaid. You are also at liberty to participate in
the sale to be held on the terms and conditions thereof including deposit of earnest money or may bring suitable buyers.
Place: Ratnagiri
Date: 09.07.2022
08.06.2022
Sd/-
Authorised Officer Bank of India
16
>
MUMBAI | 9 JULY 2022 1
Since 1973
KOKAN MERCANTILE CO-OP BANK LIMITED Multi State Bank
Registered Office : 1st Floor, Harbour Crest, Mazgaon T.T, Mumbai 400010. | Phone :
23723753, 23729969, 23729970, 23729971, 23734202, 23734311. Fax : 23748589 |
E : kmcbco@vsni.net | W : www.kokanbank.net
POSSESSION NOTICE
Whereas the Authorized Officer of the Kokan Mercantile Co-op Bank Ltd under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest
Act 2002 and in exercise of powers conferred under section 13 (12) read with rule 8 & 9
of the Security Interest (Enforcement) Rules 2002 issued a demand notice dated
18.04.2022 calling upon 1)Mrs. Rashida Husain Sayed – Borrower/Mortgagor,
2)Mr.Vilas Bandopant Desai –Surety, 3) Mr. Aurangzeb Hidayat Shaikh- Surety to
repay an amount of Rs.52,69,600/- (Rupees Fifty Two Lacs Sixty Nine Thousand Six
Hundred only) towards loan account bearing no.5071/9092 as on 18.04.2022 along
with future interest @ 14% p.a. and other charges thereon within 60 days from the date of
receipt of the said notice against you.
The Borrower, Sureties and Mortgagor having failed to repay the amount , notice is
hereby given to the Borrower, Sureties, Mortgagor and Public in general that the
undersigned has taken possession of the property described herein below in exercise of
powers conferred on him under section 13 (4) of the said Act read with Rule 8 & 9 of the
said rule on this 07th day of July of the year 2022.
The Borrower, Sureties, Mortgagor in particular and public in general is hereby cautioned
not to deal with the property and any dealings with the property will be subject to the charge
of the Kokan Mer.Co-op Bank Ltd for Rs.54,41,692/- (Rupees Fifty Four Lacs Fourty One
Thousand Six Hundred Ninety Two only) towards loan account no. 5071/9092 as on
08.07.2022 along with future interest @ 14% p.a. and other charges there on.
Description of property
M.P. HOUSING & INFRASTRUCTURE DEVELOPMENT BOARD Flat no.52, adm.372 sq.ft (carpet), 5th floor in the building No.7A, Ekta Apartments
Bombay Taximen CHS Ltd, L.B.S.Marg, Kurla (W), Mumbai -400070, bearing survey
NOTICE INVITING E-TENDER 2022_MPHID_208597 (1st CALL) no.297, Hissa no.1/306, 307, CTS No.147 of Revenue Village Kurla in the registeration
district and sub district Mumbai Suburban.
Online Percentage Rate bids for the following works are invited from registered Contractors/
STATUTORY 30 DAYS SALE NOTICE UNDER SARFAESI ACT 2002 read with rule 8 (6).
firms of repute fulfilling registration criteria.
The Borrower, Sureties and Mortgagor are hereby notified to pay the sum as mentioned in the
S. System Name of Work Probable Completion Date of Date of demand notice along with interest up to date and ancillary expenses from 30 days from today
No. E-Tender Amount of period Purchase & Opening of failing which the property will be put up for sale /sold and balance dues if any will be recovered
No. Contract & Submission Tenders with interest and cost.
EMD & Cost of of Bids PLACE : MUMBAI For/Kokan Mer.Co-op Bank Ltd
Tender Form DATE : 09.07.2022 s/d Authorised Officer
1. 2022_ Const. of approach Road Rs. 205.00 Lakh 9 Months Dt.11.07.2022 Dt. 01.08.2022
MPHID_ from Bypass Highway to & Rs. 205000/- I/c at 10:30 AM at 03:30 PM
208597 Girgaon Awasiya Yojna & Rs. 17700/- Rainy & Envelop A, B
(18.468 Hect Land) at (I/c GST) Season. Dt. 29.07.2022
Girgaon Gwalior. upto 02:30 PM
1. Full details of above Tenders can be seen on www.mptenders.gov.in. Amendments in NIT, if any shall
be published on Website only. 2. Board has reserve all rights to stop or cancel the tender process at any
time or any stage.
(S.K. SHARMA)
Visit us : www.mphousing.in E.E., Division No. 2, Gwalior
M.P. Madhyam/105406/2022 Mob. : 7898894711

FULLERTON INDIA HOME FINANCE COMPANY LIMITED

Corporate Off. : Flr. 5 & 6, B-Wing, Supreme IT Park, Supreme City, Powai, Mumbai - 400 076
Regd. Off. : Megh Towers, Flr. 3, Old No. 307, New No. 165, Poonamallee High Road, Maduravoyal, Chennai - 600 095
DEMAND NOTICE
UNDER THE PROVISIONS OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the Rules”)
The undersigned being the Authorized Officer of Fullerton India Home Finance Company Limited (FIHFC) under the Act and
in exercise of the powers conferred under Section 13 (12) of the Act read with Rule 3 issued Demand Notice(s) under Section 13(2)
of the Act, calling upon the following borrower(s) to repay the amount mentioned in respective notice(s) within 60 days from the
date of receipt of the said notice. The undersigned reasonably believes that borrower(s) is/are avoiding the service of the Demand
Notice(s), therefore the service of notice is being effected by affixation and publication as per Rules. The contents of Demand Notice(s)
are extracted herein below :
Sl. Loan Amount No., Name of the Borrower/ Date of Demand Notice U/s-13(2)
No. Co-Borrowers Property Holders as the case may be and Total Outstanding
LAN : 606507210355758 & 606507510371701 Date : 01.07.2022
(1) NILESH S KUWAR, (2) NITIN SURYAKANT KUWAR Rs. 11,97,630/- (Rupees Eleven Lakh Ninety Seven
01 Thousand Six Hundred Thirty Only)
Add. 1 : A 105 GAYATRI APARTMENT, BEHIND NITYANAND NAGAR,
KOPARI NAKA, VIRAR EAST, VASAI PALGHAR, MAHARASHTRA-401305. NPA Date : 30.11.2021
Description of Secured Assets/Mortgage Property : ALL THAT PIECE AND PARCEL OF FLAT BEARING A/105 GAYATRI
APARTMENT AREA ADM 375 SQ FT SITUATED AT VILLAGE KOPARI CHANDANSAR VIRAR EAST TAL VASAI.
The borrower(s) are hereby advised to comply with the Demand Notice(s) and to pay the demand amount mentioned therein and
hereinabove within 60 days from the date of this publication together with applicable interest, additional interest, bounce charges,
cost and expenses till the date of realization of payment The borrower(s) may note that FIHFC is a secured creditor and the loan facility
availed by the Borrower(s) is a secured debt against the immovable property/properties being the secured asset(s) mortgaged by the
borrower(s). In the event borrower(s) are failed to discharge their liabilities in full within the stipulated time, FIHFC shall be entitled to
exercise all the rights under section 13(4) of the Act to take possession of the secured assets(s) including but not limited to transfer the
same by way of sale or by invoking any other remedy available under the Act and the Rules thereunder and realize payment. FIHFC is
also empowered to ATTACH AND/OR SEAL the secured assets(s) before enforcing the right to sale or transfer. Subsequent to the Sale
of the secured assets(s), FIHFC also has a right to initiate separate legal proceedings to recover the balance dues, in case the value of
the mortgaged properties is insufficient to cover the dues payable to the FIHFC. This remedy is in addition and independent of all the
other remedies available to FIHFC under any other law.
The attention of the borrower(s) is invited to Section 13(8) of the Act, in respect of time available, to redeem the secured assets and
further to Section 13(13) of the Act, whereby the borrower(s) are restrained/prohibited from disposing of or dealing with the secured
asset(s) or transferring by way of sale, lease or otherwise (other than in the ordinary course of business) any of the secured asset(s),
without prior written consent of FIHFC and non-compliance with the above is an offence punishable under Section 29 of the said Act.
The copy of the Demand Notice is available with the undersigned and the borrower(s) may, if they so desire, can collect the same from
the undersigned on any working day during normal office hours.
Sd/-
Place : Maharashtra Authorized Officer
Date : 09.07.2022 FULLERTON INDIA HOME FINANCE COMPANY LIMITED
.
MUMBAI | 9 JULY 2022 TAKE TWO 17 <

How ITC rose to the Vivo’s parent firm owns 40%

of India’s smartphone market
pandemic challenge ISHAAN GERA
New Delhi, 8 July
VIVO’S SHARE IN
SMARTPHONE
share increased further, to
16 per cent (see chart 2).
Vivo, Oppo and Realme are
Sanjiv Puri’s three years in charge have seen structural shifts that have In the three years till 2020-21, MARKET IS RISING all owned by BBK Electronics,
Chinese smartphone manu- a Chinese multinational con-
(% of total smartphone
steadied the tobacco-to-hotels major in a tough business environment facturer Vivo’s India arm
recorded a total revenue of
shipments to India)
glomerate. Data indicates that
together, the share of these
~66.985.7 crore. Although three smartphone manufactur-
SMOKE SIGNALS ITC consolidated figures in ~crore income from operations had
dipped in 2020-21 by a per-
ers almost doubled during this
period (2017 -2021). And in the
12
Year End Net worth Total Debt Net Sales PBIDT PAT centage, in 2019-20 the com- first quarter of 2022, they held
FY17 46,413 46 42,777 17,228 10,289 pany had recorded an increase the biggest chunk of the Indian
of over 45 per cent — from market — 40 per cent.
FY18 52,510 36 43,449 18,760 11,271 ~17,201.7 crore to ~25,060 crore. 15 Meanwhile, another
FY19 59,141 13 48,353 20,618 12,592 An Enforcement Chinese manufacturer,
Directorate investigation has Xiaomi, lost its edge — after
FY20 65,273 277 49,404 21,761 15,306 now found that Vivo trans- nearly doubling its share from
FY21 60,347 271 49,273 19,642 13,161 ferred nearly half of its Source: Counterpoint Research 19 per cent in 2017 to 28 per
turnover of ~1.2 trillion to cent in 2018. In the first quarter
FY22 62,456 249 60,668 22,533 15,243
Source: Capitaline; Compiled by BS Research Bureau
China to avoid paying taxes in VIVO AND SISTER CONCERNS CONTROL 40% MARKET of 2022, it accounted for 23 per
India. The investigating cent of the market.
(% of total smartphone shipments to India)
agency also seized funds Samsung, too, did not per-
GROSS REVENUE PROFIT/LOSS BEFORE worth ~465 crore kept in 119 Vivo Oppo Realme Samsung Xiaomi form any better. Its share
FROM OPERATIONS INTEREST & TAX bank accounts related to the 2017 10 9 - 24 19 decreased from 24 per cent in
Consolidated figures Consolidated figures mobile phone manufacturer. 2017 to 18 per cent in 2021. In
While Vivo India might be 2018 10 8 4 24 28 the first quarter of this
in ~crore in ~crore 2019 15 9 10 22 28
in trouble with the authorities, year, though, Samsung’s share
a Business Standard analysis 2020 16 10 13 22 27 went up again to 20 per cent.
has found that despite people 2021 15 10 15 18 25 The company’s efforts during
rallying against Chinese prod- the pandemic to shield itself
58,288

49,348
50,969

20,028
18,843

16,348
70,436

16,454
52,835

18,199
47,363

15,342

ucts, companies such as Vivo 2022 15 9 16 20 23 from supply-chain problems,

FY 17 FY 18 FY 19 FY 20 FY 21 FY 22*
IN CHARGE: ITC Chairman and Managing Director Sanjiv Puri *as per results filing
ISHITA AYAN DUTT out for him. From there, the rise was steady:
Kolkata, 8 July Puri was appointed to the board in 2015;
made chief executive officer in 2017; re-des-
have steadily increased their
market share in the country.
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22* Analysis of data from
Source: Capitaline; Compiled by BS Research Bureau Counterpoint Research shows
that Vivo’s share in India’s
needs of consumers. “The last three years smartphone market — calcu-
have seen a good scale-up. ITC has the mus- lated using shipments as a
cle power in terms of advertising budget proxy — increased from 10 per
BBK Electronics owns Vivo, Oppo and Realme among other smartphone brands. Data
for 2022 is only for the first quarter Source: Counterpoint Research which are plaguing other
manufacturers, are yielding
2021. And in the first quarter per cent in 2021. But significant results for now.
of 2022, it remained steady at gains were made by another Meanwhile, Vivo’s success
15 per cent (see chart 1). one of Vivo’s sister companies, is not just a local phenomenon.
Vivo’s sister concern, Oppo, Realme, the share of which According to Gartner, Vivo’s
however, did not enjoy similar went from 4 per cent in 2018 share in global sales increased
growth. Its share increased to 15 per cent in 2021. In the from 7.9 per cent in 2020 to 9.5

A
fter fielding a barrage of questions
the last two years — on the stock
performance, demerger, et al — ITC
Chairman and Managing Director Sanjiv
Puri may breathe easy when he addresses
shareholders virtually at the annual gen-
eral meeting on July 20. The company
clocked its highest-ever net sales in FY22,
net profit growth was back in double-digits
and the scrip that had sent the meme
machine on overdrive outperformed the
broader benchmark indices the past six
months by a long chalk.
Analysts are gung-ho about ITC’s
prospects across segments. The heavy-lift-
ing cigarettes — accounting for 37 per cent
of gross revenues and 78.7 per cent of profit
before interest and tax — staged a recovery
with volumes surpassing pre-Covid-19 lev-
els in H2FY22; the non-cigarette fast-mov-
ing consumer goods (FMCG) business — a
major diversification for ITC — saw profit
before interest and tax grow more than 11.6
per cent in an inflationary environment;
the hotels division is poised for a bounce-
back; and the play in the agri-products and
paperboards segments has upped signifi-
cantly in terms of revenues and profits.
So, even as the world is in the grip of
headwinds with rising interest rates and
liquidity crunch, the market appears to
have found a safe haven in ITC.
Brokerage firm Motilal Oswal expects
the company to post 15 per cent earnings
compound annual growth rate (CAGR) over
FY22-24 — a marked change from a 5 per
cent CAGR over FY17-FY22. In FY22, profit
before tax grew by 15.5 per cent. But getting
there entailed structural shifts in strategy
steered by Puri, apart from a receding
Covid-19 impact.
Puri slipped into the role of chairman
in May 2019 after the death of Y C
Deveshwar, ITC’s diversification strategist.
That he would bag the top job was a fore-
gone conclusion by then.
Succession planning in ITC had been
in the works for a while, but it started taking
shape when Puri was made president,
FMCG business, in 2014, a position carved
ignated managing director in 2018; and
finally became chairman in 2019.
At the helm for the last three years, Puri’s
strategy, according to ITC insiders, was
focused on identifying growth drivers in
each of the businesses; pursuing acquisi-
tions as an additional growth option; restruc-
turing of portfolio and cost takeout; using
digital technology to power businesses; and
capturing evolving consumer trends.
The non-cigarette business is reaping its
dividends (in cigarettes it’s a market leader
by a wide margin). Since FY20, revenues
from the agri-business have increased 178
per cent; from paperboards, paper and pack-
aging, 69.8 per cent; and non-cigarettes
FMCG grew 24.75 per cent. Profit before
interest and tax from non-cigarettes has
grown 42 per cent from FY20 with the FMCG
clocking a 120 per cent increase.
ITC’s diversification — a strategy to de-
risk its tobacco-focused business model —
goes back a long time. Paperboards and
hotels were the early ones. The two-decade-
old non-cigarette FMCG is relatively new
with many new categories — like juices,
dairy, chocolates, coffee, frozen snacks, etc
— added in the last decade.
Much of the non-cigarette FMCG seg-
ment — which now accounts for 23 per cent
of gross revenues — has been created organ-
ically with acquisitions few and far between.
But Puri has the mindset of looking at acqui-
sitions as a driver for accelerating growth,
a company source said.
So, at the peak of the Covid-19 pandemic,
in July 2020, ITC made its largest acquisi-
tion, Sunrise spices, for a total consideration
of ~2,340 crore, adding to the top line and
bottom-line of the FMCG segment.
The high-margin spices business was
generating a lot of interest and there were
other private equity and strategic players
in the fray, sources close to the deal pointed
out, which is why it went through despite
the pandemic. Smaller acquisitions fol-
lowed in FY22 — like minority stakes in
Mother Sparsh, a premium ayurvedic and
natural personal care start-up, and Mylo, a
one-stop platform addressing parenting
and distribution, which it can use to take cent in 2017 to 15 per cent in from 9 per cent in 2017 to 10 first quarter of 2022, Realme’s per cent in 2021.
small acquisitions to the next level,” said
Abneesh Roy, executive director — insti-
tutional equities, Edelweiss.
Internally, structural changes were
made on the digital front and cost man-
GRASIM INDUSTRIES LIMITED
agement. Puri — who led ITC Infotech from CIN: L17124MP1947PLC000410
2006 to 2009 — made sure that every busi- Registered Office: P.O. Birlagram, Nagda - 456 331, Dist. Ujjain, Madhya Pradesh, India
ness looked at digital technology as a pri- Tel.: +91 7366-246766
mary core strategy, and it paid off. Corporate Office: Aditya Birla Centre, “A” Wing, 2nd Floor, S.K. Ahire Marg,
For instance, in the paperboards and Worli, Mumbai - 400 030, Maharashtra, India
specialty paper business, initiatives for dig- Tel. No.: +91 22 6652 5000 / 2499 5000; Fax No.: + 91 22 6652 5114 / 2499 5114
italisation and implementation of Industry E-mail: grasim.secretarial@adityabirla.com ; Website: www.grasim.com
4.0 technologies enabled margin expansion
by 230 basis points over the last two years.
On the cost takeout front, the cash-guz- PUBLIC NOTICE
zling lifestyle retailing is being phased out. Notice is hereby given that the following equity share certificates which were issued by the Company are stated to have been lost/ misplaced. Adhering to
But the non-cigarette FMCG business has the provisions of Section 124(6) of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
been strengthened in other ways as well. Refund) Rules, 2016, as amended from time to time, the Company has already transferred to the Investor Education and Protection Fund (IEPF) Authority
Foods — at 82 per cent of segment revenues the equity shares comprised in these share certificates after following the necessary procedure. Consequently, these share certificates automatically stand
— have been organised into clusters with
cancelled and are non-negotiable.
chief operating officers (COOs) in charge,
many of whom have been lateral hires from Distinctive Numbers
Sr. Share Certificate Number
Dabur, Unilever, Britannia, and so on. No. Folio Number Name of the Shareholder(s) Number of Shares
Analysts say ITC is in a good place. “All From To
businesses are firing — cigarettes are doing 1 638652 INDU SINGHAL 3094592 444802466 444802520 55
well after a long time; FMCG margins may
SUVARNALATA LAXMINARAYAN MAHALE &
be under pressure but have more than dou- 2 701242
DILIP LAXMINARAYAN MAHALE
3116386 448655086 448655105 20
bled in the last 3-4 years; paperboards mar-
gins are at an all-time high. The agri-busi- 3 762036 SATYA GOEL 3095610 444954241 444954245 5
ness is doing well, and even hotels should JAYANTILAL MAHASUKHLAL SHAH &
become profitable,” said Amnish Aggarwal, 4 640269 2004223 190814361 190814380 20
ATULKUMAR JAYANTILAL SHAH
director-research at Prabhudas Lilladher.
The ITC stock was on pins and needles Any person(s) who has/have any claim in respect of the aforesaid equity shares may lodge claim with the Company’s Registrar and Transfer
till about last year. Punitive taxation on cig- Agent i.e. “KFin Technologies Limited” Selenium Tower B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal,
arettes — the segment that moves the nee- Hyderabad – 500 032, Telangana, India within Seven (7) days from the date of publication of this notice, failing which, the Company will
dle for the market — following the goods
proceed to approve any claim for return of the above given equity shares from the IEPF Authority, as and when received from the registered
and services tax (GST) regime in 2017 had
led to a drop in the share of legal cigarettes. holders/ rightful claimants.
But the last two years have been stable on
FOR GRASIM INDUSTRIES LIMITED
the tax front, enabling the legal industry to
claw back. And in H2FY22, ITC’s cigarette SAILESH DAGA
volumes crossed pre-Covid levels. Place : Mumbai COMPANY SECRETARY
The cigarettes division has not been Date : 08th July 2022 FCS 4164
Puri’s only challenge. In FY20, he was con-
fronted with an economic slowdown that
set off the disruption in supply chains. Then
Covid-19 followed, impacting many of the
business segments. But Puri has charted
his own course to steady the ship.

Boeing delivers 150th Poseidon

Registered Office: 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021. Tel: +91 22 6778 9595 Fax: +91 22 6778 9660
e-mail: investor.relations@tcs.com website: www.tcs.com CIN: L22210MH1995PLC084781

Extract of the audited consolidated interim financial results for the quarter ended June 30, 2022

maritime recce aircraft

AJAI SHUKLA
New Delhi, 8 July
In 2013, the US and Indian
Navies became the first to fly
Boeing’s new P-8 Poseidon mul-
ti-mission maritime patrol and
reconnaissance aircraft. On
Thursday, the 150th Poseidon
took to the skies over Puget
Sound, Seattle.
In the 450,000 mishap-free
hours the Poseidon has flown,
it has been acknowledged as the
world’s most fearsome subma-
rine hunter. It’s list of users has
grown rapidly: India has oper-
ationalised a fleet of 12
Poseidons, the US Navy has
bought 112; the Royal Navy flies
9, the Australian Navy operates
12 and the Norwegian Navy has
five. New Zealand will Join the
list later this year, South Korea
in 2023 and Germany in 2024.
“There are now 150 P-8s
around the world delivering
confidence and an unmatched
capability to our global cus-
tomers,” said Stu Voboril of P-8
Programs, Boeing. “Our focus
has been, and will be, on deliv-
ering the world’s best maritime
patrol aircraft.”
In 2009, the Indian Navy
signed a contract for eight P-
8I aircraft for US $2.1 billion,
which were delivered ahead of
schedule. That contract
included options for four addi-
tional aircraft, for which
another billion-dollar contract
was signed in 2016.
The navy’s purchase of 12 P-
8I aircraft for $3.1 billion, and
Washington’s decision to supply
them to India alongside the first
deliveries to the US Navy, high-
lighted two major changes.
First, a new readiness in
Washington to sell New Delhi
cutting edge weaponry without
quibbling over “changing the
regional arms balance.” Second,
the P-8I buy demonstrated New
Delhi’s willingness to spend top
dollar to back its regional ambi-
tions with top-of-the-line mili-
tary capabilities.
Based in INS Rajali, a naval
air station at Arakonam, near
Chennai, the P-8Is – designated
Indian Naval Air Squadron 312-
A – fly 8-hour missions over the
Indian Ocean to seek out pirates,
suspicious cargo vessels, hostile
warships and submarines. Its
enhanced internal fuel tanks
allow it to fly 1,100 kilometers to
a point of interest, patrol the area
for six hours, and then fly back
1,100 kilometres to Arakonam.
With aerial refuelling, this range
can be doubled.
The P8-I consists of
(` crore)
Three month Year ended Three month
period ended March 31, period ended
June 30, 2022 June 30,
tronic rear-view-mirror. Any 2022 2021
suspected threat could be inves- Revenue from operations 52,758 1,91,754 45,411
tigated further: sonobuoys are Profit before tax 12,776 51,687 12,163
dropped to zero in on suspected Profit after tax 9,519 38,449 9,031
enemy submarines, radioing Total comprehensive income for the period 8,793 38,354 9,210
back any suspicious sounds that
Paid up equity share capital (Face value: `1 per share) 366 366 370
they pick up. A submarine
Total reserves (including non-controlling interests)* 89,480 89,480 86,738
would be picked up also by a
Earnings per equity share:- Basic and diluted (`) 25.90 103.62 24.35
magnetic anomaly detector
(MAD) on the P-8I’s tail. *Balances for three month period ended June 30, 2022 represent balances as per the audited consolidated balance sheet for the year ended
For dealing with these March 31, 2022 and balances for three month period ended June 30, 2021 represent balances as per the audited consolidated balance sheet for the
advanced sensors and weapon- threats, the Poseidon is armed year ended March 31, 2021 as required by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
ry integrated onto a Boeing 737- to the teeth. It has 11 “hard Extract of the audited standalone interim financial results for the quarter ended June 30, 2022
800 aircraft, modified with the points”, or weapons stations: two (` crore)
enhanced wings of a 737-900 under each wing for Mark 82 Three month Year ended Three month
that allow the carriage of depth charges or Harpoon anti- period ended March 31, period ended
weapons. It marries a tried and ship missiles; five stations inside June 30, 2022 June 30,
tested sensor and weapons suite the weapons bay for Mark 54 tor- 2022 2021
with a specially developed pedoes that cannot be slung out- Revenue from operations 44,480 1,60,341 37,722
Boeing 737 aircraft. Since relia- side since they must be kept Profit before tax 11,400 49,723 11,020
bility and endurance are crucial, warm; and two hard points up Profit after tax 8,588 38,187 8,281
it was logical to base the front for combat search and res- Total comprehensive income for the period 8,103 37,937 8,140
Poseidon on the world’s most cue (SAR) equipment or for addi-
widely flown airliner (a 737 tional depth bombs. Notes:
lands or takes off somewhere in Alternatively, the P8-I, which 1. The audited consolidated interim financial results and audited standalone interim financial results have been reviewed by the Audit Committee
the world every three seconds). is data-linked with Indian sub- and approved by the Board of Directors at its meeting held on July 8, 2022. The statutory auditors have expressed an unmodified audit opinion on
The CFM-56 engines that marines, can pass on the loca- these results.
are standard fitment on recent tion of the enemy submarine. 2. On July 1, 2022, the District Court passed an Order affirming the punitive damages at `1,105 crore (US $140 million). The Company, on receipt of
737s also power the Poseidon. The Indian submarines can the judgement, will be filing an appeal in the Appeals Court to reduce the punitive damages awarded by the District Court and accordingly, has not
made any additional provision. On April 21, 2022, Epic invoked payment of `1,105 crore (US $140 million) out of `3,474 crore (US $440 million)
These are modified with larger then zero-in on the intruder and Letter of Credit provided as security towards, compensatory damages awarded by the District Court and confirmed by the Appeals Court, already
generators that churn out the fire torpedoes to destroy it. provided for in the earlier years. The value of Letter of Credit made available to Epic stands reduced to `2,368 crore (US $300 million).
power for the MMA’s sensors US officials are optimistic 3. The Board of Directors at its meeting held on July 8, 2022, has declared an interim dividend of `8.00 per equity share.
and control systems. In addi- that India will eventually
4. The above is an extract of the detailed format of Financial Results filed with the Stock Exchanges under Regulation 33 of the Securities and
tion, there is an auxiliary power buy 25-35 Poseidons, given Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format for three month ended
unit that provides electricity the growing need for “maritime June 30, 2022, are available on the BSE Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website
even when the main engines domain awareness” over (URL: www.nseindia.com) and on the Company’s website (URL: www.tcs.com/investors).
are switched off. the Indian Ocean, where the
The P-8I’s punch lies in its Indian Navy plays the role of
sophisticated sensors. A multi- regional gatekeeper. For and on behalf of the Board of Directors
mode radar picks up aircraft, This task was earlier per- Mumbai Rajesh Gopinathan
surface ships and submarines. formed by the Indian Navy’s
July 8, 2022 CEO and Managing Director
Another belly-mounted radar Tupolev-142 Bear long-range
looks backwards, like an elec- maritime patrol aircraft.
18
>
MUMBAI | 9 JULY 2022 1

HAL, Safran sign pact to create An idea of

JV to build helicopter engines inclusive India
A book of essays captures the Jewish diaspora’s
experience of philo-Semitism in the country
Their existing partnerships include the Shakti engine that can propel IMRH (Indian Multi-Role Helicopter).”
“This MoU demonstrates once again
helicopters to altitudes above 20,000 ft where the Indian Army is deployed the commitment of both Safran CHINTAN GIRISH MODI who speak Telugu, Mizo and Kuki tribals
Helicopter Engines and HAL to the from Manipur and Mizoram who converted
Indian government’s vision of The relationship between India and Israel to Judaism and became the Bene Menashe,
‘Aatmanirbhar Bharat’ or achieving self- is often examined through a political lens, and the Arabic-speaking Baghdadi Jews
reliance — particularly in defence tech- but it might be equally important to study who arrived in Surat and settled in Bombay,
nologies,” said HAL. it using a cultural and civilisational lens. Calcutta and Pune.
Madhavan said Safran Helicopter This approach can expand our understand- While this diversity within a small minor-
Engines has been HAL’s valued partner ing of why these countries are on good terms ity is mind-boggling, it is crucial to acknowl-
for several decades. “We now look for- with each other. The ideological affinities edge that a large number of Indian Jews
ward to utilise this opportunity to between Zionism and Hindutva offer only migrated after the state of Israel was created
leverage HAL’s experience in manufac- a partial view of the picture. in 1948. This was shortly after the British left
turing of more than 15 types of aircraft “Indian Jews have historically lived India and it became an independent nation-
and helicopter engines to jointly co- across diverse parts of the Indian subconti- state. When the Jewish population in India
develop and manufacture engine with nent over the centuries without experienc- declined, a large number of Bene Israel syn-
immediate focus on IMRH and its naval ing the sort of anti-Semitism that has been agogues fell into disuse. Even the ones that
variant, the Deck Based Multi-Role so common in many other parts of the were “important centres of religious, social
Helicopter, (DBMRH).” world,” writes Ori Z Soltes in an anthology and communal life” were often served by a
Saudo spoke about the company’s of essays titled Growing Up Jewish in India. hazan (cantor), not an ordained
structuring partnership with HAL, which He is a professor at the Centre for Jewish rabbi. The hazan also served as the shohet
began more than 50 years ago, “and which Civilisation at Georgetown (kosher slaughterer), mohel
was recently illustrated with the develop- University, and former (ritual circumciser), and
ment and production of the Shakti engine director of the B’nai B’rith sopher (scribe).
and the inauguration of our joint venture Klutznick National Jewish Orna Eliyahu-Oron, a
Helicopter Engines MRO Pvt Ltd (HE- Museum. Both these insti- Seattle-based art historian
MRO)”. He added that “with a fleet of over tutions are located in and ceramic artist who was
1,000 engines, India’s armed forces are Washington DC. born in Israel and raised
HAL and Safran Helicopter Engines will also provide maintenance, repair, overhaul services for TM333 and Shakti engines one of the largest operators of Safran- Soltes adds, “The gen- by parents who migrated
designed helicopter engines”. eral lack of hostility and from Ernakulam in the
AJAI SHUKLA engine, which is powerful enough to pro- develop helicopter engines for India’s The HAL and Safran Helicopter persecution may be 1950s, has written a chap-
New Delhi, 8 July pel them to the dizzying heights of future needs. Engines partnership includes: the Shakti understood in part as a ter on the synagogues and
Kargil, or the Saltoro Ridge, where the After a memorandum of understand- engine, which powers HAL-produced cultural phenomenon, but cultural heritage of

A
mongst the most ground-break-
ing technological successes
notched up by Hindustan
Aeronautics Ltd (HAL) are its single-
engine and twin-engine helicopters —
in the former segment, the eponymous
Light Utility Helicopter (LUH); and in
the latter, the Dhruv advanced light
helicopter (ALH), the Rudra attack
helicopter and the Light Combat
Helicopter (LCH).
The common feature in all these
choppers is the remarkable Shakti
Indian Army is deployed in posts like ing (MoU) was signed by HAL Chairman helicopters, including the Dhruv, Rudra also as a function of the Cochini Jews in Kerala.
Sonam and Bana Top, at altitudes above and Managing Director R Madhavan and and the LCH. “The Ardiden 1U variant nature of Hinduism, by far Her co-author is Barbara C
20,000 feet. Safran Helicopter Engines Chief (of the Shakti engine) also powers the the dominant religion Johnson, professor emeri-
For the soldiers at these posts, a heli- Executive Officer Franck Saudo, a state- new LUH. More than 500 Shakti engines across India, and its ta from Ithaca College,
copter’s arrival could spell the difference ment said: “Both partners will extend have already been produced,” said HAL. embrace of diverse per- GROWING UP JEWISH who lived for four years in
between freezing and warmth, between their long-lasting partnership by estab- Through HE-MRO joint venture in spectives regarding how, IN INDIA south India in the 1960s in
casualty evacuation and pulmonary fail- lishing a new aero-engine company in Goa, HAL and Safran Helicopter specifically, one might Editor: Ori Z Soltes order to conduct long-term
ure — effectively between life and death. India. It will be dedicated to the devel- Engines will also provide MRO (main- understand and address research on the Jews of
On Friday, their survival prospects opment, production, sales and support tenance, repair, overhaul) services for divinity.” He makes his Publisher: Kerala. Johnson has also
Niyogi Books
received a boost, when HAL signed of helicopter engines and one of its main TM333 and Shakti engines already in case by highlighting the written a book on
an agreement with French engine- objectives will be to meet the require- service with India’s military. It will be plurality of possibilities Pages: 320 Malayalam songs pre-
maker, Safran Helicopter Engines, to ments of HAL and Ministry of Defence’s operational by the end of 2023, said a available to Hindus in Price: ~1,500 served and performed by
create a new joint venture (JV) that will future helicopters, including the 13-ton HAL-Safran joint statement. terms of which deity they Kerala Jewish women.
might want to worship. This chapter reinforces
In the foreword, Ralphy Jhirad, founder how Jewish communities have absorbed
and managing trustee of the Bene Israel regional influences not only in the matter
Heritage Museum and Genealogical of cuisine but also art and architecture, and

Under Abe, Japan made for a tenth of India’s FDI
SACHIN P MAMPATTA &
ISHAAN GERA
Mumbai/Delhi, 8 July
Shinzo Abe’s second run as
Japanese prime minister saw
investments account for
more than ten per cent of
India’s overall foreign direct
investments (FDI) on more
than one occasion. (Abe was
prime minister from 2006
to 2007 and again from
Research Centre in Mumbai, seems to echo the use of ritual objects in worship.
Soltes when he notes that Indian Jews have Jael Silliman, former associate professor
experienced “Philo-Semitism rather than of Women’s Studies at the University of
the anti-Semitism that many Jewish com- Iowa, who is now an independent scholar
INVESTMENTS PEAKED IN 2016-17 JICA LOANS TO INDIA HAVE BEEN GROWING munities across the Diaspora have faced”. and writer, has written a chapter on the syn-
n Japan (FDI in $ billion) Japan's share in total FDI (in %) Commitment (in billion Japanese yen) This simply means that Jews have been able agogues of the Baghdadi Jews of Kolkata.
Disbursement (in billion Japanese yen) n Number of projects to practise their traditions and celebrate These buildings often feature on the itiner-
600 145 90 their heritage without persecution. aries of tourists, photographers, and those
264.6 If you think that Jhirad and Soltes are who enjoy heritage walks, but there are very
311.5 356.2
500 75 exaggerating, read Esther David’s non-fic- few Jews in the city.
8.4 tion book, Bene Appétit: The Cuisine of Silliman writes, “The Calcutta Jews were
400 60 Indian Jews. The author discusses how so attached to their synagogues that there was
2.6 Indian Jews observe the “strict dietary law a plan to transport Magen David brick-by-
300 45 of kosher” by infusing traditional recipes brick to Jerusalem. Calcutta Jews living
with local ingredients. You might also want abroad had met with Teddy Kolek, then Mayor
200 30 to read Zilka Joseph’s poetry col- of Jerusalem, to find a suitable site in
lection, In Our Beautiful Bones. She which to locate it.” The plan was shot
3.0
2.0

4.2

100 15
3.2
1.8

1.8

1.6

1.9
1.5
1.3

1.3
2.1

2012 to 2020.) was born in Mumbai, and lived in down by the few Jews actually living
66

69

79

72

72

72
61

77

Japan’s $1.8-billion
investments accounted for
11.2 per cent of India’s FDI
flows in 2013-14. FDI inflows
from the island nation had a
11.7 per cent share in 2016-17
when investments rose to
$4.2 billion.
The post-pandemic
period has seen some signs
of investments tapering off.
Japan’s FDI flows to India
were $1.5 billion, according
to provisional 2021-22
Reserve Bank of India
data, accounting for 2.6 per
cent of the overall inflows
(see chart 1).
In March 2022, the new
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
-11 -12 -13 -14 -15 -16 -17 -18 -19 -20 -21 -22*
Note:*2021-22 data is provisional
Japanese Prime Minister,
Fumio Kishida, announced
$42-billion worth of India
investments over the next
five years.
During Abe’s tenure,
Japan had announced
support for a number of
major projects. These
included the bullet train
project between Mumbai
and Ahmedabad, the cost of
which was pegged at $17
billion in 2017, besides
allocations for a freight
Source:RBI
corridor between Mumbai
and New Delhi.
A government-backed
aid entity, the Japan
International Cooperation
Agency (JICA), has made
multiple investments in the
last few years. An analysis of
JICA data shows average
commitments of over 348
billion Japanese yen a year
since 2013-14--the year from
which disbursement data is
also available.
Disbursement has
0 0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Note: Official Development Assistance (ODA) loans by JICA
averaged around 216 billion
Japanese yen a year. One
billion yen is around $7
million at the current
exchange rate. It has
exposure to around 70
projects a year on average
since 2013-14 (see chart 2).
The pre-pandemic trade
between the two nations
was around $17.63 billion in
2018-19. This included India
importing $12.77 billion and
exporting $4.86 billion.
India’s primary exports
Source: JICA
included petroleum products
and chemicals, besides
clothing and accessories.
India imported goods
including iron and steel
products and machinery.
Japan accounted for
around ~1 trillion in total
foreign portfolio assets under
custody in June 2022. It is
India’s ninth-largest
investor. It had a similar rank
in January 2012. Total assets
under custody, however,
were ~16,053 crore.
Kolkata before moving to Ann in Kolkata. They got the synagogue
Arbor, Michigan in the United registered with the Archaeological
States where she is based now. She Survey of India to “ensure that it could
was raised as an Indian Jew but is never be moved”.
not religious.
Soltes, who has written three
BOOKS
Erica Lyons, who chairs the
Hong Kong Jewish Historical
essays for this book apart from the & IDEAS
Society, has written a fascinating
introduction, draws attention to the chapter tracing connections
multiple origin stories that explain the his- between the Jews of India and China. She
tory of Jewish presence in India. He writes, writes, “The founders of Hong Kong’s
“Jews arrived in the Indian subcontinent in Jewish community, like Shanghai’s, were
several distinct waves at distinct if — in some the Sassoons, Baghdadi Jews expanding
cases — debated times, and from distinct their trading empire from India.” The book
and diverse places — a layered diaspora from also looks closely at the work of Siona
within the Jewish Diaspora.” The depth of Benjamin, a Bene Israel artist who grew up
research in this book is eye-opening. in Mumbai and is now located in the US.
Read it to learn about the Marathi-speak- Her art is a celebration not only of Judaism
ing Bene Israel in the Konkan region, the but of the entire gamut of influences that
Cochini Jews of Kerala who speak Judeo- inspire her — Kali, Krishna, Bollywood,
Malayalam, the Marrano Jews in Goa, the Amar Chitra Katha comics, and Persian
Bene Ephraim people of Andhra Pradesh miniature painting.

LUNCH WITH BS > SANJEEV KAPOOR | CELEBRITY CHEF & ENTREPRENEUR

kitchen, with his app Tinychef. gastronomy. It is on everyone’s minds
ILLUSTRATION: BINAY SINHA

In search of khazana
“I adapt to technology very fast. The
one thing that caught my interest was
Amazon’s voice assistant, Alexa,” he
says. “I realised it can be used for
content — especially to cater to a
A trailblazer, Kapoor tells Akshara Srivastava turmeric is anti-inflammatory, anti-
oxidant and much more, and it made
younger demographic. So, we adapted
content through smart devices.”
about reinventing himself in the kitchen perfect sense to start an immunity- This includes 25-minute episodes,
building line of products using it.” which help people to plan meals and
While it was a time that encouraged grocery lists, apart from voice-guided
and going viral, but not everyone is
having it. While I remain very neutral
about the concept, its success rate
would have shown in a larger number
of restaurants doing it.”
With more than 30 restaurants and
a premium cookware brand to his name
plus his AI app, which has grown to 2.2
million users since its launch in 2019,
Kapoor takes a minute to reflect on his

“T
here is only one way to live Kapoor, he is thrilled. everyone to don the chef’s hat and cooking instructions. journey of almost three decades.
life: you have to keep The virtual lunch is telling of the whip up some treats, the 58-year-old “These are intuitive calls that “It’s not like I did not struggle to
reinventing yourself,” times we live in — forcing us to reboot masterchef was dishing out gourmet you take. Not all of them will make a place for myself; I just don’t like
Sanjeev Kapoor, one of India’s first and rethink our lifestyle. After two food for his family. And when he was be right and you are to dwell on the challenges.” He goes on
celebrity chefs, tells me as we sit down gruelling years of the pandemic, as not doing that, he was working to bound to fail, but a lot of to recount the one time he slipped and
for lunch on a Wednesday. It is hot and most of us try to get back to some sense provide meals to health professionals times they work out fell into a tandoor. With a grin, he says,
muggy in Delhi where I am, while of normal, Kapoor is busy working on and migrant labourers caught in the wonderfully,” he says, “What could have been a disastrous
across the screen in Mumbai, it is his new collaborations. thick of the pandemic. adding, “Tinychef’s incident is now, in fact, a funny
raining cats and dogs. “The pandemic helped me to shift We pause to take a few bites and I association with anecdote. That’s what life is — not
In front of Kapoor is a plate of egg my focus to the medicinal qualities of am suddenly aware of the salt in my Amazon has been always a cakewalk.”
rice, some stir-fried chicken in black food. It was a learning experience, pasta. My mind instantly goes back to great and we happen As we start wrapping up, Kapoor has
bean sauce, with a side of stir- which has led me to Kapoor’s “namak swaad anusar (salt to be one of the largest a lot to look forward to — starting with
fried French beans and work with the pharma according to taste)” — his famous one- culinary partners with his daughter’s wedding this year. On
shiitake mushroom, ordered Kapoor seems to industry now,” he tells liner from Khana Khazana. them, globally.” the professional front, there is his
from Yauatcha in Bandra have always predicted me, choosing not to Taking a trip down memory lane, he But while he may be empire — spanning his TV channel,
Kurla Complex (or BKC) — the curve and disclose the names of tells me, “When they approached me eagerly embracing the social media and AI content, and
which, I was told, was the stayed ahead of it — the companies he is for the show (Khana Khazana), they digital space, Kapoor restaurants. He has seven restaurant
best Asian place in the city. I whether it was his engaging with. told me everyone wants to do it. That remains a traditionalist brands across the world, including in
have a plate of wheat long-standing Coming out with a almost made me not do it.” He could, at heart. As new food Dubai, Doha, Abu Dhabi and
pasta with some grilled association with TV, line of immunity- however, foresee that TV was going to trends go viral every Brampton in Canada. In store are also
chicken that I made using which included the building foods, he has be the next big thing. “But I didn’t like week, he believes it is two new launches — a line of frozen
Kapoor’s recipe. launch of his own TV already launched two what it was being called, and got the consumption that foods and meal kits in collaboration
While preparing the meal, channel, or the move products, which name changed.” (The show would have defines their success, with Amazon.
I was taken back to Sunday to YouTube, or the includes a turmeric- been called Shriman Bawarchi if not not just the conversation With that it’s time for dessert.
mornings as a kid, when we eventual and seamless flavoured lozenge for Kapoor). The rest is history. around them. Kapoor enjoys a hazelnut chocolate
would wake up to watch a sashay into the world (Turmgel turmeric Kapoor seems to have always the limitless world of social media. This stands as true for dalgona mousse with a latte, while I bite into a
new episode of Khana of social media lozenges). “The predicted the curve and stayed ahead “It is the normal course of life. You coffee as it does for molecular “healthy laddoo”. He is immediately
Khazana, his 45-minute benefits of curcumin of it — whether it was his long-standing have to adapt and adjust to what is gastronomy. interested. It is something my
cookery show, directed by Hansal are many and we Indians have always association with TV, which included happening around you,” he says, as he “How many times did you make mother makes at home, I tell him,
Mehta, that ran from 1993 to 2012 (the recognised them,” he says from the launch of his own TV channel bites into the mushroom. dalgona coffee?” he asks. while he guesses the ingredients —
first episode was hosted by chef Harpal experience. “After two bouts of Covid, it FoodFood, or the move to YouTube, or So now the chef is experimenting “Twice,” I say. chia seeds, dates, almonds, among
Singh Sokhi). When I relay this to was something that really helped me — the eventual and seamless sashay into with artificial intelligence (AI) in the “So it is the same as molecular others — all correctly.