THURSDAY, 22 FEBRUARY 2024

20 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 266

THE MARKETS ON WEDNESDAY chg#

Sensex 72,623.1 q 434.3

Nifty 22,055.1 q 141.9
Nifty Futures* 22,070.2 p 15.1 COMPANIES P3 COMPANIES P3
Dollar
Euro
Brent crude ($/bbl)
~83.0
~89.6
82.4##
~83.0 **
~89.6 **
83.0 **
HOMESTAYS TO DRIVE NEXT LEG PERNOD MD TOUBOUL: INDIAN MKT
Gold (10 gm)### ~62,009.0 p
*(February) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~119.0
OF GROWTH: MMT’S MAGOW A STORY OF PREMIUMISATION
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E OU SL Y FRO M AHM ED AB AD , BE NG AL URU, B HO PAL , B HUB ANE SW AR , CHA NDI GAR H, CHE NNAI , HY D E R A B AD , K O CH I, K OL K A TA , L U CK N OW , M U MB AI , N E W D E L HI AN D P U N E

ZEE STOCK TANKS 14% AS

MYSTERY THICKENS IN
FUND DIVERSION CASE
FSDC meet takes NITI AAYOG REPORT

Output for pulses, edible oil may

SharesofZeeEntertainmentEnterprises
tanked14percentonWednesdayasthe
mysterysurroundingtheallegedfund
diversionbyfoundersSubhashChandraand
up simplification stay below demand till 2047-48
of KYC process
PunitGoenkathickenedwithspeculationsof SANJEEB MUKHERJEE nDemand nProduction (in mt)
anamountmultipletimeshigherthanthat
citedbytheregulator’sex-parteinterimorder
New Delhi, 21 February TRACKING Rice Wheat Pulses Edible
in2023.Themediafirmsaidthe“rumours Amid protests by farmers at the Punjab- THE GAP oils
pertainingtoaccountingissuesareincorrect, Haryana border demanding legalisa- 2019-20 103 100 26 22
baseless,andfalse”. tion of minimum support price (MSP),
Take more steps to curb illegal lending apps: FM a new NITI Aayog report has
119
2030-31* 110
108
111
23
35
12
27
MFs PARE ZEE HOLDINGS AFTER highlighted the urgent need to diversify
SONY MERGER FALLOUT 10 > from wheat and rice to pulses and
145 131 31 15
oilseeds to bridge the demand-supply 2047-48* 114 119 49 31
gap by 2047-48. 154 160 47 24

Cabinet approves 8% According to the report of the work-

ing group on demand and supply pro-
*All projections are according to business-as-usual approach when food demand grows at an annual rate of 2.44%
Source: NITI Aayog Working Group Report on Crop Husbandry, Agriculture Inputs Demand-Supply

hike in sugarcane FRP jections in agriculture, released on

With farmers on the warpath, the Union

Tuesday, under a business-as-usual
scenario, India’s pulses production will
FARMERS HALT MARCH FOR 2 DAYS, 1 DEAD AT BORDER
Cabinet on Wednesday raised the fair and rise to around 47 million tonnes (mt) The protesting farmers on Wednesday suspended their ‘Delhi Chalo’ march for

PHOTO: PTI
remunerative price (FRP) of sugarcane for the by 2047-48 from around 23 mt in 2019- two days and will decide the next course of action on Friday after a protester
2024-25 season by 8 per cent to ~340 per 20, while demand will grow to almost was killed and several others were injured in clashes on the Punjab-Haryana
quintal. The FRP will be for a basic recovery of 49 mt during this period, leaving a gap border. Farmer leader Baldev Singh Sirsa identified the dead farmer as
10.25 per cent. A premium of ~3.32 per quintal Finance Minister Nirmala Sitharaman with RBI Governor Shaktikanta Das during the of almost 2 mt. Turn to Page 6 > Subhkaran Singh (21). 6>
will be provided for every 10-basis-point Financial Stability and Development Council meet in New Delhi on Wednesday
increase in recovery.
RUCHIKA CHITRAVANSHI ulators to take further mea-
ON THE TABLE
Fali S Nariman: 1929-2024
New Delhi, 21 February sures to check the spread
of unauthorised lending
Hero losing speed in rural 2W race
T
he Financial >Prescribing uniform through online apps and its
AN ADVOCATE FOR Stability and KYC norms harmful effects, according
nHero 3.6 1.7 4.3
SECULARISM AND Development
Council (FSDC),
>Inter-usability of
KYC records across
to a statement issued by the
ministry.
DEEPAK PATEL
New Delhi, 21 February
Hero’s share of rural two-
wheeler sales in India has
WIN SOME,
40.4
CIVIL LIBERTIES an apex-level body consti- financial sector “The FSDC considered dropped from 40.4 per cent in LOSE SOME nHonda 12.7
K T S Tulsi writes P20 > tuted by the government, >Arrestingunauthorised the domestic and global Hero MotoCorp, India’s 2018 to 33.3 per cent in 2023. Share in 2-wheeler nTVS
2018
met here on Wednesday to macro-financial situation largest two-wheeler maker, In contrast, Bajaj’s share sales in rural India 15.5
lendingthrough
discuss formulating a onlineapps and emphasised that the has seen a decline in its mar- increased from 12.7 per cent (in %) 21.8
nBajaj
Ameen Sayani: 1932-2024 strategy to simplify and dig- members need to maintain ket share in rural areas since in 2018 to 13.9 per cent, 2.5 6.4
italise Know Your Customer constant vigilance and con- 2018, losing ground to major HMSI’s from 21.8 per cent to Rural 2W nRoyal Enfield 3.9
THE GOLDEN VOICE (KYC) process in the finan-
cial sector. The meeting
Payments Bank for persist-
ent non-compliance of KYC
tinue their proactive efforts
towards detecting emerging
competitors such as TVS
Motor Company, Bajaj Auto,
22.2 per cent, and TVS’
from 15.5 per cent to 17.8 per
sales (in mn) 33.3
13.9
OF RADIO THAT assumed greater signifi- and other norms. financial stability risks and and Honda Motorcycle & cent. Suzuki Motorcycle
2018
3.54
nSuzuki
Motorcycles
2023
RESONATED ACROSS cance amid the heightened
regulatory scrutiny of the
Chairing the 28th FSDC
meeting, Finance Minister
taking necessary measures
to maintain the resilience of
Scooter India (HMSI), accord-
ing to data from JATO
India has also seen its share
rise from 1.7 per cent to
17.8
22.2
2023 nOthers
GENERATIONS P20 > financial sector, especially Nirmala Sitharaman also the sector,” the statement Dynamics reviewed by 2.5 per cent. 3.15 Source: Jato Dynamics
the clampdown on Paytm asked financial sector reg- said. Turn to Page 6 > Business Standard. Turn to Page 6 >
2 COMPANIES NEW DELHI | THURSDAY, 22 FEBRUARY 2024

STOCKS > Sterlite Technologies

Bags deal from Lumos for
> Medplus Health Services
Board defers expansion
> ABB India
Reported a higher profit
> HFCL
Plan to set up
> Union Bank of India
Board approves
IN THE NEWS transformative 100% of diagnostics division at ~1,242 crore in CY23— optical fibre cable fundraise of up to ~3,000
fibre-optic internet infra beyond Hyderabad up 22 per cent Y-o-Y plant in Poland crore via QIP route
~144.7 CLOSE ~699.9 CLOSE ~4,989.3 CLOSE ~112.3 CLOSE ~145.1 CLOSE
p7.5% UP* q1.7% DOWN* p10.3% UP* p1.4% UP* p2.8% UP*
*OVER PREVIOUS CLOSE

>

GCCs turn talent magnet for better pay, growth prospects
AYUSHMAN BARUAH
Bengaluru, 21 February
At a time when leading Indian information
technology (IT) services firms are offering
minimal salary increments or delaying
appraisal cycles, global capability centres
(GCCs) are becoming an enticing choice for
talent due to their ability to provide attrac-
tive career advancement opportunities and
competitive compensation packages.
According to talent management firm
Randstad, there is a 20-25 per cent lateral
movement of talent from IT firms to GCCs
across sectors due to several factors that
extend beyond salaries.
“GCCs offer a shift from back-office roles
toownershipofproductsandbusinessfunc-
tions, providing significant career advance-
ment for individuals with three to 12 years
of experience,” said Rohit Kishore, global
delivery and talent officer, Randstad Digital.
IT services companies also seem to be
losing some outsourcing work to GCCs.
For instance, US laboratory equipment
makerWatersCorporationisnowinsourcing
the technology (tech) work Infosys has been
doing for it. During the launch of its GCC in
Bengaluru last year, the management said
thatabout300employeescurrentlyworking
at Infosys for Waters will soon be moving to
its new centre on Waters payroll.
US-based online home store Wayfair,
which established its GCC in Bengaluru
last year, has hired over 300 professionals,
including six experienced tech leaders, to
lead and support a broad range of tech ini-
tiatives at the centre.
“Our establishment in India signifies
an acknowledgment of India’s remarkable
capacity for large-scale innovation,” said
Rohit Kaila, head of technology and site
leader, Wayfair India Technology
Development Centre.
“The attraction of GCCs lies in their
promise of long-term career prospects,
offering professionals a deeper learning
curve and comprehensive understanding
through end-to-end project ownership and
exposure to cutting-edge technologies.
There is also a continued emphasis on
acquiring talent with specialised skills, par-
ILLUSTRATION: BINAY SINHA
tech, with a deliberate emphasis on keep-
WEIGHING OPTIONS ing discretionary spending in-house,” said
Average salary Balasubramanian Sankaranarayanan,
president and chief executive officer,
increase 12.3%
estimate for 6-9% Thryve Digital Health.
ER&D skills IT services According to the latest National
2024 in GCCs Association of Software and Service
Source: Nasscom- Companies (Nasscom)-Zinnov report,
Zinnov report
ER&D talent could receive an average salary
SALARIES OF CANDIDATES WITH OVER increment of 12.3 per cent compared with
8.7 per cent in the case of non-ER&D talent.
10 YEARS OF EXPERIENCE (in ~ lakh per annum) “India’s reputation as a hub for engi-
Skill nGCC nIT Services neering talent makes it an attractive desti-
33+ nation for setting up ER&D centres within
ERP-SAP 22-26 GCCs,” said Kishore.
30+ The increased hiring activity is also
ERP-Oracle Apps 22-26 evident from the uptick in leasing activity.
30+ Over the next two years, GCCs are expected
Java Full Stack, etc to lease about 45-50 million square feet
24+
25+ Source: (msf) of office space, accounting for
Python developer approximately 40 per cent of the total
24+ TeamLease
Digital
office demand across the top six cities,
according to Colliers’ report. The second
ticularly in engineering research & devel- GCC, the company aims to attract a diverse “In the coming year, we see the need to half of 2023 particularly witnessed the
opment (ER&D),” Kaila added. pool of talent, including seasoned experts continue capacity augmentation across highest GCC leasing activity since 2020,
At Thryve Digital Health, a health care and fresh graduates in 2024. both core and non-core operations and reaching 12.4 msf.

Byju’s CEO says committed Tata Cap seeks

nod for related
Manufacturing firms
leads may
job
to restructuring the board party deals
lead pay hikes
increment within10.1%
2024:hike
AON Raveendran informs shareholders that rights issue is fully subscribed
POSITIVE SIGNS Projected increases in % PEERZADA ABRAR
Bengaluru, 21 February
IUNDERSTANDTHATPARTICIPATING
with Tata Steel
May go up to ~12,000 cr in next FY
A
9.5 head of Friday’s extraordinary gen- INTHISRIGHTSISSUEMAYSEEMLIKEA
10.1 9.9 9.9 9.8 9.7 eral meeting (EGM), Byju
Raveendran, chief executive officer
HOBSON’SCHOICE.HOWEVER,THIS IS DEV CHATTERJEE
Mumbai, 21 February
(CEO) of Byju’s, told shareholders that he THE ONLY VIABLE OPTION IN FRONT OF
Manufacturing

is committed to restructuring the board of US TODAY TO PREVENT PERMANENT Tata Capital, the financial services arm of the Tata group, has
Life sciences
institutions

Chemicals
capability

the embattled educational technology asked shareholders to vote on its related party transactions with
Financial

VALUE EROSION
centres

Overall
Global

Source: AON India
AON India, in a survey, 10.1 per cent, followed by
projected a 9.5 per cent life sciences, and
increase in salary in India
for 2024. The number
financial institutions
with a 9.9 per cent
reflects a slight dip from hike each.
the 9.7 per cent salary The survey also
hike in 2023. revealed a decline in
According to the attrition rates, dropping
projections by AON, the from 21.4 per cent in 2022
manufacturing sector to 18.7 per cent in 2023.
(edtech) firm. He also committed to
appointing two non-executive directors to
the board by the mutual consent of the
founder and shareholders.
The development comes at a time
when a consortium of key shareholders
issued a notice to the edtech firm this
month, calling for an EGM to address “per-
sistent issues”, including a proposed
change of management at the firm.
These shareholders will vote to alter
the firm’s existing board, which includes
asking Byju to step down as CEO and relin-
quish his operational role, sources said.
“My duty to my shareholders is still
Tata Steel which are estimated to go up to ~12,000 crore in the
next financial year. These transactions will be equivalent to
BYJU RAVEENDRAN approximately 89.83 per cent of the annual consolidated turn-
Chief Executive Officer, Byju’s over of the company for the financial year 2022-23, the company
has said.
In a notice to its share-
holders, Tata Capital said
Resolutionspassedinupcoming Tata Sons Private holds 92.83
per cent stake in the company
KEY FINANCIALS
and also holds a 32.24 per n9MFY23n9MFY24 Figuresin~cr
EGMtobeinvalid:KarnatakaHC
cent stake in Tata Steel, and
hence all its transactions with 37.5
The Karnataka High Court, in response to a petition filed by Think & Learn Tata Steel will fall under % chg
Private Limited, has passed an order stating that any resolutions proposed to be related party transactions.
passed in the extraordinary general meeting (EGM) on February 23, called by select Giving details, Tata

6,297
could lead the hike with VIDUSHI SINHA steadfast,” said Byju in a letter addressed investors, as invalid until the final hearing and disposition of this petition. Byju’s Capital said under its corpo-
to shareholders, a copy of which Business said this development marks a significant victory for the edtech firm, with the court rate programme it provides
39.9 25.2

4,580
Standard has seen. “In order to increase recognizing the urgent need to protect the company's interests and uphold the the facility of factoring of
shareholder representation, I commit to principles established by law. PEERZADA ABRAR receivables from the distrib- % chg % chg
restructuring the board and appointing utors, dealers and customers

2,600
IN BRIEF

2,367
two non-executive directors to the board $200 million by way of a rights issue. participation of all shareholders in the of Tata Steel along with other

1,859

1,891
by the mutual consent of the founder and Byju told shareholders that the rights rights issue,” said Byju. “We have built this financing facilities such as
Jubilant expects Popeyes to shareholders.”
Byju’s recently made a move to raise
issue is fully subscribed.
“But my benchmark of success is the
company together, and I want us all to par-
ticipate in this renewed mission.”
leasing to Tata Steel.
According to the factoring NIMand Operating PAT
reach ~1,000 cr in 3-4 years arrangement, Tata Steel dis-
counts with Tata Capital the
other expenditure
revenue
JubilantFoodWorkstakesPopeyestotheNorthafterexpandingin sales receivables from its cus- Note: NIM refers to net interest margin; PAT
thesouthernpartofthecountry.Itisopeningfourstoreswithina
weekinDelhi-NCRandexpectsPopeyestobecomethefastest
quick-servicerestaurantbrandtoreach~1,000croreinthecountry
JSW Steel turns to banks for $750 mn loan tomers arising out of goods refers to profit after tax; Source: Company
sold to them on credit. For
these facilities, Tata Steel
inthenextthreetofouryears.“Asweplantoreach~1,000croreover BLOOMBERG will be finalized later as the deal on a $7.8 billion complex in In January, JSW’s board pays discounting charges to Tata Capital.
thenextthreefouryears,youwillonlyseethepaceofexpansionof 21 February proceeds, the people said. The eastern India, and the company approved raising ~2,000 crore The company said under the factoring facilities, its exposure
Popeyesstoresonlyincreasing,”GauravPande,executivevice- firm’s need for is also said to be ($241 million) in funds through is to the customers of Tata Steel without any recourse to Tata
presidentandbusinessheadatPopeyes,toldBusinessStandard.So Sajjan Jindal plans to borrow cash has been in the fray for a bonds. While its December- Steel and these are evaluated on an independent basis for each
far,JubilantFoodworkshasexpandedlargelyinthesouthandhas $750 million for capital expen- growing as it The firm’s need for 20 per cent stake quarter profit quintupled from customer. But these factoring transactions will still be regarded
32storesthere,howeverPandebelievesthatthereisstillroomto diture purposes as JSW Steel aims to almost cash is growing as in Whitehaven a year earlier, analysts have as related party transactions with Tata Steel.
openmorestoresinthesouthandthecompanyhasonlyscratched targets a major capacity expan- double its steel it aims to double Coal’s become wary of rising debt at At the same time, Tata Capital currently extends lease facil-
thesurface.Hesaidthatitsstoreexpansioningeographiesrequires sion, according to people famil- output to 50 mil- its steel output to Blackwater the company. Net debt grew ities to Tata Steel where the underlying assets are passenger
creatingcapacityandsupplychaincapabilities.Asfarasdemandis iar with the matter. lion tons by the 50 mt by the end coal mine. nearly 14 per cent to cars, capital goods, commercial vehicles, or other assets as per
concerned,Pandebelievesthatitiscyclicalanddemandwillrevive JSW Steel is sounding out end of the dec- of the decade JSW Steel ~79,221 crore at the end of Tata Steel’s requirements. For these lease facilities, the steel
fortheQSRindustry."Ithinkitwilltakealittlebitoftimebeforethis lenders and a mandate is likely ade to meet ris- didn’t respond December from a year earlier, firm pays lease rentals to Tata Capital.
correctsoutandIstillthinkit'saphase.Realityisthatthesecyclical in the coming days, the people ing demand to a query by though net debt to Ebitda fell To grow its business, Tata Capital said it plans to continue
thingswillkeeponhappening.Inthelongterm,thisindustryhasa said, asking not to be identified. from construction, energy and Bloomberg News seeking com- to 2.64 times from 3.51, accord- these transactions with Tata Steel which will help it to generate
reallylongwaytogo,”Pandesaid. SHARLEEN D'SOUZA The loan’s tenor and pricing autos. Last week, it started work ment on the fundraising plan. ing to a filing. revenue and enhance operations.

DRI initiates inquiry

against Maruti Suzuki
MarutiSuzukiIndiasaidtheDirectorateofRevenueIntelligencehas
India looks at Saudi Arabia as new pharma frontier
initiatedaninquiryagainstitoverincorrectHSN(HarmonizedSystem SOHINI DAS
ofNomenclature)codeofanimportedcomponent.Inaregulatory Mumbai, 21 February
filing,MarutiSuzukiIndiasaidithasreceivedacommunication
regardingtheinquiryfromtheDirectorateofRevenueIntelligence, Indian drug firms are exploring
HyderabadZonalUnit,onFebruary20. PTI opportunities in the Kingdom of
Saudi Arabia (KSA), an $8.9 billion
pharmaceutical (pharma) market,
NCLAT won’t interfere with
as the latter is keen to procure more
pharma products from India.
Jaypee Infra resolution plan “About three months ago, a
delegation from KSA visited India
The National Company Law Appellate Tribunal (NCLAT) dismissed and held stakeholder meetings. The
pleas against the order which allowed bankrupt Jaypee Infratech KSA market has stringent
to adjust its receivables from the holding firm. The appeals filed by regulatory authorities, and drug
Jaiprakash Associates Limited, the holding company of the Jaypee approvals take time. KSA is now
group, and its Chairman and CEO Manoj Gaur had challenged the interested in sourcing drugs made
National Company Law Tribunal order relating to the distribution of in US Food and Drug
~750 crore in the Jaypee Infrastructure matter. BHAVINI MISHRA Administration (USFDA)-approved
or other stringent regulatory body-
approved plants in India,” said
Ambuja Cements to invest Sudarshan Jain, secretary-general
of the Indian Pharmaceutical
~1,000 crore in Jharkhand Alliance (IPA), a pharma industry
body.
Ambuja Cements, now a part of Adani Group, said it has planned to IPA members account for 60 per
invest ~1,000 crore to set up a cement grinding unit in Godda cent of the domestic market and
district of Jharkhand. The new 4 million tonne per annum cement about 80 per cent of India’s exports
grinding unit would be set up after requisite approvals, Ambuja of pharma products.
Cements Ltd said in a statement. PTI Jain added that Indian players
PULSE POINT
are exploring opportunities to
either set up manufacturing units in
KSA, or they can opt for local
stockists in that market. He further
said that India can be the supplier of
quality-assured drugs to meet the
medicine requirements in KSA.
The KSA pharma market size
was around $8.9 billion in 2022. The
vaccine and biologics market size in
n Kingdom of Saudi Arabia
(KSA) pharma market is around
$8.9 billion
n At present, only 3-4% of
India's pharma exports
go to KSA
n Pricing has been an issue
so far
n Glenmark Pharmaceuticals
is also keen on the KSA market
n SFDA approved sites serve as
benchmark for other countries
in Gulf Region
Saudi Arabia is around $2.3 billion
with an approximately 17 per cent
cumulative growth rate.
KSA can serve as a gateway to the
Organisation of Islamic
Cooperation, which has a market
size of $130 billion.
Speaking to Business Standard,
Saransh Chaudhary, president,
global critical care, Venus
Remedies, and chief executive
officer, Venus Medicine Research
Centre said that their seven
manufacturing facilities are
approved by the Saudi Food and
Drug Authority (SFDA).
Chaudhary said that the SFDA is
a stringent regulatory authority and
thus is considered a benchmark in
the Gulf Cooperation Council (GCC)
region.
Venus Remedies, which has
been present in the KSA market for
13-14 years now, has a pipeline of 10-
15 drugs which they plan to launch
in KSA in the near term.
At present, KSA accounts for 12-
15 per cent of Venus Remedies
exports, and Chaudhary expects
this to scale up further with the
interest that KSA is now taking in
sourcing Indian drugs.
Chaudhary said, “The health
care spend in KSA as a percentage of
gross domestic product is high, and
therefore, it is a significant
opportunity for Indian generic
pharma products. Moreover, there
is a central procurement agency for
GCC where an SFDA-approved
plant is considered a benchmark of
sorts. Therefore, this opens up
doors to other countries in the
region too.”
At present, only 3-4 per cent of
India’s $25-26 billion pharma
exports go to KSA.
Among other major Indian
companies, Glenmark
Pharmaceuticals too is keen on the
KSA market.
“Glenmark has a significant
presence in the Saudi Arabia
market. We recently launched our
first branded specialty product,
Ryaltris, which will enable us to
strengthen our position in the
region. With this recent
development, we look forward to
broadening our footprint within the
GCC region,” V S Mani, executive
director and global chief finance
officer, Glenmark Pharmaceuticals
told BusinessStandard.
Industry insiders felt that there
is an opportunity for Indian pharma
companies to set up full-scale local
production of complex generics.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
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.
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 COMPANIES 3 <

‘Indian market is a story of premiumisation’

Pernod Ricard India, which houses brands such as Chivas, Absolut and the rest. We have certain We expect the premium part of consumption remains a
Jameson, among others, expects to see premiumisation growth at all strategic markets — one is India the portfolio and the higher dynamic trend. However, out-
price points. In a video interview, JEAN TOUBOUL, managing director and two others are the US and price points to grow faster than of-home consumption still
(MD), Pernod Ricard India, speaks to Sharleen D’Souza about India China. We believe this (India) is a the lower end. This is something remains a growth driver and
being one of the important markets globally. Edited excerpts: market that will continue to that we have been witnessing even more for the most
grow in terms of importance for and actually also driving premium part of the portfolio.
How do you see single malt elevate it. That's our Pernod Ricard. Low because this is part of the
whisky growing in India? commitment as a double-digit is our strategy of Pernod Ricard How do you see the
When you look at the Indian leader in whiskies in long term algorithm. worldwide and India. It is to Indian market growing
market, it is a story of India and as the This financial year, we really bring premiumisation to for the industry?
premiumisation at all levels and global leader in are in from July-June, our consumers, making sure We believe that we can deliver
all price points. So, this whiskies. We believe JEAN TOUBOUL and growth will be that they trade up and low-double digit growth. You
(Longitude 77) Indian single our role is to elevate more of a high-single elevate their consumption can expect the market to
malt sits at price parity with the category in India
MD, Pernod digit. India has not to better products. grow a bit slower than
Ricard India
some of the other imported and showcase Indian been immune to that. that. We believe that we
products. This is a category, single malt to the But that's just a small Howisout-of-home can gain share over the
which will continue to grow. I entire world. It is already the blip in the long-term algorithm. consumptionpanning long term. So, the
must admit that our competitors second-largest market outatthispoint? industry overall
have done a good job in starting worldwide by net sales. And yes, How do you see premium In-home consumption has should grow a bit
it. We want to be the first to it's fair to say that on long-term whisky brands growing picked up post the pandemic less than what we
premiumise it further and trends, it is growing faster than in India? and is more acceptable. In-home will deliver.

‘Homestaysanew
Policy certainty will help the Nod to 2-3 fab
plantssoon, promisingcategory’
chip industry flourish: Micron
says Vaishnaw MakeMyTrip reported its best-ever quarterly growth in December.
RAJESH MAGOW, the co-founder and group CEO, talks to
ASHUTOSH MISHRA Akshara Srivastava in New Delhi about the travel boom in the
New Delhi, 21 February country and the company’s new avenues to drive growth. Excerpts:

SHIVANI SHINDE certainty of policy is important. That Union Minister Ashwini Vaishnaw You reported your third
Mumbai, 21 February “INDIAHASTREMENDOUS is what has happened in countries on Wednesday said that India quarterly results with the
OPPORTUNITYAHEADOFITTO like Taiwan, South Korea and Japan,” might see 2-3 semiconductor fab highest-ever numbers.

U BEABLETOCREATEALLTHE
S chip giant Micron, which is
investing up to $825 million
in setting up a semiconduc-
tor chip assembly and testing plant
in India, said that certainty of policy
is crucial for this industry to flourish.
Manish Bhatia, executive vice-
president (EVP), global operations,
Micron, said policy stability is a huge
driving factor for attracting com-
panies to India and in creating an
export market ecosystem.
“Certainty of policy is one of the
advantages that India has over
many other developing countries
that are vying for some of these big
manufacturing investments. This
helps in creating an export-capable
market not just for manufacturers,
but others in the value chain also.
he added. plant proposals get approval soon, What do you attribute this
He added that the semiconductor “We started our semiconductor growth to?
FACTORSTHATCANMAKETHE industry touched $500 billion in the mission (in 2021), and we already Ithinkit'sarecoverythathas
SEMICONDUCTORINDUSTRY last 60 years and the next $500 billion have a Micron plant. Very soon, we beenhappeningpost-
can be achieved in the next five years. will see at least 2-3 more approvals pandemic.Asthesector
SUCCESSFULOVERTHENEXT “India has a tremendous opportu- in the space,” said Vaishnaw, at recoversgradually,demand
FIVETO20YEARS” nity ahead of it to be able to create all an event. too,hasbeenincreasing.It
the factors that can make the semicon- Speaking at the launch of the wouldbefairtosaythatit's
MANISH BHATIA
Executive Vice-President, ductor industry successful over the Indus Appstore by PhonePe, becomingmorepermanentin
next five to 20 years,” added Bhatia. Vaishnaw said that the country was natureratherthantemporary
Global Operations, Micron
He also said that other than cer- now moving from the design pent-updemand.Alongwith The industry is growing
These include suppliers, customers, tainty of policy, it’s going to take ecosystem to the fab and that,supplyconstraintsinthe at double digits, and
suppliers of specialty materials, spe- next five years but over 25 years. This alignment between all the stake- assembly, testing, marking, and industryhavealsobeen
cialty chemical services, engineer- is because semiconductor is a cap- holders like government and educa- packaging ecosystem in the semi- graduallyimproving.
supply on all fronts is
ing, support, and design services, ital-intensive industry that only tional institutions to come together conductor space. improving. Incomes are
among others,” said Bhatia. He was
speaking at the Nasscom
shows returns over 15-20 years.
“Our suppliers are also very simi-
in a focused manner.
When it comes to challenges of
“We would like to stride all the
components throughout the semi-
What are the factors driving
the sector’s recovery?
rising, and there is a shift
Technology Leadership Forum. lar and capital intensive. And, setting up such a large semiconduc- conductor value chain. We have our Theindustryiscurrently in people’s behaviour
He added this predictability of returns on these investments are vis- tor ecosystem, Bhatia said that infras- strength in design, and now as a growingatdouble-digits,and to spend more
policy is necessary for not just the ible only after 15-20 years. Hence, tructure has to be developed as well. natural corollary we have to build Ithinkthatisaveryhealthy
our strength in fab and ATMP growthrate.Supplyonall
space,” he said. frontsisimproving.Incomes

DPIs TO BOOST INDIA’S GDP CapgeminiseesbulkofitsAI arerising,andthereisashift

inpeople’sbehaviourtospend
more.Thesearethedriversof
RAJESH MAGOW
Co-founder and Group CEO,
MakeMyTrip
GROWTH 3x BY 2030: STUDY investment coming to India PhonePe takes growth.Eventhe
government’sspending

India’sdigitalpublicinfrastructure(DPIs)hasthepotential on Google, Apple oncapitalexpenditureis

increasing,whichiscritical
haveover100,000rooms,
includingvillasandhostels,
todrivethegrossdomesticproduct(GDP)growthbythree
timestill2030,accordingtoastudybyNasscom.
SHIVANI SHINDE
Mumbai, 21 February
“WEALSOANNOUNCED with app store forthegrowthofthe
sector.Thekindofroad
nowonourplatform.The
increasinggroundtransport
Thereporttitled“India’sDigitalPublicInfrastructure- THEDEVELOPMENTOF infrastructurethathasbeen alsoprovidesheadroomfor
AcceleratingIndia’sDigitalInclusion”saysthatthe A bulk of the Paris-headquar-
tered IT major Capgemini’s
OURGenAIPLATFORM, ARYAMAN GUPTA created,andcapacityaddition
toexistingairportshelp
growth,whichweplanto
coverwith‘Savari’(aninter-
economicvalueaddedbyDPIscouldpotentiallyincrease New Delhi, 21 February
toaround4.2percentofGDPby2030,upfrom0.9per proposed Euro 2 billion ANDITISBEINGBUILT improvethetraveller citycabservicethatMMT
centin2022. investment over three years ANDDEVELOPEDBYTHE Fintech major PhonePe on experience,whichfuels recentlyinvestedin).Wehave
in artificial intelligence (AI) Wednesday announced the launch thesector. alsoacceleratedour
DigitalPublicInfrastructure(DPIs)isasetof
is coming to India, a top offi-
TEAMININDIA” of its homegrown Indus Appstore corporatebusinesswith
commonplatformsornetworksthatisusedtodeliver
cial of the company said here ASHWIN YARDI specifically for the Indian market, When it comes to your myBizforsmalland
citizen-centricservices. ASHUTOSH MISHRA
on Wednesday. The three CEO, Capgemini India in a bid to compete with global sources of revenue, mediumenterprises,
areas where the European incumbents like Google Play Store what is the share andQuest2Travelfor
PUSHING AHEAD tech major is investing are
talent acquisitions, talent res- portionately done out of platform, and it is being built
and Apple’s App Store.
The Indus Appstore is PhonePe’s
between hotel
bookings and
largeenterprises.In
thetravelsegment,
Value addition by DPIs (in$bn)
killing and for partnerships India. Even for our KPIs…it’s and developed by the team attempt at creating a more compet- air travel? 30percentofbusiness
31.8 and creating a centre of driven from India,” he told in India,” added Yardi. itive and localised mobile app store In2010-11,ourIPOyear,air happensthrough
excellence (CoE). Business Standard on the More than 50 per cent of economy for India, which is already bookingswere90percentof corporations,whichgives
15.2 16.2 “We have announced we sideline of Nasscom Capgemini’s AI talent the world’s largest market for ourbusiness,while5percent usatremendousamount
will be training 100,000 Technology Leadership is in India. mobile apps. waspackagesandhotels. ofheadroom.
people by the first half of Forum. The setting up of CoEs is “Indus Appstore challenges the Today,45percentofour
Overall Aadhar UPI 2024. A larger part of the The other big focus of the a global strategy and the firm status quo, ushering in an era of revenuecomesfromhotel Finance Minister Nirmala
valueaddition investment will be on people. investment for the firm is has identified 10 priority more healthy competition in the bookings,whileairtravel Sitharaman highlighted
byDPIs Source:
Today we have 30,000 people partnership and setting up industries and each of these mobile app marketplace, which in makesupabout38-39per tourism in her Interim
Nasscom
who are in our AI and ana- CoEs. India has always been CoEs is in India. turn should help create a more dem- cent.About12-13percent Budget speech. What
lytics teams. We believe this the centre point for the firm “Some of these CoEs are ocratic and vibrant Indian digital comesfromgroundtransport potential does spiritual
OTHER KEY INSIGHTS: practice will double in three
years,” said Ashwin Yardi,
when it comes to CoEs. At
present the firm has over 100
global but then there are
many other CoEs, which are
ecosystem,” said Sameer Nigam,
chief executive officer and founder,
—largelyredBus. tourism hold?
Ithinkitdefinitelyholds
1.3 bn 3.2 mn tonnes carbon CEO, Capgemini India. CoEs in India. both horizontal and vertical. PhonePe. What new avenues potential.Religioustourism
citizens being emissions reduced in the logistics When asked how much of “The CoE framework is to These are technology, client- The store, which promises a level are you exploring for hasalsoevolvedfrompeople
impacted by and transportation sector in 2022 this will be invested in India, ideate, incubate and scale. specific CoEs, domain playing field for Indian app devel- revenue generation? justtravelingfordarshanto
India’s matured due to DPI adoption Yardi added that over 50 per Some scale up and become CoEs…at present we have opers, will allow them to choose any Homestaysisanewcategory, peoplenowlookingtotravel
DPIs (UPI, 2 working days in 2022 saved cent of Capgemini’s capabil- full-scale CoEs. We do have over 100 CoEs in India. Some third-party payment gateway for in- whichisshowingalotof forexperience,whichthese
Aadhaar, GSTN (estimated) due to digital services, ities are in India. GenAI CoE out of India as of these are different in size app billing, and they will not be promiseandIseeitgrowingat destinationsprovide.
“Anything we do at a well. We also announced the depending on their impact charged any commission if they use acompoundannualgrowth Infrastructureimprovement
and Fastag) of each citizen
group level usually is dispro- development of our GenAI on the revenue,” added Yardi. an external payment gateway. rateof30-40percentforthe insomeoftheseplacesis
nextthreetofouryears.We alsodrivinggrowth.

APPOINTMENTS
79% revised FAME II target achieved
SURAJEET DAS GUPTA FAME scheme.
NewDelhi,21February CATCHING UP The presentation also
n Target*ofvehiclestobe Total**
pointed out that FAME II has
The Ministry of Heavy achieved its objectives — EV
Industries has achieved 79 per
supportedunderFAMEII 1,736,222 penetration in electric two-
cent of its revised target for the n Achieved 1,363,036 wheelers has gone up from 1.8
number of electric vehicles l%share 79 per cent in 2021-22 to 4.5 per
(EVs) — in two-, three-, and cent in 2022-23 (FY23) but is
four-wheelers — that it had to 78 projected to hit 4.9 per cent
support under Faster Adoption 88 in FY24.
1,550,225

and Manufacturing of (Hybrid 56 In the case of electric four-

12,09,038

136,866
155,536

&) Electric Vehicles in India II wheelers, it has increased from

30,461

(FAME II) as of February 18 0.9 per cent in FY23 to a pro-

17,132

(including vehicles under pro- jected 1.7 per cent in FY24.

cessing for subsidy).
The revised number of
vehicles across the three seg-
ments was pegged at 1.73 mil-
lion in the five years of the
scheme (previously 1.5 million)
which ends on March 31.
Based on segments, the tar-
get achieved in electric two-
wheelers is 78 per cent, for elec-
tric three-wheelers 88 per cent,
and for electric four-wheelers
much lower at 56 per cent. The
details were divulged by the
ministry in a FAME II conclave
held on February 20 with EV
original equipment manufac-
turers (OEMs) from these three
segments.
However, the government
has to process 514,064 EVs,
accounting for 37 per cent of
e2W
*Revised target **includes claims under process
the total number of vehicles
under the scheme whose appli-
cation for subsidy under FAME
II is still pending until February
18. Since 2019-20, as many as
1.36 million EVs have applied
for subsidy under the scheme.
The revised outlay for sub-
sidy for the three segments for
five years was at ~7,048 crore —
which includes ~5,311 crore for
electric two-wheelers, ~987
crore for electric three-
wheelers, and ~750 crore for
electric four-wheelers.
Of this, the government has
spent and distributed ~4,047
crore until February 18, or 57
e3W e4W
Source: Ministry of
Heavy Industries
per cent of the total money ear-
marked. In 2023-24 (FY24), the
disbursements until February
18 have been ~2,167 crore.
The scheme’s total funding
was enhanced from ~10,000
crore to ~11,500 crore, which
includes electric buses, charg-
ing stations, and grants for cre-
ating capital assets.
The ministry said that the
subsidies for demand incentive
would be eligible for two-,
three-, and four-wheelers until
March 31, 2024, or until the
funds are available. It also told
stakeholders that no money
has been earmarked for a new
The ministry also high-
lighted some of the reasons for
the delay in processing sub-
sidies or even rejecting them —
these include buyer name mis-
match, duplicate mobile
number, issues in the certifi-
cate, registration mismatch,
duplicate battery number, and
incorrect data filled by OEMs,
amongst others.
The presentation also puts
in perspective the growth of
electric two-wheelers. It
peaked in May 2023 when it hit
105,411 vehicles — just before
the government decided to cut
subsidies. It fell dramatically in
June and is now at 81,741 in
January 2024 after many com-
panies announced heavy dis-
counting on their models.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1

FM: World Bank

must take forward
India-Oman trade pact Morgan Stanley
sees FY25 GDP
G20 MDB agenda may be finalised soon growth slowing
ICRA notes easing investment in Q3
Legal vetting of text of
proposed deal underway
FTAs, investment UK minister to RUCHIKA CHITRAVANSHI

SHREYA NANDI
pacts should be discuss progress New Delhi, 21 February

New Delhi, 21 February equitable: Goyal of India trade deal Morgan Stanley Research said on Wednesday that it
Commerce and Industry Britain's minister for South Asia in the expects India’s GDP growth for FY25 to moderate to

Finance Minister Nirmala Sitharaman met Anshula Kant,
managing director (MD) and chief financial officer of the World
Bank; and Anna Bjerde, the Bank’s MD, Operations
RUCHIKA CHITRAVANSHI
New Delhi, 21 February
Finance Minister Nirmala
Sitharaman on Wednesday
met officials of the World
Bank to discuss their engage-
ment with India, World Bank
Evolution Roadmap and
implementation of G20
Independent Experts Group
recommendations on
strengthening multilateral
institutions.
Sitharaman suggested the
World Bank explore the pos-
sibility of implementing
Infrastructure Investment
Trusts in sectors like road-
ways. She also sought their
engagement with the
National Bank for Financing
Infrastructure and
Development and
National Investment and
the
PHOTO: X
The finance minister said
that the World Bank should
lead in taking forward the
evolution exercise and rec-
ommendations of the G20
expert group approved under
the Indian Presidency on
Strengthening Multilateral
Development Banks (MDBs),
as other MDBs look up to the
World Bank for such reform
initiatives.
A post on X by the finance
ministry said, “FM Smt. @nsi-
tharaman stated that
@WorldBank should explore
a comprehensive, collabo-
rative and holistic approach
in water management with
special emphasis on the
restoration and rehabilitation
of lakes and hydroelectric
power.” FM met Anshula
I
ndia and Oman are close to finalising a Minister Piyush Goyal Foreign, Commonwealth and 6.5 per cent from 6.9 per cent projected for FY24.
trade agreement and officials from both on Wednesday said Development Office, Lord Tariq Ahmad, ICRA, meanwhile, has projected the year-on-year
sides have already started the process of free trade arrived in India on Wednesday to (Y-o-Y) GDP growth to moderate sequentially to 6 per
legal vetting of text of the proposed free-trade agreements (FTAs) participate in the Raisina Dialogue in New cent in Q3 FY24 from 7.6 per cent, led by agriculture
agreement (FTA), two people aware of the and investment Delhi and also discuss the progress made and industry sectors. Aditi Nayar, chief economist,
matter said. pacts should be "fair, in the ongoing negotiations for an India- head-research & outreach, ICRA Ltd, said, “Lower vol-
“The trade deal is almost final. Legal equitable and UK free trade agreement (FTA). ume growth for the industrial sector, flagging momen-
scrubbing of the FTA text is already on,” one balanced" . “I can assure Ahmad, FCDO Minister of State for the tum in certain indicators of investment activity, a slow-
of the persons cited above told Business you that India negotiates with fairness, Middle East, South Asia, UN, leads the down in government
Standard. India is keen to finalise the trade with an open mind, but India also takes British delegation to the flagship foreign expenditure and an
pact before the model code of conduct (MCC) care of the wider and larger interest in the policy conference to reaffirm the UK's uneven monsoon are
kicks in ahead of the general elections, mak- long run…One will have to respect commitment to upholding a “free and expected to dampen the
ing the timing of a proposed deal crucial. different opportunities offered by India open” Indo-Pacific region. GDP growth to 6 per cent
MCC can be announced any time now. vis-à-vis the offer on the table by other His visit to India comes as Commerce in Q3 FY24 from 7.6 per
A trade deal with the West Asian nation countries,” Goyal said. He was speaking at Secretary Sunil Barthwal leads a team from cent in Q2 FY24.”
is a part of India’s efforts to improve relations the second edition of Confederation of India to London to carry forward the MS Research’s report
with Gulf nations, with Oman being India’s
strategic partner, having trade links of about
Indian Industry (CII) India Europe Business
& Sustainability Conclave. SHREYA NANDI
fourteenth round of talks with UK
officials this week. PTI
said it maintained a
constructive outlook on
AT A GLANCE
5,000 years. That apart, Oman is also a part the Indian economy,
GDP growth forecast (%)
of the six-member Gulf Cooperation Council while highlighting that nFY24 nFY25
(GCC). These nations include Bahrain, Over the last three years, India has signed Formal commencement of the negotia- risks emanate from IMF 6.7
Kuwait, Oman, Qatar, Saudi Arabia and the FTAs with Mauritius, UAE and Australia. tions started in November. Negotiations on global factors and elec- 6.5
United Arab Emirates (UAE). While India A pact with United Kingdom (UK) and the text of most chapters were concluded by tions in May 2024. World Bank 6.3
and the UAE signed a comprehensive FTA European Free Trade Association (EFTA) India and Oman by January. Government “Domestic demand 6.4
two years ago, the official launch of negotia- nations is being eyed by the government officials said the India-UAE agreement is improved in January, S&P 7.0
tions with GCC is awaited. before the general elections. expected to be replicated in the case of while macro stability 6.4
After walking out of China-backed bloc Oman. This made it easier for the two sides remains comfortable, ADB 6.7
6.7
Regional Comprehensive and Economic Progress of talks to negotiate. Bilateral trade has seen robust reflecting strength in the
RBI 7.0
Partnership (RCEP) in 2019, India has now At least four rounds of talks have taken place growth, increasing from $3.15 billion in FY22 fundamentals. We main- 7.0
revamped its foreign trade strategy. so far between India and Oman. to $4.48 billion during FY23, up 42 per cent. tain our constructive ICRA 6.5
outlook on the econ- 6.2
omy,” Morgan Stanley Kotak 7.0
Research said in its 6.3

Infrastructure Fund in taking

forward infrastructure proj-
Kant, managing director and
World Bank Group chief
financial officer, along with
Anna Bjerde, managing direc-
Credit-deposit ratio inched up in Q3 report titled
Economics – Macro
India Barclays

Indicators Chartbook: Morgan

ects in India. tor, Operations, World Bank. AATHIRA VARIER
Mumbai, 21 February
Credit-to-deposit (CD) ratio of
IN BRIEF major public sector and private
sector banks during the
Axis Bank’s profitability under October-December quarter of
FY24 inched up as compared to
pressure over NIM: Moody’s the previous quarter though
government-owned lenders
Axis Banks’ profitability may moderate due to contraction in net reported a lower rate than their
interest margins (NIM) on back of strong lending competition, a private peers.
moderation in growth of high-yielding unsecured retail loans CD ratio is the ratio of the
after regulatory intervention, and repricing of maturing deposits funds that banks lend as com-
at higher interest rates, said Moody’s on Wednesday. ABHIJIT LELE pared to the funds raised in the
form of deposits.
The CD ratio of top public
BoB raises ~2,500 crore via sector banks (PSBs) — State
Bank of India, Punjab National
Tier-II bonds at 7.57%
Bank of Baroda on Wednesday raised ~2,500 crore through its
second tranche of Basel III compliant Tier-II bond at a coupon rate
of 7.57 per cent, surpassing market expectations of 7.63 per cent to Irdai plans collaterals for cross-border reinsurers
7.65 per cent. The bonds are issued for a tenor of 10 years, with the
first call option after 5 years. ANJALI KUMARI AATHIRA VARIER
Mumbai, 21 February
I-T has withdrawn ~65 cr from The Insurance Regulatory and
Development Authority (Irdai) is plan-
banks undemocratically: Cong ning to introduce collaterals for
Strength in Growth, Stanley
6.7
6.5
6.9
6.5
Source: Agencies
CD RATIO OF BANKS deposit mobilisation.
The regulator has not
Stability in Macro-
Fundamentals.
PUBLIC SECTOR (%) PRIVATE SECTOR (%) explicitly prescribed a particu- Expecting the GDP growth to remain healthy,
lar ratio for banks. CD ratio of Morgan Stanley Research has projected growth for the
Banks Q2 FY24 Q3 FY24 Banks Q2 FY24 Q3 FY24
SBI 72.75 75.26 HDFC Bank 107.29 110.48
PSBs is lower due to their ability third quarter of FY24 ending December 2023 at 6.5 per
to garner more deposits and a cent, even as it slows from 7.7 per cent in the first half
PNB 71.89 73.08 ICICI Bank 85.77 86.59 relatively slower growth in lend-
ing, experts said.
of the current financial year.
The research arm of the investment bank also said
Bank of Baroda 81.98 84.26 IndusInd Bank 87.74 88.68
Canara Bank 74.98 75.26 Axis Bank 93.91 92.77
The loan growth of the
public sector banks in the
that, supported by strength in services exports and
softening global commodity prices, especially oil, the
Source: Capitaline quarter ended December 31, current account deficit is likely to remain benign.
2023 was slower than private The ICRA report noted a slowing down of invest-
Bank, Bank of Baroda and banks, only Axis Bank reported sector banks. According to esti- ment activity in the third quarter of the current finan-
Canara Bank — was lower than a sequential decline in ratio. mates by Emkay Global cial year. It said that the government’s gross capital
their private counterparts. The Reserve Bank of India Research, the loan growth of expenditure dipped slightly in October-December 2023
These include HDFC Bank, (RBI) was not comfortable private sector banks in Q3 FY24 to 24.4 per cent from 26.4 per cent in the previous
ICICI Bank, IndusInd Bank and with high CD ratio as that would was 18.2 per cent year-on-year quarter. The capital outlay and net lending of 25 state
Axis Bank.
Among the top four private
mean banks’ loan growth
was not commensurate with
(Y-o-Y) compared to 16.1 per
cent growth in Q2 FY24.
governments shrank by 3.9 per cent Y-o-Y, after having
surged by 42.4 per cent in Q2 FY24.
Provisions
ital management tools that play a cru- protect the interest of the Indian business competing with state-owned related to
cial role in risk management for insur- reinsurer. “In addition, the cross bor- GIC Re and Foreign Reinsurance
ance companies and against this back- der reinsurers (CBRs) have also been Branches (FRBs). NPS trustee
drop, the practice of maintaining
collaterals will not only aid in
getting a significant amount of pre-
miums from India and their
The cedant placing re-insurance
business with CBRs shall be respon- appointment
protecting the interest of the share in the Indian reinsur- sible for collecting the collateral.

The Congress on Wednesday alleged that the Income-Tax (I-T)

reinsurance transactions with cross
border reinsurers (CBR).
department has "withdrawn" a sum of ~65 crore from its accounts The proposed guidelines given in
in different banks "undemocratically" even when the case an exposure draft will be applicable for
pertaining to their return for previous years is sub all the reinsurance placements with
judice. Party treasurer Ajay Maken has claimed that CBRs by cedants or insurers from
"democracy will be over in the country if the action of probe India, for reinsurance programmes
agencies goes unchecked" and said the Congress has full faith in from FY25-26 onwards.
the judiciary. PTI Reinsurers are considered key cap-
policyholders and insurers
but also in fostering confi-
dence in the market, attract-
ing reinsurers for promoting
a healthy and robust insurance
ecosystem. The regulator has also
observed an increase in premiums col-
lected by CBRs from the Indian
reinsurance market and the need to
ance market is increasing. It
is now felt necessary to ring-
fence the interests of Indian
cedants to maintain their abil-
ity to meet obligations towards
policyholders in India,” said Irdai.
According to the Irdai annual report
for FY23, 283 companies were partici-
pating in the Indian CBR reinsurance
The collateral offered will be
either in the form of an irrevocable
simplified
Letter of Credit (LC) from the CBR or
premium or funds withheld by the ced- SHIVA RAJORA
ing insurer. The LC shall be issued New Delhi, 21 February
through any IFSC Banking Unit (IBU)
in GIFT IFSC or a scheduled commer- In a bid to further enhance
cial bank regulated by the Reserve the ease of doing business
Bank of India. and reduce compliance, the
Pension Fund Regulatory
and Development Authority
(PFRDA) notified amend-

THE CHANGING FACE OF

Chairmen and members of finance commissions (FCs) have generally been politicians, economists and bureaucrats since ments made in the National
1987. Politicians have not figured in the tax-devolution body since the 13th Commission. Chairmen have mostly been Pension System (NPS)
economists since the 11th Commission. This time around (16th FC), economists figured as chairman and a part-time Trust Regulations and the

FINANCE COMMISSIONS
member. However, the government is in the process of appointing a member in place of Niranjan Rajadhyaksha, the Pension Fund Regulations
executive director at Artha Global, who resigned from the Commission earlier this month. INDIVJAL DHASMANA on Wednesday.
The latest amendments
in the NPS Trust

9TH FC (1987)
MEMBER  Profession 13TH FC (2007) MEMBER  Profession
Regulations simplify the
provisions related to the
JUSTICE ABDUS SATTAR QURESHI Judge  Period of INDIRA RAJARAMAN  Economist
appointment of trustees,
Period of RAJA J CHELLIAH  Public finance economist recommendations: their terms and conditions,
recommendations: ATUL SHARMA  Economist
LAL THANHAWLA  Politician  (Resigned in Jan 1989) FY11-FY15 the holding of meetings of
FY90; FY91-95 SUMIT BOSE  Bureaucrat  (Secretary) the board of trustees, and
MAHESH PRASAD  Bureaucrat  (Member secretary)* VIJAY KELKAR B K CHATURVEDI  Bureaucrat  (part-time member) the appointment of chief
N K P SALVE S VENKITARAMANAN**  Bureaucrat (Economist )
(Politician) executive officers.
R KEISHING  Politician  (Part-time member) Meanwhile, the amend-
ments to the Pension Fund
MEMBER  Profession 14TH FC (2013) MEMBER  Profession
Regulations simplify the
provisions related to the
10TH FC (1992) DEBI PRASAD PAL Advocate and judge
 Period of
recommendations: GOVINDA RAO  Public finance economist
governance of pension
Period of BPR VITHAL  Bureaucrat funds in line with the
recommendations: C RANGARAJAN  Economist  (Resigned in Dec 1992) FY16-FY20 ABHIJIT SEN  Economist Companies Act, 2013, and
FY96-FY00 M C GUPTA  Bureaucrat  (Relinquished charge Y V REDDY SUDIPTO MUNDLE  Economist enhance disclosure by pen-
in Jan 1994) (Bureaucrat and SUSHMA NATH  Bureaucrat sion funds.
K C PANT AJAY NARAYAN  Bureaucrat  (Secretary) Other amendments
(Politician) MANUR R SHROFF  Economist  (In place of economist )
include clarity of the roles of
C Rangarajan from Oct 1993)
the sponsor of the pension
MEMBER  Profession fund, inclusion of the name

11TH FC (1998) MEMBER Profession

 15TH FC (2017) ASHOK LAHIRI  Economist
RAMESH CHAND  Agriculture economist
‘pension fund’ in the name
clause, and the requirement
Period of for existing pension fund(s)
Period of N C JAIN  Advocate and politician ANOOP SINGH  Economist
recommendations: to comply with these provi-
recommendations: J C JETLY  Bureaucrat SHAKTIKANTA DAS  Bureaucrat  (Resigned in
FY21; FY22-FY26 sions within 12 months.
FY01-FY05 AMARESH BAGCHI  Economist  Public finance December, 2018) Additionally, the
A M KHUSRO economist N K SINGH AJAY NARAYAN JHA  Bureaucrat  (Replaced pension fund has to consti-
(Economist ) T N SRIVASTAVA  Bureaucrat (Bureaucrat) Shaktikanta Das tute additional board
ARVIND MEHTA  Bureaucrat  (Secretary) committees, such as an
audit committee and a
MEMBER  Profession nomination and remuner-
12TH FC (2002) T R PRASAD  Bureaucrat
16TH FC (2023) MEMBER  Profession ation committee.
The NPS Trust, estab-
Period of AJAY NARAYAN JHA  Bureaucrat
Period of D K SRIVASTAVA  Economist lished by the PFRDA to
recommendations: ANNIE GEORGE MATHEW  Bureaucrat  (from Indian
recommendations: GC SRIVASTAVA  Bureaucrat  (Secretary) manage assets and funds
FY27-FY31 Audit and Accounts Service)
FY06-FY10 SOM PAL  Politician  (Part-time member, under NPS, serves as the
ARVIND NIRANJAN RAJADHYAKSHA  Researcher  (Resigned)
C RANGARAJAN resigned in May, 2004) registered owner of all
PANAGARIYA SOUMYA KANTI GHOSH  Economist  (Part-time
(Economist) SHANKAR ACHARYA  Economist  (Replaced Som Pal assets under the NPS archi-
(Economist ) member) tecture. However,
from Jul 2004)
subscribers remain the
Note: Figure in brackets is year of constitution; *resigned during the term of the FC;**joined in place of Thanhawla in May 1989, but resigned after his appointment as adviser to the Karnataka government Sources: Respective finance commissions, Press Information Bureau, others beneficial owners of the
securities, assets, and funds
under NPS.
.
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1

Farmers pause march for INDIA seals 1st seat-sharing

2 days; 1 dead at border deal as SP, Cong join hands
ARCHIS MOHAN
New Delhi, 21 February

No breakthrough in Eight months after leading Opposition parties

resolved to fight together in the 2024 Lok Sabha (LS)
talks between elections, the Indian National Developmental
Centre and farmers Inclusive Alliance (INDIA) bloc announced its first
seat-sharing agreement on Wednesday. The
SANJEEB MUKHERJEE & AGENCIES Samajwadi Party (SP) and the Congress reached an
New Delhi/Chandigarh, 21 February agreement to contest Uttar Pradesh’s 80 LS seats.
In Lucknow, leaders of the two parties announced

T
he protesting farmers on
Wednesday suspended their ‘Delhi
Chalo’ march for two days and will
decide the next course of action on Friday
after a protester was killed and several
others were injured in clashes on the
Punjab-Haryana border.
Farmer leader Baldev Singh Sirsa iden-
tified the dead farmer as Subhkaran Singh
(21). A resident of Baloke village in
Punjab's Bathinda district, Subhkaran
died at Khanauri border point on the
Sangrur-Jind border.
Punjab farmers at Khanauri and
Shambhu resumed their agitation early
in the morning after the fourth round of
talks on Sunday night with a panel of
three Union ministers in an attempt to
break the deadlock. Earlier in the morn-
ing, agriculture minister Arjun Munda
offered to sit with protesting farmers for
a fifth round of talks on all outstanding
issues including the vexed issue of mini-
mum support price (MSP), while appeal-
ing to the farmers to maintain peace.
“After four rounds of talks, the govern-
ment is ready for the fifth round of dis-
cussions on all issues like MSP, diversifi-
cation of crops, stubble burning and
pending cases. I invite all the farmer
leaders for another round of talks. We
need to maintain peace,” Munda said in
a statement.
To press the Centre to accept their
demands, thousands of farmers will
remain camped at the two border points
during the pause in the agitation. The
farmers have been camping at the border
points since February 13 along with their
tractor-trolleys, mini-vans and pickup
India, China hold
fresh round of
A tear gas explodes after being fired upon the protesting farmers near the Punjab-
Haryana Shambhu Border, in Patiala district on Wednesday
trucks. Heavy earthmoving equipment,
including excavators, and modified trac-
tors were also seen at the protest sites,
with police cautioning that these might
be used to break barricades and cause
harm to security personnel.
In a post on X, the Haryana Police
asked owners of excavators to withdraw
their machines from the protest sites, say-
ing they may be used to cause harm to
security forces.
“It is a non-bailable offence and you
may be held criminally liable,” police said.
The Haryana Police on Tuesday had
urged its Punjab police to seize bulldozers
and other earthmoving equipment from
the inter-state border points, saying pro-
testers might use these to break barri-
cades. These could pose a threat to secu-
rity forces, Haryana Director General of
Police Shatrujeet Kapoor said in an urgent
communication to his Punjab counter-
part Gaurav Yadav.
During the last round of talks, which
ended past midnight on Sunday, the
Can’t be oblivious to community’s
concerns: SC to Sterlite Copper
The Supreme Court on Wednesday told Sterlite Copper, a Vedanta group firm,
that it cannot be oblivious to the wider concerns of the local community in
PHOTO: PTI
panel of three Union ministers had pro-
posed buying five crops — moong dal,
urad dal, tur dal, maize and cotton —
from farmers at MSP for five years
through central agencies.
The Samyukta Kisan Morcha (Non-
Political) and the Kisan Mazdoor Morcha
are spearheading the 'Delhi Chalo' march
to press the government to accept the
farmers' demands. Talks between the
farmer leaders and three Union ministers
— Piyush Goyal, Munda and Nityananad
Rai — were held on February 8, 12, 15
and 18.
The farmers are also demanding the
implementation of the Swaminathan
Commission's recommendations, pen-
sion for farmers and farm labourers, no
hike in electricity tariff, withdrawal of
police cases and "justice" for the victims
of the 2021 Lakhimpur Kheri violence,
reinstatement of the Land Acquisition
Act, 2013, and compensation to the fam-
ilies of the farmers who died during a pre-
vious agitation in 2020-21.
that the SP and its smaller allies will contest 63 seats,
and the Congress 17. Sources in the Congress said
that General Secretary Priyanka Gandhi Vadra inter- SP President Akhilesh Yadav (right) at a press conference in Moradabad
vened on her party’s behalf to speak to SP president on Wednesday. Congress sources said General Secretary Priyanka Gandhi
Akhilesh Yadav to iron out the rough spots in the Vadra spoke to Yadav to iron out the differences PHOTO: PTI
agreement that the interlocutors of the two parties
had discussed threadbare for over a month.
UP’s seat-sharing agreement is the first that the
INDIA BLOC STATUS CHECK
beleaguered INDIA has announced. The Opposition State-wise seat sharing formula:
grouping has witnessed attrition, with allies exiting,
such as the Rashtriya Lok Dal, or ruling out seat-shar-
UP (80): Seat sharing formally J&K (5): National Conference has
ing with the Congress, as the Trinamool Congress announced; SP and its allies to ruled out seat sharing with
did in West Bengal. contest 63, Congress 17 Congress and PDP in the Valley as
The seat-sharing agreement was announced at a Delhi (7): AAP and Congress it currently holds 3 of the UT’s 5
joint press conference in Lucknow. The SP had earlier working on a 4-3 formula Lok Sabha seats
announced its candidates on 31 of the 80 seats,
Madhya Pradesh (29): SP to Punjab: AAP and Congress have
including a few that the Congress was keen to contest. rejected any possibility of a seat
contest 1 seat, Congress the rest
The SP agreed to withdraw its candidates from adjustment
Varanasi and allow Congress to contest Amroha. West Bengal (42): Trinamool
Sources said Yadav will likely join the Bharat Jodo has ruled out seat sharing with Maharashtra: Seat sharing
Nyay Yatra in the coming days. Yadav had conveyed Congress between Congress, Shiv Sena
to the Congress his inability to take part in the Yatra (UBT), NCP (Sharad Pawar) and VBA
Jharkhand (14): Congress and in the works, could be
pending the seat-sharing agreement.
JMM contested 2019 polls in announced later this week
Congress leader Rahul Gandhi will share the stage
alliance, set for a repeat
with Rashtriya Janata Dal president Lalu Prasad and Tamil Nadu: Seat sharing in the
CPI(M) general secretary Sitaram Yechury at a rally Bihar (40): RJD, Congress works among DMK, Congress and
in Patna on March 3. and Left parties likely to the Left; the alliance won 38 of
The 17 seats that the Congress will contest include announce seat sharing at a 39 seats in 2019
Raebareli, Amethi and Varanasi. Congress leader rally in Patna on March 3;
Sonia Gandhi has represented Raebareli since 2004 JD (U) exited the ‘grand AAP wants seat sharing with
but was elected to the Rajya Sabha on Tuesday. alliance’ in January Congress in Goa and Gujarat
‘India, US key Regulators should
stakeholders respond fast to
in Indo-Pacific’ financial sector
AJAI SHUKLA accidents: Kotak
New Delhi, 21 February

India and the US are key stake-

Veteran banker Uday Kotak on Wednesday said regulators
should not be too conservative and cautious but should

military talks Tamil Nadu’s Thoothukudi and will have to implement the environmental
safeguards suggested by the proposed expert panel before its plant can be
reopened. The court had said on February 14 that a panel of domain experts
holders in navigating the com-
plex dynamics of the Indo-
Pacific region, said Defence
respond fast to “accidents” in the financial sector.
“Zero accident policy is also dangerous. If you are want-
ing to grow fast, there will be need for good regulations.
PRESS TRUST OF INDIA may be set up to inspect the closed plant, suggest further compliance of Secretary Giridhar Aramane We may have some accidents but it is also how fast we
New Delhi, 21 February green norms, and the way forward. The plant has been closed since May 2018 while addressing the two-day respond and correct the accident,” the founder director of
after 13 people were killed as police opened fire to quell a protest over alleged India-US defence cooperation Kotak Mahindra Bank said at an event organised by All
India and China agreed to maintain “peace and pollution caused by it. A bench headed by Chief Justice D Y Chandrachud said meeting in Delhi — the India-US India Management Association (AIMA ) in the national
tranquillity” on the ground in border areas along the Line keeping the plant shut would not serve any purpose but at the same time Defence Accelerator Ecosystem capital. He said the scars of the past should not make reg-
of Actual Control (LAC) in eastern Ladakh during a fresh the court has to be mindful of public health and welfare. PTI (INDUS-X). Defence Secretary Giridhar ulators too conservative or cautious but there should be a
round of high-level military talks earlier this week. “We are witnessing a pivotal Aramane said the two better regulatory environment.
However, there was no clear forward movement at moment in the history of the countries’ partnership On the Paytm Payments Bank Ltd (PPBL) matter, Kotak
Monday’s talks in resolution of the more Indo-Pacific region. The Indo- in aerospace and defence said he would not like to comment
than three-and-half-year lingering row
in a number of friction points, people
World Bank, others issue offshore Pacific, with its vast expanse of
oceans and strategic waterways,
was flourishing on individual company but said
“RBI knows more than you and I.”
familiar with the matter said.
The 21st round of the India-China rupee bonds as demand soars stands as the crossroad of global
commerce, geopolitics, and secu-
important milestone in defence
collaboration.
Paytm Payments Bank Ltd, an
entity promoted by One97
corps commander level meeting was held The World Bank’s lending arm and other global institutions have issued rity. In navigating the complex Referring to the flourishing Communications Ltd, faced regu-
at the Chushul-Moldo border meeting point on February $1.4 billion worth of offshore rupee-denominated bonds so far this year to dynamics of this region, India bilateral partnership in aero- latory actions by the RBI for failure
19, the Ministry of External Affairs (MEA) said. meet strong demand spurred by India’s inclusion in JP Morgan’s widely and the US find space and defence, Aramane to comply with host of regulatory
“The discussions built on the previous rounds, seeking tracked emerging market debt index, two banking sources said. themselves as key stakeholders, said,“India is increasingly turn- norms, including Know Your
complete disengagement in the remaining areas along The bond issuance since January is almost half the $3.3 billion issued in bound by shared values ing to the US for cutting-edge Customer (KYC) guidelines. PTI
the LAC in Eastern Ladakh as an essential basis for all of 2023, said the sources, who actively trade these supranational bonds and common interests,” equipment and technology. The
restoration of peace and tranquillity in the India-China and who based their tally on data from several financial institutions. said Aramane. US, in turn, sees India as a key Disclosure: Entities controlled
border areas,” it said in a statement. The MEA said the Most of last year’s issuance was in the fourth quarter when foreign The INDUS-X meeting con- partner in its Indo-Pacific by the Kotak family have a
two sides shared their perspectives on the matter in the investors piled into rupee debt after JP Morgan said India will be part of cluded on Wednesday with the strategy, leveraging India’s grow- significant holding in
talks held in a friendly and cordial atmosphere. the Emerging Market Bond Index (EMBI) from June 2024. REUTERS two countries declaring it an ing defence capabilities.” Business Standard Pvt Ltd

Panda, chief economic adviser sity of up to 400 people per Suzuki Motorcycle did not growth markets, strategic pro- as-usual scenario. demand for household, food 48 at 402 mt to 437 mt.
> FROM PAGE 1 V Anantha Nageswaran and square kilometre. respond to Business duct launches, investment in The report said wheat pro- away from home, feed, seed, The projected foodgrain
other finance ministry Since 2018, the rural mar- Standard’s queries. technology, and strong brand duction, too, was expected to wastages, and other uses. production in the business-as-

FSDC... bureaucrats attended the

meeting.
To allay the fears of the fin-
ket has steadily grown in sig-
nificance for HMSI. The
Japanese company’s sales in Hero
In the after-results call
with analysts on February 10,
MotoCorp Chief
building. be sufficient to meet the
future demand, leaving a sur-
plus of 19-26 mt in 2030-31
Overall, for food grains, the
NITI report said that demand
in 2030-31 was estimated at
usual is 10-13 per cent (34-42
mt) more than the demand in
2030-31, and 5-14 per cent (22-
The FSDC, which acts like a
super regulator with heads of
tech industry in the backdrop
of the recent RBI actions,
rural India accounted for 16.1
per cent of its total sales in
Executive Officer Niranjan
Gupta expressed optimism
Output... and 40-67 mt in 2047-48.
“This suggests the need for a
326 mt to 334 mt, and in 2047- 55 mt) more in 2047-48.

financial regulators as its
members, deals with issues
relating to financial stability,
inter-regulatory coordination
and macro prudential super-
vision of the economy among
other things.
Besides the action on
Paytm Payments Bank, the
central bank had also recently
imposed restrictions on a card
network for commercial trans-
actions routed through inter-
mediaries. The RBI had not
named the network.
The meeting deliberated
on the ways of prescribing
uniform KYC norms and
inter-usability of KYC records
across the financial sector.
The ongoing inter-regulatory
issues to support GIFT IFSC in
its strategic role in facilitating
foreign capital and financial
services for the domestic
economy also came up. The
meeting also focused on var-
ious issues related to formu-
lation of strategy to imple-
ment decisions of the FSDC
and the Union Budget
announcements, besides
exchanging views on kick-
starting fund-raising by social
enterprises through social
stock exchanges.
RBI governor Shaktikanta
Das, Securities and Exchange
Board of India chairperson
Madhabi Puri Buch,
Insurance Regulatory and
Development Authority of
India chairman Debasish
Sitharaman has called a meet-
ing of top executives of the
sector on February 26. The
meeting is expected to discuss
both regulatory compliance as
well as promoting innovation
in the sector.
Hero...
Industry sources attribute the
rise in rural market share for
Bajaj, Honda, and TVS to their
robust marketing efforts,
growing demand for more
premium vehicles (in which
these companies have strong
offerings), and the expansion
of dealership networks in
rural areas.
According to Jato, any area
with a population density of
not more than 400 people per
square kilometre is consid-
ered a rural area.
Hero has been the leading
player in rural areas, primarily
due to its extensive range of
products in the commuter
motorcycle segment (below
125cc).
Despite intensifying com-
petition, the rural two-
wheeler market has yet to ful-
ly rebound to its 2018 levels.
JATO Dynamics reports that
3.54 million units and 3.157
million units of two-wheelers
were sold in rural India in 2018
and 2023, respectively.
JATO defines rural areas as
those with a population den-
2018, a figure that has climbed
to 19.7 per cent by 2023.
Yogesh Mathur, director,
sales and marketing at HMSI,
told Business Standard that
the revitalisation of rural mar-
kets, led by various govern-
ment schemes, easy financing
options, and a rise in delivery
services, has enabled the two-
wheeler industry to experi-
ence substantial growth and
momentum across regions in
2023.
“Our strategic foray into
the 100cc category with the
Shine 100, combined with
competitive pricing, has
enabled us to reach out to a
broader audience. Further, the
rise in the expansion of our
network (dealerships) across
rural markets by over 35 per
cent in the past two-three
years has supported in gain-
ing more traction and offering
convenience to our cus-
tomers,” he said.
A noticeable shift in cus-
tomer preference from the
100cc to the 125cc segment,
due to a rise in purchasing
power, has also benefited
HMSI, he added.
“As the momentum con-
tinues to grow, we are expect-
ing the overall two-wheeler
industry to grow by higher
single digits towards the end
of 2025, a trend that will be
witnessed in the rural market
as well,” he added.
Hero, TVS, Bajaj, and
about growth in rural areas.
He said that during the last
festival season, the company
had a higher number of
enquiries coming from rural
areas compared to urban
areas.
“Even if you look at the
latest data... let’s say the sec-
ond/third/fourth quarters of
2022-23, it would be around 40
per cent enquiries coming
from rural and 60 per cent
from urban. Now, that seems
to be going up to 50-55 per
cent of inquiries coming from
rural areas. Now, therefore, as
the enquiries are starting to
pick up, that will manifest in
the consumption moving for-
ward,” he added.
Hero has also been step-
ping up its premium play with
the launch of the Karizma
XMR, Harley-Davidson X440,
and the Mavrick 440. Hero’s
consolidated net profit
increased by 51.3 per cent
year-on-year to ~1,091.12 crore
in the third quarter of 2023-24
due to high demand for pre-
mium products, robust sales
during the festival season, a
decrease in commodity costs,
and price hikes.
TVS has been the biggest
gainer in the rural market,
with its share almost touching
18 per cent in 2023. Ravi
Bhatia, president of JATO
Dynamics India, said that
TVS’ success in rural areas
could be due to its focus on
“Their present production (of
pulses) is insufficient to meet
the demand. This gap may
remain in future in the
absence of yield improve-
ments and acreage allocation
to them,” the report said.
For edible oils, too, the
report projected the demand
to rise to around 31 mt by
2047-48 from 22 mt in 2019-
20, and estimated the produc-
tion of edible oils would grow
to around 24 mt from 12 mt
during the same period — a
demand-supply gap of around
7 mt. “Augmentation of oil-
seeds yield, and production
from secondary sources can
reduce the gap in the short
run, and achieve self-suffi-
ciency in the long run,” the
report said.
In contrast, the report said,
rice demand is expected to be
110 mt in 2030-31 and 114 mt
in 2047-48, compared with a
projected production of 145
mt and 154 mt in the business-
reallocation of area under rice
and wheat to other crops,” the
report said.
> BS SUDOKU # 4211
In an attempt to break the
logjam in talks with protesting
farmers, the Centre earlier this
week proposed to buy marke-
table surplus in the cases of
masoor (lentil), urad (black
gram), arhar, maize, and cot-
ton over the next five years at
their MSPs.
According to the proposal
that the farmer unions
rejected, the purchases will be
under a contractual agree-
ment from those who have
diversified from wheat and
paddy.
The latest NITI Aayog
report has made all the
demand and production pro-
jections based on two scenar-
ios – business as usual, where
the forecast is based on time
series, and high-yield growth
scenario, which assumes clos-
ing the gap between the exist-
SOLUTION TO #4210
ing and realisable potential
yield. Medium:
The report states that in
the business-as-usual sce-

Solution tomorrow
nario — that is, the continu-
ance of the recent economic HOW TO PLAY
growth rate (6.34 per cent) in
the future as well — the over- Fill in the grid so that
all food demand is expected every row, every col-
to grow at an annual rate of umn and every 3x3
2.44 per cent by 2047-48. It box contains
would accelerate to 3.07 per the digits 1 to 9
cent if the economic growth
accelerated.
Food demand comprises
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 ECONOMY & PUBLIC AFFAIRS 7

India key ally, will boost

 
    
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connectivity: Greek PM
Migration and mobility pact soon; defence working group to be set up
SUBHAYAN CHAKRABORTY
New Delhi, 21 February
I
ndia and Greece will work
to quickly finalise the pro-
posed migration and
mobility pact outlined by both
nations, Prime Minister (PM)
Narendra Modi, and Greek PM
Kyriakos Mitsotakis said in a
press statement on
Wednesday. The pact is
expected to be along the lines
of similar ones signed with
other European partners and
is expected to allow easier
movement of Indian skilled
labour to Greece.
“We discussed concluding
the migration and mobility
partnership agreement
between the two countries as
soon as possible. This will
further strengthen our people-
to-people relations,” Modi said
after his bilateral meeting with
Mitsotakis, who is in India on
a two-day State visit.
“Today, India is a great
power on the world stage and
an important ally in pursuit of
peace and security — a rising
force at the heart of G20 and a
leading player in the fight
against climate change,”
he said. In December 2023,
Business Standard reported
that Greece has approached
India to send up to 10,000 sea-
sonal agricultural workers,
while Italy has sought workers
Prime Minister Narendra Modi (right) with his Greek
counterpart Kyriakos Mitsotakis, in New Delhi on Wednesday.
They discussed increasing cooperation in pharma, medical
devices, space, technology, innovation and skill development
to staff municipal duties in its
emptying towns. According to
the Indian embassy in Athens,
most are from Punjab and are
employed as farm, factory, or
construction workers. India-
Greece ties were upgraded to
the level of a strategic partner-
ship six months ago during the
visit by Modi to Athens.
“We emphasised increasing
cooperation in many areas like
pharmaceutical, medical
device, technology, innovation,
skill development, and space,”
the PM said.
Both nations have also set
up a working group for defence
and will increase mutual
coordination on common chal-
lenges like defence, cybersecu-
rity, counter-terrorism, and
PHOTO: PTI
maritime security.
“We have agreed to link the
defence industries of both
countries. India and Greece
have common concerns and
priorities in the fight against
terrorism. We discussed in
detail how to further
strengthen our cooperation in
this area,” Modi said.
The PM also made a pitch
for Greece to become an
important component of the
India-Middle East-Europe
Economic Corridor (IMEC).
Focus on India
Mitsotakis was also the chief
guest and delivered the key-
note address at the ninth
edition of the annual geopolit-
ical conference Raisina
PM to chair
Council of
Ministers
meet on Mar 3
Prime Minister Narendra Modi
will chair a meeting of the
Union Council of Ministers on
March 3, days before
announcement of the Lok
Sabha elections, officials said.
The meeting of the Council
of Ministers is scheduled to
be held at the Sushma Swaraj
Bhawan in Chanakyapuri
diplomatic enclave, they
said. The prime minister
has been chairing a meeting
of the entire Council of
Ministers from time to time to
discuss key policy issues, get
feedback on implementation
of various initiatives, and
share his vision on matters
of governance. PTI
Dialogue, on Wednesday.
Strengthening the partner-
ship with India should be the
cornerstone of Europe’s and
Greece’s foreign policy, he
stressed. “We have made good
progress over the past years
towards achieving that goal,
but we have much further to
go,” he said.
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registered holder(s) and they have applied to the Company for issue of duplicate share 8 , "' &  : "#+@  11*
certificate(s). , #"&  1!%#; &#'& %)&#(" 1&&@
Name of Folio No. Certificate Distinctive Nos. No. of shares
  '#"" @
Shareholder No. From To (Face value Rs.10 each)
#( #& %) #' % % #" ) 7 #!" %&  % ((
  ( #&"'() &"!# (&&  % 2&  )& ##  =/../.8
Manju Goel 0054017 92071 18917559 18917658 100 % (#&  2&  )& ##-  %) ("" !  &!# %# ("#& 7#%
   /8/4././ % # &"!# &&#"  % && #
Any person who has a claim in respect of the said certificate(s) should lodge his/her claim
with all supporting documents with the Company at its registered office address at 3rd
#& )  /
% #(#" (#& &%"" &!# %# ("#& 7#%  ) "(#( & ") 1"" %
Floor, Select Citywalk, A-3 District Centre, Saket, New Delhi 110017. If no valid and (#& ) &!# % ("#& 7#%  # &- ) &  ) "(#( &
legitimate claim is received within 15 days from the date of publication of this notice, the 1 #(#" (# "#   ("&&-& "#& #& % )  .- &%"" ##( #& (%#( 
Company will proceed to issue duplicate share certificate(s)/ Letter of Confirmation to the !%#& &#'   % % #&"'() &&#"& "#& #& ) 4
person(s) named above subject to verification of all documents and no further claim would
be entertained from any other person(s).
 ( & !%#& &#'  % ("&& B&(#) ("&&C #  1 5 11*
For Eicher Motors Limited !#&&#  "&  #&"# &  ("# &%"" ( "#&
Sd/-   #!  # &"!# &&#"@ & % *%!'&%7#
Date : February 21, 2024 Atul Sharma   "( @@ ./../.8 26"+
Place : New Delhi Company Secretary & Compliance Officer

NBCC gets nod Govt names non-executive

to build five
Amrapali
projects
State-owned NBCC (India) on
Wednesday announced that
it had got an in-principle
approval from the Greater
Noida Authority to develop
five Amrapali projects. The
approval is for the develop-
ment of unused and purchas-
able floor area ratio (FAR) “in
furtherance of existing proj-
ects of Amrapali valuing
approximately ~10,000
crore,” the company said in a
regulatory filing on the
National Stock Exchange
(NSE). Projects that have got
the approval are Centurian
Park, Golf Homes, Leisure
Park, Leisure Valley, and
Dream Valley. SANKET KOUL
chairmen at three PSBs
Former LIC chief Kumar now chairman of Bank of India
MANOJIT SAHA
Mumbai, 21 February
The government has appointed former chair-
man of Life Insurance Corporation of India
MR Kumar as the non-executive chairman
of public sector lender Bank of India.
Kumar, under whom the insur-
ance behemoth debuted in the
capital markets, was at the helm
till middle of March last year.
The government has also
appointed Srinivasan Sridhar as
the non-executive chairman of
Indian Overseas Bank on the
condition that he resigns from the
board of Bank of Baroda where he is
shareholder director.
Aravamudan Krishna has been appointed
non-executive chairman of Kolkata-based
UCO Bank on the condition that he resigns
from the board of Suraksha Asset
Reconstruction Ltd. Krishna will be the first
chairman of UCO since the chairman and
managing director’s post was splitted in
PSBs in 2015.
All the three have been given a three
year term. These posts were vacant for
a long time.
Reserve Bank of India Governor
Shaktikanta Das who has been
emphasising on the improving gov-
ernance standards of India banks
compared the role of a chairperson
in a bank akin to the captain of a ship.
“For the chairperson to be able to navi-
gate the Board discussions and functions in
the right direction, he/she should possess the
requisite experience, competencies and per-
sonal qualities,” Das had said.

CRISIL SME TRACKER ACCENT REGION

Revenue outlook
positive for security
services MSMEs
The ~1 trillion security services market in India is set
for another year of 10-12 per cent healthy growth in
the current financial year driven by the rising need
for asset and individual protection and rapid
urbanisation. The revival in commercial real estate
after Covid-19 and growing private investments in
the industry are other supporting factors.
In the next financial year, the revenue is
expected to grow 9-11 per cent as Lok Sabha
elections in April-May are expected to boost
demand. This augurs well for micro, small and
medium enterprises (MSMEs), which account for
40-45 per cent of the overall industry revenue.
Security agencies offer services both manually
and electronically. Manual service involves
providing security personnel to man public spaces,
housing societies,
commercial
complexes, banks,
Share of MSMEs
etc. This accounts for in industry
75-80 per cent of the Large players
pie. Electronic 55-60%
security services
require a wide range
of devices such as
closed-circuit
television cameras,
metal detectors,
burglar alarms, fire
alarms, etc. MSME
The industry is
expected to Source: CRISIL 40-45%
experience a gradual
shift from unorganised to organised market with
rising demand for high-quality services from
sectors such as data centres, residential and
commercial real estate. Over the years, the market
has consolidated as margin erosion forced some of
the smaller players to exit the business.
Profitability of MSMEs is likely to be more
constrained than those of large players owing to
lower working capital efficiency to offset labour
wage inflation and limited ability to scale up
operations (with no barriers to entry). Labour cost
is the biggest input cost component. Further, any
changes in compliance rules or minimum wages
can impact the margins of the players.
RAJASTHAN
Pact inked to help
youth startups
ANIL SHARMA
Jaipur, 21 February
The Marwadi International Federation (MIF), a non-profit orga-
nisation, has signed a memorandum of understanding (MoU)
with an incubation hub of the University of Rajasthan to help
state’s youth enter the startup sector. The tieup with the
Entrepreneurship and Career Hub (ECH) will provide youth
with technology and support to help them build startups.
Professor Sunita Kachhawa, ECH coordinator, said the MoU
would provide a new direction to the youth who are planning
to foray in the startup sector.
The federation will help students from ideation to building
a startup, said Vijay Garg, founder and general secretary
of MIF. The ECH will take up the applications sectorwise that
experts will validate. Garg said experts would discuss the pro-
posed ideas with the students before presenting the final ones
with the federation’s network of contacts.
MADHYA PRADESH
Tribal districts to get
organic certificates
SANDEEP KUMAR
Bhopal, 21 February
Tribal-dominated districts of Madhya Pradesh would soon
get organic certificates to promote export of minor forest
produce. The certification works like a declaration stating the
land is free from the effects of chemicals and suitable for
organic farming.
Forest Minister Nagar Singh Chauhan has directed the
officials concerned to complete all formalities for the same.
This certification would help the tribal communities obtain
better prices for their produce.
Madhya Pradesh has about 1.63 million hectares dedicated
to organic farming, the highest in the country. The state is also
the country’s largest producer of organic goods at 1.4 million
tonnes. To encourage this, 1.73 million hectares in the state
have been certified ‘organic’.
8 WORLD
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024

IN BRIEF
Amazon set to join Dow
China bans net stock Google releases
Jones Industrial Average
Amazon.com Inc is finally joining the famous Dow Jones sales at open, close ‘open’ AI models
Industrial Average. The e-commerce giant will replace Walgreens
Boots Alliance Inc in the 30-stock gauge, according to a press
release from S&P Dow Jones Indices. The change will go into effect Attempt to prop up market; move affects major institutional investors after Meta move
prior to the open of trading on Monday, February 26. The shift, ILLUSTRATION: BINAY SINHA
which was announced after the market close on Tuesday, was BLOOMBERG REUTERS
prompted by Walmart Inc’s decision to split its stock 3-to-1, the
index provider said in the release. Such a move will reduce
21 February 21 February
LATEST LAUNCH
C
Walmart’s index weight due to the price-weighted construction hina has banned major institu- Google on Wednesday released new n Firm has named the new
of the blue-chip index. Unlike its counterparts the S&P 500 and tional investors from reducing artificial intelligence (AI) models family of “open models”
the Nasdaq 100, the historic Dow index is weighted based on the equity holdings at the open and that outside developers potentially Gemma
share price of its holdings rather than their market capitalisation. close of each trading day, part of the can fashion as their own, following
The firm’s inclusion in the index is another milestone in the government’s most forceful attempt a similar move by Meta Platforms n Individuals,
retailer’s rapid expansion in the last decade. BLOOMBERG yet to prop up the nation’s $8.6 trillion and others. businesses
stock market. The firm said individuals and can build AI
The order from China’s securities businesses can build AI software software free
Putin denies Russia plans to watchdog was recently delivered to
major asset managers and the propri-
based on its new family of “open
models” called Gemma, for free.
of cost on
the models
put nuclear weapons in space etary trading desks of brokerages,
according to people familiar with the
The company is making key tech-
nical data such as what are called
President Vladimir Putin said that Russia was matter, who asked not to be named model weights publicly available. n The models are optimised
against the deployment of nuclear weapons in because they weren’t authorised to The move may attract software for Google Cloud, where
space, and his defence minister flatly denied speak publicly. The China Securities engineers to build on Google’s tech- first-time Cloud customers
US claims that Russia was developing a nuclear Regulatory Commission, led by newly nology and encourage usage of its get $300 in credits
capability for space. A source told Reuters that appointed Chairman Wu Qing, has also newly profitable cloud division. The
Washington believes Moscow is developing a created a task force with the nation’s models are “optimised” for Google
space-based anti-satellite nuclear weapon.
“Our position is clear and transparent: We have always been
categorically against and are now against the deployment of
stock exchanges to monitor short sell-
ing and issue warnings to firms that
profit from the wagers, the people said.
will affect individual investors who
account for a large portion of volume
in Chinese stocks. Still, the sidelining
Clampdown on Cloud, where first-time customers
using them get $300 in credits, the
company said. Google stopped short
the set of people who can contribute
to and benefit from the technology.
With the announcement, Google
nuclear weapons in space,” Putin said. REUTERS While authorities have been ratch-
eting up curbs on bearish bets for
of major institutions during two of the
most closely watched parts of the trad-
quant trading of making Gemma fully “open
source,” meaning the company still
did not make its bigger, premier
models known as Gemini open. It
months, the ban on net selling at the ing day may make it easier for govern- China’s two main stock may have a hand in setting terms of said the Gemma models are sized
UK posts record fiscal surplus open and close represents a notable
tightening of the government’s grip on
ment-backed funds to influence the
market — especially the closing levels
exchanges vowed to tighten
supervision of quantitative
use and ownership. Some experts
have said open-source AI was ripe
at two billion or seven billion param-
eters — or the number of different
in pre-Budget boost for Hunt market activity that risks upending
popular strategies used by hedge funds
for benchmark indexes.
The CSRC didn’t immediately
trading after freezing the
accounts of a major fund for
for abuse, while others have cham-
pioned the approach for widening
values that an algorithm takes into
account to generate output.
Britain delivered the biggest budget surplus on record in January, and other institutional investors. Firms respond to a faxed request for three days in an unusually harsh
a boost for Chancellor Jeremy Hunt two weeks before he is due to affected by the ban are unable to sell comment. punishment.
announce what could be the last fiscal statement before a general more shares than they buy during the Known for his tough clampdowns The Shanghai and Shenzhen
election. Tax revenue exceeded spending by £16.7 billion ($21.1
billion), more than double the surplus a year earlier, the Office for
National Statistics said on Wednesday. It left the budget deficit in
first and last 30 minutes of trading, the
people said.
It’s unclear how widely the ban is
on brokerages as a CSRC official in the
mid-2000s, Wu is resorting to more
drastic measures to prevent the stock-
bourses will enhance
monitoring of quant trading,
especially leveraged products,
HSBC’s $3 bn China hit
the first 10 months of the fiscal year at £96.6 billion — £9.2 billion
less than the Office for Budget Responsibility forecast. BLOOMBERG
being applied across the financial
industry, and there’s no indication it
market slump from extending into a
fourth year.
according to statements.
BLOOMBERG mars record annual profit
REUTERS
Zuckerberg to visit S Korea, 21 February

discuss AI with Samsung Shehbaz to be Pak PM as PPP, HSBC Holdings reported record
annual profit on Wednesday
Meta’s CEO Mark Zuckerberg is planning to visit although it missed estimates due to
South Korea to meet Samsung Electronics
chairman Jay Y. Lee as early as later this month,
South Korean media reported on Wednesday.
PML-N strike coalition deal a hefty $3 billion charge on its stake
in a Chinese bank amid mounting
bad loans in the world's second-
Zuckerberg is expected to discuss AI chip supply
and other generative AI issues, and may also
PRESS TRUST OF INDIA
21 February
PAKISTAN IS GETTING BY ON largest economy.
Shares in the British lender slid “WE HAVE A STRONG
meet South Korean President Yoon Suk Yeol, the THE BASIS OF LOANS. WE 6 per cent in early London trade, PLATFORM FOR
Seoul Economic Daily reported. REUTERS The Pakistan Muslim League-Nawaz
(PML-N) and the Pakistan Peoples
WILL HAVE TO END THIS, BUT against a flat FTSE index, also hurt
by higher operating costs and
GROWTH... WE ARE
Party (PPP) have finally agreed on a IT’S EASIER SAID THAN DONE” despite the announcement of a FOCUSED ON CAPTURING
power-sharing deal to form a coalition fresh $2 billion share buyback. THESE GROWTH
SHEHBAZ SHARIF
London’s iconic BT Tower to government led by former prime min-
ister Shehbaz Sharif, a move that could PML-N president and former PM
Pretax profit for 2023 came in at
$30.3 billion, up 78 per cent from a
OPPORTUNITIES”
become hotel in £275 mn deal effectively sideline their arch-rival,
Imran Khan. victions in some cases including that the role of the prime minister once
year earlier but short of a consensus
estimate of $34.1 billion.
NOEL QUINN, HSBC CEO
London’s iconic BT Tower is set to become a luxury hotel after Both the PML-N and the PPP won of corruption has been barred from again. Similarly, PPP co-chairman Asif China's deepening real estate cri-
the owner BT Group agreed to sell the 177-metre building in fewer seats in Parliament than candi- holding any public office for 10 years. Ali Zardari, 68, will be the joint candi- sis has hobbled its economy and has had the largest writedown on a
the capital’s West End to MCR Hotels for 275 million pounds dates backed by jailed former prime At a joint news conference on late date for the president's office. Pakistan begun hurting global banks with Chinese bank among foreign peers.
($347 million). The tower, a symbol of London’s 1960s post- minister Imran Khan in an election Tuesday night after marathon nego- is getting by on the basis of loans, he exposure to it. The Bocom writedown came
war revival with a rotating restaurant on its 34th floor, was the mired in controversies, including vote tiations, PPP Chairman Bilawal Bhutto- told reporters. “We will have to end Taking a $3 billion impairment after a review of its likely future cash
city’s tallest building for 16 years until it was overtaken by a sk- rigging. Khan, who could not contest Zardari announced that PML-N pres- this, but it’s easier said than done,” on its stake in China's Bank of flows and outlook for loan growth
yscraper in the City of London financial district in 1980. REUTERS the February 8 elections due to his con- ident Shehbaz Sharif, 72, will assume Sharif said. Communications (BoCom), HSBC and interest margins, HSBC said.

Toyota holds off response on

EU okays 13th round of Russia sanctions
wage talks after first round
Toyota Motor did not reach an immediate agreement with its
REUTERS
21 February
union over demands for hefty pay hikes on Wednesday but will
continue talks in coming days, raising doubts about current European Union (EU) members
expectations for wage talks. “I understand that we both have approved a 13th package of
mutual recognition about the need to secure talent by Ukraine-related sanctions against
improving wages and other treatment,” said Hiroki Akiyama, Russia on Wednesday, banning
deputy secretary-general of the Federation of All Toyota nearly 200 entities and individuals
Workers’ Union. BLOOMBERG accused of helping Moscow pro-
cure weapons or of involvement in
kidnapping Ukrainian children.
Death of Pablo Neruda should “EU Ambassadors just agreed
in principle on a 13th package of
be reinvestigated, court rules sanctions in the framework of
Russia's aggression against
The death of Nobel laureate Pablo Neruda days after Chile’s 1973 Ukraine,” Belgium, which holds the
military coup should be reinvestigated, an appeals court ruled on rotating EU presidency, said on X,
Tuesday, saying new steps could help clarify what killed the poet. calling it “one of the broadest
Last December, a judge rejected a request by Neruda’s nephew to approved by the EU”. The new
reopen the case to look for causes other than cancer, which was package will see 193 entities and
listed on his death certificate. The nephew, Rodolfo Reyes, said individuals added to the list of
forensic experts from Canada, Denmark and Chile had found those banned from travelling to the
evidence pointing to Neruda being poisoned. AP EU or doing business there, but no
ISRAELI STRIKES
homes in occupied regions of
Ukraine, and “many” have been
IN GAZA KILL 67 PHOTO: REUTERS
PROPOSED MEASURES given up for adoption.
The ICC indicted officials
n Trade restrictions for the first time on Chinese and Indian including President Vladimir
companies aiding Russia’s war machine Putin for abducting Ukrainian
children, which it called a war
n Sanctions on North Korea for supplying Russia with artillery crime. Moscow denies any crime
and missiles and says it has taken in children
from the war zone to protect
n Expanding export restrictions on technologies and them. Ukraine says Russia has
electronics such as chips, machines and ball bearings used by removed more than 4,000 chil-
dren. The new measures also
Russia’s defence industry
focus on the procurement net-
work supporting Russia’s military.
Israeli strikes across Gaza killed at least 67
Palestinians overnight and into Wednesday,
fresh measures against specific ping Ukrainian children. One Twenty-seven companies were including in areas where civilians have been told
economic sectors, EU diplomatic North Korean and one Belarusian added to the Annex IV list, which to seek refuge. The UK government said it is
sources said. The sources said the firm were also added, the sources means European firms cannot sell considering restricting some arms exports to Israel
focus of the listings is roughly split said. The chief prosecutor of the dual-use goods to them. The com- if it launches an offensive on Rafah or obstructs aid
between entities and individuals International Criminal Court said panies added are mostly Russian trucks from entering Gaza, sources said.
that are part of Russia's military last March that Russia had trans- and include three mainland Meanwhile, Israeli strikes hit a neighbourhood of
industrial complex and those ferred “at least hundreds” of chil- Chinese firms and one Hong the Syrian capital on Wednesday , killing two
involved in trafficking and kidnap- dren from orphanages and care Kong-based company. people, Syria’s state TV said. AGENCIES

Wireless charging for electric cars inching closer to reality

BLOOMBERG stations and get more carmakers on charging stations to make it a compelling Pennsylvania-based charging startup
GOING
PHOTO: REUTERS

21 February board. While charging without a cord perk for car buyers. Alex Gruzen, chief InductEV (then called Momentum

Someday soon, plug-in cars may no

longer need a plug. Electric car drivers
would simply pull into a specialised
parking space when it’s time to power up,
wait for a light on their dashboard to
switch on, and then hop out of the car
and go about their day.
This is the promise of wireless EV
charging, an inductive transfer of
electrons that would eliminate the need
for all those pesky cords. Multiple
startups have spent years working
towards a world in which wireless
charging goes mainstream, and as EV
adoption picks up, momentum is
building to make that dream a reality.
Companies are coalescing around
standardised technology, automakers are
embarking on wireless experiments, and
municipalities are mapping out use
cases. Even Tesla Inc. is interested.
But major hurdles remain, chief
among them slow charging speeds and
the money and interest needed to build
sounds great on paper, the technology
faces the same paradox that’s impacting
MAINSTREAM? executive officer at Massachusetts-based
WiTricity Corp, says his company’s
Dynamics Corp)
Brooklyn-based wireless charging
the rollout of public plugs: Stronger wireless charging capability will cost startup Hevo Inc. is working with the
consumer demand could push car automakers several hundred dollars per DOE’s Oak Ridge National Laboratory
companies to take up wireless charging, Wireless EV charging car, and consumers at least $2,500 to and Stellantis NV to trial a 50-kilowatt
but growth in EV demand is stymied in works by using start — both figures he sees falling over wireless system on the carmaker’s
part by anxiety about public charging. magnetic resonance the next five years. Chrysler Pacifica hybrid, after
“If I was a car manufacturer, I’d and a charging pad to These hurdles mean that, for now at completing a demo with a Level 2
probably be reluctant to put it on a vehicle generate a power- least, wireless EV charging mostly exists wireless charger last year. In perhaps the
today just because there’s not any transmitting field in the form of pilot projects. Some most critical signal of wireless charging’s
wireless chargers out there,” says Michael When a coil in a automakers in China and South Korea potential for passenger cars, Tesla design
Weismiller, program manager for receiver under the car are testing the technology on new chief Franz von Holzhausen in
electrification R&D in the US Department aligns with a coil in the The technology passenger cars, but many wireless- December confirmed that the company
of Energy’s Vehicle Technologies Office. charging pad, the can work with up to charging trials are geared at is pursuing its own version of the
Wireless, or inductive, EV charging works receiver captures that 10 inches (250 commercial vehicles, which tend to technology. “We are working on
by using magnetic resonance and a (250 millimeters) of separation. energy and feeds it to millimetres) of have consistent routes and the luxury of inductive charging, so you don’t even
charging pad to generate a power- Speed is an issue, though. Most powering up overnight in fixed parking need to plug something in at that point —
the car’s battery separation
transmitting field. When a coil in a wireless chargers are on par with a Level 2 spaces. In Los Angeles County, the just pull in your garage, drive over the
receiver under the car aligns with a coil in charger (the kind you’d use at home) and Antelope Valley Transit Authority uses pad and it’s charging,” von Holzhausen
the charging pad, the receiver captures not the DC fast chargers available at inductive systems made by Wave said during an appearance. Tesla’s vote of
that energy and feeds it to the car’s many public stations. Electric cars also Charging to help power its fleet of electric confidence is spurring interest. “That’s
battery. The technology is similar to need to be designed with wireless Khardenavis, an analyst at Wood buses. Indianapolis, too, is using wireless the major wake-up call,” McCool says.
wireless phone charging, which also charging in mind. While retrofitting EVs Mackenzie. For carmakers, enabling charging for its electric buses, which are “Until that happened, wireless charging
requires a receiver and aligned coils; but is doable, in practice it can void the car’s wireless charging is still difficult to made by Chinese EV giant BYD Co In was still considered a fringe technology.
EV systems can work with up to 10 inches battery warranty, says Amaiya justify: It’s expensive, and there aren’t yet 2019, the city partnered with Now it’s a trending technology.”

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

VOLUME XXX NUMBER 266 ILLUSTRATION: BINAY SINHA

NEW DELHI | THURSDAY, 22 FEBRUARY 2024 case the benefits are significantly higher than the
cost, the Committee may then take up the offer, sat-
Rethink trade isfy itself about the claims being made, negotiate to
settle the price, and place a trial order. If the trial
order is successful, scaling up to the extent required
India’s attitude to WTO negotiations needs more clarity can be done. But for this to happen, there must be

E
arly next week, officials across the world will gather for the 13th ministerial trust in the judgement of the members of the
conference of the World Trade Organization. MC13, as it is called, will Empowered Committees, who, in turn, would need
to be given the confidence to make decisions. What
begin on the 26th of this month in Abu Dhabi — and it is far from clear
would really help would be an explicit assurance
what, if anything, it could possibly achieve. The fact is that there are that in the absence of evidence of a quid pro quo, or
few stakeholders who are willing to expand the agenda of global trade negotiations. assets disproportionate to means, investigative agen-
Even reviving basic WTO functions — such as the appellate body that serves as cies would not look into their bona fide decisions.
the final word on trade disputes — seems unlikely. The latter has been moribund After this process is in place and a few trial orders
since former United States President Donald Trump refused to appoint new judges have resulted in success, there would be a surge in
to the panel. The current administration has not acted to revive the WTO, either. the effort by others to identify a gap, innovate, come
Logically, correcting the basic problems with the WTO’s existing function up with an offering for which there is need, and get
should come before the scope of trade negotiations is expanded. But that is not the orders from the government and its agencies.
Further, innovation can be spurred by identifying
case. New agreements are constantly being sought on issues from fisheries to

Unleashing govt’s
specific problems and posing these as challenges.
investment facilitation. In each case, the prime movers are developing countries,
A problem needs to have a narrow focus. It should
and India — and in some cases South Africa and some other developing countries emerge from a real need so that if a solution is devel-
— is less enthusiastic. India’s negotiators have other priorities at the WTO, such as oped, procurement follows automatically. A firm,
a permanent solution that allows India’s inefficient grain procurement system to consortia, technical institution, individuals or any

procurement power
become compatible with trade rules. This appears once again to be India’s priority combination of these could be given the task of find-
at the WTO ministerial — even as the government has rightly sought to reform ing a solution. The effort to be undertaken in a pro-
procurement and food subsidies at home. What is necessary is to end this stress ject mode would need to be fully funded by the
upon old issues such as farmer subsidies in India. It is in the national interests to sponsoring agency. Failure as well as time and cost
go beyond such issues and actively participate in discussions at MC13. India may overruns are intrinsic to such an initiative and must
need to redevelop and rethink its stance on some relevant new-age trade issues, As a consumer, the government can play a crucial role in be accepted explicitly at the outset to avoid appre-
hensions about subsequent audit investigations.
from e-commerce to the environment. At present, the default thinking is that India
should stay out of all plurilateral and coalitions working to find solutions to such
unlocking the potential for innovation in Indian companies After success, the price at which the product would
be purchased would have to be settled through nego-

T
new-age issues, but this should change. The Indian government should also develop he government and its agencies are large buy-
a clear strategy on how and why the dispute-settlement mechanism should be ers of a wide range of goods and services. For
revised and reformed, in spite of the United States’ failure to appoint judges. example, it is the sole buyer of defence equip-
In other words, the government should develop India-specific but forward- ment. Public sector undertakings procure inputs for
looking approaches to the issues that will be on the table at MC13. For example, their production processes and are all required to
when it comes to investment facilitation, it is meaningless to insist it conform to comply with a procurement system that has become
increasingly rigid and subject to strict process over-
the model bilateral investment treaty that India released in 2016, since that is
sight, including auditing and vigilance. Tenders
highly restrictive. India also insists that issues like gender and the environment have to be issued inviting bids for supply with precise
not be discussed at the WTO. But the fact is that they are now trade issues; they specifications. Prequalification criteria for bidders
have moved from being side elements to being a main component in most new are prescribed. The lowest bidder,
free-trade agreements. In any case, some countries are introducing unilateral or L1, has to be awarded the contract.
mechanisms that take labour and the environment into account. India cannot Retendering takes place if only one
and should not continue to maintain its rigid view on what counts as a trade bid is received.
issue and what does not. The global trade context has changed since the 1990s. This process, however, has an
In some cases, taking such issues on board will be better for Indian consumers inherent limitation, which needs to
and producers. Plurilaterals may be the way forward, at least for some time. It is be recognised and addressed. In
modern industrial society, innova-
better to be in one of these and participate in rule making than to stay outside
tive technologies and products are
and be forced to follow the rules set by others. continuously being created. Those
that provide better value to con-
The decision to formulate new and improved spec-
ifications is a significant one in itself, better not
attempted in the increasingly risk-averse organisa-
tional culture of public agencies.
Indian companies and startups may be having
the potential for innovation, or may even be on the
verge of one, for which the government and its agen-
cies are the potential customers. But they do not
have any market openings. Hence, the rational deci-
sion would be not to try and develop the idea and
create a successful product using
scarce resources. This results in a
huge loss of potential gains for both
the producer and government bod-
ies as consumers. We now have a
vibrant startup ecosystem and incu-
bation centres. These can innovate
to create new cost-effective and bet-
ter products. Global champions
could emerge on the back of suc-
cessful supply to government agen-
tiations. There is no alternative to accepting pro-
curement at a negotiated price and trusting the nego-
tiators. In case the technological challenge is solved
by a team from research institutions, then produc-
tion responsibility may need to be given to a manu-
facturing firm via a search-cum-selection process.
India has the benefit of successful work having been
done along these lines by the departments of atomic
energy, space and Defence Research and
Development Organisation. But it has shied away
from extending this to all its organisations. It is high
time that it was extended to cover all public pro-
curement to get the full benefit of the rapidly grow-
ing innovation capacities in the country and become
a major innovation hub.
A window should be opened for receiving unso-
licited innovation-based offers, considering them
on merits in a transparent manner and taking pur-
chase decisions on a negotiated price. This would
be in addition to the normal competitive procure-
ment process. Agencies may also identify specific

Next stage sumers succeed in the market. The AJAY SHANKAR

innovative firm has a monopoly ini-
tially. It takes time, sometimes years, before com-
Indigenous cryogenic engine lift-off for India’s space programme petitors enter the market with comparable products.
Our public procurement process has no space for
cies. However, these firms have to
succeed in domestic markets first
before trying to enter overseas markets.
A solution needs to be found, taking care of the
core principles of transparency and equal opportu-
needs for innovation, fund the effort, and, in case
of success, buy the successful solution at a price that
covers the cost and provides a reasonable margin.
The key is to accept that innovation in the initial
stage needs a negotiated price. Innovation would

T
he launch of the third-generation weather satellite Insat-3DS by the Indian the purchase of new innovative technologies and nity. One way to proceed would be for each organi- then start taking place across a broad canvas, ranging
Space Research Organisation (Isro) on Saturday was hailed as a big achieve- products from a single monopoly supplier. sation to have an open window for receiving unso- from waste management to recycling for a circular
ment. While the satellite enhances India’s weather-prediction abilities, Procurement on a negotiated basis is not permitted. licited offers from those who have developed a new economy to critical materials and chemistries for
the aerospace agency was thrilled with the trouble-free performance of The consequence is that the government and its product or process, with the proposal clearly bring- the new green and hydrogen economies. India may
the engine, the GSLV F14 rocket with a cryogenic third stage. India has struggled for agencies cannot buy anything on the technology ing out the novelty of what is being offered, its ben- well find itself on the global technology frontier
four decades to develop an indigenous cryogenic engine. This “mature” and “smart” frontier. We have to wait for years for competitors efits and the price. An Empowered Committee, much earlier than expected.
to emerge so that tenders can be issued, a few bids including experts from outside the organisation,
performance not only has huge positive implications for India’s aerospace ambitions
are received, and a purchase decision can be taken. may examine all such offers every six months. In The writer is former secretary, DIPP, Government of India
but could potentially also give a new dimension to military capabilities.
Cryogenic engines use mixes of liquefied gases (usually hydrogen and oxygen),
which deliver greater thrust to weight. These rockets can, therefore, carry greater

Elon Musk and CEO salaries in India

payload at higher speeds. Liquid hydrogen and oxygen are stored separately at
very low temperatures and combust explosively when brought together. Managing
temperature differences and ensuring there is no hot “blowback” into storage
tanks, etc, is tricky. Solving these technical issues requires great design and a

L
solid grasp of material sciences. There’s a short list of six nations, including India, ast month, the Delaware Court of Chancery
struck down Elon Musk’s gravity-defying
which are known to possess this capability. India started with engines from Russia.
$55.8 billion pay-package at Tesla, approved
However, this is dual technology, since it has obvious military implications. Given by shareholders in 2018. At $55.8 billion maximum
Pokhran-II and India’s missile programme run by the Defence Research and value and $2.6 billion fair value, the compensation
Development Organisation (DRDO), the US has persistently tried to block R&D in was almost entirely through stock grants. The plan
this area. The Russians did not transfer technology, though they have provided was “250 times larger than the contemporaneous
six engines over the years. Isro had to reverse-engineer everything and developed median peer compensation, 33 times larger than
new processes. There were four failures, and two part-failures in the first 15 launch- the plan’s closest comparison, which was Mr Musk’s
es. After this 16th launch, the technology is believed to have stabilised, and the previous compensation plan.” In 2022, it was esti-
engine, nicknamed “Naughty Boy” within Isro, is now being called “Smart Boy”. mated to be around six times larger
than the combined pay of the 200
This engine can push over 6,000 kg into Low Earth Orbit and over a third of that
highest-paid executives in 2021.
into higher geostationary orbits (the Insat-3DS weighs about 2,275 kg). It would
The judge, Chancellor Kathaleen
considerably ease the complexities of future missions to the Moon or Mars, or McCormick, found the process for
setting up a space station, or putting Gaganauts into orbit. securing the approval deeply
There are immediate commercial implications, since it can put larger loads flawed. Her numerous observations
into higher orbits, making India a more significant player in the global satellite in the post-trial opinion resonate
business. Apart from Isro, private-sector startups are also trying to develop cryo- with those in our market. These
genic engines and experimenting with different designs. The Insat-3DS offers include Mr Musk’s relationship with
enhanced coverage of oceans along with two earlier Insats. The next mission is the independent directors; his 21.9
per cent equity ownership in the
launching the NISAR (Nasa-Isro Synthetic Aperture Radar) satellite, a collaboration
between Isro and Nasa, and the most prestigious mission entrusted to the GSLVF14.
company at the time the board THE OCCASIONAL
The military implications are more nebulous. Isro does not do military appli-
approved his compensation plan,
and what this implies; Mr Musk
ASIDE
cations, but it would share technology with DRDO and the private sector after being a superstar CEO; and Mr AMIT TANDON
the Aerospace Act. Also, since fabrication is tendered out, India’s aerospace com- Musk’s trifecta of roles — CEO,
plex has now developed material science capabilities, which can be harnessed chair, and founder.
to many applications. The capacity to put more and larger payloads into space A question repeatedly asked in the order is the
translates into more robust communications, including military communications. need for a generous compensation to incentivise Mr
This would help boost satellite broadband. Musk to remain and grow the business. Mr Musk’s
Cryogenic engines take substantial time to fuel up, so this does not necessarily 21.9 per cent ownership of the business was consid-
ered incentive enough for him to remain and do
translate into missiles, which should ideally be ready for instant launch. Modern
what is right by Tesla.
ballistic missiles with intercontinental ranges generally use semi-cryogenic Compensation committees in India often miss
engines — often fuelled by a mix of kerosene and liquid oxygen (Agni is solid- this point. True, as owner-managers many promot-
fuelled). Isro is researching this, and so are some private outfits. A grasp of cryo- ers drive the businesses, but their wealth is tied-up
genic technologies will also make semi-cryogenic R&D easier. To sum up, stable to their companies doing well, so over-the-top com-
cryogenic engines are good news, with some immediate payoffs and many poten- pensation is unwarranted. More on this later.
tial long-term applications. During the time leading up to the award, Tesla had
a nine-member board, including Elon Musk and his
brother, Kimbal. The other seven were Ira Ehrenpreis,
Brad Buss, Robyn Denholm, Antonio J Gracias, Steve
Jurvetson, James Murdoch, and Linda Johnson Rice.
The first four were members of the compensation
committee, responsible for negotiating Mr Musk’s
compensation plan, with Mr Ehrenpreis as its chair.
The opinion cites various grounds questioning the
independence of the compensation committee. Mr
Ehrenpreis netted over $200 million, by exercising
less than a quarter of his options, and is known to have
said that being a Tesla director “has
been a real benefit in fundraising.”
Nearly 44 per cent of Mr Buss’ net
worth was accounted for by Musk
“controlled” entities. Ms Denholm
described her financial benefits from
Tesla as being “life changing”. Mr
Gracia has amassed “dynastic or gen-
erational wealth” from investing in
Mr Musk’s businesses for years.
Personal ties to the other indepen-
dents are also brought out. This close-
ness and Mr Musk’s control of the pro-
cess was an important reason the
order cited for there being no mean-
ingful negotiations over the size and
terms of the grant to Mr Musk.
The good thing in our markets is
that neither promoters nor independent directors are
eligible to receive stock options/grants. This eliminates
a very material conflict from the equation. And while
we do have independence defined, it is unclear
whether many are independent for ticking the box.
Mr Musk’s compensation was approved by the
shareholders. Here the order highlights that his 21.8
per cent ownership tilted the scale in his favour. In
India too, promoters vote on their compensation.
If a promoter owns 30 per cent of the equity
shares, they need two out of the seven shares voting
in favour for the resolution to be approved, and
five of seven for it to be defeated. And for each per-
centage of abstain votes, the scale moves markedly
in the promoter’s favour.
An assessment of 201 remuneration resolutions
for promoters presented in 2022 by IiAS reveals
that 68 (34 per cent) of these would have been
defeated if promoters were not allowed to vote.
This is why, at IiAS (disclosure: It’s where I work),
we advocate for the majority of minority votes for
promoter compensation.
Although there is no rule-based definition of a
superstar CEO, we know that they exist and that their
presence shifts “the balance of power between the
management, the board, and the stockholders,” who
“doubt their own judgement and hesitate to question
the decisions of their superstar CEO.” And that this “is
true for all corporate decisions, but the risk becomes
more acute for issues where the superstar CEO’s inter-
ests are directly concerned. Nowhere is that truer than
the superstar CEO’s compensation.” Having a promoter
sit in the room will be no different.
Our market continues to experience such excess-
es in many newly-listed startups and a few older
ones. As long as the stakeholders benefit from the
presence of big-name CEOs, we should not expect
any pushback. But the presence of tall leaders is
enough to block the sunlight, leading to comman-
deering power and entrenchment. Currently, it
appears that only regulators can slay superstar CEOs.
In our markets, remuneration levels of promoters
and executive directors have been a cause of concern
as remuneration has exceeded revenue and profit
growth. This disquiet can be assuaged by using the
right benchmarks and having a tight process to
determine the appropriate compensation levels.
Disclosing these yardsticks and moving the resolu-
tions to majority of minority will give the sharehold-
ers the comfort they need, as will maintaining vigi-
lant control over salary level.
The writer is with Institutional Investor Advisory Services
India Limited. The views are personal. X: @AmitTandon_in

An anatomy of financial sector reform banks, non-bank finance companies
(NBFCs), commercial banks and the
thematic issue of non-performing
assets. He touches on some related
sectors — mutual funds and insurance
— but does not delve deep into them.
Nevertheless, the book is interestingly
BOOK REVIEW organised and well-written and gives us
the story of reform objectively.
M S SRIRAM The book uses the Budget speech of
1991 and the announcement of reforms as
scams resulted in introspection about
systemic structures and their relevance.
This is the insight we get from the book,
even though Mr Singhal does not
explicitly say so.
There are two documents on which the
road map for reform was laid out in India.
The first was the Narasimham Committee
that talked about the financial sector and
the second was the leaked “M Document”,
purportedly written by Montek Singh
reform has been unidirectional and has
not generally slipped back. There is
reluctance to disinvest and privatise state-
owned enterprises, but at the same time
there is privatisation of the markets by
opening up the space for new players.
We certainly
need to ask the
question on
whether this reform
was actually reform
was different — the Securities and
Exchange Board of India, setting up the
National Stock Exchange, and
depositories being examples.
Look at the reform of the banking
sector. The reform has occurred largely
in private sector banking by opening up
the space for new licences. Public sector
banks continue under the vice-like grip
of the state — even
SLIP, STITCH AND as they are listed.
STUMBLE: The Untold Neither has the
Story of India’s basic first step of
Financial Sector repealing the Bank
Reforms
our international commitments to Basel
norms and anti-money laundering
treaties. But fundamental changes in the
governance and management of state-
owned banks are yet to occur. It’s a
similar case with the insurance sector.
While privatisation by stealth did not
take place, with narrow banks such as
the regional rural banks, the state simply
resorted to wielding the sledgehammer
of compulsory consolidation!
Mr Singhal’s writing brings these
issues out in the open. He covers each
one of the major scandals and looks at

W
hen one sees the word
“untold” in the title, one
would think that this would be
some sort of a scoop if it is sensational,
or a serious piece of research from clas-
sified and archival papers if it is sober.
To that extent, the book overpromises
and under-delivers. It is a retold story of
India’s financial sector reforms.
Rajrishi Singhal is meticulous and
organised in his approach to the
chronicle. Where there are all-
encompassing chapters that set the tone
and the direction of how the financial
sector is moving, there are also chapters
that look at specific and significant
sectors — equity markets, co-operative
the pivot point that fundamentally
changed the tone of financial sector
reforms. Yes, it changed both the tone and
the pace of financial sector reforms as a
trigger point, but it did not dictate the
pace of the reforms. The pace of the
reforms was dictated largely by scams
and scandals rather than the urgency and
need for reform. The difference between
before and after 1991 was that in the pre-
liberalisation era, when scams occurred
— the Nagarwala, Dalmia and the
Mundhra scandals — they did not result
in any significant systemic change. They
were seen as episodic events that needed
to be dealt with as a law and order
problem, whereas most of the post-1991
Ahluwalia, which laid out the road map for
overall economic reform (there is a third,
the Second Narasimham Committee
report, which is not discussed in detail).
More than three decades after the two
documents were framed, we still find parts
of them relevant because many of the
issues they suggested have not been acted
on. To that extent, Mr Singhal’s title Slip,
Stitch and Stumble is justified — that our
reform process has been a series of
responses to one crisis or the other.
While it is possible to argue that the
pace of the reform was not fast enough,
given that we are still grappling with
clauses laid out in the 1990s, it is also
necessary to agree that the direction of
at all or an
evolutionary
process of the
Indian financial
sector to the
changing
ecosystem. Was it
premeditated or
involuntary? It appears that wherever
the state was actively involved, the
reform process has followed the dual
approach of holding on to the state-
owned enterprises on an ex-ante basis,
while making the larger ecosystem
market-facing — what we could call
reform by stealth. When the state was in
regulatory mode, the reform process
Nationalisation the impact that they have had on
Author: Act and registering systemic reform — from the US-64, to
Rajrishi Singhal state-owned banks Harshad Mehta to Ketan Parekh. It is
Publisher: Penguin as companies refreshing to see an entire chapter
Business under the devoted to cooperative banks, a topic
Pages: 304 Companies Act that is not discussed much, and on how
Price: ~699 been done, nor NBFC reforms were triggered by
have these the CRB Scam.
institutions been brought under the This is a welcome book largely for
same regulatory powers of the Reserve how it is organised and the questions it
Bank of India. While the RBI can take raises. I would, however, be cautious in
precipitative action such as removing endorsing its claim to untold facts and a
the CEO and superseding the board in fundamentally new interpretation of the
the case of a private bank, that is not the reform process.
case with state-owned banks.
In one sense, the changes in the The reviewer is faculty member, Centre for Public
banking sector are largely aligned with Policy, IIM, Bangalore. mssriram@pm.me
 QUICK TAKE: CHALLENGES AHEAD FOR JK LAKSHMI CEMENT
The Smart
“Concentration in the stock market has got to
levels where one company’s earnings can

Investor
(Share price in ~) The stock of JK Lakshmi Cement is up 10 per cent have a big macro effect. It’s gone
beyond being just a portfolio
over the last month. BoB Capital Markets has construction issue; it’s a
maintained a ‘sell’ rating on the stock. We believe macro challenge which
NEW DELHI | persistent balance sheet pressure, high leverage, you can’t get away from”
THURSDAY, 22 FEBRUARY 2024 and growing competition in the eastern region
will remain key challenges, says the brokerage JUSTIN ONUEKWUSI
Chief Investment Officer, St James’s Place

Plot thickens in Zee fund diversion case In a first, AIF

STOCK FALLS 14% ON THE BACK OF SEBI FINAL ORDER commitments
EXPECTED BY MID-APRIL MFs pare Zee holdings
SPECULATION ON AMOUNT DIVERTED
KHUSHBOO TIWARI around ~2,000 crore. The reports dashed
after Sony merger fallout top ~10 trillion
Mumbai, 21 February the hopes of investors who had lapped up Shares held by active MF schemes dip 40% to touch 173 mn KHUSHBOO TIWARI gained significant traction.
Zee’s shares in an earlier session on reports Mumbai, 21 February The AIF industry has also

T
he mystery surrounding the
alleged fund diversion from Zee
Entertainment Enterprises (Zee) by
founders Subhash Chandra and Punit
Goenka has thickened with speculations
of an amount multiple times higher than
that cited by the ex-parte interim order
passed by the Securities and Exchange
Board of India (Sebi) dated June 12, 2023.
While Zee shares witnessed a fresh sell-
off on Wednesday, news reports of
accounting fraud left investors guessing
about the hole in the media broadcaster’s
books. An order by the Securities Appellate
Tribunal (SAT) in October 2023 had clearly
hinted that Sebi’s investigation had found
a deeper rout.
The order quotes a submission made
by the Sebi counsel, “…there are a large
number of transactions running into
~2,000 crore involving companies owned,
controlled, or otherwise related to promot-
ers.” The counsel had further argued to the
tribunal that additional letters of comfort
(LoCs) issued by Goenka and his father
had come into existence, including one to
the tune of ~4,210 crore issued by Chandra
in his capacity as chairman of Essel Group.
Shares of Zee tanked 14 per cent even
as the media broadcaster termed the
“rumours pertaining to accounting issues
in the company are incorrect, baseless, and
false”. Shares of Zee last closed at ~164.5,
recording an erosion of ~2,700 crore in
market capitalisation. The stock is now
down 40 per cent this year and has lost
~10,580 crore in market value.
Sebi’s interim order was triggered by
an LoC of ~200 crore for appropriating a
fixed deposit with YES Bank. Sources said
that Sebi has now investigated several
other LoCs issued by the father-son duo.
Sources said Sebi is currently investi-
gating the Zee matter and is expected to
pass a final order by mid-April.
that Zee and Sony were making a last-ditch Fund house Shares Current value** undergone a slew of regulatory
effort to salvage the $10 billion merger. held* (~ crore) The investment commit- changes in the last year, with
“In this regard, the company is not HDFC 54.4 901 ments received by Alternative dematerialisation for funds
aware of any order wherein Sebi has ICICI Pru 44.8 742 Investment Funds (AIFs) above the threshold, a revamp
recorded any finding and therefore it has Nippon India 25.0 have crossed ~10 trillion for in the fee structure, bench-
414
been falsely reported,” said Zee in the the first time, amid a rising marking, and valuation
exchange filing.
ABSL 20.3 336 demand from rich investors norms, among others.
Kotak 14.9 247
LEGAL WOES IN 2023 Sebi had issued an ex-parte interim
order in June 2023. In a confirmatory order Tata 3.0 50
eyeing to generate However, experts
higher returns than Experts believe believe that the
April: Sebi order alleges fraudulent issued in August 2023, the regulator had DSP 2.6 43 conventional the recent recent restriction
practices in Shirpur Gold Refinery, an said that it would take up to eight months Franklin Templeton 2.1 investment restriction imposed by the
to finish the probe. In the confirmatory
35 vehicles. imposed by Reserve Bank of
Essel Group firm UTI 2.0
order, Sebi noted that an internal exami- 34 As of December the RBI on India (RBI) on
June: Interim order by Sebi alleges nation of related party transactions carried Bandhan 1.5 25 2023, the investment investments investments from
fund diversion by Subhash Chandra, out by Grant Thornton India had a mini- *Shares held by active schemes as of January 31; **At Wednesday's closing commitments stood from banks banks and non-
Punit Goenka in Zee mum value of ~23 crore, which left out the Arbitrage and equity savings schemes not considered Source: PRIME Database
at ~10.84 trillion, up and NBFCs may banking financial
July: SAT directs Sebi to grant personal majority of the transactions. These trans- 13.6 per cent quarter slow down companies (NBFCs)
hearing, issues order within two weeks actions are under examination. Mutual funds (MFs) pared latest MF portfolios, HDFC, on quarter (Q-o-Q) the pace of may slow down the
In October last year, SAT gave relief to their holdings in Zee ICICI Prudential and Nippon and over 40 per cent inflows in AIFs pace of inflows in
of hearing
Zee chief Goenka from the Sebi order bar- Entertainment by 40 per cent had the highest exposure to on a year on year (Y- AIFs.
August: Sebi chairperson issues ring him from holding key positions in in January after the planned Zee Entertainment among o-Y) basis. The RBI had directed ba-
confirmatory order, asks to complete four group firms. $10 billion merger with the fund houses, shows data According to the data pro- nks and NBFCs to either liq-
investigations within eight months “The company has been in the process Sony Group Corp got called from Prime Database. Nippon vided by the Securities and uidate or make provisions for
of providing all the comments, informa- off. At the end of January, 67 MF had sold half of its holding Exchange Board of India their investments in AIFs with
October: Sebi submission to SAT: tion, or explanation requested by Sebi and active MF schemes were in January. During the three- (Sebi), AIFs have raised around debtor links — for funds with
probe for diversion of over ~2,000 has extended complete cooperation on all holding 173 million month period ended ~4.3 trillion, of which ~3.1 tril- such companies in their port-
crore, letters of comfort of ~4,210 aspects,” Zee further said in its filing. shares, valued at nearly December 2023 shareholding lion has been in Category II, folio to which they had
crore issued by Chandra, SAT grants The Zee executive was given a personal ~3,000 crore. At the end of data, the MF holding in the which comprises funds that already lent. The decision was
interim relief to Goenka hearing before the market regulator before December 2023, 102 schemes broadcaster rose by 2.4 dabble in debt and equity. AIFs taken to prevent the ever-
the directions in the confirmatory order were holding 243 million percentage points (ppts) to are pooled investment pro- greening of loans.
TAKING STOCK were firmed up. shares. 32.5 per cent and retail ducts for high-net-worth indi- Markets regulator Sebi also
274.65 Change The promoters of Zee have less than a The stock went into a free shareholding rose 1.38 ppts to viduals with a minimum ticket proposed a slew of changes for
300
-40.11% 4 per cent stake in the company while 96 fall, declining 37 per cent in 12.41 per cent. size of ~1 crore. the AIF industry, including
250 per cent of it is publicly owned. January, after about a dozen Meanwhile, foreign Following the change in allowing pledges in the infras-
164.50 According to the allegations, funds brokerages reduced their portfolio investors (FPIs) cut taxation of debt mutual funds tructure assets and ‘exclusion’
200 diverted from Zee and associate entities ratings on Zee and derated their stake in Zee and market-linked debentures for certain investors by man-
150 benefited the promoter family. the stock. Shares of Zee are Entertainment Enterprises by in the Budget 2024, AIFs that agers if it leads to a circumven-
(Share price in ~) The planned merger with Sony’s India down nearly 5 per cent so far over 6 ppts to 28.2 per cent invest in private credit have tion of regulation.
100 unit was also shrouded with uncertainty this month. Mahindra during the three-month
Dec 29,’23 Feb 21,’24 following Sebi’s action against the Manulife, PPFAS and ITI, period. The churn seen in
founders.
There were also differences between
which had small holdings in
Zee as of December, exited
January will reflect in the
March quarter shareholding
UPWARD MARCH
News reports in Bloomberg and Reuters the two media behemoths on whether the stock completely in data, which will be released n Category-I n Category-II n Category-III (~ trillion)
citing sources said during its investigation Goenka should be at the helm of the oper- January. According to the in April. ABHISHEK KUMAR
Sebi has found fund diversion at Zee at ations of the merged entity. Commitments 0.73 8.83 1.28 10.84

0.39 0.82

Indices snap six-day winning streak
Equity benchmark indices Sensex and
Nifty broke their six-day winning run on
Wednesday and settled with a steep fall
amid fag-end selling triggered by a rush
for profit booking and mixed global cues.
The 30-share benchmark
Sensex stayed mostly firm dur-
ing intra-day but settled 434.31
points or 0.59 per cent lower at
72,623.09 points. It touched the
intra-day low of 72,450.56, down
0.83 per cent from the previous
closing level of 73,057.40 points.
Similarly, the broader Nifty also paired all
its intraday gains before closing 141.90
points or 0.64 per cent down at 22,055.05
points. The 50-share barometer had hit a
lifetime peak of 22,196.95 points on
Tuesday and remained mostly in the
upward trajectory on Wednesday.
In the Sensex pack, 20 stocks ended
in the red while 37 of the Nifty con-
stituents closed the session with
losses.
NTPC was the biggest loser
among the Sensex constituents,
ending with a loss of 2.71 per cent. It
was followed by PowerGrid, Wipro,
HCLTech, L&T and Tech Mahindra.
In contrast, Tata Steel, SBI, JSW Steel
SAT to hear Chandra’s plea today Funds raised
3.08
0.43
4.29
0.88
The Securities Appellate Tribunal Investments
and IndusInd Bank closed in the positive (SAT) will on Thursday hear an made 2.68 3.99
territory. Tata Steel gained 1.99 per cent appeal filed by Subhash Chandra As of December 2023 Source: Sebi
and SBI ended 1.51 per cent higher. (pictured), chairman of Essel
Vinod Nair, Head of Research at Geojit group, against an order passed by
Financial Services, said the Indian market the market regulator in the alleged SURGING COMMITMENTS
is facing stiff resistance at higher levels fund diversion matter in Zee (~ trillion)
and the valuation of a broader index is at Entertainment. In the same order,
7.51 10.84
a significant premium, leading to an unfa- issued in August 2023, Chandra’s
vourable risk reward, which influences son Punit Goenka was granted
6.09
investors to book profits. relief by the tribunal. SAT had set 4.41
3.47
“Global markets treaded cautiously aside Securities and Exchange
awaiting the US Federal Reserve (meet- Board of India (Sebi)’s order barring him from holding key
ing) minutes while Chinese markets were managerial positions in four group firms. Sebi is currently
buoyed by policy interventions,” he investigating the alleged fund diversion in Zee. Dec ‘19 Dec ‘20 Dec ‘21 Dec ‘22 Dec ‘23
noted. PTI KHUSHBOO TIWARI

N IN BRIEFN
MF additions at 2-yr high Chhaochharia appointed Motilal Oswal gets ~1,250 cr Day 1: Juniper Hotels IPO subscribed 11%
in Jan, tally hits 1 million UBS’ global markets head for sixth real estate fund The initial share sale of Juniper Hotels, which runs hotels under
ABHISHEK KUMAR take the total assets under Gautam Chhaochharia has been appointed Motilal Oswal Alternates, the alternative the 'Hyatt' brand, received an 11 per cent subscription on the
Mumbai, 21 February management (AUM) past the ~100 UBS' head of global markets in India. In this investments arm of Motilal Oswal Financial first day of offer on Wednesday. The category for Retail
trillion mark. new role, Chhaochharia will head the Services, has announced the first close of Individual Investors (RIIs) got subscribed 52 per cent while the
The mutual fund (MF) industry saw a According to MF executives, the expansion of UBS Global Market's presence in India Realty Excellence Fund VI (IREF VI). The quota for non-institutional investors received 6 per cent
sharp jump in new investor additions investor addition is gaining pace pri- the Indian market. Earlier, he was the deputy fund, launched with a target corpus of subscription, according to NSE data. On Tuesday, Juniper Hotels
in January as the bull run extended marily due to the growing reach of head of APAC Research based in Hong Kong. ~2,000 crore has received commitments said it has garnered ~810 crore from anchor investors.The initial
and fund houses put extra efforts into online investment platforms and the Chhaochharia began his stint at UBS as an worth ~1,250 crore, the company said in public offering (IPO) is entirely a fresh issue of equity shares worth ~1,800 crore and
attracting investors through a slew of growing awareness among investors. analyst covering midcaps and became the a release. the price band is ~342-360 apiece. Funds to the tune of ~1,500 crore will be utilised
launches. MFs added nearly 1 million “A lot of new investors are coming head of research in 2013. Before joining UBS, Motilal Oswal Alternates already manages for repayment of debt availed by the company and subsidiaries — Chartered Hotels
unique investors in January 2024, 50 through fintechs. Data shows that 40 Chhaochharia worked as a portfolio manager five other real estate funds. Till date, it has Pvt Ltd and Chartered Hampi Hotels Pvt Ltd.
per cent higher than in December 2023. per cent of the SIPs are being registered in Singapore. Chhaochharia is a trained made 150 investments worth ~7,500 crore and Besides, a portion of the proceeds will be used for general corporate purposes.
The last time MFs added one mil- in direct plans. Many of them are first- chartered accountant with an MBA from has exited 85, generating an internal rate of The hospitality firm had a portfolio of seven hotels and serviced apartments and
lion investors was in February 2022. time investors. This trend is also being Indian Institute of Management, Calcutta. return of over 20 per cent, the release further operated 1,836 keys across the luxury, upper upscale, and upscale category of hotels
“Systematic invest- aided by the changing BS REPORTER said. BS REPORTER across India as of September 2023. PTI
ment plans (SIPs) have preferences with inves-
become the go-to invest- tors now looking to
ment avenue for Indians invest rather than save,"
in the capital markets. said B Gop Kumar, man- THE COMPASS
This consistent monthly aging director and chief
growth serves as a com- executive officer of Axis
pelling narrative. Sec-
ond, while SIPs continue GROWING BASE
to gain momentum, Investors swell
Mutual Fund.
Even as the investor
addition has picked up,
Novelis IPO: A potential booster for Hindalco
unfortunately, new fund (million) 3 the tally is still far off
offerings (NFOs) remain from the potential cus- DEVANGSHU DATTA behind schedule. Base=100 cent to PBIT in 9MFY24. But the IPO may be
2.3 140
as a primary avenue for 2 tomer base. At 43 mil- If the cash received from the While earnings have grown sentimentally positive and it
attracting new investors. lion, the MF customer Base metals major Hindalco’s IPO is routed to this, it could faster than the rest of the group, could boost returns if the
January saw a plethora 1.0 base is only around half overseas subsidiary, Novelis, has boost returns. However, 130 the Return on Assets is slightly proceeds are meaningfully
of NFOs,” said Swarup 1 of the total income tax submitted a draft registration Hindalco has a strong balance lower over the last 7 years. deployed. Investors will need to
Sensex 120
Mohanty, vice-chairman return (ITR) filings at 82 with the US Securities and sheet with about ~3,400 crore Based on these details, we monitor for key details — an
and chief executive 0 million. Exchange Commission (SEC) for in cash and cash equivalent and can derive an implied market IPO valuation that exceeds the
officer of Mirae Asset Dec ‘21 Jan ‘24 The jump in investor the proposed public offering of it did not have issues funding 110 cap of $9.6 billion or about $10 billion mark could be
Source: Amfi
Investment Managers addition was also visible promoters’ shares. the enhanced capex. ~361 per share at Hindalco’s bullish, for example. Hindalco’s
(India). in SIP registrations. In Novelis' sole shareholder, So, it’s possible the proceeds 100 current price. shares saw a boost in opening
MFs launched 17 schemes in Jan- January, investors started over 5 mil- AV Minerals (Netherlands) NV, is could be held for possible This is close to an estimate trades, jumping to ~535 before
uary. Together, they collected ~6,430 lion new SIP accounts compared to 4 a 100 per cent subsidiary of acquisitions. 90 of $9.7 billion, which was retracing to near the prior
crore. In December last year, the million in December 2023. The SIP Hindalco. Novelis would not At the end of Q3FY24, Novelis Hindalco Inds calculated in March 2023 session’s level of ~512. Leading
launches stood at 14. There is a spike inflows had also surged by more than receive any proceeds from the had a net debt of $4.6 billion. 80 by an analyst. indices though were down by
Jan 31,‘23 Feb 21,’24
in investor additions during periods ~1,000 crore month-on-month to sale. Assuming SEC clearance With its ongoing capex, net In May 2007, Hindalco 0.6 per cent on Wednesday.
of higher launches, especially by ~18,800 crore. could go through in about debt may rise to $5 billion by Source: Exchange bought Novelis for $6 billion and According to Bloomberg, two
larger fund houses in the equity cate- According to industry officials, the 6 months. It is not stated how FY26-end. Compiled by BS Research Bureau in 2020 Novelis bought Aleris for analysts have ratings on
gory, as the promotion and marketing higher investor interest in MFs in much of a stake is to be put on Hindalco’s consolidated net $2.8 billion. Hindalco since Tuesday — one
activities go up. At the end of January, January was also boosted by the mar- the block. debt was ~34,840 crore at Novelis accounted for 62 per Given the timeline and the has a hold with a one-year target
the total investor count stood at 43 mil- ket volatility. The BSE Sensex and the The monetisation proceeds Q3FY24-end. Hindalco revised cent of Hindalco’s consolidated uncertain details of the IPO, it’s price of ~508, and the other a buy
lion, according to data from the Nifty ended flat in January after hitting could be used to fund ongoing the return expectations from Bay assets and 66 per cent of all its hard to provide a concrete case with a target price of ~600.
Association of Mutual Funds in India fresh record highs during the first half capex for Novelis’ Bay Minette Minette to lower double-digits liabilities in 9MFY24. for the rerating of valuations. Before that, 13 of 16 analysts
(Amfi). The total number of unique of the previous month. facility. compared to the mid-teens Novelis' contribution to Peer analysis of similar listed polled in February had been
investors is mapped by the total The Nifty posted gains of over 0.75 The company recently stated projected earlier due to the delay Hindalco consolidated revenues businesses in value-added bullish on the stock. Their
Permanent Account Number (PAN) per cent during nine of the 21 sessions that costs for the expansion and higher costs. A vast majority was 63 per cent in 9MFY24 and aluminum products also doesn’t average target price is ~579,
registrations. last month. Equity MF schemes had escalated by 65 per cent to $4.1 of the capex is expected to be 65 per cent in FY23, and its provide a big case for valuation indicating a potential upside
The industry has set a target of 10 garnered the highest-ever gross inflows billion and work was a year incurred in FY25 and FY26. contribution of around 56 per upgrades. of 13 per cent.
million investors by 2030 as it looks to at ~50,800 crore in January.
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024
IT stocks on road to revival,
may be dark horse this year
Any rate cuts may lead to higher deal wins for sector players
HARSHITA SINGH
New Delhi, 21 February
I
nformation technology (IT) com-
panies have been on the road to revival
in the past one year. From being the
worst-hit sector in 2022 with a loss of 26
per cent, the Nifty IT index closed 2023
with gains of 24 per cent.
So far in 2024, the index is up around
7 per cent against the nearly flat Nifty 50
benchmark index. The IT index has been
on a continuous decline in the last three
sessions. This comes after surprisingly
hotter-than-expected inflation in the US
last week pushed back bets of imminent
rate cuts by the US Federal Reserve (Fed).
Most global traders now expect the
first Fed rate cut to be announced in June
against earlier bets of March.
Analysts, however, believe that at cur-
rent valuations, there is still steam left in
IT stocks before rate cuts play out this
year. The pocket, thus, can emerge as the
dark horse by 2024-end, they say.
“Rate cuts will be positive for IT com-
panies as improved spending by corpo-
rates will lead to higher deal wins and
especially lift the largest revenue-accruing
banking, financial services and insurance
(BFSI) vertical. Demand for new tech like
artificial intelligence (AI), Cloud and auto-
mation along with transformation deals
will also aid growth. Valuations are neither
extremely attractive nor overstretched.
They are at mid levels, so one can invest
in a staggered manner at the current
levels,” said Nirvi Ashar, research analyst
at Religare Broking.
During the December quarter, IT
earnings beat low expectations of the
Street with companies covered by Motilal
Oswal Financial Services (MOFSL) deliv-
ering a median quarterly revenue growth
of 1 per cent in constant currency.
As weakness persisted in key verti-
cals, companies slightly narrowed their
revenue guidance but spoke of green
shoots in discretionary spending. Some
pockets like consulting in Wipro, were
the silver linings, according to analysts.
“Expectation of Fed rate cuts could
boost client budgets ahead, even as this
seems difficult at present. This has led
us to build in annual revenue increases
THE SMART INVESTOR 11
KYC compliance: Onerous
but critical for your safety
Update documents regularly to fulfil KYC demands seamlessly
SANJAY KUMAR SINGH
The Reserve Bank of India’s (RBI’s)
KYC’S ROLE IN FIGHTING CRIME
recent clampdown on Paytm Payments n KYC is crucial for fighting crime, customers act as the ‘forest’; criminals
Bank has put KYC (Know Your including terrorism and human are ‘trees’ that attempt to blend in
Customer) procedures in the spotlight. trafficking, by tracking financial unnoticed; KYC helps identify them
If you find these procedures time-con- transactions n KYC is also mandated by an
suming and repetitive, and are irritated
n To combat crime, following the international convention to which
by demands from various financial insti-
tutions to complete these procedures
money trail is important; KYC enables India is a signatory; to meet these
repeatedly, this explainer will help you
financial institutions to know their international obligations, the country
realise why it is better to fulfil these
customers, and identify suspicious has enacted the Prevention of Money
compliance requirements on time.
transactions and flows Laundering Act (PMLA); KYC is critical
n In the vast financial system, legitimate for enforcing PMLA regulations
Why are multiple KYCs needed?
The biggest pain point of customers vis-
a-vis KYC is the non-fungibility of KYC KYC requirements also vary across on a customer’s risk level.
data within and across sectors, necessi- sectors. “Organisations have different Intermediaries assign a risk factor to
HOT PICKS tating repeated KYCs at various financial
institutions.
compliance requirements and risk
assessments, which can make a one-
each client. “Clients deemed higher-risk
are required to update their KYC more
(As on Feb 21) Price (~) YTD change (%) KYC procedures operate more seam- size-fits-all approach challenging,” says frequently,” says Roongta.
Persistent Systems 8,519.9 15.3 lessly in the capital markets. “Once KYC Vaibhav Kaushik, research analyst at
is completed with one KRA (KYC GCL Broking. A centralised KYC repos- Go for mini or full KYC?
HCLTech 1,636.3 11.6 Registration Agency), it is accessible and itory also poses heightened data privacy Mini KYC, often used for low-risk
Wipro 521.4 10.6 valid across the securities market, be it concerns. accounts or wallets with limited func-
a broker, depository participant, invest- tionality, requires minimal identifica-
Infosys 1,655.6 7.3 ment advisor, or any other Why ask for repeated KYCs? tion details from the customer and is
TCS 3,991.5 5.7 entity under the Securities and Undergoing KYC at regular typically verified through less stringent
Coforge 6,546 4.3 Exchange Board of India’s intervals is a regulatory methods. “This allows for quick
(Sebi) jurisdiction,” says Harsh requirement. “It is designed to onboarding, making it suitable for those
Tech Mahindra 1,296.6 1.9 Roongta, head of Fee-Only combat financial fraud, money engaging in transactions that fall below
L&T Technology Services 5,276.6 0.4 Investment Advisors, a Sebi- laundering, and terrorism a certain monetary threshold,” says
Nifty IT 37,405.9 5.3 Registered Investment Advisor financing,” says Suman Banerjee. However, mini KYC accounts
(RIA). He adds that besides col- Banerjee, chief investment face restrictions such as lower transac-
1.5
Nifty 50
Source: Bloomberg, NSE
22,055.1
Compiled by BS Research Bureau
lecting data, KRAs verify it,
ensuring its reliability.
YOUR officer, Hedonova, a hedge
fund focused on alternative
tion limits and access to a limited range
of services. Full KYC involves a compre-
However, separate KYC MONEY assets. hensive verification process, including
procedures are still needed for Periodic KYCs serve as a the submission of government-issued
of 7 per cent and 10 per cent for IT large- sub-contracting/staff cuts. This could each organisation in sectors like bank- safeguard against identity theft (unau- ID proofs and possibly in-person verifi-
caps, and 14 per cent and 16 per cent for come back to bite as growth recovers in ing, insurance, and others. thorised individuals taking over your cation. But it ensures access to the full
midcaps in FY25 and FY26, respectively,” FY25 and utilisation leverage plays out A key reason is that CKYC (centra- account). Regular KYC updates, accord- range of services. “While full KYC
wrote Devang Bhatt, research analyst at by Q4 itself,” wrote analysts at Ambit lised KYC), handled by the Central ing to Banerjee, help in identifying ensures higher security and complies
IDBI Capital, in a review report. Capital in a recent note. Registry of Securitisation Asset unusual or suspicious transactions that with regulatory standards for financial
Those at MOFSL also expect the IT They expect modest growth improve- Reconstruction and Security Interest of deviate from a customer's usual pattern transactions, it requires more effort
sector to drive incremental earnings for ment for the IT sector in FY25 but a India (CERSAI), is still a work in pro- of behaviour. Moreover, as regulatory from the customer,” says Banerjee.
FY25, after banks and metals. decline in Tier-1 margins. This is contrary gress. The quality of CKYC data is a con- frameworks become more stringent,
“Technology sector will be among the to Street hopes of an expansion. cern. “Concerns regarding the quality periodic reviews become crucial. Stay compliant
key earnings drivers with 15 per cent on- “Prefer turnaround plays like Tech M, of data and other issues compelled the Customers’ circumstances change Customers sometimes struggle to fulfil
year earnings growth in FY25,” they said. Cognizant or those with better segmental RBI to treat customers onboarded periodically, requiring KYC details to be KYC obligations due to document mis-
However, the current January-March skew like HCLTech. Like Infosys over TCS through CKYC as high-risk until the updated. “These changes can include matches (differences in names and other
quarter is likely to be soft amid deal on cheaper valuations and risk of growth identity of the customer is verified face- alterations in address, marital status, details across documents). “These dis-
execution pressure, suggesting near-term versus margin trade-off at the latter,” to-face,” says Tannya Baranwal, associ- shifting from resident to non-resident crepancies can arise from changes in
weakness, experts said. “Q4 outlook Ambit analysts said. ate partner, IndiaLaw. status, and so on,” says Vishal Dhawan, marital status or other reasons,” says
doesn’t suggest immediate recovery. Those at IDBI Capital prefer Wipro In some sectors, regulations prevent chief financial planner, Plan Ahead Dhawan. Keep the details in your key
Margin beats in Q3 were driven by up- and Infosys in largecaps and Sonata, one institution from relying on the KYC Wealth Advisors. documents updated. And comply for
fronting of levers with aggressive cuts in Newgen and Cyient in midcaps. documents submitted to another. The frequency of KYC varies based your KYC norms for your own safety.
12 STOCKS
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1
IN THE
> STOCK
> Tata Investment Corp > Phoenix Mills > UPL

NEWS Top gainer

among A-group
Hits new all-time
high at ~2,942
Snaps 7-day
wining OF THE DAY
companies on BSE streak Archean Chemical Industries
~5,849.7 PREVIOUS CLOSE ~2,824.0 PREVIOUS CLOSE ~498.7 PREVIOUS CLOSE Hits new all-time high
~6,476.75 CLOSE ~2,896.6 CLOSE ~492.1 CLOSE at ~767; Up 45 per cent
p 10.7% UP p 2.6% UP  1.3% DOWN in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
21 Feb ’24 Chg (%) Con Std 21 Feb ’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 3223.2 -0.2 1.0 104.6 146.5 ITC 403.4 -0.7 5.0 26.2 24.6 price price (%) price price (%)
Adani Ports 1291.0 -0.7 0.9 38.6 213.3 JSW Steel 828.3 0.9 1.1 18.1 20.5 ABB India 5019.0 4989.3 10.3 5019.0 5019.0 Zee Enter 164.1 164.5 -14.8 152.5 152.5
MOST BULLISH MOST BEARISH
Apollo Hosp 6760.2 0.0 0.7 118.7 97.3 Kotak Mah Bank 1746.1 -0.9 2.6 19.9 26.4 PAYTM 395.3 395.3 5.0 926.7 998.3 Swan Energy 706.1 710.0 -5.3 413.0 193.0
Asian Paints 3001.8 -0.3 1.4 53.0 53.9 Zee Enter 166.6 164.6 1.2 Berge Paint 559.3 572.3 -2.3 Piramal Entp 965.3 922.2 4.1 981.7 1140.0 IREDA 166.4 166.4 -5.0 50.0 50.0
L&T 3296.4 -1.8 4.5 35.8 47.0
Axis Bank 1084.2 -0.4 3.1 30.9 27.9 Indus Tower 220.4 218.9 0.7 Nat Alum 154.9 157.3 -1.6 Jio Financial 294.7 290.0 3.0 295.7 295.7 GMR Airports 84.7 86.2 -4.9 56.4 36.8
LTIMind 5420.1 -1.5 0.5 34.9 35.8
SAIL 130.7 130.2 0.4 Bajaj Auto 8167.4 8232.3 -0.8 Union Bank 150.7 145.1 2.8 155.3 155.3 Mphasis 2640.1 2649.2 -4.2 2274.1 1660.7
Bajaj Auto 8232.3 -0.8 1.0 31.5 33.4 Mah & Mah 1859.7 0.3 1.9 22.5 22.6 Chola Inv 1089.6 1085.6 0.4 SBI Card & Pay 734.0 739.3 -0.7 DLF 896.5 886.8 2.6 896.5 896.5 Reliance Power 25.4 25.5 -4.0 20.5 9.1
Bajaj Fin 6688.8 -1.1 1.9 35.9 34.2 Maruti Suzuki 11465.9 0.2 1.5 43.9 30.2 Containr Crp 995.3 991.9 0.3 Sun TV Net 607.5 610.5 -0.5 Gujarat Gas 569.5 566.0 2.0 620.6 620.6 YES Bank 25.4 25.5 -4.0 19.0 14.1
Bajaj Finsrv 1587.0 -1.0 1.0 32.5 216.1 Nestle India 2543.6 0.2 0.9 - 81.8
Bharti Airtel 1139.9 -0.4 2.9 76.4 142.0 Tata Steel 146.0 143.9 2.0 147.4 147.4 BHEL 220.4 222.0 -3.9 139.3 66.3
NTPC 336.1 -2.8 1.6 19.3 17.9 BSE NSE Varun Bever 1473.8 1463.7 1.8 1473.8 1473.8 BPCL 629.8 633.4 -3.7 391.2 314.1
BPCL
Britannia
633.2
4923.0
-3.7 0.6 64.5 4.7
0.0 0.6 54.9 56.2
ONGC 273.0 -1.3 1.4 9.7 11.6 Index Stock Index Stock PUT-CALL RATIO Godrej Prpty 2368.1 2342.1 1.8 2456.9 2456.9 Bosch 27966.8 28068.7 -3.7 20551.1 17490.9
Power Grid 280.1 -2.7 1.3 16.9 16.7 Jindal Steel 784.8 771.7 1.5 804.9 804.9 Indiabulls Hous 183.8 184.7 -3.7 161.9 81.9
Cipla 1447.3 -0.3 0.8 31.5 34.4
Reliance Ind 2935.4 -0.2 10.1 28.4 44.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 433.0 -3.0 1.0 9.1 17.1 Contracts 1280 - 434102 1278871 Indian Hotel 564.5 556.8 1.5 564.5 564.5 HPCL 533.1 542.7 -3.6 302.4 211.7
SBI 771.5 1.5 3.0 10.8 12.1 Market 2914.5 5221.7 0.6 SBI 777.5 771.6 1.5 777.5 777.5 IOC 181.1 182.2 -3.6 100.1 75.8
Divis Lab 3649.1 -1.7 0.5 53.1 71.0 Open Int.(000) 10 - 18106 8343235
SBI Life Ins 1501.7 -0.8 0.7 - 80.8 Berger Paints 574.5 572.3 1.5 609.0 679.1 Titagarh 948.1 960.7 -3.5 902.9 203.0
Dr Reddys 6349.2 -0.4 0.8 20.3 26.6 Shares(In Mn) - - 13.0 2726.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1543.4 0.3 1.7 41.6 381.9 HFCL 115.7 112.3 1.4 115.7 115.7 RailTel Corp 374.8 376.7 -3.5 263.3 96.2
Eicher Motor 3836.4 0.2 0.5 27.4 29.9 Value(~ crore) 97 - 37497 109826
Tata Consumer P 1160.8 0.6 0.7 92.0 102.0 Cadila Healt 1.3 Shree Cement 0.2
Grasim Ind 2194.0 0.1 0.8 21.2 97.6 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 921.1 -0.6 1.6 15.8 36.1 Bank of Baroda 1.1 Balkrishna I 0.3
HCL Techno 1636.3 -1.6 1.7 28.3 37.8 Contracts 3212151 - 876820115 6361367
Tata Steel 143.9 2.0 1.2 - 40.4 MRF 1.0 Chola Inv 0.3
HDFC Bank
HDFC Std Life
1439.2
577.5
-1.0 10.9 23.8 19.4
-1.8 0.6 90.8 81.9 TCS 3991.5 -1.0 4.0 32.6 34.8
Open Int.(000)
Shares(In Mn)
2679
-
- 603549
- 16704.5
7532679
9489.9
Trent 1.0 Coromndl Int 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1296.6 -1.8 0.8 45.0 55.6 DLF 1.0 Infosys 0.3
Hero MotoCorp 4534.9 -2.8 0.6 32.3 23.8 Value(~ crore) 235777 - 65873185 559798 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 511.8 0.0 0.7 11.4 36.9 Titan Company 3656.4 -0.8 1.5 99.9 93.0 BSE+NSE BSE+NSE
UltraTech 9968.4 -0.1 1.1 44.9 46.0 1 Reliance Ind 1987895.0 BS200 DOWN 7 DAYS
HUL 2407.1 0.1 2.1 55.9 55.1 (~ crore) (Mn shrs)
ICICI Bank 1052.0 0.3 7.3 21.7 18.8 UPL 492.2 -1.2 0.2 - 35.0 ACTIVE CALLS ACTIVE PUTS HDFC Bank 3371.4 23.3
2
3
TCS
HDFC Bank
1459724.8
1092428.0 UP 3 DAYS PLANTER POLYSAC -30.2
IndusInd Bank 1517.3 0.9 1.0 - 13.7 Wipro 521.4 -2.0 0.7 24.1 30.5 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg PAYTM 15.7 Unifinz Capital -29.9
ABB India 2232.0 4.6 4 ICICI Bank 736951.3
Infosys 1655.6 -1.8 5.9 28.2 27.9 Nifty 50 22055.1 -0.6 100.0 25.2 29.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Zee Enter 2064.1 121.4 5 SBI 688577.5 HFCL 11.8 IGC Inds. -27.6
INDEX PE SHRS TRDS 1 YR Index Index 6 Infosys 687333.6 Jio Financial 6.6 Kaushalya I -20.9
Jio Financial 1947.3 67.2
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
21/02/24
21/02/24
47100
47200
750.1
740.1
7.1 683.5
5.2 333.3
Nifty Bank
Nifty Bank
21/02/24
21/02/24
47000
47100
1087.9
634.8
9.3
3.4
222.5
303.1
Reliance Ind 1906.3 6.5
7
8
LIC India
Bharti Airtel
657199.1
641542.5
Tata Techno
Gujarat Gas
4.6
3.8
Ashok Alco -20.8
SENSEX 26.0/30.4 13.9 253 10 20 19.7 SBI 1789.9 23.2 Hemadri Cem -20.8
Asian Paints 3000.0 -0.4 1.6 52.9 53.8 Maruti Suzuki 11469.7 0.2 1.8 43.9 30.2 Nifty Bank 21/02/24 47300 615.7 4.4 354.6 Nifty Bank 21/02/24 46900 580.3 3.4 135.8 9 HUL 565325.5 Indian Hotel 3.6
Axis Bank 1084.2 -0.4 3.6 30.9 27.9 NIFTY 50 25.2/29.7 364.5 7020 16 34 23.7 ICICI Bank 1719.7 16.3 Transgl.Food -14.6
Nestle India 2547.3 0.3 1.1 - 81.9 C = CONSOLIDATED; S = STANDALONE Nifty Bank 21/02/24 47500 492.5 3.7 64.0 Nifty Bank 21/02/24 46800 419.5 2.7 72.6 10 ITC 503282.1 Voltas 3.1
Bajaj Fin 6687.9 -1.2 2.2 35.9 34.2 NTPC 336.1 -2.8 1.9 19.3 17.9 Nifty Bank 21/02/24 47400 435.6 2.3 92.5 Nifty Bank 21/02/24 47200 386.1 2.2 301.1 Zomato 1549.2 95.3 UP 3 DAYS
11 L&T 453132.8 DOWN
Bajaj Finsrv 1586.5 -1.1 1.2 32.5 216.0 Power Grid 280.2 -2.7 1.5 16.9 16.7 CASH DERIVATIVES Stock Stock Tata Steel 1347.0 93.1 12 HCL Techno 443858.2 Infronics Sys 72.7
TURNOVER BSE NSE BSE NSE
YES Bank -10.0
Bharti Airtel 1139.8 -0.4 3.4 76.4 142.0 Reliance Ind 2938.2 -0.1 11.8 28.4 44.5 Vodafone Idea 29/02/24 16 354.0 168.6 -1.8 Vodafone Idea 29/02/24 16 111.7 56.2 -1.8 13 Bajaj Fin 413309.1 Kesar Enter 63.9
YES Bank 1343.0 516.2 Coal India -9.8
HCL Techno 1635.7 -1.6 2.0 28.3 37.8 SBI 771.6 1.5 3.5 10.8 12.1 VALUE(IN ~ CRORE) 8216 104917 235874 66580306 Vodafone Idea 29/02/24 17 225.8 146.7 5.4 Vodafone Idea 29/02/24 15 102.5 68.6 3.1 14 Sun Pharma 370308.0 TCONS E-Solutio 58.5
HFCL 1218.3 108.0 Hero MotoCorp -7.4
HDFC Bank 1438.2 -1.1 12.8 23.7 19.4 SHARES(IN MN) 1158.5 4927.7 - 28933.5 Vodafone Idea 29/02/24 18 177.4 128.9 0.1 Tata Steel 29/02/24 140 46.6 11.3 9.9 15 Adani Enter 367473.3
Sun Pharma 1543.4 0.3 2.0 41.6 381.9 NHPC 1210.6 129.2 Federal Bank -6.6 Accelerate 58.4
HUL 2406.1 0.1 2.5 55.9 55.1 TRADES(000) 4360 37421 - 199218 Tata Steel 29/02/24 145 134.8 29.0 1.9 Vodafone Idea 29/02/24 14 32.6 67.6 4.3 16 Maruti Suzuki 360607.4
Tata Motors 921.1 -0.6 1.9 15.8 36.1 SAIL 1072.3 81.3 KPIT Techno -6.5 Reliable Vnt 52.1
ICICI Bank 1050.1 0.1 8.6 21.7 18.8 Tata Steel 29/02/24 150 132.7 40.0 -3.2 SBI 29/02/24 760 30.8 3.6 23.0 17 Kotak Mah Bank 347035.5
Tata Steel 143.9 2.0 1.4 - 40.4 Axis Bank 1001.0 9.3 Angel One -5.8 Resgen 36.6
IndusInd Bank 1517.6 0.9 1.2 - 13.7 MARKET-CAP (~ CR) TRADED TOTAL 18 ONGC 343315.8
Infosys 1656.1 -1.7 7.0 28.2 27.9 TCS 3989.3 -1.0 4.7 32.5 34.8 Birlasoft -5.5
Hindalco 990.5 19.0 19 Axis Bank 334487.4 09Agg 33.1
Tech Mahindra 1297.3 -1.7 1.0 45.0 55.6 BSE 38,923,352 39,559,350 Others
ITC
JSW Steel
403.3
828.4
-0.7 5.9
1.0 1.3
26.2
18.1
24.6
20.5 Titan Company 3653.5 -0.8 1.8 99.8 92.9 NSE 38,475,599 39,139,484 SPURT IN VOLUMES New India Assur
Coal India
965.4
928.2
32.6
21.1
20
21
NTPC
Titan Company
325905.1
324357.7 UP 7 DAYS
DOWN 3 DAYS
Ganesh Holdings -14.1
UltraTech 9968.9 -0.1 1.3 44.9 46.0 DERIVATIVES 25,623,416 25,623,416
Kotak Mah Bank 1746.0 -1.0 3.0 19.9 26.4 Company Days 2-week Avg Change Close *Price 22 Tata Motors 306087.9 Jubilant Ind 55.4
Union Bank 923.1 62.5 Praxis Home Ret -13.6
L&T 3296.4 -1.7 5.3 35.8 47.0 Wipro 521.2 -2.0 0.9 24.1 30.5 Volume Volume % price %chg 23 Adani Green En 301670.6 Pan Electronics 43.9
Mah & Mah 1860.1 0.4 2.2 22.5 22.6 BSE SENSEX 72623.1 -0.6 100.0 26.0 30.4 TRADING ACTIVITY Aksharchem 588016.0 11739.5 4908.8 298.9 12.4
Mah & Mah
Piramal Entp
853.4
830.5
4.6
8.9
24 UltraTech 287790.7 Bhatia Communic 41.5
Dev Labtech -13.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Asian Paints 287755.2 Silverok Comm 40.7 Auto Pins(I) -12.9
Poly Medicur 2022887.0 56502.4 3480.2 1617.3 1.5 L&T 820.0 2.5
Equity Debt Equity Debt 26 Adani Ports 278983.4 RS Software 40.7 Khandel. Ext -12.2
Net Net Net Net RGL 7270364.0 211280.7 3341.1 134.0 17.2 Bharti Airtel 819.2 7.1
WORLD INDICES On 20 Feb 2974 1839 - - Campus Activewe 25917976.0 838458.3 2991.1 252.1 2.8 ITC 812.0 20.0
27
28
Wipro
Coal India
272298.3
266815.4
Kisan Mould
Precision El
40.7
40.6
Ace Engitech
KZ Leasing
-11.6
-11.1
On 19 Feb 173 191 751 -38 GOCL Corp 2099427.0 75877.5 2666.9 497.5 11.6 IndusInd Bank 806.6 5.3 29 Power Grid 260556.3
Indices Close % Chg* Indices Close % Chg*
On 15 Feb 1143 858 1563 -3465 Epigral 2125311.0 82766.7 2467.8 1219.2 7.7 30 IOC 257218.4 (T+2) cycleStocks which rose/fell continuously
DLF 799.7 9.0
Americas (Feb 20,24) Asia/Pacific (Feb 21,24) On 14 Feb -2628 -114 2907 -571 ABSLBAN-ETF 4770248.0 225413.4 2016.2 47.3 -0.1
Dow Jones 38563.8 -0.2 Shanghai Se Comp 2951.0 1.0 On 13 Feb 234 692 575 -2215 ABB India 4553182.0 223347.5 1938.6 4989.3 10.3
S&P/ TSX Composite
Nasdaq Composite
21217.5
15630.8
-0.2
-0.9
Stock Exchange of Thai
Jakarta Composite
1393.6
7349.0
0.9
-0.1
Feb till date
2024 till date
-2370
-28481
15997
37060
12255
35324
-29324
-50830
Raymond
Mohini Health
2713603.0
397500.0
141248.8
21272.7
1821.2
1768.6
1871.4
58.9
5.7
1.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 20,24) Kospi 2653.3 -0.2 Group year ended on to consider and Option available issue & allot-
IBEX 35 10074.8 0.4 Kuala Lumpur Comp 1552.4 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company December 31 approve the on the ment of fully
Purpose 2023 opening of issue 1000000000 Convertible
CAC 40 7814.3 0.2 Taiwan Taiex 18676.3 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Expo Gas: To of Unrated Un- nos. of 8.10% Warrants on
DAX 17105.9 0.2 Straits Times 3217.1 -0.8 NET Net Fut OI Opt OI OI FEBRUARY 22 consider and listed Secured Perpetual Non- Preferential
HIGH *Inox Wind Energ . . . 6988.9 *Assoc.Cerami . . . . . . 1334.9 *JUNIOR BEES . . . . . . 629.0
FTSE 100 7646.4 -0.9 Volatility (Feb 20,24) BS 200 *Tata Invest . . . . . . . . 6725.0 *Blue Star . . . . . . . . . . 1298.8 *Kamdhenu . . . . . . . . . 627.9 Angel One: approve Fund Redeemable Cumulative Basis subject
On 20 Feb -17150 -1538 0.3 4.8 3.6
Asia/Pacific (Feb 21,24) CBOE Dow Jones 13.9 21.1 *MRF . . . . . . . . . . . . 150750.0 *GRP . . . . . . . . . . . . . . 6325.0 Epigral . . . . . . . . . . . . 1266.0 *Shalibhdra F . . . . . . . . 596.0 Inter alia to raising by way Non-Convertible Preference approval of
On 19 Feb -24704 -2536 0.3 4.5 3.6
Hang Seng 16503.1 1.6 CBOE S&P 500 15.7 1.5 *Apollo Hosp . . . . . . . 6820.0 *Bayer CropSn . . . . . . 6202.0 *Orchid Pharma . . . . 1225.0 *Salzer Elec . . . . . . . . . 580.4 transact the fol- of equity shares Debentures Shares and to Shareholders. 3.
On 16 Feb -4857 1411 0.3 4.1 3.6
*Force Motors . . . . . . 6198.0 Ebbetf0425 . . . . . . . . 1188.0 *eMudhra . . . . . . . . . . . 575.0 lowing: 1. pro- /warrants/any (NCDs) to the pay dividend To insertion of
Nikkei 225 38262.2 -0.3 * Change over previous close On 15 Feb -76961 -2766 0.3 3.1 3.5 *Alkem Labs . . . . . . . . 5519.1
*Indus & Prud . . . . . . 5641.9 *Ahluwalia Co . . . . . . 1173.2 *Ceinsys Tech . . . . . . . 565.5 posal for raising other securities extent of INR thereon if de- Objects in the
On 14 Feb 40732 68 0.3 3.1 3.5 *ABB India . . . . . . . . . 5019.0
of funds by way through prefer- 970000000/- clared Main Object
MAJOR INDICES Feb till date
2024 till date
-234688
-900830
-11111
-17507
-
-
-
-
-
-
*Siemens . . . . . . . . . . 4537.1
*Reliance Ind . . . . . . . 2977.0
*Sundaram Fin . . . . . . 4225.3
*Ingersoll . . . . . . . . . . 3585.0
*Swelect Energy . . . . 1160.0
*Jubilant Ind . . . . . . . 1121.7
*Integrated Inds . . . . . 557.1
*Manbro Inds . . . . . . . . 549.7 of issuance of ential issue or (Indian Rupees Lords Chloro: Clause of the
*Thermax . . . . . . . . . . 3578.5 *Alembic Pharma . . . 1093.1 *NIIT Learning . . . . . . . 548.0 eligible secu- any other mode. Ninety Seven For the purpose Company sub-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Mah & Mah . . . . . . . . 1888.0
*CAMS . . . . . . . . . . . . 3040.0 *Wonderla Holida . . . 1013.0 *Avg Logistics . . . . . . . 545.0 rities of the Focus Business: Crores only) to of approval of ject approval of
*ICICI Lombard . . . . . 1667.0
Company. 2. A to consider International Fi- un-audited fi- Shareholders. 4.
S&P BSE Sensex 73,057.4 73,267.5 73,267.8 72,450.6 72,623.1 -434.3 -0.6 *Varun Bever . . . . . . . 1473.8 *Phoenix Mill . . . . . . . 2941.9 *Mirae -ET . . . . . . . 1000.0
*Kesar India . . . . . . . . 2925.8 *Gulf Oil Lub . . . . . . . . . 984.1 LOW Conducting Ex- and approve the nance Corpora- nancial results Any other
*Voltas . . . . . . . . . . . . 1114.9
S&P BSE Sensex 50 23,268.7 23,342.3 23,343.0 23,061.5 23,118.5 -150.2 -0.6 S&P BSE SECTORAL INDICES *Containr Crp . . . . . . 1027.0 *Godfrey Ph . . . . . . . . 2765.0 *TechNVision Ven . . . . 983.7 BS 200
NONE
traordinary
General Meet-
proposal for
issue of equity
tion terms and
conditions of
for the quarter
ended on 31st
matter with the
permission of consider and ap- Company on sider and ap- To consider and Trading Limited
S&P BSE-100 23,109.3 23,175.3 23,175.9 22,890.8 22,948.3 -161.1 -0.7 *DLF . . . . . . . . . . . . . . . 896.5 *Cupid Ltd . . . . . . . . . 2398.5 *ASM Tech . . . . . . . . . . 931.5
Prev cls Close % Chng Others ing to seek ap- shares of the the NCDs and December, the Chair prove 1.Allot- such terms and prove issue of approve recom- (hereinafter re-
*SBI . . . . . . . . . . . . . . . . 777.5 *KIMS . . . . . . . . . . . . . 2310.0 *Eyantra Ve . . . . . . . 917.4
S&P BSE-200 10,033.6 10,062.7 10,066.1 9,937.8 9,962.0 -71.6 -0.7 Kaira Can Co . . . . . . . 1957.0 proval of company by other connected 2023. Morepen: To ment of 5056000 conditions as shares on a pref- mend to increase ferred to as Ac-
Auto 46,779.3 46,564.9 -0.5 Aarti Inds . . . . . . . . . . . 712.3 *Garware HT Film . . . 2197.0 *Dynacons Sys . . . . . . . 871.7
Whirlpool . . . . . . . . . . 1253.0 shareholders in way of prefer- matters. Mena Mani consider and Equity shares may be deter- erential basis. in Borrowing quirer) in terms
S&P BSE-500 32,046.8 32,148.5 32,160.5 31,743.8 31,818.7 -228.1 -0.7 Bankex 53,441.4 53,373.5 -0.1 Ambuja Cem . . . . . . . . . 596.5 *Share India Sec . . . . 2010.0 *Rolcon Engg. . . . . . . . 795.6
*Polyplex Crp . . . . . . . . 900.0 respect of the ential issue and Jana SFB: To Inds.: To con- approve raising and 7500000 mined by the Regis Ind: To Limits. of regulation
Cons. Durables 51,181.0 50,953.3 -0.4 *Indian Hotel . . . . . . . . 564.5 *Venus Pipes . . . . . . . 1773.7 *Master Trust . . . . . . . 787.6
DHP India . . . . . . . . . . . 720.0 aforesaid pro- determination consider and sider and ap- of funds and ap- Warrants con- Board. consider and ap- SPV G Global: 8(1) of the SEBI
S&P BSE IPO 14,032.1 14,087.5 14,111.2 13,835.7 13,865.0 -167.1 -1.2 Cap. Goods 55,766.7 55,078.2 -1.2 *NTPC . . . . . . . . . . . . . . 347.9 *Poly Medicur . . . . . . 1727.0 *Archean Chem . . . . . . 767.0
*Cosmo First . . . . . . . . 522.7 posal if the of issue price approve finan- prove 1. To proval of notice vertible into Paisalo Digital: prove raising of To consider and (Delisting of
FMCG 19,451.8 19,438.3 -0.1 *Zomato . . . . . . . . . . 167.9 *SML Isuzu . . . . . . . . . 1727.0 *Ajmera Rlty . . . . . . . . . 763.0 same is ap- subject to the
S&P Dollex-30 7,232.2 - - - 7,187.3 -44.9 -0.6 *Delphi World . . . . . . . 243.2 cial results for consider in- of extra-ordi- equity shares of Intimation of funds by way of approve 1. To Equity Shares)
Healthcare 35,741.6 35,599.5 -0.4 *HFCL . . . . . . . . . . . . . . 115.7 *KPI Green Energ . . . 1637.9 *Keystone Realto . . . . . 750.0 proved by the approval of the the quarter crease in Au- nary general
Niesspk . . . . . . . . . . . . 36.0 face value Rs. Board Meeting issuance of one take on record Regulations 2021
Nifty 50 22,197.0 22,248.9 22,249.4 21,998.0 22,055.1 -141.9 -0.6 Infra 573.8 563.9 -1.7 Others *Advait Infra . . . . . . . 1608.0 *360 ONE WAM . . . . . . 743.0 Board. shareholders ended De- thorised Capital meeting or
*Sanmit Infra . . . . . . . . . 23.9 1/- at a price of to consider Fund or more instru- the Initial Public intimating his in-
IT 38,583.2 37,990.3 -1.5 *Sanofi India . . . . . . . 9275.0 *Algoquant Fin . . . . . . 1605.0 *Panorama Studio . . . 738.3 DIC India: To and other regu- cember 31 2023 of the Company postal ballot as
Nifty next50 58,706.4 58,913.6 59,104.8 58,204.3 58,386.5 -319.9 -0.5 Dhyaani Tile . . . . . . . . . . 19.6 Rs. 169/- (in- Raising Revised ments compris- Announcement tention to volun-
Metal 27,177.0 27,128.5 -0.2 *TVS Holdings . . . . . . 9269.2 *WAA tech . . . . . . . . . 1598.0 *IM+Capitals . . . . . . . 728.2 consider and latory approvals Kotak Mah subject ap- the case may be
*Compuag Info . . . . . . . . 7.7 cluding premium Intimation of ing of equity made by Mr. tarily delist the
Nifty 500 20,271.9 20,329.1 20,342.3 20,077.8 20,128.3 -143.6 -0.7 Oil & Gas 29,091.3 28,574.7 -1.8 *Elantas Beck . . . . . . 8900.0 Fairchem Organi . . . . 1500.1 *Veritas . . . . . . . . . . . . 704.1 approve Au- as may be re- Bank: To con- proval of Share- for obtaining of Rs. 168.00/-) Board Meeting shares or con- Balkrishna Bi- Equity Shares of
*Neuland Lab . . . . . . . 7317.8 *Jupiter Life . . . . . . . 1496.3 *Thacker & Co . . . . . . . 703.0 *Gayatri Bio . . . . . . . . . . . 5.5
Power 6,629.5 6,519.6 -1.7 dited Financial quired under sider and ap- holders. 2. To approval of 2.Constitution of to consider Fund vertible secu- nani one of the the Company
India VIX 16.1 16.1 16.3 15.7 15.9 -0.1 -0.9 *Prudent Corpora . . . 1445.4 *Enkei Wheel . . . . . . . . 675.0 *Nouveau Global . . . . . . . 0.5
PSU 18,918.0 18,635.2 -1.5 *JSW Hold . . . . . . . . . 7000.0 Results for the applicable law. prove proposal consider raising members. Allotment Com- Raising rities Promoters of from the BSE
Nifty CPSE 5,897.7 5,916.1 5,935.0 5,741.8 5,762.2 -135.6 -2.3 Realty 7,005.9 7,142.9 2.0 m m w w quarter and Himatsing S: A to exercise Call fund by way of Oriental Rail: To mittee of the RCAN: To con- Rithwik Facilit: M/s SPV Global Limited.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (704.3) (703.9) (4522.1) (4524.5)
m ~50 H ~2 Open 709.0 709.5 4622.3 4640.0
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 712.3 712.0 5019.0 5134.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 682.6 682.5 4622.3 4640.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 687.2 687.4 4989.3 4984.7
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 231K 2361K 148K 4405K
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 57.4 57.4 87.5 87.4
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5019/3056 5134/3053
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 24909 24918 105723 105626
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 «
(29197.4) (29191.1) (2688.1) (2686.7) (3228.6) (3228.6) (1299.9) (1300.5) (554.8) (553.7) (1012.5) (1012.0)
O 29206.5 29245.0 2699.5 2690.0 3237.9 3238.0 1309.6 1304.8 560.0 555.0 1013.4 1015.0 O O
29311.9 29348.1 2718.2 2719.0 3300.0 3300.0 1315.4 1315.0 560.0 560.0 1046.0 1046.0
w 29013.7 29000.0 2653.6 2651.1 3204.7 3205.0 1281.8 1281.5 537.3 535.0 1011.6 1011.1 w w
29124.2 29131.4 2665.5 2666.8 3223.5 3223.2 1291.5 1291.0 541.4 540.8 1020.6 1021.1
498 7813 17009 383K 160K 1657K 96340 2771K 208K 1263K 311K 4638K
54.0 54.0 30.8 30.8 104.6 104.6 38.6 38.6 8.9 8.9 - -
W 29628/19909 29639/19906 2760/1594 2746/1592 3309/1103 3309/1104 1327/534 1327/534 589/133 589/132 1260/522 1259/522 W W
M 61889 61904 50055 50079 367473 367445 278983 278875 208815 208564 112240 112295 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
(1088.3) (1088.6) (8292.5) (8295.2) (6768.6) (6763.6) (1603.5) (1602.8) (2293.9) (2294.6) (383.6) (383.6) (202.8) (202.7) (273.2) (273.3) (1438.6) (1437.8) (563.9) (563.3) (190.6) (190.6) (1121.2) (1122.6) (1144.2) (1143.9) (231.0) (230.9) (281.5) (281.2) (806.8) (806.5) (29133.9) (29148.4) (657.8) (657.6)
O 1093.0 1093.9 8310.0 8300.0 6824.5 6790.0 1603.3 1604.0 2284.4 2294.6 386.0 385.3 O 203.5 203.9 273.3 273.5 1450.0 1449.9 565.0 565.0 192.2 191.3 1120.3 1125.9 O 1153.4 1155.0 232.4 232.0 281.9 281.5 807.3 808.3 29133.3 29170.0 660.6 663.6
1093.0 1094.0 8386.0 8376.9 6824.5 6790.0 1618.0 1618.6 2312.5 2312.0 387.1 385.9 204.2 204.2 279.5 279.5 1450.0 1452.9 574.5 575.9 192.6 192.6 1141.6 1142.4 1159.1 1159.2 232.4 232.4 283.6 283.8 818.4 818.4 29174.5 29200.0 667.4 667.9
w 1073.2 1073.1 8205.0 8205.0 6667.3 6665.1 1584.0 1580.6 2251.0 2251.0 379.5 379.0 w 199.8 199.8 273.1 273.0 1425.1 1425.1 561.4 561.5 187.0 187.0 1116.8 1115.7 w 1132.6 1132.6 220.4 220.1 272.8 272.7 790.0 791.3 27966.8 27925.2 629.8 630.0
1084.2 1084.2 8229.0 8232.3 6687.9 6688.8 1586.5 1587.0 2257.3 2257.8 380.8 381.0 200.6 200.6 275.3 275.1 1434.1 1432.0 572.3 572.3 188.6 188.7 1124.1 1123.3 1139.8 1139.9 222.0 221.9 274.0 274.0 795.2 796.4 28068.7 28054.3 633.4 633.2
75981 9177K 16975 440K 52223 855K 39040 674K 2675 209K 105K 1592K 649K 7363K 660K 19624K 27049 343K 100K 1097K 578K 17871K 24167 1138K 2554K 4570K 1735K 22194K 381K 5853K 76858 1464K 2161 66555 493K 8861K
27.9 27.9 31.5 31.5 34.2 34.2 32.5 32.5 36.0 36.0 15.8 15.8 10.8 10.8 8.1 8.0 69.5 69.4 64.8 64.8 38.3 38.3 40.9 40.9 76.4 76.4 - - 27.4 27.4 39.5 39.5 35.6 35.6 4.7 4.7
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NEW DELHI | THURSDAY, 22 FEBRUARY 2024 13
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NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1
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NEW DELHI | THURSDAY, 22 FEBRUARY 2024
Educomp
TM
EDUCOMP SOLUTIONS LIMITED
CIN: L74999DL1994PLC061353
Regd. Office: L - 314 (Ground and First floor), Gali No. - 7, Mahipalpur,
New Delhi-110037
E-mail: investor.services@educomp.com, Website: www.educomp.com
NOTICE OF 29TH ANNUAL GENERAL MEETING
Notice is hereby given that the 29th Annual General Meeting (AGM) of
the Members of the Company will be held on Friday, March 15, 2024 at
11:30 A.M. (through Video Conferencing (VC)/ Other Audio-Visual
Mode (OAVM) to transact the business specified in the Notice
convening the said AGM. Pursuant to the General Circular issued by the
Ministry of Corporate Affairs vide circular dated April 08, 2020 and April
13, 2020, May 05, 2020, January 13, 2021, December 14, 2021, May
05, 2022,circular no. 10/2022 dated December 28, 2022 and 09/2023
dated September 25, 2023 (referred as ‘MCA Circulars’) and SEBI
Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated
October 7, 2023 read with SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated
January 5, 2023, SEBI/HO/CFD/CMD2/ CIR/P/2022/62 dated May 13,
2022, Circular No. SEBI/HO/CFD/CMD2/CIRIP/2021/11 dated 13th
January, 2021 and Circular No. SEBI/HO/CFD/CMD1/ CIR/P/2020/79
dated May 12, 2020 Issued by SEBI (hereinafter collectively referred to
as “the Circulars”), companies are allowed to hold AGM/AGM through
video conferencing (VC) or other audio-visual means (OAVM), without
the physical presence of members at a common venue. In compliance
with the said Circulars, the AGM shall be conducted through VC / OAVM.
The deemed venue for the AGM shall be the Registered Office of the
Company. The instructions for attending the AGM through VC/OAVM
are mentioned in the Notice convening the AGM.
The Company has on February 20, 2024, sent the emails through Link
Intime India Pvt. Ltd. containing notice of the AGM to the members
whose email IDs are registered with the Depositories or the Company. In
line with the MCA Circulars, physical copies of the AGM Notice are not
being dispatched and the AGM Notice has been sent only through
email.
Members, who have not received the Notice may download it from the
website of the Company at www.educomp.com under the ‘investors’
section or may request for a softcopy of the same by writing to the
Company Secretary at the above mentioned email id or registered office
address of the Company. The aforesaid Notice of the AGM is also
available on the websites of National Stock Exchange at
https://www.nseindia.com and Bombay Stock Exchange at
https://www.bseindia.com where the securities of the Company are
listed.
Shareholders whose email IDs are not registered, are requested to
contact the Company at investor.services@educomp.com or
NSDL/CDSL (in case of dematerialized shares) or Link Intime India Pvt.
Ltd. (‘RTA’) at swapann@linkintime.co.in (in case of physical shares)
and send a scanned copy of the request letter signed by all the
shareholders along with self-attested copies of PAN Card and address
proof to register their email ids.
The instruction for attending the meeting through VC/OVAM and the
manner of participation in the remote e-voting or casting vote at the
AGM through e-voting is provided in the Notice convening the AGM. The
Notice also contains the instructions with regard to login credentials for
shareholders, holding shares in physical form or in electronic form, who
have not registered their email address either with the Company or their
respective DP. Members participating through VC/OVAM facility shall
be counted for the purpose of quorum u/s 103 of the Companies Act,
2013.
The members holding shares in physical form are requested to consider
converting their physical shares into dematerialized and eliminate all
risks associated with the physical shares.
Further, pursuant to the provisions of Section 108 of the Companies Act,
2013 and Rule 20 of the Companies (Management and Administration)
Rules, 2014, as amended by the Companies (Management and
Administration) Amendment Rules, 2015 and Regulation 44 of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015,
and Secretarial Standards on General meetings (‘SS-2’) the Company
is providing to the Members the facility to exercise their right to vote on
the business as set forth in the AGM from a place other than the place of
venue of AGM by electronic means. The Company has engaged
services of Link Intime India Private Limited to provide remote e-voting
facility.
The remote e-voting period commences on Tuesday, March 12, 2024
at 09:00 AM (IST) and shall end on Thursday, March 14, 2024 at
05:00 PM (IST). Members of the Company holding shares in physical or
dematerialized form as on the cut-off date, being Friday March 8, 2024
may cast their vote by remote e-voting or may vote at the AGM. The
voting rights of the members shall be in proportion to their shares in the
paid-up share capital of the Company as on cut-off date. A person
whose name is recorded in the Register of Members or in the Register of
Beneficial Owners maintained by the Depositories as on the cut-off date
shall be entitled to avail the facility of voting through remote e-voting or
at the AGM. A person who is not a member on the cut-off date shall treat
this Notice for information purposes only. The procedure of e-
voting/attending AGM is given in the Notice of AGM.
Any person, who acquires shares of the Company and become member
of the Company after dispatch of the notice and holding shares as of the
cut-off date i.e., Friday March 8, 2024, may obtain the login ID and
password by sending a request at swapann@linkintime.co.in or
investor.services@educomp.com.
Further, the facility of e-voting will also be made available at the AGM
and members attending the AGM, who have not cast their votes by
remote e-voting shall be able to exercise their right at the AGM.
Members who have already cast their votes through remote e-voting will
be entitled to attend the AGM but shall not be entitled to vote again.
CS Yogesh Saluja (Membership No. A21916; COP 22676) of
M/s Yogesh Saluja & Associates, Company Secretaries has been
appointed as the Scrutinizer to scrutinize the voting and remote e-voting
process in a fair and transparent manner.
The Securities and Exchange Board of India (SEBI) vide its notification
dated January 24, 2022 has mandated that all requests for transfer of
securities including transmission and transposition requests shall be
processed only in dematerialized form. In view of the same and to
eliminate all risks associated with physical shares and avail various
benefits of dematerialization. Members are advised to dematerialize the
shares held by them in physical form. Members may contact the
Company in this regard.
In case of any queries, members may contact to RTA at email:
swapann@linkintime.co.in or on: - Tel: 022 –4918 6000 or company at
email: investor.services@educomp.com.
For Educomp Solutions Limited
Sd/-
MAHENDER KHANDELWAL
TAKEN ON RECORD
Date : February 21, 2024 CARETAKER RESOLUTION PROFESSIONAL OF
Place : New Delhi
EDUCOMP SOLUTIONS LIMITED
REGISTRATION NUMBER:-IBBI/IPA-001/IP-P00033/2016-17/10086
CIN L99999MH1996PLC132983
Regd Office: IIFL House Sun InfoTech Park Road No.16V Plot No. B-23,
MIDC Thane Industrial Area Wagle Estate Thane – 400 604
Tel: (91 -22) 3929 4000 / 4103 5000/ 62727000 Fax (91 -22 2580 6654)
E-Mail id – Secretarial@iifl.com Website:- www.iiflsecurities.com
Notice is hereby given to general public and specifically to the clients/ customers of
IIFL Securities Ltd., its group & associate companies that Miss. Pooja Kumari residing at 146A
PRIME CITY, NEAR DHANNLAL MARRIAGE HALL, INDORE, MADHYA PRADESH – 452010, who
was our Authorised Person having AP Code Authorized Person Registration No BSE Cm/Fo:-
AP01017901129530 Dated:- 24/01/2022 NSECm/Fo/Cd:- AP1493119731 Dated:- 11/01/2021
MCX:- MCX/AP/162619 Dated :- 15/09/2023.
having its office at at 146A PRIME CITY, NEAR DHANNLAL MARRIAGE HALL, INDORE,
MADHYA PRADESH – 452010, branch (hereinafter referred as “the AP”), had committed various
unethical acts and violated the Company’s Code of Conduct, Rules, Policies and directions as
applicable from time to time. Therefore termination notice dated 05/12/2023 has already been
issued to the said AP.
In Last week of November, it has come to our knowledge that the said AP have
committed disciplinary act, the same is in violation of the regulatory rules and regulations
and also the Company’s Code of Conduct, Rules, Regulations, Policies and directions as applicable
from time to time
In this regard also note SEBI vide its Circular CIR/MIRSD/16/2011 dated 22nd August 2011 issued
the Guidance Note which clearly state that the payment must be made in broker’s bank account and
not to sub broker or agent’s account. Further, the Risk Disclosure Document also clearly explained
that the return in security market is related to volatility of various factors and cannot be assured.
We therefore hereby caution the general public including our clients/ constituents that no such
scheme was ever introduced by the IIFL Securities Ltd., its group & associate companies and
amount paid to the said AP was never received by the Company and hence any person dealt with
the said AP in respect of said scheme was at their own risk and consequences.
For any information/request/queries/placing orders we request you to contact on 022-40071000/
Email Id- -cs@iifl.com.
15
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ELGI RUBBER COMPANY LIMITED
CIN : L25119TZ2006PLC013144
Regd. Office: Super A Unit, Coimbatore Private Industrial Estate, Kuruchi, Coimbatore-641021, Tamil Nadu
Tel: 0422-232 1000 | Fax: 0422-232 2222 | E-Mail: info@in.elgirubber.com | Web: www.elgirubber.com
NOTICE OF POSTAL BALLOT / E-VOTING
Members are hereby informed that pursuant to Section 108 and 110 of the Companies Act, 2013 (“Act”) and Rule 20 and 22 of the
Companies (Management and Administration) Rules, 2014 (the “Rules”) read with Regulation 44 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and General Circular No.09/2023 dated
September 25, 2023 read with the relevant circular(s) issued by the Ministry of Corporate Affairs from time to time (hereinafter collectively
referred to as “MCA Circulars”), the Company has completed the dispatch of the Postal Ballot notice through e-mail to all its shareholders,
who have registered their email addresses with the Company or depository/depository participants, on Wednesday, February 21, 2024
seeking consent of the members through voting by electronic means (“remote e-voting”) to transact the business as set out in the Postal
Ballot Notice dated February 9, 2024 in respect of the following special resolution:
1. To consider and to grant approval to sell or otherwise dispose off the assets in material wholly owned subsidiary (Step down) in
Netherlands pursuant to Regulation 24(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Special
Resolution)
In pursuance of Section 108 of the Companies Act, 2013 read with Rule 20 and 22 of the Companies (Management and Administration)
Rules, 2014 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the aforesaid MCA
Circulars, the Company has engaged the services of Link Intime India Private Limited (“LIIPL”) to provide e-voting facility to the members
of the Company through Instavote platform at the link https://instavote.linkintime.co.in for passing the special resolution mentioned in the
Postal Ballot Notice.
The postal ballot notice has been sent only through electronic mode to those members who have registered their e-mail addresses
with the Company or with the Depositories/Depository Participants. In compliance with the requirements of the MCA Circulars,
the hard copy of the postal ballot notice along with postal ballot forms and pre-paid business envelope will not be sent to the
shareholders for this postal ballot and the shareholders are requested to communicate their assent or dissent through the remote
e-voting system only.
Therefore, those shareholders who have not yet registered their e-mail address are requested to get their e-mail addresses submitted by
following the procedure as mentioned below:
a. Members holding shares in Demat form are requested to register / update the details in their Demat account, as per the process advised
by their concerned Depository Participant.
b. Members holding shares in physical form are requested to register / update the details by filling the prescribed Form ISR-1 and
other relevant forms with the Company’s Registrar and Share Transfer Agent, Link Intime India Private Limited, by sending email to
coimbatore@linkintime.co.in. Members may download the prescribed forms from the company’s website www.elgirubber.com.
Members whose names are recorded in the Register of Members of the Company or in the Register of Beneficial Owners
maintained by the Depositories as on the cut-off date i.e. Friday, February 16, 2024 only will be entitled to cast their votes by
e-voting. The persons who are not members of the Company as on the cut-off date should treat this notice as informative only.
Members are requested to carefully read the instructions printed for voting through e-voting on the postal ballot notice.
Members are also requested to note the following:
1 Date of dispatch of the postal ballot notice through e-mail 21.02.2024
2 Date and time of commencement of remote
22.02.2024 09:00 am (IST)
e-voting/postal ballot
3 Date and time of the closure of remote e-voting/postal ballot
(Remote e-voting facility will be disabled beyond this date 22.03.2024 05:00 pm (IST)
and time)
4 Cut-off date for determining the members eligible for
16.02.2024
e-voting/postal ballot
Members may note that the postal ballot remote e-voting received beyond 05:00 PM (IST) on March 22, 2024 would be treated as invalid
and remote e-voting shall not be allowed beyond the said date and time.
C N Paramasivam (FCS 4654 / COP 3687), Practicing Company Secretary, Coimbatore has been appointed as the Scrutinizer for
conducting the Postal Ballot voting process in a fair and transparent manner and for the purpose of ascertaining the majority. The results of
the postal ballot e-voting shall be announced by Chairman and Managing Director of the Company or any other person authorized by him
within the prescribed time from the closure of the e-voting platform and the same shall be intimated to National Stock Exchange of India
Limited (NSE), being the stock exchange where the shares of the Company are listed. The voting results shall also be displayed on the
Company’s website www.elgirubber.com and on the LIIPL’s website https://instavote.linkintime.co.in.
For any grievance/ queries relating to voting by electronic means, the shareholders are requested to write an e-mail at enotices@linkintime.
co.in or call at Tel: +91 22 4918 6000 or contact M/s. Link Intime India Private Limited, ‘Surya’, 35, Mayflower Avenue, Behind Senthil
Nagar, Sowripalayam Road, Coimbatore – 641028 or their telephone number +91 422 231 4792 or Faizur Rehman Allaudeen, Company
Secretary at the Company's Registered Office at Super A Unit, Coimbatore Private Industrial Estate, Kuruchi, Coimbatore-641021, Tamil
Nadu or Tel: 0422 232 1000 or E-mail ID: info@in.elgirubber.com
The Notice of the Postal Ballot is available on the Company’s website www.elgirubber.com, LIIPL’s website https://instavote.linkintime.co.in
and on the website of the NSE www.nseindia.com.
By Order of the Board
For Elgi Rubber Company Limited
Sd/-
Faizur Rehman Allaudeen
Place : Coimbatore Company Secretary
Date : 21.02.2024 Membership No.A70055
Godrej Consumer Products Limited
Godrej One, 4th Floor, Pirojshanagar, Eastern Express Highway,
Vikhroli (E), Mumbai 400 079.
Tel: 25188010/20/30, Fax: 25188040
E-mail: investor.relations@godrejcp.com, Website: www.godrejcp.com
CIN: L24246MH2000PLC129806
NOTICE OF POSTAL BALLOT
(Advertisement pursuant to Rule 20(4) and Rule 22(3) of the
Companies (Management and Administration) Rules, 2014
and the Secretarial Standards)
The Board of Directors of the Company vide their resolution dated
January 31, 2024 accorded its consent to obtain approval of the
shareholders for re-appointment of Mr. Sumeet Narang as an
Independent Director for a second term of five years from April 1, 2024 till
March 31, 2029. As per the relevant MCA circulars, the Company is
seeking approval of the shareholders through Postal Ballot by means of
remote e-voting only.
Notice is hereby given that the Company has completed the dispatch of
Notice of Postal Ballot on Wednesday, February 21, 2024 through
electronic mode by sending emails to the shareholders. The email has
been sent to those whose name appear in Register of Members/list of
beneficial owners as received from depositories as on Cut-off date i.e.
February 16, 2024 and who have registered their email IDs with
depositories through concerned depository participant or with Company’s
Registrar Link Intime India Private Limited.
The Postal Ballot Notice together with explanatory statement is also
available on the Company’s website viz. www.godrejcp.com under the
Investors tab and on websites of stock exchanges where company’s
shares are listed i.e. BSE Limited and National Stock Exchange of India
Limited.
In compliance with MCA circulars, physical copies of the Postal Ballot
Notice along with postal ballot forms and pre-paid business reply
envelops are not being sent to members. Members are required to
communicate their assent or dissent through ‘remote e-voting’ system
only.
Voting rights shall be reckoned on the paid-up value of equity shares
registered in the names(s) of members(s) on the cut-off date i.e. Friday,
February 16, 2024. A person who is not a member on the cut-off date
should treat this notice for information purpose only.
e-Voting:
The Company is pleased to provide its members the facility to exercise
their right to vote by electronic means and the business may be transacted
through e-Voting services provided by Central Depository Service (India)
Limited (“CDSL”). Please read and follow the instructions on e-Voting
enumerated in the notes to the Notice.
Details of voting period (remote e-Voting):
Date and time of commencement of voting Friday, February 23, 2024, 9.00 a.m. (IST)
Date and time of conclusion of voting Saturday, March 23, 2024, 5.00 p.m. (IST)
Results announcement date On or before Tuesday, March 26, 2024,
5.00 p.m. (IST)
The e-Voting module shall be disabled by CDSL for voting after e-voting
period ends.
General instructions for shareholders who have not registered their
E-mail ID/KYC:
1. Shareholders holding shares in Physical Mode: They can update
their KYC details by downloading forms from this link and submit the
hardcopy to the Registrar & Share Transfer Agent (“RTA”)- Link
Intime India Pvt Ltd. if not already submitted.
Link: https://godrejcp.com/public/pdfs/KYC_Updation.pdf
Address: Link Intime India Pvt. Ltd
Unit: Godrej Consumer Products Limited,
C-101, 247 Park, L B S Marg,
Vikhroli West Mumbai – 400 083.
Contact: 022-49186270
Email ID: rnt.helpdesk@linkintime.co.in
2. Shareholders holding shares in Dematerialized Mode: Such
Shareholders are requested to register their e-mail ID with the
relevant Depository Participant(s).
Mr. Kalidas Vanjpe, Practising Company Secretary (Membership No. FCS
7132), has been appointed as the Scrutiniser for conducting the Postal
Ballot through remote e-Voting process in a fair and transparent manner.
The Scrutiniser will submit his report to the Executive Chairperson/Board
of Directors of your Company after completion of the remote e-voting.
If you have any queries or issues regarding e-Voting from the CDSL
e-Voting System, you can write an email to
helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33.
All grievances connected with the facility for voting by electronic means
may be addressed to Mr. Rakesh Dalvi, Sr. Manager, (CDSL, ) Central
Depository Services (India) Limited, A Wing, 25th Floor, Marathon
Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East),
Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com
or call at toll free no. 1800 22 55 33.
By order of the Board of Directors
For Godrej Consumer Products Limited
Rahul Botadara
Company Secretary & Compliance Officer
Mumbai, February 21, 2024
16
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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 21.12.2021 calling upon the Borrower(s) BRAHMA PROJECTS PRIVATE
LIMITED, PRADEEP ARORA AND BRIJ MOHAN ARORA (GUARANTOR) to
repay the amount mentioned in the Notice being Rs.3,97,89,343.60 (Rupees
Three Crore Ninety Seven Lakh Eighty Nine Thousand Three Hundred Forty
Three and Paise Sixty Only) against Loan Account No. HLAPNOI00490135 as
on 16.12.2021 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
Symbolic 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 17.02.2024
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.3,97,89,343.60 (Rupees Three Crore Ninety Seven Lakh Eighty Nine
Thousand Three Hundred Forty Three and Paise Sixty Only) as on 16.12.2021
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
SHOP NO. 1 TO 28 (UNIT NO. C015SF00001TO0028) ON SECOND FLOOR,
ADMEASURING SUPER AREA 10274 SQ.FT. IN TOWER/ BLOCK “GV COM-
MERCIAL” IN THE PROJECT NAMED ‘SUPERTECH GREEN VILLAGE’ SITU-
ATED AT PLOT- 06, NOOR NAGAR, HAPUR BYPASS ROAD, MEERUT- 250002,
UTTAR PRADESH.
Sd/-
Date : 17.02.2024 Authorized Officer
Place : MEERUT INDIABULLS HOUSING FINANCE LIMITED
NEW DELHI | THURSDAY, 22 FEBRUARY 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 25.11.2022 calling upon the Borrower(s) SARBJEET SINGH AND
KANCHANISH KAUR to repay the amount mentioned in the Notice being
Rs.20,76,110.49 (Rupees Twenty Lakh Seventy Six Thousand One Hundred
Ten and Paise Forty Nine Only) against Loan Account No. HHLDUB00210063
as on 04.11.2022 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
Symbolic 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 19.02.2024
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.20,76,110.49 (Rupees Twenty Lakh Seventy Six Thousand One Hundred
Ten and Paise Forty Nine Only) as on 04.11.2022 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. 1618 HAVING SUPER AREA 690 SQUARE FEET ON 16TH FLOOR,
TOWER B-1 IN THE PROJECT KNOWN AS GOLF VILLAGE SITUATED AT
TS-5, SECTOR – 22D, YAMUNA EXPRESSWAY, GAUTAM BUDDHA NAGAR,
GREATER NOIDA – 201303, UTTAR PRADESH.
Sd/-
Date : 19.02.2024 Authorized Officer
Place : GREATER NOIDA INDIABULLS HOUSING FINANCE LIMITED
1
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
30.11.2023 calling upon the Borrower(s) VINAY KUMAR PROPRIETOR VINAY
BUILDING MATERIAL AND GEETA ALIAS GEETA DEVI to repay the amount
mentioned in the Notice being Rs.32,49,757.68 (Rupees Thirty Two Lakh
Forty Nine Thousand Seven Hundred Fifty Seven and Paise Sixty Eight
Only) against Loan Account No. HHEALI00436860 as on 29.11.2023 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
Symbolic 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 16.02.2024
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.32,49,757.68 (Rupees Thirty Two Lakh Forty Nine Thousand Seven
Hundred Fifty Seven and Paise Sixty Eight Only) as on 29.11.2023 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
HOUSE NO. 19/68 (OLD) AND 19/69 (NEW) ADMEASURING 174.37 SQUARE
YARDS IE. 145.80 SQUARE METERS SITUATED IN MOUJE GAMBHIR PURA,
TEHSIL KOLI, DISTRICT ALIGARH-202001, UTTAR PRADESH AND WHICH IS
BOUNDED AS FOLLOWS:-
EAST :HOUSE OF MUKUL VARSHNEY
WEST :16 FEET WIDE ROAD
NORTH :16 FEET WIDE ROAD
Sd/-
SOUTH :12 FEET WIDE ROAD
Date : 16.02.2024 Authorized Officer
.
Place : ALIGARH INDIABULLS HOUSING FINANCE LIMITED

POONAWALLA FINCORP LIMITED APPENDIX IV [SEE RULE 8(1)]

Registered and Corporate Oice : 201 and 202, 2nd Floor, AP81, POSSESSION NOTICE
Koregaon Park Annex, Mundhwa, Pune - 411036, Maharashtra (FOR IMMOVABLE PROPERTY)
Whereas, the undersigned being the Authorised Oicer of Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited)
of the above Corporate/ Register oice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (hereinafter referred as the “said Act”) and in exercise of the powers conferred under Section 13 (2) of the said
Act read with Rule 3 of the Security Interest (Enforcement) Rules 2002, issued a demand notice below dated calling upon the below
Borrowers to repay the amount mentioned in the notice within 60 days from the date of receipt of the said notice.
The borrowers having failed to repay the amount, notice is hereby given to the borrowers and the public in general that the
undersigned has taken symbolic possession of the property described herein below in exercise of powers conferred on him/ her
under Section 13 (4) of the said Act read with Rule 8 of the said rules of the Security Interest Enforcement Rules 2002 on this 21st day
of February of the year 2024.
The borrowers in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the
property will be subject to the charge of Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) the amount 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. Details of Property taken in symbolic possession are herein below :

Name of Description of Possession Date of Amount in

Borrowers Property taken Date statutory Demand Notice
Demand Notice (Rs.)
SHYAM ALL THAT PIECE AND PARCEL OF MORTGAGED 21.02.2024 16.11.2023 Loan No.
TRADING CO PROPERTY BEING HOUSE NO. 304 & 305, ENTIRE LAP0031100000007807552
AMIT GARG FIRST FLOOR WITHOUT ROOF RIGHTS, AREA Rs. 94,62,724 (Rupees Ninety
MESAURING 48 SQ. METERS, SITUATED AT Four Lacs Sixty Two Thousand
PUJA GARG POCKET 2, SECTOR, 22, ROHINI, NORTHWEST Seven Hundred Twenty Four only)
DELHI, NEW DELHI- 110086. payable as on 16.11.2023 along
with interest @ 9.50% p.a till the
realization

Authorised Oicer
Place : New Delhi Poonawalla Fincorp Ltd.
Dated : 22.02.2024 (Signature)

UCO Bank
.
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 17 <

POSSESSION NOTICE
(for immovable property) ODISHA POWER TRANSMISSION CORPORATION LIMITED
Whereas, (A Government of Odisha Undertaking)
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Regd. Office: Janpath, Bhubaneswar-751022
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 CIN:U40102OR2004SGC007553
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the CAD-4251
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated 28.11.2022 TENDER ALERT
calling upon the Borrower(s) SANJAY KUMAR SINGHAL AND NEELAM 1)E-TENDER NOTICE NO.-CPC-43/2023-24 : Bids are
SINGHAL to repay the amount mentioned in the Notice being Rs.26,67,970.74
(Rupees Twenty Six Lakh Sixty Seven Thousand Nine Hundred Seventy and
invited from reputed manufacturers/repairers under two
Paise Seventy Four Only) against Loan Account No. HHLNOI00364013 as on part bidding system in e-tendering mode only for
15.11.2022 and interest thereon within 60 days from the date of receipt of the said “Repairing of 06 numbers of Auto & Power Transformers
Notice. ” at an Estimated cost of Rs. 19.145 Crore. Last date of
The Borrower (s) having failed to repay the amount, Notice is hereby given receipt of tender Dt-20.03.2024 Up to 13.00 Hrs.
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
Complete set of bidding documents are available at
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of www.tenderwizard.com/OPTCL and
theSecurity Interest (Enforcement) Rules, 2002 on 16.02.2024 www.optcl.co.in.
The Borrower(s) in particular and the public in general is hereby cautioned not HIPR-70/2023-24 I&PR-04011/11/0187/2324 Sd/- CGM (C.P.C)
to deal with the property and any dealings with the property will be subject to /optcl.odisha /optcl_odisha
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.26,67,970.74 (Rupees Twenty Six Lakh Sixty Seven Thousand Nine
Hundred Seventy and Paise Seventy Four Only) as on 15.11.2022 and interest
thereon.
CAN FIN HOMES LTD.
1652/57/1, First Floor, Above Ujjivan Small Finance Bank,
The Borrower’s attention is invited to provisions of Sub-Section (8) of Circular Road, Rewari-123401, Phone No. : 01274-258206
Section 13 of the Act in respect of time available, to redeem the secured Email: rewari@canfinhomes.com
assets. M. No. 7625079233, CIN: L85110KA1987PLC008699,
DESCRIPTION OF THE IMMOVABLE PROPERTY Notice for sale of immovable properties
RESIDENTIAL FLAT NO. G-2,(M.I.G) HAVING COVERED AREA 61.31 [Under Proviso to Rule 9(1) of Security Interest (Enforcement) Rules]
SQ. MTRS., ON THE GROUND FLOOR, REAR SIDE, SITUATED ON THE
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and
PLOT NO.B-169, SHALIMAR GARDEN EXTENTION-2, HADBAST VILLAGE
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
PASONDA TEHSIL LONI DISTRICT GHAZIABAD -201001, UTTAR PRADESH.
read with proviso to Rule 9(1) of the Security Interest (Enforcement) Rules, 2002
BOUNDED AS UNDER;
EAST : SERVICE LANE WEST : 40 FT. WIDE ROAD
NOTICE is hereby given to the public in general and in particular to the Borrower (s) and
NORTH : PLOT NO. B-170. SOUTH : PLOT NO. B-168 Guarantor (s) that the below described immovable property mortgaged/charged to the
Sd/- Secured Creditor, the physical possession of which has been taken by the Authorised
Date : 16.02.2024 Authorized Officer Officer of Can Fin Homes Ltd., Rewari Branch, will be sold on “As is where is”, “As is
.
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED what is”, and “Whatever there is” on 28.03.2024, for recovery of Rs. 36,24,630/-
(Rupees Thirty Six Lakh Twenty Four Thousand Six Hundred Thirty Only) due to Can Fin
Homes Ltd. from Mrs Pramila w/o Rakesh Kumar & Mr.Rakesh Kumar S/o Mr. Om
Parkash and (Guarantor) Mr Ramesh Kumar S/O Mr. Satya Narain as on 21.02.2024,
together with further interest and other charges thereon. The reserve price will be
Rs.10,00,000/- (Rupees Eleven Lakh Only) and the earnest money deposit will be Rs.
1,00,000/- (Rupees One Lakh Only )
DESCRIPTION OF THE IMMOVABLE PROPERTY
KHEWAT NO 2238MIN, MURBA NO 161, KILLA NO 14(8-0),15/1(2-8),JAI HIND COLONY
JHAJJAR 124103.
Boundaries:
East : PLOT OF SHRI KRISHAN, West :PLOT OF SUNIL,
North : PLOT OF ANUP SINGH, South :Street
Encumbrances: Nil
The detailed terms and conditions of the sale are provided in the official website of Can Fin
Homes Ltd., (https://www.canfinhomes.com/SearchAuction.aspx).
Link for participating in e-auction : www.bankeauctionwizard.com
Date: 21.02.2024 Sd/- Authorised Officer
Place: Rewari Can Fin Homes Ltd.

GOVERNMENT OF JAMMU AND KASHMIR (U.T.)

OFFICE OF THE GENERAL MANAGER GOVERNMENT
PRESS SRINAGAR
Phone & Fax: 01933-222904 E-mail: gpresssgr-jk@gov.in; gpresssgr@gmail.com

Tender Notice No. 03 of 2024 dated 19-02-2024

(Rate Contract for Lifting/Removing of Waste Paper Material)
For and on behalf of the Lt. Governor of Jammu and Kashmir, e-bid is invited for the finalization of the Rate Contract for lifting
of mixed waste cutting paper including wrappers, board etc. detailed in Annexure - A to this e-tender notice with specifications in the
schedule forming part of terms and conditions of this e-NIT. The e-tender Notice can be downloaded/accessed on www.jktenders.gov.in
S.No. Specification Quantity Earnest Money
1. Mixed waste cutting paper including wrappers, As per Actual Rs. 10,000/- (Rupees
board etc. ten thousand only)
The bidding documents consisting of qualifying information, eligibility criteria, specifications, bill of quantities (B.O.Q), set of terms and
conditions of contract and details can be seen/downloaded from the official website www.jktenders.gov.in as per schedule dates given
below:-
01 Date of issue of tender of bidding documents 20-02-2024
02 Date of downloading of bidding documents 21-02-2024 (11:00 A.M.)
03 Bid submission start date 21-02-2024 (1:00 P.M.)
04 Bid submission end date 04-03-2024 (5:00 P.M)
05 Date & time of opening technical bids 05-03-2024 (12:00 Noon)
06 Date & time of opening financial bids To be notified after Technical Evaluation.
For and on behalf of the Lt. Governor of Jammu and Kashmir
(AIJAZ AHMAD AKHOON)
General Manager

No: GPS/PA/964-68
Dated: 19-02-2024 DIPK-16758/23
18
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1

NAME CHANGE
I, "Jaimala Gupta" W/o Sh.
Kapil Gupta R/o EU-9B, DDA
Flats, Pitampura, Delhi -
110088, declare that I have
changed my name from
“Jaimala” to “Jaimala Gupta”
and confirm that both the
MCB Noida BRANCH, Sector-18 Noida names belong to one and same
POSSESSION NOTICE [SECTION13 (4)] person and ‘Jaimala Gupta’
Appendix IV under the Securitization Act Rule 8(1) (For Immovable Property) should be used for all future
Whereas, the undersigned being the Authorized Officer of the Canara Bank under Securitization And Reconstruction of Financial Assets purposes.
and Enforcement of Security Interest Act, 2002 (Act 54 of 2002)(hereinafter referred to as “the Act”) and in exercise of powers conferred
under Section 13 (2) read with Rule 3 of the Security Interest (Enforcement) Rules 2002, issued a Demand Notice dated 02.03.2017 with
total outstanding Rs 2,07,14,940.00 (Rupees Two Cores Seven Lacs Fourteen Thousand Nine Hundred Forty Only) as on 02.03.2017
calling upon the borrower
M/S HARSH FABTEX (Partnership Firm) Through Partners Ankit Kaushik S/o Lt Sh. Rajvir kaushik
Sunil Singh S/o Mr. Daya Singh Ex- partner (Retd) M/s Harsh Fabtex, R/o 159, Krishna NAME CHANGE
Kusum Singh W/o Sunil Singh Gali No 4, Babarpur, Shahdra Delhi 110032 (Guarantor) I, "Sudhir Ranjan Singh" S/o
Manveer Singh Rawat S/o Bachan Singh Rawat Kusum Singh W/o Sh. Sunil Singh, Sh. Bashishta Narayan Singh
Registered Office- D 224 Sector 63 Noida 201301 Partner of M/s Harsh Fabtex R/o C-39B, Rajat Vihar, Sector-
Factory Address- F 466 Sector 63, Noida 201301 (Borrower) First Address- R/o D 198 Sector 47, Noida Distt G B 62, Noida- 201301 declare that
Sunil Singh S/o Mr Daya Singh, Partner of M/s Harsh fabtex Nagar Uttar Pradesh
I have changed my name from
First Address- D 224, Sector 63 Noida 201301 UP Second Address- D 269, Sector 17, Noida, Distt Gautam
Second Address- D 198 Sector 47 Noida G B Nagar UP 201301 Buddh Nagar Uttar Pradesh (Guarantor) “Sudhir Ranjan” to “Sudhir
(Guarantor) Manveer Singh Rawat S/o Sh. Bachan Singh Rawat, Ranjan Singh” and confirm
M/s Pushpanjali Buildwell Pvt Ltd, Through Directors Mr. Raj Singh, Partner of M/s Harsh Fabtex, R/o H No D1 A,11 Shyam that both the names belong to
Om Singh, Kailash Yadav and Sh. Sushila Malge Park Extension, Block D, Sahibabad (Guarantor) one and same person and
First Address- 204-205, 2nd Floor, Milap Bhawan, Bahadurshah Zafar Sunil Aggarwal S/o Sh Madan Mohan, R/o 48, Block 1 ‘Sudhir Ranjan Singh’ should
Marg, New Delhi Charwood village Faridabad Haryana (Guarantor) be used for all future purposes.
Second Address- A-30/31Ashok Nagar, Ghaziabad, UP 201001 Mr. Raj Singh S/o Bhim Singh,
Third Address- 100 K Basement Milap Bhawan, Bahadurshah Zafar Marg Ex Director M/s Pushpanjali Buildwell Pvt Ltd, R/o A 30,
New Delhi Ashok Nagar Ghaziabad UP 201001 (Guarantor)
Fourth Address- D 115 Preet Vihar East Delhi, Delhi 110092
Mrs. Sushila SureshBabu Malge,
Mr. Suresh BabuGanpati Malge, (Director- M/s Pushpanjali Buildwell Pvt (Director- M/s Pushpanjali Buildwell Pvt Ltd) R/o Sonal
Ltd), R/o Surrender Road, Opp Joshiwad Charai Thane(W) Mumbai-400037 ApartmentsAnnaji Mumbai
PUBLIC TNOTICE
to repay the amount mentioned in the notice, being Rs 2,07,14,940.00 (Rupees Two Cores Seven Lacs Fourteen Thousand Nine This is for notice of the general public that a
Hundred Forty Only) within 60 days from the date of receipt of the said notice. political party is proposed to be registered
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has by the name of YUVA DEVLOP PARTY,
(name of the Party). The office of the party
taken possession of the property described herein below in exercise of powers conferred on him / her under section 13 (4) of the said Act, is located C/o-Suresh Ray, Near Baladas
read with Rule 8 & 9 of the said Rule on this Twentieth Day of February of Two Thousand and Twenty Four. Ghat, Tangaul, Hajipur, Vaishali, Bihar-
The borrower’s attention is invited to provisions of section 13(8) of theAct, in respect of time available, to redeem the secured assets. 844101 (give full address). This Party has
The borrower/Surety/owner in particular and the public in general are hereby cautioned not to deal with the property and any dealings submitted application to the Election
with the property will be subject to the charge of Canara Bank Mid Corporate Branch Noida (18885) for an amount of Commission of India, New Delhi for its
registration as Political Party under Section
Rs 2,07,14,940.00 (Rupees Two Cores Seven Lacs Fourteen Thousand Nine Hundred Forty Only) as on 02.03.20217 plus 29A of the Representation of People Act,
interest and charges thereon. 1951- Names/address of the office-bearers
Description of the Immovable Property of the Party are as follows:
Land situated at Kh no. 61, Khata No 176 village Tatarpur, Pargana & Tehsil Hapur Distt- Hapur, Uttar Pradesh President : Dheeraj Kumar Roy
General Secretary : Anirudh Kumar
Boundaries: North: Hapur Mandi South: Khasra No 58 Treasurer : Chandan Kumar
East: Khasra No 65 West: Nali If any one has any objection to the
Date: 20.02.2024, Place: HAPUR Authorised Officer, Canara Bank registration of YUVA DEVLOP PARTY,
(Name of the proposed Party) they may send
their Objection with reasons thereof, to the
Secretary (Political Party), Election
Commission of India, Nirvanchan Sadan,
PUBLIC NOTICE TO Ashoka Road, New Delhi-110001 within 30
days of the publication of this notice.
LOCKER HIRERS
Circle Office: (West Delhi); 2nd Floor, Vikrant Tower, Rajendra Place, New Delhi-110008
NOTICE FOR RECOVERY OF LOCKER RENT IN ARREAR AT OUR BRANCHES
That the Punjab National Bank had rented safe deposit vaults (lockers) through its different branches and rent is chargeable
on annual basis in advance. Locker hirers who have not operated the locker for more than three years are as under:
Sl. SOL. ID. BRANCH LOCKER NO CUSTOMER NAME
1 001610 EAST PATEL NAGAR AA00071M1 HARITAMEHTA
2 001610 EAST PATEL NAGAR AA00080M1 HARITAMEHTA
3 001610 EAST PATEL NAGAR AB00103M1 VIPIN PACHOURI
4 002210 KIRTI NAGAR AA00009M1 GARGI DEVI SAHNI
5 011200 DELHI CANTT AE00324 MAJORSURYAVANSH SHARMA& MRS.ARCHANASHARMA
6 014800 KIRTI NAGAR BK00046 JEEVAN SINGH &AMAR KAUR
7 014800 KIRTI NAGAR AD00290 MAHIPAL KUMAR
8 014800 KIRTI NAGAR AP01376 GAJINDER SINGH
9 014800 KIRTI NAGAR BK00099 ANIL MALHOTRA& MAMTAMALHOTRA
10 060400 WEST PATEL NAGAR AG00621 ANOOP SAHDEV & NEERU SEHDEV
11 060400 WEST PATEL NAGAR BJ00016 JYOTI SURMA
12 062700 NARAINA AF00451 MANISHADAWAR
13 062700 NARAINA AT01662 SIDHARTH NARAYANAN
14 062900 NEW RAJINDER NAGAR AR01490 KUMARI NIRMALTIRATH
15 063200 TILAK NAGAR AN01115 INDERJEET SINGH
16 113920 FATEH NAGAR AC00261 DARSHANARANI
17 148220 JANAKPURI AA00048 MRS SADHNA
18 148220 JANAKPURI AB00091 CHANCHAL SHARMA
19 148220 JANAKPURI AB00093 MONICABANERJEE
20 150100 PUNJABI BAGH CD02656 SURJEET KAUR
21 150100 PUNJABI BAGH AA00023 POONAM BALUJA
22 150300 JANAKPURI BB00981 AJAY SRINIVASAN IYER
23 150300 JANAKPURI AN01228 MOHINI KAPOOR
24 151900 NAJAFGARH AB00110 SUKHBIR SINGH & MURTI DEVI
25 161000 VIKASPURI AO01269 PUSHPASACHDEV
26 161000 VIKASPURI AX02056 ATULTANDON & PRACHEE TANDON
27 307300 NANGLOI AA00042 RAJ SINGH
28 307500 FIRE STATION AA00041 BANKASH MEHTA
29 307500 FIRE STATION AH00482 GURJIT SINGH
30 307500 FIRE STATION UU01687 ANITAGULATI & PRADEEP KUMAR GULATI
31 307500 FIRE STATION AM00860 SHYAMAPRASAD SARASWAT
The bank has issued three notices to the respective locker hirers for payment of overdue locker rent in arrear & bank officials have also
visited their addresses who are not traceable.
As such, these customers are requested to come to the branch by dated 22.05.2024 otherwise break open process will be executed as per
bank’s guidelines to recover locker rent at the risk and cost of the respective locker hirer in accordance with clauses of the rent deed and the
bank will realize its dues by public or private sale of a part or the whole of the contents of the locker.Any amount and/ or contents of the locker
remaining after the bank’s dues have been satisfied, will be held by the bank at the entire risk, responsibility and cost of the respective locker
hirer. In case, the proceeds of such sale be insufficient to recover the bank’s dues, the locker hirer will be liable for the deficiency.
Date: 22.02.2024, Place: Delhi CO: West Delhi, Punjab National Bank

CIRCLE SASTRA : GHAZIABAD

KJ-13 KAVI NAGAR GHAZIABAD 201001,
PHONE NO :- 8295961765, 8283810870 EMAIL ID :- cs8228@pnb.co.in
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, the constructive/physical/ symbolic possession of which has been taken by the Authorised Officer of the Bank/
Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the respective borrower (s) and guarantor (s). The reserve price and the earnest money deposit will
be as mentioned in the table below against the respective properties.
SCHEDULE OF SALE OF THE SECURED ASSETS
Lot. Name of the Branch Description of the Immovable Properties Mortgaged/ A) Dt. Of Demand Notice u/s 13(2) of SARFAESI ACT 2002 E) Reserve Price Date/ Time of Details of the
encumbrances
No. Name of the Account D) Outstanding Amount (Rs. in Lacs) E-Auction
Owner's Name (mortgagers of property) known to the
C) Possession Date u/s 13(4) of SARFAESI ACT 2002 F) EMD secured creditors
Name & addresses of the Borrower/Guarantors Account
D) Nature of Possession Symbolic/Physical/ Constructive G) Bid Increase Amount Authorised Officer
1. BO: LONI, GHAZIABAD (402200) ALL PART AND PARCEL OF THE PROPERTY, CONSISTING A) 16.12.2022 E) Rs. 66.90 Lakh 27.03.2024 Not Known to us
M/S QUALITY CRAFT EXPORT (BORROWER)ADD: HOUSE NO 734, IKRAM NAGAR, VILL-LONI, THE & DISTT-GHAZIABAD. U.P OF A MUNICIPAL HOUSE NO 734, SITUATED AT KHASRA B) Rs. 63.32 Lakh + Interest & Charges thereon F) Rs. 6.69 Lakh From 11.00 Mr. R. P. YADAV
SHRI BAHADUR SHAH (PROPRIETOR) S/O SH. NOOR MOHAMMAD.ADD: 303, IKRAM NAGAR, LONI, GHAZIABAD.U.P NO 1678 MI, MOHALLA IKRAM NAGAR, VILLAGE-LONI, THE less recoveries A.M to 04.00
LEGAL HEIRS OF LATE SH NOOR MOHAMMAD (GUARANTOR & MORTGAGOR) G) Rs 0.25 Lakh Mob.: 9971720088
& DISTT GHAZIABAD.UP IN THE NAME OF NOOR MOHD C) 15.01.2024 P.M
1. SMT. AMNA BEGUM W/O NOOR MOHAMMAD. ADD: H.NO.303, IKRAM NAGAR, LONI, GHAZIABAD.U.P S/O HASAN.
2. SHRI JAMEEL S/O NOOR MOHAMMAD,ADD: H.NO.373, IKRAM NAGAR, LONI, GHAZIABAD.UP D) Symbolic Possession
3. SHRI YUNUS S/O NOOR MOHAMMAD,ADD: H.NO.373, IKRAM NAGAR, LONI, GHAZIABAD.UP
SHRI SAMEER KHANA S/O BAHADUR SHAH (GUARANTOR)ADD: H NO 734, IKRAM NAGAR, VILL-LONI, THE & DISTT GHAZIABAD.U.P
TERMS AND CONDITIONS: 1. The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
2. The properties are being sold on “AS IS WHERE IS BASIS” and “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS”. 3. The particulars of Secured Assets specified in the Schedule here in above have been stated to the best of the information of the Authorised Officer, but the Authorised Officer shall not be answerable for any
error, misstatement or omission in this proclamation. 4. The Sale will be done by the undersigned through e-auction platform provided at the Website https://www.mstcecommerce.com 5. For detailed term and conditions of the sale, please refer www.ibapi.in, www.mstcecommerce.com, https://eprocure.gov.in/epublish/app &
www.pnbindia.in 6. All statutory dues/attandent charges /other dues including registration charges , stamp duty, Tax etc shall have to be borne by the Purchaser and also the authorised officer or the bank shall not be responsible for any charges, lien in encumbrance are any other dues to govt or any one else in respect of Property (e-auctioned)
not known to the bank the intending bidder is advised to make there on independent inquiries regarding the encumbrance on the property including statutory liabilities,arrears of Property tax, electricity dues etc.
(STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002)
DATE: 21.02.2024, PLACE: GHAZIABAD AUTHORISED OFFICER, PUNJAB NATIONAL BANK
.
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 TAKE TWO 19 <

Modiwasechoingaglobalviewoverconcerns
FUELLING UP Adnochadupsetallcalculations.

REFINING
thatinadequaterefiningcapacityafterthe
pandemic,andaworldeconomyplaguedby
inflation,lowgrowthandsupply-chain
disruptions,hadextendedthelifeofIndia’s
fossilfueleconomy.
“‘India’soildemandwillmorethandoubleto
India refining capacity addition 11.6millionb/dby2045from5.1millionb/dtoday,
in ’000 barrels per day largelydrivenbytransportationfuelsand
petrochemicals,”BPCLChairmanKrishnakumar
Refinery New addition Company Date GopalansaidattheIEW.Despitethis,therefiner

REALITY
“From2026to2030,weactuallyseeonly Nagapattinam 180 IOC
500,000b/dofnetnewcapacityadditionscoming Barmer 180 HPCL
upeachyear,”saidAmritaSen,headofresearch
Panipat 200 IOC
forEnergyAspects,aLondon-basedresearch
house,attheIEWinGoa.That,shesaid,isnothing Barauni 60 IOC
comparedtothegrowthinoildemandofatleast1- Koyali 60 IOC
1.5millionb/deachyear.“So,thereislikelytobea Numaligarh 120 Oil India
deficitofproducts–transportationproducts,in
particular–becauseinvestmentiscontinuingon
Bina 64 BPCL
thepetrochemicalside,”Sensaid. Mumbai 40 BPCL
IntheOrganisationforEconomicCo- Kochi 30 BPCL
operationandDevelopment(OECD),refinershave Visakhapatnam 70 HPCL
announcedtheywillshutrefiningcapacity Source: International Energy Agency
amountingto1millionb/doverthenextfour
years,withEuropeleadingtheway.Western
nationsmay,infact,belookingtoIndia,amajor oildemandgrowth,constitutingnearlyhalfofthe
petroleumproductsexporter,forfuelsupplies. surgeinIndia'soveralldemand.Anddemandfor
However,Indianrefiners,bothstateand jetkeroseneispoisedtogrowstrongly,atan
private,aswellasofficials,itseems,havenotcot- averageof5.9percentannually.Theleastgrowthis
tonedontoanemergingrefiningscarcity.Inthe projectedforgasoline,whichisexpectedto
pastyear,nonewplansforadditionswereannoun- increaseatanaveragerateof0.7percent,
ced,thoughsuchfacilitiestake5-7yearstobuild. dampenedbytheimpactofbiofuelsandthe
In2018,anoilministryreportprojected electrificationofIndia'svehiclefleet,theIEA
refiningcapacitytotouch8.8millionb/dby2030. reportsaid.However,gasolineaccountsforonly
However,inareplytoParliament,MinisterofState around16percentofIndia’sfuelconsumption
forPetroleumandNaturalGasRameswarTeli basket.NewDelhifacesachallengeinfinding
TheworldexpectsIndiatodisplaceChinaasthe scaleditdowntoaround6.1millionb/dby2028, alternativefuelsfortherestofthebasket.
2025 plansameagreadditionof220,000b/dby2035.
2025 "Weshouldnotbeoverinvestingor
underinvestinginthenext15years,”hesaid,
2025
withoutgivingdetails.
2025 TheRosneft-ownedNayaraEnergy,too,made
2025 nosignificantcommitments.“Atthehighestlevel
2025 inthegovernment,thereisclaritythatIndianeeds
todoublethecapacityin10to15years,andthat
2028 woulddefinitelybeachieved,’’saiditschairman
2025 PrasadPanickerattheIEW.Whilehespokeof
2028 petchemadditionsatthe400,000b/drefineryin
2024 Vadinar(Gujarat),herefusedtocommittoany
majorcapacityadditionsattherefinery.
Meanwhile,the240,000b/dHPCL-Mittal
plantatBathinda(Punjab)mayaddnewcapacity,
itsCEOPrabhDassaidattheIEW.He,however,
declinedtogivedetails.HPCLofficialssaidthey
werenotawareofanyexpansionplanatthe
refinery.
RelianceIndustries,too,hasnotannounced
anyplanstoboostrefiningcapacityatJamnagar,
andisinsteadfocusingonpetchemandnew-
energyinvestments.
WhileoilsecretaryPankajJainsaidnew
refinerieswouldfocusonincreasingconversion
ratiosfromcrudetopetrochemicalsto10-15per
centfrom4-5percent,heofferednodetailson

leadingdriverofglobaloildemand.Canthe citinglong-termgrowthtrendsinfuel
consumptionandincreasingadoptionof
country’srefiningcapacitykeepup? alternativefuels.
Overthenextsevenyears,Indianrefinerswill
add1millionb/dofnewrefinerydistillation
capacity—morethananyothercountryinthe
S DINAKAR investment,andspillovertoclimatechange worldoutsideofChina,theParis-basedIEAsaid.
Amritsar, 21 February management. ThatisstillaquarterofwhatModiseeks.
Awareoftheworld’seyesonIndiaasaprime TheIEApointedtoseverallargeexpansion
Indiamayatbestaddaround70million
tonnes,or1.4millionb/d,inrefiningcapacityby
2030,atopofficialfromastate-runrefinertold
BusinessStandard.
Ongoing scaling-up adds up to around 1
million b/d by fiscal 2027/28. This includes
IndianOil adding around 550,000 b/d year by
2025-26, including a 180,000 b/d greenfield
refinery in Tamil Nadu. Hindustan Petroleum is
howthecountrycandoubleitsrefiningcapacity
thisdecade.
Atopofficialfromastaterefinertold
BusinessStandardthatrefineriesmakefora
15-yearinvestment-returnhorizon,andthat
theywereuncertainaboutNewDelhi’spolicies,
especiallytheflip-flopsoverbiofuels,electric
vehiclesandfuelpricing.Industryofficialssaid
whattheyneedispolicystabilityorfinancial

I
ndia’sambitionsforitsrefiningsector destinationforenergyinvestments,anddrivenby projects,whicharenowunderconsiderationand completing a similar sized refinery in Barmer incentivesfromtheCentre,suchasthe
haven’tquitetranslatedintoactiononthe theneedtoensuresupplysecurityandfoster whichmayliftrefiningcapacitybeyonditsmodest (Rajasthan) by 2025 and its Visakhapatnam production-linkedincentive(PLI)scheme.
ground.Thishasimplicationsforenergy aatmanirbharta(self-reliance),PrimeMinister expectationof6.8millionb/dby2030. refinery’s expansion of 300,000 b/d this year. The LastNovember,thegovernmentreduced
security,fuelimportsanddomesticdemand. NarendraModipitchedforboostingrefining Modi’sprescriptionforIndia’soilsectoralso Numaligarh refinery in Assam is adding 120,000 fundingcommitmentsforenergytransition
TherewasatimewhendelaysbyIndiain capacityto450milliontonnes(9millionbarrels dovetailswiththecountry’sneedforaffordable b/d by 2025. And Bharat Petroleum is adding projectsatrefineriesby50percent,amovepivotal
planningprojectswereinsulatedfromthe perday)by2030atthefirsteditionoftheIndia fueltomeeta7percent-plusgrowthrateenroute 134,000 b/d at Bina (Madhya Pradesh), besides forexpandingcapacitytoRs150billion,butno
worldeconomy.Notanymore. EnergyWeek(IEW)inBengaluruin2023andatits tobecominga$7trillioneconomy. other plants in five years. fundshavebeenreleasedsofar.Also,this
TheInternationalEnergyAgency(IEA)expects secondeditioninGoalastweek. TheIEAexpectsIndiatoincreasedomesticoil Beyondtheseadditions,whichwereplanned commitmenthasbeenpushedto2024-25.Allthis,
Indiatobethebiggestdriverofgrowthinglobaloil Thisamountstoadding4millionbarrelsper demandbyalmost1.2millionb/d—accounting inthepast,refinersaresilentonscalingup.A officialssaid,hasmadestate-runrefinerswaryof
demandinthecomingdecade,displacingChina. day(b/d)insevenyears,oraround600,000b/d foroverone-thirdofitsprojected3.2millionb/dof directorofastate-runrefinerysaidthefailureto committingtoinvestmentinlonggestation
So,domesticpoliciesintheenergysectorhavea ayear.That’sakintoaddingoneReliance globalgains—toreach6.6millionb/dby2030. setupa1.2millionb/drefineryatRatnagiri projectslikerefining.
significantimpactontheflowofglobal Industries’refineryeveryyear. Currently,diesel/gasoilistheprimarydriverof (Maharashtra)withSaudiAramcoandUAE’s Thesectorcoulddowithastablebase.

Wage costs, low prices

add to tea firms’ woes
Both West Bengal and Assam raised wage rates
from June and October 2023, respectively
ISHITA AYAN DUTT dated December 2023, the Goodricke Group
Kolkata, 21 February cumulative North India managing director (MD)
orthodox price in 10 months and chief executive officer
Higher wage cost and lower of 2023 declined sharply by (CEO) Atul Asthana
price realisation weighed on 25 per cent year-on-year attributed the drop in
the performance of tea (Y-o-Y). Prices of South profitability to the drop in
companies in the three and India orthodox fell 5 per tea prices and
nine-month periods ended cent during the period. The higher cost.
December 31. cumulative North India “During the nine-month
Both West Bengal and CTC auction price declined period, the company’s own
Assam hiked wage rates in 10 months of 2023 by crop was higher by 7.5 per
from June and October 5 per cent. cent over the corresponding
2023, respectively. period of the previous year.
Moreover, tea prices took The stress But sale prices were lower
a hit in 2023. This showed Chandra Kumar Dhanuka, and wage cost increased,
up on the financial chairman, Dhunseri Tea, impacting profitability.”
performance of tea players. said that five estates were Vikash Kandoi,
For the nine months of executive director, Jay
FY24, most companies Shree Tea & Industries, said
reported a sharp drop in According to an tea had been very badly hit,
profitability. ICRA report dated especially Darjeeling.
In Q3FY24, at least two December 2023, the He said, “Our revenue
listed tea producers, cumulative North from Darjeeling is small, but
Goodricke Group and India orthodox price the losses are significant at
Dhunseri Tea reported in 10 months of 2023 ~100-200 per kg. This has
losses. For McLeod Russel, declined sharply by been a challenging year for
the loss widened in Q3FY24 25% year-on-year. the industry with
compared to Q3FY23. Prices of South India geopolitical issues
ICRA senior vice- orthodox fell 5% impacting exports.
president Jayanta Roy said during the period. But we hope that next
wage is the primary cost The cumulative North year will be better.”
driver for the tea industry. India CTC auction Jay Shree Tea’s
He added, “The impact price declined in 10 numbers are showing an
of wage hike by Assam and months of 2023 by 5% improvement in
West Bengal governments performance, but it’s on the
last year is to the tune of ~9 back of income from related
per kg of production. added during the year. activities.
Moreover, the price of CTC “They were acquired Rossell India’s
tea was down by almost ~9 towards the end of January performance in nine
per kg and orthodox tea by and we couldn’t do the core months of FY24 shows a
~55 per kg in 2023. That has season work. So, there was a sharp drop in profitability
had a negative impact on all significant loss in crop. But on the back of a drag in the
tea companies.” this has now been taken care performance of its tea
“Given that there is no of and hopefully the coming division. Nirmal Khurana,
production in North India year will be good,” said director (finance), said this
during winter, we believe Dhanuka. was one of the bad years for
that FY24 is going to be a However, he also said the tea industry. He said,
weak year for the tea that only a floor price for tea “The crop is down,
industry,” he said. would ensure good times for realisation is less and wages
According to an ICRA report the industry. are up.”

Goodricke
GROWING CONCERN Key financials (~ cr) Group MD &
Net sales n9MFY23 n9MFY24 Net profit/loss n9MFY23 n9MFY24
CEO to resign
1,143.5

693.7

665.8
940.9

622.1

Goodricke Group said

781.9

in a regulatory filing
349.8
296.3

295.3
283.6

that Atul Asthana,

MD and CEO, has
-36.2
-93.2

45.0

-57.6

decided to step down.

28.0

42.1
18.9
21.8

27.6
6.5

Asthana’s letter dated

February 21 mentioned
Mcleod Goodricke Jay Shree Dhunseri Rossell he was resigning from
Russel Group Tea Tea India
Company the post with effect
from the close of busi-
ness hours February
29. Asthana told Busi-
nessStandard, “The
Group made profits up
to 2022. It’s only in 2023
Compiled by a loss was reported
BS Research Bureau mainly due to depres-
Source: Capitaline
sed price realisation.”
ISHITA AYAN DUTT
20
>
NEW DELHI | THURSDAY, 22 FEBRUARY 2024 1

FALI S NARIMAN 1929-2024

An advocate for secularism and civil liberties

Eminent jurist argued many landmark cases
including the renowned NJAC case
KTS TULSI
In addition to his legal prowess, Nariman
was a celebrated author, penned several
books that reflected his thoughts on law, pol-
itics, and life. His book Before Memory Fades
scope of minority rights under Article 30 of is widely read among young lawyers and con-
the Constitution of India, the significant SC tinues to be a source of inspiration for aspir-

T
he legal fraternity and nation mourn
the loss of one of India’s most distin-
guished legal minds, Senior Advocate
Fali S Nariman who departed this world on
Tuesday at the age of 95.
Nariman’s journey through life and the
legal field was marked by brilliance, tenacity,
and an unwavering commitment to justice. A
stalwart in the field of law, his illustrious car-
eer spanned several decades, leaving an inde-
lible mark on the legal landscape of India.
Nariman earned widespread acclaim for
his fearless advocacy and legal acumen. His
courtroom presence was formidable, and his
AOR Association case, which resulted in the ing legal minds. In his autobiography, he
collegium system, and many others. He wrote: “I have lived and flourished in a secu-
famously tendered his resignation as the lar India. In the fullness of time if God wills, I
Additional Solicitor General of India in June would also like to die in a secular India.”
1975 as a protest against the emergency Nariman’s passing leaves a void that will
proclamation order issued by the Indira be challenging to fill. His legacy will endure
Gandhi administration. His legal prowess through the countless lives he touched, the
and upright morals earned him respect not legal precedents he set, and the principles he
only in India but also internationally. upheld. As the nation bids farewell to this
An outspoken advocate for secularism and legal luminary, his contributions in the pur-
civil liberties, Nariman was a significant pub- suit of justice will be remembered with grat-
lic figure whose discerning assessments of itude and respect. Today, he has bequeathed
judicial developments carried considerable forth a substantial body of original work that
weight. His principled stand on various issues serves as a source of motivation for forthcom-

eloquence unmatched. He was a distin-
guished constitutional law advocate who
argued many landmark judgments including
the renowned National Judicial Appoint-
ments Commission (NJAC) case. He also
appeared in the TMA Pai case concerning the
showcased his commitment to democracy
and the rule of law. He was morally upright
and duty-bound as an individual so much so
that in the final judgment in the Cauvery
Water Dispute: State of Karnataka v State of
Tamil Nadu, Civil Appeal No. 2453 of 2007
delivered on February 16, 2018, the Supreme
Court took note of his stand on the issue and
observed: “We think it necessary to state here
that Mr. Nariman had courageously lived up
to the highest tradition of the Bar.”
ChatGPT-styleservice
ing generations to aspire to and emulate his
standards, as they transcend temporal
boundaries.
May his soul rest in peace.

The writer is a senior advocate and Rajya Sabha MP

Hanoomansetfor
launchnextmonth
“He was inspired to do something for the BLOOMBERG formative AI technology.
AMEEN SAYANI 1932-2024 country. Even the radio programme was 21 February BharatGPT envisions the
meant for the common people,” said Alam. model working via 11 local lan-

The voice of radio “He kept his script very simple. And he kept
his voice and diction very chaste so that peo-
ple could understand each and every word.”
Vijaylaxmi Chhabra, former director gen-
Broadcaster brought cinema to every home; when he spoke, the nation listened eral of Doordarshan, admitted that she want-
ed to be on radio herself because of Sayani.
RITWIK SHARMA cing became a boon for Radio Ceylon. Keskar As a young programme officer for Vividh
New Delhi, 21 February had his prudish notions on culture and deci- Bharti in 1980s Bombay, Chhabra found a
ded to ban film songs on All India Radio (AIR) soft-spoken thorough gentleman in Sayani,
A consortium backed by
Mukesh Ambani’s Reliance
Industries and India’s top engi-
neering schools aim to launch
its first ChatGPT-style service
next month, a big step in the
country’s ambitions to
become a player in the field of
artificial intelligence (AI).
guages in four main fields:
health care, governance,
financial services and educa-
tion. It developed the model
in collaboration with Indian
Institute of Technology uni-
versities including in Bombay,
backed by wireless carrier
Reliance Jio Infocomm and

I
n 1960, when the film Dil Apna Aur Preet
Parai hit the theatres, one of its songs
drew frowns from an information and
broadcasting minister notoriously wary of the
corrupting influence of Hindi film music.
“Sheesha‐E‐Dil Itna Na Uchhalo” was the
“decadent” song that riled B V Keskar. On his
orders, a clerk pasted a ban sticker on the alb-
um’s 78 RPM vinyl record. But he pasted the
“NA” sticker on the wrong side and ended up
banning the memorable “Ajeeb Dastan Hai
Yeh” from the airwaves for a number of years.
Radio legend Ameen Sayani, who
breathed his last in Mumbai following a heart
attack on Tuesday, shared the anecdote with
Pervaiz Alam, a former broadcaster with BBC
Hindi. Sayani, 91, regaled Alam with several
stories that are now part of nostalgia — just as
he did millions of rapt listeners on radio with
an iconic voice and mannerism that set the
benchmark for broadcasters in India.
It is well-known how Keskar’s moral poli-
in 1952. Sayani swiftly seized an opportunity
at the Sri Lanka-based Radio Ceylon and pre-
sented the iconic Binaca Geetmala — a week-
ly show that introduced listeners to the catch-
iest new songs in a golden era of Bollywood.
The show ran from 1952 to 1988 on Radio Cey-
lon, before shifting to AIR’s Vividh Bharti —
until 1994, rechristened as Cibaca Geetmala.
Alam, who interviewed Sayani at length
for an archive for public broadcaster
Doordarshan, recalled growing up in Aligarh
as an ardent listener of Binaca Geetmala.
“The traffic in the city would stop when
his programme was aired. There were com-
munal tensions and other problems, but on
Wednesday evenings, he would say ‘Behnon
aur bhaiyon’ and everyone would listen to his
calm and soothing voice.”
Sayani was born in Mumbai on December
21, 1932, in a family of freedom fighters. His
mother, Kulsum Sayani, ran a fortnightly
journal on Mahatma Gandhi’s instructions.
whose programmes were outsourced by the
public broadcaster. Sayani ran his independ-
ent firm and produced Geetmala, but remain-
ed a guiding figure for his associates in AIR.
“Radio was everything for him. Some of us
inherited that love for radio from him,” she
said. “How he inspired so many people is
amazing. In small towns those days, during
stage programmes, most of the announcers
tried to speak just like him.”
“When he spoke, the whole nation lis-
tened. I don’t think anybody could grab that
kind of attention on radio,” she added.
Among the many broadcasters he inspired
is Shammi Narang, a former news anchor and
one of India’s best-known voice-over artists.
“What is a good dialect, punctuations,
stresses, pauses, diction… we have learned all
of that from him as we grew up listening to
Binaca Geetmala,” Narang said.
More on business-standard.com
The BharatGPT group,
encompassing an arm of
India’s most valuable com-
pany and eight affiliated uni-
versities, offered a sneak peek
of the large language model
Tuesday during a technology
conference in Mumbai. In a
video played before delegates,
a motorcycle mechanic in
southern India queried an AI
bot in his native Tamil, a
banker conversed with the tool
in Hindi, and a developer in
Hyderabad used it to write
computer code.
If successful, the model —
dubbed Hanooman after the
half-monkey Hindu deity —
will represent an advance for
India in the accelerating race
to develop potentially trans-
India’s government.
A swath of startups such as
Sarvam and Krutrim, backed
by prominent VC investors
such as Lightspeed Venture
Partners and billionaire Vinod
Khosla’s fund, are also build-
ing open-sourced AI models
customised for India. While
Silicon Valley companies like
OpenAI are building ever-
larger LLMs, those efforts
involve workarounds because
of computational constraints
and simpler models affordable
to smaller businesses and gov-
ernment departments.
“It’s a different genre of
LLMs,” said Ganesh Rama-
krishnan, chair of IIT Bom-
bay’s department of computer
science and engineering.