THURSDAY, 18 JANUARY 2024

22 pages in 2 sections www.business-standard.com

NEW DELHI
~13.00
VOLUME XXX NUMBER 236

THE MARKETS ON WEDNESDAY chg#

Sensex 71,500.8 q 1,628.0

Nifty 21,571.9 q 460.4
Nifty Futures* 21,589.6 p 17.6 COMPANIES P2 BACK PAGE P18
Dollar
Euro
Brent crude ($/bbl)
~83.1
~90.4
77.8##
~83.1 **
~90.4 **
78.8**
TATA PASSENGER ELECTRIC MOBILITY CPI INFLATION TO AVERAGE
Gold (10 gm)### ~62,028.0 q
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~329.0
CLOSE TO BREAKING EVEN, SAYS MD 4.5% IN FY25, SAYS DAS
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

INDIA SET TO TAP 12%

OF GLOBAL iPHONE Indices plummet as ESIC cover for
workers in gig,
PRODUCTION IN FY24
AppleIncisexpectedtoproduceiPhones
worth$12billion(freightonboardvalue)
inIndiaduringFY24,accordingto
discussionsbetweenitsvendorsandthe
HDFC stock tumbles unorganised
sectors on cards
government.Thiswouldaccountfor Worst day for Sensex, Nifty 73,128.8 Jan 16, ‘24 Nifty50
around12percentofApple’sglobal
iPhoneproduction—higherthantheplan
in 18 months; investors lose BIGGEST 22,032.3 SHIVA RAJORA
New Delhi, 17 January
ofshiftingaround9percentofthetotalto nearly ~4.6 trillion SINGLE-DAY -2.1
% Chg
Jan 16, ‘24
IndiabyFY24. SURAJEET DAS GUPTA writes 3 > FPI OUTFLOW 21,572.0 In a bid to broaden the reach of social security,
SUNDAR SETHURAMAN the government is considering extending med- Banks are eyeing upcoming business opportunities in
PLI SCHEMES SPUR ~1.03 TRN Date Netvalue (~cr) Jan 17, ‘24
Mumbai, 17 January Jan17,‘24 -10,578 ical benefits under its primary social security Ayodhya, which is expected to see a boom in tourism after
INVESTMENT TILL NOV P4 scheme for the organised sector — employees’ the consecration of the Ram Temple on January 22 PHOTO: PTI

A
Nov3,‘17 -9,691 NiftyBank
precipitous decline in shares of HDFC state insurance (ESI) — also to unorganised

ECONOMY AND PUBLIC AFFAIRS P4

Bank, the most heavyweight
component of the Nifty and the
Feb26,‘21
Mar8,‘22
-8,295
-8143
and gig sector workers.
TheEmployees’StateInsuranceCorporation Banks to branch out
25% in 14-18 yrs struggle
further in Ayodhya
Sensex, on Wednesday, triggered the Jun17,‘22 -7819 (ESIC) has already initiated several discussions
worst day for the domestic markets in nearly a with various stakeholders in this regard.
to read Class-II text: ASER year and a half.
Note: Figures as per
provisional data provided “The ESIC has held
Over86.8percentofthoseintheagegroup The Sensex closed at 71,501, shedding 1,628 by exchange talks with various stake-
of14-18yearsareenrolledineducational
institutions,butone-fourthofthemcannot
points or 2.2 per cent, marking the most signif-
icant decline since June 13, 2022. The Nifty50 MAJOR SENSEX LAGGARDS holders on drawing up
plans to extend the cov-
Employees’
State
MANOJIT SAHA TEMPLE TOWN
readaClass-IIleveltextfluentlyintheir wrapped up the session at 21,572, down by 460 As on Jan 17, 2024 1-day % chg erage. Typically, the Insurance
Mumbai, 17 January
FOOTPRINT
regionallanguages,accordingtotheAnnual points or 2.1 per cent, the most substantial drop HDFCBank -8.5 focus would have been Corporation From HDFC Bank to J&K Total bank
StatusofEducationReport(ASER). since June 16, 2022. on enhancing compli- has already Bank and Karnataka Bank, branches: 250
The disappointing earnings for the TataSteel -4.1 ance to bolster the initiated lenders are rushing to ramp
Branches of select PSBs
December quarter led to an over 8 per cent fall KotakMahindraBank -3.7 scheme’s subscriber several up their presence in Ayodhya,
FOG-INDUCED CHAOS in the stock of HDFC Bank, accounting for more base. But, now the ESIC discussions anticipating increased busi- Bank of State Bank
AxisBank -3.2
Regulators impose fines than half of the losses for both Sensex and Nifty
— where it holds a weighting of 14.7 per cent ICICIBank -2.9
wants to include both
unorganised sector and
with various
stakeholders
ness activity, which is gaining
momentum with the opening
Baroda: 34 of India: 26
on 3 airlines, Mum airport and 12.7 per cent, respectively. The fall of HDFC
P10
Source: Bloomberg/ exchanges
Compiled by BS Research Bureau
gig/platform workers,” a of the Ram temple, scheduled
Punjab National Bank: 21
AviationsafetyregulatorDGCAandaviation Bank sent ripples through other banking person aware of the next week. Central Bank of India: 11
securityregulatorBCASonWednesdaycame stocks; the Nifty Bank index plummeted 4.3 development told Business Standard. HDFC Bank, the country’s
Source: Finance Ministry
downhardonthreeairlines—IndiGo,SpiceJet per cent, its steepest fall since March 7, 2022. Tightrope Sensex 71,500.8 Queries sent in this regard to the ESIC largest private sector lender,
andAirIndia—andoneairportoperator— HDFC Bank carries a 29 per cent weighting in
walk Jan 17, ‘24 did not elicit response until the time of which has three branches in
MumbaiInternationalAirportLimited—for the Nifty Bank. going to press. Ayodhya, is planning to open the world. Karnataka Bank,
multipleruleviolationsamidfog-induced Foreign portfolio investors (FPIs) pulled out aheadfor -2.2 Established under the Employees’ State one more in a month and with its 100-year legacy, will
flightdisruptionssinceSundaymorning. 2 > net ~10,578 crore from equities – the HDFCBank % Chg Insurance Act, 1948, the ESI scheme currently another one by March-end. be positioned right to offer
highest withdrawal from the Mostbrokerages applies to all factories employing 10 or more Last week, Karnataka Bank world-class banking and dig-
domestic markets in a single havecuttheir individuals earning up to ~21,000 per month, opened its 915th branch, in ital services from this holy
TO OUR READERS day. The majority of the sell- earningsestimatesfor but only in notified areas. Recent data from the temple town. “With its city,” Srikrishnan H, manag-
The four-page commercial feature on ing was witnessed in HDFC HDFCBank.Analystsbelieve the labour ministry revealed that the ESI world-class infrastructure, ing director and chief execu-
Wings India, being carried as a pullout, Bank, in which FPIs have one thedriversforNIMexpansion scheme extends to 611 districts across 36 Ayodhya has turned out to be tive officer (MD & CEO),
is equivalent to a paid-for of their highest exposures. A appeartobeslowerthanforecast. states/Union territories, with a network of 161 a perfect destination for cul- Karnataka Bank, told
advertisement. record ~13,319 crore worth of hospitals and 1,574 dispensaries. The number tural preservation and will Business Standard.
No Business Standard journalist HDFC Bank shares were traded of insured persons (IPs) stands at 37.2 million. attract visitors from all over Turn to Page 6 >
LIC BECOMES MOST-VALUED PSU TAG
was involved in producing it. on the NSE. Turn to Page 6 > Turn to Page 6 >
RAM TEMPLE CREATES BUZZ IN DAVOS P18
2 COMPANIES NEW DELHI | THURSDAY, 18 JANUARY 2024

STOCKS > Capri Global Capital

Board to consider
> PTC Industries
To supply Rafale’s
> Shakti Pumps India
Acquires additional
> Godrej Properties
Buys one acre of land
> Tata Consultancy Services
Partners Macquarie
IN THE NEWS sub-division of equity titanium cast parts to stake in Shakti EV parcel in Yeshwanthpur, University to launch new
shares on January 27 Dassault Aviation Mobility Bengaluru Australian research hub
~989.1 CLOSE ~7,180.4 CLOSE ~1,111.0 CLOSE ~2,316.6 CLOSE ~3884.2 CLOSE
p3.0% UP* p3.1% UP* p3.9% UP* p0.6% UP* p0.6% UP*
*OVER PREVIOUS CLOSE

>

Regulators impose Tata Group only Indian brand in top 100

fines on IndiGo, SHIVANI SHINDE
Mumbai, 17 January
BRAND APPLE RECLAIMS ITS TITLE TATA GROUP Value ($ bn) TCS, INFY
Air India, SpiceJet
Value ($ bn) Value ($ bn)
The salt-to-software FINANCE 2024 AS MOST VALUED BRAND BEATS OTHERS MAKE THE CUT
Ranking Top 5 global brands
DEEPAK PATEL fines of ~1.2 crore on IndiGo
conglomerate Tata
Group is the only 2024 Indian brands in top 500 Top 5 global IT services brands
New Delhi, 17 January and ~60 lakh on Adani group- Indian brand 1 Apple (2) 517.0 64 Tata Group (69) 28.6 1 Accenture (1) 40.5
run MIAL for letting pas- among the top 100 2 Microsoft (4) 2
340.6 145 Infosys (150) 14.0 TCS (2) 19.2
Aviation safety regulator sengers of IndiGo’s Goa-Delhi most valued
Directorate General of Civil flight roam around, sit and eat brands of Brand 3 Google (3) 333.4 222 LIC (212) NA 3 Infosys (3) 14.0
Aviation (DGCA) and aviation on tarmac. The DGCA has Finance 2024. Tata
security regulator Bureau of also imposed fines of ~30 lakh improved its ranking 4 Amazon (1) 309.0 228 HDFC Bank (332) NA 4 IBM Consulting (4) 12.0
Civil Aviation Security (BCAS) on MIAL for violating multi- from the 69th position 5 Samsung (6) 5
99.0 261 Reliance Group (310) NA Capgemini (5) 10.0
on Wednesday came down ple safety rules during the in 2023 to 64th in 2024.
heavily on three airlines — same incident. The total value of the Tata Note: Figures in brackets are 2023 ranks Source: Brand Finance 500, 2024

IndiGo, SpiceJet and Air India
as well as Mumbai
International Airport Limited
(MIAL) — for violating multi-
ple rules amid fog-induced
flight disruptions since
Sunday morning.
The DGCA and BCAS
imposed total fines of ~2.7
Air India and SpiceJet
have each been fined by the
DGCA ~30 lakh for not roster-
ing sufficient pilots, who are
trained to land on low visibil-
ity (CAT-III landings), during
the fog season. CAT-III instru-
ment landing system is used
at major airports across India
Group stood at $28.63 billion.
The ranking is part of the Brand
Finance Global 500 list released on
Wednesday at Davos. According to the
Global 500 ranking, there are 14
Indian companies, among which only
Life Insurance Corporation (LIC) and
State Bank of India (SBI) have seen
their brand value fall. Among the Top
500 list, after the Tata Group, the other
top brands mentioned are Infosys
(145), LIC (222), HDFC Bank (228), and
Reliance Group (261).
Brand Finance also released the IT
Services 25, 2024 ranking. The list saw
Accenture retaining its top position,
while Tata Consultancy Services (TCS)
maintained its second rank and saw
its brand value grow by $2 billion to
$19.2 billion.
Infosys maintained its third posi-
tion. Brand Finance also said that
Infosys was the fastest-growing IT
services brand over a five-year period.
HCLTech continued to maintain
its rank at the eighth position.
However, the company is the fastest-
growing brand in the top 10 this year,
achieving 16 per cent growth, said the
report. The company’s brand value
increased to $7.6 billion.

‘Tata Passenger Electric

crore on the four major avia- to allow pilots to land their
tion sector players.
The BCAS has imposed
flights when visibility is as low
as 50 metres.
ESG, tech set
to dominate
Mobility near break-even’
IN BRIEF
Google Pay signs pact to expand
UPI for international payments India Inc’s
buys in 2024
On the sidelines of the Punch electric vehicle (EV) launch, the first vehicle on Tata Motors’ pure EV becauseofproductdevelopmentexpenses
GooglePayandNPCIInternationalPaymentson platform, SHAILESH CHANDRA, managing director (MD), Tata Motors Passenger Vehicles Limited —thecostofcreatingourportfolio.Itisan
Wednesdaysignedanagreementtoexpandthe and Tata Passenger Electric Mobility Limited (TPEML), speaks with Sohini Das in Mumbai. He talks investmentnotanexpense.Itisan
scopeofUnifiedPaymentsInterface(UPI)outside about how the company is focusing on going fully electric and moving away from petrol and accountingprincipletochargeoffapartof
India.ItwillenableIndiantravellerstotransact diesel powertrains. Edited excerpts: yourcapexthroughtheprofit-andloss DEV CHATTERJEE
digitallyabroadbyestablishingsystemssimilarto statementroute.Ifweremovethis Mumbai, 17 January
UPIinothercountries.GooglePaysaidthemovewill How is the Punch EV, based on tolaunchgasolinedirectinjection element,thenweareveryclosetobreaking
enableforeignmerchantstoaccessIndiancustomers.Customerswill your pure-EV platform, different (GDI)engines. evenonEbitda.Wearedefinitelyeyeingto Top Indian companies are in talks for acquisitions in the
makepaymentsusingUPI-poweredappsfromIndiarelyingon from the other three EVs you have becomeoperatingcash-flowpositive. new year, especially in the renewable energy, electric
foreigncurrency,creditorforexcards,itsaid. AJINKYA KAWALE in the market? TPEML’s earnings before interest, vehicle, and battery storage segments, as environmental,
PunchEVisthefirstelectric SHAILESH taxes, depreciation and What do you think of the buzz about Tesla social, and corporate governance, and technology themes
vehicleonourpureEV CHANDRA amortisation (Ebitda) margins entering the Indian market with are expected to dominate corporate boardrooms in 2024,
Byju’s seeks arbitrator in ~158 cr architecture.Sinceitisadedicated
platform,whichallowsusto
MD, Tata
have been improving. By when
will you break-even?
incentives?
Asofnow,thereisonlyspeculationabout
say bankers.
Vaibhav Gupta, partner at Dhruva Advisors, said top
payment dispute with BCCI itaroundthebattery,therefore,in
Motors
changetheentireflooranddesign Passenger EbitdamargininQ2wasminus5.5
percent,betterthanQ1Ebitda
theentryofglobalplayerswithimport
dutyconcessions.Theministerofstatefor
corporates want to focus on sustainability and clean
energy companies, and hence
Vehicles Ltd
LawyersrepresentingedtechfirmByju’sattheNationalCompany asmallerfootprintcaralso,wecan marginofminus9.7percent.The commercehasalsoclarifiedintheLok large investments are expected
LawTribunal(NCLT)saidthecompanyhadfiledanapplicationto packinmorebatterycapacityand Ebitdamarginisnegativeonly Sabhathatthereisnoproposaleitherto in ramping up capacities in these
referitsdisputewiththeBoardofControlforCricketinIndia(BCCI)to givemoredrivingrange.PunchEVcomes provideexemptionfromlocalvalue fields. “Technology as a sector
anarbitrator.ItclaimedthatByju’swasintalkswiththeBCCItosettle witharangeof315-421km.Whenwearein additionorsubsidyonimportdutyby should continue to be in focus
thepaymentdispute.However,theBCCIreportedlydeniedandtold
thetribunalthatnonegotiationswereunderway.Theorganisation
aconversionmode(fromICEtoEV),we
havecavitiestofillbecauseofthespace
“WEHAVETAKENACONSCIOUS India.Asaprinciple,wewelcome
competitionbutwithalevel-playingfield.
with the rapid advancements in
Gen AI. A stable political regime
saiditonlyheardaboutByju’sintenttosettlethedisputeviamedia createdbytheICEpowertrain.Thisalso CALLOFGOINGFULL-ELECTRIC. Offeringspecialbenefitstoanyonewillnot post the elections should help in
reports.ThematterwillbeheardonFebruary7. PEERZADA ABRAR givesmoreinteriorspacetotheconsumer. CNGFOCUSWILLREMAIN betherightthing.Wearecomplyingwith having continued global atten-
Thiscarisnotonlyusedforcitytravel,but BECAUSEITWILLHAVE alllocalisationnormsfromthedayof tion to India and keeping the
alsogivesoutdoorexperience.TheSUV,at
LOWEREMISSIONSAND launchingourEV.Forinstance,wehad mergers and acquisitions activity
By 2030, Zomato to support 300k thispricepoint(~10.99-14.49lakh)and
withthiskindofdriverange,willfillupa BETTERFUELEFFICIENCY”
starteddeliveriesoftheTiago.evin
January2023andfollowedtherigorous
buoyant,” he said.
Top Indian companies like
Streamlined
regulatory

restaurants, 1 mn gig workers gapinthemarket.Thetargetcustomeris

35yearsandless.
processofproduction-linedincentive
(PLI)certificationwiththetesting
the JSW Group are currently in
talks with China’s SAIC Motor to
approvals,
sector-specific
ZomatoonWednesdayannounceditscomprehensivesustainability “ASAPRINCIPLE,WEWELCOME agencies,relevantgovernment set up a joint venture to manufac-
incentives would
COMPETITIONBUTWITHALEVEL- encourage firms
goalsfor2030,withtheaimof“responsibleandsustainable Going forward, will you consciously move departmentsandsuppliers.Astatutory ture electric vehicles in India. to write
businessgrowthwhilecreatingvalueforallitsstakeholders.”Crafted away from diesel powertrains? PLAYINGFIELD.OFFERING auditwasdonetoconfirmthedomestic Part of the EV business is acquisition
aroundtheeightidentifiedthemes,Zomatohasoutlinedspecific
andmeasurabletargetstoachieveitsgoalsbytheyear2030.These
Wehavetakenaconsciouscallof
goingfull-electric.CNGfocuswill
SPECIALBENEFITSTOANYONE value-add.Weexpecttoreceivebenefits
only18-24monthsthereafter.So,alevel-
expected to be demerged from
MG Motor's current India busi-
cheques
includesupportingthegrowthof300,000restaurantbusinessesand remainbecauseitwillhave WILLNOTBETHERIGHTTHING” playingfieldwouldmeanthatglobal ness. Bankers say the Adani
foodentrepreneurs,empowering1milliongigworkers,and loweremissions,lower originalequipmentmanufacturers Group is also looking for acquisitions in the renewable
supporting300millionmealsforunderprivilegedwomenand runningcosts,betterfuel (OEMs),whoenterIndia,shouldalso energy sector as part of its $100 billion investment over
children,amongothers. ARYAMAN GUPTA efficiencyandremain investindomesticmanufacturingand the next ten years. Reliance and the Tata Group are also
relevantforlower-segment valueaddition,beforereceivingany looking for acquisitions in the renewable energy sector,
cars.WewillpursueCNG incentives.Thegovernment’spolicy say bankers.
Adani raises stake in IANS news andelectric.Lastyear,the
overallpassengervehicle
directionisforpromotinglocalplayers
toboldlyinvestinEVtechnology.
Bankers and advisors said mergers and acquisitions
would remain resilient in 2024 - backed by government
agency to take full control (PV)industrygrewby7-8
percent;EVsgrewby100
Itisalsoformovingupthe
valuechain,creatingskilled
reforms fostering foreign investment and domestic
mergers and acquisitions. Key measures like streamlined
AdanigrouphasraiseditsstakeinIANSIndiaPvtLtdtotakefull percentandCNGby25per employmentandan regulatory approvals, sector-specific incentives, and
controlofthenewsagencyasitconsolidatesitsmediapresence. cent.Dieselmaygoaway exportbaseforEVsand proactive initiatives by the Securities and Exchange
AdaniGrouphadlastmonthpickedupa50.50percentstakeinIANS whenthenextemission newtechnology Board of India would encourage companies to write
andnowithasraisedtheshareholdingto76percentwithvoting normscome.Now,we components.We acquisition cheques.
rightsandto99.26percentwithoutvotingrights,accordingtoa have15percentsales believethe “The year anticipates a rise in control and take-private
regulatoryfiling.Thecashoutgois~5crore,itsaid.Theallotmentof fromdieselvariants, governmentwill transactions, signalling a robust and dynamic mergers
theshareswasapprovedbytheboardofIANSonJanuary16. PTI CNGis20percentand ensurealevel-playing and acquisitions environment. These efforts underline
electricvehicles12-15per fieldfordomestic India's commitment to a favourable business climate,
cent.Theremainingis players,while attracting both Indian and international business

9 OF 10 PROFESSIONALS WANT petrol.Forus,dieselisata

similarlevelasEVs.Wearegoing
invitingglobalEV
playerstoIndia.
leaders,” said Rabindra Jhunjhunwala, partner at
Khaitan & Co.

JOB SWITCH IN 2024: LINKEDIN

Professionals in India will be
focused on their career in 2024
and the majority of them are
looking for a change, said a
research by employment-
focused social media platform
LinkedIn.
It says nine out of 10
professionals in the country
were looking for a new job role
going forward in 2024.
“As Indian professionals take
charge of their careers in 2024,
it’s going to get increasingly
competitive with more
professionals entering the job
market,” said Nirajita Banerjee,
career expert and senior
managing editor for
LinkedIn India.
ASHUTOSH MISHRA
Key trends
55% professionals
say finding a job
is frustrating
8 in 10 looking for
opportunities outside
their industry or role
42% searching job for
better work-life balance
37% exploring new
roles for higher wages
81% say AI can help
make job hunt efficient
and productive
>Closing manager,
influencer marketing
specialist, and design
specialist: Top three
fastest growing jobs
roles in 2024, with
growth rates above 79%
45% don’t know how
to match their skills to
the job they want
72% say they have
changed job search
approach; using video
and digital resumes
Adani firms see internal rejig as businesses grow
Similar adjustments made in the past while
expanding into new sectors, says company
AMRITHA PILLAY
Mumbai, 17 January
Adani Ports and Special Economic
Zone (APSEZ) announced the re-
designation of Karan Adani and
Gautam Adani earlier this month
as part of an internal restructur-
ing. This, along with multiple
chief executive officers (CEOs) and
senior management shuffling, had
kept the group’s human resource
team busy during 2023.
During the last 12 months,
group companies have seen at
least three new CEO appoint-
ments, two of which were internal.
Further, internal HR move-
ments include two transfers of HR
team senior executives and a non-
independent director moving to
related group businesses.
A spokesperson for the group
said that similar adjustments have
been made in the past whenever
the group has expanded into new
sectors. Two of the three new CEO
appointments pertain to relatively
EMPLOYEE COUNT nEarlier
nCurrent (FY23) RECENT TOP MOVES
CEO appointments, internal transfers
new businesses. 6,082 (CY21)
ACC $ 5,472*
Anil Sardana, who is the man- Dec ’23-ANIL SARDANA
aging director (MD) of Adani 4,723 (CY21) MD of AESL, assigned
Ambuja Cements$ 4,361*
Energy Solutions (AESL), has been responsibility as CEO of the
4,508 (FY22)
given additional charge as CEO of Adani Enterprises# 6,005 Dharavi Redevelopment
the group's ambitious Dharavi
513 (FY22)
redevelopment project in NDTV$ 508 Dec ’23-BIMAL DAYAL CEO of
Mumbai. Similarly, Bimal Dayal,
2,746 (FY22) transmission business of
former CEO of AESL’s transmis- Adani Power# 3,313 AESL, moved to Adani
sion business moved to Adani
2,409 (FY22) Infrastructure India as CEO
Infrastructure India as CEO. Adani Wilmar$ 2,600
The third CEO appointment 2,736 (FY22)
was Ashwani Gupta for APSEZ, Adani Ports# Jan ’24- Jan ’24-
3,052 ASHWANI MALAY
from his earlier stint at Nissan 466 (FY22)
Motors. Gupta’s appointment Adani Total Gas# GUPTA MAHADEVIA
550 appointed resigns as
comes along with Karan Adani’s 5,105 (FY22)
Adani Energy Solutions# *15-month period; CEO of director from
re-designation as the company’s 5,002 #No. of total employees;
managing director. The Adani $No. of permanent employees APSEZ APSEZ
Adani Green# 2,355 (FY22)
scion earlier held the CEO position 2,912
as indicated by the company
Source: Annual reports
Source: Company announcements
in the ports’ company.
Commenting on the internal
movement of senior management have entrusted our employees/tal- He added it is not surprising to cement — moving to other job
within companies, a spokesperson ent with greater responsibilities as see management changes or positions within the group.
for the group said, “Adani group's they have consistently demon- movements within our company. Further, Malay Mahadevia, who
talent management strategy strated their abilities to execute Other internal moves within also appears in the list of execu-
focuses will drive the success of projects efficiently. This approach group entities include senior tives under ‘one vision one team’
our diversified operations. Based has been a time-tested model that executives from the HR teams of on the Adani website, in January
on their past contributions, we has proven to be successful for us.” two group businesses — AESL and resigned as director from APSEZ.

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.
NEW DELHI | THURSDAY, 18 JANUARY 2024 COMPANIES 3 <

India set to tap 12% of global LTIMindtree

net rises 16.8%,
Asian Paints
profit jumps
35% in Q3
iPhone production in FY24 revenueup 4.6% SHARLEEN D'SOUZA
Mumbai, 17 January

Asian Paints saw its net

Apple crosses PLI
target of $8.9 bn
this financial year
SURAJEET DAS GUPTA
New Delhi, 17 January
Apple Inc is expected to produce
iPhones worth $12 billion (freight on
board value) in India during 2023-24,
according to discussions between the
company’s vendors and the govern-
ment. This would account for around
12 per cent of Apple’s global iPhone pro-
duction—higher than the earlier plan
of shifting around 9 per cent of the total
to India by FY24, which is the third
year of the PLI (production-linked
incentive) scheme.
The current numbers capture the
trend. Apple, through its three vendors
—Foxconn Hon Hai, Pegatron and
Wistron (now Tatas)—has produced
iPhones with an FOB value of $9.4 bil-
lion in the country during the first nine
3 YEARS OF APPLE IN PLI
nIncrementalproductionPLItarget nAchievement
1.61 2.2
FY22
FY 21-22 based on $ 1 = ~76; FY 22 till date based on $ 1= ~ 83
Sources: Government data and industry; data provided by vendors
months of FY24, overtaking its commit-
ment of $8.9 billion under the PLI
scheme for the full financial year.
Apple Inc did not respond to queries
sent by Business Standard.
Sources indicated that only 25 per
cent of the production value will be sold
in India, while the bulk will be exported
to the US, Europe and West Asia. This
production and export value is the high-
est ever reached by any company in
India in mobile devices within a period
of nine months.
($bn)
5.66
7.5
9.4
8.91
FY23 FY24
*already achieved in April-December FY 24
The $9.4 billion represents the FOB
value — the price at which the iPhone
leaves the factory gate.
The market value is more than 1.5
times of that. With only $2.35 billion of
the total iPhone production consumed
in India, this fits in with the larger pic-
ture where Apple’s shift of supply chain
to India is primarily meant for global
market and exports.
The company filed an India turn-
over of ~49,322 crore / $5.94 billion with
the Ministry of Corporate Affairs for
FY23. The India sales constitute merely AYUSHMAN BARUAH
HOW IT FARES profit rise 35 per cent in the
1.5 per cent of its global turnover of Bengaluru, 17 January December quarter. The
$383.2 billion during that year. Apple is
the first mega-GVC to have made India LTIMindtree posted a net
Q2
FY24
Q3 QoQ
FY24 % chg
country’s largest paint
maker saw its profits rise to
its second home for global production. profit of ~ 1,169 crore for the Revenue (~ cr) 8,905 9,017 1.2 ~1,448 crore and its dec-
If Tesla succeeds in its investment third quarter ended orative paints business vol-
Net profit (~ cr) 1,162 1,169 0.6
plans, it could be the next. By compari- December, up 16.8 per cent umes stood at 12 per cent.
son, Tesla, with a global turnover of year-on-year and 0.6 per cent EBIT margin (%) 16 15.4 -0.6 During the quarter, the
$81.5 billion, is nearly a fifth of Apple’s sequentially, below the con- Attrition (%) 15.2 14.2 -1 company’s net sales stood at
global sales. According to a JP Morgan sensus Bloomberg estimates Source: Company data ~9,103 crore and was up at
projection, Apple is likely to shift up to of ~1,230 crore. 5.4 per cent due to a moder-
25 per cent of its total iPhone produc- The Bengaluru-based IT ation in demand in the later
tion to India by 2026. services company’s revenue highest-ever order inflow at half of the quarter, the com-
Apple’s production and export of for the third quarter stood at $1.5 billion, representing a 21 pany said.
iPhones from India could be linked to ~9,017 crore, up 4.6 per cent per cent increase year-on- It’s decorative and indus-
seasonality and global demand cycles. year-on-year, driven by year, and our strong cash flow trial coatings business saw a
For the first six months of the current broad-based growth, but metrics helped us cross Rs combined value growth of
fiscal, as domestic demand was high, below the consensus 10,000 crore in cash and 6.1 per cent with a strong
exports constituted 55 per cent of Bloomberg estimates of investment balance. These double-digit industrial coat-
iPhone production in India. ~9,140 crore. On a sequential strong indicators make us ings value growth.
In the last three months - October- basis, revenues grew only 1.2 confident to deliver on our On a quarter-on-quarter
December - following the global launch per cent due to higher-than- path to success as we enter basis, the company’s
of iPhone 15 from India in September expected furloughs across all the new year,” said Debashis net sales was up 7.4 per cent
and a surge in demand due to the holi- verticals. The third quarter is Chatterjee, chief executive and net profit was up
day season in the US and Europe, a seasonally weak quarter for officer and managing direc- 20.1 per cent.
exports jumped to 80 per cent of the IT companies due to higher tor, LTIMindtree.
total iPhone production. furloughs resulting in lower Chatterjee said in a post-
billable hours. earnings media call that the
The dollar revenue stood demand environment con-
at $1.08 billion, up 3.5 per tinues to be “cautionary” and

AtherEnergytolaunch ClassicLegends’plan:2x cent year-on-year on the back

of deals worth a total contract
client spends are now more
focused on return on invest-

dealerships,newmodels
value of $1.5 billion during ment. “The deals we are see-

familyscooter‘Diesel’ the quarter, its highest ever.

“We have booked our
ing are related to cost take-
out and efficiency,” he added.

PEERZADA ABRAR Electric, Bajaj, Ampere, Hero “We at Uno Minda Ltd. are ANJALI SINGH ious market segments. The
Bengaluru, 17 January MotoCorp, and TVS Motor proud to be a part of Ather’s Mumbai, 17 January company did not wish to

Electric two-wheeler manufac-

turer Ather Energy will launch
its family scooter ‘Diesel' in
mid-2024.
The suppliers are already
gearing up to meet the antici-
pated demand for the produc-
tion of the new model, accord-
ing to the people familiar with
the matter.
“While the 450 scooter
series is known for its perform-
ance and sleek design, the all-
new family scooter is expected
to be more spacious and well-
suited for family use,” said a
person in the know. Ather com-
petes with players such as Ola
Company. ‘Diesel’. The seat is definitely a
Tarun Mehta, chief execu- differentiator with respect to Classic Legends, the owner of
specify the number of models
to be introduced.
APPOINTMENTS
tive officer and co-founder of other offerings in the market the Jawa and Yezdi brands, is Ashish Singh Joshi, chief
Ather, recently confirmed the and ensures that the entire embarking on a revival plan executive officer, Jawa Yezdi
company’s plan family can enjoy — from nearly doubling its stated, “We aim to increase
to launch a The suppliers are it together,” said dealership count in India, our dealerships from the cur-
family scooter, already gearing Xabier Eskibel, introducing more models, to rent 423 to 750 in the next two
according to the up to meet the Head Marketing focusing on exports to Asean and a half years. The
sources. anticipated - 2W Segment at markets. emphasis will be on deeper
Emphasising demand for the UNO Minda, It recently introduced the penetration in existing
enhanced space production of the one of the sup- Jawa 350 motorcycle to take regions and expansion into
and comfort, pliers of Ather. on Royal Enfield. new markets, especially
new scooter
Mehta posi- “It’s been chal- The company plans to add smaller cities with untapped
tioned the lenging to build more models this year. These potential. Significant
upcoming model as an afford- it, but the result speaks for launches will cater to the opportunities have been
able and practical solution for itself. Also, the development of existing segment (190cc- identified in the south and
urban commuting, slated to stylish lamps will enhance the 250cc), aligning with evolving west regions, with a focus on
serve as an entry-level offering overall appeal of the scooter,” consumer preferences to densely populated states like
in Ather’s product lineup. Eskibel said. remain relevant across var- Uttar Pradesh.”

CIN: L74899DL1993PLC052787

MAKING EVERY DROP

COUNT
*NET SALES UP *PBT UP *EBIDTA UP *PAT UP

77% 103% 64% 71%

SOM DISTILLERIES & BREWERIES LIMITED (Rs. in Lacs)

EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
CONSOLIDATED
Sr. Quarter Ended Nine Months Ended Year Ended
PARTICULARS
No. 31-Dec-2023 30-Sep-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Mar-23
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Revenue from operations (Incl. State Excise Duties) 50,079.93 46,614.38 30,544.74 1,72,557.02 1,01,089.60 1,49,804.50
2 Profit/(Loss) before exceptional items and tax 2,375.58 1,931.30 1,173.54 8,576.61 5,013.02 7,044.99
*Consolidated results for Q3 FY 2023-24 versus Consolidated results for Q3 FY 2022-23.

3 Profit/(Loss) before tax 2,375.58 1,931.30 1,173.54 8,576.61 5,013.02 7,044.99

4 Profit/(Loss) for the Period 1,799.11 1,485.13 1,052.40 6,650.86 4,443.10 6,030.23
5 Total Comprehensive income for the Period 1,799.11 1,485.13 1,052.40 6,650.86 4,443.10 6,040.90
6 Earnings Per Equity Share
(Face Value of Rs. 5 each)
Basic (in Rs.) 2.32 1.89 1.47 8.65 3.78 8.47
Diluted (in Rs.) 2.18 1.87 1.46 8.35 3.73 8.40

Summerized Unaudited Standalone Financial Results of the Company is as under: (Rs. in Lacs)
STANDALONE
Sr. Quarter Ended Nine Months Ended Year Ended
PARTICULARS
No. 31-Dec-2023 30-Sep-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Mar-23
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Revenue from operations (Incl. State Excise Duties) 17,959.80 17,183.91 11,843.94 63,615.97 39,283.88 57,242.44
2 Profit/(Loss) before tax 1,031.05 707.30 530.70 4,254.04 2,781.09 3,757.14
3 Profit/(Loss) for the Period 858.90 544.90 406.90 3,340.89 2,186.03 2,703.71

Notes For Som Distilleries and Breweries Limited

1. The above is an extract of the detailed format of the Quarterly Financial Results filed with the Stock Excahnges under
Regulation 33 of the SEBI (Listing Obiligations and Disclosure Requirements) Regulations 2015. The full format of the
said Financial Results are available on the Stock Exchanges websites on www.nseindia.com, www.bseindia.com and
on the Company’s website www.somindia.com. Nakul K Sethi
2. Unaudited financial results for the quarter/nine months ended 31st December, 2023 reviewed by the audit committee Executive Director
were taken on record at the board meeting held on 17th January, 2024.
3. The company is engaged in the business of manufacturing of alcoholic beverages. There are no reportable segments
other than alcohalic beverages, which singly or in the aggregate qualify for separate disclosure as per provision of the
relevant Ind AS 108 "Operating Segments". Date: January 17, 2024
4. Previous period figures have been regrouped and or reclassified, wherever necessary. Place: Bhopal
5. Shareholders are requested to intimate change of address, if any.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 18 JANUARY 2024 1

42% in 14-18 age group in rural India can’t read easy English: ASER
PRESS TRUST OF INDIA
New Delhi, 17 January
Forty-two per cent of children in the
CLASSROOM 25% of those aged
14-18 unable to
age group of 14 to 18 years in rural
India cannot read easy sentences in
CONUNDRUM read class 2 level English, while more than half of
them struggle with simple division
text in their
regional language problems, according to the Annual
Status of Education Report (ASER)
n Females (76%) do better 2023 released on Wednesday.
than males (70.9%) in More than 86.8 per cent young-
reading a Class 2 level text sters in the age group of 14-18 years
in their regional language are enrolled in educational institu-
n In contrast, males do tions but one-fourth of them cannot
better in arithmetic and read a Class-2 level text fluently in
english reading their regional languages, according
to the report.
Source: ASER 2023 ‘Beyond Basics’ report
published by Pratham Foundation The ASER 2023 ‘Beyond Basics’
survey was conducted in 28 districts
across 26 states, reaching a total of
34,745 youths in the age group 14-18
years. One rural district was sur-
veyed in each major state, with the
exception of Uttar Pradesh and
Madhya Pradesh, where two rural
districts were surveyed.
The annual report published by
the Pratham Foundation also found
that over half of the students in the
14-18 age group struggle with divi-
sion problems.
“About 25 per cent of this age
group still cannot read a class 2 level
text fluently in their regional lan-
guage. More than half struggle with
division (3-digit by 1-digit) problems.
Only 43.3 per cent of 14-18-year olds
are able to do such problems cor-
rectly. This skill is usually expected
in class 3 and 4.
“A little over half can read sen-
tences in English (57.3 per cent). Of
those who can read sentences in
English, almost three quarters can
tell their meanings (73.5 per cent),”
the report said.
Across enrolment categories,
females (76 per cent) do better than
males (70.9 per cent) in reading a
Class 2 level text in their regional
language. In contrast, males do bet-
ter than their female counterparts
in arithmetic and English reading.
The report says that around 45
per cent of the students surveyed
could calculate the number of hours
a child had slept based on the time
she went to bed at night and woke
up in the morning.
In another everyday task of
measuring an object with a scale, 85
per cent of those surveyed could cal-
culate the length of an object cor-
rectly if it was placed at the ‘0’ mark
on the ruler.
But when the object was moved
and placed elsewhere on the ruler,
less than 40 per cent could give the
right answer. Two-thirds of the sur-
veyed youths (65.1 per cent) were
able to read functional instructions
on a packet of ORS solution, the
report said.
According to the report, low lev-
els of foundational numeracy affect
the ability of youth in tackling every-
day calculations where they need to
apply measurement or use the uni-
tary method in practical situations,
or even do simple financial compu-
tations (managing a budget, apply-
ing a discount or calculating interest
rates or repayment of a loan.
Catch up efforts for foundational
literacy and numeracy are needed
for a significant portion of the 14-18
population. Data from ASER 2023
indicates that building foundational
literacy and numeracy may be need-
ed for about a fourth of youth in the
14-18 age group.
Boys more than twice as likely
to own smartphones as girls
Boys in the age group of 14-18 years
are more than twice as likely to own
smartphones compared to girls who
are also less likely to know how to
use these devices, according to the
ASER report.
The report highlights that 89 per
cent of the youths in that age group
have smartphones at home and 92
per cent of them know how to use
them. Of those who can use a smart-
phone, males (43.7 per cent) are
more than twice as likely to have
their own smartphone than females
(19.8 per cent). The percentage of
females who can use smartphones
was 89.8 against 94.7 for male,
according to the survey report.
Among those who can use a
smartphone, 31 per cent have their
own devices.

Govt can look at N RED SEA CRISIS N PLI spurred

Comm dept
taxing rich farmers,
says MPC member
Fertiliser subsidy asks FinMin
~1.03 trillion
investments
Having taken care of poor farmers by transferring funds into
their accounts, the government can contemplate imposing
income tax on rich farmers to bring about fairness in the taxa-
tion structure, Reserve Bank Monetary Policy Committee (MPC)
bill likely to be to maintain
credit flow till November
within FY24 BE
member Ashima Goyal (pictured) has said.
“Government transfer payments to farmers are like a nega-
tive income tax. Along with that, a positive
income tax can be applied for rich farmers
to exporters SHREYA NANDI
New Delhi, 17 January
During the last financial year,
the first set of payouts worth
~2,874 crore was made.
as part of a movement to a data-rich sys- SHREYA NANDI The government’s produc- Officials believe more clar-
tem with low tax-rates and minimum This is 34 per cent less than the expenditure in FY23 New Delhi, 17 January tion-linked incentive (PLI) ity on the incentives claimed
exemptions,” Goyal told PTI. She was scheme led to an investment will emerge by March, as most
responding to a query on whether agri- SANJEEB MUKHERJEE The commerce department of ~1.03 trillion till November, of the claims were filed by
culture income should be taxed in India. New Delhi, 17 January and the finance ministry on with exports surpassing ~3.20 December-end, and are
Asked if coalition governments or sin- Wednesday discussed maintain- trillion since the scheme’s expected to be verified and

T
gle-party regimes produced better eco- he Centre’s fertiliser subsidy is expect- ing credit flow to Indian exporters implementation. paid by March.
nomic growth rates, Goyal said growth ed to remain within ~170,000-~180,000 grappling with higher trade costs This investment resulted Individual ministries
rates depend on many things, but in judg- crore due to a fall in global prices and due to the crisis in the Red Sea, in production worth ~8.61 tril- responsible for the scheme’s
ing a government it is also necessary to see what growth rate lower imports of urea, amid the raging Red said a senior government official. lion and direct and indirect implementation, along with
they inherited and what they left the country with. Sea crisis which has led to a rise in freight The discussion took place employment generation Project Monitoring Agencies
“Coalition governments have to work towards creating a charges, Minister of Chemicals and Fertilizers during an inter-ministerial meet- of over 678,000, according (PMAs), scrutinise the claim
consensus, which is a good thing.” Mansukh Mandaviya said on Wednesday. ing chaired by the Commerce to Rajeev Singh Thakur, applications and sometimes
“But they tend to favour policies that deliver short-run This would mean the fertiliser subsidy in Secretary Sunil Barthwal and additional secre- visit the plants.
rewards for their constituents, which hurt growth in the FY24 will be within the Budget Estimate of aimed at finding measures to tary, Department This investment According to
long-run,” she said. PTI ~175,100 crore but almost 34 per cent less than tackle the impact on trade. for Promotion resulted in Thakur, there has
the expenditure in FY23 estimated to be “There were discussions on of Industry and production worth been delay in pro-
around ~256,000 crore. how things can be improved in Internal Trade ~8.61 trillion cessing due to
The Central government recently cleared this area. We have told DFS (DPIIT). and employment back-and-forth
IN BRIEF an extra subsidy of ~13,351 crore under the (finance ministry’s department While the incen- generation of communication
nutrient-based subsidy scheme through a of financial services) to monitor tive disbursement to over 678,000 between PMAs
53 road projects worth ~2 trn supplementary demand for grants for FY24.
Mandaviya said the actual subsidy expen-
The Red Sea crisis has pushed up freight
rates by at least three times which has
to ease bank credit and credit
flow is maintained to the
firms participating and companies.
in the scheme was ~4,415 crore “It has been directed to min-
identified to be bid out diture in FY24 would have been lower had
the freight charges not risen due to the Red
made shipping expensive, said
Minister of Chemicals and Fertilizers
exporters,” said the official.
That apart, the shipping min-
as of now, the payout as of istries and PMAs to create a
September was ~1,541 crore. Standard Operating Procedure
After years of viability concerns that of the current pipeline of Sea crisis which has pushed up expenditure Mansukh Mandaviya istry was asked to monitor the The incentive has been dis- (SOP) and reduce the process-
of private highway projects, the 706 national highway projects, of imports. volume of trade at major ports. bursed under eight PLI ing time,” he said, adding that
National Highways Authority of only seven are being built in a “The Red Sea crisis has pushed up freight “We are closely monitoring the schemes — Large-Scale PMAs and departments have
India (NHAI) proposed sweeping privatised BOT mode. Of the 176 rates by at least three times which has made situation. We are closely moni- Electronics Manufacturing been asked to approve the
reforms in the Build, Operate,
Transfer (BOT) model and
projects tendered out in the
current financial year, only one
shipping expensive,” Mandaviya told
reporters during the launch of his new book
Govt likely to allocate toring the inputs from relevant
ministries,” the official said.
(LSEM), IT Hardware, Bulk claim and not raise unneces-
Drugs, Medical Devices, sary objections.
introduced projects worth
~2 trillion to be bid out in
was a BOT project.
Speaking at a BOT
‘Fertilising the Future: Bharat’s March
Towards Fertilizer Self-Sufficiency’.
~4 trn in FY25 for food, While the defence ministry
will focus on improving surveil-
Pharmaceuticals, Telecom & Thakur further stated that
Networking Products, Food the government is hopeful that
the coming months.
The 53 projects, spread
workshop
organised by NHAI
He, however, asserted that there is no
shortage of fertilisers in the country and the
fertiliser subsidies lance in the Red Sea region, the
external affairs ministry is hold-
Processing, and Drones. disbursements will pick up, as
However, the disburse- investment is on track.
across various states, in New Delhi, turmoil in the Red Sea has not disrupted The government may ing diplomatic negotiations with ment has fallen substantially While progress in some
will span to a length of Union Highways imports as the Indian Navy is protecting car- earmark about Iran on the crisis. short of the government’s esti- schemes has been slower than
5,200 kilometres (km), Minister Nitin go vessels. ~4 trillion ($48 billion) Indian officials believe that mate of ~11,000 crore for the expected, the most progress
NHAI said in a statement Gadkari asked According to exporters, freight rates have for food and fertiliser the situation isn’t “alarming” as current financial year. has been seen in mobile
on Wednesday. Centre’s near- contractors to adopt new skyrocketed by up to 600 per cent due to the subsidies for the next of now, although ships taking a The scheme’s total incen- phone and pharmaceutical
term BOT project pipeline technologies to challenge crisis, and would hurt world trade. The geopo- financial year, two longer route than the Red Sea has tive outlay is ~1.97 trillion. PLI schemes.
includes — Uttar Pradesh with cartelisation by steel and litical tensions around the Bab-el-Mandeb government sources said. escalated freight costs.
projects worth ~50,000 crore, cement firms, as monopolies in Strait, a crucial shipping route connecting the Food and fertiliser subsidies account for The commerce department
Maharashtra with projects these sectors ensure that the Red Sea and the Mediterranean Sea to the about one-ninth of the country’s total on Monday said that attacks by
worth ~39,000 crore, and Tamil
Nadu with projects worth
cost of construction of highways
remains escalated.
Indian Ocean, have escalated due to recent
attacks by Yemen-based Houthi militants.
budget spending of ~45 trillion during
the current financial year. The Ministry
Houthi rebels on commercial
shipping vessels in the lower Red
IGI’s closed runway may be
~26,000 crore. It is to be noted DHRUVAKSH SAHA “We have secured supplies of around 7
million tonnes of urea, 2 million tonnes of
of Consumer Affairs, Food and Public
Distribution has estimated next year’s
Sea has resulted in a combined
impact of higher freight costs,
completed in next two days
DAP, 1 million tonnes of MOP, 4 million food subsidy bill at ~2.2 trillion ($26.52 insurance premiums, and longer Delhi International Airport Limited (DIAL) is expecting
PFRDA notifies new PoP tonnes of NPK and 2 million tonnes of SSP
which is almost a season’s stock of fertilizers
billion). That is 10 per cent higher than
a projected outlay of nearly ~2 trillion
transit times. The impact can
make imported goods “signifi-
to complete the work on the now closed runway RWY
10/28 by January 19, the airport operator has informed the
regulations for NPS in hand,” Mandaviya said. He also said the
Centre has managed to bring down the trans-
($24.11 billion) for FY24. Additionally,
next financial year’s fertiliser subsidy is
cantly more expensive”.
The Red Sea is vital for 30 per
Ministry of Civil Aviation (MoCA), according to sources.
The RWY 10/28, which can handle flight landings (CAT-
The Pension Fund Regulatory and Development Authority (PFRDA) port subsidy on the domestic movement of expected to be ~1.75 trillion ($21.10 cent of global container traffic III) in low visibility, has been under refurbishment since
on Wednesday notified the Point of Presence (PoP) regulations, fertilizers by almost half to ~5,000 crore billion), down from the FY24 estimate and 12 per cent of global trade. mid-September. Currently, only one out of four runways
simplifying the registration process with the objective of ease of through its initiative of selling all fertilizers of nearly 2 trillion rupees, one of the Nearly 80 per cent of India’s mer- at the Delhi airport, RWY 11R/29L, is capable of using the
doing business and greater use of digital mode. under a single brand name of ‘Bharat’. sources said. REUTERS chandise trade with Europe pass- CAT-III system, which allows pilots to land when visibility
With this, banks and non-banks can now act as PoPs to “One nation one fertilizer initiative has es through the strait. Almost 95 is as low as 50 metres.
onboard National Pension System (NPS) subscribers, and they will enabled us to save almost ~5,000 crore annu- per cent of vessels have rerouted The Directorate General of Civil Aviation (DGCA) will
require only a single registration for NPS, instead of multiple. The ally which was going to the companies for year, lower from around 7.5 million tonnes around the Cape of Good Hope inspect the RWY 10/28 following the completion of its
timeline for disposing of applications has also been reduced to transportation of fertilizers,” Mandaviya said. imported in the previous year, helped by in recent weeks, adding 4000 to refurbishment, a person aware of the development said.
30 days from earlier 60, and banks can operate with a single The minister also said that urea imports are higher domestic production and increased 6000 nautical miles and 14 to 20 The RWY 10/28 was supposed to be operationalised by
branch and a wider digital presence. SHIVA RAJORA estimated at 4-5 million tonnes this financial use of nano liquid urea. days to journeys. the first week of this month. AJINKYA KAWALE

TN hatches plan to solve Russia’s eggs crisis Govt committed to safe use
SHINE JACOB & SHREYA NANDI

COUNTING THE CHICKENS

Chennai/New Delhi, 17 January
An egg crisis in Russia may present
an opportunity for Namakkal in
Tamil Nadu.
Since the escalation of the Russia-
Ukraine war in 2022, India became
one of the largest importers of crude
oil from Russia.
Now, if negotiations between
both the countries are successful,
Namakkal may well be an answer to
the ongoing shortage of eggs in
Russia. According to traders,
Namakkal is the ‘Egg City’ and
reportedly exports 95 per cent of
India’s table eggs. Talks are already
on with Russia for export of eggs.
This comes at a time when
Russian President Vladimir Putin
issued a rare apology last month
regarding the price hike and
shortage of eggs.
“I apologise for this, but this is a
failure of the government's work... I
promise that the situation will be
corrected in the near future,” Putin
said, according to a Reuters report.
A combination of high inflation
of GM crops, Centre tells SC
Major countries that import eggs from India (Apr-Oct FY24)
Country
Oman
Sri Lanka
Maldives
Qatar
UAE
India’s total eggs exports
and sanctions imposed by the West
has led to the egg crisis in Russia.
This resulted in prices going up by
42 per cent in the last 12 months.
“Russia is going through a huge
shortage and has asked for eggs. We
need government intervention. If it
works out, Russia will be a huge
market for us,” said Vangili
Subramaniam, president of Tamil
Nadu Egg Poultry Farmers
Marketing Society. Currently, Oman,
Sri Lanka, Maldives, Qatar and UAE
are the top five countries to which
$110,000 to Russia during April-
October 2023 compared to $10,000
a year ago, commerce department
data showed. India's total egg
exports nearly doubled to $53.37
(in % change million during the first seven
$ mn) Y-o-Y months of the current financial year.
24.16 67.5 However, experts feel that
10.16 NA* export of eggs to Russia may not
7.36 40.9 be easy for India.
A senior official said that when it
4.83 117.57 comes to human health, countries,
3.61 62.14 especially western nations, are
*Data not
53.37 98.56 available sensitive about the quality of
products they import. These include
items such as eggs, milk, fruits or
India exports eggs. vegetables, among others. In the case
“Russia is not yet open. It is just an of eggs, there aren’t any export
early stage and will be a huge restrictions imposed by India.
opportunity. We are requesting the “For instance, if countries intend
government to speed up the process to import a particular food item, they
of tying up with Russia. Only generally reach out to the concerned
dialogue is going on now,” said government department. They put
Valsan Parameswaran, secretary of up a request to check Indian facilities
All India Poultry Products Exporters’ and we will see if import-related
Association (AIPPEA). He added that standards are met,” the official said.
going by the demand in that country, “They also raise queries, if required,”
the requirement for Russia may be the person added.
over 50 containers a month. Standards vary, depending on the
India exported eggs worth product and the country of export.
BHAVINI MISHRA
New Delhi, 17 January
The government told the
Supreme Court on Wednesday
that it was committed to the safe
use of genetically-modified
(GM) crops and “accordingly
robust evaluation systems are in
place”. Bt cotton was approved
in 2002 after an elaborate safe-
ty-assessment exercise span-
ning over seven years, the
Centre said.
The court is hearing public
interest litigations challenging
the environment ministry’s deci-
sion to approve the commercial
cultivation of GM mustard.
This is the first time that a
GM food crop is set to be com-
mercially cultivated. On the
third day of hearing, the Centre
told the apex court that India has
a robust regulatory framework
in place for the regulation of
genetically-modified organisms
(GMOs) and products thereof.
“The approval to Bt cotton
and Bt brinjal by Review
Committee on Genetic
Manipulation (RCGM) and
Genetic Engineering Appraisal
Committee (GEAC) has
been accorded on the basis of
an elaborate set of guidelines
and procedures.
These guidelines are based
on state-of-the-art international
guidance developed after years
of consultations by agencies like
FAO, WHO, OECD and Codex
Alimentarius,” the government
said in its filing.
The court, on January 11, had
expressed displeasure at the
GEAC for not considering recom-
mendations of the court-appoint-
ed Technical Expert Committee
(TEC) before taking its decision
in October 2022 to release the GM
mustard variety into the environ-
ment. The TEC had made certain
recommendations, with one
member dissenting.
The Centre, represented by
Attorney General for India R
Venkataramani, had told the
court that the GEAC had not
considered the committee's
report as there was no legal
requirement for it to consider
such reports.
It should be noted that the
release of the GM Mustard was
put on hold after the Court
asked the Centre to maintain
status quo in November 2022.
The Centre also said that the
regulatory mechanisms have
not faltered and acted in a most
transparent manner.
.
NEW DELHI | THURSDAY, 18 JANUARY 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 18 JANUARY 2024 1

‘IBC needs tweaks for ‘Climate change led to higher

biz group resolution’ monsoon rain in 55% tehsils’
CEEW study for district-level action plans with tehsil-level climate risk assessments
RBI dy guv says legal proceedings used as delaying tactics by defaulters SANJEEB MUKHERJEE India Meteorological Department
New Delhi, 17 January (IMD) collects monsoon data.
ABHIJIT LELE been used for resolution of NBFCs, review petitions challenging lower On northeast monsoon rain-
Mumbai, 17 January he added. The introduction of new court decisions. “While there was no An accelerating climate crisis fall, which primarily impacts pen-
laws often brings about a period of objection to any party seeking legiti- impacted India’s rainfall patterns insular India, CEEW said that it

T
he resolution of cases involv-
ing business conglomerates
under the Insolvency and
Bankruptcy Code (IBC) needs further
legislative changes as complex struc-
tures in the group may become a hur-
dle in dealing with an individual
entity, said Swaminathan J, deputy
governor, Reserve Bank of India.
Elaborating on the reform agenda
for IBC, he said very often such
groups have intricate corporate struc-
ture with interconnected related-
party relationships that add to the
complexity. Similarly, there is the
unfinished agenda of a comprehen-
sive resolution framework for
financial services providers such
as banks, non-banking financial
companies and insurance com-
panies, Swaminathan said.
He was addressing the
Conference on Resolution of
Stressed Assets and IBC organised
by The Centre for Advanced
Financial Research and Learning
(CAFRAL) on January 10, 2023
in Mumbai. The RBI
uploaded the speech
on Wednesday.
In the absence of
an IBC-like legis-
lative framework
for resolution of
financial institu-
tions, IBC has
Trai chairman may be
HAL to showcase indigenous named by month-end
adjustment and interpretation as mate legal recourse, these proceed-
stakeholders, legal professionals, and ings have often been used as delaying
the judiciary grapple with the intri- tactics by defaulting borrowers and
have significantly contributed to
cacies of the legislation. In the context
of the IBC, this phenomenon is delays in the resolution timeline”, he
heightened due to the significant said. “One hopes that as the law
stakes involved, he pointed out. matures, judicial interpretation and
Parties involved in insolvency pro- precedents would emerge to help
ceedings do file appeals and navigate the nuances, ultimately
reducing delays in future,” the RBI
deputy governor said.
It was conceivable that cer-
tain judicial interpretations
Swaminathan J,
may prompt the need for
deputy governor,
further reforms, aiming
RBI said that very
to enhance the effi-
often business
ciency and improve the
conglomerates
outcomes of the resolu-
have intricate
tion regime.
corporate structure
The IBC was a land-
with inter-
mark legislation that
connected related-
transformed the insol-
party relationships
vency and resolution
that add to the
framework in the country.
complexity
There has been visible
improvement in the credit cul-
ture as evident from the marked
decline in non-performing assets
(NPAs) and increased resolutions
even before the admission stage, he
said. He further added that significant
foundational work has been done by
the government and it is expected
that the next set of reforms once legis-
lated by Parliament would further
strengthen the IBC.
with 55 per cent of the country’s
tehsils recording an over 10 per
cent increase in the southwest
monsoon rainfall from 2012 to
2022, according to a study released
on Wednesday. The 10 per cent
increase has been compared with
a climatic baseline from 1982 to
2011. Independent think-tank 'The
Council on Energy, Environment
and Water (CEEW)', which analy-
sed 40-year rainfall data for more
than 4,500 tehsils across India, also
found that 11 per cent of the sub-
districts saw a reduction in the
southwest monsoon rainfall in the
10-year period. The tehsils that
recorded deficient rain are located
in the rain-fed Indo-Gangetic
plains, northeast India and the
upper Himalayan region. These
areas are crucial for agricultural
output and are home to fragile eco-
systems particularly vulnerable to
extreme climate events.
Nearly a quarter of the tehsils
studied in traditionally drier
regions like Rajasthan, Gujarat,
central Maharashtra, and parts of
Tamil Nadu saw a pronounced
rainfall increase of over 30 per cent
SUBHAYAN CHAKRABORTY
has increased by more than 10 per
cent in the past decade (2012-
2022) in approximately 80 per
RAIN GAUGE cent of tehsils in Tamil Nadu, 44
All India cumulative June to September rainfall per cent in Telangana, and 39 per
% departure from normal cent in Andhra Pradesh. The
11.8 10.5 report also said that on a monthly
8.6 6.5 basis, it was found that nearly 48
5.0 4.9 per cent of tehsils in India saw an
-3.6 -10.1 -12.7 -0.3 -2.6 -7.4 0.4 -6.0 increased rainfall in October by
more than 10 per cent, which
could be due to the delayed with-
drawal of the southwest monsoon
‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 from the subcontinent.
The study recommended close
Note: The long period average of southwest monsoon between 1971 and 2020 is 87
centimeters. It was 88 centimeters till a few years back mapping of the monsoon per-
Source: India Metereological Department formance at more localised level
based and localised decision-mak-
ing which is crucial for building
during the June to September almost 30 per cent of India’s dis- resilience against monsoon vari-
period. The study titled ‘Decoding tricts witnessed a high number of ability. The IMD recently
India's Changing Monsoon deficient rainfall years, while 38 launched a mission 'Panchayat
Patterns’ attributes the shift in per cent saw a high number of Mausam Seva' that aims to take
rainfall patterns to the accelerating excessive rainfall years. Of these, weather forecasts to every farmer
rate of climate change. It also 23 per cent of districts including in every village to mark the 150-
found that the increased precipi- New Delhi, Bengaluru, Nilgiris, years of its formation.
tation in these tehsils is the result Jaipur, Kutch and Indore wit- Meanwhile, CEEW also recom-
of frequent short-duration, heavy nessed both a high number of defi- mended the development of dis-
rainfall events which often lead to cient, as well as excessive rainfall trict-level climate action plans
flash floods. years. There are almost 717 districts incorporating tehsil-level climate
The data also showed that in the country from where the risk assessments.
ICICI Pru Q3 profit
flat at ~227 crore
the autonomous regulator for both the tele-
ICICI Prudential Life Insurance on Wednesday
reported a flat net profit of ~227 crore for the
third quarter ended December 2023. The
company had posted a profit of ~221 crore in

civil aircraft at Wings India
AJAI SHUKLA
17 January
With the Prime Minister’s Office
(PMO) emphasising the need to
boost regional air connectivity,
Hindustan Aeronautics Ltd (HAL)
will showcase its indigenous civil air-
craft at the Wings India 2024 air
show that begins on Thursday at
Begumpet Airport, Hyderabad.
“[HAL] is leveraging its strengths
in manufacturing aircraft like the
Dornier–228 and HS-748 Avro, and
extending its capabilities to civil air-
craft programmes like the regional
transport aircraft. HAL is also
actively pursuing collaborations for
undertaking civil maintenance,
repair, and overhaul (MRO) activ-
ities,” says HAL chief, CB
Ananthakrishnan.
The Hindustan-228 aircraft, a
modified version of the Dornier-228,
is a multi-purpose, light-weight, twin
turboprop aircraft. It has been indi-
genised by HAL to operate on short-
haul air routes under the regional
connectivity scheme UDAN (Ude
Desh Ka Aam Nagrik). Built in
The Hindustan-228 aircraft is a multi-purpose, light-weight, twin
turboprop aircraft. It has been indigenised by HAL to operate on short
haul air routes under the regional connectivity scheme UDAN
Kanpur, the Hindustan-228 can be
configured for a variety of roles. It
can function as a regional airliner/air
taxi, VIP/executive transport, search
and rescue, casualty
evacuation/ambulance, cargo and
logistics support, calibration of air-
port navigation aids, geographical
surveys, and aerial photography.
Its current configuration includes
a fully digital glass cockpit, upgraded
avionics and systems. The aircraft
has been type-certified by the
Directorate General of Civil Aviation
(DGCA). In September, the defence
ministry accorded clearance for
further upgrading the avionics of
Dornier aircraft to improve its accu-
racy and reliability for operations.
The upgraded civil Dhruv
advanced light helicopter (ALH) —
a 5.5 tonne, twin engine helicopter,
designed and developed by HAL to
meet the government’s Regional
Connectivity Scheme (RCS) will be
on display.
New Delhi, 17 January com and broadcasting sectors. The last Trai
chairperson P D Vaghela retired on
The government is expected to appoint the September 30. Trai member Meenakshi
the same quarter a year ago. During the third
quarter of th current financial year, the net
premium income increased to ~9,929 crore,
Telecom Regulatory Authority of India (Trai) Gupta is currently handling the additional as against ~9,465 crore in the same period a
chairperson latest by the end of the month, charge of chairperson. Trai is led by the year ago, ICICI Prudential Life said in a
sources in the know said. The position has chairperson, alongside two whole-time regulatory filing. The assets under
been lying vacant for more than three months members, and two part-time members management of the company increased to
now. Four former bureaucrats are in the fray, appointed by the Centre. In the absence of a ~2.86 trillion as against ~2.51 trillion at the
and have been interviewed full-time chairman, important end of third quarter of the previous financial
after applications were decisions such as whether sat- year, it said. The company’s solvency ratio
invited for the second time in In the absence of a ellite spectrum would be auc- was 196.5 per cent against the regulatory
December, they added. full-time chairman, tioned in India or allocated requirement of 150 per cent. PTI
Among them, former important decisions administratively remain pend-
chairman and chief executive such as whether ing. The DoT had first adver-
officer of the Railway Board,
Anil Kumar Lahoti, and
satellite spectrum
would be auctioned
tised the position on June 22.
Sources said that several candi- Govt cancels FCRA
former secretary, Ministry of
Electronics and Information
Technology, Ajay Prakash
in India or allocated
administratively
remain pending
dates had been interviewed by
the search-cum-selection com-
mittee, without a positive out-
licence of CPR
Sawhney, are seen as fron- come. However, the committee The Union Home Ministry has cancelled the
trunners to take over as the is also free to identify and rec- Foreign Contribution Regulation Act (FCRA)
next regulator, sources said. When contacted ommend any other person who has not registration of the Centre for Policy Research
on Wednesday, both declined to comment on applied for the position based on merit. The (CPR) for allegedly misutilising foreign funds
the matter. applicant must have special knowledge of and to affect India’s economic interests, and aid
The other two candidates are former power professional experience in telecommunica- protests and legal battles against
secretary Sanjiv Sahai, and former member, tion, industry, finance, accountancy, law, development projects. The public think-tank
technology at the Department of management or consumer affairs. Candidates termed the government move
Telecommunications (DoT) A K Tiwari. Both also need to have spent at least 3 years as sec- “incomprehensible and disproportionate”
could not be reached for comments. retary or additional secretary to the Centre or and vowed to seek legal recourse against the
On December 8, the DoT had invited state governments, it added. decision. When the FCRA registration of an
applications for the position for the The tenure of the post is for a term not organisation is cancelled or suspended, it is
second time in six months. The last date of exceeding three years or till the age of sixty barred from receiving any funding from
submissions stands at 22 December. Trai is five years, whichever is earlier. abroad or foreign donors. PTI

argued that amid a gradual opening is scheduled for temple, which we refurbished of view of deposit mobilisa-
> FROM PAGE 1 decline in inflation and January 22. recently,” MD & CEO, K. tion. HDFC Bank, for exam-

Markets...
robust economic activity,
there was no need for rate
cuts in haste.
ESIC cover for workers in gig, Fancy eateries,
revamped railway station,
and five-star hotels from the
a Satyanarayana Raju said.
Despite a significant
increase in digital banking
ple, has opened 908 branches
in the last 12 months, which
includes 146 during the

The latest decline in the mar-

kets wiped ~4.59 trillion off
investors’ wealth. The India
VIX — gauge of volatility —
rose to its highest since
March 2023, ending at 15.08.
Although HDFC Bank's net
profit met expectations, its
net interest margin (NIM)
declined.
Analysts noted that following
the amalgamation of HDFC
Ltd, the bank has struggled to
establish the drivers neces-
sary for earnings growth.
“Post this quarter (December
quarter), the levers have been
fewer. While we understood
that the NIM would bottom
out post the merger, it has
taken a much longer time to
understand where does it set-
tle and the pace of improve-
ment,” stated a note by Kotak
Institutional Equities.
The hardening of US
Treasury yields also weighed
on sentiment and raised con-
cerns about whether the
Federal Reserve would lower
interest rates at the same
pace as the Street has pen-
cilled in.
Statements from
European Central Bank (ECB)
President Christine Lagarde
and Governing Council
member Klaas Knot on
Wednesday, suggesting that
aggressive bets on rate cuts
are not conducive to the bat-
tle against inflation, unset-
tled investors. The remarks
from ECB officials came a day
after Federal Reserve
Governor Christopher Waller
advocated for careful and
methodical rate cuts. Waller
Also, the surge in inflation
in the UK for the first time in
10 months led investors to
pare their bets on a rate cut
by the Bank of England.
Besides, Asian markets
declined as China’s economic
data indicated a sluggish
recovery.
“HDFC Bank’s result was
not the trigger the markets
were hoping for. Although
there was nothing disastrous
about it, everyone hoped this
would be the last quarter when
NIMs are under pressure. But
it hasn't worked that way.
There are no real triggers now
for the markets to move higher.
Moreover, Fed and ECB offi-
cials have stated that interest
rates won't happen quickly.
And it means the RBI is
unlikely to cut rates before
other central banks,” said
Andrew Holland, CEO of
Avendus Capital Public
Markets Alternate Strategies.
The 10-year US bond yield
was trading at 4.11 per cent
after starting the month below
3.9 per cent.
"All the positives which
were driving the markets are
still valid. Usually, a steep fall
of this magnitude is followed
by a bit of rise due to buying
on the dips and short covering
the next day. I won't be sur-
prised if the markets gain. But
one has to be mindful of the
tensions in the Red Sea and the
muddled outlook for rate cuts,"
said U R Bhat, co-founder of
Alphaniti. Only 1,224 stocks
advanced on the BSE, while
2,602 fell. Among sectoral
indices, barring technology
stocks, all others ended with
unorganised sectors on cards Taj and Radisson groups are
expected to boost tourism in
the city and its adjoining
activities in the last few years,
brick-and-mortar branches
continue to be an important
October-December period.
The private sector lender con-
siders branches as an impor-
areas. Prime Minister strategy for commercial tant part of its strategy to gain
Sandeep Sachdeva, co-founder of Safe in Narendra Modi inaugurated banks, mainly from the point retail deposits.
India Foundation, said that while extend- the new Maharishi Valmiki
ing the benefits of the scheme to unorga- International Airport
nised and gig sector workers, the ESIC (Ayodhya International > BS SUDOKU # 4183
must be cautious to manage the downside Airport) last month.
risks to ensure that the quality of their cur- The first phase can handle
rently sub-par services does not deterio- one million commuters
rate further. annually. The Sarayu river-
“We certainly need improved social front is being developed as a
security for unorganised and gig-economy tourist destination with cafés,
workers. However, unless the new set of eateries, watersports, and
workers are included in the scheme at the light-and-sound shows.
same current rate of 4 per cent of wages as “Given the upcoming
insurance premium, funded by their business opportunities in
employers or the government, the accumu- Ayodhya, the proposal of
lated contributions of the existing sub- opening a new branch is
scribers over all these years and possibly in under active consideration of
future may end up being used to subsidise the bank,” a spokesperson for
benefits for the newly joined unorganised ESIC to extend the currently functional ESI Jammu and Kashmir Bank
sector workers. The ESIC must, therefore, scheme to these categories is part of this said. The Ayodhya district
add new segments extremely judiciously policy,” said the source cited above. A report has about 250 bank branches.
and in a very controlled and phased by the Parliamentary Standing Committee Bank of Baroda (BoB), the
manner, if at all,” he further said. on Labour in September of the previous convener of the State Level
Under the new Code on Social Security, year also expressed concerns about the Bankers' Committee of the
2020, the coverage of the ESI scheme is set ESIC’s capacity to provide extended cover- district, has the highest
to extend across India to all establishments age as envisaged under the social security number of branches at 34,
employing 10 or more employees under the code. “The Committee notes that with the followed by the State Bank of
Code, as opposed to the currently notified implementation of the Code, the coverage India, which has 26 branches.
districts/areas. A provision for voluntary of ESI is to expand pan-India. The (labour) Baroda UP Gramin Bank – the
coverage of establishments with fewer than ministry has admitted that considering the regional rural bank of BoB, SOLUTION TO #4182
10 persons has also been incorporated. existing infrastructure, expanding the cov- has 33 branches. Another
“The code also has provisions for for- erage without proper development/ aug- large public sector lender,
Medium:
mulating special schemes for unorganised mentation of facilities will not be in the Punjab National Bank, which 
workers, like platform workers and gig interest of insured persons/beneficiaries,” has 21 branches in the district Solution tomorrow
workers. The current deliberations by the the report noted. including four in the city,
may come up with another HOW TO PLAY
branch near the new airport. Fill in the grid so that
Bengaluru-based public every row, every col-
losses. Metal and commodity Another private sector lender, surge. sector lender Canara Bank
umn and every 3x3
stocks were the hardest hit Axis Bank, said it was ramp- The town has been buz- has six branches in Ayodhya
box contains
after banking. ing up its ATM numbers by zing with business activities city and 11 in the district.
deploying mobile ATMs. since the temple construc- “Recently we have shifted our the digits 1 to 9
These will be stationed at tion started following the local regional office to
Ayodhya ... various locations in the town
to deal with the demand
Supreme Court's permission
in November 2019. The
Ayodhya. We have one
branch near to the proposed
>
NEW DELHI | THURSDAY, 18 JANUARY 2024 ECONOMY & PUBLIC AFFAIRS 7

Cong turns to civil society

to train party workers
INDIA bloc allies to stay away from Rahul-led yatra pending seat talks
ARCHIS MOHAN
New Delhi, 17 January
RUN UP TO RAM MANDIR      
  
 

S
ome of the key allies of
the Congress in the
INDIA bloc, including
the Trinamool Congress and
Samajwadi Party, have said
their respective leaderships
and workers will stay away
from Rahul Gandhi-led
Bharat Jodo Nyay Yatra.
In a related development,
to bolster the party’s less-
than-robust organisational
strength, the Congress has
instructed its state units to
collaborate with civil society
organisations, which have
come together under the
rubric of ‘Bharat Jodo
Abhiyan’ (BJA). The BJA will
train workers on conducting
the party’s door-to-door cam-
paigns in “100 targeted con-
stituencies” across 15 states
for the 2024 Lok Sabha polls.
The BJA, a union of
activists and civil society out-
fits, is currently assisting the
Congress in organising the
Gandhi-led Bharat Jodo Nyay
Yatra. In a letter to the party's
state units sent on Monday,
Congress general secretary
(organisation) K C Venugopal
asked them “to respond pos-
itively to any BJA team
approaching you in your
state”, “designate a point per-
son” to be the interface
between the BJA and the par-
ty and ask all district units to
where “the BJA targeted con-
stituencies fall to collaborate
at the ground level”.
Venugopal urged the party’s
state units to “ensure an
active and fruitful collabora-
tion” with the BJA in their
respective states.
Meanwhile, some of the
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Kochi set to be next ship building hub: Modi
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highlighted that India has outpaced several Made in India aircraft carrier INS Vikrant with & *!" *" $ !(),'!!'-  ' '! 3+ 41!&!5  &( 3/ 6!' 7 8 7, & 8
& )'! 6"&-'*9/' ) ;- - + 41!&!5   /9 6!' *" - #$ *$' .$(;*
developed nations in ship-turnaround time, the Cochin Shipyard, he said, “New facilities ?  '&*! * 6 -*,* '& *9 &";" &--*' 3  8 -$!'-
emphasising the country’s proven potential will enhance the capabilities of the shipyard $!$1! "& $'&" " *;" ?$D" *-0 $ * "& )'! /'"&(" *!!'-'- *-0 $*!-! "&$
and standing in global trade. He made these many times”. The government believes that 4! "5 +") )!": ()' " ! "+) ;&-!" <= =>?3993
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~4,000 crore to the nation, including crucial its turnover within the next four years to  0"!"
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to participate in the Manipur (United) chief Nitish Kumar’s &-: 788E )'77
to Mumbai Yatra or expressed attendance in the Gandhi-led A,*' '$;""F,*',
their unwillingness to take yatra is uncertain since the +$!! - #$ *$' .$(;* ? 
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&";" &--*' 3  8
Samajwadi Party chief upset with allies not honour-
Akhilesh Yadav said he was ing his role in shaping the
“unlikely” to join the yatra INDIA bloc. However, on
when it travels through Uttar Wednesday, Rashtriya Janata
Pradesh. The 67-day yatra, Dal's president, Lalu Prasad,
BATTLEGROUND currently in Nagaland, will
spend 11 days in UP. “Neither
said the seat-sharing talks
were progressing. “Do these
2024 the Congress nor the BJP things take place so quickly?
invites us to their pro- Progress is underway,” Prasad
grammes,” Yadav said in replied in response to a query.
INDIA bloc allies of the Lucknow and flagged off his The Trinamool Congress
Congress have either turned party's state-wide yatra. has also told Congress that it
down the party's invitations In Patna, Janata Dal will “not participate”.

ALL IN A DAY
ODISHA CM PATNAIK MONEY LAUNDERING ‘US RE-ENGAGEMENT
INAUGURATES ~800 CR CASE: ED QUESTIONS WITH CHINA TO HAVE NO
JAGANNATH CORRIDOR EX-HARYANA CM IMPACT ON INDIA TIES’
Odisha Chief Minister Naveen Patnaik on Former Haryana chief minister and The United States' re-engagement with
Wednesday inaugurated the ~800-crore senior Congress leader Bhupinder China should not be seen as having any
heritage corridor project, which aims at Singh Hooda was on Wednesday implication on the strong ties it has with
providing improved amenities for pilgrims questioned by the Enforcement India and its commitments to the QUAD
around the historic Shree Directorate (ED) in grouping, a top US official
Jagannath Temple in connection with a said on Wednesday.
Puri. The Srimandir money The US has been
Parikrama Prakalpa laundering re-engaging with
was officially investigation into China at various
unveiled by Patnaik alleged irregu- levels after months
in presence of larities in land of no contact with
Gajapati Maharaja of acquisition at military as well as
Puri Divyasingha Deb and Manesar during political leaders, which
representatives of about 90 temples, 2004-07, official sources said. The had triggered concerns about a possible
including the Pashupatinath Temple in agency recorded the statement of confrontation between the two countries.
Nepal, Mahakal Temple in Ujjain, Kashi the 76-year-old Hooda under the The official said the re-engagement is
Vishwanath Temple in Kashi, Jagannath provisions of the Prevention of aimed at having better bilateral relations,
temples in Dubai, Australia and UK, and Money Laundering Act (PMLA), they especially on the economic front, which
thousands of devotees. PTI said. PTI both countries believe is important. PTI

Dharavi residents seek bigger

flats, faster construction
FILE PHOTO: REUTERS
DEV CHATTERJEE
Mumbai, 17 January

The residents of Asia’s largest slum

Dharavi have welcomed Adani Group’s
offer of providing them 350 square feet
of free houses, saying it is a step in the
right direction and they are looking for-
ward to the faster redevelopment of the
600-acre area. The slum dwellers, how-
ever, said they want the houses with a
bigger carpet area than what has been
promised by the conglomerate.
On Monday, Dharavi
Redevelopment Project Pvt, a joint ven-
ture between Adani Group and the
Maharashtra government, said
Dharavi’s eligible residential tenements
will get free flats with a minimum 350
square feet of carpet space – 17 per cent
more than other slum redevelopment
projects in Mumbai. “We welcome the
offer made by Adani Group but we
would like faster construction and big-
ger 400 square feet houses,” said
Ramakant Gupta, president of Dharavi
Redevelopment Committee. “We have
been waiting for our tenements since
2004 when the first development plan
for Dharavi was approved by the
Maharashtra government. Some of the
residents are waiting for decades to get
into a concrete house,” he said.
The ineligible residents will be given
free homes at another site. A survey to
identify the eligible and ineligible resi-
dents will begin next week. The eligible
residential tenements are those that
were in existence before January 2000,
said an official. The ineligible residents
had taken houses on rent in the slums
and lacked documents.
“Our demand is for 500 square feet
of free flats to the residents. The govern-
A survey to identify eligible and ineligible residents will begin next week
ment is giving a lot of incentives to the
project. Hence, we think it would be fea-
sible for the developer to offer larger
houses to the residents,” said Rajendra
Korde, convener of Dharavi Bachao
Andolan. According to a 2007 survey,
there are 58,000 residential and 12,000
commercial tenements in Dharavi and
many of them are two and three-storey
high. Hence, the population density is
very high, he said, adding all should be
accommodated.
“I think this is an attractive proposal
from Adani Group and they should get a
good response from the occupants of
Dharavi,” said Niranjan Hiranandani,
Chairman of Hiranandani group.
The construction of the nearby BDD
(Bombay Development Department)
chawls in Central Mumbai – which is
the first to clear the red tape – is in full
swing after Tata Projects, Larsen &
Toubro and Shapoorji Pallonji & Co won
the contracts two years ago. Once the
construction at Dharavi starts, it would
result in additional house stock coming
to the metropolis which is starved of
quality housing, say real estate develop-
ers. Experts say the new sea link con-
necting Central Mumbai and Navi
Mumbai will give more fillip to Dharavi
development. Vimal Nadar, Senior
Director, Research Colliers India says for
the first time probably in decades, the
Mumbai Metropolitan Region (MMR) is
undergoing a transformative infrastruc-
ture upgrade on a scale previously
unseen. “The upgrade has the potential
to reimagine the real estate landscape of
the city, somewhat liberating it from the
growth limitations that come from the
virtue of being a linear city,” he said.
“The Dharavi project, along with
new urban infrastructure like Metro rail
3 (connecting Seepz, and airport to
South Mumbai) and Coastal road will
transform the city,” said another real
estate developer, asking not to be quot-
ed. Key micro markets like Central
Mumbai and Navi Mumbai are poised to
witness heightened commercial and
residential activity led by improved
connectivity and redevelopment proj-
ects such as Dharavi.
8 WORLD
>
NEW DELHI | THURSDAY, 18 JANUARY 2024

US in demand, says Blinken China’s GDP grows

as he mourns crisis in Gaza 5.2% in fourth qtr
Stocks fall across the board in China and
REUTERS India an extraordinary success,had Hong Kong as weak growth deepens worries
Davos, 17 January
remarkableachievements:Blinken REUTERS PATCHY RECOVERY China GDP (in %)

U
S Secretary of State
Antony Blinken told
business and politi-
cal leaders in Davos on
Wednesday he could not
think of a time in his career
when there had been more
global challenges, ranging
from war in Gaza and
Ukraine to tensions over
Taiwan. Blinken said that
almost none of the problems
that US President Joe Biden’s
administration wanted to
address could be tackled in
isolation, echoing comments
on Tuesday by Chinese
Premier Li Qiang, who called
for greater global coopera-
tion.
Describing the conflict in
Gaza as “gutwrenching”,
Blinken said what was
needed to resolve the situ-
ation was a
US Secretary of State Antony Blinken at the 54th
annual meeting of the World Economic Forum in
Davos on Wednesday
what is to be done.” The US
Secretary of State said that
Washington was hearing
from virtually every country
in the West Asia that they
wanted the
Beijing, 17 January Y-o-Y (%) Q-o-Q (%)
DescribingIndiaasan“extraordinarysuccessstory”,AntonyBlinkenonWednesday
saidthe“remarkableachievements”oftheModigovernmenthavematerially China’s economy grew 5.2
benefittedandpositivelyimpactedsomanyIndianlives.HealsosaidtheUS-India per cent in the fourth
relationshavereachedanewhighwitheffortsfrombothPrimeMinisterNarendra quarter from a year earlier,
ModiandUSPresidentJoeBiden.Aregularpartoftheconversationbetweenthe official data showed on
twocountrieshasbeenaboutdemocracyandrights,Blinkensaid.“It’spartofavery Wednesday, missing ana-
sustained,veryrealconversationandaconversationwehopeproducespositive lysts’ expectations slightly
changeandthat'sthecasewithIndia,”hesaid. PTI but still ensuring Beijing Source: Bloomberg
met its annual growth tar-
Phase-outoffossil RED SEA RISK
get despite a shaky start to
the year.
mounting local govern-
ment debts, and slower
Beijing set a growth tar-
get of around 5 per cent for
fuels‘essentialand AramcoCEOpredicts Confounding most global growth. 2023 and policy insiders
inevitable’:UNchief tighteroilmarkets
analysts’ expectations, the
world’s second-largest
On a quarter-by-
quarter basis, GDP grew 1.0
expect it to maintain a sim-
ilar goal for this year.
Global oil markets will cope with Red Sea economy has struggled to per cent in October- Stocks fell across the board
disruptions in the short run, although mount a strong and sus- December, in line with in China and Hong Kong
PHOTO: REUTERS prolonged attacks by the Houthis on ships tainable post-covid pan- expectations for a 1.0 per on Wednesday, with
would lead to a shortage of tankers due to demic bounce, burdened cent increase and com- China’s blue-chip index
Economic Forum that this longer voyages and a supply delay, the CEO by a protracted property pared with a revised 1.5 per closing at near five-year
year will see more frequent of oil giant Aramco said.Amin Nasser said he crisis, weak consumer and cent gain in the previous lows as weak growth data
contact between the leaders expected the oil market to tighten after business confidence, quarter. deepened worries.
of the US and China in what consumers depleted stocks by 400 million
could be a good sign for inter- barrels in the last two years, which left
national trade. Opec's spare capacity as the main source of

Country’s population
Palestinian state United States additional supply. REUTERS
with a govern- to be at the Reconstruction cost
ment structure table in dis- At least $15 billion will be United Nations Secretary-General MaerskCEOwarnsof

drops for 2nd year

that gives people
what they want
and works with
Israel to be effec-
tive”.
“The suffering breaks my
heart,” he said during a key-
note session at the World
Economic Forum in the
Swiss ski resort of Davos,
adding: “The question is
“WHENILOOKATOURPLANS,WE
WILLINCREASEOURSTAFFTHIS
YEARFORSURE”
DANIEL PINTO
President & CEO, JPMorgan
cussions over needed to rebuild houses in Antonio Guterres on Wednesday
how to bring Gaza, the head of the said the phase-out of fossil fuels
shippingdisruption
about an end Palestine Investment Fund was essential and inevitable to Turmoil will likely hamper shipping transit
to Israel’s war said on Wednesday, under- avoid a global climate catastrophe. for at least a few months, according to the
with Hamas militants in lining the scale of devasta- “Let me be very clear again: the chief executive officer of Maersk. Houthi
Gaza. tion caused by Israel's offen- phase-out of fossil fuels is essential attacks on vessels in the Red Sea prompted China’spopulationfellforasecond
And he said Washington sive. Chairman Mohammed and inevitable. No amount of spin the firm to earlier this month divert its ships consecutiveyearin2023,asarecord
was also in demand else- Mustafa said international or scare tactics will change that. south of Africa.” The Houthis have since lowbirthrateandawaveofCovid-19
where. reports indicated 350,000 Let’s hope it doesn’t come too fired missiles on commercial ships, and the deathswhenstrictlockdownsended
Blinken also signaled to housing units had beendam- late,” he said at the World US and the UK have carried out air strikes acceleratedadownturnthatwillhave
the crowd at the World aged in Gaza. Economic Forum in Davos. and drone attacks against them. BLOOMBERG profoundlong-termeffectsonthe
economy’sgrowthpotential.
TheNationalBureauofStatistics
saidthetotalnumberofpeoplein
Chinadroppedby2.08million,or0.15
percent,to1.409billionin2023. EMERGING CRISIS
Thatwaswellabovethepopulation Population by 2.08 million to
declineof850,000in2022,whichhad dropped 1.409 billion
beenthefirstsince1961duringthe
GreatFamineoftheMaoZedongera. Total deaths >Death rate reached
Chinaexperiencedadramatic last year rose the highest level
nationwideCovidsurgeearlylastyear
afterthreeyearsoftightscreening
6.6% since 1974
andquarantinemeasureskeptthe >Birth rate was at record low with
“ECBISLIKELYTOCUTINTEREST “WEHAVEGIVENA15%(PROFIT) “WITHGENERATIVEAITOOLS, viruslargelycontaineduntil 6.39 births per 1,000 people, down
RATESINTHESUMMER...THEREIS TARGET.OBVIOUSLYTHERE BADGUYSWILLBE authoritiesabruptlyliftedcurbsin
December2022.
from a rate of 6.77 births in 2022
STILLALEVELOFUNCERTAINTY” MAYBEUPSIDEONTHAT” MOREPRODUCTIVE” Totaldeathslastyearrose6.6per withearliereconomicboomsinJapan
CHRISTINE LAGARDE COLM KELLEHER BILL GATES centto11.1million,withthedeathrate andSouthKorea,largepopulations
President, European Central Bank Chairman, UBS Founder, Microsoft reachingthehighestlevelsince1974 movedfromChina'sruralfarmsinto
duringtheCulturalRevolution. cities,wherehavingchildrenismore
Newbirthsfell5.7percentto9.02 expensive.Japan’sbirthratewas6.3
millionandthebirthratewasarecord per1,000peoplein2022,whileSouth
low6.39birthsper1,000people,down Korea’sratewas4.9.

IN BRIEF Pakistan recalls ambassador fromarateof6.77birthsin2022.

Birthsinthecountryhavebeen
plummetingfordecadesasaresultof
“Aswehaveobservedagainand
againfromotherlowfertility
countries,fertilitydeclineisoftenvery

to Iran over missile attacks

theone-childpolicyimplemented difficulttoreverse,”Universityof
40checksofBoeing737MAX9 from1980to2015anditsrapid
urbanisationduringthatperiod.As
MichigandemographerZhouYun
said. REUTERS
airplanescomplete:USFAA
The Federal Aviation Administration said on Wednesday that PRESS TRUST OF INDIA
inspections of an initial group of 40 Boeing 737 MAX 9 airplanes
have been completed, a key hurdle to eventually ungrounding
the planes after a Jan. 5 cabin panel broke off in mid-flight.
Islamabad, 17 January

Pakistan on Wednesday recalled its ambassador to

Apple overtakes Samsung
On Friday, the FAA had said 40 out of 171 grounded planes
needed to be reinspected before the agency would review the
results and determine if it is safe to allow the Boeing MAX 9s to
Iran and suspended all high-level planned bilateral
visits in the coming days, hours after Tehran
launched an unprecedented missile and drone
astopsmartphoneseller
resume flying. The FAA said on Wednesday it will “thoroughly strikes on what it said were terrorist bases of a Sunni REUTERS China, the world's largest smartphone
review the data” from the inspections before deciding if the militant group in the restive Balochistan province. 17 January market, also weighed on overall
planes can resume flights. United declined to comment. Alaska Foreign Office spokesperson Mumtaz Baloch in phone sales.
and Boeing did not immediately comment. REUTERS a statement read out to the media also said that the Apple ended Samsung Electronics’ 12- Apple and Transsion, which sells
Iranian Ambassador to Pakistan who is currently year run as the largest seller of smart- Tecno, Infinix and itel brands, were the
visiting Iran may not return to Islamabad for the phones in the world, after commanding only two of the top five smartphone ven-
BP names current interim time being. Pakistan also reserves the right to retali-
ate to the provocation by Iran, she said.
a 20 per cent market share in 2023,
according to a report from International
dors to record sales growth last year,
even though the overall market declined
boss as permanent CEO Two bases of Balochi militant group Jaish al-Adl
in Pakistan were targeted by missiles and drones on Pakistan’s caretaker Prime Minister Anwaar-ul-Haq
Data Corp.
Samsung ended the year with a 19.4
3.2 per cent to 1.17 billion units and hit
a decade low.
BP interim boss Murray Auchincloss was named permanent CEO Tuesday, Iranian state media reported, a day after Kakar at the Annual Meeting of World Economic per cent share, followed by China's “While we saw some strong growth
on Wednesday four months after the energy giant was rocked by Iran’s elite Revolutionary Guards attacked targets Forum in Davos PHOTO: AP Xiaomi, Oppo and Transsion, prelimi- from low-end Android players like
the sudden resignation of Bernard Looney over undisclosed in Iraq and Syria with missiles. nary data from IDC’s Worldwide Transsion and Xiaomi in the
relationships with employees. Auchincloss, who headed BP's “We have also informed them (Iran) that Pakistan has no justification whatsoever. Pakistan reserves Quarterly Mobile Phone second half of 2023,
finances under Looney, indicated he will continue a strategy has decided to recall its ambassador from Iran and the right to respond to this illegal act. The respon- Tracker showed. stemming from rapid
aimed at slashing carbon emissions, building up its renewables that the Iranian Ambassador to Pakistan, now on a sibility for the consequences will lie squarely with The change in ranking growth in emerging mar-
and clean fuel capacity and cutting oil and gas output by 2030. visit to Iran, may not return for the time being. We Iran,” Baloch said, adding that Pakistan has con- comes after a tough year that kets, the biggest winner is
BP shares opened 1 per cent lower while Shell was down 2 have also decided to suspend all high-level visits veyed this message to the Iranian Government. saw consumers going slow clearly Apple,” said Nabila
per cent . BP’s stock has underperformed rivals since Looney's which were ongoing or were planned between Balochistan information minister Jan Achakzai on smartphone upgrades Popal, research director at
departure, raising speculation that BP could be an acquisition Pakistan and Iran in coming days,” Baloch said. in his reaction to the attack by Iran said that he was and choosing cheaper IDC’s Worldwide Tracker
target amid a recent wave of consolidation. She said that last night’s “unprovoked and bla- “disappointed”. “We are extremely disappointed, as handsets due to high team. Phone shipments from
tant breach of Pakistan's sovereignty by Iran is a the Foreign Office has already said terrorism is a inflation and economic Samsung were down 13.6 per
violation of international law and the purposes and common threat to all countries in the region uncertainties. cent, while iPhone shipments
principles of the Charter of the United Nations”. that requires coordinated action,” he said in a state- A slower-than- were up 3.7 per cent last year,
Germany’s Vay launches “This illegal act is completely unacceptable and ment of X. expected recovery in according to IDC data.

remote-driven car service

German remote-driving startup Vay said on Wednesday
it had launched its first commercial service in Las Vegas
where a “teledriver”, or remote driver, delivers electric
Japan Airlines names former cabin attendant as 1st female prez
short-term rental cars to customers then collects them
after the rental.The service is currently available around REUTERS worst among the Group of Seven airport this month. All 379 people
the University of Nevada Las Vegas and the city’s arts 17 January nations and almost double the aboard the airliner escaped as it burst
district renting out cars by the minute. Unlike average of the OECD grouping of into flames.
autonomous vehicles, it relies on a remote human driver. Japan Airlines named its first female advanced economies. JAL has said Tottori acquired a
CEO Thomas von der Ohe told Reuters that during the first president on Wednesday, a former “There are female employees out “high level of insight and field
quarter Vay’s vehicle fleet should number in the “low cabin attendant who rose through the there who are struggling with their experience” in safety operations and
double digits. REUTERS ranks to senior management, taking a career steps or going through big life service.
deeply symbolic step in a country events,” Tottori told a news The current president, Yuji
struggling to close a vast gender gap at conference. Akasaka, will become chairperson
work. “I hope my appointment as a while continuing to hold a
Nokia plans $391 million Mitsuko Tottori, a senior
managing executive officer who
president can encourage them, or give
them the courage to take the next
representative director title, the
airline said in its statement.
investment in Germany joined JAL in 1985, the year it suffered
one of the worst crashes in airline
step.” The change comes as the airline
seeks to recover from the pandemic-
Yoshiharu Ueki, the current
chairman, will retire from his post in
Finland's Nokia said on Wednesday it plans a 360 million euros history, will become president from era downturn and tourists flock back April and leave the director position
($391 million) investment in software, hardware and chip design April 1, it said in a statement. to Japan. upon shareholder approval in June.
at its Ulm and Nuremberg sites in Germany. The four-year Mitsuko Tottori, a senior managing executive officer who The appointment comes as Airline safety is under a fresh JAL has set itself a target for
project is being funded by the company, the German Federal joined JAL in 1985, the year it suffered one of the worst Japanese companies face increasing spotlight after a collision between a women to make up 30 per cent of
Ministry of Economics and Climate Protection and two German crashes in airline history, will become president from April 1 pressure to boost gender diversity and JAL plane and a Japanese Coast managers across the group by the end
states, Nokia said in a statement. REUTERS tackle a gender pay gap that is the Guard aircraft at Tokyo’s Haneda of the fiscal year to March 2026.

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

VOLUME XXX NUMBER 236 ILLUSTRATION: BINAY SINHA

institutions, reduce government funding for operating
NEW DELHI | THURSDAY, 18 JANUARY 2024 expenses and fund only capital expenditure. That will
deliver true autonomy.
Improving competitiveness Full-serviceuniversitieswiththehumanitiesand
social sciences: The concentration on professional
fields had the corollary of neglect of the social sciences
The electronics sector would benefit from global integration and humanities. Many of today’s most challenging

T
he government has pointed to recent increases in production and exports problems — getting to Net Zero, decent health care
of electronics, particularly mobile phone handsets, as a sign that its for all 1.4 billion of our population — demand a per-
spective that spans technical and non-technical dis-
attempts at industrial policy are working. Certainly, there have been some
ciplines, so excellence increasingly demands full-ser-
visible successes. For example, while only 15 per cent (in value terms) of vice universities. We have two paths to getting there.
India’s electronics production in 2021-22 was for export, it grew to 25 per cent the The most elusive feature of a world-class institute is

Higher education:
next financial year and may cross 30 per cent in 2023-24. The government’s target excellence. Excellence is hard to define. Presidents of
of $52-58 billion worth of exports by 2025-26 seems reachable under these circum- universities that have it say it is in the water. But excel-
stances. The total target of $126 billion worth of production might also be considered lence is only an established feature at those same insti-
reasonable. But the Indian Cellular and Electronics Association (ICEA) has sounded tutes of national importance I spoke of earlier. Creating
a culture of excellence in an institution without it is a

the alarm on such optimism. In its recent studies, the trade body has predicted the
rate of growth in domestic demand for mobile phones to slow from 21 per cent a
year earlier to under 4 per cent. Further, exports, according to the ICEA, will be only
about half of the official target.
This is not a poor performance by any means. However, when measured
against the opportunities provided by a global rebalancing of supply chains, it
can be seen as disappointing. Further, the reasons why the government’s targets
may be missed are likely to be found in the design of its own industrial policy. It
Struggle or promise?
much harder task than growing new fields in an insti-
tution that has it. So an immediate opportunity of cre-
ating a few world-class universities is to grow the IITs
and IISc into them, where graduate and undergraduate
education,andscience,engineering,thesocialsciences
To realise the potential of our higher education system, policy and the humanities are all of equal merit. Some of
our best IITs are doing just this, but the effort — and
must do less to achieve more, and reflect its diversity prominence — that the humanities and social sciences
receive needs to be substantially enhanced. This

has used imperfect ideas generally inapplicable in the Indian context as a guide
to policymaking. The basic concept used in its formulation of policy for this —
and other similar sectors, such as electric vehicles — is to erect tariff barriers for
imported components and final goods, to use high domestic demand growth as
an initial draw to get large multinationals to make investments, and to sweeten
the pot with production-linked incentives (PLIs).
This combination of policies is appealing to bureaucrats, as each step in the
chain essentially means increasing controls and the discretion of decision-makers.
But, put together, it is economically incoherent. The ICEA study has pointed out,
for example, that high import tariffs on the components and sub-assemblies that
go into mobile phone handset production may add 5-7 per cent to the cost of a
locally manufactured device. This, in turn, simply wipes out the advantages that
accrue from the PLI scheme for handsets, which the ICEA estimates at between 4
per cent and 6 per cent. If the PLI scheme has been rendered unremunerative by
import tariffs, and domestic demand is also slowing, it is hard to see where future
investment and growth in the sector will come from.
Thegovernmentwouldbewelladvisedtotakeintoconsiderationtheseoutcomes
— not entirely unexpected — and make necessary adjustments to enable India’s
entry into global value chains. The economies of the West might seek to erect tariff
walls toreshore production, but that isbecause theirtariffs are very low in comparison
to India’s and their future growth is not necessarily dependent on finding new
export markets. The case with a developing economy like India is different.
Furthermore, value chains in the 21st century are so diffuse that the imposition of
high tariffs adds both uncertainty and cascading costs. A stable and low-tariff regime
across the board, along with a business-friendly environment, rather than production
subsidies would lead to far greater success for India.
Donald Trump 2.0?
A second term might increase global risks
I
ndia has a massive higher education system. limited state role focused on just those few areas. should be a collective project of the next 20 years.
With over 42 million enrolments, we have more Private and public professional colleges affili- Several recent private philanthropic efforts are
students in higher education than the population ated to universities: 6,000 engineering colleges beginning to change the map of Indian higher educa-
of three-quarters of the countries in the world. and 3,000 management institutes largely come tion.AhmedabadUniversity,Ashoka,Krea,ShivNadar,
Thousands of engineering colleges and management under state government universities. Improving Plaksha and a project I’m involved with, Nayanta, are
institutes, most relatively recent, sit alongside older their quality needs a compulsory assessment and all great projects that should inspire emulation. States
colleges of arts and commerce. certification programme that is made public. Then, should compete to attract these universities by freeing
Not only is our higher education these institutes can rely on the mar- them from all strictures on admissions, recruitment
system huge, but it is also by far the ket to sort the system as students andthetypesofdegreesthatcanorcannotbeawarded.
most heterogeneous in the world. In and parents decide which colleges Let these purely privately funded philanthropic efforts
the public system, central universi- thrive, which survive, and which be our laboratory for experiments that flourish or fail
ties spread around the country coex- don’t. The key choice that must be without regulation. They will collectively deliver the
ist with state universities. The IISc, made here is a non-choice: Do not thousands of broadly educated graduates we need
IIT, IISER and IIM operate as separate try to improve quality by limiting each year as our intellectual leadership.
entities, each with its own acts of expansion. Let colleges expand and Research universities: A key recent initiative is the
Parliament. Medical colleges, the add fields and students at their setting up of the National Research Foundation. I
NIDs and NIFT are outside the choice — and then compete with have written on this twice in these pages (“NRF: A
Ministry of Education. And then we one another. landmark initiative”, BusinessStandard,July 20, 2023,
have a huge private system. Many Institutesofnationalimportance: and “NRF: What research should be funded?” Business
thousands of private (mainly profes-
sional) colleges are affiliated to public
INDIA’S WORLD? Our IITs, IISc, IIMs, and NIDs are jus-
tifiably a source of much pride. But
Standard, August 17, 2023), so I will not say much
here beyond repeating that, done right, the NRF could
universities. Some private institu- NAUSHAD FORBES we need to treat them as we have clas- be transformative. This requires that the full ~50,000
tions have morphed into deemed sified them: As institutes of national crore be state funded, the NRF be run by academics
universities. And a recent wave of private universities importance. This means providing them with the and scientists and not politicians and bureaucrats,
funded by philanthropy has been set up under Union autonomy they need to build their own future. (If they and there be no dilution of the condition that every
or state university Acts, with each aspiring to become don’t seek autonomy, perhaps it should be forced on funded proposal must involve an academic from a
great national universities. them; they must compete with one another for stu- public or private institution. Our goal is not just sub-
Policy needs to reflect the needs of this huge and dents, faculty and funding.) This government took a stantively more scientific research. It is also, or even
diverse system. The key challenge is quality, a direct very welcome step in 2017 when it freed the IIMs to more, better quality graduate education. If our best
consequence of the massive growth in private pro- decide their own appointments for the board, chair faculty engage in more research, our postgraduates
fessional education in the last 40 years. For decades, and director, allowing them to handle matters inde- would learn how to do research as apprentices to the
we have tried to regulate quality into the system and pendently. The complete reversal of that reform a country’s best minds. The resulting flow of talent
failed. Instead, let institutes decide for themselves month ago, with all power over appointments return-
what disciplines to start, how many students to ing to bureaucrats in the Ministry of Education, needs
could power the country’s research effort and begin
to build an innovative India.
admit, fees to charge, and the curriculum to teach. to be reconsidered. Isolated examples of possible
The state must limit its role to assessing institute wrongdoing should be addressed as the exceptions ndforbes@forbesmarshall.com.Thewriterisco-chairman

W
ith Democratic incumbent Joe Biden, 81, polling historic-low quality, dramatically increase research funding for they are, without tying the whole system up in regu- ForbesMarshall,pastpresidentCII,andchairmanofCentre
both the public and private system, and increase lationinresponse.Thegovernmentcanalwaysappoint forTechnologyInnovationandEconomicResearchand
approval ratings in the US despite a robust economy and falling
investment in the humanities and social sciences. an ombudsman to check financial compliance in pub- AnantaAspenCentre.Hisbook,The Struggle and the
unemployment, expectations of a second Donald Trump presidency So huge and diverse a system requires a much more lic institutes. And progressively, for these professional Promise hasbeenpublishedbyHarperCollins
in 2025 is gaining traction. Mr Trump’s decisive win in the Iowa
caucus — taking 51 per cent of the votes, with challengers Ron DeSantis and Nikki

Freeing urban commercial spaces

Haley coming a distant second and third, respectively — has added momentum
to that outcome. To be sure, Iowa, which kicks off the primary and caucus seasons
for both parties, need not be considered a bellwether for the November 2024

I
polls. For one, the turnout dropped by 41 per cent owing to near-arctic temperatures
n the early years, when one looks at the beginnings prominenceofcommercialpropertiesandtheevolving cial properties and nearly 1,500 industrial plots are
— the reason why the Democrats are holding mail-in ballots in the state instead.
of urbanisation, it invariably involves the processes dynamics surrounding their utilisation, a growing held on leasehold terms, allowing occupation for a
For another, the Republican caucus represents a fraction of the state’s population. of industrialisation as well. The industries and fac- number of regulations and laws have emerged to gov- limited period while the actual ownership rights
All the same, Mr Trump heads into the New Hampshire primary, scheduled for toriesattractedanincreasingnumberofpeopleseeking ern various aspects of the sector, including property remain with the government. However, the Union
January 23, with a commanding lead. His absence from the five debates so far livelihood, who eventually settled around, allowing transfer, use, ownership, and sale. Territory administration has opposed the conversion
with his challengers appears to have worked to his advantage. Ms Haley, who for cities to be created. In India, one of the earliest laws addressing real of these properties from leasehold to freehold.
presents herself as a liberal Republican, declined to appear at the ABC News These so-called industrial cities were consequently estate ownership is the Transfer of Property Act, which Consequently, many commercial properties remain
debate if the former president did not participate, causing the event to be cancelled. spurred into catering to the various needs of their dates back to 1882. This legislation established rules unsold even after multiple auctions, despite a 30 per
inhabitants by providing services like hospitals, governing the transfer of property through sale, lease, cent reduction in prices for leasehold properties.
Unless his legal cases under Supreme Court review keep him off the ballot in
schools, and municipalities. As urban development mortgage, and gift. More recently, the Real Estate Properties worth crores of rupees are left vacant
2024, Mr Trump, 77, looks a shoo-in for the Republican nomination, and possibly progressed, cities expanded their offerings to include (Regulation and Development) Act, 2016, has been as a result. This situation has once again highlighted
a return to the White House. leisure and entertainment through introduced to safeguard consumer the necessity of transitioning to freehold properties
What might this mean for the world? If his first term is an indication, global shopping complexes. This population interests within the real estate sector. for several valid reasons. Lessees operating under a
security, the climate change agenda and geopolitics could deteriorate, given the influx and the growing functions of a This Act led to the establishment of leasehold arrangement encounter challenges such as
escalation of his Make America Great Again (Maga) campaign. Europe anticipates city subsequently led to an increased the Real Estate Regulatory Authority, legal barriers, difficulties in securing mortgages, and
he will make good on his threat to pull out of the North Atlantic Treaty Organization demand for commercial spaces that aiming to ensure transparency and complications in the sale and purchase processes. In
went beyond industries and factories. accountability in the industry. contrast, the state government in Kolkata has taken
(Nato),whichwouldbeacriticalalterationtothepost-warglobalsecurityarchitecture.
As the nature of work evolved, so Another important aspect when a proactive approach by initiating the conversion of
This might impact the trajectory of the Russia-Ukraine war, where Vladimir Putin did the understanding of space. From looking into commercial properties land to freehold properties. This move is widely
appears to be gaining, with Congress Republicans declining to vote for more funds traditional usage of what a space is the distinction between “leasehold regarded as a step in the right direction as it promises
to underwrite Kyiv’s campaign. A deeper engagement with good friend, Israel Prime could offer, such as shops or an office, properties” and “freehold” proper- a more organised implementation of industrial pro-
Minister Benjamin Netanyahu, could add to West Asia’s turmoil. The Trump admin- we moved to innovative use of space ties, which has significant implica- jects and facilitates easier access to bank credit.
istration’s official recognition in 2017 of Jerusalem as the capital of Israel — the US that assimilated the cultural under-
current of the city in the form of, say,
CONURBATION tions. As urban dynamics and eco-
nomic demands continue to shape
The development of commercial properties
amid urbanisation reflects the dynamic interplay
was the only country to do so — may well have played a contributory role in Hamas’
experiential shops catering to con- AMIT KAPOOR & BIBEK DEBROY the commercial property sector, the of economic demands, evolving work structures,
October 7 terrorist attack. Tensions with China, with which Mr Biden has begun an
temporary aesthetics or a co-working discussion on moving towards free- and regulatory frameworks. However, freehold
outreach, are unlikely to abate if Mr Trump sticks to his mega-Maga agenda. space. Consequently, the value of commercial prop- hold structures has gained prominence. In a “lease- properties are favoured due to their higher resale
India will have to face the fallout of a possible increase in global risks and erties in urban centres experienced a steady upswing, hold” arrangement, the occupant holds property for value, investor appeal, long-term security, and
threat to global cooperation in different areas. In terms of bilateral relations, the catching the attention of investors who recognised the a specific period by paying rent to the government. greater freedom for modification. Moreover, these
Indian policy establishment has dealt with the Trump administration in the untapped potential of urban commercial real estate. Under such an arrangement, ownership of the prop- properties offer flexibility, enabling maximisation
past and a recalibration should not be difficult. Though Mr Trump revived the Real estate has always been a dynamic sector, with erty is not transferred from one party to another, and of returns and long-term financial stability. Given
Quad, his administration also imposed higher tariffs and scrapped privileges on property prices rising or becoming lucrative due to restrictions on the lessee’s control and property these advantages that clearly surpass a leasehold
Indian imports under Generalised System of Preferences. Notably, Mr Biden external factors. As the mode and location of work enhancements remain. arrangement, administrations and governments
moved to more office-based settings, properties near On the other hand, in a “freehold” agreement, should actively permit and execute property con-
added impetus to the security ties with some robust collaborations — but he has
offices became ideal for housing, setting up amenities, complete and perpetual ownership of the land (and versions to freehold arrangements.
not reversed tariffs. Although India-US relations have strengthened significantly enhancing transportation links, or even for the devel- any structure on it) is granted. This model provides
in recent years, partly because of the security situation in the region, the Indian opment of more office spaces. more autonomy and control over the property, allow- Kapoorischair,InstituteforCompetitiveness,Indiaand
policy establishment would have to be prepared to protect India’s interests in a With more multinational companies and corpora- ing owners to make decisions without any lease con- lecturer,USATMC,StanfordUniversity;X:@kautiliya.
world that could get more unpredictable. tions setting up offices in the country, demand for straints. Currently, our cities have a mix of leasehold Debroyischairman,EconomicAdvisoryCounciltoPrime
commercial property increased, especially in locations and freehold commercial properties. MinisterofIndia;X:@bibekdebroy.Withinputsfrom
that were in the heart of the city. With the increasing In cities such as Chandigarh, over 6,000 commer- JessicaDuggal

A reckoning of Churchill’s India phobia economicautonomy.Independencewas

SowasChurchillaheroorvillain?
WalterReiddoesn’taddresscrude
polaritiesbutexaminestheanomalous
recordofChurchill’spubliclifetoexplain
hisdoggedoppositiontoIndianself
governmentandindependencein
FightingRetreat.MrReidispartofagroup
BOOK REVIEW ofBritishhistoriansthatabjurestheNiall
Ferguson“colonialism-as-a-force-of-
KANIKA DATTA good”schoolofthoughtandfully
acknowledgestheexploitativenatureof
concernforthegeneralityofmankind.
ButnotforIndia.”Whynot?Theeasy
answeristhathewasborninVictorian
Englandwhencruderacialtheorieswere
gainingtractionandtheempirethebasis
ofnationalpride.Inachaptertitled“The
ImperialWorld”MrReidcontextualises
butdoesnotexcuseChurchill’slanguage
andviews,pointingoutthatmany
Victoriansdidnotsharethatoutlook.
Thiswasthesamemanwhosaidofthe
attempttoreplacethefreetraderegime
withImperialPreferencein1904.True,
hisoppositionwasdrivenbyhisbelief
thatfreetradewasthebasisoftheempire.
ButanIndian
dimensionfigured
too:“Theabolitionof
FreeTrademeant
thattariffscouldbe
adjustedtotaxcotton
importsfromBritain,
evenmoreunthinkable.”
MrReidshowsthatevenafter
Churchillstoppedrepresentingacotton
ofthe1942CrippsMission,whichallowed
theBritishPMto“kicktheIndian
problemawayfortheforeseeablefuture”.
HetacklesChurchill’sculpabilityinthe
seat,thecottonmafiacontinuedtobrief 1943BengalFamine,whichhas
himinthe1930swhenhewasa foregroundeddebatesoverChurchill’s
rambunctiousbackbencherleadingthe warrecordafterthepublicationof
rightwingoftheConservatives,towreck MadhusreeMukherjee’sbookChurchill’s
theGovernmentof SecretWar.MrReidreprisesAmartya
IndiaBill. Sen’scritiquethatblamingChurchill
FIGHTING RETREAT: Asprime absolvedtheRajadministrationofrank
Winston Churchill
and India
minister,hisviews inefficiency,includingchecking
onIndiacongealed. hoardingbylocalgrainmerchants.
Author: Heofferedthe He examines the record and
WalterReid misleading concludes that despite Churchill’s

N
o 20th century leader, other
than, perhaps, Henry Kissinger,
who died recently, has polarised
opinion more than Winston Churchill.
In Britain, he is an unambiguous hero,
standing up to Adolf Hitler when Europe
was on its knees. The public turnout at
his funeral procession was second only
to Princess Diana’s. Most biographies,
from Martin Gilbert’s onwards, have
been appreciative, with criticisms
limited to the odd strategic wartime
decision and personal habits (drinking
brandy at breakfast or conducting
government business in the bath or at all
hours from bed). Indians, on the other
hand, remember him best for his
unabashed imperialism.
theRaj.AnearlierbookKeepingtheJewel
intheCrown:TheBritishBetrayalofIndia
wasadetailingof,inhiswords,Britain’s
“deceitfulandhypocriticalattemptsto
thwartIndia’sentirelyreasonable
politicalaspirations”.
Inresearchingthatbook,hesaysinthe
prefacetothisone,hewas“takenaback”
bytheextentofChurchill’sroleinthis
deception.“Iwasawareofhis
determinationnottopresideoverthe
liquidationoftheBritishEmpirebutIwas
notpreparedforwhatIfound:
Disingenuousandunprincipled
oppositiontoanyinitiativewhichmight
edgeIndia,howeverslightly,outofthe
clutchesofGreatBritain.”
Churchillwas,headds,“capableof…
Boersthatthereshouldbe“nobarrierof
race,colourorcreed”,whoasSecretaryof
StateforWarcensuredGeneralDyerfor
JallianwalaBagh(hecalledit“a
monstrousevent”),andasColonial
Secretarypushedforthesecessionof
southernIrelandfromtheEmpire.
ButforChurchillIndiawasnotaWhite
DominionpopulatedwithEnglishmen
abroadnorautilitarianworldwide
scatteringofBritish-ownedcoalingand
tradingstations.Itwasa“conspicuous
ornament…thesourceofimmenseriches
….” Beyondtheromance,MrReid
highlightsthecalculusofelectoral
politics.BiographerspraiseChurchill’s
decisiontoswitchpartiesfromtheruling
ConservativestotheLiberalsoverthe
therebystimulating
theindigenous
cottonindustry.”
Churchill
representedacotton
constituencyin
ManchesterinLancashire,which
dependedontheIndianmarketforits
finishedproducts.Whenheshiftedto
Dundee,whichherepresentedfrom1908
to1922,heremainedwithintheorbitofa
tradingcommunitythatdependedforits
existenceonIndiantextiles.AsMrReid
writes,“fortwenty-oneyears,Churchill
wasdependentonpoliticalsupportfor
thecottoninterest,andtheBritishcotton
interestwasuncomfortablyawarethatits
prosperityrestedonresistingIndian
Publisher: Penguin argumentthat
Pages: 332 independence
Price: ~699 wouldresultinthe
oppressionofthe
Dalitsbyupper
casteHindus.Those
“beastlypeoplewithabeastlyreligion”
reflectshisvisceralaversiontotheHindu
leadersoftheCongress.Likemany
Britons,hewaspartialtothespurious
theoryof“martialraces”ofwhich
northernMuslimswereseenasmanly
representatives.Buthis“concern”for
India’sMuslimminoritywasembedded
intheRaj’sdivideandrulepolicythat
playeditsroleinPartition.
MrReidrecordsinmasterlydetail
Churchill’sgleeatthe(inevitable)failure
tasteless remarks about feeding Greeks
rather than Bengalis there was no
evidence that he did or said anything
that resulted in a reduction in famine
relief. His plans to import Australian
grain to feed Bengal were stalled by
Roosevelt, who declined to provide US
shipping to transport it. And it was the
Cabinet that took the decision to not
divert scarce shipping from troops and
defence equipment.
Thisisathoughtfulandeven-handed
historythatdoesnotneedtheassiduous
endorsementsthatprefaceit.Churchill’s
admirersmaystruggletorefuteitsfinely
arguedjudgements.Indianreaderswill
findthat,finally,aBritonhastakena
bettermeasureoftheman.
 QUICK TAKE: HEALTHY EARNINGS AHEAD FOR FEDERAL BANK “After the markets priced strongly a soft

The Smart landing scenario in recent weeks, central

Investor
(Share prize in ~) The stock of Federal Bank is down 7 per cent over bankers made it clear that higher
the past month. Motilal Oswal Research has a for longer is still on the cards,
‘buy’ rating on it. In a post Q3 results note, the which led to higher bond yields
and pressure on equity valuations”
NEW DELHI | brokerage said that it broadly maintains its
THURSDAY, 18 JANUARY 2024 estimates as controlled credit costs and healthy ULRICH URBAHN
other income will keep earnings robust Head of Multi-Asset Strategy
& Research, Berenberg

Margin woes to haunt HDFC Bank AIF returns

trailed mkt
Analysts predict LOWERING against the target of 1,500.

tightrope walk ahead EXPECTATIONS HDFC Bank’s core net interest

for banking behemoth
DEEPAK KORGAONKAR & NIKITA VASHISHT
Mumbai / New Delhi, 17 January
G
rowing concerns
slower-than-expected mar-
gin recovery, amid weak
deposit growth have caught HDFC
Bank’s investors off guard.
LIC TRUMPS
REVISED ESTIMATES
 NII (~ cr)  Net profit (~ cr)  EPS (~)
margin (NIM) on total assets stood
at 3.4 per cent in Q3FY24, and its
NIM on interest-earning assets was
3.6 per cent. Both NIMs were steady
SBI TO CLAIM gains in Dec
when compared with the July-
September quarter (Q2FY24).
TOP PSU TITLE Long-short funds, long-only funds
gave lower returns than Nifty, Sensex
75.6 87.7 101.9 Analysts, however, believe that
Change in
over despite the NIM likely bottoming
out, the drivers for expansion
appear to be slower than forecast.
pecking order SAMREEN WANI
New Delhi, 17 January
CLOSE-ENDED FUNDS
“HDFC Bank's NIM was flat LIC shares have risen 26% PERFORM BETTER...
sequentially despite wearing away in the past one year Alternative Investment Funds Median December returns (%)

132,973.00
HDFC Bank’s stock on of the incremental cash reserve Mcap 1 year change (AIFs) with a lock-in period
109,065.90

154,866.10
Wednesday plunged nearly 9 per ratio (ICRR) impact and draw-down (~ trillion) (%) performed better than the
cent to hit an intraday low of ~1,527 of some surplus liquidity, LIC 5.61 25.7 ones that allow investors to 5.62
3.91

77,243.80
on the BSE after reporting weaker- resulting in higher CD ratio and withdraw capital at any time.
SBI 5.59 5.6
than-expected earnings in the 66,526.10 lower LCR. While we have under- Close-ended schemes had a
57,345.50

third quarter (October – December)
of the current financial year
(Q3FY24).
The shares of India's biggest pri-
vate lender closed at ~1,536.9, down
8.46 per cent. Its sharpest fall before
Wednesday's session was on March
23, 2020 (Covid period) when it had
fallen 12.61 per cent.
HDFC Bank accounted for nearly
60 per cent of the benchmark S&P
BSE Sensex's 1,628-point decline on
Wednesday.
The stock also dragged the BSE
Bankex index 4 per cent lower.
The decline comes as retail
deposits during the October to
December quarter grew 2.9 per cent
quarter-on-quarter (Q-o-Q) at
~53,000 crore, while total deposits
rose just 1.9 per cent.
The average quarterly net
deposit for the nine months of
FY24 (9MFY24) stood at ~63,600
crore, lower than the guided
~1 trillion target.
The loan-to-deposit (LDR) ratio
increased to 110 per cent versus
107 per cent quarter-on-quarter
(Q-o-Q).
The bank funded the incremen-
tal loan growth of ~1.15 trillion
through a combination of deposit
growth (~41,100 crore), and reduc-
tion in investment (down ~48,500
crore), and cash and cash equivalent
(~9,600 crore).
DRAGGING THE MARKETS DOWN
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Axis Bank
IndusInd Bank
Nifty 50
Nifty Bank
P/B (x): Price to book value on FY25 estimates;
Accordingly, the liquidity cover-
age ratio (LCR) has moderated from
121 per cent in Q2FY24 to 110 per
cent in Q3FY24.
“With LDR at 110 per cent, the
bank needs to step up deposits
growth as higher LDR could con-
strain loan growth, in the near-
medium term. We see a tightrope
walk for HDFC Bank, as it does not
want to differentiate on pricing but
needs to have much faster deposit
growth to sustain current loan
growth,” said analysts at ICICI
stood that the NIM would bottom NTPC 3.00 84.6 median return of 5.62 per cent
outpost the merger, it has taken in December, according to Open-ended Close-ended
ONGC 2.92 57.1
a much longer time to understand data from industry tracker
FY24 FY25 FY26 where it will settle and the pace Coal India 2.34 78.3 PMSBazaar. The median ...BUT ALL CATEGORIES
NII: Net interest income; Source: Nuvama Research of improvement,” said Kotak Power Grid 2.22 46.0 returns for open-ended TRAILED MARKET INDICES
Institutional Equities. schemes were 3.91 per cent Median returns (%)
Indian Oil 2.03 76.6
Given the continued systemic
tightness in liquidity and HDFC HAL 1.98 141.4
(Chart 1). Both the Sensex and
the Nifty 50 index hit new Long-short* 1.44
Returns (%) Bank's high ask rate concerning IRFC 1.95 356.5 highs in December. Long-short 3.46
Price (~) 1-day 1-mth P/B(x) FY25E deposit accretion, analysts believe The analysis above looked
Bharat 1.36 80.5 Long-short** 4.93
the improvement in HDFC Bank’s Electronics at December annualised mo-
1,538 -8.4 -7.2 2.4 NIMs will only be gradual. nthly returns for Category III Long-only 5.62
Source: Bloomberg
982 -2.7 -5.4 2.6 Against this backdrop, most bro- AIFs. It considered schemes BSE Sensex 7.80
1,780 -3.7 -3.8 3.3 kerages have cut their earnings esti- Insurance behemoth Life across strategies including
mates for HDFC Bank. Nuvama Insurance Corporation of India long-only funds which
Nifty 50 7.90
1,082 -3.3 -3.4 1.9 Institutional Equities, for instance, (LIC) has become the most-valued invest in the markets going up,
*Conservative; **Aggressive
Note: Based on 85 Category III
1,644 -1.4 4.7 1.8 has cut loan and earnings per share public sector undertaking (PSU), and long-short funds which alternative investment fund (AIF)
schemes. Nifty 50 and S&P BSE Sensex
21,572 -2.1 0.5 3.0 growth estimates by 4–6 per cent. dislodging State Bank of India can bet on market direction data if for December 2023
Source: PMSBazaar, Business Standard
With core return on asset (RoA) of (SBI) from that position. After a either way. calculations
46,064 -4.3 -4.3 2.0 1.7–1.8 per cent, it has downgraded 26 per cent jump in its shares in An AIF is a sophisticated
Source: Bloomberg the stock to 'hold'. the past one year, LIC is now investment vehicle for the
Those at Kotak, too, have slashed valued at ~5.61 trillion, slightly wealthy with a minimum prices outlook as well as likely
net interest income (NII) estimates ahead of SBI which is valued at investment of ~1 crore. It rate cut globally. Thus, there
Securities. by 3.7 per cent/6.7 per cent/5.8 per ~5.59 trillion. Amongst all listed comes in three categories. The seem to be more positives than
On its part, the management cent for FY24/FY25/FY26. NIM pro- companies, LIC is ninth-most first invests in start-ups, social negatives ahead. Amidst this
said the deficit in system liquidity jections, too, are down by valuable. Shares of LIC last closed ventures, small businesses and setup, India is in a sweet spot
is the biggest constraint for the 7bps/13bps/9bps, respectively. at ~887. Post its listing in May infrastructure as per Securities vis-a-vis global peers with
deposit growth. It believes the bank “We cut FY25-26E earnings by 2022, shares of LIC had dropped as and Exchange Board of India macroeconomic stability and
is gaining incremental market 3 per cent, building in the growth much as 44 per cent. However, (Sebi) regulations. Category II corporate earnings in sight…
share. moderation, but retain our long- they have jumped 67 per cent makes investments, including Our December 2024 target for
It also attributed the slower rate term ‘buy’ with a target of ~2,100 as from their lows of ~530 in March distressed debt, while Cate- Nifty is set at 25,000…(and)…
of branch expansion to weak we believe the merger drag should 2023 amid a shift in sentiment gory III includes hedge funds corresponding Sensex target
deposit growth. ease gradually over FY25-26E towards PSU stocks. Among which use complex strategies set as 83,250,” it said.
During Q3FY24, HDFC Bank’s and lead to sustained RoA/return non-financial PSUs, NTPC is to beat the stock market. Earnings per share (EPS)
operating expenses rose 3.6 per cent on equity (RoE) of 1.9 per cent/16- currently the most-valued at Long-short (conservative) growth is expected to be a tail-
Q-o-Q, but the bank added only 146 17 per cent over FY25-26E,” said ~3 trillion, with ONGC closely funds had lower returns than wind for markets and has driv-
branches and 270 in 9MFY24 Emkay Global. behind. BS REPORTER any other fund category at 1.44 en upside more than an expan-
per cent. Though the long- sion in valuation multiples
only funds performed better such as the price-earnings (PE)
with 5.62 per cent returns, it ratio, according to a report

SoftBank fully exits Domestic investors bullish on Adani firms was still lower than the returns
of the Sensex or the Nifty
(Chart 2).
from global financial services
major Goldman Sachs. The
January 5 report titled ‘Asia-

Policybazaar parent, PRESS TRUST OF INDIA

collects $650 mn
PEERZADA ABRAR
Bengaluru, 17 January
Japanese investor SoftBank
has full exited PB Fintech, the
parent company of Indian
digital insurance marketplace
Policybazaar, garnering
$650 million on its invest-
ment, said a person familiar
with the matter.
Masayoshi Son-led
SoftBank had inve-
sted about $200 mil-
lion in PB Fintech.
“SoftBank has
made a total of
around $650 million
in returns on its invest-
ments in the Gurugram-based
company,” according to the
source.
In December 2023,
Softbank's arm Svf Python II
(Cayman) divested a 2.5 per
cent stake in PB Fintech for Rs
914 crore through open mar-
ket transactions. HDFC
Mutual Fund (MF), Mirae
Asset MF, ICICI Prudential
Life Insurance, Societe
Generale, Capital Group, The
Master Trust Bank of Japan,
Government Pension Fund
Global, Goldman Sachs, and
China's Best Investment
Corporation were among
those who bought the
shares.After that transaction,
Softbank's shareholding in PB
Fintech declined to 1.85 per
cent from 4.39 per cent stake.
In October 2023, Softbank
pared a 2.5 per cent stake in
PB Fintech for ~871 crore. In
December 2022, Softbank
through its affiliates off-
loaded 5.1 per cent
stake in Policybazaar
for ~1,043 crore.
PB Fintech was
co-founded by
Yashish Dahiya and
Alok Bansal in 2008.
The company operates online
insurance platform
Policybazaar and credit com-
parison portal Paisabazaar. It
made its public market debut
in November 2021.
Experts said SoftBank’s
strategy over the last one year
has been to keep diluting its
holding through public mar-
ket deals. SoftBank was one
of the early investors in
India's technology companies
but it has been paring its
stakes, including in Paytm,
Delhivery and Zomato.
New Delhi, 17 January
Notably, mutual funds have
marginally increased or main- Domestic Institutional
Wilmar rose to 0.41 per cent
from 0.01 per cent in the pre-
Several hedge funds'
attempts to provide returns
that are not subject to the same
Pacific Portfolio Strategy’ is
compiled by authors, includ-
ing Sunil Koul, Timothy Moe,
Domestic investors seem to be
bullish on Gautam Adani-led
tained their shareholding
across all entities, barring
Adani Ports & Special
Investors hiked their
stakes in Adani Green
to 1.67 per cent in the
ceding quarter, in Ambuja to
9.19 per cent from 9.07 per cent,
and in ACC to 10.72 per cent
volatility as the broader mar-
ket may result in underper-
formance during times of a
Amorita Goel, Alvin So, John
Kwon and Mark Hung.
“India’s strong perform-
Adani Group as they raised Economic Zone Ltd, and Adani third quarter of the from 10.27 per cent. bull market, according to ana- ance in 2023 was driven pri-
their stakes in five group com- Energy Solutions Ltd in the current financial year On the other hand, DIIs lysts. The market outlook marily by earnings accruals.
panies, including Adani Green quarter under review. reduced their ownership in remains optimistic amid MSCI India’s 20 per cent USD
and Adani Total Gas, in the Moreover, the total share- Adani Enterprises Ltd to healthy gross domestic pro- gain in 2023 was driven by an
December quarter. holder base of the group rose Institutional Investors (DIIs) 3.95 per cent during the period duct (GDP) growth and other 18 per cent EPS change, a 2%
Other group firms where 5 per cent to 6.882 million, with hiked their stakes in Adani under review from 4.26 per positives, according to a forward PE change and about
stakes have been raised are substantial increase seen in Green to 1.67 per cent in the cent in the September quarter. Market Strategy 2024 note 1% INR depreciation vs USD.
Adani Wilmar and cement Adani Total Gas and Adani third quarter of the current The stake in Adani Ports has dated December 29 from … Earnings are the main driver
companies Ambuja and ACC Energy Solutions. financial year from 1.36 per cent been trimmed to 8.37 per cent ICICIdirect, the retail arm of for market returns over the
during the quarter, according Meanwhile, Foreign Port- in the preceding quarter. They from 9.72 per cent. Further, the ICICI Securities. long run…With economic
to an analysis of shareholding folio Investors (FPIs) have raised ownership in Adani shareholding of DIIs remained “There are green shoots in growth still resilient in India,
data with the BSE. This sug- shown mixed trends when it Total Gas to 6.26 per cent from unchanged in Adani Power the form of continued corpo- we continue to expect strong
gests positive sentiment and comes to holding stake in 6.02 per cent in the September and Adani Energy Solutions rate earnings momentum mid-teen earnings growth to
confidence among domestic the group. Going by the quarter, the data showed. during the quarter. DIIs do not domestically, healthy GDP drive index returns over com-
investors in the group. shareholding data, Domestic Also, their stake in Adani hold any stake in NDTV. growth, benign commodity ing years,” it said.
More global money will flock to India after polls: Goldman N IN BRIEF N
Medi Assist IPO subscribed
India may see accelerated foreign FPI EQUITY INVESTMENTS a third term. Many funds remain
inflows into its $4.4 trillion stock
market once the national elections ($ bn)
light on holdings of Indian stocks.
“If you look at the global pool
16.25 times on last day
23 21
are over, according to a Goldman of money, which is even bigger The initial public offering (IPO) of Medi Assist
Sachs Group Inc. strategist. 14 4 than what the Asia and emerging Healthcare Services received 16.25 times subsc-
“There are some people who -17 markets pool is, that is still under- ription on the last day of bidding on Wedn-
are still hesitant ahead of the elec- weight India,” Koul said. esday. The ~1,171.57 crore-IPO received bids for
tions, and once the election is 2019 2020 2021 2022 2023 Global mutual funds with 318,778,530 shares, against 19,619,719 shares on
behind us, you could probably see Source: NSDL about $2.4 trillion in combined offer, according to NSE data. The category for
many coming to the market,” Sunil assets are underweight India by qualified institutional buyers got subscribed
Koul, Asia Pacific equity strategist, but earnings growth should in 2023, but the pace has slowed close to 150 basis points 40.14 X, while the portion for non-institutional
said in an interview in Singapore. address that, he added. this month ahead of the April-May compared to historical positions, investors fetched 14.85X subscription.
Lofty stock valuations are another Global investors snapped up polls where Prime Minister Goldman analysis found.
oft-cited reason for staying away $21 billion of shares on a net basis Narendra Modi is expected to win BLOOMBERG
Upstox revenue up 44%
to ~1,000 crore in FY23
THE COMPASS New-age broking firm Upstox reported a
44 per cent increase in broking revenues to
Q2FY24. The solvency ratio was ~1,000 crore in FY23. It clocked earnings

Strong growth rates hold more gains for ICICI Lombard
DEVANGSHU DATTA
ICICI Lombard General
Insurance Company had a
steady quarter which keeps it on
track to achieve growth targets. It
reported a 22 per cent year-on-
year (Y-o-Y) growth in net profit
in Q3FY24, while the gross
domestic premium income
surged 15 per cent Y-o-Y in
Q3FY24 to ~6,400 crore. The
management says it will con-
tinue to invest in digital and
health agency channels to accel-
erate future growth but it is also
on track to achieve 102 per cent
combined ratio by the end of
FY25. The net profit could grow
at 23 per cent compounded
annually over FY24-26.
The growth may be driven by
a pickup in the motor segment as
competition eases and an
increased focus on retail health.
Merger synergies could result
in higher yields. The gross direct
premium income growth of
13 per cent Y-o-Y in Q3FY24 was
driven by the health segment,
led by steady growth in retail
health at 16 per cent Y-o-Y;
corporate was strong with 27 per
cent Y-o-Y. Motor OD also saw
pickup with 13 per cent Y-o-Y
growth, as the competitive inten-
sity started to ease. These trends
in different segments are
expected to continue in FY25.
The loss ratio at 70 per cent
improved by 70bps Q-o-Q, led by
improvement in the health seg-
at 2.57 versus 2.59 in Q2FY24.
Management guided that once
the period of limitation on motor
before interest, taxes, depreciation, and
amortisation (Ebitda) of ~200 crore and a
profit of ~25 crore at a consolidated level. The
ment. Motor OD saw a sharp Base=100 investment gains in the quarter TP claims is implemented, the company was net cash generative in FY23 and
improvement of 810bps Y-o-Y. 130 and higher upfronting of acqui- frequency of claims can reduce at has also generated ~200 crore in operating
The total expense ratio improved ICICI Lombard sition cost pulled down net the industry level. The company cash during the last two quarters ended
by 90bps Y-o-Y, though commis- General Insurance 120 profit. The lower realised invest- works with a 12-13 per cent claim December 2023, the company said. BS REPORTER
sion rose by 250bps Q-o-Q. ment gains were deliberate. The inflation assumption in reserve
However, the management unrealised investment gains creation, which is higher than the
110
believes they will remain within
the new expenses. The secular
increased to about ~1,200 crore
in Q3FY24 from ~900 crore in
industry, and hence the benefit
to the company will be higher. Minda Corp sells
under-penetration story con-
tinues to be true. But the compa- Sensex
100 Q2FY24. Capital gains in Q3 were
at ~108 crore versus ~164 crore in
Easing competition in the
motor argument has led to a loss
15.69% stake in Pricol
ny’s valuations had dropped 90 Q2FY24. The underwriting loss ratio declining from 93 per cent Auto-ancillary major Minda Corp on
owing to low earnings growth. stood at ~280 crore versus a loss to 87 per cent Y-o-Y. Expected Wednesday sold almost its entire stake in
That situation may have chan- 80 of ~150 crore in Q2FY24. On a motor OD loss ratios should drop Pricol, also an auto component maker. It sold a
ged for the better. The key risks Dec 30,‘22 Jan 17,’24 sequential basis, the commission to 60-65 per cent, while for motor total of 15.69 per cent stake for ~657 crore at
remain the rise in competition ratio increased to 18 per cent in TP segment, 65-70 per cent ~344 apiece through block deals. Shares of
and perhaps regulatory changes. Source: Exchange Q3FY24 from 17.4 per cent in would be comfortable. The guid- Pricol last closed at ~371.5. Among the buyers
The combined ratio was at Compiled by BS Research Bureau Q2FY24. The expense ratio ance of improving combined were Aditya Birla Life Insurance, ICICI Prudential
103.6 percent versus 103.9 per declined to 15.5 per cent from ratio to 102 per cent in FY25 Mutual Fund, Carnelian Asset Manager and Tata
cent in Q2, while net profit was at Q-o-Q. The claims ratio came in 15.8 per cent in Q2FY24. The seems achievable. If growth is Mutual Fund. At the end of December 2023
~430 crore. Though it grew 22 per at 70 per cent versus 70.7 per total expense ratio came in at maintained, there could be an quarter, Minda held 15.7 per cent stake in Pricol,
cent Y-o-Y it declined 25 per cent cent in Q2FY24. Lower realised 33.5 per cent vs. 33.2 per cent in upside till ~1,650-1,750. which it had acquired through open market
transactions in February 2023. BS REPORTER
>
NEW DELHI | THURSDAY, 18 JANUARY 2024
‘Growth’ theme likely to
make a comeback this year
Value investing set to
lag after three years
of outperformance
ABHISHEK KUMAR
Mumbai, 17 January
M
ost market analysts are expect-
ing the momentum to shift
towards ‘quality’ and ‘growth’
stocks in 2024 after the outperformance
of ‘value’ stocks over the past three years.
‘Value’ stocks are generally well-
established companies with steady
profits that are trading at a discount to
what they are intrinsically worth.
Companies in sectors such as
commodities, industrials, commercial
vehicles and public sector units (PSUs)
fall in this bracket. Stocks that consis-
tently generate high return on equity
(RoE) and have low cyclicality are con-
sidered ‘growth’ stocks. ‘Quality’ is simi-
lar to growth except that here investors
take a more conservative approach.
Most fund managers have a tilt
towards any one of the stock-selection
approaches. The brighter outlook for
quality or growth vis-a-vis value
emanates primarily from expectations of
a reversal in rate cycle in 2024 and a
decline in valuation differential in the
two segments.
“A successful soft landing driving rate
cuts without any big growth disappoint-
ments is a possible consensus. This may
favour ‘growth’ as an investment style,”
said CLSA India in its 2024 equity out-
look. “Growth stocks may do better this
year. The value index is trading at a sig-
nificant premium to its last five-year
average and valuations are at par with
the long-term average,” said Ajay Tyagi,
Head of Equities, UTI Asset Management
Company (AMC).
According to Nuvama Institutional
Equities, the expected moderation in
profit growth in 2024 will also favour
quality. “With profit growth likely to
moderate in 2024, rate cuts will boost val-
uations of cash cows/quality rather than
cyclicals/value. This is given the lower
earnings risks in the former. Besides, a
valuation gap between the two has com-
pressed significantly,” the brokerage said.
Aditya Birla Sun Life AMC also sees
VALUE HUNT
Source: Bloomberg/NSE
growth and quality doing better this year
with expectations of money moving out
of value stocks and flowing into quality
shares. Experts take varied approaches
to study the performance of the two
investing styles. Indices like the Nifty 50
Value 20 and Nifty 100 Quality 30 also
give a broader idea.
Since January 2021, the value index
has gone up 74 per cent, while the quality
index is up 54 per cent, shows data from
the National Stock Exchange (NSE). At
present, the quality index is dominated
by sectors like fast-moving consumer
goods (FMCG), information technology
(IT) and automobiles.
They have a combined weight of over
67 per cent. In the case of value, the top-
three sectors include IT, financial serv-
ices and FMCG. They together constitute
over 70 per cent of the index.
At the end of December, the value
index had a price-to-earnings ratio of
18.54 vis-a-vis 31.24 of the quality index.
However, there is one risk to this view.
ILLUSTRATION: AJAY MOHANTY
Compiled by BS Research Bureau
According to CLSA, a recession in the US
can lead to concerns for growth stocks.
‘Value stocks’ outperformance came
almost after a decade-long underper-
formance. The resultant valuation gap
and a broad-based recovery, post the
Covid lows, were some of the factors that
led to their improved performance.
According to Nuvama, performance
of the primary investment styles is also
linked to the overall business cycle. The
present period, when the monetary
tightening is complete, has generally
favoured quality.
“In this phase, the lagged impact of
monetary tightening starts to trickle
down into the economy, impacting earn-
ings. Central banks also start cutting rates
but lag the growth cycle. It is only when
they have cut rates enough and val-
uations have weakened that markets take
comfort. In such a phase, there is a
shift back towards quality as their earn-
ings generally prove to be more resilient,”
it noted.
HRA can be claimed on rent
paid to parents or spouse
BINDISHA SARANG
Income-tax returns sometimes include
incorrect claims for house rent
allowance (HRA) and home loan
deductions. Such incorrect claims can
trigger a notice from the tax
department.
Says Suresh Surana, founder, RSM
India: “HRA is a special allowance
granted to an employee by the employer
to meet the expenditure, that is rent
payment, incurred on residential
accommodation occupied by the
employee.” Employees can claim HRA
up to the prescribed threshold under
Section 10(13A) of the Income-Tax (I-T)
Act, 1961 under the old tax regime.
Rules governing HRA exemption
HRA exemption is the least of the
following amounts: the actual HRA
received; 50 per cent of the basic salary
plus dearness allowance (DA) for those
living in metros like Mumbai, Calcutta,
Delhi, or Chennai; 40 per cent of basic
salary plus DA for those living in non-
metros; in any other case, rent paid in
excess of 10 per cent of the basic salary.
Next, let us turn to a few special cases
where taxpayers need to be
careful.
Own a home but live on rent
Many people live on rent even
though they own a house.
Concerning the HRA rules for
them, Maneet Pal Singh,
partner, I.P. Pasricha & Co,
says: “An assessee can claim
YOUR
HRA while owning a house if MONEY
they genuinely pay rent for
their current accommodation and do
not occupy the house they own.”
Claiming HRA & interest deduction
An individual can claim deductions for
both HRA and interest on a home loan
simultaneously. Says Kishore Kunal, a
Supreme Court advocate: “The indiv-
idual must possess the requisite
documents like a rent agreement, home
loan statement, interest statement,
which prove that the residential
accommodation and the owned house
are different premises.” This benefit can
be availed if you have bought a house on
loan but reside in a rented accom-
modation in another city, or even in the
THE SMART INVESTOR 11
TAX CALCULATOR
>ABC lives in
ABC’s HRA exemption will be the minimum
Gurgaon and pays a
rent of ~10,000 per of these three components:
month; he gets an > HRA received > 40% of basic salary since he lives in
HRA of ~15,000 = ~15,000 Gurgaon = ~16,000
while his basic
> Rent paid – 10% of basic = ~10,000 – ~4,000 = ~6,000
salary is ~40,000
> HRA exemption will >Remaining HRA of ~15,000 – ~6,000 = ~9,000 will form part
be ~6,000 of his taxable income under ‘Salaries on account of HRA’
Source: Clear
same city, due to work or children’s as long as the recipient declares the rent
schooling, provided your case is as their income and pays the applicable
genuine. Another case could be where a tax,” says Vipul Jai, partner, PSL
person has taken a home loan for an Advocates and Solicitors. Rent
under-construction property payments should be supported by a
and lives elsewhere on rent. proper rental agreement and proof of
Says Avinash Polepally, senior payment. Section 10(13A) nowhere
director, Clear: “ In the case of explicitly prohibits the payment of rent
an under-construction to family members.
property, you can only claim Says Surana: “Payment of rent to
the home loan interest family members, especially spouses,
deduction over five years in has been a contentious issue since the
equal instalments starting
from the year in which the
relationship between the payer and the
payee is of a non-commercial nature.”
construction is completed.” Such rent transactions may be scrut-
Sometimes, people rent the inised by revenue authorities and
house they have bought with a home litigation is possible. Surana says a
loan and live in rented accommodation recent ruling by the Delhi Income Tax
elsewhere. Says Polepally: “You will Appellate Tribunal said that a taxpayer
need to show rental receipts from your paying rent to his/her spouse is entitled
own house to calculate income-tax to claim HRA benefit under relevant
liabilities.” sections and within prescribed limits.
Taxpayers should maintain necessary
Submit landlord’s PAN documentary evidence to substantiate
If you have rented a house and pay over that the transaction is genuine.
~1 lakh annually, provide the landlord’s
permanent account number (PAN) or Live on rent but don't get HRA
the landlord must sign a self-declaration If you live on rent but do not receive HRA
stating they do not have one. from your employer, you cannot claim
an HRA exemption. Says Aashwyn
Rent paid to family Singh, associate, SKV Law Offices: “You
An individual can claim HRA even if can claim deduction under Section
rent is paid to parents. “This can be done 80GG, subject to certain conditions.”
12 STOCKS
>
NEW DELHI | THURSDAY, 18 JANUARY 2024 1
IN THE
> STOCK
> Indian Energy Exchange > Rail Vikas Nigam > GOA Carbon

NEWS Top loser

amongst A group
Hits new all time
high on BSE
Trading volumes
jumps 24x over OF THE DAY
of companies at ~246 2-week avarge Apollo Hospitals Enterprise
~164.1 PREVIOUS CLOSE ~223.5 PREVIOUS CLOSE ~605.6 PREVIOUS CLOSE Hits new all-time high
~147.3 CLOSE ~240.7 CLOSE ~721.8 CLOSE at ~5,974, Up 37 per cent
 10.2% DOWN p 7.7% UP p 19.2% UP in a year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
17 Jan ’24 Chg (%) Con Std 17 Jan ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 2971.1 -2.8 0.9 138.6 164.4 ITC 466.6 -1.2 5.9 30.3 29.2 price price (%) price price (%)
Adani Ports 1166.9 -2.2 0.9 39.8 317.8 JSW Steel 812.7 -2.4 1.1 21.5 22.9 Rail Vikas Niga 246.0 240.7 7.7 246.0 246.0 IEX 145.4 147.3 -10.2 121.3 116.1
MOST BULLISH MOST BEARISH
Apollo Hosp 5925.9 0.4 0.6 104.0 86.8 Kotak Mah Bank 1779.7 -3.7 2.7 20.6 27.4 Cochin Ship 887.9 849.1 7.2 887.9 887.9 HDFC Bank 1527.3 1536.9 -8.5 1460.6 1460.6
Asian Paints 3242.3 -1.7 1.5 61.4 62.3 Indus Tower 212.5 211.3 0.6 SBI Card & Pay 745.7 752.2 -0.9 ICICI Lombard 1475.0 1455.3 5.9 1492.0 1492.0 SAIL 112.6 113.1 -5.4 81.9 80.5
L&T 3571.0 -0.1 5.0 40.1 52.6
Axis Bank 1082.3 -3.3 3.1 30.9 28.3 Apollo Hosp 5950.6 5925.9 0.4 Delta Corp 145.3 146.4 -0.8 IRFC 150.6 149.1 5.1 150.6 150.6 Zomato 126.7 127.3 -4.7 101.2 44.4
LTIMind 6275.6 0.6 0.6 42.0 43.1
MCX 3160.8 3148.0 0.4 HCL Techno 1564.6 1575.9 -0.7 HUDCO 140.4 137.8 4.7 140.4 140.4 Tata Steel 131.5 131.7 -4.1 114.3 101.7
Bajaj Auto 7166.0 -1.8 0.9 29.7 31.6 Mah & Mah 1597.7 -1.4 1.6 19.3 21.4 Adani Ports 1171.1 1166.9 0.4 Au Small Fin 752.3 757.4 -0.7 IREDA 125.6 124.2 3.9 127.5 127.5 City Union Bk 143.4 144.4 -3.9 127.8 119.5
Bajaj Fin 7358.9 -1.3 2.0 39.5 39.5 Maruti Suzuki 10051.7 -1.3 1.4 38.5 28.3 RBL Bank 283.8 282.8 0.3 TCS 3863.6 3884.6 -0.5 L&T Tech Ser 5565.0 5541.6 3.6 5567.9 5567.9 Indus Towers 209.3 211.1 -3.9 166.8 135.2
Bajaj Finsrv 1586.2 -2.3 1.0 34.1 215.9 Nestle India 2543.1 0.0 0.9 - 82.5
Bharti Airtel 1085.3 -1.0 2.8 80.9 - Oracle Fin 5110.1 5087.4 3.6 5111.2 5111.2 Nat Alum 133.0 133.6 -3.9 88.6 75.7
NTPC 309.3 -0.7 1.5 17.7 16.6 BSE NSE Birlasoft 805.7 800.9 2.7 805.7 805.7 Jindal Steel 717.3 722.2 -3.7 581.9 503.0
BPCL
Britannia
471.7
5061.7
-0.3 0.5 48.0 3.7
-1.3 0.6 48.1 52.1
ONGC 232.1 -1.3 1.2 8.2 9.4 Index Stock Index Stock PUT-CALL RATIO Mazagon Dock 2419.6 2388.4 2.7 2490.0 2490.0 RBL Bank 279.7 282.7 -3.7 209.9 131.6
Power Grid 239.2 0.1 1.1 14.4 14.5 Polycab India 4490.0 4440.1 2.3 5722.9 5722.9 Containr Crp 844.0 850.2 -3.7 673.0 555.0
Cipla 1294.0 -0.6 0.7 30.3 35.3
Reliance Ind 2723.2 -0.9 9.5 26.9 42.7 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 379.7 -0.6 0.9 8.3 15.5 Contracts - - 759341 1607092 BHEL 213.2 206.7 1.8 213.2 213.2 Kotak Mah Bank 1776.4 1779.9 -3.7 1688.2 1644.2
SBI 626.0 -1.7 2.4 8.2 9.0 Market 2889.6 5551.6 0.5 SJVN 104.8 101.4 1.6 104.8 104.8 Ramco Cements 949.6 952.0 -3.6 907.0 636.2
Divis Lab 3728.8 -2.2 0.5 54.3 75.2 Open Int.(000) - - 18299 8222111
SBI Life Ins 1421.2 0.9 0.6 - 77.2 IRCON Intl 213.0 208.4 1.5 213.0 213.0 YES Bank 24.7 24.8 -3.5 14.1 14.1
Dr Reddys 5650.0 -1.9 0.7 18.5 24.6 Shares(In Mn) - - 21.9 3665.4 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1299.0 -1.1 1.4 36.5 423.9 JSW Energy 474.7 472.3 1.4 485.4 485.4 IDFC First Bank 84.8 85.2 -3.5 80.8 52.1
Eicher Motor 3751.1 -1.1 0.5 28.7 31.3 Value(~ crore) - - 64335 132085
Tata Consumer P 1138.6 -0.4 0.7 82.9 101.6 Tata Consumer P 1.1 NTPC 0.2
Grasim Ind 2067.9 -2.2 0.8 20.6 93.8 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 805.6 -1.6 1.5 17.5 60.7 IOC 1.1 Shree Cement 0.2
HCL Techno 1575.9 1.3 1.7 27.2 36.4 Contracts - - 809411549 6984738
Tata Steel 131.7 -4.1 1.1 - 65.6 Infosys 1.0 Dalmia Bharat 0.2
HDFC Bank
HDFC Std Life
1537.5
606.6
-8.4 11.8 25.4 20.7
-0.8 0.7 95.3 86.1 TCS 3884.6 0.6 4.0 31.7 33.9
Open Int.(000)
Shares(In Mn)
-
-
- 645448
- 16240.8
7795713
10595.9
Trent 1.0 Britannia 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1326.8 0.5 0.9 36.0 43.2 Voltas 0.9 Page Inds 0.3
Hero MotoCorp 4370.9 -0.3 0.6 31.1 25.3 Value(~ crore) - - 60988674 588624 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 560.3 -3.3 0.8 12.5 45.3 Titan Company 3830.1 0.3 1.6 104.6 100.0 BSE+NSE BSE+NSE
UltraTech 9854.7 -1.2 1.2 50.0 51.2 1 Reliance Ind 1842159.4 BS200 Dredgng Corp 46.3
HUL 2562.9 -0.2 2.3 59.5 58.8 (~ crore) (Mn shrs)
ICICI Bank 981.8 -2.7 7.0 20.2 18.4 UPL 551.0 -2.4 0.3 22.3 31.0 ACTIVE CALLS ACTIVE PUTS HDFC Bank 13665.4 87.3
2
3
TCS
HDFC Bank
1421249.3
1166891.3
UP 7 DAYS Sarda Proteins 40.8
IndusInd Bank 1643.9 -1.4 1.1 - 15.4 Wipro 482.4 -0.5 0.7 22.3 28.2 IRFC 49.1 TechIndia Nirma 40.7
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg IRFC 5330.3 365.5 4 ICICI Bank 687740.0
Infosys 1640.2 0.5 6.0 27.9 27.6 Nifty 50 21572.0 -2.1 100.0 24.9 28.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ICICI Bank 4289.0 43.3 5 Infosys 680630.7 Rail Vikas Niga 32.2
Piccadly Sug
PLANTER POLYSAC
40.7
40.7
Index Index 6 Bharti Airtel 610390.4 IRCON Intl 16.1
INDEX PE SHRS TRDS 1 YR Rail Vikas Niga 2805.0 119.9 Munoth Cap 40.6
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
17/01/24
17/01/24
46300
46100
340.3
314.7
2.5
5.0
83787.9
649017.6
Nifty Bank
Nifty Bank
17/01/24
17/01/24
46000
46100
849.8
484.4
6.4
3.7
127.4
868.6
Axis Bank 2761.4 25.2
7
8
HUL
ITC
602390.4
582421.7
DOWN
Bajaj Finsrv -6.6
DOWN 7 DAYS
SENSEX 25.8/29.3 14.1 416 6 23 17.9 Cochin Ship 2323.7 27.1 Sanmit Infra -38.0
Asian Paints 3242.3 -1.7 1.7 61.4 62.3 Maruti Suzuki 10052.4 -1.3 1.6 38.5 28.3 Nifty Bank 17/01/24 46500 310.8 2.3 12855.7 Nifty Bank 17/01/24 46200 419.0 1.3 121.5 9 LIC India 560964.3 Bajaj Fin -4.9
NIFTY 50 24.9/28.6 456.0 9659 10 40 19.5 Pentokey Org -30.1
Axis Bank 1083.5 -3.2 3.6 30.9 28.4 Nestle India 2543.3 0.1 1.1 - 82.5 Nifty Bank 17/01/24 47000 299.6 3.9 3922.4 Nifty Bank 17/01/24 45900 417.0 2.7 671.5 BHEL 2285.1 109.7 10 SBI 558813.8 UP 3 DAYS
C = CONSOLIDATED; S = STANDALONE DEL -29.3
Bajaj Fin 7357.2 -1.5 2.4 39.5 39.4 NTPC 309.4 -0.7 1.7 17.7 16.6 Nifty Bank 17/01/24 46200 290.5 3.0 83704.1 Nifty Bank 17/01/24 46300 326.1 0.8 -7.0 Kotak Mah Bank 1971.7 11.0 11 L&T 490948.0 Cochin Ship 12.6
Ultracab (I) -26.0
Bajaj Finsrv 1585.0 -2.4 1.2 34.1 215.7 Power Grid 239.1 0.0 1.3 14.4 14.5 CASH DERIVATIVES Stock Stock SBI 1921.2 30.6 12 Bajaj Fin 454671.9 Polycab India 11.5
TURNOVER BSE NSE BSE NSE
Adhbhut Infra -22.3
Bharti Airtel 1085.2 -0.9 3.3 80.9 - Reliance Ind 2722.8 -0.9 11.1 26.9 42.7 Vodafone Idea 25/01/24 16 346.5 188.4 5.6 Vodafone Idea 25/01/24 15 143.4 92.4 23.1 13 HCL Techno 427684.8 IOC 6.5
Reliance Ind 1702.0 6.2 Vibrant Glob -20.4
HCL Techno 1576.1 1.3 2.0 27.2 36.4 SBI 626.2 -1.7 2.8 8.2 9.0 VALUE(IN ~ CRORE) 8504 131019 -61773718 Vodafone Idea 25/01/24 17 161.4 151.5 2.5 Vodafone Idea 25/01/24 16 79.4 94.9 -4.7 14 Kotak Mah Bank 353783.6 BHEL 5.2
Infosys 1528.1 9.3 J Taparia Pr -20.2
HDFC Bank 1536.9 -8.5 13.8 25.4 20.7 SHARES(IN MN) 1019.6 5780.3 - 30524.1 Vodafone Idea 25/01/24 15 154.2 77.3 21.8 Vodafone Idea 25/01/24 14 57.1 88.4 -1.4 15 Titan Company 340027.4 Titagarh 2.9
Sun Pharma 1299.3 -1.1 1.7 36.5 424.0 TCS 1358.9 3.5 UP 3 DAYS
HUL 2563.8 -0.2 2.7 59.5 58.8 TRADES(000) 4771 41364 - 177068 Vodafone Idea 25/01/24 18 153.0 229.4 2.5 Bank of Baroda 25/01/24 225 33.9 5.2 49.5 16 Adani Enter 338665.5 Titan Company 2.8
Tata Motors 805.6 -1.6 1.7 17.5 60.7 TV18 Broadcast 1254.4 191.0 Inter Glob F 58.4
ICICI Bank 980.4 -2.9 8.1 20.2 18.4 BHEL 25/01/24 210 95.4 9.8 47.7 BHEL 25/01/24 200 27.0 4.3 20.5 17 Axis Bank 334163.1 Apollo Hosp 2.1
Tata Steel 131.7 -4.1 1.3 - 65.6 Ganga papers 55.2
IndusInd Bank 1643.0 -1.4 1.3 - 15.4 MARKET-CAP (~ CR) TRADED TOTAL YES Bank 1207.8 481.9 18 Maruti Suzuki 316045.9 DOWN
TCS 3884.2 0.6 4.7 31.7 33.9 Pratiksha Ch 53.3
Infosys 1639.9 0.5 7.0 27.9 27.6 IREDA 1155.2 94.0 19 Sun Pharma 311729.1 Suzlon Energy -9.0
Tech Mahindra 1326.7 0.5 1.0 36.0 43.2 BSE 37,039,021 37,678,835 Golkunda Dmd 45.3
ITC 466.8 -1.1 6.9 30.3 29.2
JSW Steel 812.5 -2.4 1.3 21.5 22.9 Titan Company 3830.0 0.3 1.9 104.6 99.9 NSE 36,610,170 37,272,830 SPURT IN VOLUMES IndusInd Bank
IEX
1112.6
1104.8
6.7
72.7
20
21
Asian Paints
NTPC
311001.4
299966.5
Indiabulls Hous
Sun TV Net
-6.9
-6.2
Sailani Tours
Bombay Wire Rop
33.2
33.1
UltraTech 9850.8 -1.2 1.3 49.9 51.2 DERIVATIVES 24,593,563 24,593,563
Kotak Mah Bank 1779.9 -3.7 3.1 20.6 27.4 Company Days 2-week Avg Change Close *Price 22 ONGC 292239.9 Adani Energy So -5.6
Bajaj Fin 1055.0 1.4 Shree Ajit pu 29.1
L&T 3571.7 -0.1 5.8 40.1 52.6 Wipro 482.3 -0.6 0.8 22.3 28.2 Volume Volume % price %chg 23 UltraTech 284381.3 Adani Green En -5.5
Mah & Mah 1599.2 -1.3 1.9 19.3 21.4 BSE SENSEX 71500.8 -2.2 100.0 25.8 29.3 TRADING ACTIVITY Dspamc - Dsppvb 2060984.0 27994.2 7262.2 24.0 -2.6
Zomato
PNB
1051.1
1027.5
81.9
104.8
24 Tata Motors 267672.2 Exide Ind -5.4
DOWN 3 DAYS
Northern Spirit -16.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Green En 256018.8 Aarti Inds -5.4
HDFC PVT Bk 272720.0 3990.5 6734.3 240.5 -4.0 L&T 998.6 2.8 Reetech Int -14.9
Equity Debt Equity Debt 26 Bajaj Finsrv 252878.8
Net Net Net Net Goa Carbon 4157408.0 120682.8 3344.9 721.8 19.2 Others Mercantile Vent -14.6
IRCON Intl 960.0 46.1 27 Adani Ports 252327.1
WORLD INDICES On 16 Jan 1182 2366 - - Ganesh Hsg 3704293.0 111909.6 3210.1 514.1 14.2 Adani Enter 917.9 3.1 28 Wipro 251972.8
UP 7 DAYS
Utcrfs2Dmp 94.9
NDL Ventures
Waa Solar
-14.3
-14.3
On 15 Jan 2015 644 -600 -3335 Quality Foils 117000.0 3777.8 2997.1 122.4 20.0 Polycab India 899.0 2.0 29 Avenue Supermar 246210.2
Indices Close % Chg* Indices Close % Chg*
On 12 Jan -431 2613 1892 -900 Hdfcamc - Hdfcn 108716.0 4650.9 2237.5 467.4 -4.2 30 Nestle India 245220.2 (T+2) cycleStocks which rose/fell continuously
IDFC First Bank 864.3 99.5
Americas (Jan 16,24) Asia/Pacific (Jan 17,24) On 11 Jan -775 903 1351 2103 P E ANALYTICS 138000.0 7363.6 1774.1 241.9 -5.5
Nasdaq Composite 14944.4 -0.2 Kuala Lumpur Comp 1491.2 -0.2 On 10 Jan -1651 -194 2231 797 DSP Bank ETF 177515.0 9867.7 1698.9 46.7 -3.7
Jan till date 4523 12168 499 3101
S&P/ TSX Composite
Dow Jones
20948.1
37361.1
-0.5
-0.6
Jakarta Composite
Taiwan Taiex
7200.6
17161.8
-0.6
-1.1 2024 till date 4523 12168 499 3101
Agri-Tech I
Salasar exterio
345925.0
787500.0
21834.9
50000.0
1484.3
1475.0
228.3
22.9
0.9
4.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 16,24) Straits Times 3142.2 -1.3 Quarterly Dr Agarwals Tejas Networks Can Fin Home ABC Gas Int
DAX 16390.1 -1.1 Stock Exchange of Thai 1380.7 -1.5 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Fervent Pharma Group B ICICI Bank Comfort Int
JANUARY 18 Quasar I Avantel IDFC First Bank Esha Media Rese
CAC 40 7309.9 -1.2 Shanghai Se Comp 2833.6 -2.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Shri Niwas Leas Axita Cotton IREDA Indo Credit
IBEX 35 9856.4 -1.4 Kospi 2435.9 -2.5 NET Net Fut OI Opt OI OI IndiaMART Int Spenta Intl Galactico Corpo JK Cement Mangalam
HIGH *SAR Auto Pr . . . . . . . 1820.0 *Jindal Saw . . . . . . . . . 538.8 *Tcc . . . . . . . . . . . . . 287.2
FTSE 100 7446.4 -1.5 Volatility (Jan 16,24) BS 200 *Dolphin Off. . . . . . . . 1654.8 *Jyothy Labs . . . . . . . . 532.9 *Dhruva Capital . . . . . . 267.3 IndusInd Bank Suraj Ltd HT Media Kotak Mah Bank Inds F
On 16 Jan -2596 -986 0.3 5.4 3.2
Asia/Pacific (Jan 17,24) CBOE S&P 500 14.6 5.4 On 15 Jan -6418 -565 0.3 5.1 3.2 *MRF . . . . . . . . . . . . 150000.0 *Caplin Point . . . . . . . 1492.4 *Ganesh Hsg . . . . . . . . 530.0 *Nif100Bees . . . . . . . . 265.0 Polycab India Tierra Agrotech Intense Tech Persistent S Swastik Inv
Nikkei 225 35477.8 -0.4 CBOE Dow Jones 11.9 -37.9 On 11 Jan -76075 1251 0.2 2.7 3.1 *Apollo Hosp . . . . . . . 5974.0 *Ebbetf0430 . . . . . . . 1332.0 Genesys Intl . . . . . . . . . 523.2 *Fischer Chemic . . . . . 263.2 Tata Comm VB Desai Fin Onward Tech Union Bank Trishakti Inds
On 10 Jan -68997 -1637 0.3 3.2 3.0 *L & T . . . . . . . . . . . . . 3614.0 *Capri Global . . . . . . 1048.4 *Shalibhdra F . . . . . . . . 520.0 *TSIL . . . . . . . . . . . . . . . 260.8 Group A Velan Hotels Ponni Sugar Group A Vardh Concre
Hang Seng 15276.9 -3.7 * Change over previous close
On 09 Jan 3337 391 0.3 4.6 3.0 *Maha Gas . . . . . . . . . 1274.9 *Jai Balaji . . . . . . . . . . 1046.9 *Integrated Inds . . . . . 506.4 *Ent Network . . . . . . . . 259.0 360 ONE WAM Yogi Prime Sec IDBI Bank Group Z
*MSTC . . . . . . . . . . . 995.5 Kwality Pharma . . . . . . 495.8 *Zuari Industrie . . . . . . 242.8 Finolex Ind Group XT SecUR Credentia J & K Bank Supreme Infr
MAJOR INDICES Jan till date
2024 till date
-359678
-359678
-12340
-12340
-
-
-
-
-
-
LIC India . . . . . . . . . . . . 919.5
*Cochin Ship . . . . . . . . 887.9 *Newgen Soft Tec . . . . 900.0 *Setfnifbk . . . . . . . . . 495.0 *Omega Intera . . . . . . . 235.6 Home First Fin G.G.Automati Shree DigCem Rajratan Glb Suraj Produc
*Birlasoft . . . . . . . . . . . 805.7 Policy Bazar . . . . . . . . . 899.0 *Efcil . . . . . . . . . . . . 495.0 *Indl Inv Trs . . . . . . . . . 232.9 Jindal Stan Lynx Mach Sigachi Inds Rossari Biotech JANUARY 21
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
Gujarat Gas . . . . . . . . . 566.3 *Dredgng Corp . . . . . . 883.0 *Cenlub Indus . . . . . . . 494.9 *Setfnif50 . . . . . . . . . . 232.5 Mastek Netlink Solu Virinchi Con Group B Group B
S&P BSE Sensex 73,128.8 71,998.9 72,484.8 71,429.3 71,500.8 -1628.0 -2.2 *ITI . . . . . . . . . . . . . . . . 384.4 *Brand concept . . . . . . 874.5 *Hercules Hst . . . . . . . 454.0 Ramkrshn Frg Group ZP Wendt 3P Land Holding BCG
*Rail Vikas Niga . . . . . . 246.0 *Cosmic CRF . . . . . . . . 873.0 *Rane Eng Val . . . . . . . 437.9 LOW Shopp Stp Markobenz Group T Aarti Surfactan JANUARY 22
S&P BSE Sensex 50 23,077.4 22,746.3 22,891.3 22,576.7 22,597.3 -480.1 -2.1 S&P BSE SECTORAL INDICES *BHEL . . . . . . . . . . . . . . 213.2 Intell Des Aren . . . . . . . 865.0 *JK Tyre Ind . . . . . . . . . 415.8 BS 200 South Ind Bk JANUARY 19 Guj Leas Fin Kewal Kiran BS 200
*IRCON Intl . . . . . . . . . 213.0 *Assoc.Cerami . . . . . . . 830.5 *Last Mile Enter . . . . . . 406.1 NONE Sterling & Wils BS 200 Group X Navkar Corp Coforge Indbank Merc Indian Infot BS 200 ICRA Cyient DLM
S&P BSE-100 22,744.1 22,454.7 22,578.6 22,283.9 22,302.3 -441.8 -1.9 Prev cls Close % Chng
*IRFC . . . . . . . . . . . . . . . 150.6 *IDFC-Sen MF . . . . . . . 800.0 *Man Ind . . . . . . . . . . . . 397.1 Others Group B Atul Axtel Ind Pil Italica Lif Group A Karur Vysya Moongipa Cap Axis Bank Indoco Rem EKI Energy
S&P BSE-200 9,820.4 9,702.8 9,753.2 9,633.2 9,640.9 -179.5 -1.8 Auto 42,622.5 42,075.9 -1.3 *IOC . . . . . . . . . . . . . . . 145.4 *Systematix . . . . . . . . . 766.8 *PLANTER POLYSAC . 392.6 *Paushakltd . . . . . . . 5488.3 Accelya Sol HUL Futuristic Sol Seshasa Pprs Chennai Petr Man Ind Oasis Sec Granules Infibeam Aven Gandhar Oil
Bankex 54,197.0 52,020.3 -4.0 *HUDCO . . . . . . . . . . . . 140.4 *Gulf Oil Lub . . . . . . . . . 758.0 *Synergy Green . . . . . . 377.1 *HDFC Liquid . . . . . . . 1000.0 Dhampur Bio Org PAYTM Morarka Fin Tatva Chintan Datamatics Monarch Net Sumedha Fisc Havells I Karnataka Bk Muthoot Cap
S&P BSE-500 31,346.2 30,991.8 31,159.3 30,784.5 30,808.2 -538.0 -1.7
Cons. Durables 51,843.9 51,865.9 0.0 *SJVN . . . . . . . . . . . . . . 104.8 *Star Delta Tran . . . . . . 750.5 *Utcrfs2Dmp . . . . . . . 361.9 HNGSNG BEES . . . . . . . 228.4 Hind Media RBL Bank Saptak Chem Group P Lloyds Metals N R Agarwal SV Global Indus Towers KEI Ind NACL Inds
S&P BSE IPO 13,206.3 13,093.9 13,217.8 12,999.0 13,074.8 -131.5 -1.0 Cap. Goods 56,427.5 56,322.8 -0.2 Others *Goa Carbon . . . . . . . . 726.7 *Jhaveri Crdt . . . . . . . . 350.7 Gss Infotech . . . . . . . . . 175.2 Innova Captab Reliance Ind Svaraj Trad Gothi Plas MRPL Parshva Ent Yash Chemex L&T Finance Hol Rallis Orient Bell
FMCG 20,444.3 20,273.0 -0.8 *SG Mart . . . . . . . . . 12067.0 *Suratwwala Bus . . . . . 714.0 *Khazanchi Jewel . . . . 345.0 *Radiant CMS . . . . . . . . 85.7 Ksolves India UltraTech Taneja Aero Group P Spandana Sph RPEL Group XT Maha Gas RTN Power Sasken Comm
S&P Dollex-30 7,230.6 - - - 7,060.4 -170.1 -2.4 *M K Proteins . . . . . . . . . 35.1 Nath Bio-Genes Group A Group XT SICL TN Mercantile B
Healthcare 32,565.4 32,350.9 -0.7 *PTC Inds . . . . . . . . 7663.3 *TechNVision Ven . . . . 683.1 *MOIL . . . . . . . . . . . . . . 341.9 Transform Amrawor Agri Pidilite Ind Sona BLW Precis Tanfac Ind
Nifty 50 22,032.3 21,647.3 21,851.5 21,550.5 21,572.0 -460.4 -2.1 Infra 512.0 508.6 -0.7 *Voltamp Tran . . . . . . 7119.0 *GE T&D Ind . . . . . . . 656.0 *Kamat Hotels . . . . . . . 339.8 *Adhbhut Infra . . . . . . . . 31.7 Rajnish Welines Central Bank Colab Cloud Group X VST Ind Vinyl Chem Atishay REC Tanla Soluts Tips Industries
IT 37,332.1 37,534.1 0.5 *Bayer CropSn . . . . . . 6009.1 *KPT Indu . . . . . . . . 650.0 *Delton Cable . . . . . . . 339.7 *Sanmit Infra . . . . . . . . . 25.8 Shreeji Translo CESC Madhusud Ind Comfort Finance Zensar Tech Group T Balgopal Commer United Spirt Tata Elxsi Ugro Cap
Nifty next50 54,816.9 54,478.7 54,813.1 54,116.6 54,206.3 -610.6 -1.1 Raj Rayon . . . . . . . . . . . . 15.1 Group T CreditAccess Gr Mayukh Dealtrad High Energy Group B
Metal 26,610.7 25,850.6 -2.9 *Cockerill . . . . . . . . . . 3549.0 *India Touris . . . . . . . . 622.9 *Capfin India . . . . . . . . 333.9 SunCare Biogen Pharma Group A Group B Group T
Nifty 500 19,827.6 19,556.4 19,707.7 19,470.1 19,487.6 -340.0 -1.7 Oil & Gas 24,848.3 24,617.2 -0.9 Mastek . . . . . . . . . . . . 2988.0 *PNGS Gargi Fash . . . . 599.9 *Lorenzinl App . . . . . . . 320.6 KACL . . . . . . . . . . . . . . . . 13.4 DRC Systems Hatsun Agro Rahul Merch. ISF Allsec Tech Traders Clio Info ABB Power India Agro Tech Fd Cupid Ltd
Power 6,016.2 5,963.4 -0.9 *GSK Pharma . . . . . . . 2332.0 *Supershakti Met . . . . 575.0 *Electrotherm . . . . . . . 309.8 Miragee Hangse . . . . . . 12.4 GG Eng Hind Zinc Sheetal Diam LKP Sec Bharat Wire Group X Johnson Pharma Glenmark Life Apcotex Ind Group X
India VIX 13.6 13.6 15.2 12.7 15.1 1.5 11.1 *Balmer L Inv . . . . . . . . 567.1 *PCBL . . . . . . . . . . . . . . 291.0 *Taaza Intern . . . . . . . . . 7.2 Surana Solar Sunteck Rlty JANUARY 20 Tilak Vent Control Prnt Amerise Bioscie Wagend Infra Ve Gravita I Bhakti Gems Alchemst Crp
PSU 16,268.0 16,119.0 -0.9 *Cupid Ltd . . . . . . . . . 1940.6
Nifty CPSE 5,054.7 5,027.3 5,095.1 4,996.8 5,030.6 -24.1 -0.5 Realty 6,867.0 6,765.9 -1.5 Group X Supreme Ind BS 200 Group XT Ind Bank Hsg Ashnisha Inds JANUARY 23 GSFC Bigbloc Const Benares Htl
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (600.2) (600.3) (4806.7) (4809.3)
m ~50 H ~2 Open 595.7 595.0 4732.1 4798.0
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 600.6 600.8 4863.8 4863.7
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 580.0 580.2 4732.1 4731.4
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 582.9 583.1 4771.7 4773.1
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 56886 1677K 3293 164K
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 47.5 47.5 83.7 83.7
company name is followed by shares traded, and also the 52 Wk H/L 661/438 662/438 4984/2755 4990/2752
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 21128 21136 101111 101141
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Adani Total Gas« m H m mH H  « « « « m m «
(25770.9) (25806.5) (2290.1) (2294.4) (3057.3) (3056.5) (1193.3) (1193.3) (533.9) (532.3) (1025.8) (1026.1)
O 25550.2 25600.0 2264.2 2289.0 3030.5 3033.0 1181.0 1180.0 530.0 529.5 1005.7 1012.9 O O
26144.0 26140.0 2323.8 2324.0 3042.3 3045.0 1205.2 1204.7 530.0 529.9 1019.6 1019.5
w 25500.0 25546.2 2248.1 2247.7 2946.2 2946.3 1159.6 1159.5 511.0 506.1 1000.0 1000.0 w w
25734.3 25730.7 2252.9 2251.8 2970.8 2971.1 1168.1 1166.9 520.5 521.5 1003.7 1004.1
654 15925 11264 297K 168K 2897K 165K 5269K 199K 1807K 83320 1251K
50.6 50.6 35.2 35.2 138.6 138.6 39.8 39.8 9.7 9.8 - -
W 26350/19900 26382/19900 2416/1594 2418/1592 3648/1017 3648/1017 1230/395 1230/395 589/133 589/132 3998/522 4000/522 W W
M 54685 54678 42307 42287 338666 338700 252327 252057 200734 201120 110381 110431 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL
(1119.0) (1119.1) (7294.0) (7294.0) (7472.7) (7456.6) (1623.7) (1623.5) (2607.3) (2606.9) (392.7) (392.6) (229.8) (229.8) (231.2) (231.3) (1578.7) (1578.5) (605.2) (604.5) (186.8) (186.8) (1226.4) (1225.7) (1095.3) (1095.9) (202.9) (203.0) (287.8) (287.6) (780.0) (780.7) (23105.3) (23098.3) (473.1) (472.9)
O 1099.8 1082.0 7099.9 7112.0 7300.0 7303.3 1615.2 1615.0 2572.2 2586.5 390.9 389.8 O 228.6 227.2 229.4 229.0 1567.9 1565.0 595.2 599.0 186.6 186.3 1224.1 1225.6 O 1092.5 1092.0 200.8 200.3 286.0 286.3 763.3 765.0 23105.4 23000.0 473.0 472.0
1115.0 1115.0 7209.0 7210.0 7475.0 7478.2 1622.6 1622.0 2605.0 2606.6 391.9 392.0 229.7 229.4 233.2 233.2 1577.7 1578.9 604.8 604.9 188.5 188.5 1233.0 1233.5 1107.0 1109.0 213.2 213.2 289.3 289.3 805.7 806.0 23176.9 23181.2 477.0 477.2
w 1077.8 1079.2 7082.0 7081.0 7300.0 7302.2 1578.1 1578.1 2550.0 2549.4 385.1 384.5 w 223.3 223.3 224.7 224.6 1540.0 1539.1 591.6 591.5 183.7 183.8 1203.1 1203.3 w 1078.3 1078.8 200.1 200.2 278.5 278.2 763.3 765.0 22711.1 22700.0 466.0 466.2
1083.5 1082.3 7165.4 7166.0 7357.2 7358.9 1585.0 1586.2 2556.0 2555.9 385.5 385.3 228.4 228.3 225.5 225.5 1543.9 1543.4 595.3 595.2 185.7 185.7 1205.5 1206.0 1085.2 1085.3 206.7 207.1 279.8 279.7 800.9 798.5 22901.3 22919.5 471.7 471.7
299K 24914K 31708 619K 47683 1380K 88905 1488K 4921 157K 113K 1133K 1301K 17411K 1338K 34099K 11309 190K 93150 1134K 599K 16350K 24352 823K 36373 4569K 5083K 104586K 502K 6926K 97419 2816K 664 27741 543K 11215K
28.4 28.3 29.7 29.7 39.4 39.5 34.1 34.1 49.3 49.3 16.5 16.5 14.5 14.5 6.9 6.9 68.2 68.2 71.3 71.3 41.0 41.0 47.1 47.1 80.9 80.9 1634.3 1637.8 67.4 67.4 58.4 58.2 31.8 31.8 3.7 3.7
W 1152/814 1152/814 7420/3551 7419/3551 8190/5487 8192/5486 1742/1216 1741/1215 2723/1912 2723/1909 486/350 486/349 W 272/182 272/182 240/147 240/147 1770/1381 1771/1381 679/440 680/439 190/87 190/87 1299/744 1299/744 W 1117/736 1117/736 213/66 213/66 295/192 295/192 806/250 806/250 23569/16366 23569/16366 482/314 483/314
M 334163 333808 202908 202925 454672 454777 252879 253070 49407 49405 7775 7772 M 36785 36777 116614 116614 19842 19836 69388 69377 135743 135706 56126 56151 M 610390 610447 71957 72113 33593 33581 22085 22017 67536 67590 102313 102313

Britannia« BSEH Can Fin HomeH Canara Bank CDSL CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India«
(5127.9) (5130.6) (-) (2308.8) (756.5) (756.6) (464.7) (465.0) (-) (1881.3) (320.4) (320.5) (386.8) (386.8) (1299.1) (1299.4) (1301.4) (1302.3) (150.3) (150.3) (381.5) (381.9) (791.8) (792.2) (6594.8) (6597.0) (2498.6) (2500.1) (882.8) (882.7) (1187.8) (1187.7) (2014.4) (2019.8) (559.0) (558.8)
O 5189.9 5115.1 - 2290.0 756.4 752.6 459.9 456.1 - 1860.0 314.1 317.0 O 384.0 384.3 1297.7 1286.5 1301.3 1299.4 148.0 148.0 381.9 381.8 794.5 793.0 O 6539.9 6495.1 2454.5 2482.7 880.0 880.0 1187.6 1182.0 2004.9 2000.0 558.8 557.9
5189.9 5135.3 - 2355.9 766.5 766.1 465.8 466.0 - 1884.8 321.4 321.5 387.0 387.0 1306.4 1306.0 1311.4 1312.9 149.0 149.1 385.2 385.4 887.9 888.0 6660.0 6662.0 2514.4 2513.8 880.9 881.7 1187.6 1183.2 2023.0 2024.0 558.8 557.9
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NEW DELHI | THURSDAY, 18 JANUARY 2024 13
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NEW DELHI | THURSDAY, 18 JANUARY 2024 1
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NEW DELHI | THURSDAY, 18 JANUARY 2024 15 <

(A Government Company)
Regd. Ofce : Kothagudem – 507101, Telangana.
E-PROCUREMENT TENDER NOTICE
Tenders have been published for the following Services / Material Procurement through e-procurement platform.
For details, please visit https://tender.telangana.gov.in - or - https://www.scclmines.com
NIT/Enquiry No. - Description / Subject - Last date and time for Submission of bid(s).
E1723O0307- Renewal of UTM Firewall support along with Upgrade for 3 years at 4 Areas of SCCL
- 25.01.2024 - 17:00 Hrs.
E0923O0309 - Supply, leading, loading, unloading and stacking of Pre-Stressed concrete sleepers
and 1 in 8.5 turn out sleepers 25.01.2024 - 17:00 Hrs.
E0223O0304 - Procurement of Operator Seats for various HEMM under rate contract for two years
against Open Enquiry - 29.01.2024 - 17:00 Hrs.
E0323O0311 - Procurement of various types of Bed Side Monitors with 2 years warranty and 3 years
CMC for use at SCCL Hospitals - 29.01.2024 - 17:00 Hrs.
E1723O0312 -Procurement of EPSON Ink Bottles for EPSON M2170 MFP Printers on Rate Contract
for a period of 2 years - 29.01.2024 17:00 Hrs.
E1023O0306 - Procurement of PVC SWA 1.1 KV Cables - 31.01.2024 17:00 Hrs.
E0523O0310 - Design, Manufacture, Supply, Erection, Testing & Commissioning of Eight Passenger
Gearless with Machine Room Elevator for 3 stops, 3 levels & 3 openings on Specific make basis along
with 3 Years CMC at Epi-center Building Corporate, Kothagudem - 31.01.2024 17:00 Hrs. GM (MP)
NIT/Enquiry No. - Description / Subject / Estimated Contract Value - Last date and time.
RG-III/CVL/ET- 48(A)/23-24-M & R works to OCP-I CHP structures, RG-III Area for the year 2023-24.
Godavarikhani, Peddapalli (Dist), Telangana (State). ("Invited under earmarked works - SCCL registered
contractors belong to SC Community are eligible to participate") - 25.01.2024-04.30 P.M.
RG-III/CVL/ET-75/23-24 M and R works for surface quarry structures at OCP-I RG-III Area.
Godavarikhani, Peddapalli (Dist), Telangana (State) - 30.01.2024 - 04.30 Ρ.Μ. DGM (Civil)/RG-III
BHP/CVL/ET-29/2152/2023-24, Dt.25-12-2023 - Maintenance of filter beds at KTK-6 incline,Bhupalpalli
for two years period. Rs. 45,40,830/- 23-01-2024-04.30 P.M. DGM(Civil)/BHP
DIPR R.O. No. : 862-PP/CL-AGENCY/ADVT/1/2023-24, Date: 17-01-2024
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 13.09.2021 calling upon the Borrower(s) SANTOSH KUMAR TIWARI
DIRECTOR ASPRA INDUSTRIES PVT LTD AND DHARAM NATH TIWARI to
repay the amount mentioned in the Notice being Rs. 21,40,246.94 (Rupees
Twenty One Lakh(s) Forty Thousand Two Hundred Forty Six And Paise Ninety
Four Only) against Loan Account No. HHLVAS00338297 as on 25.06.2021 and
interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.01.2024.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.21,40,246.94 (Rupees Twenty One Lakh(s) Forty Thousand Two
Hundred Forty Six And Paise Ninety Four Only) as on 25.06.2021 and interest
thereon. Government of India
The Borrower’s attention is invited to provisions of Sub-Section (8) of Ministry of Textiles
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
Appointment of Mission Director
FLAT NO. FF -5 , FIRST FLOOR , FRONT LEFT HAND SIDE, PLOT NO-B-8/1, For
DLF ANKUR VIHAR, LONI, GHAZIABAD, UTTAR PRADESH – 201004.
Sd/-
National Technical Textiles Mission
Date : 12.01.2024 Authorized Officer
INDIABULLS HOUSING FINANCE LIMITED
Applications are invited for filling up of 01 (One) post of Mission
Place : GHAZIABAD
Director for National Technical Textiles Mission under Ministry of
Textiles. The detailed information regarding eligibility, qualification,
experience, last date of receipt of application, etc. for submission of
the applications for the post of Mission Director are available on the
Official website of the Ministry www.texmin.nic.in
Last date of application: 20th February, 2024.
January 2024
Ministry of Textiles, New Delhi
CDC 41101/11/0010/2324

RAJSHREE POLYPACK LIMITED

CIN: L25209MH2011PLC223089
Registered Oice: Lodha Supremus, Unit No 503-504, 5th Floor,
Road No. 22, Kishan Nagar, Near New Passport Oice, Wagle Estate, Thane West- 400604. India.
Tel: +91-22 2581 8200, Fax: +91-22 2581 8250
Web: www.rajshreepolypack.com Email Id: cosec@rajshreepolypack.com
NOTICE OF POSTAL BALLOT
Members of Rajshree Polypack Limited (the “Company”) are hereby informed that pursuant to Secion 108
and Secion 110 of the Companies Act, 2013, (the “Act”) read with Rule 20 and Rule 22 of the Companies
(Management and Administraion) Rules, 2014, as amended from ime to ime, read with General Circular Nos.
14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020, 20/2021 dated December 8, 2021, 3/2022 dated May
5, 2022, 10/2022 dated December 28, 2022, 11/2022 dated December 28, 2022 and 09/2023 dated September
25, 2023 issued by the Ministry of Corporate Afairs, Government of India (“MCA Circulars”), and Regulaion 44
of the Securiies and Exchange Board of India (Lising Obligaions and Disclosure Requirements) Regulaions,
2015, as amended from ime to ime (‘Lising Regulaions’) read with SEBI Circular Nos. SEBI/ HO/ CFD/CMD1/
CIR/P/2020/79 dated May 12, 2020, SEBI/ HO/CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023 and SEBI/HO/
CFD/CFD-PoD-2/P/CIR/2023/167 dated October 7, 2023. Secretarial Standards on General Meeings issued by
the Insitute of Company Secretaries of India and other applicable provisions of the Act, rules, circulars and
noiicaions issued thereunder (including any statutory modiicaions or re- enactment thereof for the ime
being in force and as amended from ime to ime), and other applicable provisions of the Act and the Lising
Regulaions, circulars and noiicaions issued thereunder (including any statutory modiicaion or re-enactment
thereof for the ime being in force), the Company has completed dispatch of Postal Ballot Noice dated January
17, 2024 only through electronic mode to the members whose email addresses are registered with the Company/
Depositories and whose name is recorded in the Register of Members of the Company or in the Register of
Beneicial Owners maintained by the Depositories as on Friday, January 12, 2024 being the cut-of date, seeking
approval of members on the following resoluions.

Sr. No. Agenda Item

1. Increase of Authorised Share Capital and the consequent amendment to Memorandum of

Associaion of the Company.

2. Issue of Bonus Shares.

3. Re-appointment of Anand Sajjankumar Rungta, Whole-ime Director of the Company.

The Company has engaged Naional Securiies Depository Limited (“NSDL”) to provide the remote e-voing
facility to its Members for the Postal Ballot. The remote e-voing period will commence on Thursday 18, 2024
at 09:00 a.m. (IST) and end on Friday, February 16, 2024 at 05:00 p.m. (IST). Thereater, the remote e-voing
module will be disabled by NSDL. Voing rights of members will be in proporion to the shares held by them in
the paid-up equity share capital of the Company as on the cut-of date. Communicaion of assent or dissent of
members should be only through the remote e-voing system. Detailed procedures for remote e-voing has been
enumerated in the Noice. Once vote on the resoluion is cast by the member, the same cannot be changed.
The Members may also note that the Postal Ballot Noice is also available on the Company’s website at www.
rajshreepolypack.com, on the website of the Naional Stock Exchange of India Limited www.nseindia.com and on
the website of NSDL at www.evoing.nsdl.com.
The Board of Directors of the Company have appointed Mr. Nishant Bajaj of M/s. Nishant Bajaj & Associates,
Pracicing Company Secretaries as the Scruinizer for conducing the remote e-voing process in fair and
transparent manner.
In case of any queries, you may refer Frequently Asked Quesions (FAQs) for Members and remote e-voing user
manual for Members available at the download Secion of the Remote e-voing website of NSDL at www.evoing.
nsdl.com or contact Company Secretary & Compliance Oicer of the Company at the Registered Oice situated
at Lodha Supremus, Unit No 503-504, 5th Floor, Road No. 22, Kishan Nagar, Near New Passport Oice, Wagle
Estate, Thane West 400604, India, Contact No.: +91-22 2581 8200 or E-mail ID at cosec@rajshreepolypack.com
The Members are requested to carefully read the instrucions contained in the Noice.
BY ORDER OF THE BOARD OF DIRECTORS
For Rajshree Polypack Limited
Sd/-
Place: Thane Mitali Rajendra Shah
Date: January 17, 2024 Company Secretary & Compliance Oicer
16
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NEW DELHI | THURSDAY, 18 JANUARY 2024 1

HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

e-Procurement Notice
INVITATION FOR BIDS (IFB)

The Executive Engineer, Shimla, Division No. I, HPPWD, Shimla-3, H.P on behalf of Governor of H.P
invites the Percentage rate bids, in electronic tendering system from the eligible class of contractors
registered with HPPWD for the works as detailed in the table.
Sr. Name of work Estima- Starting Earnest Deadline Time
No ted Cost date for Money for submi- Allow
(In lacs). download- ssion of -ed
ing Bid. Bid.
1 A/R & M/O on Shoghi Mehli Junga Sadhupul 9771445/- 18-01-2024 195500/- 27-01- 90
road km. 12/375 to 48/925 (SH;- Constuction 2024 days
of curve improvement GSB, G-II,G-III
Bituminous Macadam & Bituminous concrete).
The bidders are advised to note other details of tenders from the department website www.hptender.gov.in
The executive Engineer reserves the right to accept/reject any tender/application or all tenders without
assigning any reason.
Executive Engineer,
Shimla, Division No. I, HPPWD, Shimla-3
5056/2023-2024 on behalf of Governor of Himachal Pradesh

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
02.07.2021 calling upon the Borrower(s) KAMLESH KUMAR, MADHU DEWEDI
AND PRAMOD KUMAR SHUKLA to repay the amount mentioned in the Notice
being Rs. 12,20,259.25 (Rupees Twelve Lakh(s) Twenty Thousand Two
Hundred Fifty Nine And Paise Twenty Five Only) against Loan Account No.
HHLNOD00357651 as on 26.06.2021 and interest thereon within 60 days from the
date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 12.01.2024.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.12,20,259.25 (Rupees Twelve Lakh(s) Twenty Thousand Two
Hundred Fifty Nine And Paise Twenty Five Only) as on 26.06.2021 and interest
thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. SF 12, SECOND FLOOR WITH ROOF RIGHT, REAR RIDE HAND
SIDE , PLOT NO. B 8/1 , DLF ANKUR VIHAR LONI, GHAZIABAD, UTTAR
PRADESH – 201001. Sd/-
Date : 12.01.2024 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED

CIRCLE SASTRA-GHAZIABAD; SECOND FLOOR, KJ-13, KAVI NAGAR, GHAZIABAD, UTTAR PRADESH- 201001
POSSESSION NOTICE (FOR IMMOVABLE PROPERTY) Rule 8(1) of security interest (Enforcement Rules) 2002
Whereas, the undersigned being the Authorized officer of the Punjab National Bank under the securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under section 13 read with
Rule 3 of the security Interest (Enforcement) Rules, 2002, issued a demand notice(s) on the date mentioned against account and
stated hereinafter calling upon the below mentioned borrowers/mortgagors/guarantors to repay the amount mentioned herein below
within 60 days from the date of notice/date of receipt of the said notice.
The below mentioned borrowers having failed to repay the amount, notice is hereby given to the borrowers/mortgagors/guarantors
and the public in general that the undersigned has taken Symbolic Possession of the properties described herein below, in exercise
of powers conferred on him/her under Section 13(4) of the said Act read with Rule 8 of the said Rules on the dates mentioned below in
the table.
The Borrower’s/guarantor’s/mortgagor’s attention is invited to provisions of sub-section (8) of section 13 of the Act in
respect of time available to redeem the secured assets. The borrower &guarantor in particular and the public in general is hereby
cautioned not to deal with the below mentioned property and any dealing with the said property will be subject to the charge of Punjab
National Bank, for the amounts mentioned herein below beside future interest and other charges/expenses. In case borrower/
guarantor do not pay back the dues within 30 days of the publication, the property shall be sold as prescribed, to recover the dues.
S. Name of Branch, Description of the Date of Demand notice Date of
No Name of Borrower / property mortgaged & Amount o/s [as mentioned Possession
Mortgagor / Guarantor in the Notice u/s 13(2)]
1. (BO: - Loni Ghaziabad, SOL ID- 402200) A Municipal House No. 734 having Area 16.12.2022 15.01.2024
M/S QUALITY CRAFT EXPORT through it’s 233 Sq. Yards or 194.81 Sq. Mtrs. Situated Rs. 63,31,828.38 as on
proprietor Shri Bahadur Shah S/o Shri Noor at Khasra No. 1678 MI, Mohalla Ikram 30-11-2022
Mohd. and Guarantors Nagar, Village Loni, Tehsil & District along with further interest and
1. SMT. Amna Begum W/O Ghaziabad (U.P) in the name of Shri Noor other charges until payments
Noor Mohammad, 2. Shri Jamil Mohd. S/O Shri Hasan. Bounded By: - in full
S/o Noor Mohammad, 3. Shri Yunus East- Road 20 ft Wide
S/O Noor Mohammad, 4. Shri Sabeel West- Road 15 ft. Wide
S/O Noor Mohammad, 5. Shri Anish North- House of Ali Hasan Bijraul Wale
S/O Noor Mohammad South- House of Ummed
ZONAL OFFICE, RECOVERY DEPARTMENT, 1ST FLOOR, E-AUCTION 2. (BO: -Loni Ghaziabad SOL ID: -402200) Residential Plot of Kasara No 1623,
M/S IMPEX TRADING COMPANY Ashoka Enclave, Village – Loni, Dist.
22.05.2023 15.01.2024
Rs. 45,96,498.18 as on
5, PARLIAMENT STREET, NEW DELHI-110001, SALE NOTICE through it’s Proprietor Shri Sameer Khan Ghaziabad (U.P.) in the name of
S/o Bahadur Shah and Guarantors Amna Shri Amna Begum W/o Noor Mohamad
30-04-2023
(UNDER SARFEASI ACT 2002) along with further interest and
PH:011-23753827, 011-49498261, 011-49498285 Begum W/O Shri Sameer Khan and Shuaib Area 200 SQ. YDS. or 167.22 Sq mtrs. other charges until payments
E-Auction Sale of Immovable Property mortgaged to the bank under Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act 2002 (SARFAESI Act) S/O Bahadur Shah Bahi No. 1, Zild No. 36221, Page No. 141 in full
to 176 serial No. 16488 Date 24-07-2018
read with rules 5,6,7,8 & 9 of the Security Interest (Enforcement Rules, 2002). Possession of the following property has been taken over by the Authorised Officer(s), pursuant to the Notice at Sub-Registrar Sadar-IV. Bounded:-
issued u/s 13(2) of the Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act 2002 in the borrowal accounts mentioned below with a right to sell the East: Road 30 ft wide, West: Others Plot,
same on “AS IS WHERE IS” AND “WHAT IS WHERE IS" basis for realization of Banks Dues. Date and time of E-Auction:- 12th February 2024 Between 01.00 P.M to 05.00 PM with North: Road 15 ft wide, South: Others Plot
unlimited extensions of 10 minutes each. DATE: 16.01.2024, PLACE: Ghaziabad Sd/- AUTHORISED OFFICER, PUNJAB NATIONAL BANK
DESCRIPTION OF IMMOVABLE PROPERTIES
Sr. NAME OF BRANCH IFSC NO; NAME OF BORROWER AMOUNT DUES DESCRIPTION OF PROPERTIES POSSESSION NAME OF OWNER MRP DATE OF INSPECTION O/S GOVT
No. EMD A/C Detail, & GUARANTOR [RS /LAKHS ] Type OF PROPERTY OF PROPERTIES & DUES IF ANY
TEL NO & E-MAIL EMD CONTACT PERSON
1. PARLIAMENT STREET M/S DEVYANI AGRO RS. 110.00 LAKHS PROPERTY 2- RESIDENTIAL PROPERTY SYMBOLIC MS. SHALINI Rs. 294.00 08.02.2024 Not Known
RETAIL BRANCH INDUSTRIES (approx)+ BEARING HOUSE NO.333, SECTOR-16, POSSESSION GARG W/O LAKHS BRANCH MANAGER
IFSC CODE: UCBA0000120 PROP. SANJAY GARG Unapplied Interest FA R I D A B A D H A R YA N A 1 2 1 0 0 2 , SANJAY GARG RS. 29.40 MR. VIVEK KUMAR
EMD Account no. GUARANTOR-MS. NEELAM and other incidental ADMEASURING AREA250 SQUARE YARDS. LAKHS SINGH 9838224494
01200210000847 GARG, MS. SHALINI GARG & charges
parlia@ucobank.co.in MR. ASHISH AGARWAL
2. Nizamuddin West Branch MR. NAVEEN KUMAR VERMA RS.4.29 LAKHS + RESIDENTIAL PROPERTY NO. RZ-9/71-B, SYMBOLIC MR. NAVEEN Rs. 15.00 08.02.2024 Not Known
IFSC CODE: UCBA0000249 & MS. SHAKUNTALA DEVI Unapplied Interest 3RD FLOOR R.H.S FLAT GALI NO. 12, OUT OF POSSESSION KUMAR VERMA LAKHS BRANCH MANAGER
EMD ACCOUNT NO. and other incidental KHASRA NO 501 MIN TUGLAKABAD S/O SH. RS. 1.50 Mr. DEEPAK
02490210001172 charges E X T E N T I O N N E W D E L H I 11 0 0 1 9 HARKISHAN LAKHS KUSHWAHA
nizamu@ucobank.co.in ADMEASURING AREA450 SQ FT. VERMA 8910894042
3. Supreme Court Branch MR.MAHENDRA KUMAR RS. 32.23 LAKHS RESIDENTIAL PROPERTY HOUSE NO.-199, PHYSICAL MR. Rs. 45.05 08.02.2024 Not Known
IFSC CODE: UCBA0000207 SHARMA & MRS. MANJU + Unapplied ENTIRE GROUND FLOOR, POCKET-11, POSSESSION MAHENDRA LAKHS BRANCH MANAGER
EMD Account no. SHARMA Interest and other SECTOR-24, ROHINI, NEW DELHI-110085 KUMAR RS. 4.51 Mr. HARISH KUMAR
02070210000649 incidental charges ADMEASURING AREA645.84 SQ FT.. SHARMA S/O LAKHS TANWAR
Suprem@ucobank.co.in R C SHARMA 9770702255
4. Ghaziabad Branch M/s Kumar Builder RS. 2.63 LAKHS + RESIDENTIAL PROPERTY FLAT NO. B-538-C PHYSICAL Mr. Vipin Kumar Rs. 7.81 08.02.2024 Not Known
IFSC Code: UCBA0000850 Partner1:- Mr. Vipin Kumar Unapplied Interest 3RD FLOOR BLOCK B BALMIKI KUNJ PATEL POSSESSION Mathur s/o- Late LAKHS BRANCH MANAGER
EMD Account no. Mathur and other incidental NAGAR 2 GHAZIABAD (UP) 201001 Shri Gopi Chand RS. 0.79 Mr. Devendra Singh
08500210002988 Partner2:- Ms. Neelima charges ADMEASURING AREA247 SQ FT. Mathur LAKHS 9654240814
ghazia@ucobank.co.in Mathur
For further queries and details you may contact to Mrs Dimple Batra (Chief Manager) 7508508664,
OR Mr. Rohit Pahuja (Senior Manager) 9519517777, OR Ms. Rani Kumari (Manager) 8210925632
Terms and Conditions:
(1) The auction sale will be “Online E-Auction”/Bidding through e-Bikray web portal invariably. URL for Prospective buyers: https://ibapi.in and URL for Auction website :
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp. Auction to be held on 12.02.2024 between 01.00 P.M to 05.00 PM as per time mentioned above against above property (IST)
with unlimited extension of 10 minutes each.
(2) All intending bidders shall register with the e-auction portal to create their user ids and passwords. Bidders have to register online by providing their KYC documents and registration fees as prescribed
by Service Provider(MSTC). Once the KYC documents are verified by MSTC, the registration will be activated within a period of maximum two working days from the date of submission of all KYC
documents and registration fee.
(3) Intending bidders are required to register themselves with the portal and obtain login ID and Password well in advance which is mandatory for e-bidding from MSTC Helpdesk : 033-22901004,
Operation / Registration Status: ibapiop@mstcecommerce.com . Finance / EMD Status: ibapifin@mstcecommerce.com. Finance / EMD Status: ibapfin@mstcecommerce.com . Helpline
e-mail ID: rranjan@mstcindia.co.in.
(4) Intending bidders are advised to go through the website https://ibapi.in for detailed terms and conditions of auction sale before submitting their bids and taking part in e-auction sale proceeding.
(5) Bids shall be submitted through online only in the prescribed format with relevant details.
(6) Earnest Money Deposit (EMD) for the above property shall be deposited through Fund transfer by NEFT/RTGS only to the Wallet of Service Provider (MSTC) after registration on the portal.
(7) Acopy of the bid form along with the enclosure submitted online (mentioning UTR No) shall be handed over to the Authorised Officer/Branch Manager, UCO Bank, respective branches or soft copies
of the same be forwarded by E-mail to: zonewdelhi.rec@ucobank.co.in
(8) The bid price shall be equal to/or more than the Minimum Reserve Price (MRP) but must be in multiples of Rs. 1,00,000/- (Rupees One Lakh Only) for property no.1 and multiples of Rs.10,000/-
(Rupees Ten Thousand Only) for property number 2 to 4. Please note that the first online bid (H1) that comes in the system during the online forward auction can be one increment higher than the
highest of the bids received upto last date of submission of the bids i.e. higher than the start price by one increment or higher than start price by multiple of increments. During auction, the subsequent bid
that comes in to outbid the H1 rate will have to be higher than the H1 rate by one increment value or in multiple of the increment values.
(9) The successful bidder shall have to pay 25% of the bid amount (including earnest money already paid) immediately on closure of the E-auction Sale process on the same day of the Sale in the same
mode as stipulated in Clause 7 above. The balance 75% of the purchase price shall have to be paid within 15 days of acceptance/confirmation of sale by the undersigned to the successful bidder.
(10) If the successful bidder failed to deposit the bid amount as per schedule noted above, the amount deposited by bidder shall be forfeited.
(11) The EMD of unsuccessful bidder(s) will be returned on the closure of the e-auction sale proceedings.
(12) The sale is subject to confirmation by the Bank, if the borrower/guarantor pays the bank in full before sale, no sale will be conducted.
(13) The property will be sold on “As is where is and what is where is” basis and the intending bidder should make discreet enquiries as regards to the property of any authority besides the banks charges and
should satisfy themselves about the title, extent, quality and quantity of the property before submitting their bid. No claim of whatsoever nature regarding the property put for sale, charges,
encumbrances over the property on any other matter etc. will be entertained after submission of the online bid.
(14) The undersigned has the absolute right and discretion to accept or reject any bid or adjourn/postpone/cancel the sale/modify any terms and conditions of the sale without any prior notice and assigning
any reason.
(15) The purchaser shall bear the stamp duties, charges including those of sale certificate registration charges, all statutory dues payable to Government, taxes/GST and rates and outgoing both existing and
future relating to the property. The sale certificate will be issued only in the name of successful bidder.
(16) The sale is subject to conditions prescribed in the SARFAESI Act/Rule 2002 and the conditions mentioned above.
This publication is also 15 days sale notice to the above mentioned borrowers/guarantors/mortgagors under SARFAESI Act 2002."
DATE: 17.01.2024, PLACE: NEW DELHI AUTHORIZED OFFICER, UCO BANK
.
NEW DELHI | THURSDAY, 18 JANUARY 2024 TAKE TWO 17 <

SHREYA JAI & SHIVA RAJORA and indirect jobs. Pramod Agarwal, speaking to this projects are in the pipeline till 2030. This means
New Delhi, 17 January newspaper last year when he was the CIL chairman, more coal. The Ministry of Coal is aiming to build

PATH TO
had said the public sector giant’s manpower had been a coal production capacity of 2 billion tonnes by

F
romG20toCOP28,thereweretwothemes
Indiadidnotbudgefrom:Increasingitsshare
ofrenewablepowergenerationformeetingits
climatetargets,andnotphasingdowncoal
production(readthermalpower)forfuellingits
decreasing in the range of 12,000 to 13,000 every year,
thanks to digitalisation, automation, and
outsourcing. To improve its bottom line, it had
been increasingly outsourcing its mining
operations under the MDO (mine developer
the end of this decade.
That said, Chandra, co-writer of the white paper for
the NIPFP, strikes a different note. “As CIL moves
towards more capital-intensive forms of mining from a
small number of large opencast mines, much of the

A JUST
economicgrowth.However,astheshareofrenewable
energy(RE)increasesinthecountry’senergymix,itis
expectedthatthedependencyoncoalwilldecline.
Therearecaveats,though.Themostimportantone
is,whatwillhappentoIndia’seightcoal-richstates,
whicharesocio-economicallydependentonthisdry
and operator) route to private agencies.
Labourunionssaytheenergytransitionplaninits
currentformisunjustandwouldaffectamuchlarger
populationthanaccountedfor.
“According to our calculations, the net zero
plan will impact the
historical welfarism associated with it is in decline.
You can see that CIL’s permanent workforce has been
shrinking consistently for over a decade. This has led
to economic collapse and depopulation of some
mining regions,” he says, adding that state and central
governments need to

FUTURE
fuel.Jharkhand,Chhattisgarh,Odisha,Maharashtra, livelihoods of close to 22 think about the decline
MadhyaPradesh,WestBengal,UttarPradesh,and
Telanganaarethecoalproducingstatesinthecountry,
million people across
several states. Along INADEQUATE of many of these regions,
which will likely affect
ofwhichthefirstthreearemajoritysuppliers.

‘Just Transition’
with CIL employees,
people running RENEWAL millions of livelihoods.
Reddy, re-
numerous small CIL workforce emphasising that the
In2022,CoalIndiaLimited(CIL),thenationalminer businesses in the workforce is not
(figures are approx.)
andworld’ssecondlargestcoalproducer,hosteditsfirst vicinity of coal mines for displaced due to closure
There is a rising buzz in policy everconferenceonJustTransition.Attendedbythe
academia,labourunionsandthemanagement,the
earning their livelihoods
will also be affected.
of existing mines, says
CIL has deployed
circles. Can it help coal-rich conferenceaimedtokickstartaninformeddialogueon
whatwillbeoneofthebiggestcorporateheadachesin
Close to 500,000 coal
pensioners will be
agencies to impart skill
development and
states as India moves toward thenearfuture.Thesameyear,theunioncoalministry
alsosetupaJustTransitionTaskForce,inpartnership
affected due to depletion
of the pension corpus as
training for local
populations to
renewables? withtheWorldBank,thoughitcurrentlyonlyaimsat
sustainablemineclosure.
only close to 200,000
active employees
find alternative
employment. At the
JustTransitionentailsafairandinclusivepathway remain in CIL,” D D same time, CIL has
to“green”aneconomy,andensuresthatjob Ramanandan, general Permanent 230,000 started venturing into
opportunitiesarenotlostintherushofgreen.Ararely secretary, All India Coal greener business
heardterminIndia,itisbecomingacatchphrase Workers Federation,
Skilled 15,000 (mostlymanagerial)
verticals, such as solar
amongpolicymakers.Jharkhand,forinstance,hasset said over a phone call. Unskilled 200,000 manufacturing and
upaJustTransitiontaskforce,becomingthefirstand TheCILmanagement coal gasification.
onlystatesofartoplaninthatdirection. disagrees. Non-permanent 150,000-250,000 No coal-rich state
ForstatessuchasJharkhand,Chhattisgarh,and “Resettling its own is planning for an
Odisha,coalisthebackboneoftheirrevenues.These workforce, as part of Just imminent future sans
statesarealsopoorinREresources.Thismeanswhen Transition, is not Every year, around The rest are hired as coal. But, in this era of
theshareofREintheelectricitygridincreases,thenet applicable in case of CIL 10,000 permanent non-temporary or competitive federalism,
flowofelectricitywouldmovetowardsRE-richstates. right now,” Veera Reddy, workers go out of contractual, or not Just Transition might
Awhitepaper1 byIndianInstituteofTechnology director (technical), CIL, hold the key to global
service at CIL hired at all
(IIT)DelhiprofessorsSanjayMitraandRohitChandra, told Business Standard funding. “Just
fortheNationalInstituteofPublicFinanceandPolicy in an email response. He The workforce In the last five years, Transition is just one
(NIPFP),saystheimpactcouldbesubstantial,adding said the decrease in CIL’s replenishment about 50,000 went of the many framings
8.66percenttothecombineddeficitsoftheRE-poor headcount in the last five is in part by out of CIL service, for states to attract
statesunderconservativeassumptions.“Theimpactis years was around 87,000, 2,000-3,000 while about investors, projects and
mostsevereonthethreecoal-richstatesofJharkhand, owing to reasons of recruits 10,000 joined funding for the energy
OdishaandChhattisgarh.Absentanacceptableframe- “natural attrition only, transition. Coal-rich
workforanequitablesharingofcostsandbenefits like superannuation, states could benefit from
acrossthestatesandwiththeCentre,thesedevelop- resignations, death in Source: AICWF the JT framing because
mentscouldimpedetherealisationofthenationalgoals service and terminations currently there seems
forclimatechangemitigation,”saysthepaper. but not due to heightened mechanisation to be international interest in providing finance
Chandra,assistantprofessoratIITDelhi,sayspower and involvement of MDOs.” to mitigate some of the economic effects of the
generationprojectionsbytheCentralElectricity “Where natural closure of mines occurs, CIL’s decline of coal,” Chandra says.
Authorityshowthatitislikelythattowardstheendof manpower is gainfully deployed in new and existing Headdsthatlegislationisnotrequired.“Ratheryou
thisdecade,ascoalgrowthslowsandREgrowth mines in the proximity. India’s coal potential is still not needtoacceptthattheselosseswillbeconsiderable,
accelerates,thefiscaldeficitsofcoal-richstateswillrise. fully utilised, and relocating people as a fallout of Just devolvesufficientfinancesearmarkedforJTactivities,
“Coal-richstatescouldbecomeevenbiggernet Transition is far off,” Reddy said. trustinstateinstitutionstoexecutetheseactivities,and
importersofpowerandtheregionalimbalanceofpower beprudentenoughtoacceptinternationalfinance
generationwillwiden.Thereneedstobemuchmore Decline of regions whereavailable.”
thinkingonhowtorectifythisimbalance,”Chandra Indeed, a large-scale impact on jobs due to coal mine Transitionisinevitable.WillitbeJust?
saidinawrittenresponsetoBusinessStandard. closure is not yet on the cards. As power demand
touches new records, due to economic growth, stat-
Mining for jobs es are falling back on thermal power. Close to 80 1. https://www.nipfp.org.in/media/medialibrary/2023/10/
In coal-rich states, mining is the main fabric of direct gigawatt (Gw) of new and brownfield thermal power WP_402_2023.pdf
18
>
NEW DELHI | THURSDAY, 18 JANUARY 2024 1

CPI inflation to average Ram temple creates buzz in Davos

4.5% in FY25, says Das
PRESS TRUST OF INDIA
Davos, 17 January
The Ram temple in Ayodhya has created a
buzz in this Swiss ski resort town during the
World Economic Forum (WEF) Annual
Meeting with devotees planning to hold
Growth to top 7%, predicts RBI governor at CII event in Davos Ram bhajans and light diyas on the con-
secration day this coming Monday.
MANOJIT SAHA
Mumbai, 17 January
(bps) to 6.5 per cent between May 2022
and February 2023, the central bank
STEADY RISE Besides, many global business leaders
have been asking the Indian delegation,
paused in the next five policy review Average CPI inflation (%) including those from the government and
to celebrate the day like Diwali.
Besides the temple, an international air-
port has also been set up in Ayodhya while
a large number of infrastructure projects are
being built to develop the city into a hub of
religious tourism.
“I think we as a community have
shown... I always say in Hindi that ‘Dharma
ke liye dhairya dikhayen’ (show patience
when it comes to religion), and the fact that
we have been patient and waited for a judi-
cial pronouncement with regards to our

C
onsumer price index-based infla-
tion, the main yardstick for the
Reserve Bank of India’s policy
making, is likely to average 4.5 per cent
in the next financial year and gross
domestic product (GDP) growth is likely
to stay above 7 per cent, Governor
Shaktikanta Das said on Wednesday.
“At this stage, our expectation is that
the CPI inflation will aver-
age around 4.5 per cent in
FY2024-25,” Das said in a
speech at an event orga-
nised by CII in Davos.
CPI inflation averaged
6.7 per cent in FY23, 5.5 per
cent in FY22 and 6.2 per cent in FY21. In
FY20, retail inflation averaged below 5
per cent, at 4.8 per cent. In the first nine
months of the current financial year it
has averaged 5.5 per cent.
Observing that headline inflation
substantially eased from the elevated
level seen in the summer of 2022, Das
said price momentum was easing across
core goods and services.
Retail inflation rose
by 5.69 per cent in
December, from 5.55
per cent in the pre-
vious month.
According to
law, the RBI’s infl-
ation target is 4
per cent, with 2
per cent variati-
on in both sides.
After increa-
sing the key pol-
icy rates by 250
basis points
meetings. The next monetary policy 6.66 5.48 private sector, about the business and infras- beliefs and rights, that speaks volumes
review is scheduled in February. 6.18 5.51 tructure opportunities created by develop- about the strength of our democracy and
4.76
Das said the repo increase of 250 bps, ment of Ayodhya in Uttar Pradesh as a major the prime minister of India,” Irani said.
along with rebalancing of liquidity, was religious and tourism centre. “Respecting every religion, we waited for
3.43
working. At the same time he warned Speaking to PTI on the sidelines of the a long time that Bhagwan ghar aayenge
that recurring food price shocks could WEF Annual Meeting 2024, Union minister (God will come home),” said the minister
put pressure on inflation. Smriti Irani said she met a group of devotees for women and child development as well Union minister Smriti Irani in Davos
“Going forward, the inflation outlook FY19 FY20 FY21 FY22 FY23 FY24 who asked her if they could also celebrate as minority affairs.
would be considerably influenced by Source: Bloomberg
food prices, which remain
the Ram temple consecration ceremony.
“Some Ram bhakts (devotees) here asked
“It is a reason for celebration and joy, so
my gratitude to everybody who showed that
‘LEADERS CONVINCED OF
uncertain. Recurring food determined, he said labelling it in any
price shocks could lead to other manner by cherry-picking time
me to record a message imploring the com-
munity here to do Ram bhajan and to light
patience and I look forward to going back
home, going to Amethi on January 22 and
MODI’S RETURN AS PM’
de-anchoring of inflation periods for analysis is not appropriate diyas here on January 22. They came to the celebrating with them,” Irani said. The global leadership is convinced that Prime
expectations and generali- and grossly inconsistent with reality. lounge and saw me here, walked up and they Besides other states, Uttar Pradesh has Minister Narendra Modi will return to office
sation of price pressures,” “Multilateral institutions would do made that request,” said Irani, who is lead- also set up a pavilion for the WEF Annual after this year’s elections and is looking for
he said. well to take a more nuanced and bal- ing a strong Indian delegation to the WEF. Meeting and visitors, including business- the continuity of policy and social reforms put
He emphasised that monetary policy anced view of the policy perspectives Prime Minister Narendra Modi and sev- men, have been enquiring about the temple in place by him, Union minister Smriti Irani
needs to be alert and remain actively dis- of the EMEs (emerging market econ- eral leaders are scheduled to be present at and other Ayodhya projects. Several global said on Wednesday. In an interview to PTI,
inflationary to steer inflation towards the omies),” he said. the ceremony in Ayodhya on January 22, leaders said they were keen to know about Irani said the fact that the global leadership,
target rate of 4 per cent on a durable He said domestic macroeconomic which is likely to be attended by over 8,000 these projects, in addition to other business especially financial, is looking to welcome
basis. “As regards growth, my sense is and systemic risks in India had declined people. Modi has urged people across India opportunities in India. PM Modi back in Davos speaks volumes.
that the GDP growth in India will touch and the improving balance sheets of
7 per cent in FY2024-25. I am saying this financial institutions, together with pru-
on the basis of strong momentum of eco- dent policies of the regulators, had
nomic activity seen in India. Conse- strengthened the resilience of the finan-
AdaniGrouptoinvest Adanicompaniestoinvest
quently, growth would be 7 per cent and cial system.
above for four consecutive years start- Das said India is currently the world’s
~50,000crtosetupdata ~12,400crinTelangana
ing from FY2021-22,” he said. third largest fintech ecosystem in terms
“As far as the Indian economy of the number of fintech entities operat-
centreinMaharashtra FourAdanigroupcompaniessignedMoUsworth~12,400crorefor
is concerned, it is now poised for ing in the country. The fintech adoption combinedinvestmentstobemadeinTelangana,thegroupsaidina
a long haul of higher growth. With rate in India is 87 per cent, well above AdaniGroupwillinvest~50,000croreoverthenext10 statementonWednesday.TheMoUsweresignedattheWEF,2024.
a confluence of factors in its the global average of 67 per cent. yearsinsettingupa1gigawatt(Gw)datacentrein AdaniEnterpriseswillinvestover~5,000crorein100megawatt(Mw)
favour, the confidence in India’s “Fintech market is projected to reach Maharashtra,theapples-to-airportconglomeratesaid datacentresover5-7years.AdaniGreenEnergywillinvestover~5,000
prospects is at an all-time high,” USD 150 billion by 2025, a significant leap onWednesday.AdaniEnterprisesLtd,theflagship croretosetuptwopumpstorageprojects—850MwatKoyaBestagudem
he said. from USD 50 billion in 2021,” he said. In companyofthegroup,andtheMaharashtragovernment, and500MwatNacharam,AmbujaCementswillinvest~1,400croreto
Das said the stability of the this context, he talked about the success signedamemorandumofunderstanding(MoU)for setupa6MTPAcementplantinthenextfiveyears.AdaniDefenceSys-
Indian rupee in the recent past of Unified Payments Interface which car- settingupthe1Gwhyperscaledatainfrastructure. temsandTechnologieswillinvest~1,000croreoverthenext10years.
was an indication of the strength ried out 12 billion transactions in TheMoUwassignedinthepresenceofMaharashtra
of the Indian economy, particu- December. ChiefMinisterEknathShindeandAdaniGroup
larly significant moderation in
the current account deficit.
Das also mentioned the central bank
digital currency (CBDC) pilot that was
ChairmanGautamAdaniattheWorldEconomicForum
2024inDavos,itsaidinastatement.“Thedatacentre
Karnatakasignsdealsworth
Commenting that the Indian launched in 2022 year-end, adding that
rupee is a freely floating currency 4 million customers had been on-
infrastructure,whichwillbesetupinkeylocationssuch
asMumbaiorNaviMumbaiandPune,willbepoweredby
~22,000crwithindustry
and its exchange rate is market boarded so far. renewableenergy,whichwillenhancethegreenenergy KarnatakahassignedMOUsworth~22,000crorewithglobalindus-
infrastructureinMaharashtra,andprovidedirectand tryleadersMicrosoft,WebWerks,Hitachi,andfourothercompanieson
indirectemploymentto20,000people,”itsaid. Day2oftheWorldEconomicForum2024.MBPatil,ministerforlarge
“AS FAR AS THE INDIAN ECONOMY IS AdaniGroupalsointendstomakedeemeddistribution andmediumindustriesandinfrastructuredevelopment,helddiscuss-
CONCERNED, IT IS NOW POISED FOR A investmentstopowertheproposeddatacentre
infrastructure.TheMaharashtragovernmentis
ionswithSony,HP,Nestle,Honeywell,LuluGroup,InoxGroup,Takeda
Pharma,Coinbase,TillmanGlobal,BLAgro,andmanyothers.Theprim-
LONG HAUL OF HIGHER GROWTH“ interestedinpromotinginformationtechnology-related aryobjectiveistoestablishcutting-edgeinfrastructure,capitalisingon
SHAKTIKANTA DAS, GOVERNOR, RBI infrastructureandservices. theexistingecosystemandtheattractivemarketdynamicsintheregion.
Bu s in e s s Stan dard yxwvutsrponmlkihgfedcbaWVTSPNKJIHGFDCBA AHM EDABAD,
BENGALURU,
BHOPAL,

Wingslndia ^r-
BHUBANESWAR,
CHANDIGARH,
CHENNAI,
HYDERABAD,
KOCHI, KOLKATA,
LUCKNOW,
M UM BAI, NEW
rpgeaSONJHBA yxwvutsrponmlkihgfedcbaYWUTSRPONMLKJIHGED
DELHI & PUNE UTROMLIFECA

A COMMERCIAL FEATURE

The expansion in the skies could see India becoming one of the PASSENGER GROWTH
world's top three aviation markets by 2 0 4 1 . But first, it should t ackle the hurdles Passenger s car r ied by d o m est ic
airlines during Jan uar y- No vem b er
20 23 w er e 1382.34 lakhs as against
1105.10 lakhs during t he co r r esp o nding

Vistara's
NDI AN AVI ATI ON period of t he previous year t her eby
regist ering an n ual grow t h of 25.09 %
and m ont hly grow t h of 9.06 %. mi

m 2022 im 2 0 2 3
Star Power PAX CARRI ED (IN LA KH S)

M erging Tat a's

and Singapore
Airlines' hospit alit y
and ser vice for t he
A REBOUNDI NG. 1400

1200

1000
1382.34

f inest f lying 800

experience,
p ag e 2
THRI VI NG M ARK 600

400

200

BY S H O B H A JO H N fleet and m arket shar e, it has been t rou-

n t he t w o year s si n ce t his com m er-
cial aviat ion supplem ent cam e out ,
t he Indian aviat ion indust ry has
t r ansf or m ed and t hrived like never
before. Covid seem s like a bad
dream , w it h t he sect or recovering
and expanding and set t o becom ing
Boeing's one of t he w orld's t op t hree aviat ion
Forecast m ar ket s by 2041. It is expect ed
t hat t he pr esent air cr af t f leet of around
Sout h Asia w ill 7 0 0 will go up t o 1 ,2 0 0 by 2 0 2 4 . And it
need 37,000 may overt ake China and t he US by 2 0 3 0 .
accor ding t o t he Int ernat ional Air
pilot s over t he
next 20 years.
Tr anspor t Associat ion.
According t o t he Direct orat e General of
p ag e 2 Civil Aviat ion, passenger s carried by
dom est ic airlines during January-Novem ber
2 0 2 3 were 1 3 8 2 .3 4 lakhs as against
1105.10 lakhs during t he corresponding
period of t he previous year. This w as an
annual growth of 2 5 .0 9 %. Furt her,
Boeing's Com m ercial M arket Out look
2 0 2 3 said t hat Sout h Asia w ould w elcom e
over 2 ,7 0 0 new air planes in t he next t wo
decades, with 9 0 % dest ined for India. This
m eans t hat approxim at ely 37,000 pilot s
and 3 8 , 0 0 0 m echanics w ould be needed
in t he region, largely led by India.
The Falcon But even as t he sect or rebounded,
Flies High dem and w as more t han supply as a great -
er num ber of m iddle cl ass people flew ,
Largest cabin w it h leading t o paucit y of seat s. This is despit e
a new paradigm t he f act t hat only 2-3% of Indians fly; so
in comf ort , one can im agine t he huge capacit y w ait ing
product ivit y and t o be t apped. The seat crunch w as exacer-
ef f iciency, bat ed by Go Air's collapse and IndiGo's
cont inuing t roubles with engine supplier
p ag e 3
Prat t & Whit ney (P& W).
HUGE PLANE ORDERS
But t he good new s first . It w as in Ju n e
2 0 2 3 t hat Air India and IndiGo, India's t wo
airline behem ot hs, t oget her placed orders
for 9 7 0 planes. Their vault ing am bit ion and
ser ious expansion plans will spur t he
growth of t he aviat ion sect or.
Air India's expansion plans were evident
in t he 4 0 A3 5 0 s it ordered, t he first of
P&W: w hich landed in Delhi on Decem ber 23,
2 0 2 3 . This plane can fly non-st op 16-17
Driving hours, and has a m axim um range up t o 2 0
Aerospace hours. This is, t herefore, expect ed t o give
Air India a compet it ive edge in long-haul
Growth rout es. The plane will ent er com m ercial
Commit t ed t o ser vice in Januar y 2 0 2 4 and operat e
building dom est ically init ially in order to f am iliar ise
pilot s with it, follow ed by longer-haul
capabilit ies and
flight s. Air India will int roduce six A3 5 0
delivering high planes in t he first phase of it s fleet expan-
value services t o sion. Experienced inst ruct ors will guide t his
cust omers, pr ocess, building a skilled pool t o suppor t
p ag e 3 long-haul A3 5 0 operat ions later in t he year.
YoY M oM
bled by powder met al issu es with engine
SOURCE: DGCA
m anufact urer P& W. Its t ot al grounded
planes are likely t o be more t han 8 0 during
Januar y t o M arch quart er of 2 0 2 4 . The air-
line t ook delivery of It s last P& W-powered
PASSENGER
plane in 2 0 2 0 . All fut ure deliveries will be
pow ered by CFM engines.
LOAD FACTOR
Th e p assenger lo ad f act ors of various
sch ed u l ed d o m est ic airlines
NOV ' 2 3
Air India's expansi
plans were evide
the 40A350s'
These are expected to
give the airline a
competitive edge in
long-haul routes. The
plane will enter
commercial service in
January 2024.
AIRPORT
0 20 40 60 80 100
SOURCE: DGCA
INFRASTRUCTURE
Aside from airlines, all of w hich are private
now, India's civil aviat ion sect or also com-
prises of airport s, and t he cent re plans t o
invest Rs 1 lakh crore in t hem. Civil Aviat ion
M inist er Jyot iradit ya Scindia reportedly said
t hat 2 2 0 new airport s will be m ade by
2 0 2 5 . In UP alone, nine new airport s will
com e up in t he next two years, he said.
Jew ar will be t he second airport for Delhi
and t here is t alk of a third airport for
M umbai. According t o The Economist , 15
dual-airport cit ies are envisaged by 2 0 4 0 .
In addit ion, t he governm ent plans t o
sim plify pilot licenses, creat e 3 3 new
dom est ic cargo t erm inals and set up 15
new flight t raining schools. It also aim s t o
t riple air passenger s from 3 4 .5 crore in
• K
2018-19 t o 4 0 crore in 2023-24.
But t he growth is also coupled with cons
and is evident in various airport s—grounded
planes. Scindia revealed in t he Lok Sabha
t hat 164 planes were grounded acr oss 15
airport s. Bengaluru airport alone has 17
planes of IndiGo, nine planes of Go First,
and one of SpiceJet . Sadly, 95% of t hese
aircraft are grounded due t o P&W f acing
supply chain issues, st at ed Scindia.
Growth plans, however, cannot t ake off
till t he aviat or regulator, t he DGCA, com es
on board too. It processed 2 3 ,9 0 8 flight
crew licensing issue and renewal applica-
t ions in 2023. And it t ackled pilot fat igue by
am ending t he "flight dut y t ime limit at ion"
rules, increasing w eekly rest periods from
3 6 hours to 4 8 hours.

According to the DGCA, domestic TAXING TAXES

airlines during January-November
2023 carried 1382.34 lakh passengers Aer
as against 1105.10 lakh during the
However, so m e hiccups st ill rem ain in t he
aviat ion sect or. Salil Gupt e, Chairm an, Cll
ospace Com m it t ee and President ,
Boeing India, wrote in t he Oct ober 2 0 2 3
issue of Cll ARTHA t hat aviat ion t urbine
it T
twf>
fuel (ATF) account s for 40-45% of an air-
previous year. This was an annual line's operat ion cost s in India in som e
cases as com pared t o t hose of global
growth of 25.09%. zyxwvutsrqponmlkjihgfedcbaYXWVUTSRPONMLKJIHGFEDCBA
count erpart s w here fuel cost s are bet w een
The ambit ion of airlines w as also evident 20-30%. He said t he high t axes on ATF in
from t he places t hey are flying to. Take
IndiGo. It added rout es t o Africa, Cent ral
Asia and t he Caucasus, w hile Akasa plans
to fly t o t he M iddle East , Sout h-East Asia,
India st r ain airlines' f inancial viabilit y,
pot ent ially leading t o reduced m ar gins and
f are hikes, hindering t he sect or ' s growt h.
He suggest ed t hat t he governm ent may
SAFETY.
INTEGRITY.
east Africa and Cent ral Asia. Air India plans consider bringing ATF under t he GST
to have long-haul one-st op connect ions regim e at an opt im um rate.
bet ween East Asia, Europe and North With so m any planes dot t ing t he skies,
Am erica. Will t hey be able t o challenge glob- congest ion at major airport s is a const ant
al aviat ion giant s like Em irat es and phenom enon, m aking t he w ait ing t im e for
Singapore Airlines? It w ait s to be seen. yxwvutsrponmlkihgfedcbaXUTSRPONLIHGFEDCBA

HICCUPS TOO
But t here are other airlines in India w hich
are floundering. Go First ceased operat ions
passenger pr ocessing great er. However,
addit ional sp ace is being creat ed at air-
port s by rest ruct uring t he available t ermi-
nal infrast ruct ure.
According t o t he M inist ry of Civil
INNOVATION.
At Prat t & Whit ney, t hese are just a few of the
values w e hold dear. And it is t hese values that
drive t he com m it m ent s w e m ake - and the w ork
on M ay 3 due to financial issues, mainly Aviat ion, t he governm ent has increased
t hose related t o P&W engines and is under- ent ry lanes by 4 6 % from 2 1 3 (Dec 2 0 2 2 ) w e do. A s w e build on our 70-year commit ment
going an insolvency resolut ion process. t o 3 1 2 (Dec 2023); check-in count ers to India, w e will cont inue invest ing in t he region -
SpiceJet t oo is in t he deep, t hough in a incr eased by 24% from 1,316 (Dec 2 0 2 2 )
designing, building, and servicing the w orld's
sur pr ising development , it evinced int erest t o 1 ,6 3 3 (Dec 2 0 2 3 ) and CISF w orkforce
in acquiring Go First , and disclosed plans incr eased by 21% from 2 0 ,4 8 7 (Dec most advanced, sust ainable aircraft engines.
t o raise approxim at ely $ 2 7 0 million from 2 0 2 2 ) t o 2 4 ,7 3 3 (Dec 2023). Th is is t he Prat t & Whit ney w ay, and t his is w hy
various invest ors. Already, t here is new s of But will t hese be enough t o count er t he w e are inspired to go beyond.
b u sin essm an Harihara M ahapat ra and his explosion in air t raffic in t he fut ure?
wife Preet i going t o invest Rs 1,100 crore
in SpiceJet in ret urn for a 19% st ake.
LEARN M ORE AT P R A T T W H I T N EY.C OM
The writer is Deputy M anaging Editor of India
Legal, a niche current affairs magazine. YB
As for IndiGo, India's largest carrier by YWVUTSRPONMLKIHGFEDCBA
B u s in e s s Sta n d a rd ^ w yxwvutsrponmlkjihgfedcbaYWVUTSRPONMLKJIHGFEDCBA
W ingslndia^—
A COMMERCIAL FEATURE
India has always been
an attractive aviation
market due to its
huge potential. And a
relative newbie,
Vistara Airlines, has
garnered accolades
not just for its
stringent operating
systems, but for
overall customer
satisfaction. So w hat
makes it t ick?
VINOD KANNAN,
CEO, Vistara, tells
SHOBHA JOHN that
since its inception,
the airline has strived
to raise the bar by
transforming
customer experience.
Excerpts...
"WE KEEP OUR
CUSTOMERS AT
THE CENTER OF
EVERYTHING"
V
ist ara st art ed operations
on January 9, 2015. How
has t he journey been?
zyxwvutsrqponmlkjihgfedcbaYXWVUTSRPONMLKJIHGFEDCBA
It has been an extraordinary including 18 overseas. St ill IndiGo is far process is going as per the planned time-
journey. Since inception, we
have strived to raise the bar t he future plans of Vist ara t o beat t his expected within the first half of 2024.
for the Indian aviation sec-
tor by transforming custom-
er experience. Over the
years, we have set new benchmarks in
Indian aviation and introduced several
industry first s. These include India's first
Premium Economy Class; Club Vistara -
India's fastest-rewarding, least restrictive,
value-based frequent flyer program; serv-
ing St arbucks coffee onboard, offering
inflight wi-fi, select international flights,
South Asia's first fully-flat beds in a nar-
row body aircraft, etc. We now operate
over 300 flights everyday between 50
destinations using a fleet of 67 aircraft.
We have flown over 50 million customers
since st art ing operations and are flying
over a million people every month now.
We were amongst the very few airlines
globally to grow our fleet by over 25%,
launch 11 new international destinations
and operate around 25% more flights
during the pandemic.
The last 18 to 24 months have been
especially exciting as we crossed several
milestones like having a fleet of 50+ air-
craft, becoming the second largest
domestic airline in India by market
share, reporting quarterly net profit for
the first time, launching our 50t h desti-
nation and many more. The fact that
Vist ara has been ranked as the 16th
best airline in the world at the World
Airline Awards 2023 by Skyt rax, besides
receiving several other " Best Airline"
awards, gives us the confidence that we
have been on the right path.
In a ringing endorsement of Vist ara, Air
India CEO Campbell Wilson said t hat Air
India needs to get to t he level of Vist ara
and has a lot to learn from it. What are
t he USPs of Vist ara as compared to
other airlines in India? Do passengers
t ravelling Vist ara truly "fly t he new feel- with daily direct flights. We plan to intro- credit goes to the 6000+ staff who tire-
ing" as it s t agline says?
Vist ara brings together Tata's and
Singapore Airlines' legendary hospitality
and renowned service excellence to offer
the finest full-service flying experience in
India. To ensure that, we are constantly
innovating and enhancing our offerings.
We offer the choice of flying in our state-
of-the-art aircraft across three distin-
guished cabins. Vist ara's Business Class
cabin products are unmatched within
the domestic market and are at par with
some of the biggest airlines around the
world. Vist ara is also the first Indian air-
line to offer Premium Economy, a prod-
uct that has especially gained promi-
nence through the pandemic as custom-
ers increasingly want a little more con-
venience, exclusivity and space when
travelling. The experience is further
accentuated by the cutting-edge in-flight
entertainment system, Live TV on select
international routes, delectable onboard
kit s and the benefits of our frequent
flyer program, Club Vistara. Additionally,
our on-board service is delivered by our
award-winning cabin crew who have
been trained to offer the same service
excellence which the Tat as and
Singapore Airlines are renowned for.
Vist ara connect s to 50 dest inat ions,
ahead in t erms of connectivity. What are
competition?
We are strategically expanding our fleet
arid network in domestic and internation-
al markets. Our current fleet of 67 aircraft vis passengers seem s t o be nose-div-
includes 51 Airbus A320neo, 10 A321
arid six Boeing 787-9 Dreamlirier aircraft, dal of Air India. How seriously are com-
arid we plan to have a fleet of 70 aircraft plaint s, suggest ions and f eedback
by the end of FY24. We recently added
three international dest inat ions-Hong
Kong, Bali, and Doha. Additionally, our
operations in M umbai have witnessed
remarkable expansion, especially as a
gateway to our international network.
Vistara now connects M umbai to 14
VINOD KANNAN, CEO. Vist ara
international destinations. We have also
been enhancing connectivity ori the
routes we already operate. For instance,
we increased the number of flights from
4x to 6x weekly between Pune and
Singapore and introduced a second daily
flight from M umbai to Singapore. The
flight frequency from M umbai to London
has been ramped up to daily from the
previous 4x weekly. We also introduced a
new route connecting Delhi and M aldives
duce new international destinations and
connect our existing destinations with
more Indian airports.
"Vistara brings together Tata's and Singapore
Airlines' legendary hospitality and renowned
service excellence to offer the finest full-
service flying experience in India. To ensure
that, we are constantly innovating and
enhancing our offerings."
VUTROMLIFECA
When is t he merger wit h Air India likely
to t ake place?
Integration of two brands such as Air India
and Vistara is a long process and will take
time. As of now, the merger has received
clearance from the Competition
Commission of India, and some more reg-
ulatory and legal approvals from various
Indian and foreign bodies are awaited. The
line and requisite regulatory approvals are
Despit e India being am ong t he t op avi-
at ion m arket s, airlines' relat ions vis-a-
ing, culm inat ing in t he Peegat e scan-
t aken in Vist ara?
At Vistara, we keep our customers at the
center of everything we do, and strive to
enhance the experience we offer by gath-
ering feedback through various avenues.
For instance, on the basis of our travel
feedback surveys, we became the first
Indian airline to offer special "wellness-
focused" IFE content in association with
Shyft. We also partnered with the home-
grown luxury brand, Forest Essent ials, to
curate amenity kits for business class fli-
ers on long haul flights. Our customers'
feedback also helps us in planning our
inflight meal options.
We recently collaborated with Netflix to
curate one-of-a-kind experience for our
customers - the "Flight to Riverdale". The cargo market is set to expand sig-
special flight UK 1964 exemplified our
commitment towards creating distinctive
experiences, allowing our customers to
interact with the star cast and directors, commercial services. Boeing's
while also witnessing the legendary world
of Riverdale coming alive at the M anohar Outlook forecast s demand in
International Airport, Goa.
According to DGCA state, for November
2023, out of a t ot al of 601 passenger
related complaint s received by airlines,
there were none for Vist ara. What do you
attribute t his good performance t o?
Our employees work with the prime focus
on customer centricity and providing as
seamless an experience as possible. We
adapt and learn from our mistakes. The
lessly work towards ensuring that the posi-
tive brand name that Vistara has earned
continues to fly high. yxwvutsrponlihgfedcbaVTSIBA
India's Aerospace
Sector is Poised for
M ore Growth
Boeing's continued collaboration with India will help drive
innovation and contribute to the growth of the aerospace industry SF
SFUTSPLIGEA
SALI L GU PTE
India is one of the fast est growing
economies in the world and
offers enormous growth and pro-
ductivity opportunities. As a com-
pany with over eight decades of
presence in India, Boeing contin-
ues to support the development
of indigenous aerospace capabili-
t ies in the country.
To help solidify India's position
as a regional aerospace hub,
Boeing is working closely with the
Government of India and an exten-
sive network of indigenous players
to establish a foundation of
"Aatmanirbhar Bharat" - or a self-
reliant aerospace sector in India.
AN ECONOM Y
OF SCALE: Tha Indian
economy has witnessed
remarkable growth over the last
three decades. Accountingfor
90% of South Asia's total
economic output, it has been
amongt he world-leading growth
economies in the years before the
pandemic. And even while
recoveringfrom the impact of
COVID-19, Indian GDP grew by
almost 7% to become the fifth
largest economy in the world.
India's economy is projected
to grow at a 5.6% compound
annual growth rate through
2041, a growth rate that contin-
ues to outpace the world. This
strong economic growth has
been an important element of
burgeoning passenger traffic
expansion in the region.
As per the most recent
Commercial M arket Outlook for
South Asia and India, Boeing pro-
ject s that the South Asia region
will lead the world in yearly pas-
senger traffic growth for the next
two decades, and that India
account s for approximately 90%
of the region's passenger traffic.
The country is also projected to
receive over 90% of South Asia's
airplane deliveries, requiring over
2,400 new aircraft, while its
nificantly, with the fleet growing
from 15 to 80 airplanes by 2042,
driving a $135 billion demand for
2023 Pilot and Technician
South Asia for 37,000 pilots and
38,000 maintenance technicians
over the next 20 to meet industry
needs, driven primarily from grow-
ing demand in India.
Boeing recently announced a
$100 million investment in infra-
structure and programs to train
pilots iri India, which will support
India's need for new pilots over
the next 20 years.
COLLABORATION AND
CAPACITY BUILDING:
Boeing's relationship with India
goes back to the 1940s. It began
by partnering with the current Air
India, then Tata Airlines. In 1941,
the Indian government lent a
Douglas aircraft (now a part of
Boeing) to Tata Airlines fora
historic flight from Karachi to
Baghdad. This paved the way for a
long-standing relationship that
remains strorigtoday. Over the
decades, Boeingsupported Air
India to become a pioneer of jet-
powered flight in Asia. From
operatingthe historic Boeing 707
to today's 777 models, Air India
SA LI L GU PTE, President .
Boeing India
and Boeing have worked together
to reach new heights.
Recognizing the potential for
growth over time, Boeing has
developed relationships with
Indian organizations across man-
ufacturing, infrastructure, engi-
neering services, and research
and technology for both civil and
military aviation. Not limited to
products and services, Boeing
has helped to est ablish key aero-
space infrastructure and capabil-
ities to support India's aspira-
t ions to become a global aero-
space leader.
Boeing's overall investments in
India span development in sus-
tainment and services, localization
of maintenance, repair and over-
haul, indigenous supplier agree-
ments, and skill development and
training to develop talent for the
rapidly growing market.
In 2023, Boeing established a
Global Support Center in Gurgaon
to provide customized operational
efficiency and safety improve-
ment projects for airline custom-
ers, regulatory bodies, and other
stakeholders. Additionally, Boeing
is investing in a new India
Logistics Center to provide effi-
cient and cost-effective service
solutions to regional customers,
ensuring higher fleet utilization
and mission readiness rates.
Supporting sust ainable growth
begins with a commitment to
maintaining a local employee
population and infrastructure.
Boeing India employs 6,000
employees directly, arid more
than 13,000 are employed by key
suppliers in India.
LEADING SUPPLY
Boeing's investment in
infrastructure has helped India to
become one of the world's leading
supply chain resources. Today,
Boeingist he largest foreign
manufacturer that sources
aerospace products from India.
More than $1 billion is invested
annuallythrough its large and
growing network of more than 300
supplier partners, with over 25
percent Micro, Small arid Medium
Enterprises (M SM Es). These Indian
companies are manufacturingand
ex porti n g syste ms a n d
components for some of Boeing's
most advanced products.
Boeing partners with a large
group of Indian manufacturers to
support global defence and civil
aviation platforms. These include
leading suppliers, such as
Dynamatic Technologies, Rossell
Techsys, SASM OS FIET
Technologies, Hindustan
Aeronautics Ltd. (HAL), and Jaivel
Aerospace, among others.
These companies supply critical
components for defence aircraft
programs such as the F-15EX
Eagle II, V-22 Osprey, CH-47
Chinook, F/ A-18 Super Hornet,
P-8 and the T-7A Red Hawk. On
the civil aviation side, Boeing
works with Tata Advanced
Systems Limited (TASL), M ahiridra
Aerostructures Pvt Ltd (M ASPL),
Bharat Forge, Motherson Sumi
Systems Limited (M SSL) and
SASM OS IHET Technologies,
among others, to support produc-
tion of Boeing 787, 737, 747, 777
and 767 programs. Tata Advanced
Systems Limited (TASL) in 2022,
and Dynamatic Technologies in
2023, won the "Supplier of the
year" award from Boeing, from
more than 11,000 suppliers
worldwide. A testament of the
quality and competitiveness of
Indian manufacturers.
Furthering its expertise in the
region, Boeing's joint venture
with TASL - Tata Boeing
Aerospace Limited (TBAL) in
Hyderabad — is in its seventh
year of operation. This state-of-
the-art facility spread over
14,000 sq. m., and with more
than 900 engineers and techni-
cians, demonstrates co-develop-
ment of integrated syst ems in
civil aviation and defence, for
India, and the world. More than
250 fuselages have been deliv-
ered by TBAL with over 90% of
the parts used manufactured in
India, sourced from over 100
M SM E suppliers. This includes
the delivery of the fuselages for
the Indian Army's six AH-64
Apache attack helicopters. The
facility also manufactures verti-
cal fin structure for the Boeing
737 aircraft.
Continued growth and expan-
sion of the production and con-
verted freighter market further
support s in-country capacit y
expansion. Approximately half of
t he global demand for conver-
sions is expected to come from
Asia and Africa, including India.
India's aerospace infrast ruct ure
cont inues to expand to support
freighter growth, including a
recent announcement of a new
Boeing Converted Freighter
(BCF) line in part nership with
GM R in Hyderabad.
BUILDING M RO
CAPABILITIES: To support
aerospace growth, maintenance,
repair and overhaul (MRO)
functions are critical to building
self-reliance and capacity. Boeing
views the maturation and
development of India's local MRO
ecosystem asa key to establishing
self-reliant operations. Greater
MRO capabilities enable faster
maintenance turnaround times,
increased time in operation
and mission-readiness for
Indian operators.
In 2021, Boeing launched
the Boeing India Repair
Development and Sust ainment
(BIRDS) program to position
India as a regional MRO hub.
This program enables enhanced
engineering, maintenance, skill
development, and repair and
sust ainment services for
defence and civil aircraft locally.
St rat egic part nerships have
been est ablished with leading
companies, including Horizon
Aerospace, Air Works and UTRPONGEA
TUR N TO PAGE 3
 Bu s in e s s Stan dard ^ w snligdaW

Wingslndia* uroecUTSROMLIFECA

A COMMERCIAL FEATURE
The new Falcon 6X,
known for its FROM PAGE 2 yxwvutsrponmlkjihgfedcbaXWVUTSRQ
spaciousness, efficiency Key to the pro-
and quietness, could well gram is training
courses that
he seen in Indian skies increase skilled
manpower by
during demo flights wutsrniedaSB developing
suppliers and
medium, small,
and micro enter-

T
here is a brand new Falcon in the prises (M SM Es)
air—the 6X. While most aircraft, to enable high-
business jet s and airliners includ- quality MRO
ed, are spin-offs from earlier capabilities in India. These programs have trained
designs, this aircraft of Dassault is nearly 4,000 frontline aerospace manufacturing
spanking new. It is also the largest workers and aircraft maintenance engineers.
in terms of cabin cross-section
and entered service on November LEVERAGING ENGINEERING AND
zyxwvutsrqponmlkjihgfedcbaYXWVUTSRPONMLKJIHGFEDCBA
30, 2023. It set s a new paradigm TECHN OLOGICAL EXPERTISE: The
in comfort, productivity and efficiency among Boeing India Engineering & Technology Center
long-range business jet s, just what its cus- (BIETC) features a talented pool of more than
tomers hoped for. 5,500 engineers across Bengaluru and Chennai to
In December, a new 6X demo aircraft drive growth and innovation in aerospace. The
st art ed a global tour for prospective custom- center currently houses Boeing's Engineering, Test,
ers and many st ops are anticipated in Asia Research and Technology, Information Technology
and India too. Who wouldn't want to see the and Digital Analytics teams.
t allest and widest cabin in business avia- The BIETC team provides advanced aerospace
tion—1.98 m tall by 2.68 m wide. The cab- expertise and offers engineering assist ance to
in's wide girth has flowing uninterrupted Boeing's defence, space and commercial busi-
lines that enhance the feeling of spacious- nesses. This includes the design of structures
ness, and can carry 12 to 16 passengers and systems, manufacturing support, developing
easily. No wonder the 6X won accolades for systems to test aircraft, and providing digital solu-
its design and received the International tions to airline customers.
Yacht and Aviation Award and the presti- Research and development t asks are performed
gious Red Dot industrial design award. at the center, including airplane health manage-
M ost business jet s are designed in such ment, sustainable coatings, advanced networks and
a way t hat corporate execut ives can work
comfortably while on board. Dassault put
t his to t est by sending large t eams of engi-
neers and t echnicians on a 50-st op,
50,000-m ile world proving campaign. The
THE TALLEST The high standards of
secure communications functions. Researchers are
using artificial intelligence, machine learning,
Internet of Things, cloud-based technology, model-
based engineering, and additive manufacturing to
enhance quality, safety, and productivity.

WIDEST & the 6X are not difficult

result was that t he most heavily used fea- Additionally, Boeing has invested $200 million
ture was t he high-speed internet, allowing in a new 43-acre purpose-built engineering and
easy videoconferencing with colleagues for Dassault to meet due technology campus in Bengaluru, which will be
back home in France or elsewhere. inaugurated in 2024. This will be Boeing's largest
Such easy felicity with internet connectivity to its long history of facility of its kind outside the U.S.

will be especially useful for companies in
India who can take large teams to Europe
nonstop, for example flying Delhi to London or
in the opposite direction to Tokyo.
The maximum range of the 6X is 10,200
km. What's more, a fully loaded 6X requires
only 1,560 meters for take-off, allowing long-
range flights from shorter runways such as
London City Airport.
The 6X also meets the latest safety stan-
dards. The European Union Aviation Safety
Agency and the Federal Aviation
Administration recently introduced new certifi-
cation st andards regarding cyber security.
The 6X is the first aircraft certified in Europe RPOMGFEA
QUIETEST...
to Aerospace Recommended Practice ARP 47
54a, the most stringent guidelines for aircraft
today. Of course, these high standards are
not difficult for Dassault to meet given its
long history of introducing fighter DNA, includ-
ing fly-by-wi re flight controls, into its business
jet s. Dassault is the only business jet manu-
facturer to build both fighters (the famous
Rafale series) and business jet s.
But what do pilots say about the 6X?
Those who have flown it say it is the best
Falcon yet. For a line of business jet s known
for precise handling, t his is indeed high
praise. Passengers too testify that it is the
quietest Falcon. Before that, the engine of
the ultra-long-range Falcon 8X was known
for its quiet comfort.
The effect the 6X has on the public will be
fighter DNA, including A BRIGHT FUTURE FOR A SELF-
fly-by-wire flight con- RELIANT INDIA: India's aerospace and
defence sectors are poised for further growth and
trols. Dassault is the only expansion, and Boeing is committed to supporting
and enabling India's progress. The continued
business jet manufac- building of capabilities and infrastructure locally
promises to drive innovation and contribute to the
turer to build fighters growth of the Indian aerospace industry, from both
the civil aviation and defence perspectives. This
and business jets. partnership and shared vision for the region will
continue to deliverthe best of Boeing to India,
known soon as demo flights come within the while India's leading technologyand innovations
Indian horizon. Will it enthrall everyone for its are shared with the world.
unique features? It waits to be seen.

P&W: Invested in
Un l o c k s k i e s w i t h
India's Aviati on Talent
The company has
supported India's
A A
AeroSource-
Your trusted Aviation Partner
vutsronied

aviation growth for

over 70 years and
made key investments
A A wtsronlkjihecU

in the country

BY ASHM ITA SETHI

Pratt & Whitney is a world leader in

the design, manufacture and service
of aircraft and helicopter engines, and
auxiliary power units. We have a proud
history of supporting India's aviation
growth for more than seven decades,
st art ing in 1960s with Air India's
Boeing 707s powered by JT3D
engines. In the mid- 2000s, we ush-
ered in a new age with V2500 engines
on IndiGo's 100 A320ceo aircraft.
Today, IndiGo operates A320neo
family aircraft with Pratt & Whitney
GTF™ engines, which deliver industry-
leading sust ainabilit y benefits,
t hanks to the unique geared fan
architecture. Pratt & Whitney's
PW100/ 150 turboprop engines form
the backbone of India's regional avia-
tion growth - connecting people and
growing economies. In military avia-
tion, our F117 engines power Indian
Air Force's (IAF) C-17 Globemaster
Ills, while its PC-7 trainers are pow-
ered by the iconic PT6A engine. Twin
PW127Gs will power lAF's incoming
56 C295 aircraft.
Pratt & Whitney has been advanc-
ing aerospace and defence growth in
India. Our key investments in-country
include a state-of-the-art India
Customer Training Center (ICTC) in
Flyderabad that provides specialized
t raining on our engines for operators
from over 20 nations; a world-class
India Capability Center (ICC) that
powers Pratt & Whitney Canada's
global supply chain operations; our
India Engineering Center (IEC) with
over 500+ projected employees
working on aero, mechanical, and
ASHM ITA SETH I , President &
Count ry Head, Prat t & Whitney
ing India aerospace suppliers in the
past decade, and over $500 million in
Engineering Services in the past two
decades. To drive aerospace innova-
tion from India, in 2023 we launched
Percept - an advanced Al-based
Aircraft Engine Analysis Tool - in col-
laboration with Indian start-up Awiros.
Our community outreach programs
focus on inspiring the next genera-
We have sourced nearly $55 million in
A A A A
tion, empowering employees to posi-
tively impact their communities and At AeroSource, we are not just aviation consultants, we are your allies. AeroSource brings
emphasizing innovation and technol-
ogy. These programs include part- decades of industry experience with a team of seasoned aviation experts. Whether you are
nered STEM Labs with United Way
Bengaluru, working with Indian non-
profits Bhumi and HRDEF through
buying, selling, leasing or looking for Operations and M anagement of aircraft, AeroSource &
our E-STEM Grants.
Pratt & Whitney's over 300 direct its group company, BAM S can offer comprehensive solutions specific to your needs.
employees across the country are
committed to building capabilit ies
BAM S is currently m anaging two aircraft out of South India, ensuring safety, efficiency, and
and delivering high value services to
our customers. On t his Independence
Day, we commit to harnessing more peace of mind for Owners.
of the talent inherent to India, grow-
ing our business while investing in
the local industry - as part of our
Trust of our customers in our knowledge, business practices and efficiency is demonstrated
broader RTX vision for India. With an
Indian workforce of more than 5,000 by their repeat orders year after year.
people, RTX is one of India's largest
exporters in aerospace and defence.
23-years and still going strong! Thanks to our customers and business partners.
The writer is President & Country Head
of Pratt & Whitney (UTCIPL)
j sr
AIPL BAIPL BAM S
AEROSOURCE Bangalore | Delhi | Chennai | Hyderabad

control syst ems for commercial
engines; and a Research &
Development Center at the Indian
Institute of Science (lISc), Bengaluru.
We have sourced nearly $55 million
in machining and assembly from lead-
machining and assembly from leading India
www.aerosourceindia.com | www.businessaircraft.co.in | www.bamsindia.com
aerospace suppliers in the past decade, and
over $500 million in engineering services in Reach us at... # +91-9740012401 ® info@aerosourceindia.com
the past two decades.
Aircraft Acquisition | Operations & Management | Charter | Liaisoning
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