SATURDAY, 13 JANUARY 2024
22 pages in 1 section
MUMBAI
~13.00
VOLUME XXVIII NUMBER 130
THE MARKETS ON FRIDAY
Sensex
Nifty
Nifty Futures*
Dollar
Euro
Brent crude ($/bbl)
Gold (10 gm)### ~62,265.0
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
BLACKROCK CUTS
BYJU’S VALUATION
BY 95% TO $1 BN
BlackRockhasonceagain
reducedthevaluationof
itsstakeinedtechfirm
Byju’s,thistimeto
approximately$1billion,
a95percentdropfromits
peakvaluationof$22
billionin2022.Thiscomesata
timewhenByju’sisfacingchallenges,suchas
securingfreshcapital,financialreporting
delays,andlegaldisputeswithlenders.In
Octoberlastyear,BlackRockvaluedByju’s
sharesatabout$209.6apiece,downfromthe
peakof$4,660in2022,TechCrunchreported
onFriday,citingdisclosuresmadebytheUS-
basedassetmanager.AnemailquerytoByju’s
remainedunansweredtillthetimeofgoingto
press.Accordingtosources,BlackRock’sstake
inByju’sisunder1percent,anditsvaluation
processvariesamonginvestors.
ECONOMY & PUBLIC AFFAIRS P6
~ gains 11p to 82.92/$
amid strong FPI inflows
The rupee appreciated by 11 paise against
the US dollar on Friday, buoyed by FPI inflows
into both debt and equity markets. The
local currency strengthened for the eighth
consecutive trading session on Friday;
it touched an intraday high of 82.86
per dollar before settling at 82.92.
ECONOMY & PUBLIC AFFAIRS P4
RBI dy governor Patra’s
tenure extended by a year
The Centre has extended the tenure of
Reserve Bank of India (RBI) deputy governor
Michael Patra by another year. The
extension takes effect from January 15.
Patra is in charge of the all-important
monetary policy department and a
member of the rate-setting panel.
Budget session from
Jan 31 to Feb 9
AbriefBudgetsessionofParliamentwillbe
heldfromJanuary31toFebruary9,
ParliamentaryAffairsMinisterPralhadJoshi
saidonFriday.PresidentDroupadiMurmuwill
addressajointsittingofthetwoHouseson
January31andFinanceMinisterNirmala
SitharamanwillpresenttheInterimBudgeton
February1,theministerpostedonX.Itwillbe
thelastsessionofthe17thLokSabha.
ON
SPECIAL SATURDAY
NATIONAL INTEREST
Flunking the temple test
Congress’ refusal to attend Ram temple
inauguration raises questions about its
post-1996 ideology amid today’s electoral
politics. Could it not have joined the
celebrations while also criticising Modi,
BJP, RSS? SHEKHAR GUPTA writes
444 DAYS FD
7.40%
Offer for Limited Period
Extra 0.50% for Senior Citizen &
0.75% for Super Senior Citizen
1800 419 8300 (Toll Free) Follow us @PSBIndOfficial
Red Sea crisis pumps up container, freight rates
At $3,072, prices per
40-foot container
highest in 15 months
DHRUVAKSH SAHA
New Delhi, 12 January
As the situation in the Red Sea escalates,
global container prices and ocean
freight rates on major shipping
routes continue to rise.
While global container prices went
up by 15 per cent since January 4,
the rates rose 44 per cent to $3,072 per
40-foot container year-on-year, according
to Drewry’s World Container Index.
This is the highest container prices
since October 2022 and more than
double the pre-Covid levels.
“The average composite index for the
year-to-date is $2,871 per 40-foot container,
www.business-standard.com
chg#
72,568.5 p 847.3
21,894.6 p 247.4
21,947.0 p 52.4 ECONOMY & PUBLIC AFFAIRS P7 WORLD P8
~82.9
~90.9
80.4##
~83.0 **
~91.0 **
79.4**
MODI INAUGURATES INDIA'S CITIGROUP TO CUT 20,000
p ~252.0
LONGEST SEA BRIDGE IN MUMBAI JOBS TO BOOST RETURNS
P U B L I S HE D S I M UL T A N E OU SL Y FR OM 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 AB A D, K OC HI , K OL K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E
IT stocks power tired ~7,000 CRORE DEALS
Tata Consumer acquires
markets to new highs CapitalFoods,OrganicIndia
BSE IT index soars over 5%; analysts warn caution ahead SHARLEEN D'SOUZA
Mumbai, 12 January
FINANCIALS Revenue(~cr)
CapitalFoodsPvtLtd
SUNDAR SETHURAMAN
Mumbai, 12 January
SHIFT IN SENTIMENT Tata Consumer Products, the
maker of Tata Tea, has announced 705.5
J
666.7
ust as the equity market seemed to be running Sensex its acquisition of Capital Foods, the 574.2
out of steam, a sudden shift in investor company behind Ching’s Secret
sentiment towards information technology (IT) and Smith & Jones brands. FY21 FY22 FY23
stocks sent it soaring to new heights on Friday. The buy, at an enterprise value
The Sensex leaped 847 points, or 1.2 per cent, to of ~5,100 crore on a no cash, OrganicIndia
close at 72,569, while the Nifty50 surged 247 points, no debt basis, will be carried out in
or 1.1 per cent, to finish at 21,895. The two benchmark a phased manner, with Tata
indices climbed fresh peaks on both intraday and Consumer acquiring 75 per cent of 394.8 361.8 324.4
closing bases. the shareholding before March 31
PAGE 10 The Sensex and the Nifty50 and the remaining 25 per cent
2> rose 0.8 per cent each this week. within three years, the company FY21 FY22 FY23
BROKERAGES They were in the red last week. Top 5 Sensex gainers said in an exchange filing late
OPTIMISTIC On Friday, the BSE IT index rose Friday evening.
Source: Exchange filing
ON IT STOCKS As on Jan 12, Price 1-day
5.1 per cent — its most significant 2024 in ~ chg(%) In addition to Capital Foods, “Capital Foods has strong Smith & Jones is a fast-growing
single-day gain since April 30, 2020
— a day after market leaders Tata Consultancy Services Infosys 1,612.2 7.8
Tata Consumer’s board of directors
also approved the acquisition
umbrella platform brands
with a portfolio of unique products
brand catering to in-home cooking
of Italian and other Western
and Infosys posted results that exceeded Street expec- Tech Mahindra 1,307.6 4.7 of Organic India. The company for in-home consumption in fast- cuisines.
tations, easing concerns about weak demand. Infosys, TCS 3,881.7 3.9 has entered into a share purchase growing categories. Ching’s Overall, Capital Foods has
which gained 7.8 per cent, was the best-performing Wipro 465.5 3.9 agreement (SPA) with Fabindia Secret is a market leader in Desi either Number 1 or Number 2 posi-
Sensex stock, contributing 366 points to the Sensex
HCL Technologies 1,543.0 3.9 for an all-cash deal valued at Chinese across its product tions in five large categories, Tata
gains. TCS, which rose 3.9 per cent, was the second big- ~1,900 crore (on no cash, no debt categories — chutneys, blended Consumer said, adding the overall
Sources:
gest contributor at 131 points. Bloomberg, basis), along with an additional masalas, sauces, and soups,” size of the categories in which
For Infosys, the latest gains were exchanges earnout for the shareholders linked Tata Consumer Products said in its Capital Foods operates in is esti-
the highest since February 9, 2023; Compiled by BS to the 2025-26 audited financials press release. mated at ~21,400 crore.
Research
for TCS, the uptick was the sharpest Bureau of the company. The company further said Turn to Page 6 >
since January 19, 2022.
“The IT results were not as bad
as the Street was expecting,” said NIFTY 50
UR Bhat, co-founder of Alphaniti Jan 11 DAVOS-BOUND The coming week will begin with the world’s who’s who descending
Fintech. “The next few days will
give a better picture of what inves-
21,647.2 1.1 SQUAD AIMS TO on Davos as the annual WEF kicks off among geopolitical challenges.
The list of attendees heading to the Swiss Alps from India is robust, and
Jan 13 Chg %
tors think of these stocks in the
medium term.” Turn to Page 7 >
21,894.6 TURN SPOTLIGHT its agenda includes projecting the country as a bright spot at a time
when the world is contending with a moderating economy and two
ON INDIA wars that show no signs of ending. PAGE 22
Top 4 IT firms balance IIP growth at 8-mth US to India:
caution and optimism low in Nov, retail Ensure PC
AYUSHMAN BARUAH &
Q3 SCORECARD import
ASHUTOSH MISHRA
Bengaluru/New Delhi, 12 January
The third-quarter earnings of the
Revenue Operating Net
margin profit#
Revenue Operating
(Change in % )
Net
margin profit#
inflation rises in Dec rules don’t
IIP GROWTH MODERATES
hurt trade
top four Indian IT companies SHIVA RAJORA
indicate that the demand envi- TCS HCLTech New Delhi, 12 January
ronment continues to be chal- Q-o-Q 1.5 60 bps -2.5 Q-o-Q 6.7 163 bps 13.5 Figures in %
lenging amid some cautious Ahead of the FY25 Interim Budget
optimism for the future. Y-o-Y 4.0 28 bps 2.0 Y-o-Y 6.5 2 bps 6.2 to be presented on February 1, SHREYA NANDI
Thierry Delaporte, chief Infosys Wipro India’s industrial production New Delhi, 12 January
executive officer (CEO) and man-
aging director (MD), Wipro, said
Q-o-Q -0.4 -68 bps -1.7 Q-o-Q -1.4 128 bps 1.8 growth fell sharply to an eight-
month low in November due to a The United States (US) on Friday
during the earnings: “We are
Y-o-Y 1.3 -118 bps -7.3 Y-o-Y -4.4 -65 bps -11.7 moderation in manufacturing urged India to ensure that import
starting to see healthy indicators #Attributable to shareholders of the company Source: Companies activity led by the consumer management system for laptops,
of growth.” Compiled by BS Research Bureau goods as well as a high base effect. personal computers (PCs),
Wipro has forecast a muted Retail inflation in December, and information technology (IT)
sequential revenue growth rate
of minus 1.5 per cent to 0.5 per
tion to our clients. It’s been a
remarkable quarter with all-
on the other hand, rose to a
four-month high because of a sea-
hardware put in place since
November does not ‘restrict’ trade
cent in constant currency for the round performance,” said C sonal spike in the prices of vege- in the future.
fourth quarter ended March as Vijayakumar, CEO and MD, tables, fruits, and pulses that the The matter was discussed
deal rampups and client decision HCLTech. Reserve Bank of India has already CPI INFLATION AT during the India-US Trade Policy
making are yet to gain pace. It
may be noted that Wipro guides
Tata Consultancy Services
(TCS), which does not provide
factored in.
According to data released by
4-MONTH HIGH Forum (TPF) that was co-chaired
by Commerce and Industry
9> for the quarter ahead, as differ- guidance, reported better than the National Statistical Office Figures in % Y-o-Y Minister Piyush Goyal and US
ent from Infosys and HCLTech, expected third-quarter results in (NSO) on Friday, the index of Trade
which do so for the full year. a seasonally soft three-month industrial production (IIP) grew Representative
Infosys has tightened its FY24 period. Net profits for Q3 came by a meagre 2.4 per cent in (USTR)
revenue growth guidance to 1.5- in at ~11,735 crore, up 8.2 per cent November compared to 11.7 per Katherine Tai,
2 per cent in constant currency Revenue grew 6.5 per cent year- Y-o-Y while revenue stood at cent in October, driven by who is in
from 1-2.5 per cent it had guided on-year (Y-o-Y) at ~28,446 crore ~60,583 crore, up 4 per cent Y-o- moderation in growth of the the national cap-
earlier. and 6.7 per cent quarter-on- Y, beating estimates on both. manufacturing (1.2 per cent), elec- ital for the min-
HCLTech lowered the upper quarter (Q-o-Q). This is one of “We are seeing strong deal tricity (5.8 per cent), and mining isterial.
end of its full-year revenue highest rates of revenue growth momentum across markets, (6.8 per cent) sectors. In “Ambassador The DGFT
growth guidance to 5-5.5 per cent since the third quarter of FY21. resulting in a solid order book November 2022, IIP had registered Tai raised the clarified that
in constant currency from 5-6 Its consolidated net profit rose 6 providing visibility into long- 7.5 per cent growth. issue of India’s the present
per cent it had stated earlier. per cent Y-o-Y to ~4,350 crore. term growth. We are seeing an Separately, the Consumer Price new import monitoring
Compared to its competition, “We remain positive about interest in Generative AI and are Index (CPI)-based retail inflation *Provisional Source: NSO requirements would apply
HCLTech’s performance was the our medium-term growth, leading innovation and explor- slightly rose to 5.69 per cent year- for computers, to five
best. Its third-quarter showing enabled by our business mix and atory efforts for our customers in on-year (Y-o-Y) in December from NINE STATES RECORD HIGHER tablets, and specified
T&C apply
*
beat the Bloomberg estimates on a laser-sharp focus on delivering this area,” said K Krithivasan, 5.55 per cent in November. INFLATION RATES PAGE 4 servers. Goyal products and
both revenue and net profit. innovation and hyper automa- CEO and MD, TCS. Turn to Page 6 > described not to all
Turn to Page 6 >
India’s objec- other items,
tives, including such as
those related to desktop
PAGE 8 national secu- computers
US,UKstrike rity concerns…
She welcomed that India has
Yemento implemented the “import man-
in retaliation to terrorist attacks by Hamas counter agement system for specified IT
in October, global container prices have hardware” in a facilitative manner
more than doubled in a matter of weeks Houthiattacks that has thus far minimised the
ON THE RISE since the start of aerial and projectile
attacks on merchant ships passing the Gulf
US and UK warplanes, ships,
and submarines struck across
impact on trade and urged India
to ensure that the end-to-end
Average container of Aden, in an attempt to target Israeli Yemen overnight in retaliation online system currently in opera-
rates (in $) shipments by forces in Yemen. against Iran-backed Houthi tion and related policies do not
At any given time, the Red Sea has 400 forces for attacks on Red Sea restrict trade going forward,”
ships passing through. The crisis, shipping, a widening of according to a joint statement on
1,382 1,461 1,521 1,661
impacting at least 11 per cent of global regional conflict triggered by the TPF.
2,670 3,072 trade, has particularly affected India’s Israel’s war in Gaza.Witnesses Separately, the Directorate
shipments to and from Europe, which is its confirmed explosions General of Foreign Trade (DGFT)
second largest export destination, with throughout Yemen, saying on Friday clarified that the
Nov 30 Dec 7 Dec 14 Dec 21 Jan 4 Jan 11
freight rates reportedly doubling. raids targeted a military base present restrictions would apply
2023 2024
According to market estimates, an adjacent to Sanaa airport, a to five specified products and not
Source: Drewry World Container Index additional 40 per cent longer route and military site near Taiz airport, to all other items, such as desktop
increased regulatory requirements are a Houthi naval base in computers.
expected to persist as the shipping time Hodeidah and military sites “Only the import of laptops,
which is $196 lower than the 10-year Drewry, expect shipping costs to continue extends anywhere between one and four in Hajjah governorate. tablets, all-in-one PCs, ultra-small
average rate of $2,675 (which was inflated to rise over the coming weeks. Ships to weeks due to the longer route. Added form factor computers, and
by the exceptional 2020-22 Covid period),” Europe re-route via the Cape of Good Hope, regulatory requirements and compliance JAISHANKAR, BLINKEN servers falling under HSN 8471 is
the market intelligence firm said. which adds to costs. will also add complexity to the operations. TALK RED SEA ATTACKS P4 > restricted,” the DGFT said in a
Most industry participants, including Amid the eruption of violence by Israel Turn to Page 7 > notification. Turn to Page 6 >
2 COMPANIES
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1

BlackRock slashes
Byju’s valuation
IT giants mix caution with optimism
by 95% to $1 billion HCLTech beats Q3 Wipro sees pressure on
PEERZADA ABRAR of its share in Byju’s to about
Bengaluru, 12 January

BlackRock has once again

reduced the valuation of its
stake in edtech firm Byju’s, this
time to approximately $1 bil-
lion, a 95 per cent drop from
its peak valuation of $22 billion
in 2022.
This markdown comes at a
time when Byju’s is fac-
ing challenges, such
as securing fresh
capital, financial
reporting delays,
and legal disputes
with lenders. In
October last year,
BlackRock valued
Byju’s shares at about
$209.6 apiece, down from the
peak of $4,660 in 2022,
TechCrunch reported on
Friday, citing disclosures made
by the US-based asset manag-
er. An email query to Byju’s
remained unanswered till the
time of going to press.
According to sources,
BlackRock’s stake in Byju’s is
under 1 per cent, and its valu-
ation process varies among
investors. BlackRock had pre-
viously reduced the valuation
IN BRIEF
SAP elevates Kulmeet Bawa
as global chief revenue officer
German technology major SAP has elevated Kulmeet Bawa, pres-
ident and managing director for the Indian sub-continent, to a
global role as the chief revenue officer, SAP Business Technology
Platform (SAP BTP). Bawa will continue to serve in his current role
through February, during which time a
new leader for SAP India will be anno-
unced. Bawa will be responsible for
driving the growth and adoption of SAP
BTP across the globe, including SAP’s
artificial intelligence (AI), data and
analytics, automation, and integration.
“We are witnessing an unparalleled wave
of innovation with SAP at its core,” said
Claudio Muruzabal, chief business
officer, SAP. AYUSHMAN BARUAH
S&P downgrades Vedanta
Resources to ‘selective default’
S&P Global Ratings has downgraded debt-laden Vedanta
Resources Ltd to 'selective default' after the mining conglomerate
$8.4 billion in the March quar-
ter of the previous year and to
$11.5 billion as of December 31,
2022, according to its filing
with the Securities and
Exchange Commission.
BlackRock joined Byju’s
capitalisation table at a $12-bil-
lion valuation in 2020. In April
2022, BlackRock was valuing
its shares of Byju’s at
nearly $4,660 per
unit, valuing the
company at about
$22 billion.
Other
investors, such as
Netherlands-based
tech investor Prosus
NV, have also marked
down Byju’s valuation to
under $3 billion in November
2023. Prosus has a 9.67 per cent
stake in the company. In
November 2022, Prosus had
cut down Byju’s valuation to
$5.9 billion. A Prosus director
resigned from Byju’s board in
June 2023 citing concerns over
strategic, operational, legal,
and corporate governance
matters. A couple of resigna-
tions by other partners and
auditors also followed.
Street estimates revenue growth in Q4
ASHUTOSH MISHRA & SHIVANI SHINDE
New Delhi & Mumbai, 12 January
I I
f one could draw an analogy from
cricket to describe the HCLTech Q3
FY24 performance, the company
has hit a six as it defied expectations
on revenue and net profit and per-
formed better than its other larger
peers in a generally softer quarter for
the IT sector.
The company’s revenue for the
quarter grew 6.5 per cent Year-on-Year
to ~28,446 crore, and on a quarter-on-
quarter basis, the growth was up 6.7
per cent. This is one of the highest rev-
enue upticks since the Q3 of FY21.
HCLTech’s Q3 performance beat
Bloomberg’s estimates on both revenue
and net profit. According to the
Bloomberg estimates, revenue was
expected to be at ~28,154 and profit
after tax at ~4,182 crore.
The company revised its FY24 rev-
enue growth guidance to 5-5.5 per cent,
from its earlier 5-6 per cent. It reduced
its upper end of revenue growth.
HCLTech, the third largest IT services
company, reported a net profit
of ~4,350 crore, up 6.2 per cent
year-on-year, and was up 13.5 per
cent sequentially.
The company’s software unit drew
the growth with 5 per cent Y-o-Y and
32 per cent Q-o-Q, followed by its engi-
neering and research and develop-
ment services, which grew 3.6 per cent
Y-o-Y and 8.7 per cent sequentially. The
firm's IT and business services grew
1.9 per cent sequentially.
Compared to its competition,
HCLTech’s performance was the best.
The TCV for the quarter came in at
$1.92 billion, down 51.5 per cent from
$3.96 billion registered in Q2 FY24.
C Vijayakumar, CEO and managing
director, HCLTech said: “While we
still do not see an uptick in discre-
tionary spends, it remains pretty sim-
ilar to what it was in the last quarter.
There is still a portion of tech spending
that is looking resilient such as cloud
migration, SAP core and data mod-
ernisation, cyber security and
advanced analytics.”
Elaborating on Q4 FY24, he said:
“We expect good growth in the services
business and we will have a seasonality
impact in our software business. Given
We expect good growth in the
services business and we will
have seasonality impact in our
software business
C VIJAYAKUMAR, HCLTech CEO
Balasubramanian
new independent
director of HCLTech
HCLTech on Friday announced the
appointment of Bhavani
Balasubramanian as the
independent director of the
company with immediate effect.
Bhavani is a chartered accountant
by qualification with over four
decades of experience in auditing a
variety of clients, including listed
companies and multinationals
across different industries,
according to the company’s
press release. ASHUTOSH MISHRA
this, we expect our FY24 revenue guid-
ance to be in the range of 5 per cent
and 5.5 per cent.”
In terms of growth driver, HCLTech
saw its Y-oY growth being driven by
BFSI by 12.9 per cent, telecommunica-
tion, media, publishing & entertain-
ment by 8.3 per cent, retail & CPG by
11.7 per cent and manufacturing by 5.8
per cent. On a sequential basis, the
BFSI segment was down 1.3 per cent
due to furloughs.
AYUSHMAN BARUAH
Bengaluru, 12 January
T major Wipro has forecast a
muted sequential revenue
growth of -1.5 per cent to 0.5 per
cent in constant currency for the
fourth quarter ended March 2024
as deal ramp ups and client decision
making are yet to gain pace.
Margins for the second quarter
are likely to be “range-bound” sim-
ilar to the last few quarters, the man-
agement said during a media brief-
ing. Bengaluru-based Wipro posted
a net profit of ~2,700 crore for the
third quarter ended December 2023,
down 12 per cent from a year ago but
up 1.2 per cent quarter-on-quarter
(Q-o-Q), above the consensus
Bloomberg estimates of ~2,685 crore.
The revenue for the December
quarter declined 4.4 per cent from
the year-ago period to ~22,205 crore.
This is slightly below Bloomberg
estimates that pegged the revenue
at ~22,293 crore.
On a sequential basis, revenue
declined 1.4 per cent as key verticals
like banking, financial services &
insurance (BFSI), consumer, and
manufacturing slowed down. IT
services revenue in dollar terms
declined 6.9 per cent year-on-year
(Y-o-Y) and 1.7 per cent sequentially
in constant currency to $2.66 billion.
It was on the back of large deal wins
worth $900 million in total contract
value (TCV).
“In a seasonally-soft quarter, deal
booking momentum remained
strong. Our large deals recorded a
20 per cent year-to-date growth.
Further, we are starting to see early
signs of a return to growth in con-
sulting, as demonstrated by the dou-
ble-digit growth in order bookings
in our Capco business,” said Thierry
Delaporte, chief executive officer
(CEO) and managing director (MD),
Wipro. “Under our ai360 strategy, AI
is now embedded across most of our
existing solutions and client offer-
ings. We are deploying AI internally
across all business and functional
areas as well, with the goals of effi-
ciency, productivity, and scale,”
Delaporte added.
The operating margin contract-
Nothing personal: CEO on suits
against senior-level exits
Wipro on Friday said there's nothing personal or targeted in the
way the company is dealing with contractual obligations, referring
to the recent lawsuits against two senior executives.
In November last year, Wipro filed a lawsuit against former chief
financial officer (CFO) Jatin Dalal. Wipro sued Dalal, accusing him of
violating the non-compete clause in his employment contract by
joining rival Cognizant within 12 months from his last date of work.
This came to light at a time when the IT major had already filed
another case against one of its senior leaders in the US, Mohammed
Haque, for joining Cognizant. The company also alleged that he
transferred certain client specific details to his gmail account. “There
is nothing personal or targeted in the way we are dealing with
contract obligations. We are sticking to business practices, we have
been in this business for 30 years,” Thierry
Delaporte, the chief executive officer (CEO) of
Wipro said. On the legal proceedings against
Dalal, Sourabh Govil, CHRO, Wipro CFO said:
“When all of us join an organization, we
have obligations. We are saying comply
with the obligation. We are not against any
individuals joining another company or
progressing in their career.” SHIVANI SHINDE
THEREISNOTHINGPERSONALOR
TARGETEDINTHEWAYWEARE
DEALINGWITHCONTRACT
OBLIGATIONS.WEARESTICKINGTO
BUSINESSPRACTICES,WEHAVE
BEENINTHISBUSINESSFOR30YRS”
THIERRY DELAPORTE, Wipro CEO
ed to 16 per cent in the December strategy” to turn around. Delaporte
quarter from 16.3 per cent a year ago has been executing a five-point
and 16.1 per cent in the preceding strategy he laid out soon after join-
three months. ing the company.
In terms of verticals, BFSI and The strategy involves accelerat-
consumer contribute more than 50 ing growth through prioritisation of
per cent to Wipro’s overall revenues. sectors and markets and strength-
While BFSI declined 13.2 per cent Y- ening relationships with strategic
o-Y in constant currency, consumer clients and partners. It also involves
fell 8.1 per cent. Voluntary attrition enhancing the company’s portfolio
rate, on a 12-month basis, for the of business solutions, building tal-
December quarter reduced to 14.2 ent at scale, and simplifying the
per cent from 15.5 per cent in the operating model. Effective April 1,
September quarter, indicating it is 2023, Wipro announced four strate-
gradually coming down, a trend gic global business lines (GBLs) to
seen across the industry.
Responding to a media query on the
deliver its capabilities, organised
around cloud, enterprise technolo-
recent leadership exits, Delaporte
said it is “part of the company’s
gy and business transformation,
engineering, and consulting.

Dream11 took
concluded a deal with creditors to extend the maturities of its three
dollar bonds. “We view Vedanta Resources’ just concluded liability
management exercise, which involved three of its US dollar-
denominated bonds, as a distressed transaction,” the rating
Google to add more real-money game on board 55 mn
apps on Play, charge a service fee
agency said in a statement. PTI

GD Goenka Group appoints

ARYAMAN GUPTA
Gaurav Himkar as Group CEO New Delhi, 12 January
GD Goenka Group on Friday announced the appointment of Google has announced plans to
Gaurav Himkar as its Group CEO. Earlier, Himkar was associated allow more real-money gaming
with the Hero Motors Group where he served as the Chief Strategy (RMG) apps, including those not
Officer and Managing Director for its European e-bike business HNF covered under a licensing frame-
Nicolai, according to a company statement. “We welcome Himkar work, on its Play Store (aka Google
as the Group CEO, aiming to enhance operational excellence and Play) in India, Mexico, and Brazil
profit and loss accountability across different verticals of the grou- this year. The technology giant
p,” GD Goenka Group Managing Director Nipun Goenka said. PTI will also charge a service fee for
these apps.
“Based on the learnings from
Adani New Industries gets LOA the pilots and positive feedback
from users and developers, Google
for electrolyser manufacturing Play will begin supporting more
RMG apps this year, including
AdaniEnterprisesonFridaysaidAdaniNewIndustriesLimited,a game types and operators not cov-
wholly-ownedsubsidiary,hasreceivedLetterofAward(LoA)from ered by an existing licensing frame-
SolarEnergyCorporationofIndia,forsettingupmanufacturingcap- work,” the company said on Friday.
acityforElectrolysersinIndiaunderStrategicInterventionsforGreen The “expanded RMG support”
HydrogenTransitionScheme(Tranche-I).Themaximumincentive will be launched in June for devel-
tobeallocatedover5yearsfromthescheduledcommissioningdate opers in India, Mexico, and Brazil,
is~293.78crore,fora30-monthcontract,itsaid. BS REPORTER with plans to extend the service to
CASHING IN
n Firm will also roll out a service
fee model for subscription and
in-app purchases for real
money games
n It has extended the grace
period for its RMG pilot program
until June 30, 2024
n After this, developers can
distribute RMG apps on Google
Play to users in India
more countries later.
Google is also planning to roll
out a service fee model for sub-
scription and in-app purchases for
real money games. While the com-
pany did not disclose the details of
the new fee, it currently charges a
service fee of 15-30 per cent on in-
n Existing developer policies
supporting user safety will
remain unchanged
n This comes while RMG firms are
reeling from a 28% blanket tax
on online gaming
app purchases and app sales made
through Google Play.
However, Google says that the
service fee is applicable when a
developer sells digital goods or
services in their app.
“Today, only 3 per cent of devel-
opers in India sell digital goods or
services and therefore would need
to pay a service fee. For the vast
majority of developers, our fees are
15 per cent or less — the lowest rates
of any major app store — due to the
range of pricing programmes
Google Play offers.”
This development comes at a
time when Indian RMG firms are
grappling with a 28 per cent blanket
tax on online gaming. Previously,
skill gaming platforms paid an 18
per cent GST on platform fees, also
known as gross gaming revenue
(GGR). The new rules, which came
into effect from October 1, do not
distinguish between games of skill
or chance.
In 2022, Google launched a pilot
programme enabling the distribu-
tion of daily fantasy sports (DFS)
and rummy apps to users in India.
This programme ended on
September 28, 2023.
users in 2023
At a time when India’s real-money gaming
companies are reeling from regulatory
challenges and a new tax regime, fantasy
gaming platform Dream11 said it onboard-
ed 55 million new users on its platform in
2023. The company now boasts a total user
base of 21 crore gamers, after breaching the
20 crore threshold in October last year.
A majority of users on the platform are
between the age of 25-60 years and hail
from smaller towns. Just 28 per cent of
them belong to the country’s tier 1 and tier
2 cities. Notably, the company saw a sub-
stantial 79 per cent increase in female users
on its platform in 2023, Harsh Jain, co-
founder and CEO of Dream11, said in a post
on X. Dream11 is one of three gaming uni-
corns — companies valued at over $1 billion
— in the county, aside from Games24x7 and
Mobile Premier League (MPL). The year saw
1,000 crore fantasy sports teams created on
the platform, with as many as 150 crore UPI
transactions. The average ticket size was
just ~63. ARYAMAN GUPTA

Domestic two-wheeler sales zoomed 9% in 2023 fuelled by rural demand uptick

DEEPAK PATEL
New Delhi, 12 January
The two-wheeler sales in India increased by 9.12
per cent Year-on-Year (Y-o-Y) to 17.075 million
units in 2023 as the rural market continues to
recover, and the overall economy shows strong
growth, Vinod Aggarwal, President of the Society
of Indian Automobile Manufacturers (SIAM),
said on Friday.
However, the 2023 sales are still much below
the pre-pandemic peak that was observed in 2018
when 21.645 million units of two-wheelers
were sold.
Aggarwal said that the third quarter (October-
December) sales numbers are much better than
the April-December figures. "For example, the
two-wheelers - which are largely impacted by
swings in the rural economy - the growth in the
third quarter was 23 per cent Y-o-Y but the April-
December period growth was 10 per cent Y-o-Y.
Therefore, the figures indicate that the rural
economy is doing better," he told reporters at a
press conference.
When asked if he sees the two-wheeler sector
matching the pre-pandemic peak in 2024 or
2025, Aggarwal replied, “It is very difficult to
forecast what will happen.” If one looks at the
sales performance in the October-December
period, it is almost equal to the peak sales
observed in the previous October-December
period. “So, we have started touching the earlier
peaks,” he said.
He, however, clarified that there is still a huge
gap to match to touch previous peaks. In 2019
and 2020, two-wheeler domestic sales dropped
by 14.22 per cent and 23.14 per cent Y-o-Y,
GROWTH YET TO TOUCH PRE-PANDEMIC LEVEL The world is grappling with multiple global
issues with the latest being attacks on ships
n Two-wheeler domestic sales (in million units) (LHS) Annual increase/decrease (in %) (RHS) passing through the Red Sea amid Israel’s
25 20 military action in Gaza. About the crisis in the
9.71 9.12 Red Sea, Aggarwal said: The government of India
20 10 has taken a lot of action there. The ship that was
hijacked was freed within 24 hours. India has put
15 0 surveillance there in a much stronger manner.
10 -10 There is continued use of that
passage. There is no change in that plan. With
5 -20 more surveillance and control, things should
be smooth.
0 16.12 17.68 19.18 21.64 18.56 14.27 14.53 15.64 17.07 -30 Aggarwal said although there are risks, the
2015 2016 2017 2018 2019 2020 2021 2022 2023 Indian government is managing it very well amid
Source: SIAM a growing geopolitical crisis.
“The Indian economy is very resilient and we
have a strong domestic consumption. Our
respectively, amid the pandemic. exports of two-wheelers, three-wheelers and exports are doing pretty well. So we do not see
“If there is a drop of 25 per cent and the commercial vehicles were down in 2023. The any concern emanating from the geopolitical
recovery is about 10 per cent, this means the two-wheeler exports dropped to 3.244 million crisis for the interim time. We have observed the
domestic sales this year would still be lower than units in 2023 from 4.053 million units in 2022. highest GDP growth among the major world
the previous peak. So, there is still room for good “Let’s hope that the situation in the export economies. Our growth is 7-8 per cent while the
growth in the coming years. We should be very market will now start improving because the world growth is much lower. The outlook for our
optimistic because the overall economy is doing Bangladesh elections are also over, so their economy is good. Therefore, there is a good
very well and there is an improvement in the economy should start doing better. If you look at reason for the auto sector to continue doing
rural economy,” Aggarwal said. the other countries, there are some issues. Let us better as compared to the global economies,”
On exports, he said other than passenger cars, hope we overcome them,” Aggarwal noted. he noted.

MUMBAI : Printed and Published by Sangita Kheora on behalf of Business Standard Private Limited and Printed at M/s. Dangat Media Private Limited, 22 Digha M.I.D.C., TTC Industrial Area , Vishnu Nagar , Digha , Navi Mumbaui : 400708. & Published at Business Standard Private Limited, H/4, Building H, Paragon Centre, Opp. Birla Centurion, PB Marg, Worli,
Mumbai- 400013. Editor : Shailesh Dobhal RNI NO: 66308/1996 Readers should write their feedback at feedback@bsmail.in Fax : +91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: subs_bs@bsmail.in “or sms, REACHBS TO 57575. NO AIR SURCHARGE
.
MUMBAI | SATURDAY, 13 JANUARY 2024 COMPANIES 3 <

TUSSLE FOR AMARKANTAK PLANT

Jindal Power proposes to top Adani's bid

REUTERS
New Delhi, 12 January POWER PLAY from a previous offer of ~29.5 billion ,
exceeds the bid of ~30.2 billion made
n Jindal Steel and Power has asked the in Dec 2022 by state-run lenders

J
indal Power has proposed to top
a bid by Adani Power , led by bil-
lionaire Gautam Adani, for a
thermal power plant, two sources
with direct knowledge of the matter
said, as India looks to drum up invest-
ment in coal-fired power.
The tussle for the 1,980-megawatt
plant in central India, ensnared in
insolvency proceedings, comes after
the power minister called last
November for more private invest-
ment to meet a dramatic rise in
electricity demand.
In a letter, Jindal Power, a unit of
Jindal Steel and Power , has asked
India’s insolvency court to allow it to
participate in an auction for the
Amarkantak project, said the sources,
who sought anonymity as they were
not authorised to talk to media. Jindal
Power has offered a better value than
Adani’s bid, added the sources, who
insolvency court to allow it to participate in
the auction
n Jindal Power has offered a better value
than Adani’s bid
n Adani Power made an offer of $494 million
last month
n Adani Power’s revised bid will form the
base price for the auction
are aware of the letter, which has not of ~41 billion ($494 million) the com-
been previously reported. pany made last month, just as the
“Adani Power, with its revised insolvency court prepared to give
offer, looked the best suitor so far,”one final clearance to another bid from
of the officials said. the lenders to the project.
The official was referring to a bid Adani Power’s bid, an increase
Power Finance Corp (PFC) and
REC Ltd.
Adani Power and Jindal Power
did not respond to Reuters’ queries.
Private investments in coal-based
power in India started dwindling after
2018, hit by lower demand and an
ambitious national thrust in renew-
able energy.
Now the Amarkantak project goes
up for a fresh auction ordered by the
insolvency court, which has limited
participation only to those who had
put in financial bids.
Adani Power’s revised bid will
form the base price for the auction,
the two sources said.

RIL-backed JV opens its
first data centre in India
SHINE JACOB
Ambattur, 12 January
Digital Connexion, a joint
venture between Mukesh
Ambani’s Reliance Industries,
Canada’s Brookfield and
US-based Digital Realty, on
Friday launched its first data
centre in India, at Ambattur
in Chennai.
The centre currently has a
processing capacity of 20
megawatt (Mw) and will
expand to 100 Mw, making it
one of the largest such facil-
ities in the country. Digital
Connexion is planning to start
a 40 Mw data centre in
Mumbai too, a top company
executive told Business
Standard. This comes five
days after Ambani hinted at
his company’s entry into the
fast growing data centre
market, through partnership,
by opening a new unit
in Chennai.
The first phase of the data
center, MAA10, will offer 20
Mw of information technol-
ogy (IT) load and features
design that enables customers
DATA DYNAMICS
778 Mw
Industrylive
capacityin
India
87 Mw 20 Mw
Chennai’s Capacityaddedby supplyadditionsby2026
currentcapacity DigitalConnexion
to adapt their infrastructure
in response to varied work-
load demands, accommodat-
ing anything from single cab-
inet needs to multi-megawatt
requirements.
“We have already started
working on the second phase.
We are looking to expand it to
100 Mw in future. Ambattur
is ideal, given the availability
of necessary power supply,
high number of submarine
cable landing stations in the
local area, and the state gov-
ernment’s aspirations to make
Chennai the top data center
hub in India,” said C B
Velayuthan, chief executive
officer of Digital Connexion.
Industry capex estimates ($ bn)
Mumbai 2.2
Chennai 1.3
NCR 0.5
Hyderabad 0.1
Pune 0.2
$4.4 bn capitalinvestment
outlayexpectedfor693Mw
Source: JLL
In July, Reliance partnered
with Brookfield Infrastructure
and Digital Realty to develop
data centers in India. Each
partner holds a 33.33 per cent
stake in the joint venture. “We
look forward to making it a
destination of choice for our
customers, partners, cloud
and service providers looking
to expand their reach in India,
starting with MAA10, the
state-of-the art first phase of
this highly scalable campus,”
said Velayuthan.
Digital Connexion has
bought land in Mumbai for a
40 Mw data centre, which is
expected to be on track by
next year.
Coca-Cola to transfer
HC junks pleas challenging part of bottling ops
closure of Talegaon plant to local partners
SOHINI DAS
Mumbai, 12 January
The Bombay High Court on
Friday dismissed two writ peti-
tions by the General Motors
Employees Union challenging
the closure of the General
Motors India (GMI) manufac-
turing facility at Talegaon in
Maharashtra.
The High Court upheld
the decision of the
Industrial Tribunal
allowing GMI to close
the plant after not-
ing accumulated
losses of ~9,656.87
crore as of 2021-22.
Justice Milind Jadhav
dismissed the two writ peti-
tions by the General Motors
Employees Union challenging
the Industrial Court’s orders in
a judgment dated January 9,
2024. GMI did not comment on
the matter.
GMI decided to shut down
the Halol plant in Gujarat in
2017 due to accumulated losses
of ~8,500 crore, and it was
using the Talegaon plant near
Pune to export vehicles from
India. The Halol plant was sold
to China’s SAIC Motor Corp.
The company eventually made
efforts to sell the plant to
China’s Great Wall Motors, but
things did not move ahead. GM
India applied with the
Maharashtra government on
November 20, 2020, seeking to
close the Talegaon unit which
was making the Beat hatch-
back for export markets.
The Maharashtra gov-
ernment referred the
matter to the
Industrial Tribunal
in March 2021.
Meanwhile, GMI
offered a voluntary
separation scheme
(VSS) for the Talegaon plant
workers in June 2021. The HC
judgment, of which Business
Standard has a copy, said that
“In June 2021, the Company
floated a Voluntary Separation
Scheme (VSS) offering 110 days
of wages for each completed
year of service. Around 484
workers availed the benefits
under the Scheme and took the
separation benefit of ~25 to 35
lakhs each.”
TaMo begins
production at
second plant
in Sanand
Tata Passenger Electric
Mobility (TPEM), a subsid-
iary of Tata Motors, on
Friday announced that it
has commenced production
at its second factory in
Sanand, Gujarat which it
had acquired from Ford
India last year. This new
facility will have an
additional manufacturing
capacity of 300,000 units
per annum which is scalable
to 420,000 units.
The new facility is spread
over 460 acres, and is adja-
cent to Tata Motors existing
passenger vehicle facility
in Sanand. Currently
employing over 1,000
people, the plant is poised
to create an additional 1,000
jobs in the region within the
next 3 - 4 months.
ANJALI SINGH
AKSHARA SRIVASTAVA
New Delhi, 12 January
Hindustan Coca-Cola
Beverages (HCCB), the bottling
arm of the Coca-Cola Company,
on Friday announced the trans-
fer of operations in three terri-
tories in northern India.
The beverage major will
refranchise its bottling opera-
tions in Rajasthan, Bihar and
the Northeast India plus West
Bengal to local partners. The
Rajasthan market will be owned
and operated by Kandhari
Global Beverages (it comprises
Enrich Agro Food Products and
Kandhari Beverages). Kandhari
operates in parts of Delhi,
Himachal Pradesh,
Haryana, Punjab,
Chandigarh, Jammu
and Kashmir, and
Ladakh. SLMG
Beverages, who man-
ages operations in
Uttarakhand, will
own the Bihar market
besides parts of Uttar
Pradesh, Madhya
Pradesh, and Bihar.
The northeast mar-
ket and select places in
West Bengal will be owned and
operated by Moon Beverages,
which currently handles parts
of Delhi and Uttar Pradesh.
“This business transfer
marks a significant decision for
Hindustan Coca-Cola
Beverages,” said Juan Pablo
Rodriguez, chief executive
officer, HCCB India.
“It ensures the right level of
investments can be undertaken
in all parts of the business,
while bringing both scale and
contiguity to the business. We
are in the long-term growth pro-
spects of our beverages
business in India and believe
this move will help accelerate
the Coca Cola system, enabling
us to win in the market and
provide greater value to local
communities,” he said.
HCCB operates 16 factories
spread in India and recently
announced an investment of
~3,000 crore in Gujarat. “We
are committed to building
stronger and more sus-
tainable local businesses
in India,” said Sundeep
Bajoria, vice-president,
India Operations, for
Coca Cola India.

A Very Happy

APPOINTMENTS

1800 419 8300 (Toll Free) Follow us @PSBIndOfficial

4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1

RBI Deputy Guv Jaishankar, Blinken discuss Red Sea attacks

Michael Patra’s PRESS TRUST OF INDIA
12 January
the free flow of commerce,
endanger innocent mariners,
and violate international
in Gaza. Blinken also dis-
cussed Russia’s war of aggres-
sion against Ukraine, the
eration agenda
2024,”Jaishankar said.
for

In a post on X, Miller said

world’s most crucial water-
ways. Jaishankar’s planned
visit to Tehran comes against

tenure extended The United States has wel-

MANOJIT SAHA
New Delhi, 12 January
The Centre has extended the
tenure of Reserve Bank of India
(RBI) deputy governor Michael
Patra (pictured) by another
year. The extension takes effect
from January 15 this year. Patra
is in charge of the all-important
monetary policy department
and a member of the rate-set-
ting panel.
“The appointment com-
mittee of the Cabinet has
approved the re-appointment
of Dr Michael Debabrata Patra,
comed the “increased coop-
eration” with India in defend-
ing freedom of navigation in
the Red Sea as the two coun-
tries discussed “shared con-
cerns” over the reckless
Houthi attacks in the region.
External Affairs Minister S
Jaishankar and US Secretary
of State Antony Blinken
spoke on Thursday and “dis-
cussed the United States and
India’s shared concerns over
the reckless Houthi attacks in
the southern Red Sea and
the RBI. As an Executive Gulf of Aden, which threaten
Director also, he was a member
of the Monetary Policy
Committee (MPC) of the cen-
law”. State Department
Spokesperson Matthew Miller
said in a statement that
Blinken emphasised the Red
Sea is a major commercial
corridor that facilitates inter-
national trade and “wel-
comed increased cooperation
with India in defending free-
dom of navigation in the
region”.
Jaishankar and Blinken
also discussed the Israel-
Hamas conflict, efforts to pre-
vent the escalation and
increase the delivery of
humanitarian aid to civilians
statement said. In a post on
X, Jaishankar said he had a
“good discussion” with “my
friend” Blinken.
“Our conversation focused
on maritime security chal-
lenges, especially the Red Sea
region. Appreciated his
insights on ongoing situation
in West Asia, including Gaza,”
Jaishankar said.
The Indian leader added
that they exchanged perspec-
tives on developments per-
taining to the Ukraine con-
flict. “Looking forward to
realizing our extensive coop-
Blinken had a “productive
call” with Jaishankar, “dis-
cussing US-India partnership
for protecting freedom of nav-
igation in critical waterways”.
Iran visit
Jaishankar is also set to travel
to Iran on Monday to hold
talks with his Iranian coun-
terpart Hossein Amir-
Abdollahian during which
they are expected to deliber-
ate on a range of bilateral and
regional issues including the
unfolding security situation
in the Red Sea, one of the
the backdrop of growing glob-
al concerns over Houthi mili-
tants targeting merchant ves-
sels in the Red Sea amid the
Israel-Hamas conflict.The US
and the UK have already
launched air strikes targeting
the Houthi positions in
Yemen. The external affairs
minister is scheduled to travel
to Iran on Monday for a short
visit, people familiar with the
matter said, adding the two
sides are likely to deliberate EAM Jaishankar and Blinken
on a range of bilateral and also discussed the Israel-
regional issues including the Hamas conflict and efforts to
situation in the Red Sea. prevent escalation of the war

‘Implementation of global Fiscal deficit

deputy governor, Reserve tral bank. He will continue to
Bank of India, for a further be an ex-officio member of the
period of one year, w.e.f MPC as the deputy governor.
15.01.2024 or until further
orders, whichever is earlier,”
Patra is the only member of the
MPC who has been on the rate- at 5.2-5.4% in
said the department of person-
nel and training.
Patra was first appointed as
the RBI deputy governor in
setting panel since its incep-
tion in 2016. He worked in the
International Monetary Fund
(IMF) as Senior Adviser to the
tax code will be the key’ interim Budget:
Goldman Sachs
January 2020 for three years. Executive Director (India) from
Last year, the government December 2008 to June 2012, Globally, 143 countries are
extended his term by one year. when he actively engaged in negotiating for a new global tax
Patra, a career central banker the work of the IMF’s code that aims to put a minimum
since 1985, has worked in vari- Executive Board through the rate of corporate income tax and RUCHIKA CHITRAVANSHI
ous positions in the RBI. Before period of the global financial eliminate the low and zero-tax New Delhi, 12 January
becoming deputy governor, crisis and the ongoing Euro regime. MARNA RICKER, EY Global
Patra was executive director of area sovereign debt crisis. Vice Chair – Tax, in an interview with The Centre, in its interim Budget, is likely to announce
Krishna Kant in Mumbai, discusses a fiscal deficit target in the range of 5.2-5.4 per cent of
the progress on the new tax code gross domestic product (GDP) for FY25 with its medi-
and its implications for companies um-term fiscal consolidation target of 4.5 per cent of
IN BRIEF and capital flows. Edited excerpts: EVERY COUNTRY WILL HAVE TO GDP by FY26, Goldman Sachs India’s fiscal outlook
report said on Friday.
Delhi winter power demand FIGURE OUT HOW THEY WANT The report said that the government would meet the
What has been the progress TO DESIGN THEIR INCENTIVE FY24 fiscal deficit target of 5.9 per cent of GDP, with
hits record 5.7 Gw on Friday on worldwide negotiations to
bring out a global minimum PROGRAMME WITHOUT
expectations of receipts upside of 0.2 per cent of GDP.
“If spending remains muted in the current quarter, the
As the national capital shivers with temperatures plummeting, the
power demand touched a record high of 5.7 gigawatt (Gw) on
corporate income tax and
zero or low-tax jurisdictions?
PUSHING THE TAX RATE TO deficit may end up at 5.8 per cent of GDP," it said.
While income taxes and
Friday. Delhi recorded a minimum temperature of 8 degrees Celsius I would say the progress has BELOW 15 PER CENT corporate taxes are expected
on Friday whereas the maximum temperature touched 17 degrees
Celsius. According to data from the State Load Despatch Centre,
been quite encouraging so far.
The negotiations are part of a
to grow at around 15 per cent
in FY25, the government is
India likely
Delhi’s peak power demand touched 5.7 Gw around 11 am on Friday.
Last year, the highest peak power demand during the winter
journey to modernise the
global tax agenda, which had
likely to lower its target for
disinvestment in the next
to clock 7.2%
months (October-March) was 5.5 Gw. SHREYA JAI hitherto dealt with more
traditional businesses to now
financial year. “Except in
FY18 and FY19, disinvest-
GDP growth,
cover new business models as ment - asset sale receipts in
says Deloitte
HDFC Life’s profit increases well, including digital ones.
They have been going on for
the last 8 years have fallen
short of Budget estimate. In India is expected to clock a
16.3% to ~368 crore in Q3 more than two years but we
are now in the final stages of country in which they are programme without pushing decouple from global trade
FY24, based on tracking GDP growth in the range of
estimates, we expect disin- 6.9-7.2 per cent in the
HDFC Life Insurance Company posted a 16.3 per cent year-on-year (Y-o- this process. When it’s done, headquartered. For example, the tax rate below 15 per cent. and supply chain. Will this vestment receipts to be low- current financial year on
Y) growth in net profit to ~367.54 crore for the quarter ended December this will be one of the biggest the US has a credit system Countries may now choose derail the effort to harmonise er than BE,” the Goldman the back of improving
31, 2023 (Q3FY24), up from ~315.92 crore in the year-ago period. The changes in the tax landscape under which companies get other ways to attract capital. corporate income tax Sachs report said. economic fundamentals,
improvement in profitability was supported by a strong growth in in more than a hundred years. tax rebates for taxes paid in globally? The investment banking Deloitte India said in an
investment income coupled with an uptick in premium income.The It has been quite an effort to other countries. However, Will these new tax regimes The bottom line is that during firm also said that the focus update to its quarterly
investment income rose by 130.7 per cent Y-o-Y to ~11,372 crore, from convince 143 countries, under the new regime, if affect compliance cost for the pandemic, governments on capex would continue, outlook. As per the first
~4,929.8 crore a year ago. Net premium income during the quarter rose including the United States companies have operations companies? around the world injected a but at a slower pace than advance estimates of
by 6.05 per cent to ~15,273.25 crore from ~14,402.22 crore. AATHIRA VARIER (US), to take part in this in countries with a tax rate There will be an increase in fiscal stimulus worth $37 what has been seen in the national income released
journey. The European Union lower than 15 per cent and compliance cost for billion to keep their last few years, given the by the National Statistical
has announced it will move they don’t get tax credit for companies since they will economies running. After medium-term fiscal consol- Office (NSO), the Indian
SC refuses to stay law excluding this tax regime forward. We’ve
also got countries like the
the tax paid there, then in
effect we have double
now have to do two tax
calculations -- one, the
Covid, we went into inflation
and geopolitical issues but
idation path. The govern- economy is estimated to
ment has raised capex grow by 7.3 per cent in the
CJI from panel to select CEC, ECs United Kingdom (UK) that
have implemented the new
taxation. This is a
significant concern
regular corporate
income tax in the
this stimulus money is still
sitting on the world’s balance
spending by over 30 per 2023-24 fiscal, against 7.2
cent CAGR between FY21 per cent a year ago, mainly
The Supreme Court refused to stay the new law excluding the Chief tax code. But then we will for the world’s country in which sheet and it has to be funded. and FY24 Budget estimates due to a good show by
Justice of India(CJI) from the panel to select the chief election have to see what kind of steps major corporations. they operate, and There are only two ways to (BE), raising the budgeted mining & quarrying,
commissioner (CEC) and election commissioners (ECs) and issued other major countries are an entirely new fund this -- new or higher capex target to 3.3 per cent manufacturing and certain
notice to the Centre. A Bench of Justices Sanjiv Khanna and Dipankar taking. Will these new tax tax calculation to taxes or a stricter of GDP, the highest in 18 segments of services
Datta agreed to hear Congress leaders Jaya Thakur and Sanjay codes have a comply with the implementation of the years. “They will likely meet sectors. PTI
MARNA RICKER
Narayanrao Meshram challenging the constitutionality of Sections 7 How will this affect the significant impact new global existing tax laws. So post- the capex target in FY24,
EY Global Vice
and 8 of the CEC and other ECs (Appointment, Conditions of Service world’s leading on global capital minimum pandemic we have seen new given the upside from gross
Chair – Tax
and Term of Office) Act, 2023. However, the top court refused to issue multinationals, which earn flows, given that corporate tax tax legislation in several parts tax revenues…We expect capex growth to decline to
an immediate stay on the legislation. BHAVINI MISHRA most of their revenues and tax arbitrage had been a big rules. The degree of of the world, introducing new around 10 per cent year-on-year in FY25,” the report said.
profits in North America and driver of capital flows and complexity in the rules and taxes or higher enforcement. It said that the government borrowing in FY25 is
Western Europe but are corporate restructuring in the compliance and the There is a concerted effort expected to remain elevated but with adequate demand
Govt reviews progress of headquartered in low-tax
jurisdictions such as Ireland?
the past?
The rules are designed to
reporting required are cause
for concern for many
to provide certainty to
taxpayers through the mutual
for government bonds from FIIs and domestic investors
in a policy rate easing cycle.
PLI schemes in 14 sectors Under the new tax regime,
every country has the
avoid double taxes but
implementation will be the
companies. All this will mean
that the tax department in
agreement procedure and
advance pricing agreements
“We believe the Reserve Bank of India (RBI) may be a
net seller of government bonds in FY25. We expect two
The government reviewed the progress of the production-linked opportunity to tax the income key. The new tax regime has companies and even other (APAs). Since the launch of the repo rate cuts of 25bp each in Q3 and Q4 CY24,” the
incentive (PLI) schemes for all the 14 sectors, an official said. The earned within its jurisdiction. been framed to end the race departments may now have APA programme in India over report said. To fund the central government’s fiscal
meeting assumes significance as the government has disbursed So the headquartered to the bottom and it is too considerably more work. a decade ago, 516 APAs have deficit of nearly ~18 trillion in FY25, Goldman Sachs has
~2,900 crore till March 2023 under the scheme.The empowered companies are concerned early to say whether it will been signed up to March 31, estimated a net borrowing of around ~12 trillion, after
committee in PLI has also approved ~1,000 crore disbursal to about whether they will now alter global capital flows or In the post-Covid period we 2023, which is a testament to accounting for non-market financing from small savings,
beneficiary firms of the electronics sector.Senior officers from be taxed twice -- first in the not. However, every country have seen a process of the resolve of governments to state provident funds. For state governments, it has
different ministries, including the commerce and industry ministry country where their major will have to figure out how it deglobalisation wherein take measures to reduce assumed 70 per cent of the fiscal deficit in FY25 - 2.5 per
and heavy industries ministry, participated in the review. PTI operations are and then in the wants to design its incentive many countries are trying to litigation. cent of GDP, to be financed by market loans.

NINE STATES RECORD HIGHER Tariffs on mobile parts hit localisation plans
INFLATION THAN INDIA AVERAGE SURAJEET DAS GUPTA
New Delhi, 12 January
Nine states have recorded a
higher rate of inflation High tariffs on key sub-assemblies LOCALISATION LEVEL
compared to the national and components that go into the Item India China % share in cost
average in December. making of mobile phones in India Camera module 25 95 10
While the average Indian have not only impacted localisation,
Display assembly 25 75 13.5
consumer’s cost of living but have also neutralised the benefit
rose by 5.69 per cent of incentives under the production- Mechanics 20 100 8
compared to the previous linked incentive (PLI) scheme, there- Battery pack 95 100 6
year, it rose 8.73 per cent in NINE STATES by making India less competitive Connectors 5 100 1.5
Odisha, 7.07 per cent in
Gujarat and 6.95 per cent in
RECORD HIGHER with respect to countries like China
and Vietnam in the mobile export
Source: ICEA

Rajasthan. INFLATION sweepstakes.

Haryana, Karnataka,
Telangana, Maharashtra,
Punjab and Bihar —all of
which have a higher
inflation rate than the
national average—recorded
a price rise between 5.89 per
cent to 6.72 per cent (chart 1).
Many of India’s
emerging market peers
INFLATION According to a comparative
(year-on-year, in %) study of import tariffs and their and 25 per cent. In contrast, in China and 95 per cent localisation most sub-assemblies like memory
impact on mobile exports by the 60 per cent of the components are respectively in China. The tariffs and storage, passive and active
Odisha 8.73 Indian Cellular and Electronics imported at 5 per cent duty or below imposed on these components in components (resistors, capacitors
OVER 4% AMONG Gujarat 7.07 Association (ICEA), the current with no tariff imposed above 10 per India have gone up by 11 percentage etc) are entirely imported, unlike
BRICS PEERS Rajasthan 6.95
tariffs put India at a cost
disadvantage of 8-10 per cent of the
cent.
Again, India’s average Most
points between 2016 and 2021.
In mechanics Indian assemblers
China, where these are in the
process of localisation.
INFLATION RATE Haryana 6.72 bill of material and 5-7 per cent of the favoured Nation (MFN) tariff at 8.5 are at only 20 per cent localisation Currently, Indian mobile phones
(year-on-year, in %) total cost of a mobile device, thus per cent is much higher than China’s while in die-cut parts it is pegged at under the PLI scheme have a value
Karnataka 6.65
outweighing the benefit of the PLI at 3.7 per cent. And Vietnam’s Free 15 per cent (they account for 7-8 per addition of less than 20 per cent (12-
7.5

have inflation higher than Telangana 6.65 scheme (4-6 per cent). Trade Agreement (FTA) weighted cent of a mobile phone’s bill of 15 per cent in the case of Apple Inc),
5.69
5.5

four per cent, show the Maharashtra 6.08 The high tariffs have also not average tariff is at 0.7 per cent, material). China, though, has but the government’s aim has been
4.62

latest available numbers for helped in pushing localisation, an compared to 6.8 per cent in the case already achieved 100 per cent to hit 40 per cent by FY27, which is
Punjab 5.95
China -0.3

Brazil, Russia and South important goal of the government of India. localisation in both these sub- the level at which China is currently.
Africa. Bihar 5.89 under the scheme where the aim is According to the study, in key assemblies, the study points out. The ICEA has urged the
China’s prices are falling to reach 40 per cent value addition areas like display assembly and The import tariffs in these two government to focus the localisation
Russia*

INDIA
South
Africa*
Brazil

(chart 2). Among advanced

economies, France had over
four per cent inflation .
COMPILED BY SAMREEN WANI
Note: Data for South Africa and
Russia is for November
Source: PIB, central bank websites
INDIA 5.69 by FY27. camera modules (which collectively products in India have gone up by policy on building scale which will
Note: * Figures for the combined Currently, 54 per cent of the account for 23.5 per cent of the bill of 6.2 percentage points in the same come mostly from exports rather
union territories of Jammu and components and sub-assemblies material of a phone) , the period. In addition, the duty on than from imposing high tariffs
Kashmir and Ladakh
Source: MOSPI used for making a mobile phone localisation in India is at 25 per cent inputs which go into the making of which turn out to be
have an import tariff of between 10 for both, compared to 75 per cent mechanics, is at 15 per cent. Also, counterproductive.
.
MUMBAI | SATURDAY, 13 JANUARY 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
SBI floats scheme
to raise funds for
green projects
The bank will look at
tapping family offices
ABHIJIT LELE
Mumbai, 12 January
S
tate Bank of India (SBI), the country’s
largest lender, on Friday floated a green
rupee term-deposit scheme to
raise money for financing environ-
ment-friendly projects.
Besides approaching retail cus-
tomers, SBI will look at tapping fam-
ily offices, entities that manage mon-
ey for high net worth individuals, for
garnering green money.
These would be medium- and long-term
deposits with three maturity buckets — 1,111
days, 1,777 days, and 2,222 days.
The deposit scheme is open to resident indi-
viduals, non-individuals, and non-resident
Indian (NRI) customers. The current framework
permits green deposits to be denominated in
rupees only.
According to the SBI website, these deposits
are available at 10 basis points below the card
rate for retail deposits. The scheme is available
through the branch network, and it will soon
be made available through digital channels such
as YONO (you only need one) and internet bank-
ing services, SBI said in a statement.
Chairman Dinesh Khara told Business
Standard this was part of the lender’s steps to
diversify the asset class. This will be useful for
family offices whose corpus would get used for
funding sustainable projects. This being a new
product, the task is to create awareness and
there is no target for raising a specific amount.
FSSAI inspects flight kitchens following live worm fiasco
DEEPAK PATEL & SANJEEB MUKHERJEE refreshments caused a furore
New Delhi, 12 January in social media and elsewhere
with netizens questioning the
The Food Safety and Standards sanitisation process. Following
Authority of India (FSSAI), the the episode, the FSSAI
food regulator, has inspected had issued a show cause notice
major flight kitchens across the to the airline and sought an
country after a sandwich with explanation.
a live worm was found on an “With reference to the show
IndiGo flight recently, top offi- cause notice from FSSAI,
cials said. IndiGo regrets the incident and
IndiGo, on its part, also has already taken steps to avoid
undertook a thorough review such incidents in the future. As
of its catering partner’s produc- part of these measures, IndiGo
tion and packaging processes, has undertaken a thorough
the company said in response review of its catering partner's
to an email questionnaire sent production and packaging
by Business Standard. The live processes. In addition, a com-
worm in one of the in-flight prehensive refresher of saniti-
DRDO successfully tests
next-gen Akash missile
The Indian Air Force has bought five units of the missile
AJAI SHUKLA
New Delhi, 12 January
The New Generation Akash (Akash-NG) mis-
sile, being developed by the Defence Research
and Development Organisation (DRDO), was
on Friday successfully flight tested from the
integrated test range (ITR), Chandipur, off the
Odisha coast.
“The flight test was conducted against a
high-speed, unmanned aerial target at a very
low altitude. During the flight test, the target
was successfully intercepted by the weapon
system and destroyed. (The test) has validated
the functioning of the complete weapon sys-
tem consisting of the missile with indigenous-
ly developed radio frequency seeker, launcher,
multi-function radar and command, control
and communication systems,” said the DRDO
after the test.
“The system’s performance was also vali-
dated through the data captured by a number
of radars, telemetry and electro-optical track-
ing systems deployed by ITR, Chandipur,”
it said.
The Akash surface-to-air missile (SAM) is
one of the early successes of the DRDO’s
Integrated Guided Missile Development
Programme (IGMDP).
The Indian Air Force (IAF) has already
bought five units of the Akash for defending
its airfields in the Northeast from enemy fight-
er aircraft.
The army bought two units of Akash and
ordered another two. The Akash-NG is a major
improvement over the older Akash.
Its weight has been halved to 350 kilogram
(kg) from the Akash’s 700 kg.
The lighter Akash-NG flies up to an altitude
of 25 km and has a range of 30 km; a significant
improvement over the Akash’s altitude ceiling
of 20 km and its range of 25 km.
Some of this performance comes from the
brand new, two-pulse, solid rocket motor that
replaces the old ramjet on the legacy
Akash missile.
In addition, the Akash-NG incorporates a
DRDO-developed seeker in the missile’s war-
head that locks onto the target at the terminal
phase, continuously guiding the Akash-NG to
the impact point.
This performance enhancement underlies
the DRDO’s post-test statement: “The Akash-
NG is a state-of-the-art missile system capable
of intercepting high speed, agile aerial threats.
REC looks to
raise ~3.5K crore
via green bonds
State-owned REC Ltd on Friday
announced it will raise ¥61.1 billion
(about ~3,500 crore) through
issuance of green bonds. The bonds
will be issued as part of REC’s $10-
billion global medium-term note
programme, it said in a regulatory
filing. Giving the break-up of each note,
the company said a five-year bond worth
¥31 billion will have a coupon rate of 1.67 per
cent, a ¥27.4-billion paper with maturity in
5.25 years will have a coupon rate of 1.79 per
cent, and another ¥2.7-billion bond having
maturity period of 10 years will carry a coupon
rate of 2.20 per cent. PTI
SBI strives to fulfil the ambitious goal of the
Government of India of making “our nation”
net carbon zero by 2070, fostering a greener and
environmentally responsible financial future
for all, Khara said.
The Reserve Bank of India (RBI) has issued
a framework for green deposits raised by regu-
lated entities (REs) on or after June 1, 2023. REs
cannot finance green activities/projects first and
raise green deposits thereafter. They have to
disclose the amount of green deposits raised
during the year and use of such funds in accor-
dance with RBI norms.
Majority of flight kitchens in India are run by three big
companies — Oberoi Flight Services, TajSATS and
Ambassador's Sky Chef
sation protocols has also been
conducted with the catering
The missile was test-fired from the integrated
test range in Chandipur, off the Odisha coast,
on Friday
The successful flight test has paved the way
for user trials.”
The Akash-NG detects, tracks and shoots
down enemy aircraft in seconds.
The surveillance radar detects enemy fight-
ers at ranges out to 80 km and initiates the
launch sequence.
By the time the enemy aircraft is 50 km
away, the Akash-NG’s computers have calcu-
lated the launch trajectory and impact point
and launched the missile. Within a minute,
the missile reaches the impact point 30 km
away and strikes the target.
Bharat Electronics Limited builds the
Akash missile system for the IAF, while Bharat
Dynamics Limited is the prime integrator for
the army.
The Ministry of Defence had earlier
announced that the Akash has indigenisation
levels above 96 per cent.
In December 2020, the Union Cabinet
approved exporting the Akash missile system
and, in January 2021, the missile was on dis-
play in the Republic Day parade.
East Asian countries such as Vietnam and
the Philippines, which are wary of Chinese
aggression, have displayed interest in buying
the Akash SAM. There is also interest from
several African countries.
Rupee gains 11 paise on strong FPI inflows
ANJALI KUMARI
Mumbai, 12 January
The rupee appreciated by 11
paise against the US dollar on
Friday, buoyed by foreign
portfolio investor (FPI)
inflows into both debt and
equity markets.
The currency strengthened
for the eighth consecutive
trading session on Friday; it
touched an intraday high of
82.86 per dollar before settling
at 82.92, compared to 83.03 on
Thursday.
The rupee’s positive trajec-
tory continued despite high-
er-than-expected US CPI data,
which, however, did not over-
ride expectations of interest
rate reduction by the Federal
Bank deposits double in a little over 7 yrs ‘Masur production
2023 ended on a high note
for commercial banks with
deposits crossing the ~200
trillion mark, taking seven
years and three months to
double from ~100 trillion in
September 2016. The last
~50 trillion were mobilised
in a record two year and
nine months.
Mutual fund AUM, which
is one-fourth of total bank
deposits, grew by about ~20
trillion during the same
period. The strong credit
offtake after the Covid period
propelled banks to garner
more money by offering
higher interest rates on term
deposits. This led to pace of
deposit mobilisation to move
into double digits in 2022
and 2023. ABHIJIT LELE
partner. IndiGo remains com-
mitted to providing its passen-
> FROM PAGE 1
IIP growth...
Rajani Sinha, chief economist
at CARE Ratings, says while an
unfavourable base resulted in
a broad-based growth modera-
tion, month-on-month con-
traction seen in the electricity
and manufacturing sectors fur-
ther constrained the overall IIP
growth.
“Within the use-based com-
ponents, the concerning aspect
is the continued weakness seen
in the consumer goods compo-
nent and the sharp decelera-
tion in the infra-related seg-
ment. Furthermore, the
contraction witnessed in capi-
tal goods output also came as a
negative,” she said.
In the IIP, 17 of the 23 man-
ufacturing industries which
included food, textiles, leather,
wood, computers and paper
among others, witnessed con-
traction in November. In the
use-based segment as well,
only primary goods (8.4 per
cent), intermediate goods (3.5
per cent), and infrastructure
goods (1.5 per cent) saw positive
growth, whereas output in cap-
ital goods (-1.1 per cent), con-
sumer durable (-5.4 per cent)
and consumer non- durable (-
3.6 per cent) contracted, indi-
cating a fall in both the urban
and rural demand.
“It remains to be seen if the
pre-election spending can pro-
vide the much-needed impetus
to rural demand. On the exter-
nal front, though the global
economy has remained largely
resilient in the face of several
headwinds, we maintain a cau-
tious outlook amid weakness in
exports. A durable recovery in
demand remains critical for the
trajectory of industrial activity
going ahead,” said Sinha.
On the inflation front, food
inflation in December rose to a
four-month high of 9.53 per
cent in December from 8.7 per
cent in November, as vegetable
prices accelerated sharply to
27.6 per cent. Prices of fruits
(11.14 per cent), pulses (20.73 per
Reserve from March this year,
noted Jateen Trivedi, V-P
research analyst at LKP
Securities.
“The Fed can be expected
to be moving towards no hike
in upcoming policy and pro-
ON A HIGH NOTE nBank deposits
(in ~ trn)
50
25 Feb '11
Mar '07 150
10 100
May '01 Sep '16 Mar '21
Source: RBI, Bloomberg, Amfi
gers with the best possible in-
flight experience and ensuring
compliance to all food and
hygiene standards,” Indigo said
in a statement shared with
Business Standard. Majority of
flight kitchens in the country
are run by three big
companies — Oberoi Flight
Services, TajSATS and
Ambassador's Sky Chef.
Oberoi Flight Services con-
firmed that its facility was
inspected and the unit scored
94 per cent on various laid-out
parameters by the authorities.
“A surprise check was con-
ducted by officials of the
Central Food Safety Office and
cent) and sugar (7.14 per cent)
also gained momentum during
the month. Meanwhile, infla-
tion in cereal prices moderated
slightly to 9.93 per cent, its low-
est levels in the past 16 months.
Core inflation, which
excludes the volatile food and
fuel components, came in
below 4 per cent in December,
as prices of clothing and
footwear (3.61 per cent), house-
hold goods (3.37 per cent),
health (5.08 per cent), trans-
portation (1.96 per cent), and
education (4.77 per cent) saw
deceleration during the month.
Meanwhile, fuel prices (-0.99
per cent) contracted for
December.
IT firms...
For the fourth straight quarter,
the company’s international
growth was led by businesses
in the UK and other parts of
Europe. The UK business grew
8.1 per cent and Europe 0.5 per
cent. North America was down
3 per cent. In India, business
growth was 23.4 per cent.
Brokerage Motilal Oswal
said TCS’s management com-
mentary regarding the spend-
ing environment in IT services
remained unchanged, with a
continued pause in discre-
tionary deals adversely affect-
ing business.
“While the company views
its deal pipeline and booking as
robust, it continues to expect
improvement in client senti-
ment after the positive com-
mentary by the US Fed in
December 2023,” it said.
Infosys posted net profits of
~6,106 crore in the third quarter,
down 7.3 per cent from a year
ago and 1.7 per cent lower Q-o-
Q, slightly below the estimates.
Revenue for the December
quarter grew 1.3 per cent from
the year-ago period to ~38,821
crore, above the estimates.
“The much-anticipated rev-
enue growth slowdown, which
Infosys’ successive guidance
cuts were indicating, finally
arrived. However, it was not as
bad as the consensus feared.
Also, the margin appears to
MUMBAI | SATURDAY, 13 JANUARY 2024
RUPEE SPOT
Inverted scale
Source: Bloomberg
jection of cuts can be seen in
the statement, provided CPI
inflation data does not go
higher in coming months in
the US. The RBI still seems to
be in much control of the
rupee as 83.30-83.40 levels
200
Dec '23
Compiled by BS Research Bureau
a team of FSSAI, Mumbai, on
January 2. The unit scored 94
per cent on various parameters
by the authorities. Minor sug-
gested improvements by the
officials will be implemented
immediately by the unit,” a
spokesman of Oberoi Flight
Services told Business
Standard in response to the
queries sent to them. TajSATS,
the 50:50 joint venture of the
Indian Hotels Company
Limited (IHCL) and SATS, and
one which runs the highest
number of flight kitchens in
India, told Business Standard
that it did not cater to Indigo’s
flight concern.
have remained steady despite
material headwinds. With the
worst likely behind and cost
firmly under control, we expect
earnings (of Infosys) to acceler-
ate,” Kumar Rakesh, analyst, IT
and auto, BNP Paribas India.
Wipro posted net profits of
~2,700 crore in the third quar-
ter, down 12 per cent from a
year ago but up 1.2 per cent Q-
o-Q, above the consensus
Bloomberg estimates. Revenue
declined 4.4 per cent from the
year-ago period to ~22,205
crore, slightly below the esti-
mates.
For HCLTech, growth was
driven by its software unit, for
which the third quarter is sea-
sonally weak. Software growth
was up 5 per cent Y-o-Y and 32
per cent Q-o-Q, followed by its
engineering and research and
development services, which
grew 3.6 per cent Y-o-Y and 8.7
per cent sequentially. The
firm’s IT and business services
grew 1.9 per cent sequentially.
“With chief information
officers concentrating on mul-
ti-year digital transformation
projects, a roughly 10 per cent
rise in IT services and end-user
expenditure is expected, which
will likely result in increased
growth for Indian IT firms in
the upcoming quarters,” said
Biswajit Maity, senior principal
analyst, Gartner.
One common theme across
the India-headquartered IT
services firms has been that
Generative AI continues to be
at a fast-growing but nascent
stage, unlike their global com-
petitor Accenture, which
reported signed deals worth
$450 million in its first quarter.
US India...
The joint statement said both
ministers reiterated their com-
mitment to ensure that techni-
cal regulations, such as quality
control orders, do not create
“unnecessary barriers” to trade
by providing sufficient oppor-
tunities for stakeholder consul-
tations and ensuring that rele-
vant domestic standards align
with international standards to
the extent feasible.
have been held; intervention
is visible at lower levels,” he
further said.
The dollar remained
steady against its peers on
Friday as investors weighed
the implications of the high-
er-than-expected US CPI-
based inflation data, amid
speculation of a potential rate
cut by the Fed as early as
March. In December, US con-
sumer prices experienced a
0.3 per cent rise month-on-
month, driven by a continued
upward trend in rents, result-
ing in an annual increase of
3.4 per cent. According to CME
Fedwatch Tool, 73.2 per cent
of traders expect a 25 basis
point rate cut by the Fed
in March.
likely to touch new
record this crop yr’
SANJEEB MUKHERJEE
New Delhi, 12 January
India is on track to become
the world’s largest producer
of lentil (masur) in the 2023-
24 crop year owing to a surge
in its production projected to
be around 1.6 million tonnes,
Consumer Affairs Secretary
Rohit Kumar Singh said here
on Friday.
Speaking at an event held
ahead of India’s hosting of the
Global Pulse Conference
(GPC) in February, Singh said
the government is aiming to
make India self-sufficient in
pulses by December 2027
but the country will have to
depend on imports for
a while.
“Our lentil production this
year, we believe, would be the
highest in the world,” he said.
“In chana (chickpea), we pro-
duce more than we consume
but in the case of urad, tur
and moong, we produce less
and consume more. We also
need to keep an eye on the
global production trends to
fill the gaps,” he added.
If the projections come
true, India’s lentil production
in 2023-24 would be the high-
est since 2017-18, when the
domestic output was around
1.62 million tonnes. The agri-
cultural crop year in India is
from July to June.
Officials said a sharp
The ministers welcomed the
finalisation of the Turtle
Excluder Device design devel-
oped with the technical support
of the National Oceanic and
Atmospheric Administration
which may help India export
more wild-caught shrimps and
fish to the US.
The ministers emphasised
their mutual interest in further-
ing public health discussions to
ensure safe and effective med-
ical products. India empha-
sised the need to increase the
number of inspections by the
US Food and Drug
Administration (USFDA) in
India to facilitate trade and con-
tinue to reduce the backlog.
“The US appreciated India’s
remarks, noting that the USF-
DA has increased staffing to
increase pharmaceutical
inspections conducted by the
agency,” the joint statement
said.
Goyal conveyed India’s
interest in being recognised as
a Trade Agreements Act-desig-
nated country by the US. The
ministers highlighted the initi-
ation in 2023 of discussions on
issues related to bilateral gov-
ernment procurement, such as
transparency and procedural
fairness, and welcomed plans
for further technical engage-
ment between their officials.
During the meeting, Goyal
raised the challenges faced by
business visitors from India
due to visa processing time
periods and requested the US
to augment processing.
While India pushed hard for
a social security pact to safe-
guard the interests of cross-bor-
der workers, the joint statement
said that the ministers encour-
aged “further engagement in
order to establish a stronger
basis for a future agreement.”
While India reiterated its
interest in restoration of its
beneficiary status under the
Generalized System of
Preferences programme, Tai
noted that this could be con-
sidered, as warranted, in rela-
tion to the eligibility criteria
determined by the US
Congress.
1
“The rupee appreciated
because of inflows. The high-
er-than-expected US CPI led
to some weakening of the
rupee in the early session, but
then inflows started which led
to appreciation,” a dealer at a
state-owned bank said.
Market participants spec-
ulated that state-owned
banks, likely acting on behalf
of the RBI, bought dollars, lim-
iting the rupee’s gains. Aditya
Vyas, chief economist at STCI
Primary Dealer Ltd, said that
the rupee’s positive trend
should continue unless the
RBI intervenes, with inflows
expected on the back of bond
index inclusion. “The RBI has
been there to control volatility
on either side,” he added.
Wheat sowing
till Jan 12 tops
last yr’s level
Wheat sowing has topped last
year’s level for the first time this
year. The acreage till January 12
was recorded at 33.69 million
hectares, 0.39 per cent more
than the same period last year.
With weather turning cold in
northern India, hope for a
bumper harvest has grown if
the climate remains favourable
for the next 30-40 days.
Overall, all rabi crops were
sown in around 67.34 million
hectares, marginally less than
the last year. SANJEEB MUKHERJEE
increase in the Minimum
Support Price (MSP) from
~5,100 per quintal in 2020-21
to almost ~6,425 per quintal
in 2024-25 (marketing year),
a rise of almost 26 per cent,
was one of the prime reasons
for the renewed interest of
farmers towards lentil. The
market price of lentils at pres-
ent is around ~6,100-6,125 per
quintal which is below the
MSP. Only a few months ago,
the market rate was around
~7,500-8,000 per quintal,
which might have also
prompted farmers to culti-
vate more.
TCPL...
“We believe this is a good
strategic and financial fit. It will
open up significant market
opportunities in the fast-grow-
ing non-Indian cuisines seg-
ment, leveraging the sales and
distribution platform that we
have built,” Sunil D’Souza, MD
& CEO, Tata Consumer
Products was quoted as saying
in the release.
“The strong brand recall of
Ching’s Secret and Smith &
Jones, coupled with our opera-
tional strength across channels,
makes us confident of driving
topline growth and realising
cost synergies. This transaction
will accelerate momentum in
our business and is margin
accretive to our business.”
Ajay Gupta, founder of
Capital Foods said: “Together,
Tata and Capital Foods can cre-
ate a multinational culinary
brand that includes multiple
food categories. The journey is
going to be a giant leap for us,
full of endless possibilities and
definitely exhilarating!”
The acquisitions align with
Tata Consumer Products'
strategic intent of entering into
adjacent high-growth/attrac-
tive margin categories in the
food and beverage space.
In the filing, the estimated
turnover of Capital Foods for
2023-24 is mentioned between
~750 crore and ~770 crore. Its
net worth was ~311.5 crore, as of
March 31, 2023.
The estimated turnover of
Organic India for 2023- 24 is
approximately ~360-370 crore.
Tata Consumer believes
Capital Foods’ acquisition will
help expand its product port-
folio and further strengthen its
pantry platform. There are sig-
nificant synergy benefits with
the existing businesses of Tata
Consumer Products in areas
spanning distribution, logistics,
exports, and overheads.
The company also said that
the completion of this acquisi-
tion is contingent upon the ful-
filment of various terms and
conditions specified in the SPA
and the shareholders’ agree-
ment.
>
MUMBAI | SATURDAY, 13 JANUARY 2024 ECONOMY & PUBLIC AFFAIRS 7

Mumbai gets India's longest NOTICE

RECORD DATE FOR INCOME DISTRIBUTION CUM CAPITAL WITHDRAWAL (IDCW)

sea bridge, ops begin today

NOTICE is hereby given that Sundaram Trustee Company Limited, the Trustee to Sundaram Mutual Fund, has declared Income
Distribution cum capital withdrawal (IDCW) on the face value of ` 10/- under the following schemes:
Amount of IDCW* NAV per unit as on
Scheme Name Plan - Option Record Date#
(` per unit) January 11, 2024 (`)

PM inaugurates the Mumbai Trans Harbour Link project Sundaram Aggressive Hybrid Fund
Regular Plan-Monthly-IDCW 0.250 27.7603
AMRITHA PILLAY Direct Plan-Monthly-IDCW 0.350 41.4666
Mumbai, 12 January
ABOUT ATAL SETU Regular Plan-Monthly-IDCW
January 17, 2024
0.080 15.2819

T
he Mumbai Trans
Harbour Link
(MTHL), perhaps the
most anticipated infrastruc-
ture project in the city, is set
to open for regular traffic this
Saturday, after Prime
Minister Narendra Modi
inaugurated India’s longest
sea bridge on Friday.
Named the Atal Bihari
Vajpayee Sewri-Nhava Sheva
Atal Setu, the 21.8 km-long,
six-lane engineering marvel,
of which 16.5 km is in the sea,
has been built at a cost of
~17,840 crore, and will cut the
Official name: Atal
Bihari Vajpayee Sewri-
Nhava Sheva Atal Setu
Length: 22 km
(16.5 km sea bridge and
a 5.5 km elevated road)
Project cost: Close to
~17,843 crore
Connects: Sewri, South
Mumbai to Chirle, near
Nhava Sheva
Contractors: L&T Ltd-IHI
Sundaram Balanced Advantage Fund
Direct Plan-Monthly-IDCW 0.095 18.2722
KNOW YOUR BRIDGE
# Or subsequent business day if the specified date is a non-business day.
Tolling ~250 per
* Income Distribution will be done/IDCW will be paid, net of tax deducted at source, as applicable.
ride for cars, Pursuant to the payment of IDCW, the NAV of the scheme will fall to the extent of payout and statutory levy, if applicable. The
~400-830 for IDCW pay-out will be to the extent of above mentioned IDCW per unit or to the extent of available distributable surplus, as
buses and ~830- on the Record Date mentioned above, whichever is lower. Past performance may or may not be sustained in future. All
Speed Limit Capacity 70,000 1,580 per ride for unitholders under the IDCW Option of the above-mentioned schemes, whose name appears on the Register of Unitholders on
100 km/h vehicles/day over-sized trucks* the aforesaid Record Date, will be entitled to receive the IDCW. The above stated quantum of IDCW and the Record Date were
approved by the Board of Directors of Sundaram Trustee Company Limited vide their circular resolution dated January 12, 2024.
For Sundaram Asset Management Company Ltd
DID YOU KNOW?
Place: Chennai R Ajith Kumar
n The bridge, as a concept, n More than 17,000 people Date: January 13, 2024 Company Secretary & Compliance Officer
was first floated in 1970s worked Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
For more information please contact:
n Made of orthotropic steel n In 2010, plans for a MTHL Sundaram Asset Management Company Ltd
Royapettah, Chennai-14.
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
decks (OSDs) to allow ship- metro were also considered

16x12cms
distance between the Infrastructure Systems (Investment Manager to Sundaram Mutual Fund)
passage underneath Fax: +91 44 2841 8108. www.sundarammutual.com
Mumbai island city and its n In 2008, the Ambani CIN: U93090TN1996PLC034615
Ltd. Consortium, L&T, Regd. Office: No. 21, Patullos Road, Chennai 600 002.
satellite city Navi Mumbai DAEWOO Engineering & n L&T used barges the size of brothers had bid to build the
shorter.
Construction Company a football ground to transport bridge through their Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
“The inauguration of Atal OSDs for the project respective companies
Setu exemplifies India’s infra-
Ltd. - Tata Projects Ltd. JV
structural prowess and under- n 175,700 tonnes of n JRD Tata chaired a Steering
Fuel saving: Ten
scores the country’s trajectory reinforcement steel used, Group for the project, set up
million litres per annum
toward a ‘Viksit Bharat’,” Modi equivalent to 20 Eiffel Towers in 1981
after inaugurating the bridge.
*Through open road system
He arrived at the programme Source: News reports, company data, state agencies
in Navi Mumbai in the
evening, after his convoy
drove across the sea bridge –
the foundation stone of which
the PM had laid around seven
years ago.
The prime minister also
laid foundation stones for HDFC Life Insurance Company Limited CIN : L65110MH2000PLC128245
other development projects
in the state worth more than Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011
~12,700 crore. “…a budget of (IRDAI Reg. No. 101 dated 12.10.2000)
Ph: 022-67516666, Fax: 022-67516861, Email: investor.service@hdfclife.com, Website: www.hdfclife.com
~44 trillion for infrastructure
has been presented in the 10 Consolidated Financial Results
years of the present govern-
( ` in Lakhs)
ment. In Maharashtra alone, Year ended /
Three months ended / As at Nine months ended / As at
the central government has As at
either completed infrastruc- Sr.
Particulars December 31, September 30, December 31, December 31, December 31, March 31,
No. 2023 2023 2022 2023 2022 2023
ture projects worth about ~8
(Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited)
trillion or work on them is in
progress,” he said. 1. Premium Income (Gross)1 15,52,714 14,94,068 14,57,504 42,14,061 37,90,730 57,53,343
The MTHL project is one 2. Net Proit for the period (before Tax, Exceptional and/
36,944 33,219 31,529 1,11,970 1,00,884 1,28,221
of the four main infrastruc- or Extraordinary items)
ture projects in the city that 3. Net Proit for the period before Tax (after Exceptional
36,944 33,219 31,529 1,11,970 1,00,884 1,28,221
are likely to become opera- and/ or Extraordinary items)
tional this year — an election Prime Minister 4. Net Proit for the period after Tax (after Exceptional
36,754 37,820 31,592 1,16,244 1,00,632 1,36,828
year for both country and Narendra Modi at the and/ or Extraordinary items)
Maharashtra. newly inaugurated 5. Total Comprehensive Income for the period
NA NA NA NA NA
The other three, along Atal Bihari Vajpayee [Comprising proit for the period (after tax) and other NA
Comprehensive Income (after tax)]2
with MTHL, are estimated to Sewri-Nhava Sheva
cost upwards of ~84,000 PHOTO: PTI Atal Setu, on Friday 6. Equity Share Capital (Paid up) 2,15,066 2,15,006 2,14,918 2,15,066 2,14,918 2,14,940
crore. 7. Reserves (excluding Revaluation Reserve) 11,63,849 11,23,992 10,45,354 11,63,849 10,45,354 10,82,091
8. Earnings per share (Face value of `10 each)

‘Sense of collective achievement prevailed’

a) Basic (not annualised for Three/ Nine months) (in `) 1.71 1.76 1.48 5.41 4.73 6.41
b) Diluted (not annualised for Three/ Nine months) (in `) 1.71 1.76 1.48 5.40 4.73 6.41

Larsen & Toubro (L&T), along with IHI Infrastructure Systems, longer spans and lesser piles, hurdles? Standalone Financial Results
was one of the two contractor consortiums to execute the under which fishing trawlers Navigating the complexities of Key numbers of Standalone Results of the Company are as under:
Mumbai Trans Harbour Link project. S V DESAI, whole-time can pass. Weather changes, managing a substantial marine Three months ended / As at Nine months ended / As at Year ended /
As at
director & senior executive vice-president (civil infrastructure), cyclones and, not to mention, fleet during cyclones and con- Sr. December 31, September 30, December 31, December 31, December 31, March 31,
L&T, in an email interview with Amritha Pillay, talked about the pandemic were all serious fronting geological surprises in No.
Particulars 2023 2023 2022 2023 2022 2023
the challenges and learnings from executing India’s longest challenges. the seabed would be two of (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
sea bridge. Edited excerpts: them. 1. Premium Income (Gross)1 15,52,586 14,94,027 14,57,504 42,13,892 37,90,730 57,53,343
What was the biggest challenge How much did the pandemic
2. Proit before tax 36,683 33,067 31,424 1,11,412 1,00,264 1,27,241
in executing the project? add to these challenges? What are the anecdotes
3. Proit after tax 36,506 37,677 31,522 1,15,719 1,00,147 1,36,013
There were a clutch of chal- The global pandemic you would like to share?
lenges, including marine envi- compounded the intri- During the OSD span 4. Total Comprehensive Income2 NA NA NA NA NA NA
ronment and engineering chal- cacies of this mammoth erection, as the colossal 'Additional information3: Proit after Tax = (a)+(b)+( c)
lenges such as sub-surface project. The workforce steel decks grace- (a) Existing business surplus 1,25,838 1,12,941 1,06,759 3,58,786 3,03,825 4,42,219
power lines and working in sync numbers dwindled at the fully found their place (b) New business strain (1,14,837) (1,00,723) (96,521) (3,14,188) (2,49,005) (3,83,275)
with the tides. Next, was the height of the pandemic that over the ever-changing tidal (c) Shareholders' surplus 25,505 25,459 21,284 71,121 45,327 77,069
challenge of appeasing the fish- hindered progress. There were waters, a sense of collective
erfolk and ensuring that their disruptions in the supply chain, achievement permeated the Additional details based on Standalone Results of the Company as per Regulation 52(4) of SEBI LODR are as under:
lives were not disrupted, for resulting in scarcity of raw team. It was a moment where Year ended /
Three months ended / As at Nine months ended / As at
which, the orthotropic materials and presenting chal- expertise, innovation, and As at
steel decks lenges in the seamless resump- teamwork converged, reflecting Sr. December 31, September 30, December 31, December 31, December 31, March 31,
Particulars 2023 2023 2022 2023 2022 2023
(OSDs) were tion of project activities. not just a construction mile- No.
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
constructed. stone but a testament to human
They have Were there any unexpected ingenuity. 1. Solvency Margin 190% 194% 209% 190% 209% 203%
2. Debt Equity Ratio (no of times) 0.07 0.07 0.07 0.07 0.07 0.07
Debt service coverage ratio (no of times)
3. 11.87 11.11 5.52 31.12 28.78 26.08
(not annualised for three/ nine months)

Suspected > FROM PAGE 1

most Asian markets ending
with losses.
that the demand and supply
has to be planned much in
4.
Interest service coverage ratio (no of times)
(not annualised for three/ nine months)
11.87

95,000
11.11

95,000
5.52

95,000
31.12

95,000
28.78

95,000
26.08

95,000

terrorists fire
5. Total Borrowings (₹ in Lakhs)
A drop in China’s exports, advance because the cargo

IT stocks
Outstanding redeemable preference shares
geopolitical tensions, and will take longer than usual 6. (quantity and value) NA NA NA NA NA NA

upon Army uncertainty over the US to reach the destination, 7. Capital redemption / debenture redemption reserve NA NA NA NA NA NA

vehicles in J&K power tired

Federal Reserve’s rate cut said Christian Roeloffs, co-
8. Net Worth (₹ in Lakhs)4 14,16,690 13,65,718 12,69,970 14,16,690 12,69,970 12,98,681
trajectory weighed on senti- founder and chief executive
9. Net proit/ loss after tax (₹ in Lakhs) 36,506 37,677 31,522 1,15,719 1,00,147 1,36,013
ment. officer of Container
markets to
Suspected terrorists fired
On the geopolitical front,
the US and UK launched
xChange, a Germany-based
online container logistics
10. Earnings per share

new highs
upon a convoy of vehicles
carrying security personnel
in Poonch district of Jammu
and Kashmir on Friday
evening, prompting security
forces to launch a search
operation, officials said. No
security person was injured
in the attack, they said.
“At around 6 pm on
Friday, a Security Forces
convoy of vehicles was fired
upon by suspected terrorists
from a jungle near Krishna
Ghati, Poonch sector. No
casualties to own troops.
Joint search operations by
Indian Army and JKP
(Jammu and Kashmir
Police) are in progress,” the
White Night Corps of the
Army posted
on X. The vehicles that came
under attack were carrying
security personnel back to
the camp, the officials said.
The incident came after
a high-level security
meeting chaired by
Northern Army
Commander Lieutenant
General Upendra Dwivedi to
chart out an anti-terror
operation plan. PTI
“There could have been
shorting based on the nega-
tive expectations. And since
they beat expectations, short
covering could have pro-
pelled gains,” Bhat added.
However,
Chokkalingam, founder of
Equinomics, noted that the
revenue declined year-on-
year in rupee terms for the
IT majors.
“Thanks to the deprecia-
tion in the rupee, at least IT
companies are showing
some growth. The sharp rise
could be because of short
covering. And the markets
should correct next week.”
Foreign portfolio
investors (FPI) were net sell-
ers to the tune of ~32 crore;
domestic institutions
bought shares worth ~2,911
crore.
The combined market
capitalisation of BSE-listed
companies rose by ~2.8 tril-
lion to ~373 trillion.
The gains in IT stocks
helped the domestic mar-
kets buck the trend with
a) Basic EPS before and after extraordinary items (net 1.70 1.75 1.48 5.38 4.71 6.38
of tax expense) for the period (not annualised for
airstrikes on Houthi targets platform. three/ nine months)
in Yemen on Friday to halt Meanwhile, India’s com- b) Diluted EPS before and after extraordinary items
their attacks in the Red Sea. merce ministry has called up (net of tax expense) for the period (not annualised 1.70 1.75 1.48 5.38 4.70 6.37
The Brent crude rose 2.1 per officials from external for three/ nine months)
11. Current ratio 0.84 0.81 0.83 0.84 0.83 0.86
cent during the day to trade affairs, defence, shipping,
at $81 per barrel. and finance ministries to 12. Long term debt to working capital NA NA NA NA NA NA
Doubts about whether deliberate on this crisis and 13. Bad debts to Account receivable ratio NA NA NA NA NA NA
the US Federal Reserve will come up with measures to 14. Current liability ratio 0.03 0.03 0.03 0.03 0.03 0.03
G cut rates in March bothered tackle its impact on India’s
15. Total debts to total assets 0.003 0.004 0.004 0.003 0.004 0.004
investors after higher-than- trade.
16. Debtors turnover NA NA NA NA NA NA
expected US inflation data According to an initial
this week. assessment conducted by a 17. Inventory turnover NA NA NA NA NA NA
The ongoing results sea- New Delhi-based think tank 18. Operating margin (%) NA NA NA NA NA NA
son and the geopolitical sit- Research and Information 19. Net proit margin (%) NA NA NA NA NA NA
uation in the Red Sea are System for Developing 1. Premium income is gross of reinsurance and net of Goods & Service Tax.
likely to determine the mar- Countries, India may face a
2. The new Indian Accounting Standards (Ind AS) are currently not applicable to insurance companies in India.
ket trajectory hereon, said $30 billion impact on its
analysts. exports due to the crisis. 3. For better understanding of the inancial performance, the Company has provided the break-up of proit after tax; Underwriting proit comprises of:
Ajit Mishra, SVP-techni- Globally, rising costs pose a) Existing business surplus representing proits emerging during current period from business written in prior years and
cal research of Religare a major risk factor for b) New business strain - Insurance contracts being long term in nature revenue is recognised over the period of the contract as against costs being
Broking, said: “We suggest inflation. recognised in the period in which they are incurred, leading to New business strain.
focusing on other key sec- In the US, JP Morgan c) Shareholders income represents investment and other income arising on shareholders' funds, net of expenses.
tors and using any pause or reportedly warned clients to
4. Net worth represents shareholder's funds excluding redeemable preference shares, if any.
dip to accumulate quality brace for the inflationary
names. The volatility would impact of the Red Sea crisis, Note: The above is an extract of the detailed format of quarterly/ nine months ended Financial Results iled with the Stock Exchanges under Regulation 33 and
remain high due to earnings in case these price shocks 52(4) of the SEBI (Listing Obligation and other Disclosure Requirements) Regulations 2015. The full format of the quarterly/ nine months ended Financial
Results are available on the Stock Exchange websites (www.nseindia.com and www.bseindia.com) and the Company's website (www.hdfclife.com)
and mixed global cues, so are passed on to the final
plan the overnight trades consumer.
accordingly.” “Such an outcome would For and on behalf of the Board of Directors
reinforce our expectation
Red Sea... for progress on reducing
global core CPI inflation Mumbai
Vibha Padalkar
Managing Director & CEO
For the container shipping to stall this year,” the ana- January 12, 2024 (DIN: 01682810)
industry, this would mean lysts said.
8 WORLD
>
MUMBAI | SATURDAY, 13 JANUARY 2024

US airlines cancel
over 1,600 flights
US, UK strike Yemen to Citi to cut 20K
jobs in bid to
Airlines in the United States
cancelled more than 1,600
flights on Friday after a mas-
sive winter storm knocked
region,” Delta Air Lines said.
Southwest Airlines said in
a travel advisory that some
of its flights in Chicago,
counter Houthi attacks boost returns
out power and affected busi- Detroit and Omaha could Oil tankers divert from Red Sea; Tesla, Volvo halt production in Europe
nesses in 12 states ahead of be impacted. REUTERS
a likely brutal freeze over
the weekend.
The Federal Aviation
Administration (FAA) had on
REUTERS
12 January
12 January Audible cuts 5%
A total of 1,643 flights were Thursday warned that clouds, Citigroup will cut 20,000 jobs of staff; Pixar to
U undergo layoffs
cancelled and 1,238 flights snow and windforce could S and British warplanes, ships and subma- over the next two years, its
were delayed as of 9.12 am ET, delay flights at certain air- rines struck across Yemen overnight in retali- Chief Financial Officer Mark
according to flight-tracking ports.Southwest led the list of ation against Iran-backed Houthi forces for Mason said on Friday, after the Amazon-owned online
website FlightAware. cancellations with 355 flights attacks on Red Sea shipping, a widening of regional bank reported a $1.8 billion audiobook and podcast
“We expect some opera- followed by SkyWest at 275. conflict triggered by Israel’s war in Gaza. loss for the fourth quarter. service Audible is laying off
tional challenges due to the United has scrapped 258 Witnesses confirmed explosions throughout Citi’s revenue fell 3 per cent to about 5 per cent of its
weather in the Midwest today flights so far with some Yemen, saying raids targeted a military base adjacent $17.4 billion in the December workforce, marking the
and potentially tomorrow due cancellations extending to to Sanaa airport, a military site near Taiz airport, a quarter from a year earlier. third round of job cuts at
to the winter weather in the Saturday. REUTERS Houthi naval base in Hodeidah and military sites in The lender, which cur- the it’s businesses this
Hajjah governorate. rently has 239,000 employees week as the technology
“These targeted strikes are a clear message that worldwide, will reduce that industry continues to shed
the United States and our partners will not tolerate headcount by 20,000 as part roles in the new year.
IN BRIEF attacks on our personnel or allow hostile actors to
imperil freedom of navigation,” US President Joe
of a sweeping reorganisation,
Mason told reporters.
Moreover, Walt Disney's
Pixar Animation Studios is
Biden said.The Houthis said five of their fighters had Citi also expects to shed a also set to cut jobs as the
BlackRock strikes $12.5 bn been killed in a total of
73 air strikes and said
further 40,000 jobs when it
lists its Mexican consumer
studio has completed
production on some shows
Oil climbed more
deal to buy infra firm GIP than 2% on Friday
they would retaliate for
the strikes and continue
unit Banamex in an initial
public offering. It ultimately
and now has more staff
than it needs, a source
BlackRock said on Friday it would buy Global Infrastructure as some oil their attacks on ship- An aircraft takes off to join the US-led coalition to conduct air strikes aims to reach a staffing level told Reuters. AP/REUTERS
Partners (GIP) for $12.5 billion in a major bet on alternative tankers diverted ping, which they against military targets in Yemen, aimed at the Iran-backed Houthi of 180,000 employees, Mason
assets and announced a shake-up of its top management. course from the describe as intended to militia that has been targeting international shipping in the Red Sea, said. Job cuts are “tough on
The deal, which includes $3 billion in cash and 12 million Red Sea following support Palestinians from an undisclosed location on Friday PHOTO: REUTERS morale”, Mason said. But he lenders put aside cash to
BlackRock shares, will put the asset management giant at the the overnight air against Israel. added that the reduction will replenish a government insur-
and sea strikes on
heart of investing in ports, power, and digital infrastructure
Houthi targets
A US official said Genocidecharges Ukraine,Britainink not prevent revenue growth ance fund dented by last year’s
projects around the globe. REUTERS more than a dozen loca- and said reorganisation efforts bank failures, and as the rising
in Yemen tions were targeted in false,malevolent: ‘unprecedented’ will be done by the end of the cost of retaining deposits ate
strikes that were not just IsraelatUNcourt securitypactinKyiv first quarter. into margins. Profits at
Al Gore, James Bell to leave symbolic but intended to weaken the Houthis’ mili-
tary capabilities. “We were going after very specific Accusedofcommittinggenocide UkrainianPresidentVolodymyr
Fraser has rolled out a
multi-year effort at the third-
JPMorgan Chase fell in the
fourth quarter, but it posted a
Apple board; Austin to join capability in very specific locations with precision
munitions,” the official said. In Yemen’s main Red
againstPalestinians,Israel
insistedattheUnitedNations’
ZelenskyyandBritishPrime
MinisterRishiSunakonFriday
largest US lender by assets to
cut bureaucracy, increase
record annual profit of $49.6
billion and net interest income
In one of Apple ’s biggest board shakeups in years, longtime Sea port Hodeidah, a resident who gave only his first highestcourtFridaythatitswarin signedasecurityaccordbetween profits and boost a stock that (NII) was up 19 per cent. Bank
directors Al Gore and James Bell will be retiring from the name Mahmoud said troops were spreading through Gazawasalegitimatedefenseofits thetwocountriesinKyiv. has lagged peers. of America’s profit shrank on
company, with former Aerospace. Chief Executive Officer the streets and military vehicles were leaving barracks peopleandsaidinsteadthatHamas Zelenskyysaiditwouldremainin the DIF charge and a 5 per cent
Wanda Austin coming aboard. The company made the with security escorts. wasguiltyofgenocideanddescribed effectuntilUkrainejoinedNATO, Big US banks’ profits fall decline in its NII. Wells Fargo
announcement Thursday, citing a policy of directors not Also, oil climbed more than 2 per cent on Friday, theallegationslevelledbySouth describingitasan“unprecedented Major US banks’ fourth- was the only big lender to post
standing for reelection after the age of 75. Bell, a former Boeing as some oil tankers diverted course from the Red Africaashypocriticalandsaidthat securityagreement”.Headdedthat quarter profits fell on Friday as a jump in profits.
executive, joined the Apple board in 2015. BLOOMBERG Sea.Brent crude futures were up $1.61, or 2.1 per cent, oneofthebiggestcasesevertocome UkraineandBritainwouldbeable
at $79.02 a barrel at 10:45 a.m. ET (15:45 GMT), while beforeaninternationalcourtreflec- tostrikeadditional,sector-specific
US West Texas Intermediate crude futures climbed tedaworldturnedupsidedown. agreementsifnecessary.
Bitcoin ETF trades top $4.6 bn $1.51, or 2 per cent, to $73.53. Moreover, Tesla will sus-
pend most car production at its factory near Berlin
IsraelilegaladvisorTalBeckertold
thatthecountryisfightinga“warit
Meanwhile,formerRussian
PresidentDmitryMedvedev,now FAA to boost oversight
in ‘ground-breaking’ day from January 29 to February 11, the company said didnotstartanddidnotwant.” deputychairmanofRussia’s

The first US ETFs that directly hold Bitcoin got off to a strong
late on Thursday, citing a lack of components owing
to shifts in transport routes because of attacks on
“Inthesecircumstances,there
canhardlybeachargemorefalse
SecurityCouncil,saidMoscow
wouldregardanymovebyBritainto
of Boeing citing ‘other
start, with billions of dollars changing hands in a historical first
day of trading for the long-sought investment vehicles. Over
$4.6 billion worth of shares traded between the almost a dozen
vessels in the Red Sea. The partial halt to production
is evidence that the crisis in the Red Sea has hit
Europe’s largest economy.
andmoremalevolentthan
allegationagainstIsraelof
genocide.” AP
deployamilitarycontingentto
Ukraineasadeclarationofwar
againstRussia. REUTERS
manufacturing issues’
US spot Bitcoin exchange-traded funds on Thursday. The TheUSaviationregulatorsaid productionissues.“Weknow
Grayscale Bitcoin Trust, which converted into an ETF, saw about onFridayitwillintensify thereareproblemswith
$2.3 billion in volume, according to Bloomberg. BLOOMBERG oversightofBoeingaftera manufacturing,therehave

China sees worst deflation streak in 14 yrs panelbrokeoffanewjetin

mid-flight,andFederal
AviationAdministration
beenproblemsinthepast.But
thesearecontinuingandthe
aircraftwasthreemonths
ALTMAN GETS MARRIED TO CODER BLOOMBERG declines. Factory-gate tion, rising 2.3 per cent (FAA)chiefMikeWhitaker old,”Whitakersaidofthe
12 January costs dropped 2.7 per cent
and have been falling for
from the same month a
year ago.
On eve of Taiwan polls, saidtheagencybelievesthere
are“othermanufacturing
Alaskaairplane.“Webelieve
thereareothermanufact-
China vows to ‘smash
PHOTO: X/@HEYBARSEE

China’s consumer prices
marked their longest
streak of declines since
2009, extending the defla-
tion that may require
more government sup-
port to reverse. Exports
posted their first annual
decline in seven years.
The consumer price
index slipped 0.3 per cent
in December from a year
OpenAI CEO Sam Altman marries software engineer earlier, in line with econ-
Oliver Mulherin in an intimate wedding ceremony at an omists’ expectations for a
undisclosed beach location, NBC News reported third straight month of
more than a year because
of lower commodity
prices and weak demand
at home and abroad.
Chinese exports,
meanwhile, fell 4.6 per
cent over all of last year
in the first annual drop
since 2016 — yet another
knock to what has histori-
cally been a major pillar
of growth for the world’s
second-largest economy.
The December data
shows signs of stabilisa-
“China needs to act
boldly to break the defla-
tionary cycle. It will fall
into a negative spiral
otherwise,” said Raymond
Yeung, chief economist
for Greater China at
Australia & New Zealand
Banking Group, adding
that firms have been cut-
ting their selling prices
and migrant workers have
been slashing asking
wages as price pressures
persist.
problems”attheplanemaker.
independence plots’ TheFAAsaidina
statementitwillconducta
Tens of thousands of people will attend newauditoftheBoeing737
final pre-election rallies in Taiwan on MAX9productionlineandits
Friday ahead of critical presidential and suppliers.AnAlaskaAirlines
parliamentary polls, as China's defence jethadtomakeadramatic
ministry warned it would "smash any emergencylandingaweek
Taiwan independence plots". agoafterthepanelbrokeoff.
Taiwanhasbeenademocraticsuccess FAAAdministrator
story since holding its first direct pres- WhitakertoldCNBCthenew
idential election in 1996, the culmina- MAX9airplanethathadthe
tion of decades of struggle against auth- mid-airemergencyhad
oritarian rule and martial law. REUTERS “significantproblems”and
notedBoeing'spasthistoryof
uringproblemsaswell.”
AlaskaAirlinesandUnited
Airlineshavecancelled
hundredsofflightssince
Saturdaywiththe737MAX9
planesgrounded.Aseriesof
eventshasshakenconfidence
inBoeingsinceapairofMAX
9crashesin2018and2019
killednearly350people.
Boeingdidnotimmediately
commentbutsaidThursdayit
would“cooperatefullywith
theFAAontheir
investigations”. REUTERS

Billionaires spending a fortune to lure scientists away from universities

ROB COPELAND Braggadociofromstartupsisderigueur,
12 January andplentyofex-academicshavestarted
biotechnologyfirms,hopingtostrikeit
Inanunmarkedlaboratorystationed richontheironebigdiscovery.This
betweenthecampusesofHarvardand group,ratherboastfullynamedArena
theMassachusettsInstituteofTechnology, BioWorks,borrowingfromaTeddy
asplintergroupofscientistsishunting Rooseveltquote,doesn’thaveone
forthenextbillion-dollardrug. singularidea,butitdoeshaveabig
Thegroup,bankrolledwith$500 checkbook.“I’mnotapologeticabout
millionfromsomeofthewealthiest beingacapitalist,andthatmotivation
familiesinAmericanbusiness,has fromateamisnotabadthing,”saidthe
createdastirintheworldofacademiaby technologymagnateMichaelDell,oneof
danglingseven-figurepaydaystolure thegroup’sbig-moneybackers.Others
highlycredentialeduniversity includeanheiresstotheSubway
professorstoafor-profitbountyhunt.Its sandwichfortuneandanownerofthe
self-describedgoal:Toavoidthe BostonCeltics.
blockagesandpaperworkthatslow Thewrinkleisthatfordecades,many
downthetraditionalpathsofscientific drugdiscoverieshavenotjustoriginated
researchatuniversitiesand atcollegesanduniversities,butalso
pharmaceuticalcompanies,and producedprofitsthathelpedfilltheir
discoverscoresofnewdrugsthatcanbe endowmentcoffers.TheUniversityof
producedandsoldquickly. Pennsylvania,forone,hassaiditearned
hundredsofmillionsof atMassachusettsGeneral theseeminglyendlessrequestsfor Arena’sbillionairebackerswillkeep30
dollarsforresearchinto Hospital,whereheworked moneyfromcollegiatefund-raisers. percent,withtheremainderflowingto
mRNAvaccinesused beforeArena. Pagliucahaddonatedhundredsof scientistsandforoverhead.
againstCovid-19.Under “Itusedtobethatitwas millionsofdollarstohisalmamaters, For-profitscienceis,ofcourse,
thismodel,anysuch consideredafailuretogo DukeUniversityandHarvard,largely nothingnew;the$1.5trillionpharmace-
windfallwouldremain fromacademiato earmarkedforscience.Thatearnedhim uticalindustryprovidesampleproof.
private. industry,”saidDr.Joung,a seatsonfouradvisoryboardsatthe BusinessmensuchasJeffBezosand
Arenahasbeen Motive of these pathologistwhohelped institutions,butitbegantodawnonhim PeterThielhavepouredhundredsof
operatinginstealthmode billionaires is to designthegene-editing thathedidn’thaveanyconcreteidea millionsofdollarsintostartupsthattry
sinceearlyfall,beforethe avoid the blockages toolCRISPR.“Nowthe whatallthatmoneyhadproduced,save toextendhumanlife,andplentyof
turmoiloverIsraelandGaza and paperwork that modelhasflipped.” forhisnameonafewplaquesoutside pharmaceuticalfirmshaveraided
eruptedatthecollegesit slow down the Themotivationbehind variousuniversitybuildings. universitiesfortalent.Asizable
borders.Yettheimpulse traditional paths of Arenahasscientific, Overthesubsequentmonths,those percentageofdrugsoriginatefrom
behindit,sayresearchers,is scientific research financialandeven earlybackersteamedupwithaBoston governmentoruniversitygrants,ora
becomingonlymoreacute at universities emotionalcomponents.Its venturecapitalistandtrainedmedical mixofthetwo.From2010to2016,eachof
asthereputationsof earliestbackersfirstmused doctor,ThomasCahill,todeviseaplan. the210newdrugsapprovedbytheFood
institutionsofhigher abouttheideaatalate-2021 Dr.Cahillsaidhewouldhelpfind andDrugAdministrationwasconnected
learningtakeahit.Theysaytheyare confabatamansioninAustin,Texas, frustratedacademicswillingtogiveup toresearchfundedbytheNational
frustratedwiththeslowpaceand whereDell,alongwiththeearly theirhard-foughtuniversitytenure,as InstitutesofHealth,accordingtothe
administrativebogdownsattheirformer FacebookinvestorJamesWBreyerand wellasscientistsfromcompanieslike scientificjournalPNAS.
employers,aswellaswhatonenewhire, anowneroftheCeltics,Stephen Pfizer,inexchangeforaheftycutofthe
J.KeithJoung,saidwas“atrocious”pay Pagliuca,ventedtooneanotherabout profitsfromanydrugstheydiscovered. ©2023 The New York Times News Service

THE BS CROSSWORD #3506 BS SUDOKU #4179

ACROSS:
6 A strong desire to go to the
capital of Hungry and be
married (7)
7 Boot protector brought back
from civilian Bohemia (7)
9 Relating to Hindu philosophy
and found in five dictionaries (5)
10Don't cease ridiculous stories (9)
11 Rip-off interrupts opening of
second edition (7)
13 Sprite first flits by a lake (6)
15 Honest contest between two
boxers? (8,5)
19What you allegedly learn may
be fictitious (6)
20 Fall is for the harvester (7)
23 Grim-sounding piece, an 5 Parish post perhaps! (10) 21 Two at a “funding” for this Very easy:
unlikely story (5,4) 6 Waits nearby for hot groups of capital outcome (6) «
24 Cover taken by a military body (5) deliveries (6) 22 Praise old Canterbury (4) Solution on Monday
26 Make it follow (7) 7 Something to pay for 25 No sappers at the mouth of the
27 Directed higher - to where you'll understanding (4) Thames (4)
find the walking patients ? (7) 8 One could never make a pro fit SOLUTION #3505
for them (6)
12 Old actor to caress Her Maj with
DOWN:
a five dollar bill before church SOLUTION TO #4178
1 Boss of breeding (4)
(5,5)
2 Fashionable greeting, but over-
14 Mick upset horribly by armed
affected (6)
robbers' demand (5,2,2)
3 Commercial vehicle gate- HOW TO PLAY
16 Carefully examined any leads
crashes benefit (9) Fill in the grid so that every
broken (8)
4 A little flower she, albeit row, every column and
17 Well-oiled locks? (6)
grabbing every other one in the every 3x3 box contains the
Emirate! (3,5) 18 Has habits (6)
digits 1 to 9

DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.
>
MUMBAI | SATURDAY, 13 JANUARY 2024 OPINION 9

India’sclimategoals:Navigatingacomplexdilemma
ARVIND SUBRAMANIAN & ing away from fossil fuels, the country also electricity pricing is crucial to meeting its health problems and results in increased measures, protectionist in effect, are pri- India’s experience offers some impor-
NAVNEERAJ SHARMA faces political obstacles that could severely emissions-reduction goals. But this will carbon emissions. marily aimed at tradable goods and serv- tant lessons for policymakers and econ-
impede its ability to achieve crucial cli- not be easy, as electricity prices are set not In Indian politics, which is increasingly ices, sectors that are not heavily subsidised omists. Unanimous and vigorous advocacy

T
he 2023 United Nations Climate
Change Conference (COP28) in
Dubai concluded with a carefully
worded statement calling for the phase-out
of fossil fuels, raising hopes that the inter-
national community might finally meet
the targets set by the 2015 Paris climate
agreement. But achieving these carbon-
reduction goals will be difficult without
immediate and decisive action by India,
the world’s third-largest greenhouse-gas
(GHG) emitter.
India — which accounted for 7.6 per
cent of global GHG emissions in 2022,
compared to China’s 30.7 per cent and the
United States’ 13.6 per cent — has set
ambitious renewable-energy targets and
taken a leading role in international cli-
mate talks. But while these efforts suggest
that India is genuinely committed to mov-
mate goals.
India has adopted a countercyclical
approach to taxing petroleum-related pro-
ducts, reducing taxes when global prices
increase and raising them when prices
drop. European governments followed a
more extreme strategy after gas prices
spiked in the aftermath of Russia’s invasion
of Ukraine, providing subsidies of more
than €650 billion ($712 billion) between
September 2021 and January 2023 to pro-
tect consumers from soaring energy costs.
In India, however, the effective carbon
price was just €14 per tonne in 2021.
Moreover, electricity in India is heavily
subsidised, with many households and
farmers benefiting from free power or pay-
ing only a fraction of the actual cost. Given
that electricity accounts for 34 per cent of
India’s total GHG emissions, reforming
by one central authority, but by the coun- prone to competitive populism between in India and for which the government is for carbon taxation can be misguided
try’s 28 states and eight Union Territories. state governments, giving away free or trying to establish a cap-and-trade system. because it ignores country realities. Barring
Throughout India’s post-independence cheaperpowerisastockcurrencyofelected But the deeply rooted popularity of an unforeseen shock, India’s 36 jurisdic-
history, almost every state officials. The popularity of this India’s electricity subsidies and resistance tions are unlikely to eliminate indirect car-
has subsidised electricity Given that approach has been evident in sev- to reform do not necessarily mean that bon subsidies in electricity generation. It
prices. Consequently, the electricity accounts eral recent elections, with parties efforts to reduce emissions, both within is crucial, therefore, to focus on identifying
expectation of free or cheap for 34 per cent of promising electricity subsidies and India and worldwide, must fail. While feasible solutions that could be developed
power has become deeply India’s total GHG following through after coming to India has little chance of changing how and implemented within these political
ingrained in the country’s emissions, power. Consequently, the price of electricity is priced, it can change how it is constraints.Internationalfinancialsupport
democratic politics. While reforming its power has steadily headed in the produced. Demand may be beyond could significantly reduce the risks associ-
heavy subsidisation has sig- pricing is crucial wrong direction: Greater carbon influence, but by shifting the power grid ated with renewable energy and storage
nificantly expanded energy to meeting its subsidisation instead of greater from fossil fuels to renewables, the country projects in developing countries and make
access, it also strains state emissions- taxation. India’s central govern- can supply cheap power while still reduc- them more attractive for private invest-
governments’ finances, reduction goals ment has tried to nudge state gov- ing carbon emissions. For this transition ment. What is clear is that simply invoking
impeding clean-energy ernments to rationalise electricity to be economically feasible, renewable textbook solutions will get us nowhere.
investments. In agricultural regions, free pricing, but with limited success. Likewise, energy and storage must be cheaper.
electricity has contributed to the degrada- measures, such as the European Union’s Despite their protectionist nature, The writers are, respectively, senior fellow at
tion and depletion of water resources. Carbon Border Adjustment Mechanism or industrial policies like US President Joe the Peterson Institute for International
Moreover, reliance on coal for power gen- emission reporting requirements, are Biden’s Inflation Reduction Act could Economics, and an energy economist.
eration causes severe pollution-related unlikely to have a significant impact. Such benefit developing countries like India. ©2024 Project Syndicate

ILLUSTRATION: BINAY SINHA

Flunking the temple test

Congress’refusaltoattendRamtempleinauguration he is enhancing India’s global image. The
Congress did not do badly on this count
raisesquestionsaboutitspost-1996ideologyamid under Nehru, Indira, or even Rajiv. Why
it won’t talk about it is intriguing.
today’selectoralpolitics.Coulditnothavejoinedthe Possibly because it doesn’t want to also
celebrationswhilealsocriticisingModi,BJP,RSS? talk about the two non-Gandhi prime
ministers who followed?

A
n apparition has stalked the
Congress party for nearly four dec-
ades, in the process diminishing it
from 414 seats in the Lok Sabha to 52, an
improvement over 44 in 2014. The con-
struction of the Ram temple provided the
party a Ram-given opportunity to shake it
off. The Congress leadership blew it. The
apparition is the party’s ideological confu-
sion about how it defines secularism today.
Obvious questions arise following its
tity (nationalism) and security. On each of
these,theCongresshaslookedlost,waiting
for the other side to make the first move.
Nobody defeats a strong incumbent by
merely being reactive, not offering an alter-
native vision.
This vision has to be on these three key
issues we just listed. It can’t be ~6,000 a
month, free power, free this and free that.
You can’t fight issues that tug at people’s
hearts with ideas that are purely transac-
It is easy to mock Mr Modi for his
almighty personality cult, the culture of
sycophancy. A voter will, however, ask
what is the problem if in the process my
country’s stock is rising? Do you have an
alternative that might work even better?
Voters need alternatives, new ideas.
On national security, Mr Modi has a
pretty good record, especially on its inter-
nal dimension. There’s been no significant
terror attack outside Jammu & Kashmir

Cryptoemergesfromtheshadows refusal to attend the consecration cere-

solving complex math puzzles.
Ownership is registered in
an immutable electronic
ledger, a blockchain, which is
verifiable by anybody. That
ownership is anonymous. The
blockchain registers the history
of each coin from the instant it
is “mined” through every
transaction. Each coin is placed
in an electronic wallet, and
VIEWPOINT only the owner has the pass-
word. Think of the wallet as a
DEVANGSHU DATTA transparent bank locker; the
contents are visible but only
stocks, or fiat currencies,
which are linked to variables
like trade and gross domestic
product data.
Apart from anonymity, one
big advantage for cryptocur-
rencies lies in their ability to
cross borders. This can be
done by just sharing the pass-
word to a wallet.
Transferring from euro to
bitcoin to US dollar thus can
cost less than a direct euro to
US dollar transfer, provided
traders can stand the price vol-
blockchain, allowing for the
incorporation of “trustless
contracts”.
Blockchains have been
adopted for multiple tasks.
Banks use them internally as
anti-fraud tools. The United
Nations High Commissioner
for Refugees uses them for
dispensing aid to refugees.
Municipal corporations in
Finland and Estonia have
experimented with them for
gauging citizen feedback on
urban projects. Chinese stu-
monyofthetemple.One,doesitsunchang-
ing post-1996 ideology harmonise with the
tional. A voter will question how much
money or freebies can equate to their faith,
national pride, or family’s security.
since his rise (except the Pathankot air-
base) and the definite improvement in law
and order in some of the BJP-ruled states,
needs of its current elec- especially Uttar Pradesh, is being
toral politics? How does it
reconcile the contradic-
tion of welcoming the
T he truth is, on each of
these three, the
Congress’s record has not
rewarded by the voters.
TheCongress,however,isnotevenwill-
ing to say how firmly — even brutally —
Supreme Court judgment been a cipher. It is just its governments put down challenges to
on the temple and yet that it’s unwilling to talk internal security. One challenge it faces is
staying out of its opening, about it. that it would involve praising P V
which will be celebrated It was under a Narasimha Rao, who inherited the insur-
by hundreds of millions of Congress government gencies in Kashmiri and Punjab at their
Hindus, many of whom that the locks of the “tem- peak and crushed them within 1991-93.
are its committed voters? ple” at Ayodhya were This Congress does not even make enough
What will you tell your
NATIONAL INTEREST opened so prayers could of Rajiv Gandhi’s successes in Assam,
voters now, Hindus, begin,andtheritualfoun- Mizoram and the near-success in Punjab
Muslims and secularists? SHEKHAR GUPTA dation laying (shilanyas) through the accord with Sant Harchand
The Hindus might see became possible. Rajiv Singh Longowal. Now who was he? If you

I
t’s been about 15 years since
Satoshi Nakamoto released
the seminal paper that out-
lined the concept of Bitcoin,
and launched a new class of
financial assets, cryptocur-
rencies. Just by surviving
through a tumultuous period,
they have acquired acceptance.
The latest “win” for the
asset class is the US Securities
and Exchange Commission’s
(SEC’s) permission to list spot
bitcoin exchange-traded funds
(ETFs) on US exchanges.
Several such ETFs will list. This
opens the door for institutional
investors to put money into
cryptocurrencies.
The 2008 paper intro-
duced the concept of a cur-
rency not controlled by any
entity (i.e. a central bank).
Each “coin” is a unique elec-
tronic code that can be
divided into 100 million
unique sub-units. The money
supply is driven by algorithms
that create new coins by
“mining”, which involves
the key holder can operate it.
Transactions occur when
the owner of a wallet proposes
to move a coin from that wallet
to another wallet. Every trans-
action is verified collectively.
Once a majority of people
viewing the blockchain agree
that coin “x” was in wallet “1”
and it may be transferred to
wallet “2”, the transaction is
verified, and the blockchain is
updated. Timestamps prevent
dual transactions, and anony-
mous transactions can be
carried out.
There are problems, of
course. A forgotten password
can’t be retrieved and there is
no easy way to prove a hack if
one occurs.
Fractional-reserve banking
is impossible due to the fixed
money supply, and block-
chain design. Loans are cum-
bersome as a result. The ano-
nymity lends itself to illegal
transactions. The currency is
not linked to anything, so it
swings wildly — more than
atility. Moreover, this circum-
vents bans, as the European
Central Bank found when
euro-to-other fiat transfers out
of Cyprus were blocked.
Easy processing of remit-
tances is the reason why El
Salvador adopted Bitcoin as
an alternative legal tender. It’s
one reason why Brazil,
Argentina and Mexico gener-
ate high volumes. Given
India’s $100 billion in inward
remittances, it needs to look
at this.
Enthusiasts claim the fixed
money supply is an edge in an
inflationary environment, or
when a fiat currency is under
the hammer. Thus, Bitcoin is
touted as a store of value like
“virtual gold”. It had a great
year in 2023, for instance, as
traders bid it up.
There are thousands of
copycat cryptocurrencies
built on similar models. They
range from outright scams to
improved design in cases like
Ethereum, which has a better
dents have used them to
bypass censorship — a block-
chain can be annotated and
the note cannot be erased.
Many applications such as
non-fungible tokens (NFTs)
are also linked to cryptocur-
rencies. Blockchain devel-
opers are often offered pay-
ments in cryptocurrencies.
India’s refusal to clarify its
stance on this asset class has
retarded participation in these
markets. Nobody is clear how
cryptocurrencies are classi-
fied. Are they considered cur-
rency or art objects?
The decision to impose the
highest tax rates on crypto-
currencies has also driven
trading volumes under-
ground, or abroad. However,
buying ETFs should be legally
possible without attracting
punitive taxes.
This is the latest step in the
global regulatory recognition
of cryptocurrencies. India
will, sooner or later, have to
bite the bullet.
you as sullen losers, yo-
yoing between welcoming the Supreme
Court verdict and your old “Muslim-
appeasement”. The Muslims know you
failed to protect the mosque, welcomed
the temple verdict, and now seek their
favour by not attending the inauguration.
For the hard secularists, you failed the
moment you welcomed the Supreme
Court’stemple/mosqueorder.Allthreecat-
egories of voters might see you as hypo-
crites. The party has had decades to navi-
gate this. Its biggest failure lies in the fact
that its internal debate — if there’s been
any—hasbeenmuddled.Forallthesedec-
ades, the party has been waiting like the
hapless pigeon sitting with its eyes shut,
hoping the cat will not see it.
A pigeon waiting to be preyed upon
with its eyes closed? It’s a cruel
description, but unfortunately fitting for
a party so complacent that even after the
disaster of 2014, it did not see the threat
to its existence unless it sorted out its fun-
damental ideological positions.
By now, it should have known that the
Modi-Shah Bharatiya Janata Party (BJP)
had redefined the national contest around
three clear issues: Culture (religion), iden-
Gandhilaunchedhis1989
campaign from Ayodhya, promising to
usher in the Ram Rajya.
If he was over-correcting after what
he saw as missteps that were viewed by
Hindus as Muslim appeasement— like
the law to reverse the Shah Bano judg-
ment and the ban on Salman Rushdie’s
The Satanic Verses — it only reminds us
that this ideological contradiction is a
chronic one. Both Jawaharlal Nehru and
Indira Gandhi had great clarity on this in
their own different ways.
Nehru was agnostic, acknowledged as
such, and could navigate away from reli-
gious politics in his era while also system-
aticallypurginghispartyofallthestalwarts
of the Hindu nationalist Right. In contrast,
Indira Gandhi wore her Hinduness around
her neck, wearing a rudraksha mala. She
was never going to cede the Hindus to the
Jan Sangh (BJP’s parent). That’s why she
never attacked it as a “Hindu” party. She
merely called it a “Bania” (traders’) party
and hailed Savarkar as “Veer”. She also
knew she had no challenger for the Muslim
vote. The confusion started after her.
One of the things really working for Mr
Modi now — as underlined during the
recent Assembly polls — is the idea that
are a Congress voter or well-wisher, you
might wish to google. Because the party
leaders won’t tell you.
For reasons I have never been able to
understand, the Rajiv era is marked by the
forgetfulness they reserve for both Rao and
ManmohanSingh.Ortheywouldbetelling
you all the time how the national growth
rates were higher under these govern-
ments than in the past nine years.
The Congress, therefore, is beset with
several contradictions. Who does it want
to invoke from its past and who does it
want to denounce? Where does it stand on
Kashmir and the issue of Article 370? Does
it accept the changes or will it reverse them
if elected to power?
All of these are important, but the most
critical is where they stand on the temple
and, by implication, Lord Ram. Wouldn’t
it be better to join the celebrations with
the vast Hindu majority while at the same
time criticising Mr Modi/BJP/RSS for pol-
iticising it? It wouldn’t be the perfect
option, but it would be enormously better
than looking like that proverbial thin-
skinned, fretful uncle who throws a tan-
trum at every wedding.
ByspecialarrangementwithThePrint

TheTotaltrinity ‘It’s foreign policy, stupid’

stand on the shoulders of giants — it
EYE CULTURE was Zagallo’s Brazilian team in the
1970 World Cup that gave world
KANIKA DATTA audiences a dazzling display of Total
Football, deploying his concept of
Liverpool’s Alexander Arnold, policy tinkering won Mr Modi re- sweeping the Democrats into it could equally be argued that
wearing number 66, plays the same
role from right back.
election. The evidence, however,
is that it was foreign policy that
Congress and then the White
House in 2006 and 2008.
his tenure in office showed that
a popular domestic programme
Zagallo won the 1970 World Cup, got him over the line in 2019. It is also possible, of course, to — and many of Mr Corbyn’s
his first as manager, deploying these It has long been assumed that turn single skirmishes, strikes, or domestic stances received solid

B
razil’s Mario Zagallo and
Germany’s Franz Beckenbauer
who died within days of each
other this month, were more than
just record holders. As two of the
three managers who won the World
Cup as player and manager (55-year-
old Didier Deschamps being the
third), they are assured a prominent
flexibility within a structured
formation. Till then football
formations were limited to 4-4-2 or 4-
3-3, with each player assigned a
specific role. Under Zagallo, full
backs became wingers, and the
wingers would move freely to get
themselves into goal-scoring
positions, effectively creating an
tactics to a T. But he came up against
the brilliance of the classic Total
Football exponents, the Dutch under
Michels, with Cruyff playing the role
of attacking midfielder/striker in the
1974 World Cup. It was Germany
captained by another wily tactician,
Franz Beckenbauer, Der Kaiser, who
broke hearts by beating the Dutch to
foreign policy does not win or
lose elections in most large
democracies. A classic quote
from James Carville, an election
strategist for the Democratic
TICKER Party in the United States during
the era of Bill Clinton, seemed to
MIHIR S SHARMA sum up this belief: “It’s the econ-
omy, stupid.” Mr Clinton success-
small conflicts into large enough
crises that can influence the elec-
torate. That requires, however,
effective media management.
When Margaret Thatcher — who
spent much of her first term
deeply unpopular — won re-elec-
tion in 1983, it was because the
Conservative-leaning press
majorities in polling — could not
win you an election if you were
seen as weak on foreign policy.
This, 2024, will be the year of
elections. India will have one. So
will — in increasing order of
electorate size — the European
Union, Indonesia, and the
United States. The UK also will

I
place in the pantheon of footballing attacking front of five or six who lift the trophy that year. t may be hard for us to fully defeated the incumbent hyped up the Falklands War and have an election; Bangladesh
greats. But in footballing heaven — constantly shifted positions (this was Beckenbauer was a centre-back remember, but five years ago George Bush using this maxim, turned her into the “Iron Lady”. just had one; and, to whatever
the existence of which known as the “false 4-3- who re-created the role of the creative at this point it was far from although Bush was the president Arguably, the BJP’s broad dom- extent you might think it war-
every fan, even atheist In footballing 3 formation). Swift “libero”, beyond that of a sweeper certain that Prime Minister who, essentially, won the Cold inance of the Indian media rants the term “democracy”, so
ones, can confirm — heaven, Zagallo and passing, preferably who cleared the lines from a team’s Narendra Modi would be re- War and managed the peaceful played a similar role in the run- will the Russian Federation.
Zagallo, 92, and Beckenbauer join one-touch, required own half, into a creative position that elected with an increased major- (up till now) dismantling of the up to the 2019 general election. This is also a year with at least
Beckenbauer, 78, join Johan Cruyff, who every player to get into saw him dribbling into the midfield ity. If anything, the conversation, Soviet Union. Yet, in some parts of the world two ongoing wars. It is worth
Johan Cruyff, who died died in 2016, as the a position to receive a to start a move that could break up including within the Bharatiya Yet it appears that we were — and perhaps, increasingly, in wondering how much the dis-
in 2016 at the ridicu- trinity of strategic pass from the ball the attacking team’s run and allow Janata Party (BJP), was about largely misled about how true India — it is becoming clear that turbed international environ-
lously young age of 68, and tactical greats carrier, making a team’s his team to score on a break. how a coalition could be man- that assertion was. It is not nec- we do not need real or manufac- ment will affect some of these
as the trinity of strate- whose legacy can be approach play less Total Football ensures that aged if the party dipped below essarily the case that voters tured crises for elections to be polls. In the US, at least, some
gic and tactical greats seen in football's predictable. players are judged on a much wider 272. Every single opinion poll respond to the objective state of won or lost on foreign policy trends are already visible. Under
whose legacy can be fluid and fast- Today, this legacy set of metrics — including number of conducted in December of 2018 the domestic economy. Nor is it stances. In 2019, the Labour Party President Joe Biden, unemploy-
seen in Total Football, moving avatar can be seen in the “false assists (introduced in 1994), and January of 2019 suggested, the case that foreign policy in the United Kingdom went ment is at record lows and the
the fluid and fast-mov- we see today nine” position (nine successful passes completed and in fact, that the National stances are broadly irrelevant to down to its worst defeat in almost stock market has hit record highs.
ing game we see today. traditionally being the their field position off the ball. They Democratic Alliance would itself whether you win or lose. a century — almost entirely Yet voters do not care, and Mr
There are eternal arguments number of the spearheading striker) have to be thinkers, not just doers. As fall short of a majority, leaving Of course, the presence of a because voters in marginal seats Biden is quite unpopular. In fact,
about who “invented” this style — the position in which Lionel Messi, for formations, 4-4-2 and 4-3-3 are regional parties as kingmakers. crisis abroad has always overrid- became convinced that its then his approval rating never recov-
Austrians, Argentines, Hungarians wearing the number 10 shirt, still around but you can also see What happened? How did that den domestic political concerns. leadership, under Jeremy ered from the botched Afghani-
(those “Magical Magyars” under excelled, as did Cristiano Ronaldo on teams playing 3-2-4-1 (Manchester turn around by end March/April The re-election of George W Bush Corbyn, was too weak on foreign stan withdrawal. And he might
Ferenc Puskas), the English, all stake the wing with number seven on his City coach Pep Guardiola schtick), 3- 2019? It wasn’t merely effective in 2004, with the US at war on policy and too sympathetic to lose later this year because young
their claim. But it is mostly attributed back . Full backs can be offensive 5-2, 4-5-1 and variations in between. campaigning. What happened multiple fronts, was likely a pro- radicals. Whether this was true or and minority voters, including in
to Netherlands coach Rinus Michels, players too. Real Madrid’s legendary And Tiki-Taka, diamond formations, were, of course, the Pulwama duct of that concern. The sub- not is beside the point. After the swing Midwestern states, refuse
under whom Cruyff is considered the left back, Roberto Carlos, was known gegenpressing are all the vibrant attack and the Balakot air strikes sequent backlash, when the elections, Mr Corbyn declared his to support him after his strongly
wunderkind of the art. as the most offensive-minded left legacies of this Total revolution that in February. Much ink has been American public decided it had tenure as Labour Party chief had pro-Israel stance in the ongoing
Whoever the “inventor” — like back in history, scoring 47 goals for the trinity demonstrated so skilfully expended since 2019 on how been deceived into supporting caused the left to “win the argu- Gaza war. “It’s the economy, stu-
science, footballing tacticians always his club team and 11 for his country. in their heyday. domestic welfare or some other the Iraq War, was as strong, ment” about domestic policy. But pid” has never felt more wrong.
 QUICK TAKE: MARKET SHARE GAINS AHEAD FOR HDFC BANK “It is natural that markets remain obsessed

The Smart with the direction of interest rates. It is also

Investor
(Share prize in ~) The stock of HDFC Bank is up 12 per cent from its monthly natural, after the dramatic rise in
low. IIFL Research has maintained a ‘buy’ rating, given easing expectations into year
end, that there should be
significant potential to gain loan/deposit market share something of a reset with the
MUMBAI | over an extended period, ability to deliver best-in-class arrival of the new year”
SATURDAY, 13 JANUARY 2024 return on risk-weighted assets of 2.9 per cent CHRISTOPHER WOOD
(vs 1.8-2.8 per cent for peers), and attractive valuations Global Head of Equity Strategy, Jefferies

Street remains bullish as IT After CLSA, Goldman

eyes ‘affluent India’ play
majors beat expectations SAMIE MODAK
Mumbai, 12 January

Goldman Sachs is bullish on

Higher adoption of generative artificial intelligence is a focus area and is set to propel growth companies that are expected
to benefit from the growth in
DEEPAK KORGAONKAR affluent Indians.
Mumbai, 12 January
Nifty IT index In a note, the US-based
brokerage has identified key

S
hares of information technology
(IT) giants Tata Consultancy
Services (TCS) and Infosys ral-
lied up to 8 per cent on the BSE during
Friday's intraday trade.
This came after the companies had
reported their December quarter (Q3
FY24) results, post market hours on
Thursday.
Infosys surged 7.93 per cent to
~1,612.75, while TCS gained 3.94 per
cent to ~3,882.80 on the BSE. In com-
parison, the BSE Sensex was up 1.18
per cent to 72,568 points.
What boosted sentiment was that
both the IT majors delivered better-
than-expected results. Street expecta-
tions for the IT sector were low, given
macro concerns and lower working
days. While constant current revenue
for Infosys declined by -1.0 per
cent quarter-on-quarter (Q-o-Q), it was
better than Street estimates of -1.6
per cent.
Revenue for TCS was up 1.1 per cent
sequentially, which was higher than
estimates that pegged it at 0.1 per cent.
PhillipCapital Research has
upgraded Infosys to a buy. “We believe
that the earnings downgrade cycle,
which lasted for the last three quarters
in Infosys, is behind us. We expect a
gradual pickup in discretionary spend-
ing by clients starting H1 FY25.
Year-to-date or YTD total contract
value (TCV) at $13.24 billion is the best
ever and provides visibility for growth
pickup in the medium term.”
On TCS, the brokerage expects it to
continue to command a valuation pre-
mium to its peers.
This is on the back of its strong
diversified profile, superior return pro-
file (return on equity or ROE of 46 per
cent in FY23), management stability,
strong margins and market leadership
position.
Brokerages also highlighted the
positive long-term outlook by the TCS
management due to a strong momen-
tum in deal wins, client’s focus on
tech-led transformation and strong
pipeline.
Nuvama Research said the man-
agement called out the bottoming out
of its banking, financial services and
insurance (BFSI) vertical — a big read
NIN BRIEFN
Bajaj Finserv MF makes passive foray with ETFs
THE ROAD AHEAD
INFOSYS
Brokerages
(Recommendation)
Emkay (buy)
Kotak Securities — Institutional Equities (buy)
Goldman Sachs (buy)
Motilal Oswal Securities Ltd (buy)
TCS
Brokerages
(Recommendation)
BNP Paribas Exane (outperform)
Elara Capital (buy)
Ashika Stock Broking Limited (buy)
Goldman Sachs (buy)
As on Jan 12
across for the entire sector.
It upgraded FY24/25 earnings per
share estimates by 1.4 per cent each
and FY26 earnings per share by 1.7 per
cent. TCV continued to show a healthy
momentum. For TCS, the TCV for Q3
came in at $8.1 billion, up 3.8 per cent
from $7.8 billion it signed in Q3 of FY23.
On a sequential basis, the TCV was
down from $11.2 billion in the second
quarter. On YTD basis, TCV for TCS
remains at record high at $29.5 billion
(up 22 per cent Y-o-Y) with book to bill
of 1.4x. Infosys' TCV of $3.2 billion was
down from $3.3 billion in the same
period last year.
Infosys posted a net profit of ~6,106
crore for Q3 FY24, showing a drop of
7.3 per cent from the same period last
year. The company's profit was down
1.7 per cent, sequentially (Q-o-Q).
Infosys cut its revenue growth guid-
ance for the third straight quarter.
It now expects revenue for FY24 to
grow in the range of 1.5-2 per cent,
revised from the earlier estimate of
1-2.5 per cent growth.
TCS reported a 2 per cent rise in
rises 5.1%
Led by Infosys and TCS, Indian IT
stocks saw healthy gains on Friday.
The Nifty IT Index, a gauge tracking
ILLUSTRATION: BINAY SINHA tech companies, rose 5.1 per cent.
Friday's gain in the IT index
was the best
since January 19, INTRADAY RUN
2022. When 37,000
Target Upside 36,521.7
price (~) (%) Infosys was the 36,500
top gainer in the
1,850 14.75 36,000
Nifty IT Index
5.14% 35,500
1,800 11.65 with gains of Change
1,770 9.79 7.93 per cent, 35,000
other con- 34,735.3 34,500
1,750 8.55 stituents such as Jan 11 Jan 12,’24
Coforge, Tech
Target Upside Mahindra, and LTI Mindtree too
price (~) (%) registered gains of 5.68 per cent,
4.69 per cent and 4.65 per cent
4,575 17.86
respectively. The BSE IT index too rose
4,430 14.13 5.1 per cent on Friday — its biggest
4,350 12.06 single-day gain since April 30, 2020.
The index closed at 37,120, its highest
4,310 11.03 close since January 19, 2022.
Source: Bloomberg
Y-o-Y net profit at ~11,058 crore for value for the business.
Q3FY24. The management is actively
The company saw a revenue engaged in cost optimisation efforts
growth of 1.5 per cent Q-o-Q and a with the aim of enhancing margins
growth of 4 per cent Y-o-Y at ~60,583 and ensuring financial efficiency,
crore. TCS reported Q3FY24 revenues it added.
at $7,281 million, up 2.9 per cent Y-o-Y Given its size, order book and expo-
in dollar terms and 1.7 per cent in con- sure to long-duration orders and port-
stant currency. It does not give any folio, TCS is well positioned to with-
revenue guidance. stand the weakening macro
TCS declared a third interim div- environment and ride on the antici-
idend of ~9 and a special dividend of pated industry growth.
~18 per equity share. Owing to its steadfast market lead-
Analysts at Choice Broking expect ership position and best-in-class
strong deal momentum resulting in a execution, the company has been able
solid order book, providing visibility to maintain its industry-leading
for long-term growth. There has been margin and demonstrate superior
tremendous client interest in gener- return ratios, Motilal Oswal Financial
ative artificial intelligence (GenAI) and Services (MOFSL) said in the result
TCS is leading the innovation and update.
exploratory efforts for it. The brokerage firm expects FY24
For Infosys, the brokerage firm said revenue growth to be at 1.9 per cent
the company is concentrating on Q-o-Q in constant currency, near the
securing substantial deals to propel upper band of the guidance.
further growth. Despite near-term weakness,
Higher adoption of next-generation MOFSL expects Infosys to be a key
AI, such as TOPAZ and Cobalt cloud, beneficiary of the acceleration in
is anticipated to generate long-term IT spending in the medium term.
India ETF debuts on Abu
themes such as leisure, jewel-
lery, out-of-home food,
healthcare and premium
brands as the growth areas.
Earlier this month, CLSA
issued a note, which said
companies with exposure to
the urban wealthy will con-
tinue to witness strong growth
this year.
Goldman has said growth
in India’s wealthy is happen-
ing at a much faster pace than
the overall population growth.
“Only about 4 per cent of
India’s working age popula-
tion has a per capita income
of over $10,000, projecting to
60 million consumers.
Corroborating data across
tax filings, bank deposits,
credit cards and broadband
connections, we estimate that
this consumer cohort has
grown at a compound annual
growth rate (CAGR) of over
12 per cent in 2019-23, com-
pared to 1 per cent for India’s
population. If the current tra-
jectory continues, we expect
‘Affluent India’ will grow to
~100 million consumers by
2027,” said Goldman Sachs in
a note.
“With double digit CAGR
in the ‘Affluent India’ cohort,
we expect mid-teens growth
in these categories over the
medium term. This ‘higher for
longer’ growth will imply sus-
tenance of rich valuations.
While there are many stocks
that are exposed to these seg-
ments, we prefer companies
that also have a competitive
moat. Our top ideas are Titan,
Apollo, Phoenix, Makemytrip,
Zomato, Devyani, Sapphire
and Eicher. They derive their
moat from firstly, strong
brand (Titan and Eicher), sec-
ondly, entry barriers from
high cost/gestation of cre-
ating new business (Apollo
and Phoenix), and thirdly net-
work effect (Zomato),” the
report added.
Some stocks identified to
benefit from the urban
wealthy theme by CLSA were
luxury (Titan jewellery sales),
convenience (Zomato) and
leisure (Sula Vineyards).
RICHIE RICH
Goldman Sachs expects the population with income of more
than $ 10,000 to rise to over 100mn by 2027
POPULATION (MN) WITH
INCOME > $10,000
24
20
2011 2015 2019
MONEY TALK
Only about 4% of the
working age population
had an income level of over
$10,000/annum in 2022
112
60
Over $5,000-
$10,000 $10,000
Source: Goldman Sachs Global Investment Research
continue into 2024 and bey-
ond, aided by record corpo-
rate profitability, leading to
higher incomes for business
owners and corporate man-
agers, for whom the impact of
inflation is not as significant.
We see an increasing number
of companies (Aditya Birla
Fashion & Retail, Britannia,
ITC, Asian Paints and Nestle)
expanding to cater to the
urban wealthy and expect this
trend to accelerate,” CLSA has
said in a note.
Over the past one year,
Goldman Sachs’ list of stocks
tied to ‘affluent India’ saw a 7
per cent upgrade in the FY24
consensus revenue estimates
versus a three per cent down-
grade for the broad-based
consumption names.
“Not only do these benefit
from the rise of ‘affluent
India’, but we also see these as
high quality businesses with
strong competitive advan-
100
60
37
2023 2027E
(Population in mn) 720
294
262
$2,500- $1,500- Less than
$5,000 $2,500 $1,500
past performance and market
leadership within their seg-
ments. This gives us greater
confidence that they will be
able to hold their competitive
position within these high-
growth categories,” said
Goldman Sachs on some com-
panies it sees as the biggest
beneficiaries. Some key risks
to this thesis are rising com-
petitive intensity and sharp
correction in asset prices.
“The wealth effect from
the sharp increase in the stock
market and gold can reverse
if there is a substantial correc-
tion in asset prices. This can
impact the positive sentiment
and affluent consumers could
also slow down the rate of
consumption growth,” added
the note by Goldman Sachs.
It expects the high-growth
categories, which address the
top-end of the income pyramid
in India, to see competition
from new entrants, including

Bajaj Finserv Mutual Fund (MF) made its entry into the passive MF space with the
launch of two exchange traded funds (ETFs). The new fund offering (NFO) of the ETFs,
Dhabi Securities Exchange “We expect this trend to tages, proven track record of international brands.

which will track the Nifty50 and Nifty Bank indices, will open for subscription on Jan- SAMIE MODAK Infosys, and Tata Consultancy
uary 15 and close on January 18. Nifty 50 ETFs are the most popular offering in the pas-
sive space. ETFs and index funds tracking the Nifty50 index manage over ~3 trillion. The
passive MF space is seeing a surge in competition with some of the new and upcoming
Mumbai, 12 January Services. The index has the highest
weight to the IT sector at 35.4 per cent
An exchange-traded fund (ETF) followed by energy at 25.1 per cent.
Markets regulator tweaks rule
fund houses looking to focus solely on the passive side of the business. BS REPORTER based on domestic stocks opened for Typically, sectors such as banking,
subscription on the Abu Dhabi gambling, and alcohol are excluded for onboarding investors in AIFs
Karvy case: SAT rejects Axis Bank’s plea Securities Exchange (ADX) on as they are not Shariah-compliant.
Friday. The fund will help channel The ETF intends to distribute div- Capital markets regulator However, when on-board- cient progress in addressing
The Securities Appellate Tribunal (SAT) on Friday rejected Axis Bank's appeal with investments into India — the fifth- idends on a semi-annual basis. Securities and Exchange ing investors, the AIF manager these deficiencies, it added.
respect to releasing shares that were pledged by Karvy Stock Broking Ltd in favour of largest market globally — The S&P India Shariah Board of India (Sebi) on Friday must ensure that the investor If an investor, who has pre-
the private sector lender. The lender’s appeal was for passing appropriate orders from the Gulf nation, which The ETF Liquid 35/20 Capped Index tweaked the framework for or its beneficial owner is not viously joined the AIF, no lon-
directing Securities and Exchange Board of India (Sebi), NSDL and NSE to comply with has an estimated 4 million intends to has rallied nearly 20 per on-boarding investors by listed in the sanctions list ger meets these con-
the SAT’s ruling last month and remove all the lock-in and all other obstacles with Indian expatriates. distribute cent in the past one year in Alternative Investment by the United Nations ditions, the AIF
respect to the invocation of the pledged shares. In its order passed on December 20, The subscription for the dividends AED terms. Funds (AIFs). This came in Security Council, manager is prohib-
SAT quashed Sebi’s two orders passed in January 2020 and December 2019 that barred Chimera S&P India Shariah on a semi- “The Chimera S&P India view of amendments to Sebi said in its circu- ited from drawing
lenders from invoking the pledge on shares in the Karvy Stock Broking matter. PTI ETF will remain open until annual Shariah ETF offers investors the Prevention of Money- lar on Friday. further capital con-
January 17 and the ETF will basis on the ADX direct access to Laundering (Maintenance of Additionally, the inv- tributions from that
then list on the ADX on the world’s fifth-largest Records) Rules, 2005. estor should not be a investor for making
Anand Rathi Wealth Q3 profit up 34% January 26. The fund is being stock market and one of the fastest-
launched by Abu-Dhabi-based growing economies globally. This
The Regulation 10(a) of AIF
norms laid down the criteria
resident in a country
identified by the Financial
investments until the
investor complies with the
Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Lunate Capital. The ETF will replicate ETF is also Shariah-compliant which for on-boarding investors Action Task Force as having specified conditions, Sebi said.
Friday reported a 34 per cent surge in profit after tax at ~58 crore for the three months the performance of the S&P India will appeal to a broader range of whereby AIFs are allowed to strategic anti-money launder- The move is aimed at compli-
ended December 2023. In comparison, the company had posted a profit after tax of Shariah Liquid 35/20 Capped Index. investors who prioritise adherence garner funds from any type of ing or combating the financing ance with international sanc-
~43.2 crore in the same quarter of the preceding financial year, Anand Rathi Wealth It comprises the 30 most liquid to Islamic financial principles,” said investor — Indian, foreign, or of terrorism deficiencies, sub- tions and anti-money launder-
said in a regulatory filing. Total revenue rose 34 per cent to ~187.3 crore in the third Shariah-compliant Indian stocks, Sherif Salem, Partner and Head of non-resident Indians — ject to countermeasures, or a ing measures in the context of
quarter of the FY24 from ~140.2 crore in the quarter ended December 31, 2022. PTI which include Reliance Industries, Public Markets, Lunate. through the issuance of units. jurisdiction making insuffi- AIF investments. PTI

THE COMPASS

Margin gains to support cement companies amid slowing demand

DEVANGSHU DATTA
Base=100
140
The demand for cement slowed in
the third quarter of financial year
2023-24 (Q3FY24) and prices
began to moderate in November
BSE Sensex 120 and continued to ease down in
December and January.
However, low fuel and raw
material (RM) prices meant that
100 cement manufacturers enjoyed
good margins even though
prices dipped.
BS Cement The slowdown was partly
attributed to state elections that
80 led to a freeze on construction
Dec 30,‘22 Jan 12,’24 activity. However, Q4FY24 could
see some rebound in construction
Source: Exchange in pre-election spending, with a
Compiled by BS Research Bureau moderation again in Q1FY25,
given the upcoming general
elections in April-May. Assuming
RM and fuel prices stay low,
Ebitda (earnings before interest,
taxation, depreciation, and
amortisation)/tonne realisations
could remain strong.
Year-on-year (Y-o-Y) volume
trends were positive in Q3 with
single-digit growth. India’s largest
manufacturer, UltraTech Cement
has reported 6 per cent Y-o-Y
volume growth for Q3. JK Cement
may be a volume outperformer
with 17 per cent Y-o-Y on the back
of new capacity coming online.
Profitability growth will depend
on price improvements.
The Adani Group’s takeover of
Ambuja Cements and ACC may
have sparked more activity across
the sector with industry taking
initiatives to address supply-
chain issues. In the long-term, this
should result in cost reductions
and better operating leverage for
most players.
In the short- term, however,
utilisation may be range bound at
70-75 per cent of capacities. Most
cement majors are pushing capex
in anticipation of long-term
demand.
Long-term volume growth
could be in the range of 7 per cent
for the aggregate industry across
India. The Q3FY24 Ebitda/tonne
should improve by ~200/tonne
quarter on quarter (Q-o-Q) and Q4
may sustain or even improve by
up to ~100/ tonne.
Backed by 6-7 per cent volume
growth, Ebitda may rise by over 54
per cent Y-o-Y and 26 per cent Q-
o-Q and net profit could spike by
between 85-103 per cent Y-o-Y and
31 per cent Q-o-Q for the
aggregate listed industry.
Among largecaps, Shree
Cement should lead in Y-o-Y
volume growth, while JK Cement
among midcaps will grow much
faster than peers. Grasim is
expected to show profit decline
(viscose margins are also down,
affecting its other divisions).
Cement firms with a higher
exposure to East and South
India should report more
improvement.
A steady improvement in
demand should also mean prices
are sustained. Most firms should
gain more on the cost side due to
structural improvements in their
business models as well as likely
gains in terms of lower raw
material and fuel costs.
An uptick in demand (after a
soft November-December 2023),
soft coal/petcoke prices and
pricing improvements are key
points to watch for in Q4FY24.
Price discipline will be crucial as
there will be a temptation to
compete for market share on price
while there are surplus capacities
across the industry.
The industry has seen
committed investor support for
several quarters even though
demand has not picked up.
However lower costs have helped
with realisations and that
optimism remains.
>
MUMBAI | SATURDAY, 13 JANUARY 2024
Brokerages eye Sapphire
amid muted QSR outlook
KFC prospects, valuations TRADING AT A SHARP DISCOUNT
drive positive view; stock
up 11% since start of Nov
RAM PRASAD SAHU
Mumbai, 12 January
E
ven as the near-term outlook for
the quick service restaurant (QSR)
industry remains muted, broker-
ages are positive about the prospects of
Sapphire Foods India. Their preference
for the QSR chain comes on the back of
the steady performance of Kentucky
Fried Chicken (KFC), superior execution
and reasonable valuations. The Sapphire
Foods stock is up 11 per cent since the
start of November.
While the company has a franchise
for both KFC and Pizza Hut (PH),
the Street believes that the KFC business
will do better than the PH business in
the near term.
“Regional competition is not a threat
in this category and no formidable No. 2
brand has emerged despite the entry of
large QSR peers. Sapphire’s execution
here has been impressive, providing
assurance on the runway for growth,”
said analysts led by Mehul Desai of JM
Financial Research.
The brokerage expects a 20-21 per
cent sales/restaurant operating margins
for KFC over FY23-26.
While KFC has done well, the com-
petitive intensity, according to Antique
Stock Broking, remains high in the pizza
segment, impacting Domino’s and Pizza
Hut’s performance.
“There has been visible down trading
witnessed in the pizza segment impact-
ing average order value. Companies have
become aggressive with the promotion
of affordable pizzas to drive higher foot-
falls, which could restrict margins in the
near term,” says Dhiraj Mistry and
Abhijeet Kundu of the brokerage.
The brokerage expects a gradual
recovery for the pizza segment due to
elevated levels of competitive intensity,
impacting near-term recovery for
Domino’s and Pizza Hut. Strong per-
formance in KFC (also due to lower com-
petition) should support growth for
Devyani and Sapphire over the near to
medium term. They prefer Devyani
FY24 figures
3,280
Sales (~ cr)
Sapphire
Foods India
Operating profit (~ cr) 650
EV*/operating profit (x) 13.3
EV/sales (x) 2.6
EV: Enterprise value Source: JM Financial Research
International and Sapphire Foods, driv-
en by stable performance in KFC and
favourable risk-reward.
Motilal Oswal Research believes that
the December quarter will be difficult
for QSR players such as Sapphire. The
shift of vegetarian periods such as
Navratri and Shraadh impacted October
sales and this will make it challenging
for QSR players to achieve Same Store
Sales Growth (SSSG) in 3QFY24.
Subsequently, margins may witness
limited improvement.
Emkay Research has upgraded the
QSR major, given the narrowing per-
formance and potential upside in the
company’s Sri Lanka business. They also
expect it to fare better than peers in the
December quarter. Despite the extended
weak demand trend, the brokerage
expects Sapphire to deliver a relatively
better quarter with flattish SSG in KFC
(vs. decline for peers). Performance is
better despite the Chennai floods
(Sapphire-specific), which resulted in 4-
5 days of complete loss in sales.
From a medium-term perspective,
PEER COMPARISON
Devyani International 140
4,455 Sapphire Foods India
Sensex 119.28
120
Base = 100
Devyani 100
International
102.79
969 80
22.9 108.39
5.0 60
Dec 30,’22 Jan 12,’24
Devanshu Bansal and Vishal Panjwani
of the brokerage believe the company
will see similar growth prospects (versus
Devyani) and has re-rating potential,
given the narrowing margin gap with
peers and bottoming out headwinds in
the Sri Lanka operations.
While there are near-term concerns,
the company has maintained its guid-
ance of doubling the store count within
the next 3-5 years, while also doing the
same with a high single-digit SSSG.
Sapphire is aiming to improve the
revenue and operating profit by 25 per
cent and 30 per cent, respectively.
Amidst a challenging situation, JM
Financial Research is positive about
Sapphire's format strategy.
This is on the back of fortifying
KFC’s presence in the chicken segment
through aggressive store expansion,
calibrating store expansion in Pizza
Hut and taking steps to improve brand
recall and drive transactions and
cost efficiencies, and bridging portfolio
gaps (KFC Snackers, late-night delivery
in PH).
Investing in cryptos: Be mindful of
high volatility, regulatory overhang
KARTHIK JEROME
The United States (US) markets
regulator, the Securities and
Exchange Commission (SEC),
recently gave its approval to spot
exchange-traded funds (ETFs) that
will invest in Bitcoin. The leading
cryptocurrency, which is trading at
over $46,000 currently, has rallied
about 153.2 per cent over the past year.
Factors driving the upsurge
SEC approval: BlackRock, Invesco,
Fidelity, and several other players
have received approval for spot ETFs.
“The Bitcoin ETF approval is a
landmark decision that will
legitimise Bitcoin and cryptos as an
asset class. It also marks the beginning
of easy access for institutional
capital to this space,” says Parth
Chaturvedi, investments lead,
CoinSwitch Ventures.
Until now, many institutions have
stayed away from cryptos because of
the lack of regulatory clarity. “With an
SEC-approved product available, a lot
of institutional money could flow into
this asset class,” says Rajgopal Menon,
vice president, WazirX.
Bitcoin has been rallying since
mid-2023, when BlackRock, one of the
world’s largest asset managers,
applied for a spot ETF.
Halving: The halving event in April
2024 will reduce the supply of
Bitcoins. “The impending
halving is anticipated to
reduce monthly selling
pressure from miners to less
than $500 million, down
from the previous levels of
around $1 billion,” says
Minal Thukral, executive YOUR
vice president, growth &
strategy, CoinDCX.
MONEY
Looser monetary policy: In 2024,
the US Federal Reserve is expected
to cut interest rates, which could
result in money flowing into non-
interest-yielding assets (like
cryptocurrencies and gold).
No devaluation risk
Central banks can print fiat currencies
at will. “The supply of Bitcoins is
THE SMART INVESTOR 11
WINNERS AMONG TOP 100 CRYPTOS
Rank Crypto asset 1-year returns (%)
1 Injective (INJ) 2,568.4
2 Kaspa (KAS) 2,410.5
3 Bonk (BONK) 1,444.4
4 Render (RNDR) 814.7
5 Wemix (WEMIX) 653.1
22 Bitcoin (BTC) 153.2
Source: CoinGecko
fixed and it will only reduce over
time,” says Menon.
Having crypto assets in a portfolio
can diversify it. “The price movements
of cryptos may not always align with
that of traditional assets such as stocks
and bonds,” says Thukral.
Regulatory, other risks
Cryptocurrencies remain
under a regulatory cloud.
There is always the risk that
the government could ban it.
Ever since the Indian
government introduced
taxation on gains from
cryptocurrencies,
stakeholders have
interpreted it as a sign that this asset
class will not be banned. While that
risk may have reduced, it has not gone
away. The Reserve Bank of India,
which has its own digital currency,
would want it to enjoy primacy.
Another risk in this asset class is its
extreme volatility. “Bitcoin went up to
$67,000 in 2021 and then collapsed to
$15,000 within six months,” says
Menon. Intraday swings of 30-40 per
SAFETY TIPS
FOR INVESTORS
n Invest only that money
whose loss will not
damage your finances
(avoid putting more
than 1-2% of
your portfolio)
n Invest a fixed amount
regularly and scale
up gradually
n Enter with at least
a five-year horizon
n Stick to exchanges
that are Financial
Intelligence Unit-
compliant; avoid
overseas exchanges
not compliant with
Indian tax laws
n Stick to cryptocurrencies
with an established
track record
cent occur. Unlike stock exchanges,
crypto exchanges do not have
circuit breakers.
Cryptos are 24/7/365 assets.
For those trading in these assets,
monitoring them around the clock
can be fatiguing.
Should you invest?
Investors should be mindful of
regulatory risk. “As a registered
investment advisor with the
Securities and Exchange Board of
India (Sebi), I will not recommend
cryptos until regulations become
clear. Currently, there is the risk of
investors falling on the wrong side of
the law,” says Abhishek Kumar, Sebi
registered investment advisor and
founder, SahajMoney.
Those who still want to invest
should consider their risk appetite.
Youngsters may go for it as they have a
longer horizon to recover from a
setback. Investors with a low risk
appetite, who may find it difficult to
handle its high volatility, should stay
away. Retirees and those approaching
retirement should also steer clear.
12 STOCKS
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1
IN THE
> STOCK
> Avanti Feeds > Persistent Systems > FSN E-Commerce Ventures

NEWS Top gainer

among A-group
Hits new all-time
high at ~7,745
Snaps 6-day
wining OF THE DAY
companies on BSE streak Shriram Finance
~489.9 PREVIOUS CLOSE ~7,391.1 PREVIOUS CLOSE ~193.7 PREVIOUS CLOSE Hits new all-time high at
~546.8 CLOSE ~7,650.3 CLOSE ~187.6 CLOSE ~2,304; Surged 75 per cent
p 11.6% UP p 3.5% UP  3.1% DOWN FYTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
12 Jan ’24 Chg (%) Con Std 12 Jan ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3104.1 0.8 1.0 144.8 171.8 ITC 466.7 0.9 5.8 30.3 29.2 price price (%) price price (%)
Adani Ports 1207.1 0.3 0.9 41.1 328.7 JSW Steel 825.8 0.5 1.1 21.8 23.2 Infosys 1615.8 1612.2 7.8 1615.8 1620.0 Metropolis Heal 1450.1 1505.0 -6.2 1361.3 1176.1
MOST BULLISH MOST BEARISH
Apollo Hosp 5795.7 -1.3 0.6 101.7 84.9 Kotak Mah Bank 1833.3 0.6 2.7 21.2 28.2 Oracle Fin 4700.0 4657.2 7.5 4700.0 4700.0 MCX 2994.8 3060.1 -3.2 2079.9 1289.2
Asian Paints 3277.8 -0.3 1.5 62.1 63.0 India Cement 260.4 258.2 0.8 Au Small Fin 782.5 788.4 -0.7 IREDA 113.0 111.0 7.4 123.4 123.4 Biocon 268.9 274.2 -2.7 217.5 191.6
L&T 3568.8 1.8 4.9 40.0 52.6
Axis Bank 1120.4 -0.5 3.2 31.9 29.3 Adani Enter 3120.2 3104.1 0.5 TCS 3871.4 3882.8 -0.3 Bank of India 130.0 128.9 6.4 130.0 130.0 YES Bank 24.6 24.9 -2.5 14.1 14.1
LTIMind 6237.1 4.6 0.6 41.7 42.8
Vedanta 273.9 272.6 0.5 Chambal Fert 382.8 383.8 -0.3 Union Bank 132.5 131.2 6.4 132.5 132.5 Cochin Ship 750.5 754.0 -2.4 435.8 205.5
Bajaj Auto 7302.0 0.0 0.9 30.2 32.2 Mah & Mah 1624.5 -0.3 1.6 19.6 21.7 GMR Infra 84.7 84.3 0.5 HCL Techno 1537.0 1540.8 -0.2 IRFC 114.0 113.4 6.1 114.0 114.0 Samvardhana Mot 107.1 107.4 -2.3 86.8 61.8
Bajaj Fin 7661.1 -0.1 2.1 41.1 41.1 Maruti Suzuki 9965.7 -0.5 1.4 38.2 28.0 Bandhan Bank 231.2 230.2 0.5 Muthoot Finance 1470.8 1474.2 -0.2 Coforge 6615.2 6596.1 5.8 6615.2 6615.2 Delta Corp 151.8 152.2 -2.2 124.6 124.6
Bajaj Finsrv 1651.9 -1.0 1.0 35.5 224.8 Nestle India 2549.6 -0.3 0.9 - 82.7
Bharti Airtel 1076.4 1.3 2.7 80.2 - ONGC 224.7 223.4 5.5 224.7 224.7 ICICI Prud Life 529.0 530.0 -2.1 505.0 381.0
NTPC 312.7 -0.1 1.5 17.9 16.7 BSE NSE Birlasoft 789.8 786.9 5.4 789.8 789.8 Dr Lal PathLabs 2440.2 2453.7 -2.0 2312.9 1762.7
BPCL
Britannia
458.3
5151.1
-0.1 0.5
0.3 0.6
46.6 3.6
48.9 53.1
ONGC 223.4 5.5 1.2 7.9 9.1 Index Stock Index Stock PUT-CALL RATIO Tech Mahindra 1312.0 1307.6 4.7 1332.6 1332.6 ABB India 4774.3 4781.3 -1.8 3847.5 2754.9
Power Grid 239.5 -1.0 1.1 14.4 14.6 LTIMind 6243.0 6236.8 4.5 6355.0 6355.0 Bharat Forge 1234.0 1253.7 -1.7 1002.7 744.0
Cipla 1308.0 -1.3 0.7 30.6 35.7
Reliance Ind 2741.5 0.8 9.4 27.1 43.0 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 381.1 -0.8 0.9 8.4 15.6 Contracts - - 348941 1187791 Mphasis 2738.8 2677.8 3.9 2788.4 2788.4 GNFC 761.3 763.5 -1.7 624.0 484.5
SBI 633.6 2.2 2.4 8.3 9.1 Market 2743.7 4826.5 0.6 TCS 3905.8 3881.7 3.9 3929.0 3929.0 IEX 164.0 164.4 -1.6 121.3 116.1
Divis Lab 3884.0 -0.5 0.5 56.5 78.3 Open Int.(000) - - 16924 7609979
SBI Life Ins 1435.3 0.5 0.6 - 78.0 Wipro 469.0 465.5 3.9 483.4 483.4 Laurus Labs 415.5 416.2 -1.6 349.8 279.7
Dr Reddys 5688.9 -0.1 0.7 18.6 24.8 Shares(In Mn) - - 11.7 1848.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1326.0 0.7 1.4 37.2 432.7 HCL Techno 1554.8 1543.0 3.9 1554.8 1554.8 Titagarh 1043.0 1048.4 -1.5 703.8 194.8
Eicher Motor 3870.9 -0.5 0.5 29.6 32.3 Value(~ crore) - - 31771 95925
Tata Consumer P 1159.0 3.6 0.7 84.4 103.4 Tata Consumer P 1.8 NTPC 0.2
Grasim Ind 2111.6 1.3 0.8 21.0 95.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 816.5 0.1 1.5 17.7 61.6 Abbott India 1.5 Page Inds 0.2
HCL Techno 1540.8 3.8 1.6 27.1 36.0 Contracts - - 169106705 6339704
Tata Steel 135.3 0.3 1.1 - 67.5 MRF 1.3 Dalmia Bharat 0.2
HDFC Bank
HDFC Std Life
1641.2
637.6
-0.5 12.5
-1.0 0.7
27.1 23.9
100.2 93.5 TCS 3882.8 3.9 3.9 31.7 33.9
Open Int.(000)
Shares(In Mn)
-
-
-
-
485637
5656.7
7084629
7316.5
Infosys 1.1 SBI Life Ins 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1308.1 4.7 0.8 35.5 42.6 Voltas 1.1 Balkrishna I 0.3
Hero MotoCorp 4383.2 0.9 0.6 31.2 25.4 Value(~ crore) - - 14539846 511761 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 582.1 0.9 0.9 13.0 47.1 Titan Company 3726.0 0.7 1.6 101.8 97.2 BSE+NSE BSE+NSE
UltraTech 9808.5 -1.1 1.1 49.7 51.0 1 Reliance Ind 1853864.0 BS200 Zodiac Energy 40.7
HUL 2544.0 0.3 2.3 59.1 58.3 (~ crore) (Mn shrs)
ICICI Bank 1003.5 1.2 7.0 20.7 18.9 UPL 565.1 0.5 0.3 22.9 31.8 ACTIVE CALLS ACTIVE PUTS Infosys 4780.4 29.9
2
3
TCS
HDFC Bank
1420352.8
1244828.3
UP 7 DAYS DOWN 7 DAYS
IndusInd Bank 1674.0 1.0 1.1 - 15.7 Wipro 465.5 3.8 0.7 20.9 26.1 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Suzlon Energy 18.8 Sanmit Infra -35.9
TCS 3093.0 8.0 4 ICICI Bank 704210.8
Infosys 1612.8 7.9 5.8 27.4 27.1 Nifty 50 21894.6 1.1 100.0 25.3 29.1 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Polycab India 2625.6 6.6 5 Infosys 669133.9 UP 3 DAYS Artemis Elec -30.1
Index Index 6 Bharti Airtel 605299.8 IRFC 13.3 IGC Inds. -24.5
INDEX PE SHRS TRDS 1 YR IRFC 2542.1 226.3
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
18/01/24
18/01/24
21900 136.7
21800 124.9
4.5
2.7
48.5
3.8
Nifty
Nifty
18/01/24
18/01/24
21800 122.4
21700 109.7
7.0
8.2
1022.4
427.3
Reliance Ind 2214.7 8.1
7
8
HUL
ITC
598031.9
582172.2
Rail Vikas Niga
Birlasoft
9.6
9.3
Ashoka Metcast
Sonal Adhes
-17.8
-16.4
Asian Paints 3278.0 -0.3 1.7 62.1 63.0 Maruti Suzuki 9962.3 -0.5 1.6 38.1 28.0 SENSEX 26.3/29.9 20.4 643 19 11 21.0 HDFC Bank 1757.8 10.7 Coforge 8.7
NIFTY 50 25.3/29.1 294.7 7368 31 19 22.6 Nifty 18/01/24 22000 123.8 4.0 20.9 Nifty 18/01/24 21900 72.0 3.8 1670.4 9 SBI 565596.5 Mangalam Cem -15.6
Axis Bank 1121.0 -0.4 3.7 32.0 29.3 Nestle India 2549.3 -0.3 1.1 - 82.7 Nifty 18/01/24 21850 87.2 1.2 45.0 Nifty 18/01/24 21750 67.8 3.8 1472.6 ICICI Bank 1296.1 12.9 10 LIC India 524563.9 Mankind Pharma 8.3
C = CONSOLIDATED; S = STANDALONE Decipher Labs -15.1
Bajaj Fin 7655.4 -0.2 2.4 41.1 41.0 NTPC 312.7 -0.1 1.7 17.9 16.7 Nifty 18/01/24 22500 78.8 5.9 80.6 Nifty Bank 17/01/24 47500 65.3 2.6 79.5 Jio Financial 1261.1 49.2 11 L&T 490157.7 IRCON Intl 7.6
Bajaj Finsrv 1651.7 -1.1 1.2 35.5 224.8 UP 3 DAYS
Power Grid 239.5 -1.0 1.3 14.4 14.6 CASH DERIVATIVES Stock Stock Firstsource 1188.8 56.3 12 Bajaj Fin 473100.6 Union Bank 6.8
Bharti Airtel 1076.1 1.2 3.2 80.2 - TURNOVER BSE NSE BSE NSE DOWN Eastern Logica 61.2
Reliance Ind 2740.1 0.8 11.0 27.1 43.0 Vodafone Idea 25/01/24 17 111.8 128.5 4.7 Vodafone Idea 25/01/24 15 41.9 76.2 2.9 SBI 1131.7 17.9 13 HCL Techno 418716.2
HCL Techno 1543.0 3.9 1.9 27.1 36.1 Vodafone Idea 25/01/24 16 104.2 156.2 4.9 Vodafone Idea 25/01/24 16 34.8 94.1 4.4 Metropolis Heal -9.3 RBZ Jewellers 58.4
SBI 633.8 2.2 2.8 8.3 9.1 VALUE(IN ~ CRORE) 10884 103554 -15179303 IREDA 1058.0 97.0 14 Kotak Mah Bank 364276.3
HDFC Bank 1639.6 -0.6 14.5 27.1 23.8 PNB 25/01/24 100 102.4 39.0 13.5 PNB 25/01/24 90 30.3 13.0 17.8 15 Adani Enter 353884.5 Hind Copper -2.7 Zodiac Ventur 42.6
Sun Pharma 1324.9 0.6 1.7 37.2 432.4 SHARES(IN MN) 1292.2 5326.6 - 14833.4 Maruti Suzuki 1004.1 1.0
HUL 2545.3 0.3 2.7 59.1 58.4 TRADES(000) 4832 35637 - 52232 Vodafone Idea 25/01/24 18 99.4 206.1 -1.3 Vodafone Idea 25/01/24 14 30.2 87.4 3.7 16 Axis Bank 345729.0 JSW Infra -2.7 Bizotic Commerc 37.4
Tata Motors 816.3 0.0 1.7 17.7 61.5 HCL Techno 948.4 6.2
ICICI Bank 1003.9 1.3 8.2 20.7 18.9 ONGC 25/01/24 220 81.8 22.0 -7.8 PNB 25/01/24 95 24.8 10.9 11.5 17 Titan Company 330634.5 NTPC -2.3 Arnold Hold 34.7
Tata Steel 135.3 0.3 1.3 - 67.5 Avanti Feeds 920.4 16.7
IndusInd Bank 1673.3 0.9 1.3 - 15.7 MARKET-CAP (~ CR) TRADED TOTAL 18 Sun Pharma 317871.3 Glenmark -2.0 Jupiter Info 34.6
Infosys 1612.2 7.8 6.8 27.4 27.1 TCS 3881.7 3.9 4.6 31.7 33.8
Infibeam Aven 909.4 343.5 19 Asian Paints 314425.8 Bajaj Finsrv -1.8 Kesar Enter 29.0
Tech Mahindra 1307.6 4.7 1.0 35.4 42.6 BSE 37,332,801 37,959,927
ITC 466.6 0.9 6.8 30.3 29.2
JSW Steel 825.4 0.4 1.3 21.8 23.2 Titan Company 3724.2 0.7 1.8 101.7 97.2 NSE 36,901,974 37,556,279 SPURT IN VOLUMES ONGC
Nykaa
898.6
885.7
40.8
46.8
20
21
Maruti Suzuki
NTPC
313214.7
303166.4
Sun TV Net
Others
-1.7 DOWN 3 DAYS
UltraTech 9807.6 -1.0 1.3 49.7 51.0 DERIVATIVES 24,834,628 24,834,628 M K Proteins -31.2
Kotak Mah Bank 1832.8 0.6 3.1 21.2 28.2 Company Days 2-week Avg Change Close *Price 22 UltraTech 283135.6 UP 7 DAYS
Wipro 882.7 19.0 Wallfort Fin -17.3
L&T 3566.0 1.7 5.7 40.0 52.5 Wipro 465.5 3.9 0.8 20.9 26.1 Volume Volume % price %chg 23 ONGC 280980.6 Motisons Jewell 101.6
Mah & Mah 1622.9 -0.4 1.9 19.6 21.7 BSE SENSEX 72568.5 1.2 100.0 26.3 29.9 TRADING ACTIVITY Sotac Pharma 105600.0 2160.0 4788.9 116.6 0.5
HUL
Coforge
837.9
833.9
3.3
1.3
24 Tata Motors 271227.6 Utcrfs2Dmp 94.9 Sainik Fin -14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Green En 271027.5 Aashka Hospital 49.8 Catvision -14.2
Rite Zone Chemc 268800.0 6240.0 4207.7 71.4 12.7 PNB 803.8 82.4
Equity Debt Equity Debt 26 Bajaj Finsrv 263520.8 Gita Rebewable -14.2
Net Net Net Net Firstsource 56337762.0 2043804.7 2656.5 209.9 10.5 Jigar Cables 47.7
Tata Power 796.7 22.2 27 Adani Ports 260697.7
WORLD INDICES On 11 Jan -775 903 -45 -58 Ashiana Hsg 3612605.0 159492.1 2165.1 311.8 14.9 Bank of India 767.1 60.3 28 Avenue Supermar 249886.8
Piccadly Sug
PLANTER POLYSAC
40.7
40.7
DEL
Quest Softech
-14.2
-14.2
On 10 Jan -1651 -194 2231 797 Manomay Tex 308549.0 13999.5 2104.0 193.3 19.7 YES Bank 765.6 304.1 29 Nestle India 245798.7
Indices Close % Chg* Indices Close % Chg*
On 09 Jan -537 1442 -101 986 Intrasoft T 882444.0 42584.6 1972.2 137.7 7.0 30 Wipro 243167.4 (T+2) cycleStocks which rose/fell continuously
L&T 714.5 2.0
Americas (Jan 11,24) Asia/Pacific (Jan 12,24) On 08 Jan 285 97 803 826 Palred Technolo 1552623.0 78950.7 1866.6 211.3 18.7
Dow Jones 37711.0 0.0 Stock Exchange of Thai 1413.5 0.4 On 05 Jan 1769 1665 -2885 -861 Service Care 198000.0 10200.0 1841.2 67.5 17.4
Jan till date 1756 6546 -2189 5174
Nasdaq Composite
S&P/ TSX Composite
14970.2
20918.4
-
-0.3
Kuala Lumpur Comp
Jakarta Composite
1487.3
7241.1
0.3
0.3 2024 till date 1756 6546 -2189 5174
Sahaj Fashions
Kck Industries
396000.0
168000.0
20400.0
8666.7
1841.2
1838.5
30.3
30.4
6.7
10.3
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 11,24) Shanghai Se Comp 2882.0 -0.2 Quarterly Dhatre RO Jewels Steel Str Wh Rajnish Welines
CAC 40 7472.7 1.2 Taiwan Taiex 17512.8 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Excel Re Group MT Group T Shreeji Translo
JANUARY 13 Jai Balaji City Puls Mult TechIndia Nirma Group T
IBEX 35 10107.4 1.0 Straits Times 3191.7 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Group A Group X Group T Group X DRC Systems
DAX 16700.7 0.9 Kospi 2525.1 -0.6 NET Net Fut OI Opt OI OI Avenue Supermar Chandra Prab Himadri Sp Chem Atharv Enter Surana Solar
HIGH *Tata Motors . . . . . . . . 819.0 Amber Enter Ind . . . . 3657.0 *Spandana Sph . . . . . 1243.1
FTSE 100 7636.3 0.8 Volatility (Jan 11,24) BS 200 *DLF . . . . . . . . . . . . . . . 811.2 TeamLease Ser . . . . . 3326.0 *Macrotech Devlp . . . 1225.0 Group B Emerald Leasing Newgen Soft Tec Quest Capital Group X
On 11 Jan -76075 1251 0.2 2.7 3.1
Asia/Pacific (Jan 12,24) CBOE S&P 500 12.6 1.2 On 10 Jan -68997 -1637 0.3 3.2 3.0 *MRF . . . . . . . . . . . . 134599.9 *Birlasoft . . . . . . . . . . . 789.8 Mastek . . . . . . . . . . . . 2950.0 *Goodluck I . . . . . . . . 1168.8 Gian Life Care Golkunda Dmd Next Media Rama Signs Dr Agarwals
Nikkei 225 35577.1 1.5 CBOE Dow Jones 10.9 -5.4 On 09 Jan 3337 391 0.3 4.6 3.0 *Abbott India . . . . . . 25852.0 Gujarat Gas . . . . . . . . . 548.9 *Anand Rathi Wea . . . 2844.0 *Kemp & Co . . . . . . . . 1125.0 Wardwizard Inno Group XT Group X Roselabs Fin Fervent Pharma
On 08 Jan -42278 -3535 0.2 4.8 2.9 *Bosch . . . . . . . . . . . 23250.9 *Tata Mot-DVR . . . . . . . 546.9 *eClerx Ser . . . . . . . . 2823.0 *Suyog Telematic . . . 1110.0 Group M Rich Unv Kiran Vyapar Star Hou Fin Lynx Mach
Hang Seng 16244.6 -0.4 * Change over previous close
On 05 Jan 26510 -1196 0.2 3.8 2.8 *Persistent S . . . . . . . 7745.0 *JSW Energy . . . . . . . . 485.4 *Semac Consultan . . 2561.8 *Nile . . . . . . . . . . . . . . 1088.0 MRP Agro Virtual Glob Ed Group XT Group XT Shri Niwas Leas
*HPCL . . . . . . . . . . . . . . 453.4 *FIEM Inds . . . . . . . . . 2510.0 *AGI Infra . . . . . . . . . . 1039.0 Group X Group Z Beeyu Overse Savani Fin Spenta Intl
MAJOR INDICES Jan till date
2024 till date
-350664
-350664
-10789
-10789
-
-
-
-
-
-
*Coforge . . . . . . . . . 6615.2
*Apollo Hosp . . . . . . . 5920.0 *Tata Power . . . . . . . . . 362.0 *Ethos . . . . . . . . . . . . 2410.0 *Mirae -ET . . . . . . . 1000.0 Lesha Inds Metalyst Forg Ceenik Exp Group Z Suraj Ltd
L&T Tech Ser . . . . . . . 5540.0 *Exide Ind . . . . . . . . . . . 342.4 *GSK Pharma . . . . . . . 2275.0 *Advait Infra . . . . . . . . . 986.6 Group XT JANUARY 16 Futurist Sec JIK Ind VB Desai Fin
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
Info Edge . . . . . . . . . . 5386.9 *ONGC . . . . . . . . . . . . . 224.7 *Accelya Sol . . . . . . . . 1794.8 *ZF Steering . . . . . . . . . 975.6 Confidence Fin BS 200 Lotus Choco JANUARY 18 Velan Hotels
S&P BSE Sensex 71,721.2 72,148.1 72,721.0 71,982.3 72,568.5 847.3 1.2 *Oracle Fin . . . . . . . . . 4700.0 *Rail Vikas Niga . . . . . . 207.0 *Danlaw Tech . . . . . . . 1724.0 Nazara techno . . . . . . . 974.9 Jhaveri Crdt Federal Bank Osiajee Texfab BS 200 Yogi
*Hero MotoCorp . . . . 4395.0 *IRCON Intl . . . . . . . . . 199.4 *Bombay Burm . . . . . 1689.3 *Jai Balaji . . . . . . . . . . . 957.4 JANUARY 15 HDFC Bank Sanathnagar Ent IndusInd Bank Group XT
S&P BSE Sensex 50 22,678.0 22,808.0 22,976.3 22,752.4 22,929.0 251.0 1.1 S&P BSE SECTORAL INDICES *JK Cement . . . . . . . . 4098.8 *Zomato . . . . . . . . . . 141.6 *Cupid Ltd . . . . . . . . . 1676.4 *Concord Control . . . . 947.0 BS 200 ICICI Lombard Swastik Safe Polycab India G.G.Automati
*HDFC AMC . . . . . . . 3553.3 *Union Bank . . . . . . . . . 132.5 *Garware HT Film . . . 1672.8 *Dodla Dairy . . . . . . . . 945.0 Angel One L&T Tech Ser JANUARY 17 Tata Comm Netlink Solu Group B Taneja Aero Group B BS 200 Granules
S&P BSE-100 22,408.3 22,537.0 22,666.4 22,473.2 22,624.9 216.6 1.0 Prev cls Close % Chng
*Trent . . . . . . . . . . . . . 3240.9 *Bank of India . . . . . . . 130.0 *Rel Ind Infra . . . . . . . 1604.0 Jio Financial Group A BS 200 Group A Group ZP Avantel Group XT 3P Land Holding Coforge Indus Towers
S&P BSE-200 9,683.6 9,738.0 9,788.8 9,710.2 9,771.0 87.5 0.9 Auto 42,625.4 42,558.3 -0.2 *Torrent Phar . . . . . . . 2477.3 *IRFC . . . . . . . . . . . . . . . 114.0 *Styrenix Perfor . . . . 1600.0 LOW Group A Bank of Maha Asian Paints 360 ONE WAM Markobenz HT Media Madhusud Ind Aarti Surfactan Group A Pidilite Ind
Bankex 53,485.1 53,798.4 0.6 *Shriram TrFn . . . . . . 2304.3 *NBCC . . . . . . . . . . . . . 94.4 *Motilal Oswl . . . . . . . 1588.5 BS 200 Choice Int’l ICICI Securitie ICICI Prud Life Finolex Ind JANUARY 19 Onward Tech JANUARY 20 Kewal Kiran Spandana Sph United Spirt
S&P BSE-500 30,961.0 31,135.0 31,274.6 31,047.8 31,215.7 254.7 0.8
Cons. Durables 51,004.6 51,319.1 0.6 *Godrej Prpty . . . . . . 2286.5 *Suzlon Energy . . . . . . . 45.5 *Bom.Cycle . . . . . . . . 1565.8 NONE Kesoram Ind Jindal Saw LTIMind Home First Fin BS 200 Ponni Sugar BS 200 Pil Italica Lif Zensar Tech Group A
S&P BSE IPO 13,045.9 13,145.5 13,189.9 13,115.5 13,180.7 134.8 1.0 Cap. Goods 55,985.8 56,416.1 0.8 *TVS Motor . . . . . . . . 2100.0 Others *Dolphin Off. . . . . . . . 1559.4 Others PCBL Mapmyindia Oracle Fin Mastek Atul Prime Sec Can Fin Home Seshasa Pprs Group B GSFC
FMCG 20,284.9 20,372.6 0.4 *IndusInd Bank . . . . . 1677.6 Bombay Oxygen . . . 17990.0 *Sasken Comm . . . . 1557.9 *M K Proteins . . . . . . . . . 47.0 Rel Ind Infra Network 18 M Group A Ramkrshn Frg HUL SecUR Credentia ICICI Bank Tatva Chintan Ind Bank Hsg ICRA
S&P Dollex-30 7,088.8 - - - 7,185.2 96.4 1.4 *Adhbhut Infra . . . . . . . . 36.0 Group B TV18 Broadcast Alok Inds Shopp Stp PAYTM
Healthcare 32,789.2 32,637.1 -0.5 *Oberoi Relty . . . . . . . 1578.8 *SG Mart . . . . . . . . . 11371.0 *Mazda . . . . . . . . . . . . 1545.5 Shree DigCem IDFC First Bank Group P Karur Vysya Indoco Rem
Nifty 50 21,647.2 21,773.6 21,928.3 21,715.2 21,894.6 247.4 1.1 Infra 499.8 504.3 0.9 *HCL Techno . . . . . . . 1554.8 *Benares Htl . . . . . . . 9774.0 *Super Sales . . . . . . . 1543.8 Unifinz Capital . . . . . . . . 34.7 BCG Group B Happiest Minds South Ind Bk UltraTech Sigachi Inds IREDA Gothi Plas N R Agarwal Rallis
IT 35,332.4 37,120.5 5.1 *Maha Gas . . . . . . . . . 1271.5 *Sanofi India . . . . . . . 8590.8 *Netweb Technolo . . 1465.6 *Sanmit Infra . . . . . . . . . 27.7 Digicontent BLB IIFL Finance Group B Group A Virinchi Con JK Cement Group X Vinyl Chem Sona BLW Precis
Nifty next50 54,595.6 54,847.6 54,852.9 54,587.1 54,742.9 147.3 0.3 Inland Print . . . . . . . . . . . 19.2 Fedbank Financi Credo Brands Group B Accelya Sol CESC
Metal 26,419.2 26,443.3 0.1 *Tata Consumer P . . . 1165.0 *Neuland Lab . . . . . . . 5792.6 *Paul Mercha . . . . . . . 1463.8 Group X Kotak Mah Bank High Energy Group X Tanla Soluts
Nifty 500 19,584.4 19,691.3 19,775.9 19,635.8 19,745.6 161.3 0.8 Oil & Gas 23,818.5 24,225.4 1.7 *Bharti Airtel . . . . . . . 1078.6 *Bharat Bijle . . . . . . . 5416.2 *LG Balak . . . . . . . . . . 1409.4 Raj Rayon . . . . . . . . . . . . 16.0 Infomedia Press Gallantt Ispat Agri-Tech I Hind Media CreditAccess Gr Futuristic Sol Persistent S Tilak Vent Sumedha Fisc Group B
Power 6,091.3 6,083.4 -0.1 *Voltas . . . . . . . . . . . . 1060.9 *WPIL Ltd . . . . . . . . . . 4399.0 *Dhunseri Inv . . . . . . . 1400.0 GACM Techno . . . . . . . . . . 7.6 NELCO Goa Carbon Ganesh Hsg Innova Captab Hatsun Agro Morarka Fin Union Bank Group XT JANUARY 23 Bigbloc Const
India VIX 12.8 12.8 13.3 12.4 13.1 0.3 2.6 *Kirloskar Inds . . . . . 3845.5 *Eastern Logica . . . . 1336.3 Virtual Soft . . . . . . . . . . . . 3.0 Suraj Estate Hath Cable Moschip Tech. Ksolves India Supreme Ind Saptak Chem Group A Trishakti Inds BS 200 Cyient DLM
PSU 15,794.1 15,968.0 1.1 *IRCTC . . . . . . . . . . . . . 962.3
Nifty CPSE 4,958.1 4,984.1 4,990.1 4,934.6 4,980.8 22.7 0.5 Realty 6,834.1 6,966.2 1.9 Group T National Std Specia Rest Nath Bio-Genes Tejas Networks Svaraj Trad J & K Bank JANUARY 22 Axis Bank NACL Inds
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (619.7) (620.0) (4869.6) (4871.9)
m ~50 H ~2 Open 622.9 620.0 4914.9 4909.9
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 630.9 630.8 4914.9 4909.9
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 615.0 614.8 4774.3 4771.7
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 616.4 616.6 4781.3 4784.0
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 47867 1922K 4196 145K
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 50.2 50.2 83.8 83.9
company name is followed by shares traded, and also the 52 Wk H/L 661/438 662/438 4984/2755 4990/2752
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 22343 22350 101315 101372
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 «
(25340.8) (25339.7) (2319.6) (2321.8) (3080.4) (3080.9) (1202.9) (1202.9) (540.6) (540.2) (1061.8) (1062.3)
O 25363.6 25338.1 2319.1 2335.0 3099.0 3096.4 1209.2 1210.4 545.3 546.0 1062.3 1065.0 O O
25852.0 25870.0 2348.0 2347.2 3124.5 3125.0 1218.5 1218.8 545.6 546.8 1070.1 1070.7
w 25195.9 25200.0 2319.1 2320.0 3070.0 3068.2 1201.2 1201.1 540.0 540.0 1055.5 1055.1 w w
25721.4 25748.9 2331.2 2332.4 3104.3 3104.1 1206.9 1207.1 541.0 541.2 1058.5 1058.5
1474 37367 7415 382K 89005 1796K 205K 3913K 148K 712K 54540 947K
50.5 50.6 36.4 36.4 144.8 144.8 41.1 41.1 10.1 10.1 - -
W 25852/19900 25870/19900 2416/1594 2418/1592 3739/1017 3740/1017 1230/395 1230/395 589/133 589/132 3998/522 4000/522 W W
M 54658 54716 43778 43800 353884 353867 260698 260752 208641 208718 116414 116414 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
(1125.3) (1125.8) (7294.5) (7298.9) (7670.7) (7669.8) (1669.3) (1669.3) (2665.0) (2665.5) (394.0) (394.4) (232.8) (232.8) (226.1) (226.1) (1577.4) (1576.4) (593.5) (593.7) (184.4) (184.4) (1275.9) (1274.7) (1062.8) (1062.8) (197.8) (197.8) (281.9) (282.1) (746.7) (747.0) (23085.8) (23081.3) (458.7) (458.7)
O 1125.4 1126.4 7375.0 7360.0 7675.9 7684.0 1679.2 1670.3 2669.2 2666.0 398.9 395.9 O 235.0 234.9 227.0 226.9 1589.8 1587.0 593.2 593.9 185.8 185.4 1274.9 1272.0 O 1059.2 1058.1 198.3 198.0 284.9 283.5 757.2 757.9 23084.9 23050.1 455.3 459.0
1128.1 1129.5 7375.0 7361.0 7717.8 7719.0 1679.2 1675.0 2677.3 2678.5 399.1 399.0 235.8 235.8 232.1 232.3 1589.8 1587.9 597.3 596.8 185.8 185.5 1274.9 1275.0 1078.6 1078.6 199.2 199.2 284.9 283.7 789.8 789.9 23250.9 23282.7 461.0 461.1
w 1117.8 1118.1 7252.7 7252.0 7615.0 7617.0 1642.1 1642.0 2604.0 2603.3 389.8 389.7 w 229.6 229.5 225.3 225.3 1570.8 1570.4 587.4 587.5 183.1 183.1 1234.0 1234.3 w 1051.8 1051.6 195.6 195.6 268.9 269.1 757.2 757.3 22968.3 22982.0 455.1 455.1
1121.0 1120.4 7300.2 7302.0 7655.4 7661.1 1651.7 1651.9 2632.4 2631.9 391.2 391.1 230.1 230.2 229.9 229.9 1576.8 1576.0 596.1 595.8 183.6 183.5 1253.7 1253.2 1076.1 1076.4 196.4 196.5 274.2 274.2 786.9 786.7 23234.2 23229.7 457.8 458.3
509K 5617K 20856 435K 35033 809K 75256 1315K 3341 188K 61268 1715K 334K 9089K 1313K 17600K 9883 135K 63051 537K 671K 8853K 52901 1263K 795K 3394K 2075K 14384K 245K 5430K 159K 5713K 671 13938 351K 5995K
29.3 29.3 30.2 30.2 41.0 41.1 35.5 35.5 50.7 50.7 16.8 16.8 14.6 14.6 7.0 7.0 69.6 69.6 71.4 71.3 40.6 40.6 49.0 49.0 80.2 80.2 1553.2 1553.6 66.1 66.1 57.3 57.3 32.2 32.2 3.6 3.6
W 1152/814 1152/814 7420/3550 7399/3551 8190/5487 8192/5486 1742/1216 1741/1215 2723/1912 2723/1909 486/350 486/349 W 272/182 272/182 240/147 240/147 1770/1381 1771/1381 679/440 680/439 189/87 189/87 1299/744 1299/744 W 1079/736 1079/736 205/66 205/66 295/192 295/192 790/250 790/250 23251/16366 23283/16366 482/314 483/314
M 345729 345544 206727 206777 473101 473453 263521 263561 50883 50875 7891 7888 M 37067 37075 118863 118889 20264 20255 69487 69452 134171 134135 58372 58349 M 605300 605440 68387 68405 32920 32920 21697 21693 68518 68504 99308 99406

Britannia« BSEH Can Fin HomeH Canara Bank CDSL CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India«
(5140.2) (5136.7) (-) (2255.8) (769.5) (769.8) (454.3) (454.5) (-) (1845.0) (324.5) (324.6) (380.2) (380.2) (1229.5) (1231.3) (1325.3) (1325.7) (147.9) (147.9) (384.1) (384.4) (772.8) (772.8) (6237.1) (6238.1) (2454.9) (2455.4) (902.3) (902.8) (1187.8) (1187.9) (2030.5) (2035.7) (552.2) (552.0)
O 5140.4 5149.0 - 2266.0 771.9 772.0 455.3 456.0 - 1849.1 326.4 326.0 O 383.0 383.1 1240.9 1232.0 1329.8 1324.2 149.8 149.0 385.3 385.8 775.3 776.4 O 6341.8 6350.0 2469.5 2460.0 913.9 913.0 1211.6 1196.0 2027.9 2045.0 552.0 552.0
5247.3 5250.4 - 2267.0 777.7 774.0 466.0 466.0 - 1874.9 326.4 326.4 389.3 389.4 1252.3 1252.0 1329.8 1325.7 150.6 150.6 385.7 385.8 782.8 782.8 6615.2 6615.0 2486.0 2488.5 913.9 913.0 1211.6 1197.7 2054.8 2054.8 553.0 553.0
w 5100.0 5100.1 - 2225.1 761.1 761.1 453.0 452.9 - 1830.1 322.6 322.4 w 380.5 380.5 1225.0 1224.7 1301.0 1300.4 148.0 147.8 379.6 379.6 750.5 750.6 w 6341.8 6338.0 2433.3 2431.0 881.7 881.5 1177.0 1176.2 2016.3 2015.0 548.0 548.0
5148.9 5151.1 - 2237.1 767.0 767.3 462.1 462.3 - 1852.9 324.7 325.0 383.7 383.8 1247.6 1246.5 1308.4 1308.0 148.7 148.6 381.1 381.1 754.0 753.9 6596.1 6592.7 2450.0 2451.4 891.5 889.7 1180.7 1181.0 2048.0 2047.5 549.6 549.7
9915 462K - 529K 9963 432K 374K 9042K - 515K 43317 1288K 359K 6798K 14238 1454K 28621 2051K 96853 2422K 933K 7471K 369K 3572K 20999 1253K 7151 401K 33363 1436K 4754 154K 3593 488K 40723 1030K
48.9 48.9 - 41.8 15.5 15.5 6.4 6.4 - - 48.8 48.8 12.6 12.6 34.6 34.6 30.6 30.6 11.7 11.7 8.4 8.4 42.5 42.5 59.1 59.1 56.8 56.8 46.2 46.1 17.2 17.2 42.9 42.9 55.5 55.5
W 5386/4154 5386/4153 -/- 2595/406 905/509 910/509 469/269 469/269 -/- 1988/881 341/251 341/251 W 402/249 403/248 1305/676 1305/675 1341/852 1340/852 168/120 168/120 396/208 396/208 802/206 803/205 W 6615/3565 6615/3565 2546/1435 2544/1435 933/555 933/555 1288/839 1272/838 2066/1356 2067/1358 597/504 597/504
M 124037 124090 - 30290 10213 10217 83831 83858 - 19363 20787 20807 M 15968 15972 104755 104662 105630 105601 11009 11005 234862 234862 19835 19832 M 40731 40710 66639 66677 54319 54209 34760 34767 56769 56755 97380 97407

m H N H « H H H  M « « H GAIL Glenmark« GMDCH GMR Airports« GNFC Godrej Cons«

(159.0) (159.1) (879.5) (880.0) (466.8) (466.9) (85.2) (85.3) (776.6) (777.2) (1155.5) (1155.1)
O O O 160.8 160.8 879.5 880.0 470.0 470.0 86.0 85.7 776.1 778.0 1164.0 1162.8
164.9 164.9 880.2 880.2 473.5 473.8 86.0 85.7 780.8 781.1 1166.7
w w w 159.4 159.4 867.7 866.8 465.8 465.6 83.9 84.1 761.3 761.0
162.4 162.4 868.9 869.0 467.7 467.7 84.0 84.3 763.5 763.4
1740K 31798K 20757 592K 105K 2233K 5633K 30674K 24312 531K
22.9 22.9 - - 14.8 14.8 - - 12.9 12.9
W W W 169/91 169/91 913/370 914/369 502/123 503/123 89/36 89/36 815/484 815/484
M M M 106780 106780 24520 24522 14871 14873 50720 50883 11866 11865

 « m H H H  H « H H H M  H « H H M H H  H « H H « H m

O O O

w w w

W W W
M M M

« m H H M H « H w  O « ON H H

O O O

w w w

W W W
M M M

« « m W « H M  & H & H & H H H H M « H M&M H M &M 

O O O

w w w

W W W
M M M

M M H M « M  M H M M H H M M M N m N H N « NM « N O ON  O 

O O O

w w w

W W W
M M M

M« N « « m H N H w w N m m «

O O O

w w w

W W W
M M M

m M « « & m m m H m « N  H m mm m « M H w « «

O O O

w w w

W W W
M M M

« M  m «  « M « w« H H « « W H H « m « «

O O O

w w w

W W W
M M M
.
MUMBAI | SATURDAY, 13 JANUARY 2024 13 <

FORM NO. INC-26

Before the Regional Director
Western Region (WR), Mumbai, Maharashtra.
In the matter of sub-section (4) of Section 13 of Companies Act, 2013 and
Clause (a) of sub-rule (5) of rule 30 of Companies (Incorporation) Rules, 2014
AND
In matter of Roshani Multitrade Private Limited Asset Recovery Management Branch,
having its Registered Office at, 350/2801, Motilal Nagar 2, Near Shiv
21, Veena Chambers, Mezzanine Floor, Dalal Street, Fort, Mumbai – 400 001.
Mandir, Bangur Nagar, Link Road, Goregaon West, Mumbai - 400104,
Maharashtra, India CIN: U52590MH2004PTC148573
.Applicant
E-AUCTION SALE NOTICE (UNDER SARFAESI ACT)
30 DAYS E-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE ASSETS UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND
Notice is hereby given to the General Public that the company proposes to
ENFORCEMENT OF SECURITY INTEREST ACT, 2002 READ WITH PROVISON TO RULE 8 (6) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002.
make application to the Regional Director (RD), Western Region (WR),
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
Mumbai under section 13 of the Companies Act, 2013 seeking confirmation
the Secured Creditor, the possession of which has been taken by the Authorised Officer of Union Bank of India (Secured Creditor) will be sold on “AS IS WHERE IS”, “AS
of alteration of Clause II of the Memorandum of Association of the Company
IS WHAT IS”, “WHATEVER THERE IS” and “WITHOUT RECOURSE BASIS” on 14.02.2024 in between 12.00 P.M. to 5.00 P.M., for recovery of respective amounts,
in terms of the special resolution passed at the Extra Ordinary General Meeting
due to the Union Bank of India (Secured Creditor) from the respective Borrower(s) and Guarantor(s) as mentioned below. The Reserve Price and Earnest Money
held on 18th December, 2023 to enable the Company to change its Registered
Deposit will be as mentioned below, For details terms and conditions of the sale, please refer to the link provided in Union Bank of India (Secured Creditor) website i.e.
Office from “State of Maharashtra” to “State of Gujarat”.
www.unionbankofindia.co.in. Bidder may also visit the website https://www.ibapi.in. The under mentioned properties will be sold by Online E-Auction through website
Any person whose interest is likely to be affected by the proposed change of
www.mstcecommerce.com on 14.02.2024 for recovery of respective amounts plus interest and other expenses in the respective borrowers accounts.
the registered office of the Company may deliver either on the MCA-21
portal (www.mca.gov.in) by filing investor complaint form or cause to Online E-Auction through website https://www.mstcecommerce.com
be delivered or send by registered post of his/her objections supported by an Date & Time of Auction : 14.02.2024 at 12.00 P.M to 05.00 P. M.
affidavit stating the nature of his/her interest and grounds of opposition to the
Regional Director (RD), Western Region (WR), having office at Everest 5th Lot a) Name of the Borrower a) Reserve Price Debt Due Encumbrance
Floor, 100 Marine Drive, Mumbai - 400002, Maharashtra, within fourteen No. b) Name of the Branch in Rupees Contact Person and Mobile No. Possession:
days from the date of publication of this notice with a copy to the applicant c) Description of Property b) Earnest Inspection Date / Time Symbolic /
company at its registered office at the address mentioned below: d) Name of the Owner/s Money Deposit Physical
350/2801, Motilal Nagar 2, Near Shiv Mandir, Bangur Nagar, Link Road, (EMD) in Rupees
Goregaon West, Mumbai - 400104, Maharashtra, India.
FOR AND ON BEHALF OF a) M/s. Sigma Techinfra Solutions (India) Private Limited Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
b) Asset Recovery Management Branch Mumbai Seven Lakhs Ninety Thousand Nine Hundred Not
Roshani Multitrade Private Limited
c) All that part of the property consisting Unit No. E-207, 2nd Twenty Nine & Paise Eighty Six Only) as on Known to
Sd/-
Floor, Eastern Business District, Block No. Neptune Living a) ₹ 2,63,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
Gijubhai Patel 1
Point, LBS Marg, Bhandup (West), Mumbai, Maharashtra, b) ₹ 26,30,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
Date : 12/01/2024 Director Pin - 400078. excluding legal and other charges till date. Symbolic
Place: Mumbai, Maharashtra. DIN: 05120378 admeasuring super built up area 968 sq. ft. Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
d) M/s Sigma Techinfra Solutions (India) Private Limited. Mr. Kishor Chandra Kumar - 7992466930
a) M/s. Sigma Techinfra Solutions (India) Private Limited Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
b) Asset Recovery Management Branch Mumbai Seven Lakhs Ninety Thousand Nine Hundred Not
c) All that part of the property consisting Flat No. 25, 7th Twenty Nine & Paise Eighty Six Only) as on Known to
Floor, Building No. A-2, Solace Park, Near Anand Talkies, a) ₹ 72,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
2
Village Ghorpadi, Taluka Haveli, District Pune, Maharashtra, b) ₹ 7,20,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
admeasuring super built up area 874 sq. ft. excluding legal and other charges till date. Symbolic
d) Mr. Sanjay Sheshrao Gaikwad & Mrs. Sujata Sanjay Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
Gaikwad Mr. Kishor Chandra Kumar - 7992466930
Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
a) M/s. Sigma Techinfra Solutions (India) Private Limited
Seven Lakhs Ninety Thousand Nine Hundred Not
b) Asset Recovery Management Branch Mumbai
Twenty Nine & Paise Eighty Six Only) as on Known to
c) All that part of the property consisting Flat No. 102, 1st
a) ₹ 93,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
3 Floor, Spiro Elegance Apartment, Baner Road, Opp. Amar
b) ₹ 9,30,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
Business Zone, Pune, Maharashtra, Pin - 411045.
excluding legal and other charges till date. Symbolic
admeasuring super built up area 925.39 sq. ft
Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
d) Mr. Sanjay Sheshrao Gaikwad
Mr. Kishor Chandra Kumar - 7992466930
a) M/s. Sigma Techinfra Solutions (India) Private Limited Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
b) Asset Recovery Management Branch Mumbai Seven Lakhs Ninety Thousand Nine Hundred Not
c) All that part of the property consisting Flat No. 402, 4th Twenty Nine & Paise Eighty Six Only) as on Known to
Floor, Spiro Elegance Apartment, Baner Road, Opp. Amar a) ₹ 88,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
4
Business Zone, Pune, Maharashtra, Pin - 411045. b) ₹ 8,80,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
admeasuring super built up area 945 sq. ft. excluding legal and other charges till date. Symbolic
d) M/s. Sigma Techinfra Solutions (India) Private Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
Limited. Mr. Kishor Chandra Kumar - 7992466930
a) M/s. Sigma Techinfra Solutions (India) Private Limited Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
b) Asset Recovery Management Branch Mumbai Seven Lakhs Ninety Thousand Nine Hundred Not
c) All that part of the property consisting Amalgamated Twenty Nine & Paise Eighty Six Only) as on Known to
Office No. 401 & 402, 4th Floor, Block III, Lyods Chamber, a) ₹ 1,51,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
5
409, Mangalwar Peth, Pune, Maharashtra, Pin - 411011. b) ₹ 15,10,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
admeasuring super built up area 1141 sq. ft. excluding legal and other charges till date. Symbolic
d) M/s. Sigma Techinfra Solutions (India) Private Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
Limited. Mr. Kishor Chandra Kumar - 7992466930
a) M/s. Sigma Techinfra Solutions (India) Private Limited Rs. 12,47,90,929.86 (Rupees Twelve Crore Forty
b) Asset Recovery Management Branch Mumbai Seven Lakhs Ninety Thousand Nine Hundred Not
c) All that part of the property consisting Flat No. 1004, 10th Twenty Nine & Paise Eighty Six Only) as on Known to
Floor Building No. A/9, Kumar Kruti, Adarsh Nagar, Village a) ₹ 96,00,000.00 31.12.2023 plus further interest thereon w.e.f. Authorised
6
Vadgaon, Kumar Kruti CHSL, Tal. Maval, District Pune, b) ₹ 9,60,000.00 01.01.2024 at applicable rate of interest, cost and Oicer
Maharashtra, Pin - 411014. excluding legal and other charges till date. Symbolic
admeasuring super built up area 929 sq. ft. Contact Details:- Mr. Vijay Bhagavatkar - 8689822227 Possession
d) Mr. Sanjay Sheshrao Gaikwad. Mr. Kishor Chandra Kumar - 7992466930
a) M/s. Mohammad Shamin naim Shaikh and Rs. 83,43,038.86 (Eighty Three Lakh Forty Three Not Known
Mahajabeen Shamim Shaikh thousand Thirty Eight and Eighty Six Paise only) as to Authorised
b) Asset Recovery Management Branch Mumbai on 30.09.2023 plus further interest thereon w.e.f. Oicer
a) ₹ 68,00,000.00
7 c) Flat No. 303, 3rd Floor, Malwani Sai-Leela Co-op. Hsg. 01.10.2023 at applicable rate of interest, cost and Physical
b) ₹ 6,80,000.00
Society Ltd., Plot No. 57, RSC 6, MHADA Complex, Vill excluding legal and other charges till date. possession
Malwani, Malad (W), Mumbai- 400095. Contact Details :- Mr. Sudhakar Galav - 9662128842 Society Dues
d) Mr. Mohammad Shamim Shaikh. Mr. Jeetendra Natoo - 9409237456 persists

Bidders are requested to visit the Bank’s website www.unionbankofindia.co.in for detailed terms & conditions of E-Auction and other details before
submitting their Bids for taking part in the E-Auction. Bidder may also visit the website www.ibapi.in of Service Provider Indian Banks Auction Properties
Information (IBAPI) Portal.
The intending bidders must have valid e-mail ID to participate in on-line Auction. The terms and conditions of sale shall be strictly as per the
provisions of The Security Interest (Enforcement) Rules, 2002
STATUTORY 30 DAYS SALE NOTICE UNDER RULE 8 (6) / RULE 9(1) OF SECURITY INTEREST (ENFORCEMENT) RULES 2002
This may also be treated as notice under Rule 8 (6) / Rule 9(1) of Security Interest (Enforcement) Rules, 2002 to the borrower/s and guarantor/s of the said
loan about the holding of E-Auction Sale on the above mentioned date. For detailed terms and condition of the sale, please refer to the linkprovided i.e
www.unionbankofindia.co.in or https://www.ibapi.in, www.mstcecommerce.com

Date : 12.01.2024 Sd/-

Place: Mumbai Authorised Oicer, Union Bank of India

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

District Deputy Registrar, Co-operative Societies, Mumbai City (4)
nd
Bhandari Co-op.Bank building, 2 floor, P.L. kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mum./Deemed Conveyance/Notice/89/2024 Date:11/01/2024
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the
Promotion of construction, Sale, Management and Transfer) Act, 1963
PUBLIC NOTICE
Application No. 09 of 2024
Vasant Sagar Saraswati Co-Op. Housing Society Ltd., Saraswati, Vasant Sagar Complex,
Thakur Village, Kandivali (E), Mumbai 400101, Applicant, versus, 1. M/S. Byramjee
th
Jeejeebhoy Pvt.Ltd., 83, 8 Floor, Jolly Maker Chamber No. 2, Nariman Point, Mumbai
400021, 2. M/S. Bombay Real Estate Development Company Pvt. Ltd. (BREDCO),
Vasant Sagar Complex, Thakur Village, kandivali (E), Mumbai 400101, And Noshirwan
Mansion, Henry Road, Colaba, Mumbai 400001, 3. M/S. Thakur Bros. Agrucultural
Farm, Through Their Partners A) Mr. Jitendra Ramnarayan Thakur B) Mr. Ramesh
Narayan Thakur C) Mr. Virendra Thakur D) Ms. Varsha Virendra Thakur E) Mr.
Rajkumar Shyamnarayan Thakur, Thakur House, Ashok Nagar, Kandivali (E), Mumbai
400101, 4. M/S. Nanabhoy Jeejeebhoy Pvt. Ltd., 83, 8th Floor, Jolly Maker Chamber No. 2,
Nariman Point, Mumbai 400021, 5. M/S. Sheth Developers Ltd., 11, Vora Palace, M.G.
Road, Kandivali (W), Mumbai 400067, 6. ISM House CHSL, 7. Vasant Sagar Ganga
CHSL, 8. Vasant Sagar Krishna Kaveri CHSL, 9. Vasant Sagar Yamuna CHSL, 10.
New Vasundhara CHSL, 11. Vasant Sagar Narmada CHSL, Oppo.No. 6 to 11 address at
Vasant Sagar Complex, Thakur Village, Kandivali (E), Mumbai 400101, Opponents and
those, whose interests have been vested in the said property may submit their, say at the time
of hearing at the venue mentioned above. Failure to submit any say shall be presumed that
nobody has any objection in this regard and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral Conveyance of the land admeasuring about 4946.39 Sq. Mtrs. and proportionate
Rights in R.G. Area admeasuring 872.89 aggregate total 5819.28 Sq. Mtrs. out of 30182.40
Sq. Mtrs. from land bearing CTS No. 818/A/1/1, corresponding to Survey No. 31/1 along
with Proportionate undivided Rights in FSI advantage of Road Set -Back / D.P. Road area
admeasuring 2327.71 Sq.Mtrs.; out of 12072.96 Sq. Mtrs., in the Revenue Village - Poisar,
Taluka - Borivali, City Survey Office Goregaon, with building standing thereon namely
Vasant Sagar Saraswati Co-Operative Housing Society Ltd., situated at Saraswati, Vasant
Sagar Complex, Thakur Village, Kandivali (E), Mumbai 400101, in the Mumbai Surburban
District within the Registration District and Sub- District of Mumbai City and Mumbai
Suburban in favour of the Applicant Society.
The hearing in the above case has been fixed on 01/02/2024 at 2.00 p.m.

Sd/-
District Deputy Registrar,
Seal
Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.
14
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1
.
MUMBAI | SATURDAY, 13 JANUARY 2024 15 <

NARPOLI BRANCH- 0586:- Hari Om Empire, Anjurphata, Bhiwandi,

Ph: 02522-231902 / 229689.Email bom586@mahabank.co.in,
Head Office: LOKMANGAL,1501,SHIVAJINAGAR,PUNE-5
BOM/ / 13(2) Notice /PAAN GROUP/2023-24 Date: 09.01.2024
BY REGISTERED A.D./SPEED POST/HAND DELIVERY
M/S Paan Group Through its Partners Borrower: A)Mr Deepen Manubhai Parekh Res. Address -84/c ,Mansarovar Housing society Varal
Devi Road ,Dhamankar Naka , Bhiwandi 421302, B)Mr Nilesh Manubhai Parekh Res Address -84/c ,Mansarovar Housing society Varal
Devi Road ,Dhamankar Naka ,Bhiwandi 421302 C)Mr Niraj Kumar Patira Res Address –H NO SS-3/103,Mansarovar Garden ,Opp VARAL
Devi Lake Bhiwandi 421305Office Address: 1359/4 New Kaneri,near Varaldevi Temple Bhiwandi.
2. Guarantor- Mr Chetan Chhotalal Parekh Res Address -83/B ,Mansarovar Housing Society Varal Devi Road Dhamankar Naka Bhiwandi
Dear Sir/Madam,
Sub:Notice U/s. 13 (2) of Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
1. That at your request, the following credit facilities have been sanctioned by Bank of Maharashtra, Narpoli Branch to you No. 1.stood as
Borrower & Guarantor And No 2 stood as Guarantor and Mortgagor of the said facility
2. That the details of the credit facilities, the securities charged in favour of the Bank and the present outstanding dues are as under :-
Sr. Nature & Security Present
No Amount of Credit outstanding (as on
facility 09.01.2024)
1 CC-No- Primary: Hypothecation of stock & book debts Collateral :1.Registered mortgage Flat No Ledger Bal:
60151377716 103 in building no 3(s s -3) (as per municipal sanction no B Type 2 ) in building named as Rs. 1,66,57,814.57+
(Rs som shivam 3 ( s s 3) in soam shivam bilg nos 1,2,3 & 4 CHS Ltd . situated at Mansarover Unapplied Intt.
1,64,00,000.00) complex, Varaladevi lake ,Near police chowki & Varaladevi Talao in Bhiwandi Distt Thane Rs.481934.76
421302. Bhiwandi bearing survey no 15/1(P),15/2 and 22 owned by Mr Neeraj Hasmukh Total Dues:-17139749.53
Patira 2.Registered Mortgage of unit situated at survey no 48/35 Gala no 3, in powerloom Plus Unapplied
shed bearing Municipal House no 1384/3, New Kaneri Kamatghar Bhiwandi Owened by interest thereon as
Deepen Manubhai Parekh 3. Registered Mortgage of unit situated at survey no 48/35 Gala applicable,expences
no 3A , in powerloom shed bearing Municipal House no 1384/3A, New Kaneri Kamatghar and other chargesw.e.f.
Bhiwandi Owened by Chetan ChottalalParekh 09/01/2024.
2 WCTL- Primary: Hypothecation of stock & book debts Collateral :1.Registered mortgage Flat No 103 in Ledger Bal:Rs.
60403002639 building no 3(s s -3) (as per municipal sanction no B Type 2 ) in building named as som shivam 3 1828597.00+ Unapplied
( s s 3) in soam shivam bilg nos 1,2,3 & 4 CHS Ltd . situated at Mansarover complex, Varaladevi Intt. Rs.68141.88
lake ,Near police chowki & Varaladevi Talao in Bhiwandi Distt Thane 421302. Bhiwandi bearing Total Dues:- 1896738.88
survey no 15/1(P),15/2 and 22 owned by Mr Neeraj Hasmukh Patira 2.Registered Mortgage Plus Unapplied
of unit situated at survey no 48/35 Gala no 3, in powerloom shed bearing Municipal House no interest thereon as
1384/3, New Kaneri Kamatghar Bhiwandi Owened by Deepen Manubhai Parekh 3. Registered applicable, expences
Mortgage of unit situated at survey no 48/35 Gala no 3A , in powerloom shed bearing Munici- andother charges w.e.f.
pal House no 1384/3A, New Kaneri Kamatghar Bhiwandi Owened by Chetan Chottalal Parekh 09/01/2024.
3 GECL- Primary: Hypothecation of stock & book debts Collateral :1.Registered mortgage Flat No 103 in Ledger Bal:
60359765443 building no 3(s s -3) (as per municipal sanction no B Type 2 ) in building named as som shivam 3 ( Rs. 2148402.12
s s 3) in soam shivam bilg nos 1,2,3 & 4 CHS Ltd . situated at Mansarover complex, Varaladevi lake + Unapplied Intt.
,Near police chowki & Varaladevi Talao in Bhiwandi Distt Thane 421302. Bhiwandi bearing survey Rs.60792.67
no 15/1(P),15/2 and 22 owned by Mr Neeraj Hasmukh Patira 2.Registered Mortgage of unit situated Total Dues:- 2209194.79
at survey no 48/35 Gala no 3, in powerloom shed bearing Municipal House no 1384/3, New Kaneri Plus Unapplied interest
Kamatghar Bhiwandi Owened by Deepen Manubhai Parekh 3.Registered Mortgage of unit situated thereon as applicable
at survey no 48/35 Gala no 3A , in powerloom shed bearing Municipal House no 1384/3A, New Kaneri expences and other
Kamatghar Bhiwandi Owened by Chetan Chottalal Parekh chargesw.e.f. 09/01/2024.
4 TL- Primary: Hypothecation of stock & book debts, Collateral :1.Registered mortgage Ledger Bal:
60391958130 Flat No 103 in building no 3(s s -3) (as per municipal sanction no B Type 2 ) in building Rs. 0306500.56
named as som shivam 3 ( s s 3) in soam shivam bilg nos 1,2,3 & 4 CHS Ltd. situated at + Unapplied Intt.
Mansarover complex, Varaladevi lake,Near police chowki & Varaladevi Talao in Bhiwandi Rs.162707.21
Distt Thane 421302. Bhiwandi bearing survey no 15/1(P),15/2 and 22 owned by Mr Total Dues:-
Neeraj Hasmukh Patira .2.Registered Mortgage of unit situated at survey no 48/35 Gala Rs10469207.77
no 3, in powerloom shed bearing Municipal House no 1384/3, New Kaneri Kamatghar Plus Unapplied interest
Bhiwandi Owened by Deepen Manubhai Parekh, 3.Registered Mortgage of unit situated thereon as applicable
at survey no 48/35 Gala no 3A , in powerloom shed bearing Municipal House no 1384/3A, expences and other
New Kaneri Kamatghar Bhiwandi Owened by Chetan Chottalal Parekh chargesw.e.f. 09/01/2024.
5 FITL- Ledger Bal: Rs.1460496+
60391959597 Unapplied Intt Rs.62900.01
Total Dues:- 1523396.01
Plus Unapplied interest
thereon as applicable
expences and other
chargesw.e.f. 09/01/2024.
3. That in consideration of the said credit facilities availed, the Borrowers and Guarantors have executed the necessary documents in favour
of the Bank including the following documents and also created charge and securities in favour of the Bank as above mentioned.
For CC-No-60151377716 Rs 1,64,00,000.00:-• RF-45 - Application for Credit Facilities Dated 13.08.2021
• RF 46 & 47/New DO1: Demand Promissory Note Dated 13.08.202
• F 66J : Deed of Hypothecation for All Facilities Dated 13.08.2021 • Registered Mortgage Dated 24.01.2019
For WCTL, WCTL-60391958130 Rs. 1,00,00,000.00:- • RF-45- Application for Credit Facilities Dated 13.08.2021
• RF 46 & 47/New DO1: Demand Promissory Note Dated 13.08.2021 • RF 245 Agreement for Term Loan dated 13.08.2021
• Registered Mortgage Dated 24.01.2019
For GECL (MSME)-COVID19-60359765443 , Rs 36,60,000.00
• RF-45 -Application for Credit Facilities Dated 03.07.2020 • RF 46 & 47/New DO1: Demand Promissory Note Dated 03.07.2020
• F 66J : Deed of Hypothecation for All Facilities Dated 03.07.2020 • RF 154 A: Guarantee for all facilities dated 03.07.2020
For WCTL-ECLGS 1.0 (Ext)-MSME -60403002639 RS 18,30,000.00, • RF-45 - Application for Credit Facilities Dated 22/12/2021
• RF 46 & 47/New DO1: Demand Promissory Note Dated 22/12/2021 • F 66J : Deed of Hypothecation for All Facilities Dated
22/12/2021 • RF 154 A: Guarantee for all facilities dated 22/12/2021 • Registered Mortgage Dated 24.01.2019
The details of the creation of charge are as under: i)Name of the executant/s, ii) The nature of charge: Hypothecation &
Registered Mortgage- Mr Neeraj Hasmukh Patira , Mr Chetan Chottalal Parekh , Mr Deepen Manubhai Parekh, Mr Nilesh
Manubhai Parekh iii) Description of the property mortgaged / hypothecated.
Primary security:. Hypothecation of stock and Book Debt, Collateral security: Collateral : 1.Registered mortgage Flat No 103 in building no
3(s s -3) (as per municipal sanction no B Type 2 ) in building named as som shivam 3 ( s s 3) in soam shivam bilg nos 1,2,3 & 4 CHS Ltd . situated
at Mansarover complex, Varaladevi lake ,Near police chowki & Varaladevi Talao in Bhiwandi Distt Thane 421302. Bhiwandi bearing survey no
15/1(P),15/2 and 22 owned by Mr Neeraj Hasmukh Patira 2.Registered Mortgage of unit situated at survey no 48/35 Gala no 3, in powerloom
shed bearing Municipal House no 1384/3, New Kaneri Kamatghar Bhiwandi Owened by Deepen Manubhai Parekh , 3. Registered Mortgage of
unit situated at survey no 48/35 Gala no 3A , in powerloom shed bearing Municipal House no 1384/3A, New Kaneri Kamatghar Bhiwandi Owened
by Chetan Chottalal Parekh
4. That you have failed to adhere to the terms and conditions of the sanction and made defaults and accordingly the account has been
classified by the Bank as NPA on 05/01/2023 in accordance with the prescribed norms issued by Reserve Bank of India. In spite of our
repeated demands, the borrowers have not paid the outstanding amount in the account.
5. That you have still not repaid the dues of the Bank and hence in exercise of powers conferred on the Bank under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI) and without prejudice to the rights of the Bank,
the Bank hereby calls upon you to repay in full the aggregate amount of Rs.33238286.98 Plus unapplied interest thereon as applicable expences
and other charges w.e.f. 09/01/2024 till date of realization within 60 days from the date of receipt of this notice; failing which, in addition to and
without prejudice to the other rights available to the bank, the bank shall be entitled to exercise any / or all of the powers under Sub-Sec.(4) of
Sec. 13 of the aforesaid Act in respect of these securities / properties enforceable under the Act, in which case you shall also be liable to further
pay all costs, charges and expenses or other incidental charges, which please note.The powers available under the Act inter alia include -a)
To take possession of the secured assets mentioned at 4(iii) wherein the security interest has been created as above mentioned together with
the right to transfer by way of lease, assignment or sale, for realizing the secured asset.b)To take over the management of the business of the
borrower including right to transfer by way of lease, assignment or sale and realizing the security.c)To appoint any person as Manager to manage
the secured assets, the possession of which will be taken over by us and the Manager shall manage the secured assets and any transfer of
secured assets shall vest in the transferee all rights in or in relation to, the secured assets, as if the transfer had been made by you. d)To write to
or issue notice in writing to any person, who has acquired any of the secured assets against which security interest has been created from whom
any money is due or may become due to you to pay us the money.
6. Please take a note that as per Section 13 (13) of the Act, after receipt of this notice, you are restrained from disposing off or dealing with
the securities without our prior written consent.
7. Although the security/ies described at Sr. No.above, being Agricultural lands, are not enforceable under the SRAFAESI Act, the Bank has
not given up this security and reserves its right to enforce the said security/ies before appropriate forum or otherwise as deemed fit. (In
case agriculture land is one of the securities).
8. The borrower’s attention is invited to the provisions of sub-section 8 of Sec 13 of the Act, in respect of time available, to redeem the
secured assets.
FOR BANK OF MAHARASHTRA
Saroj Kumar Paswan CHIEF MANAGER &AUTHORISED OFFICER
16
>
UNITY SMALL FINANCE BANK LIMITED
CIN: U65990DL2021PLC385568
Registered Office: 40, Basant Lok, Vasant Vihar, New Delhi- 110057
Tel: 91 22 42159000/ 9237 website: www.theunitybank.com
PUBLIC NOTICE
Dear Unity Bank Customers,
This is with reference to earlier advertisement dated 09/11/2023 Unity Navi Mumbai,Nerul
Branch which was planned to be shifted to New Location as on 29/12/2023 is delayed due to
some technical issues. Branch will now shift to new location as on 02/03/2024 and will
inaugurate as on 04/03/2024. New premises at below mentioned address:
Shop No. 6,7, & 8 Vaishnavi Tower, Plot No.6, Sector- 44, Nerul, Navi Mumbai- 400706.
Pursuant to the above, Customers are requested to visit the new premises for if any customer
requires New Lockers and all other banking activities need with effect from 04/03/2024.
In case of any query/ clarifications the customers are advised to contact the branch or email on
nerulbr@unitybank.co or call on the helpline number 18002091122.
Unity Small Finance Bank Limited
Date: 13.01.2024
Place: Mumbai
ODISHA POWER TRANSMISSION CORPORATION LIMITED
(A Government of Odisha Undertaking)
Regd. Office: Janpath, Bhubaneswar-751022
CIN:U40102OR2004SGC007553
CAD-3703
TENDER ALERT
1)E-TENDER NOTICE NO.-CPC-19/2023-24:
Engineering, Supply, Erection, Testing & Commissioning of
2x40 MVA, 220/33 KV Grid S/S , Ranua in the Dist of Jajpur
(220 KV GIS System and 33 KV AIS System) with
associated 220kV LILO Line from existing 220kV New
Duburi-Dhamara-Balasore to proposed S/S (Approx-
17.45KM) on Turnkey Contract basis at an Estimated cost
of Rs.75,57,66,712.00.
2)E-TENDER NOTICE NO.-CPC-35/2023-24:
Engineering, Supply, Erection, Testing and Commissioning
of, 220/33 KV Sub-Station with SAS at Khallikote along with
220 KV LILO line from one ckt of existing 220KV
Narendrapur-Atri DC line to proposed 220/33Kv GSS,
Khallikote at an Estimated cost of Rs.44,40,78,800.57 .
3)E-TENDER NOTICE NO.-CPC-41/2023-24:
Engineering, Supply, Erection, Testing and Commissioning
of 2x500 MVA, 2x63 MVA , 400/220/33 KV Sub-Station with
SAS at Neulpoi, Dhenkanal along with 400 KV LILO line
from existing 400KV Meramundali-New Duburi DC line &
400 KV LILO line from existing 400KV Meramundali-
Mendhasal to proposed GSS, Neulpoi at an Estimated cost
of Rs.3,86,22,97,193.23 .
4)E-TENDER NOTICE NO.-CPC-36/2023-24:
Engineering, Supply, Erection, Testing and Commissioning
of 132kV SC line through UG cabling from 220/132/33kV
GSS Narendrapur to 132/33kV GSS Berhampur with one no
132kV bay extension at both ends, Narendrapur &
Berhampur on Turnkey contract basis at an Estimated cost
of Rs.82,26,99,146.00 .
5)E-EOI Notice No.CPC-27/2023-24: OPTCL invites
Expression of Interest from Indian Consulting Agencies for
facilitating day to day business of the organization in various
activities. Last date for submission of EOI is 29.01.2024.
6)E-TENDER NOTICE NO.-CPC-37/2023-24:
Procurement of 13 nos. 20MVA, 132/33kV Power
Transformers at an Estimated cost of Rs.47,43,47,315.00.
7)E-TENDER NOTICE NO.-CPC-38/2023-24:
Procurement of 03 nos. 63MVA, 132/33kV Power
Transformers at an Estimated cost of Rs.22,72,15,962.00.
8)E-TENDER NOTICE NO.-CPC-39/2023-24:
Procurement of 20 nos. 40MVA, 220/33kV Power
Transformers at an Estimated cost of
Rs.1,38,63,70,200.00.
9)E-TENDER NOTICE NO.-CPC-40/2023-24:
Procurement of 09 nos. 40MVA, 132/33kV Power
Transformers at an Estimated cost of Rs.48,05,51,841.00.
10)E-TENDER NOTICE NO.-CPC-42/2023-24:
Procurement of 06 nos. 500MVA, 400/220/33kV Inter
Connected Transformers(ICT) at an Estimated cost of
Rs.1,94,73,39,840.00.
Complete set of bidding documents are available at
www.tenderwizard.com/OPTCL and www.optcl.co.in.
I&PR NO. 04011/11/0167/2324
/optcl.odisha /optcl_odisha
MUMBAI | SATURDAY, 13 JANUARY 2024 1
National Business Centre Zonal Office Mumbai
1st & 2nd Floor, Bandra Kurla Complex,
Bandra (E) Mumbai- 400051
CIN: L65110JK1938SGC000048
POSSESSION NOTICE
Notice under Section 13 (4) of the SARFAESI ACT, 2002 read with
Rule 8 (1) of the Security (Enforcement) Interest Rules, 2002
Whereas, the Authorized Officer of the Jammu & Kashmir Bank Limited under the
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest
(SARFAESI) Act, 2002 and in exercise of powers under section 13(2) of the said Act read
with Rule 3 of the Security Interest (Enforcement) Rules 2002, issued Demand Notice dated
14.08.2023 thereby calling upon the Borrower namely (I) Mr. Akarsh Madhukar Kathe S/o
Madhukar Damodar Kathe (ii) Vidya Akarsh Kathe W/o Mr. Akarsh Madhukar Kathe
(Borrowers/Mortgagors) Both residing at R/o Flat No. 002, Ground Floor, A. Wing,Sargam
Co-Operative Housing SocietyLtd.Gaurav Galaxy Phase I, Near Balaji Hotel,Mira Road
East-401107 to repay an amount of Rs.23,05,672.13 (Rupees Twenty Three Lacs Five
Thousand Six Hundred and Seventy Two and Paisa Thirteen Only) being the balance
outstanding as on 31-07-2023 in the accounts of the Borrower, within 60 days from the date
of the said notice together with the future interest and other charges thereon.
The said borrower having failed to repay the said amount, notice is hereby given to the
said borrower in particular and the public in general that the undersigned being authorized
officer of the J & K Bank Ltd. has taken possession of the mortgage property described
herein below, in exercise of the powers conferred on me under section 13 (4) of the said
Act read with Rule 8 of the said Rules, on this 10th day of January 2024.
The said borrower in particular and the public in general are hereby cautioned against
dealing with the said property in any manner whatsoever and any dealings with the said
property will be subject to the charge of the J&K Bank Limited for the amount in aggregat-
ing to Rs.23,38,942.73 (Rupees Twenty Three lakhs Thirty Eight thousand Nine
Hundred Forty Two and Seventy Three paisa only) together with future interest there-
on from 01.01.2024 and other charges incurred or to be incurred.
The borrowers attention is invited to the provisions of Sub-section (8) of Section 13 of the
Act, in respect of the time available, to redeem the secured assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
All that piece and parcel of Flat No. 002, Ground Floor, A. Wing, Buillding "Sargam"
Sargam Co-Operative Housing Society Ltd, Gaurav Galaxy Phase I, Balaji Hotel, Mira
Road East Thane-401107.
Date: 10.01.2024
Place: Mumbai
Authorized Officer,
Jammu & Kashmir Bank Ltd.
PUBLIC NOTICE
NOTICE is hereby given to the public at large that, one of my client has agreed
to purchase from 1) Syeda Khatoon Mohammed Farooque Khan, 2) Allauddin
FORM NO CAA.2 Haji Nihaluddin Khan, 3) Abdul Rehman Haji Mohammed Khan and 4)
[Pursuant to Section 230(3) and rule 6 and 7] Mohammed Hussain Haji Ladu Baggad, all are residing at Jogeshwari (West),
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, AT CHENNAI Mumbai – 400 102 (“Owners”) the land more particularly described in the
In the matter of Companies Act, 2013 Schedule hereunder written (“said Land”), free from all encumbrances with
In the matter of Shrini Softex India Private Limited clear and marketable title thereof.
AND
In the matter of Section 230 to 232 of the Companies Act, 2013 All persons having any claim and/or demand and/or objection against/upon/in
AND respect of the right/title/interest of the Owners in the said Land or any portion
In the matter of Scheme of Arrangement between thereof, by way of inheritance, mortgage, mortgage by deposit of title deeds,
Shrini Softex India Private Limited and Sangeeth Textiles Private Limited encumbrance, sale, agreement for sale, transfer, assignment, lease,
and their respective shareholders and creditors sublease, license, sub-license, lien, charge, trust, maintenance, easement,
CA/(CAA)/46(CHE)/2023
Shrini Softex India Private Limited gift, lis-pendens, exchange, share, beneficiary/ies, possession, release,
a Company incorporated under the Companies Act, 1956 relinquishment, partition, power of attorney, Will, bequest, tenancy,
having its Registered office at 551 Ganesapuram, S S Kulam Via, development rights, family arrangement/settlement, possession, order or
Coimbatore - 641107 … Applicant decree of any court, statutory or adjudicating authority or by way of any other
method or otherwise howsoever (“Claims”), are hereby required to make the
ADVERTISEMENT OF NOTICE OF THE MEETING OF THE same known in writing to the undersigned at C/o. 321, Morya Estate, New Link
SECURED AND THE UNSECURED CREDITORS OF Road, Opp. Infinity Mall, Andheri (W.), Mumbai - 400 053, along with copies of
SHRINI SOFTEX INDIA PRIVATE LIMITED necessary supporting documents, within 14 (fourteen) days from the date of
Notice is hereby given that by an Order dated 22nd Day of December 2023, the publication hereof, failing which it would be deemed that no such claim, right,
Chennai Bench of the National Company Law Tribunal (‘Tribunal’) has directed title, estate or interest exists and same shall be treated as waived or
separate meeting(s) to be held for the Secured and the unsecured creditors abandoned and or not binding upon my clients.
for the purpose of considering, and if thought fit, approving with or without
modification(s), the Scheme of Arrangement envisaging the demerger of Nagarcoil
Schedule
Windmill Division of Sangeeth Textiles Private Limited shall be transferred to and Description of said Land
vested in Shrini Softex India Private Limited. ALL THOSE pieces and parcels of lands, the Survey No., Hissa No., CTS No.
In pursuance of the said Order and as directed therein, further notice is hereby and corresponding areas are given below, aggregately admeasuring 1796.5
given that separate meeting(s) of the Secured and the unsecured creditors of sq. meters (approx.) as per CTS records situate, lying and being at Village
the Company will be on Thursday, 15th Day of February 2024, at 03.00 pm and
05.00 pm respectively at which time the Secured and the unsecured creditors are
Oshiwara, Taluka Andheri, in the Suburbs of Mumbai within the registration
requested to attend their respective meetings. District and Sub District of Mumbai Suburban.
Copies of the said Scheme of Arrangement (Demerger) and of the statement of
Section 230 can be obtained free of charge at the registered office of the Company Survey Hissa CTS Area as per CTS
or from its Counsel at, Wise & Worth, Advocates and Consultants, F1, PRP Block, No. No. No. Records (Sq. Mtrs)
Rose Park, 10, Santhi Nagar First Cross Adambakkam Chennai 600 088. Persons
entitled to attend and vote at the meeting (or respective meetings) may vote in
37 44 83 1796.5
person or by proxy, provided that all proxies in the prescribed form are deposited Total 1796.5
at the registered office of the Company at 551 Ganesapuram S S Kulam Via,
Coimbatore – 641107 not later than 48 hours before the meeting. Date : 13.01.2024 Sd/-
The Company has completed the dispatch of Notice of the meetings along with the Adv. Rahul Shelar
explanatory statement and annexures thereto on Wednesday, 10th January 2024
to all the secured and unsecured creditors to whom balance is due as on Monday,
01St Day of January 2024 through email / registered post in accordance with the
directions of the Hon’ble Tribunal. PUBLIC NOTICE NARPOLI BRANCH- 0586:- Hari Om Empire, Anjurphata,
Forms of the proxy can be had at the registered office of the company. Notice is hereby given that MRS. Bhiwandi,Ph: 02522-231902 / 229689.
The Tribunal has appointed Mrs. R Sucharitha as Chairperson and Mrs. Manjula Devi SUJATA JAYARAM SUVARNA is Email bom586@mahabank.co.in,
as Scrutinizer of the said meeting. The above mentioned Scheme of Arrangement, if the present owner of Tenement No. Head Office: LOKMANGAL,1501,SHIVAJINAGAR,PUNE-5
approved by the meeting, will be subject to the subsequent approval of the tribunal. 285/2263, Motilal Nagar 1 Shree BOM/NARPOLI/Thane/ SARFAESI/M H Textiles/2022-23 Date: 08.01.2024
Siddhivinayak Co-op. Housing Society
Sd/- Dated this 10th day of January 2024 -Sd/- Ltd., Motilal Nagar 1, Goregaon (West), BY REGISTERED A.D./SPEED POST/HAND DELIVERY
Authorised Officer Place: Chennai R Sucharitha, Mumbai-400104, (hereinafter will be 1) Borrower: M H TEXTILES, Prop- Mr. Mohd Hanif Moharram Ali Nasari, Oice Address: 12 A Shop No 2 Kalyan Road
Chairperson Appointed by the Tribunal For the meeting referred as the said TENEMENT). The Bhiwandi-421302, Residential Address: House no 1242 Ground Floor Ampada Road Ansari Mohalla 4th Nizampura
said Tenement originally allotted to MR. Bhiwandi Thane Maharashtra 421302
BABURAO JIVAJIRAO SHINDE
under Allotment Letter No. 2120 dated
2) Guarantor: Mr. Harikishan Sawarmal Mawandia, Residential Address: B 307 Sagar Complex Building no 5 Jesal Park
Bhayander East Thane Maharashtra 401105
02/08/1961 and Possession Letter No. Dear Sirs/Madam,
2120 dated 02/08/1961. The said MR. Sub:Notice U/s. 13 (2) of Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act,
BABURAO JIVAJIRAO SHINDE 2002.
expired on 17/01/1973 leaving behind 1. That at your request, the following credit facilities have been sanctioned by Bank of Maharashtra, Narpoli Branch to
SMT. PRAMILA BABURAO SHINDE you No. 1. Stoods as Borrower And No 2 stood as guarantor of the said facility
as her wife and Legal heir after her 2. That the details of the credit facilities, the securities charged in favour of the Bank and the present outstanding dues
are as under –
death. The said tenement was transfer in
the name of SMT. PRAMILA Sr. Nature & Amount of Credit Security Present outstanding
BABURAO SHINDE under Transfer No. facility (as on 30/11/2023)
Letter No. 5690 dated. 06/05/1977 and 1 WCTL(Previously giv- Primary: Hypothecation of stock & book debts Ledger Bal:Rs. 2373473.22 +
Possession Letter No. 5690 dated. en as Cash Credit Lim- Collateral : Reg Mortgage of the Land and construction Unapplied Intt. @11.80%
06/05/1977. The said SMT. PRAMILA it) of Rs. 2400000.00 thereon being part of N A Plot from S no 53 Hissa No 2 Plus penal interest @ 2%,
BABURAO SHINDE sold the said and S no 53 Hissa No 3 corresponding to part of CTS plus other Expenses, if any.
tenement to MR. JAYRAM AITAPPA 4386 Bhiwandi Thane Maharshtra 421302
SUVARNA under Agreement dated 2 FITL OF RS. 500000.00 Ledger Bal:Rs. 268748.00 +
13/10/1988 and the said tenement was Unapplied Intt. @9.20% Plus
transfer in the name of MR. JAYRAM penal interest @ 2%,plus
AITAPPA SUVARNA under other Expenses, if any.
Possession Letter No. 5802 dated.
21/11/1995 by the authorities of 3.. That in consideration of the said credit facilities availed, the Borrowers and Guarantors have executed the necessary
documents in favour of the Bank including the following documents and also created charge and securities in favour
Mumbai Housing and Area
Development Board. The said MR. of the Bank as above mentioned.
JAYRAM AITAPPA SUVARNA For WCTL(previously Cash credit Limit) Rs. 24,00,000.00
Gifted the said tenement to his wife • RF-45 - pplication for Credit Facilities Dated 22/03/18 •RF 46 & 47/New DO1: Demand Promissory Note Dated 22/03/2018
MRS. SUJATA JAYARAM • Hp 1 : Deed of Hypothecation for All Facilities Dated 22/03/2018 • POA : Powr of Attorney date 17/03/2018
• Registered Mortgage of Property
SUVARNA and the said tenement was
transfer in the name of MRS. SUJATA For FITL, Rs. 5,00,000.00
JAYARAM SUVARNA under transfer The details of the creation of charge are as under: i)Name of the executant/s: Mr. Mohd Hanif Moharram Ali Nasari
letter No. ET-364, dated 05/04/2022. ii) The nature of charge: Hypothecation & Registered Mortgage iii) Description of the property mortgaged / hypothecated.
The said MRS. SUJATA JAYARAM Primary security:. Hypothecation of stock and Book Debt
SUVARNA decided to sell the said Collateral security: Registered Mortgage of Reg Mortgage of the Land and construction thereon being part of N A Plot from
Tenement to (1) MRS. MEENA S no 53 Hissa No 2 and S no 53 Hissa No 3 corresponding to part of CTS 4386 Bhiwandi Thane Maharshtra 421302
DHIRAJ GALA and (2) MR. DHIRAJ 2. That you have failed to adhere to the terms and conditions of the sanction and made defaults and accordingly the account has
DHARAMSHI GALA, and to proceed been classified by the Bank as NPA on 28/12/2023 in accordance with the prescribed norms issued by Reserve Bank of India.
for registration of Agreement for In spite of our repeated demands, the borrowers have not paid the outstanding amount in the account.
sale/Sale Deed in the office of Joint Sub 3. That you have still not repaid the dues of the Bank and hence in exercise of powers conferred on the Bank under the
Registrar of Assurance Mumbai Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI) and without
Borivali MSD to complete the said sell prejudice to the rights of the Bank, the Bank hereby calls upon you to repay in full the aggregate amount of Rs. 2642221.22
transaction. Any person having any Plus unapplied interest from 28/12/2023 p.a. plus charges, cost, expenses till date of realization within 60 days from the date
right, title, interest, claim or demand of of receipt of this notice; failing which, in addition to and without prejudice to the other rights available to the bank, the bank
any nature whatsoever in respect of the shall be entitled to exercise any / or all of the powers under Sub-Sec.(4) of Sec. 13 of the aforesaid Act in respect of these
said Tenement, is hereby required to securities / properties enforceable under the Act, in which case you shall also be liable to further pay all costs, charges and
make the same known in writing along expenses or other incidental charges, which please note.
with documentary proof thereof, to the The powers available under the Act inter alia include- a)To take possession of the secured assets mentioned at 4(iii)
wherein the security interest has been created as above mentioned together with the right to transfer by way of lease,
undersigned advocate, within 15 days
from date of publication hereof, failing assignment or sale, for realizing the secured asset. b)To take over the management of the business of the borrower including
which the negotiation shall be right to transfer by way of lease, assignment or sale and realizing the security.c) To appoint any person as Manager to manage
completed without any reference to such the secured assets, the possession of which will be taken over by us and the Manager shall manage the secured assets and
claims and claim if any shall be deemed any transfer of secured assets shall vest in the transferee all rights in or in relation to, the secured assets, as if the transfer had
been made by you. d)To write to or issue notice in writing to any person, who has acquired any of the secured assets against
to have been given up or waived.
which security interest has been created from whom any money is due or may become due to you to pay us the money.
Place : Mumbai 4. Please take a note that as per Section 13 (13) of the Act, after receipt of this notice, you are restrained from disposing of or
Date : 13/01/2024 Sd/- dealing with the securities without our prior written consent.
SABA NIYAZ ANSARI (ADVOCATE) 5. Although the security/ies described at Sr. No.above, being Agricultural lands, are not enforceable under the SRAFAESI Act,
635, BPT Railway Line, Gate No. 04, the Bank has not given up this security and reserves its right to enforce the said security/ies before appropriate forum or
Wadala, Mumbai - 400 037. otherwise as deemed fit. (In case agriculture land is one of the securities).
Mobile No. 8779027070 6. The borrower’s attention is invited to the provisions of sub-section 8 of Sec 13 of the Act, in respect of time available, to
redeem the secured assets.
FOR BANK OF MAHARASHTRA
Saroj Kumar Paswan, CHIEF MANAGER &AUTHORISED OFFICER
HIPR-57/2023-24
.
MUMBAI | SATURDAY, 13 JANUARY 2024 17 <

LKP FINANCE LIMITED

CIN: L65990MH1984PLC032831
Regd Office :- 112-A / 203, Embassy Centre, Nariman point,Mumbai 400021 UNITY SMALL FINANCE BANK LIMITED
CIN: U65990DL2021PLC385568
EXTRACT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS Registered Office: 40, Basant Lok, Vasant Vihar, New Delhi- 110057
FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER , 2023 (Rs.in lakhs except per share data) Tel: 91 22 42159000/ 9237 website: www.theunitybank.com
STANDALONE CONSOLIDATED
PUBLIC NOTICE
PARTICULARS Quarter Quarter Quarter Nine Months Quar ter Quarter Quar ter Nine Months
Dear Unity Bank Customers,
Ended Ended Ended Ended Ended Ended Ended Ended
This is with reference to earlier advertisement dated 09/11/2023 Unity Mumbai,Thane Branch
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
which was planned to be shifted to New Location as on 29/12/2023 is delayed due to some
31-Dec-2023 30-Sep-2023 31-Dec-2022 31-Dec-2023 31-Dec-2023 30-Sep-2023 31-Dec-2022 31-Dec-2023 technical issues. Branch will now shift to new location as on 02/03/2024 and will inaugurate as
1 Total Income from operations (net) 1,854.92 2,418.24 945.50 6,185.22 1,991.57 2,556.97 1,089.40 6,700.17 on 04/03/2024. New premises at below mentioned address:
Ground Floor, Unit no. 02 & 05, Mangalmurti Building, Ram Maruti Road, Naupada,
2 Net Profit/(Loss) from ordinary activties after tax 1,479.53 1,855.02 604.16 4,642.64 1,541.28 1,950.34 663.84 4,494.94 Thane - 400601
3 Net Profit /(Loss) after Extraordianry items 1,479.53 1,855.02 604.16 4,642.64 1,541.28 1,950.34 663.84 4,494.94 Pursuant to the above, Customers are requested to visit the new premises for if any customer
requires New Lockers and all other banking activities need with effect from 04/03/2024.
4 Paid-up Equity Share Capital 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86 In case of any query/ clarifications the customers are advised to contact the branch or email on
Face Value of the Shares 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 thanebr@unitybank.co or call on the helpline number 18002091122.
Unity Small Finance Bank Limited
5 Earning Per Share (EPS) (Face value of Rs.10)
Date: 13.01.2024 Sd/-
-Basic 11.77 14.76 4.81 36.94 12.26 15.52 5.28 39.34 Place: Thane Authorised Officer
-Diluted 11.77 14.76 4.81 36.94 12.26 15.52 5.28 39.34
The above is an extract of the Un-Audited Financial Results (Standalone and Consolidated) of the Company for the Third Quarter ended December 31, 2023.
The detailed format for the same has been filled with BSE Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement)
Regulations, 2015 and is available on the website of BSE at www.bseindia.com and also on the website of the Company at www.lkpfinance.com.
For LKP FINANCE LTD
Sd/-
Mahendra V. Doshi
Mumbai Managing Director
12 January 2024 Din: 00123243

UNITY SMALL FINANCE BANK LIMITED Public Notice in Form XIII of MOFA (Rule 11(9) (e))
Registered Office: Basant Lok,Vasant Vihar ,New Delhi- DEMAND District Deputy Registrar, Co-operative Societies, Mumbai City (4)
110057. Corporate Office :Centrum House, Vidyanagari NOTICE Bhandari Co-op.Bank building, 2nd floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028.
Marg, Kalina, Santacruz (E), Mumbai – 400 098
UNDER THE PROVISIONS OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT No.DDR-4/Mum./ Deemed Conveyance/Notice/81/2024 Date: - 10/01/2024
OF SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the Application u/s 11 of Maharashtra Ownership Flats
Rules”) (Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
The undersigned being the Authorized Officer of Unity Small Finance Bank Limited (“Bank”) under the Act and in exercise of
powers conferred under Section 13 (12) of the Act read with the Rule 3, issued Demand Notice (s) under Section 13(2) of the Public Notice
Act, calling upon the following Borrower(s) to repay the amount mentioned in the respective notice(s) within 60 days from the
date of receipt of the said notice. As some of the notice(s) are not served as per postal remarks, hence said notice(s) are being Application No. 08 of 2024
served upon the Borrower(s) by way of alternative mode of service i.e. through publication in News Papers.: D-Deinity Premises Co-Op. Society Ltd., Survey No. 95, Hissa No. 1, CTS No. 364,
S.No. Loan Account Details Secured Assets Village Pahadi, Goregaon (E), Jayprakash Nagar Rd No. 1, Goregaon (E), Mumbai 400063.
....Applicant, Versus, 1. M/s. Mathura Enterprises, 2. Mr. Siddhivinayak Shivram Dalvi,
1 1.Borrower / Mortgagor Name : Late Mr. Maruti All that piece and parcel of the property bearing Flat Having their last 3. known address at Shanti Vimal, Ground Floor, P.M. Road, Vile Parle (E),
Tukaram Jadhav No.403, B Wing, 4th Floor, Building 2, Sai Balaram
Since Deceased Through Legal Heirs : Complex, Sai Balaram Complex Co-op. Housing Society Mumbai 400057, 3. M/s. Allied Engineering Works, Through partners, 3a. Mr. Shayam R.
1. Mrs.Shantabai Maruti Jadhav - ALIAS Ltd., Old Survey 342, New Survey No. 79 Hissa No. 8 & 9, Harve, 3b. Ramesh C. Jain, 3c. Gayatr Ranjan Harve, (Legal heir of Ranjan R. Harve),
Mrs.Shantabai Maruti Manjal (Wife of Late Mr. Maruti Revenue Village Shivaji Nagar, Kumbharkhan Pada, Near Having their last known address at Survey No. 95, Hissa No. 1, CTS No. 364, Village Pahadi,
Tukaram Jadhav) Shankeshwar Palm Complex, Dombivali (West), Taluka Jayprakash Nagar Rd No. 1, Goregaon (E), Mumbai 400063. ....Opponent and those, whose
B.Mr.Kalpesh Maruti Jadhav - ALIAS Mr.Kalpesh Kalyan, Dist. Thane - 421 201, Maharashtra, admeasuring interests have been vested in the said property may submit their say at the time of hearing at
Maruti Manjal (Son of Late Mr. Maruti Tukaram 407.40 Sq.Fts. Carpet area plus 25 Sq.Fts. Terrace area, the venue mentioned above. Failure to submit any say shall be presumed that nobody has any
Jadhav) owned by Late Mr. Maruti Tukaram Jadhav and
C. Ms.Nikita Maruti Jadhav - ALIAS Ms.Nikita Maruti objection in this regard and further action will be taken accordingly.
Mrs.Shantabai Maruti Jadhav.
Manjal (Daughter of Late Mr. Maruti Tukaram Jadhav) The Property is bounded by : Description of the Property, :-
2. Co-Borrower / Mortgagor Name : Mrs.Shantabai On or towards East : By Survey No. 342/7
Maruti Jadhav - ALIAS Mrs.Shantabai Maruti Manjal On or towards West : By Survey No. 342/10, 11, 12 Claimed Area
Loan Account No: 025303500000003 On or towards South : By Survey No. 342/6
Loan Amount : Rs.9,20,,000.00 Unilateral Conveyance of land admeasuring 1362.10 square meters as specifically
On or towards North : By Survey No. 340 set out in the Property Registration Card CTS No. 364 & the copy of the Agreement
NPA Date : 31.03.2021
Demand Notice Date : 20.12.2023 for Sale along with building standing thereon at bearing Survey No. 95, Hissa No.
Demand Notice Amount : Rs.6,65,545.00 (as on 1, CTS No. 364, Village Pahadi, Goregaon (E), Taluka Borivali, District Mumbai
06.12.2023) and interest & other charges Suburban, at Jayprakash Nagar Rd No. 1, Goregaon (E), Mumbai 400063., in favour
In case of failure to repay the aforesaid dues within a period of 60 (sixty) days the undersigned shall be constrained to enforce of the Applicant Society.
the above Secured Assets under the provisions of the Act. Please note that as per section 13(13) of the Act, you are restrained
The hearing is fixed on 01/02/2024 at 2.00 p.m.
from dealing with or transferring any of the secured assets referred to herewith, whether by way of sale, lease or otherwise. Any
contravention of this provision is an offence and punishable under the Act. Sd/-
Please note that erstwhile Punjab and Maharashtra Co-operative Bank Limited, stands amalgamated and named as Unity Small For District Deputy Registrar,
Finance Bank Limited with effect from January 25, 2022.
Authorized Officer, Unity Small Finance Bank Limited
Co-operative Societies,
Place: MUMBAI Date :13.01.2024
Mumbai City (4)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.

Public Notice in Form XIII of MOFA (Rule 11(9) (e)) Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3) District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Competent Authority, Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028.
U/s 5A of the Maharashtra Ownership Flats Act, 1963. No.DDR-4/Mum./deemed conveyance/Notice/83/2024 Date: 10/01/2024
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
construction, Sale, Management and Transfer) Act, 1963
No.DDR-3/Mum./ Deemed Conveyance/Notice/118/2024 Date: - 11/01/2024 Public Notice
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963 Application No. 07 of 2024
Aum Shree Dwarkesh Co-Op. Housing society Ltd., Survey No. 325, Hissa No. 1, CTS No. 553,
Public Notice Village Malad, Rani Sati Road, Malad (E), Mumbai - 400064, Applicant, Versus, 1. M/s. Goyal
Application No. 141 of 2023 Enterprises, 5, Pragati Shopping Centre, At Junction of ManchuBhai Road, And Daftary Road,
Dolphin Heritage Co-Operative Housing Society Ltd., CTS No. 1751 to 1756, 1757A (Pt), Malad (E), Mumbai - 400064, 2. Shri. Ashok Goyal, 5, Pragati Shopping Centre, At Junction of
1757A/28 to 33 of village Kolekalyan, Nehru Road, Military Outpost, Kalina, Santacruz East, ManchuBhai Road, And Daftary Road, Malad (E), Mumbai - 400064, 3. Smt. Lata Dharmendra
Mumbai - 400098. ....Applicant Versus. (1) Dolphin Developers and Builders, Partnership Goyal, 5, Pragati Shopping Centre, At Junction of ManchuBhai Road, And Daftary Road, Malad
irm Address: Oice at 1, Bhima, Worli Co-operative Society Ltd., Sir Pochkhandwala Road, (E), Mumbai - 400064, 4. Legal heirs of Chandrakantabai Dwarkaprasad Nevatia (since
Worli Sea-Face, Worli, Mumbai 400025. (2) Shri. Rameshchandra Harbhagwaandaas
(3) Ramesh Dhudidas Parmar, Address of opp. no. 2 & 3, Oice at 1, Bhima, Worli Co- deceased), & Lalita Dwarkaprasad (since deceased), i) Smt. Shantadevi D. Nevatia, Nevatia
operative Society Ltd., Sir Pochkhandwala Road, Worli Sea-Face, Worli, Mumbai - 400025 House, Nevatia Road, Malad (E), Mumbai - 400097, ii) Smt. Nirmala Ramratan Agarwal, Flat
(4) M/s. Lotus Co-operative Hsg. Soc. Ltd., CTS No. 1751 to 1756, 1757A (Pt), 1757A/28 No. 16, Jay Taramani Society, Bangur Nagar, Goregaon (W), Mumbai - 400104, iii) Malti Shah,
to 33 of village Kolekalyan, Nehru Road, Santacruz East, Mumbai - 400098. .....Opponents Flat No. 28, C Wing, Aum Shree Dwarkesh CHSL, Rani Sati Road, Malad (E), Mumbai - 400064,
and those, whose interests have been vested in the said property may submit their say at the iv) Sushila Keshwani, Flat No. 2, A Wing, Aum Shree Dwarkesh CHSL, Rani Sati Road, Malad (E),
time of hearing at the venue mentioned above. Failure to submit any say shall he presumed
that nobody has any objection to this regard and further action will be taken accordingly. Mumbai - 400064.....Opponents, and those, whose interests have been vested in the said property
Description of the Property, :- may submit their say at the time of hearing at the venue mentioned above. Failure to submit any
say shall be presumed that nobody has any objection in this regard and further action will be taken
Claimed Area accordingly.
Unilateral Deemed conveyance of land measuring 332.34 sq. mtrs. out of 660.87 sq. mtrs. Description of the Property :-
proportionate area of land bearing CTS no. C 1750 to 1756, 1757A (Pt), 1757A/28 to 33 of
village Kolekalyan, Nehru Road, Military Outpost, Kalina, Santacruz East, Mumbai - 400098 in Claimed Area
favour of the applicant society.
Unilateral Conveyance of land admeasuring 1550.00 square meters after deducting set-back area
The hearing is fixed on 01/02/2024 at 3.00 p.m. of 522.80 square meters as specifically set out in the Property Registration Card CTS No. 553
Sd/- & the copy of the Agreement for Sale along with building standing thereon at Survey No. 325,
Hissa No. 1, CTS No. 553, of Village Malad, Taluka Borivali, District Mumbai Suburban, at Rani
(Rajendra Veer) Sati Road, Malad (E), Mumbai - 400064, along with set-back advantage/benefit of 522.80 square
District Deputy Registrar, meters in favour of the Applicant Society.
Co-operative Societies, Mumbai City (3) The hearing in the above case has been fixed on 01/02/2024 at 02:00 p.m.
Seal Competent Authority,
Sd/-
U/s 5A of the MOFA, 1963.
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.

Vashind Branch: Durvankur Opp. Telephone Oice, Vashind Branch: Durvankur Opp. Telephone Oice,
Shriram Nagar, Vashind (W). Taluka Shahapur, Shriram Nagar, Vashind (W). Taluka Shahapur,
Dis - hane, Pin - 421604 India Dis - hane, Pin - 421604 India
E-mail:VASHID@bankobaroda.com E-mail:VASHID@bankobaroda.com
Date: 10/01/2024 Date: 10/01/2024
NOTICE TO BORROWER NOTICE TO BORROWER
(UNDER SUB-SECTION (2) OF SECTION 13 OF THE SARFAESI ACT, 2002) (UNDER SUB-SECTION (2) OF SECTION 13 OF THE SARFAESI ACT, 2002)
To, To,
Pooja Shashikant Pathak Mrunali Ashok Mahamunkar
Room No.3/4, Garibi Hatav Housing Society, Kajupada, Behind Maha Est Chawl, Kurla West, D-7, Plot No.53, Mangal Murti CHS Ltd., RSC 18, Borivali West Near Mangal Murti Hospital
Mumbai – 400 070 Mumbai – 400 092
Dear Sir / Madam, Dear Sir / Madam,
Re: Credit facilities with our Vashind Branch. Re: Credit facilities with our Vashind Branch.
1. We refer to Housing Loan facility sanctioned to you by Bank of Baroda, Vashind Branch. Pursu- 1. We refer to Home Loan facility sanctioned to you by Bank of Baroda, Vashind Branch. Pursuant to
ant to the above sanction you have availed and started utilising the credit facilities ater providing the above sanction you have availed and started utilising the credit facilities ater providing security
security for the same, as hereinater stated. he present outstanding in various loan/credit facility for the same, as hereinater stated. he present outstanding in various loan/credit facility accounts
accounts and the security interests created for such liability are as under: and the security interests created for such liability are as under:
Nature Limit Rates of O/s as on 10/01/2024 Security agreement with brief Nature Limit Rates of O/s as on 10/01/2024 Security agreement with brief
and type (Rs) Interest as of (inclusive of interest description of securities and type (Rs) Interest as of (inclusive of interest description of securities
of facility date of NPA upto 08/01/2024) of facility date of NPA upto 08/01/2024)
Housing Rs. 9.50% Rs.17,83,569.00 Equitable Mortgage of Flat No.5,1st Home Rs. 9.65% Rs.21,11,562.03/- Equitable Mortgage of Flat No.9,
Loan 28,80,037.00/- Floor, Building No.A, Royal Loan 28,80,037.00/- 2nd Floor, B Wing, Royal Heritage,
Heritage, Village Shere, Vashind, Village Shere, Vashind, Taluka
Taluka- Shahapur, District- hane Shahapur, District hane - 421601
Total Rs.28,80,037.00/- Rs.17,83,569.00 Total Rs.28,80,037.00/- Rs.21,11,562.03/-
2. As you are aware, you have committed defaults in payment of interest on above loans/outstanding starting 2. As you are aware, you have committed defaults in payment of interest on above loans/outstanding starting
for the quarter ended December 2023. You have also defaulted in payment of instalments of term loan/ for the quarter ended December 2023.
demand loans which have fallen due for payment on October’ 2023 and thereater. 3. Consequent upon the defaults committed by you, your loan account has been classiied as non-performing
3. Consequent upon the defaults committed by you, your loan account has been classiied as non-performing asset on 08.01.2024 in accordance with the Reserve Bank of India directives and guidelines. Inspite of our
asset on 08.01.2024 in accordance with the Reserve Bank of India directives and guidelines. Inspite of our repeated requests and demands you have not repaid the overdue loans including interest thereon.
repeated requests and demands you have not repaid the overdue loans including interest thereon. 4. Having regard to your inability to meet your liabilities in respect of the credit facilities duly secured by
4. Having regard to your inability to meet your liabilities in respect of the credit facilities duly secured by various securities mentioned in para 1 above, and classiication of your account as a non-performing asset,
various securities mentioned in para 1 above, and classiication of your account as a non-performing asset, we hereby give you notice under sub-section (2) of section 13 of the Securitisation and Reconstruction
we hereby give you notice under sub-section (2) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and call upon you to pay in full and
of Financial Assets and Enforcement of Security Interest Act, 2002, and call upon you to pay in full and discharge your liabilities to the Bank aggregating Rs.21,11,562.03 as stated in para 1 above, within 60 days
discharge your liabilities to the Bank aggregating Rs.17,83,569.00 as stated in para 1 above, within 60 days from the date of this notice. We further give you notice that failing payment of
from the date of this notice. We further give you notice that failing payment of the above amount with interest till the date of payment, we shall be free to exercise all or any of the rights
the above amount with interest till the date of payment, we shall be free to exercise all or any of the rights under sub-section (4) of section 13 of the said Act, which please note.
under sub-section (4) of section 13 of the said Act, which please note. 5. Please note that, interest will continue to accrue at the rates speciied in para 1above for each credit facility
5. Please note that, interest will continue to accrue at the rates speciied in para 1above for each credit facility until payment in full.
until payment in full. 6. We invite your attention to sub-section 13 of section 13 of the said Act in terms of which you are barred
6. We invite your attention to sub-section 13 of section 13 of the said Act in terms of which you are barred from transferring any of the secured assets referred to in para 1 above byway of sale, lease or otherwise
from transferring any of the secured assets referred to in para 1 above byway of sale, lease or otherwise (Other than in the ordinary course of business), without obtaining our prior written consent. We may add
(Other than in the ordinary course of business), without obtaining our prior written consent. We may add that non-compliance with the above provision contained in section 13(13) of the said Act, is an ofence
that non-compliance with the above provision contained in section 13(13) of the said Act, is an ofence punishable under section 29 of the Act.
punishable under section 29 of the Act. 7. We further invite your attention to sub section (8) of section 13 of the said Act in terms of which you may
7. We further invite your attention to sub section (8) of section 13 of the said Act in terms of which you may redeem the secured assets, if the amount of dues together with all costs, charges and expenses incurred by
redeem the secured assets, if the amount of dues together with all costs, charges and expenses incurred by the Bank is tendered by you, at any time before the date of publication of notice for public auction/inviting
the Bank is tendered by you, at any time before the date of publication of notice for public auction/inviting quotations/tender/private treaty. Please note that ater publication of the notice as above, your right to
quotations/tender/private treaty. Please note that ater publication of the notice as above, your right to redeem the secured assets will not be available.
redeem the secured assets will not be available. 8. Please note that this demand notice is without prejudice to and shall not be construed as waiver of any other
8. Please note that this demand notice is without prejudice to and shall not be construed as waiver of any other rights or remedies which we may have, including without limitation, the right to make further demands in
rights or remedies which we may have, including without limitation, the right to make further demands in respect of sums owing to us.
respect of sums owing to us. Yours faithfully, Yours faithfully,
Authorised Oicer. Authorised Oicer.
Bank of Baroda Bank of Baroda
18
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1

TANEJA AEROSPACE AND AVIATION LIMITED

CIN: L62200TZ1988PLC014460
Thally Road, Denkanikottai, Krishnagiri Dist.,Belagondapalli – 635114, Tamil Nadu
Tel.: + 91 04347 233509 | Fax: + 91 04347 233414
E-mail: secretarial@taal.co.in | Website: www.taal.co.in
NOTICE OF POSTAL BALLOT / E-VOTING
Members are hereby informed that pursuant to Section 110 and other applicable provisions,
if any, of the Companies Act, 2013 (“the Act”), read with Rule 22 of the Companies
(Management and Administration) Rules, 2014 (“the Rules”) (including any statutory
modification(s) or re-enactment(s) thereof for the time being in force), read with the General
Circular No. 14/2020 dated April 8, 2020, General Circular No. 17/2020 dated April 13, 2020,
read with other relevant circulars, including General Circular No. 9/2023 dated September 25,
2023 issued by the Ministry of Corporate Affairs (“MCA”) (hereinafter collectively referred
to as “MCA Circulars”), Secretarial Standard – 2 (“SS-2”) on General Meetings issued by
the Institute of Company Secretaries of India and subject to other applicable laws, rules and
regulations, the Company has completed the dispatch of the Postal Ballot notice on Friday,
12th January 2024 through e-mail to all its Shareholders, who have registered their e-mail
IDs as on 5th January 2024 seeking the consent of the Members through voting by electronic
means to transact the business as set out in the Postal Ballot Notice dated 26th December
2023 in respect of the following resolutions:
1. Approval for issue of equity shares through preferential issue
2. Approval for entering into Material Related Party Transaction with Asscher Enterprises
Limited
In pursuance of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 and Regulation 44 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and the aforesaid MCA
Circulars, the Company has engaged the services of National Securities Depository Limited
(“NSDL”) to provide e-voting facility to the Members of the Company through their e-voting
platform at the link www.evoting.nsdl.com for passing of the resolutions mentioned in the
Postal Ballot Notice. The remote e-voting commences from 9:00 AM (IST) on Saturday, 13th
January 2024, and ends at 5:00 PM (IST) on Sunday, 11th February 2024. The e-voting
module shall be disabled by NSDL thereafter and no voting will be possible beyond the said
date. Please note that in compliance with MCA Circulars, there will be no dispatch of physical
copies of Postal Ballot Notices and Postal Ballot forms to the Shareholders of the Company.
Members are therefore requested to communicate their assent or dissent through the remote
e-voting facility only.
Therefore, those Shareholders who have not yet registered their e-mail address are requested
to get their e-mail address submitted by following the procedure as mentioned in the said
Postal Ballot Notice.
Members whose names are recorded in the Register of Members of the Company or in the
Register of Beneficial Owners maintained by the Depositories as on the cut-off date i.e., Friday,
5th January 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.
Sri. M. D. Selvaraj, FCS, Managing Partner of M/s. MDS & Associates LLP, Company
Secretaries, Coimbatore has been appointed as the Scrutinizer for conducting the Postal Ballot
voting process in a fair and transparent manner. The results of the Postal Ballot e-voting shall
be announced within 2 working days from the closure of the e-voting platform and the same
shall be intimated to BSE Limited (BSE) and shall also be uploaded on the Company’s website
www.taal.co.in and on the NSDL’s website www.evoting.nsdl.com.
If you have not registered your e-mail address with the Company / Depository you may please
follow the instructions given below for obtaining login details for e-voting:
i. For Physical shareholders- Please provide necessary details like Folio No., Name of
Shareholder, scanned copy of the share certificate (front and back), PAN (self-attested
scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by
email to Company’s Registrar and Share Transfer Agent at investor@bigshareonline.com
or to the Company at secretarial@taal.co.in.
ii. For Demat shareholders - Please update your email ID & mobile no. with your respective
Depository Participant (DP).
For any grievance/ queries relating to voting by electronic means, Shareholders are requested
to write an e-mail to Ms. Pallavi Mhatre at evoting@nsdl.co.in or call NSDL’s toll-free number
1800 102 0990 or Ms. Ashwini Navare, Company Secretary at the Company's Corporate
Office at 503, 5th Floor, Lunkad Sky Station Co.operative Premises Society Limited, Plot
No.109, Viman Nagar, Pune - 411 014 or Phone No.: + 91 04347 233509 or E-mail ID:
secretarial@taal.co.in.
The Notice of the Postal Ballot is available on the Company’s website www.taal.co.in, NSDL’s
website www.evoting.nsdl.com and on the website of BSE at www.bseindia.com.
By Order of the Board
For Taneja Aerospace and Aviation Limited
Place: Pune Ashwini Navare
Date: 13th January 2024 Company Secretary
.
MUMBAI | SATURDAY, 13 JANUARY 2024 TAKE TWO 19 <

SHREYA NANDI INDIA-OMAN TRADE (in$bn)

New Delhi, 12 January nExports nImports Trade Balance

L
ast month, the commerce
Figures in brackets denote Y-o-Y change in %
department announced that -3.44
the text of the proposed trade

(15.65)
agreement between India and -3.69
Oman had been “substantially con-
cluded”, indicating that both countries

(121.5)
might be able to finalise and sign a com-
7.91
prehensive economic partnership agree-
ment (CEPA) over the next few weeks. 6.84
CEPA is also commonly referred to
as a free trade agreement, or FTA. The

(42.2)
next round of talks for it with Oman -1.41 -0.73
are scheduled to start on January 16. -0.18
4.47

(33)

(-15.8)
Three rounds of talks have taken

(33.7)
place so far, even as the formal

(-51.4)
3.67

(-14.2)
commencement of the negotia-

(4.13)
(0.7)
tions happened less than two 3.08 3.15
months ago – on November 20.
2.26 2.35 2.37 2.55
The negotiations on the text of
most of the chapters have been
concluded by India and Oman,
though discussions on goods and part
of services remain. 2019-20 2020-21 2021-22 2022-23 2023-24
This came at a time when officials (Apr-Oct)
from the commerce department -–
responsible for negotiating free trade Source: Department of Commerce
agreements -- were till now burning the
midnight oil, hoping for a breakthrough

BRIDGING THE GULF

in the FTA talks with the United
Kingdom (UK) and European Free Trade
Association (EFTA).
The India-Oman CEPA could sub-
stantially reduce the customs duties,
even bring them down to zero in some
instances, for trade between the two
countries. India exports gasoline, iron
and steel, electronics, and machinery to
Oman, and imports petroleum products,
urea, propylene, and ethylene polymers.
Besides, Oman has a per capita income
of $25,060, far more than India’s $2,370,
and could emerge as a sizeable market
for more expensive exports from India.
There is more.
Oman, of course, is understood to be
keen on the pact. India, for its part,
wants to improve its relations with the
Persian Gulf nations.
Oman has also been India’s strategic
partner, with their mutual trade links
going back 5,000 years. It is India’s 29th
largest trading partner, but the third
largest export destination among the
six-member Gulf Cooperation Council
(GCC) countries, whose other members
are Bahrain, Kuwait, Qatar, Saudi Arabia,
and the United Arab Emirates.
The GCC countries contribute to
about a sixth of India’s total trade, with
the UAE being India’s third largest trade
partner and second largest export des-
tination. The trade balance, however, is
in favour of the GCC, owing to India’s
high dependence on the region for
petroleum products.
India has already signed a CEPA with
The likely pact with Oman comes as a welcome surprise in India’s STATUS OF
FTA drive, and could open other doors in the Gulf region
the UAE and been trying to begin FTA
negotiations with the customs union for
more than a year. After signing FTAs
with the UAE and Australia, India has
not been able to ink any other trade
agreement, even as the commerce
department had set an internal target to
conclude negotiations for Canada, the
UK and EFTA by the end of 2023. Talks
with Canada were stalled due to political
differences.
India is also gearing up to hold its
mammoth Lok Sabha elections this
summer.
POTENTIAL GAINS
Biswajit Dhar, distinguished professor
at the Council for Social Development,
says finalisation of a trade pact with
Oman will not be as tricky and complex
as the current FTA negotiations with the
European Union and the UK. “In the
case of Oman, there won’t be any prob-
lem in terms of domestic sensitivity.
INDIA-OMAN
There is hardly any item sold by Oman
[at a concessional duty] that can
threaten Indian industry. In fact, there
is always a possibility of India getting
some instrumental market access [for its
exporters] in Oman,” he says.
Bilateral trade has been showing
robust growth, increasing from $3.15 bil-
lion in 2021-22 (FY22) to $4.48 billion
during FY23, up 42 per cent. During the
previous financial year, petroleum pro-
ducts, primarily motor gasoline,
accounted for close to half of India’s
exports.
Imports from Oman are greater than
exports, and saw a 15.6 per cent increase
to $7.91 billion in FY23. Top inbound
shipments include petroleum products
and Urea that comprise close to three-
fourth of imports.
Ajay Sahai, director-general and chief
executive officer, Federation of Indian
Export Organisations, says Oman and
India have complementarities, just as
India and the UAE do. “We will have
better market access for our finished
products. Lot of petrochemicals, chem-
icals, and crude oil from Oman will enter
India at a lower duty. We will get raw
material and intermediates at zero duty
and get market access for all finished
products such as engineering, chemi-
cals, plastics, textiles. It is a win-win sit-
uation,” Sahai says.
However, since the West Asian nation
is a much smaller country than India,
growth in trade between the two is
expected to be limited.
According to Delhi-based think tank
Global Trade Research Initiative, India's
gross domestic product of $3.5 trillion is
significantly larger than Oman’s $115 bil-
lion. “This indicates that India's econ-
omy is far more extensive and diverse.
With a population of 1.4 billion, com-
pared to Oman's 5 million, India repre-
sents a vast consumer market for
Oman,” it said in a report.
dimension that is driving the talks; the
countries in the Gulf region, and the
GCC, are also factors. India has been
doing the balancing act in the backdrop
of the Israel-Hamas conflict.
“Look at the way India has been han-
dling the Ukraine-Russia conflict. We
have been backing Russia to some extent
and also making friends with the
Western alliance. That is playing out
here as well. A quick way to show friend-
ship with the Arab countries is to pick
TRADE AGREEMENT: up one of the low-hanging fruits,”
says an economist who does not want to
nFormal commencement of
be named.
meeting on November 20 Last month, a Parliamentary com-
nFirst round of negotiations in mittee on external affairs said trade
New Delhi on November 27-29 between India and the GCC countries
had been dominated by the UAE and
nSecond round of negotiations in Saudi Arabia, and there was scope for
Muscat from December 9-11 enhancement in India’s trade and
nThird round of negotiations in investment with the other GCC coun-
New Delhi from January 8-10 tries, including Oman. The committee
also said the process of negotiation and
nThe negotiations on text of most finalisation of the FTA between
of the chapters have been India and GCC had been delayed for a
concluded by both the sides long time.
“In view of the prospects of substan-
tial increase in trade between India and
The India-UAE agreement is GCC countries as well as India’s integra-
expected to be replicated in the case of tion into the global value chain through
the trade pact with Oman, which is mak- the signing of the FTA, we urge the gov-
ing it easier for the two sides to nego- ernment to maintain close coordination
tiate. with the GCC Secretariat so that formal
negotiations on the India-GCC FTA
EYE ON THE GCC commence soon for its early conclu-
Experts say it is not only the economic sion,” the committee said in a report.

GOVERNMENT OF ANDHRA PRADESH

RURAL WATER SUPPLY & SANITATION DEPT.,
GOLLAPUDI, VIJAYAWADA, A.P.
e-Procurement Tender Notice Nos. 248/ 2023-24 to 282/2023-24, Dt: 12-01-2024
Online (1st call) tenders are invited from the Original Equipment Manufacturers
(OEMs) in e-procurement platform for the work “Procurement of Material
Required (HDPE Pipes, GI Pipes, DI Pipes FHTCs Material & DI Valves)
for taking up JJM works through Community Contracting System by
Grama Jala Sangam in AP State” under thirty five (35) Package works.
Tenders can be downloaded from E-Procurement platform i.e.
www.tenders.apeprocurement.gov.in as following dates.
Tender Notice No. 248/2023-24 to 282/2023-24, Dt. 12-01-2024 from
18-01-2024 to 31-01-2024 up to 4.00 pm of all districts in Andhra Pradesh
for the Estimated Cost of Rs. 76469.64 Lakhs.
The pre bid meeting will be held on 23-01-2024 @ 11.00 am in the
Chambers of PD, SWSM, Gollapudi, Vijayawada.
The Original Equipment Manufacturers (OEMs) participating in the bids are
requested to furnish their experience and other details in Zip format. Further
details can be obtained from e-procurement market place on
www.apeprocurement.gov.in.
Further details can be had from the O/o. The Chief Engineer & PD, SWSM,
RWS&S, Gollapudi, Vijayawada through contact no. 9100120551.
Sd/- B. Hare Ram Naik,
Chief Engineer & PD, SWSM, RWS&S Dept., Vijayawada

FORM NO CAA.2
[Pursuant to Section 230(3) and rule 6 and 7]
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, AT CHENNAI
In the matter of Companies Act, 2013
In the matter of Shrini Softex India Private Limited
AND
In the matter of Section 230 to 232 of the Companies Act, 2013
AND
In the matter of Scheme of Arrangement between
Shrini Softex India Private Limited and Sangeeth Textiles Private Limited
and their respective shareholders and creditors
CA/(CAA)/47(CHE)/2023
Sangeeth Textiles Private Limited
a Company incorporated under the Companies Act, 1956
having its Registered office at 551 Ganesapuram, S S Kulam Via,
Coimbatore - 641107 … Applicant

ADVERTISEMENT OF NOTICE OF THE MEETING OF THE

SECURED AND THE UNSECURED CREDITORS OF
SANGEETH TEXTILES PRIVATE LIMITED
Notice is hereby given that by an Order dated 22nd Day of December 2023, the
Chennai Bench of the National Company Law Tribunal (‘Tribunal’) has directed
separate meeting(s) to be held for the Secured and the unsecured creditors
for the purpose of considering, and if thought fit, approving with or without
modification(s), the Scheme of Arrangement envisaging the demerger of Nagarcoil
Windmill Division of Sangeeth Textiles Private Limited shall be transferred to and
vested in Shrini Softex India Private Limited.
In pursuance of the said Order and as directed therein, further notice is hereby
given that separate meeting(s) of the Secured and the unsecured creditors of the
Company will be on Thursday, 15th Day of February, 2024 at 10.00 am and 12.00
noon respectively at which time the Secured and the unsecured creditors are
requested to attend their respective meetings.
Copies of the said Scheme of Arrangement (Demerger) and of the statement of
Section 230 can be obtained free of charge at the registered office of the Company
or from its Counsel at, Wise & Worth, Advocates and Consultants, F1, PRP Block,
Rose Park, 10, Santhi Nagar First Cross Adambakkam Chennai 600 088. Persons
entitled to attend and vote at the meeting (or respective meetings) may vote in
person or by proxy, provided that all proxies in the prescribed form are deposited
at the registered office of the Company at 551 Ganesapuram S S Kulam Via,
Coimbatore – 641107 not later than 48 hours before the meeting.
The Company has completed the dispatch of Notice of the meetings along with the
explanatory statement and annexures thereto on Wednesday, 10th January 2024
to all the secured and unsecured creditors to whom balance is due as on Monday,
01St Day of January 2024 through email / registered post in accordance with the
directions of the Hon’ble Tribunal.
Forms of the proxy can be had at the registered office of the company.
The Tribunal has appointed Mrs. R Sucharitha as Chairperson and Mrs. Manjula Devi
as Scrutinizer of the said meeting. The above mentioned Scheme of Arrangement, if
approved by the meeting, will be subject to the subsequent approval of the tribunal.
Dated this 10th day of January 2024 -Sd/-
Place: Chennai R Sucharitha,
Chairperson Appointed by the Tribunal For the meeting
20
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1

ADVERTORIAL

GOVERNMENT’S AIM IS TO MAKE INDIA NUMBER ONE AUTOMOBILE

MANUFACTURING HUB: UNION TRANSPORT MINISTER NITIN GADKARI
Gujarat is focusing on EV and the EV policy is favourable for investment,says Gujarat Chief Minister Bhupendra Patel

U
nion Transport Minister Mr. Nitin
Gadkari has said that the Union
Government has a mission to make
EVEN AS THE India number one automobile manufacturing
hub in the world and the auto sector a Rs 25
COUNTRY lakh crore industry.
He was addressing a seminar on“Electric
TAKES BIG Vehicle Manufacturing – Charging Ahead to
STRIDES IN EV 2047”on January 11 at the Mahatma Mandir,
Gandhinagar.The seminar was organized as
MOBILITY, part of the 10th edition of Vibrant Gujarat
Global Summit 2024.
GUJARAT The Minister underlined that a few years
ago, India was on the seventh position in the
FOLLOWS THE world in the automobile sector and after the
FOOTSTEPS. changes undertaken under the Prime
Minister’s leadership, the country has
WITH A surpassed Japan and now is at third position,
globally.
CONDUCIVE While highlighting the potential of the EV
POLICY IN sector to contribute substantially to the
Indian economy and generate substantial
PLACE, THE employment opportunities, making it a key
player in the global automotive market, he
GUJARAT CHIEF appealed to the industrialists present at the
Summit to invest in the EV sector to promote
MINISTER ASKS sustainability and create a niche in this
INVESTORS TO domain.
Underlining the huge potential the EV
JOIN THE sector has, Mr. Gadkari asked the industrial-
ists to invest, or they will miss the bus.
GROWTH The Minister also shared his thoughts on
STORY. how India can progress in the EV ecosystem
and overcome the challenges to become a
GUJARAT global leader in the evolving ecosystem. He
pointed out that around 40 percent of carbon
ALREADY HAS emissions in the country comes from the
transportation sector and importing fuel
500 EV PUBLIC incurs costs and other problems such as
TRANSPORT pollution.
Therefore, reducing imports and focusing
BUSES on cost-effective and import-substitute
technologies will contribute to our economic
well-being and address issues arising from
pollution, he said.
The Minister appreciated Gujarat’s
progress in EV sector saying that currently the
state has 1.7 lakh EVs and it has witnessed a
600 percent increase in EV sales in 2022.
He pointed out that the scrapping units in
Gujarat have started functioning effectively,
contributing to recycling and reducing the cost
of production, ultimately leading to a decrease
in the price of EVs.
In his address, Gujarat Chief Minister
Bhupendra Patel saidthat the Gujarat
government is proactively working to attract
investors for electric vehicle manufacturing
by encouraging research and develop-
ment.The government is also ensuring a
robust infrastructure of charging and mainte-
nance to facilitate the growth of the electric
vehicle sector., he said.
The success of electric vehicles depends
on a strong network of charging stations, and
Gujarat has made significant investments in
the development of the charging infrastruc-
ture. The state has attracted substantial
investment in the development of charging
stations, contributing to the overall success
of electric vehicles.
Mr. Patel said that the state government
has provided a seamless platform for the
establishment of production units in special
investment regions like Mandal-Becharaji and
Dholera. This initiative aims to encourage
entrepreneurs and industrialists to set up
industrial production units in these regions,
contributing to the growth of the electric
vehicle industry, he pointed out. The
seamless platform is designed to simplify the
process and provide a conducive environment
for businesses to thrive in these special
investment regions.
The Chief Minister informed that the state
government has designed an Electric
Vehicle (EV) policy to create a favourable
ecosystem for people to adopt electric
vehicles and to promote the overall develop-
ment of the industry.The government has set
the target of preparing an eco-friendly ecosys-
tem for the entire electric vehicle value chain,
he added.
In the public transportation sector, the
government has already introduced electric
vehicles, and approximately 500 electric
buses are currently operational in public trans-
portation. As a result of the collective efforts
made by the state government, there has been
a significant growth in the adoption and sales
of electric vehicles over the last five years.
He said that the automotive industry is
actively participating in the transformation of
green mobility by understanding the neces-
sity of manufacturing for green growth.
Significant research and development efforts
have been undertaken in the country and in
Gujarat to make electric vehicles accessible,
affordable, and efficient.The focus on research
and development is aimed at contributing to
the development of electric vehicles that are
accessible, affordable, and energy-efficient,
aligning with the vision of promoting green
mobility in the state and the country, he
pointed out.
The Chief Minister invited business lead-
ers, industry pioneers, and innovators
present at the seminar to actively participate
in Gujarat's electric vehicle ecosystem. He
encouraged them to join hands in creating a
sustainable, environmentally friendly, and
economically viable future.
Union Minister of Heavy Industries
Mr.Mahendra Nath Pandey in his address said
that India has made significant strides in the
electric vehicles (EV) sector in recent years.
He pointed out that Gujarat witnessed a
remarkable increase in EV sales in the last
two years, indicating the substantial potential
for growth in the electric vehicle sector in In-
dia. He projected that India would emerge as
a global leader in the electric vehicle industry
in the near future. Gujarat’s Transport Minis-
ter Mr. Harsh Sanghavi appreciated the
entrepreneurs who chose to invest in Gujarat
in the last 20 years and highlighted their suc-
cess and role as brand ambassadors for the
state.Gujrat’s Minister of Industry
Mr.Balvantsinh Rajput said that Gujarat has
become a vibrant brand globally.He appealed
to the entrepreneurs to work together to
strengthen the economy of Gujarat, which, in
turn contributes to the country's development.
In a dialogue organized under the title
'Emerging EV Manufacturers Ecosystem,' Mr
Rahul Bharti, Executive Director of Corporate
Planning and Government Affairs at Maruti
Suzuki, expressed that building an ecosys-
tem for electric vehicles (EVs) might pose
various challenges, and there could be
answers to those challenges as well.
He highlighted that technology, innova-
tion, and changes in business models could
bring about transformations.Decisive deter-
mination and confidence are crucial for this.
He mentioned that the message conveyed by
the Prime Minister during the inauguration of
theVibrant Gujrat Summit has inspired them.
He stated that shortly, “they will export EVs
manufactured in India to Europe and Japan.
Mr.Bharti emphasized that it is India's time in
the field of EV technology, and together, sig-
nificant strides will be taken in this direction.
MrVikram Gulati, Country Head ofToyota
Kirloskar Limited, shared insights into the
ongoing developments in the EV sector. He
expressed that “the industry is continuously
evolving, and to reduce dependency on im-
ports, certain components and essential
elements need to be localized.Technology is
rapidly advancing in this sector.” “They are
actively working on alternative storage
technology, which will lead to the production
of vehicles that can be charged in just 10
minutes and cover up to 200 km.They have
made a good start in this field, and the future
of this sector looks promising and bright.”

India holds the potential to emerge as the global Engaging Seminar on GIFT City
“skill hub”: Union Minister Dharmendra Pradhan Unlocking the potential of Prime Minister’s dream project
C
abinet Minister for Education,
Skill Development and Entre-
preneurship Mr. Dharmendra
Pradhan has said that India boasts
the largest youth potential and holds
the potential to emerge as the “skill
hub” of the world.
Speaking at a seminar on “Devel-
oping Global Network for Skill Devel-
opment” on the second day of the 10th
Vibrant Gujarat Global Summit at the
Mahatma Mandir in Gandhinagar on

January 11, Mr. Pradhan said to ele-
vate India’s skill ecosystem to inter-
national prominence, there is need to
identify and address gaps by explor-
ing new skills.
Gujarathasbeenplayingan
importantroleinallareasof
developmentforthepasttwo
decadesinthedevelopment
ofthecountry
He further said that the govern-
ment is taking several initiatives to pre-
pare manpower for this skill gap and
new technology. Result-oriented ef-
forts are being put in this direction in
Gujarat as well. Gujarat has devel-
oped a skill ecosystem in the last two
decades keeping in view the current
trends, the minister observed.
It would be fair to say that Gujarat
is thinking one step ahead. Gujarat
has been playing an important role in
all areas of development for the past
two decades in the development of
the country.Gujarat is also at the fore-
front of other states in the country in
creating a global network for skill de-
velopment. Kaushalya The Skill Uni-
versity has signed MoUs with almost
every skill development organization
in the world.
Commending Kaushalya - The
Skill University, the Cabinet Minister
remarked that the institution in Gu-
jarat is actively training youth in over
100 courses across six different
branches, fostering new-age techno-
logical skills. He highlighted that
Kaushalya - The Skill University has
also entered a Memorandum of Un-
derstanding (MoUs) with several
renowned global skill development in-
stitutes. Expressing confidence, he
stated that Gujarat is poised to remain
a prominent skill hub in India, and In-
dia, in turn, has the potential to be-
come the skill hub of the world. The
Minister encouraged the youth to study
and adopt the best practices available
for skill development.
In his address, Gujarat State Min-
ister for Skill DevelopmentKunvarji-
Halpati said that a global platform is
being provided to the youth through
skill development in Gujarat.He said
the state is the hub of industries in-
cluding auto, ceramic, and pharmacy
and in the near future.
The Gujarat government has
taken several innovative measures to
ensure that these industries get the
skilled manpower they require
including Kaushalya University, KVK
Saksham Yojana Mukhyamantri
Bhavishyalakshi Kaushalya including
Mukhyamantri Skill Initiative have been
implemented.Apart from this, special
initiatives include Mini ITIs at the vil-
lage level, and Mega ITIs to further
develop Industry 4.0 skills.Moreover,
for the past several years, Gujarat has
been the first in the country to employ
the youth, he pointed out.
T
he idea of integrating finan-
cial services and technolo-
gy, initially proposed by the
then Chief Minister and current
Prime Minister Mr. Narendra
Modi in 2007, is now being realized
through GIFT City.This was high-
lighted during the central seminar
on "GIFT City - An Aspiration of
Modern India," held on the second
day of the Vibrant Gujarat Global
Summit-2024 on January 11.
Gujarat Chief Minister Shri
Bhupendra Patel attended the
seminar.The seminar had three-
panel discussions covering the key
topics ‘Designing the Framework
for the Future of Finance’,‘Role of
International Financial Center-The
Right Connect of Tech and Fin for
Emerging Trends Globally’, and
‘Urban Resilience- Building Sus-
tainable and Future-Proof Cities.’
Finance Minister Mrs.Nirmala
Sitharaman emphasized the
pivotal role of capital investment in
driving financial market develop-
ment and evolving global financial
trends. The operational IFSC
(International Financial Service
Center) at GIFT City stands testa-
ment to this visionary concept,
opening doors for investors world-
wide and shaping India's economic
trajectory.
Speaking on the developments
of GIFT City, she said that it hosts
TheGIFTCityisthe'brainchild'projectof
PrimeMinisterMr.NarendraModi,andheis
consistentlyworkingtowardsitsdevelopment
three international-level stock
exchanges, 25 banks of which nine
are from foreign countries, 26
aircraft lessors, and 80 fund man-
agers. A conducive environment
has been established in GIFT City
to promote shipbuilding and leas-
ing activities. Alongside this, it
also hosts around 50 service
providers and 40 FinTech entities.
Underlining a recent milestone,
she highlighted India's substantial
growth in digital transactions,
reaching a staggering 2.3 lakh
crores transactions propelled by
the UPI payment system.
In a landmark achievement for
India's active role in the green rev-
olution, the G-20 Summit nations
have agreed upon solidifying
'GIFT City' as an exemplary
destination for
realizing such ambitious
initiatives.
The finance minister al-
so said that the ‘GIFT
City’will serve as a
significant platform
for advanc-
ing the
Prime Min-
ister's vision of carbon and green
credits and expressed that soon,
trading of carbon and green cred-
its will also take place here. India
will become an essential bridge
between the Global South and
Western countries in the coming
years, with "GIFT City" as its
gateway, she added.
The Minister highlighted the
immense potential for diverse
sectors such as aviation, defence,
medical, Fintech, banking, and ed-
ucation at "GIFT City."
In his address, Gujarat Finance
Minister Mr. Kanu Desai empha-
sized that GIFT City is the
'brainchild' project of Prime Minis-
ter Mr.Narendra Modi, and he is
consistently working towards
its development. He further
said that the Prime Minister
is actively contributing to the
dynamic growth of GIFT City
by offering continuous guid-
ance.The minister al-
so encouraged
investors to
leverage
the
maxi-
mum benefits available in GIFT
City. On this occasion, Mr. Has-
mukh Adhia, Chairman of GIFT
City, remarked that GIFT City
stands as the first choice for in-
vestors, attributing to the excep-
tional financial regulations imple-
mented by the Government of In-
dia.The city experiences a demand
for resources that surpasses its
supply, showcasing the pinnacle
of its operational efficiency. GIFT
City boasts world-class infra-
structure, and continuous guid-
ance from the Prime Minister and
the Union Finance Minister, un-
derscoring their commitment to op-
timize GIFT City's global efficien-
cy through streamlined regulations
and enhanced technological
utilization, he added.
Mr.K.Rajaraman, Chairman of
IFSC, said that GIFT City plays a
consequential role in achieving the
Prime Minister's vision of Viksit
Bharat@2047.It is actively foster-
ing global innovation, promoting
banking excellence, and enhanc-
ing the ease of doing business to
attract global investors, he point-
ed out.GIFT City, launched in col-
laboration with Japan's Mizuho
Bank and Deakin University, stands
as a stellar example of efficient
single-window clearance and
sustainable development
practices.
.
MUMBAI | SATURDAY, 13 JANUARY 2024 21 <

ADVERTORIAL

INDIA TO BECOME THIRD LARGEST ECONOMY IN THE WORLD IN THE THIRD

TERM OF NARENDRA MODI AS THE PRIME MINISTER: AMIT SHAH
U
nion Home and Cooperation
Minister Mr. Amit Shah has
said that India will become
third largest economy in the world in
UNION HOME the third term of Narendra Modi as
the Prime Minister and a Developed
MINISTER MR. Nation before 2047.
AMIT SHAH HAS Mr. Shah was speaking at the
valedictory function of the 10th
SAID THAT 25 biennial Vibrant Gujarat Global
Summit at Mahatma Mandir,
ECONOMIC Gandhinagar on January 12.
Being regarded as the first
POLICIES Summit of the“Amrit Kaal”, the three-
day Summit saw participation of
FRAMED 61,000 delegates from more than 140
DURING LAST countries. The Summit had 35
partner countries and 36 partner
DECADE UNDER organizations.
The minister said that the
PRIME Summit has sown the seeds for a new
beginning.
MINISTER Recalling that India was on the
11th spot in world economy when
MR. NARENDRA Mr. Narendra Modi took over as the
Prime Minister, Mr. Shah said now
MODI ARE the country is ranked fifth and would
SHAPING become world’s third largest econo-
my in his third term as the Prime Min-
COUNTRY'S ister. He also said that India would
become Developed Nation before
FUTURE 2047.
“We were earlier considered as
a dark spot, now we are considered
as vibrant,” he said, adding that the
last one decade has seen transition
from “silent PM” to “vibrant PM”.
Last decade has given political
stability, non-corrupt investment
friendly agenda and peace has boost-
ed economy, the Minister said. As
against a decade, which was con-
sidered a decade of policy paralysis,
before Mr.Modi took over as the PM,
the last decade has seen 25
economic policies being framed.
These policies are giving a boost to
investments, Mr. Shah said,
outlining various policies. Talking
about the New Education Policy, the
Union Home Minister said that
because of this policy and the
policies in the healthcare sector,
India will leave behind other coun-
tries in the times to come. He
expressed confidence that India will
become a hub for education because
of the policy.
He said that the way Mr.Modi has
led the country, the change has been
visible in the last one decade. The
slogan of “One Earth, One Family,
One Future”during the G20 Summit
was highly appreciated, Mr. Shah
remarked.The Union Home Minister
also showered praises over the
manner in which Gujarat has been
progressing.He pointed out that when
the world talks of production and
investment it sees India and in India
when one talks of production and Gujarat Minister Mr. Balvantsinh
investment, people see Gujarat. Rajput also spoke.
Talking about the way theVibrant Industrialists recalled their as-
Gujarat Global Summits have sociation with the Vibrant Gujarat
progressed over the years, Mr.Shah Global Summit ever since the first
said earlier also investments edition and among those included
summits were held but in rooms and Mr. Sudhir Mehta of Torrent Group,
Mr.Modi has taken the Summits at a Mr.V. K. Goenka of Welspun Group
different level altogether. and Mr. Pankaj Patel of Zyuds.
The gateway of “Viksit Bharat” is Terming the Vibrant Gujarat Global
going to be from Gujarat and it is our Summit as a major event in global
responsibility to fulfil the calender, Mr. Mehta
Prime Minister’s dream ThewayMr.Modihas said his company
of making India a De- has signed MoUs
veloped Nation by 2047,
ledthecountry,the worth Rs 48,000
he remarked. changehasbeen crore in various
Mr.Shah mentioned visibleinthelastone sectors.
how the GIFT City, decade.Thesloganof Describing the
envisaged in 2007, had “OneEarth,OneFami- Summit as a trail-
now become a reality blazer for the growth
and so also Dholera ly,OneFuture”during of Gujarat, Patel said
Special Investment Re- theG20Summitwas his company signed
gion, the parks in Man- highlyappreciated MoUs to the tune of
dal-Bechraji, PM Mitra Rs 5,000 crore for
Park, the Food Parks and so on. On biotech, hospitals and other projects.
the footsteps of Gujarat, other states Country representative from the
are also organizing investor summits, World Bank also spoke and said that
hesaid. like the Gift City,Vibrant Gujarat Glob-
Gujarat Chief Minister Mr. al Summit is a gift to the world.
Bhupendra Patel once again recalled Lt. Governor of J&K Mr. Manoj
the way Mr. Modi began the Vibrant Sinha asked the people to invest in
Gujarat Global Summits and spoke the Valley and said that the new in-
about how the state is following his dustrial policy has already shown re-
footsteps. Later on the Chief sults and investments are fructifying.
Minister took to social media and Asserting that terrorism is having
informed that MoUs worth Rs 26.33 its last gasp, Mr. Sinha exhorted the
lakh crore in 41, 299 projects have people to come to the Valley and in-
been signed during the Summit. vest. “I must say that no other state
He also informed that in the has so many incentives like J&K has,”
Summit that was cancelled in 2022, he said.
MoUs worth Rs 18.87 lakh crore were In his address, Mr. Shah also
signed for 57,241 projects. Union echoed what Mr. Sinha said and
Minister Mr.Purshottam Rupala and asked people to invest in J&K.

MSMEs will play an important role Gujarat has 4000+ women

in “Viksit Bharat” : Official
M
r. Subhashchandra Lal Das,
Secretary MSME, Government
of India, has said that the
MSMEs will play an important role in
“Viksit Bharat”. He was speaking at a
seminar on MSME Sector, organized on
the concluding day of the 10th edition of
Vibrant Gujarat Global Summit on
January 12.
Currently, the MSMEs contribute one
third to the Nation’s GDP, but the
government would want it to be more
than one third by the time the country
becomes a Developed Nation, he added.
Mr. Das underscored the fact that
Gujarat is number one when it comes to
the number of MSMEs and employment
generation. He also spoke about vari-
ous schemes of the government to pro-
mote the MSMEs and said that they
would want to go towards digitization.
The government, he said, has a
synergistic approach and the focus is on
the delivery.“Ours is a whole of govern-
ment approach so that the contributions
of the MSMEs can be increased inViksit
Bharat,” he said.
MrRajiv Gandhi, founder Hester
Biosciences, said that two decades ago
when he decided to set up an animal
vaccine plant in Gujarat it was not based
on any survey, but out of intuition.Then
the policies were still being defined, how-
ever, raising funds and finances were
reasonably easy and straight forward.
He said that even at that time they got
incentives and various tax benefits.When
the policies changed, they got the
opportunity to shift to another policy,
Mr. Gandhi added.
He described their decision as best
to set up animal vaccine plant in Gujarat.
Speaking on the occasion, Minister
Harsh Sanghavi said that the currentVi-
brant Gujarat Global Meet has brought
more MoUs than the previous summits.
He thanked the investors and the part-
ners for making “Brand Gujarat”.
Highlighting how the state govern-
ment supports the MSMEs, Mr.
Sanghavi pointed out to a woman
artisan in Kutch, who not only became
self-employed, but also generated em-
ployment for several women. She also
markets her embroidery work, digitally.
The Minister said that big investments
have come like the Suzuki Motor
Corporation expanding its base or the
strides in the semiconductor sector, but
the focus has been given to the MSME
Gujarathasbeenputon
theworldmapduetothe
VibrantGujaratGlobal
Summit.“Wearevibrantand
wewillcontinuetoremain
vibrant,”theChiefMinister
concluded
sector in a way that the ideas generat-
ed can be taken to the world level.
Elsewhere, people have a work
culture of five or six days a week, but in
Gujarat the government works round-
the-clock, he said, underscoring the rea-
son why the MSMEs come to the state.
In Gujarat, an investment of Re 1
fetches you the highest return, he said.
Mr. Sanghavi went on to add that your
investment is safe now also and for the
generations to come as well.
Union Minister MSME Minister Mr.
Narayan Rane appreciated the growth
happening in Gujarat and observed that
the state has a conducive atmosphere.
He said though Gujarat has only five per
cent of the Nation’s population and 6 per
cent of the land mass, its contribution to
the GDP is 8.3 percent.
He said that Gujarat has contributed
33 percent to the country’s exports and
25 percent of the goods pass through
the ports in Gujarat.Mentioning that Gu-
jarat has 16 lakh registered MSME,
which is seven percent of the registered
MSMEs in the country, Mr. Rane said
that yet Gujarat MSMEs generate more
employment than any other state in the
country.
When Mr. Narendra Modi took over
as the Prime Minister of India in 2014,
the country was on 11th place in global
economy. “Now we stand at the 5th
position and want to achieve 3rd posi-
tion by 2030,” he said, adding that this
can be done by increasing the GDP and
the per capita income.The Minister em-
phasized that the onus is on all to us to
live up to the confidence shown by the
Prime Minister. Gujarat chief minister
Bhupendra Patel immediately struck
chord with the gathering, comprising
mainly of those from the MSME sector,
including the differently abled, when he
said that nobody is big from the begin-
ning. “The progress happens over a
period of time,” he said.
He said, “Our culture is to make the
right progress in the right direction.” “The
PM’s focus is on the MSME sector and
let me tell you that in Gujarat we stand
by you,” he told the gathering.
Making a mention of the efforts
being taken by the Gujarat Government,
he said that in the stateVibrant Summits
are just not organized at the state level,
but such programmes and events are
organized at the district level so that
people at the district level also get the
benefit.
Talking about Mr. Modi’s vision, he
said that in 2003 he had thought about
Vibrant Gujarat Global Summit.At a time
when such a thought did not come at the
national level, a state did it, Mr. Patel
added.
entrepreneurs and 900
patents in Startups
G
ujarathasmorethanfour
thousand women en-
trepreneurs and more
than 900 patents have been
grantedtothestartupsinthestate,
informedGujaratIndustriesMin-
ister Shri Balvantsinh Rajput at
a seminar on "Startups Unlock-
ing the Infinite Potential".
The seminar was organized
onJanuary11aspartofthe10th
edition of the Vibrant Gujarat
Global Summit at Mahatma
Mandir, Gandhinagar.
He also informed that the
New Industrial Policy an-
nounced at the 7th Vibrant
Summit in 2015 will be imple-
mented for the next 20 years.
Mr. Rajesh Kumar Singh,
Secretary of the Department of
Commerce and Industry,
GovernmentofIndia,discussed
the impact of startups, noting
that they have generated
employment for over 25,000
people, including more than
15,000 women. Startups have
been initiated in state schools
through the i-Hub platform, with
a sanctioned fund of one crore
rupees.The new policy, effec-
tive post-2020, aims to extend
its reach to rural areas.He high-
lighted that India has now be-
come the third-largest country
globally in terms of startup
initiatives.
The DPIIT (Department for
Promotion of Industry and
InternalTrade), responsible for
overseeing the entire startup
ecosystem in the Government
of India, highlighted the growth
of the Startup India Mission
since its launch in 2016.Initial-
ly, there were around 300 start-
ups, and the department has
since funded 129 eligible start-
ups with an initial investment of
Rs 10,000 crore.Till date, 915
startups have received over Rs
70,000 crores in funding.The
department has implemented
a Rs 700 crore seed fund
scheme as part of the Startup
India Initiative.
As of now, there are over
21,000 DPIIT-accredited start-
ups.The GEM (Government e-
Marketplace) has been inte-
grated into the portal, and it has
received more than 2 lakh work
orders, amounting to over
17,000 crores. Credit guaran-
tees are being extended by
banks,financialcompanies,and
AIFs to facilitate startups.The
Indian government is actively
developing a dedicated deep-
tech startup policy with sepa-
rate funding to foster startup
growth. Notably, the Navy is
securing large-scale orders for
defence weapons, thanks to the
contributions of startups.
Mr.Avinash Punekar, CEO
at iCreate, highlighted the
evolution of startups, noting that
in the late 1990s, the country
had only a handful of startups.
However, in recent years, there
has been a significant increase,
positioning India as the third-
largest ecosystem hub global-
ly. The favourable ecosystem
has revitalized emerging start-
ups with strong industry
support.Gujarat led the way by
implementing the country's first
startup policy, consistently sup-
porting startups for the past
three years, earning a promi-
nent position in the Global
Innovation Index.
The CEO of i-Hub, Mr.
Hiranmay Mahanta, has made
significant progress in the start-
up sector in Gujarat. In 2015,
there were only 25 startups in
the state, which has grown to
over 9,000 startups today.The
Gujarat government's startup
policy is proving to be effective
in accelerating startups. New
jobs are being created in every
sector due to these startups.
During the COVID-19 pan-
demic, one unicorn was being
created annually, which has in-
creased to one unicorn per
week.Five unicorn companies
have started in Gujarat, the first
of which is a student led
startup.
The topic of making India an
‘Atmanirbhar’ nation through
startups was discussed in an
open dialogue.The panelists in-
cluded the Department of Com-
merce and Industry along with
DPIIT's Joint Secretary
Sanjeev Iyer, Switzerland's
JPEG Convener Prof. Dr.
TouradjEbrahimi,UnitedStates
- IBM Security Specialist Mr.
KrishnaYellepedyi,FormerVice
President of the United States
Dr. Piyush Desai, Portland's
ClearVisits' Mr.Gregory Maur-
er, NITI Aayog Chairman, and
Mission Director of Atal Inno-
vation Mission (AIM) Dr. Chin-
tan Vaishnav, along with other
experts.
In the second session, a lec-
ture was held on creating the
necessary ecosystem for
nation-building, with the pres-
ence of notable figures such as
Additional Industries Commis-
sioner (IAS) of the Gujarat
Government, Shri Kuldeep
Arya, and Managing Director of
GMDC, Mr. Rupvantsinh,
alongside students and
entrepreneurs.
22
>
MUMBAI | SATURDAY, 13 JANUARY 2024 1

Davos-bound squad aims Atell-allacrossgenderdivide

is notching up its green credentials with
hydrogen projects in the United
Kingdom and plans a $4 billion steel
plant in Saudi Arabia, will have

to turn spotlight on India

Prashant Ruia steering the ship at
Davos, officials say.
India Inc is in a cheerful mood fol-
lowing a World Bank report last week,
which maintained a growth projection
of 6.4 per cent for the next financial year,
TophonchosfromIndiaInc,finance,govtheadingtoWorldEconomicForum fuelled by strong domestic demand, ris-
ing public infrastructure spending and
strong private sector credit growth.
BS REPORTERS
Mumbai, 12 January
THE The banking and finance sector,
meanwhile, will be led by RBI Governor
DAVOS Shaktikanta Das. Among others who
SAURABH SHARMA
“Mydesiretobeapartof
[fellowqueerpeople’s]
worldwassimultaneously
overshadowedbythefear
BOOKS thatmyparentswould
reprimandmeformy
& IDEAS associationwiththem,”
writesSantaKhuraiinher
no-holds-barredmemoir
TheYellowSparrow.Expertlytranslatedfrom
chronicledtheeventsofmylifeinthesimplest
manner.”What,however,isobviousinher
writingstyleisanindeliblemarkoftheoral
traditionandmyth-historiesfromherregion,
asthereareseveralstoriesinvokingthe
supernatural,resultinginaneccentricmemoir.
Khurainotesthatshetookmanyexcursions
tohergrandmother’splace,whichiswhereshe
met“homos”.Shebegansocialisingwiththem
despitethefearofbeingreportedtoher
parents.Easilyoverlookedbutcrucialtonote
hereisthatifyouwanttobeyourownperson—

T GUEST
he coming week will begin with
the world’s who’s who descend-
ing on Davos as the annual
World Economic Forum (WEF) kicks off
amid geopolitical challenges. The list of
attendees heading to the picturesque
Swiss Alps from India is robust, and its
agenda includes projecting the country
as a bright spot at a time when the world
is contending with a moderating econ-
omy and two wars that show no signs
of ending.
“There are geopolitical challenges,
but those don’t affect India that much.
India is in a bright spot,” says Nadir
Godrej, chairman of Godrej Industries,
who will be attending the forum. Also
bound for Davos are Minister for
Railways, Communications, Electronics
& Information Technology Ashwini
Vaishnaw, Reserve Bank of India (RBI)
Governor Shaktikanta Das, and indus-
try honchos such as Gautam Adani,
Sunil Mittal and Sajjan Jindal.
Joining the lineup will be minority
affairs minister Smriti Irani and petro-
leum and natural gas minister Hardeep
Singh Puri, who will showcase India’s
LIST
Ashwini Shaktikanta
Vaishnaw Das
Gautam Adani Sunil Mittal Sajjan Jindal
growth story. The tech squad will be rep-
resented by, among others, Wipro
Executive Chairman Rishad Premji and
Tata Group Chairman N Krithivasan explains. For India’s largest
Chandrasekaran, who is also chairman
of TCS. “Davos is an important event
for us. It is an opportunity to talk to our
customers more,” says K Krithivasan,
chief executive officer (CEO) and man-
aging director (MD), TCS. It is a platform
that offers an opportunity to engage
with more CEOs than chief information
officers (CIOs), he adds.
Smriti Irani Natarajan
Chandrasekaran
n Dinesh Khara
n Prashant Ruia
n Nadir Godrej
n Rishad Premji
n Ajit Gulabchand
n Sanjiv Bajaj
“It gives us an idea of how they are
looking at business, and where they see
the value of cloud and generative AI,”
software exporter, Davos acts as “an
important source to understand how
the business looks at technology” and
sustainability. For the Adani group,
which is armed with a colossal invest-
ment plan of ~7 trillion over the next
decade, it also offers a chance to scout
for opportunities overseas.
Meanwhile, the Essar Group, which
have confirmed that they are Davos
bound are State Bank of India Chairman
Dinesh Khara, Bajaj Finserv Chairman
and MD Sanjiv Bajaj, Axis Bank MD &
CEO Amitabh Chaudhry and Bajaj
Allianz Life Insurance MD & CEO
Tarun Chugh.
“This will be my 34th visit to the
event,” says Ajit Gulabchand, chairman
of construction major HCC.
“Infrastructure [development] is an
important agenda for the country,” he
adds. Meanwhile, the Russia-Ukraine
war is expected to be on the top agenda
this year as well. The Israel-Gaza con-
flict, too, will be discussed at the forum,
which will run from January 15 to 19.
US Secretary of State Antony Blinken
and French President Emmanuel
Macron are slated to attend.
In an increasingly divided world,
this year’s theme, “Rebuilding Trust”,
echoes the one chosen for 2022:
“Working Together, Restoring Trust”.
Dev Chatterjee, Sharleen D’Souza, Shivani
Shinde, Asit Ranjan Mishra and
Manojit Saha contributed to this report
ManipuribyRubaniYumkhaibam,thetitleof
thebookisinspiredbyanarrativepoemKhurai orientation—yourmovementsarepoliced.
wroteinherteensaftera“bitterdisagreement
with[her]father”.Underthemangotreeofher
courtyard,shesawawoundedand“different”
sparrow.Itscompanionsflewaway,
abandoningher,whichinspiredKhurai
toseesimilaritiesbetweenthesparrow
andhersituation.
Asayoungperson,Khuraiknewthatshe
didn’tidentifywiththegendershewas
assigned.Butasisthecasewithanyqueeror
transperson,ittakessomeone
fromtheoutside—not
necessarilyasparrow—to
realisethattheycanbewho
theywant.Itwasanarrayof
peopleshecalls“homo”—
derogatoryslangforqueer
people—whichsheownsin
hermemoirandmakesintoan
identitythathelpedher
formacommunity.
NupiMaanbis,as
transwomenarecalledin
Manipur,werealsoreferredto
as“homo,”fortheir“feminine
nature”.However,there“were
countlessdifferencesbetween
[her]lifeandexperienceasa THE YELLOW SPARROW: MEMOIR
irrespectiveofyourgenderidentityorsexual
Thissocietalsurveillanceresultsinalienation,
agapthesizeofaworldthatqueerandtrans
peopleinparticularfillbybuildingtheirown
universe,theirchosenfamilies.
Theideaofworld-buildingchampionedby
AkwaekeEmeziintheirgenre-defyingmemoir
DearSenthuranisreflectedinKhurai’swork,
too.However,herbookworkisnotfullofstories
oftrauma.Shebreaksawayfromthisoverdone
traditionofqueerstorytelling,fillingherwork
withhumoroustales.Be it her
transition story, which is at once
joyous and heart-rending to
read, or her naïve belief that
America would be a dream
world in which to live,
innocence guided her and she
listened only to her heart. Of
course, her choices attracted a
fair share of bad experiences,
but a girl wanted to dream.
Movies definitely played
a role here.
She was obsessed with Julia
Roberts in PrettyWoman (1990)
and grooved on ItMustHave
BeenLove by Roxette, looking
for someone who could make

‘India remains a bright spot amid geopolitical tensions’

OF A TRANSGENDER WOMAN
womanandsociety’s her feel like the woman she
conceptionofawoman,”as Author: Santa Khurai wanted to be. That did happen
Khuraiwrites.Interestingly, Translator: Rubani but didn’t last long because
Ahead of the World Economic Forum (WEF) in Davos, NADIR GODREJ, yourcarbonemissionsisto spreadstoLebanonorIran. evenwokesocietydoesn’t Yumkhaibam insecurity and heteropatriarchy
the chairman of Godrej Industries, talks about India remaining in a reduceyourenergyuseand Thewholeworldcouldbe consideranyoneidentifyingas made the men she met rethink
better position despite the ongoing geopolitical tensions. In an thatisveryeconomical.We affected.Butasofnow,India awomantobeawoman. Publisher: Speaking Tiger their choices. Unlike these men,
exclusive interview with Sharleen D’Souza, he also speaks about partakeinthatalot.Weare doesn’tseemtobeadversely Forexample, Nigerian Price: ~499 Pages: 295 she didn’t want to rethink
the risks that the world might face if the Israel-Hamas conflict workingonaprojectto affected. writerandwinnerofthe2007 her choices.
escalates. Edited excerpts: developbambooassolidfuel Women’sPrizeforFictionfor Here’s a powerful sentence
andseeafutureinthat.Itis What are your expectations HalfofaYellowSun,ChimamandaNgozi that captures her determination: “To conform
What is the mood in your greenenergy.Someofitis nowcheaperthancoaland from the upcoming Budget? Adichieranintotroubleearlyin2021forher to society’s expectations, at the cost of
group before your trip solar,alotofitis couldbetheanswer What is your biggest worry as trans-exclusionaryfeminism.Manycontinue banishing my own self and the desire
to Davos? biomass.Ourlarge toalotof an entrepreneur? tobuyherideathatonehastobeassignedthe ingrained in my blood, was a form of slavery to
Therearegeopolitical continuousplanis environmental Thegovernmenthashada genderthattheyarebornintotobeamanora me.” She was born into a freedom she had
challenges,butitdoesnot todobiomass problems.Itcanbe verygoodinvestmentpattern. woman,erasingaspectrumofgenderidentity created for herself, and she conducted herself
affectIndiathatmuch.India cogenerationand grownon Thatwillprobablyslowdown andtakingawayagencyfrompeopletochoose thus. It took Khurai several years to come to
isinabrightspot. wefindthatvery wastelands. aftertheelection.Ithink toidentifythemselvesdifferently.Khurai’s this conclusion and describe the world she
greenand
NADIR GODREJ graduallytheprivatesector assertionofheridentitywasnotonlyadefiance inhabited, and share her dream of a world she
What is the update on the economical.It Chairman, Why has India willcontinuetoinvest,unless ofsortsbutalsoacourageousstandforliving desires— where everyone can be who they
group’s investment in energy savescostsandall Godrej Industries become a favoured impact growth? wehaveamajorgeopolitical herlifeasshewantedinavolatileenvironment, want to be.
transition? companiesfocus investment Therecouldbesomeimpact, crisis.Asanentrepreneur, riddledwithmilitancyandthearmedforces’ Hopefully,shewillinspiremanyothersto
Inenergytransition,weare onitbecausethereturnson destination for global butrelativelysmallforIndia, geopoliticalcrisesand brutal,oppressivepresence. telltheirstoriesasunabashedlyasshedoesin
notundertakinganylarge investmentsmadeinenergy investors? Do you think unlessthesegeopolitical seeminglyweakening Shewrites,“InwritingthismemoirIhave thisbook.
projects.Butwithinthegroup, efficiencyareverygood. geopolitical events like the crisesexpand—forinstance, democracyallovertheworld notborrowedstyleandcontentfromthe
wearetryingtotransitionto Thebestwayofcontrolling Israel-Hamas conflict would iftheIsrael-Hamaswar remainworrisome. writingsofotherauthors.Rather,Ihave The reviewer is a Delhi-based writer.

    



$493$.%3
3 $&$4 


      
 
 

!,3 3*4"3%)).3 '3).%3'4.3 7+$4.3 $%%/3)&+)7'3 *333 .!3 7&$33 ::3:*503&$%3.%$49$.%+$4%,)&0%,3-(*#66# 521:::0
8,3-(*#66# 521622,