MONDAY, 13 MAY 2024

16 pages in 1 section www.business-standard.com

NEW DELHI
~13.00
VOLUME XXXI NUMBER 22

How markets performed last week

% chg over Dec 29, ‘23
Index on *One- --————————————————————————————————————————————————————————

May 10, ‘24 week Local currency in US $

Sensex 72,664 -1.6 0.6 0.2
Nifty 22,055 -1.9 1.5 1.1 COMPANIES P2 WORLD 8
Dow Jones 39,513 2.2 4.8 4.8
Nasdaq
Hang Seng
16,341
18,964
1.1
2.6
8.9
11.2
8.9
11.2 SEEING GREAT INTEREST IN AI, GENAI FROM A FIRST: CHINA CREDIT
CLIENTS: ACCENTURE INDIA BIZ LEAD SHRINKS IN APRIL
Nikkei 38,229 0.0 14.2 3.4
FTSE 8,434 2.7 9.1 7.3
DAX 18,773 4.3 12.1 9.3
#As on May 9; *Change (%) over previous week Source: Bloomberg P U B L I S H E D S I MU L T A N E OU SL Y F RO M AHM ED AB AD , BE NGA LU RU, BH OPAL , BH UB ANES W AR, CHAND I G ARH , CH ENNAI , HY D E R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU M BA I , N E W D E L H I AN D P U N E

96 LOK SABHA, 203

ASSEMBLY SEATS GO
PUBLIC PROCUREMENT NORMS
Crypto firms bank on
TO POLLS TODAY
Ninety-six Lok Sabha
Govt may hike local fair play as Binance
content requirement logs into FIU-IND
constituencies and 203
Assembly seats in 10
states and UTs will vote
in the Phase-IV of the
elections on Monday.
BATTLEGROUND Some of the important AJINKYA KAWALE
2024 contestants in the fray
include Samajwadi
ASIT RANJAN MISHRA & DHRUVAKSH SAHA
New Delhi, 12 May MAKE-IN-INDIA PUSH Pune, 12 May

Party chief Akhilesh Proposed exemption list for The regulatory gap between crypto firms reg-

Yadav (Kannauj), Janata Dal (United)’s Rajiv
Ranjan ‘Lalan’ Singh (Munger), and AIMIM’s
Asaduddin Owaisi.
KEJRIWAL SETS BALL ROLLING,
TURNS UP THE HEAT ON BJP
Correction
The headline of the report on changes in
the Indian population’s religious
composition 1950-2015, published on
Saturday, was wrong. The correct headline
should be “How has the population’s
religious composition changed? Many
interpretations.” The error is regretted.
ON
SPECIALS MONDAY
BANKER’S TRUST
What ails public
sector banks?
Two books written by public sector
bankers flag symptoms that range from
seemingly small episodes to serious,
reputation-ruining actions.
TAMAL BANDYOPADHYAY writes 15 >
STATSGURU
Falling foreign ownership
THE SMART INVESTOR
Futile to link market
moves with poll-related
jitters: Nilesh Shah 10 >
ECONOMY & PUBLIC AFFAIRS P6
SBI looks to hire over
15,000 this year
State Bank of India (SBI) is planning to recruit
over 15,000 in FY25 for deployment in the
operations subsidiary, for expanding branch
network, replacement for those retiring and
increasing strength on the field for
marketing. The operations subsidiary, State
Bank Operations Support Services,
commenced operations last year. The
country’s largest lender is also planning to
open 300 new branches in the current
financial year as against 139 opened in FY24.
T
he government is planning
to tweak its procurement
4> policy to give a fillip to
domestic manufacturing.
The industry department has floated
P4 a proposal to raise the minimum local
content requirement for public pro-
curement for Class-I and -II suppliers
from 50 per cent currently to 70 per
cent, and 20 per cent as of now to 50
per cent, respectively.
However, it has suggested exempt-
ing defence production, electronics
and information technology, telecom-
munications, mines, railways, power,
ports, and shipping & waterways from
the enhanced limits, a senior govern-
ment official told Business Standard,
requesting anonymity.
“The inter-ministerial consulta-
tion process is on. The departments
and ministries have been asked to
send responses to DPIIT (Department
for Promotion of Industry and
Internal Trade). The proposal will
need Cabinet approval and will most
likely be taken up by the next govern-
ment,” the official added.
An email query sent to DPIIT
remained unanswered till press time.
At present, firms that produce
15 >
‘Want proposed acquirers to be
more responsible to Religare’
DEV CHATTERJEE
Mumbai, 12 May
Value unlocking by Religare
Enterprises, which is engaged in a
takeover battle with the Burman
family, is stalled due to the “irrespon-
sibility” of the acquirer, said Rashmi
Saluja, the company’s chairperson.
“We want proposed acquirers to
be more responsible towards other
shareholders and help us unlock the
value of the company. The manage-
“ THE VALUE OF SMALL SHAREHOLDERS IS GETTING
ERODED AS OPEN OFFER PRICE DOESN’T REFLECT THE
TRUE VALUE AND POTENTIAL OF THE COMPANY”
RASHMI SALUJA, chairperson, Religare
public procurement: istered with the Financial Intelligence Unit-
India (FIU-India) and unregistered offshore
Defence production entities is expected to narrow, industry players
Electronics and said, after global crypto players Binance and
information technology IMAGING: AJAY MOHANTY
KuCoin received approvals to register with
Telecommunications India's anti-money laundering unit.
Mines
FIU-India is expected to lift the ban on
Binance, the world’s largest crypto exchange,
Railways
after completing due diligence, a top govern-
Power & ports ment official said on Friday.
Shipping & waterways It had, however, lifted the ban on another
offshore crypto exchange KuCoin in March
THE PATH AHEAD
Sectors that may Consumer goods Automobiles Chemicals after imposing a penalty of ~34.5 lakh. India to have 48 registered crypto entities
be impacted: Pharmaceuticals Steel Some industry players welcomed the move after KuCoin, Binance register
by the regulator, saying it gives the much-
Registration of offshore firms to provide
PAGE 6 CHINA INDIA'S LARGEST TRADING PARTNER IN FY24 needed credibility boost for the crypto indus-
try, but others are concerned that the entry of better data insights to agencies
these global players may impact business. Some firms expect trading volumes to dip
goods, services, or works with at least pliers for a specific requirement. “From an ecosystem point of view in India, after Binance gets final nod
50 per cent local content are called “It is a positive move for Make In when players come under a department or a
Others suggest volumes will grow as India
Class-I local suppliers. They are given
the highest preference in public pro-
India. We will implement it as and
when it is notified,” Government e-
regulator it is a good (move) since activities
happening on the platforms are monitored,” is a growing crypto market
curement. A Class-II local supplier's
goods, services, or works have 20-50
Marketplace (GeM) Chief Executive
Officer P K Singh told Business
said Sumit Gupta, co-founder and CEO of
CoinDCX, a crypto exchange platform.
per cent local content. A non-local Standard. Gupta added it is important for offshore explained.
supplier is one with less than 20 per Former industry secretary Ajay platforms operating in the Indian market to “There is enough transparency when it
cent local content. This class is gen- Dua said that over time, the mini- follow the law of the land. comes to reporting. “The FIU has told the
erally the least preferred in public pro- mum threshold had to be increased “There was regulatory arbitrage earlier. industry what is expected from them, and the
curement under the Public to promote local industries and This meant that there were domestic Key Responsibility Areas are clear for both
Procurement Order, unless there are increase the contribution of manufac- exchanges that were proactive and registered Indian and foreign exchanges. If people do
no available Class-I or -II local sup- turing to GDP. Turn to Page 6 > with the FIU, but only if these companies were not follow the rules, they will face the con-
registered, and others didn’t, a gap was sequences,” said Rajagopal Menon, vice-pres-
created. With their (KuCoin's and Binance's) ident of WazirX, a crypto exchange platform.
registrations, the gap will narrow,” he Turn to Page 2 >
ment can’t help in getting a fit and The open offer was made at
proper tag from the regulator, and the around ~235 a share, but the Religare
ball is in their court,” Saluja said. board has rebelled against the
The Burman family, the pro- Burman acquisition, saying the
moters of the Dabur group, offer does not reflect the true
made an open offer in value of the company.
October last year to acquire
an additional 26 per cent
“Though the open
offer didn’t disturb the
stake in Religare, and the way we run the com-
regulators have not yet pany, the value of
cleared the open offer. small shareholders is
Religare shares closed at getting eroded as the
around ~212 on Friday. open offer price
doesn’t reflect the
true value and
potential of the
company.” she
said. Turn to
Page 2 >

INDIA’S
GOVT YET TO PULL
Despite India’s renewables push, THE PLUG ON
#
MOST TRUSTED
COVID VAX DRIVE
it’s fossil, fossil burning bright Only 14 sites across the
country are now
FINANCIAL SERVICES
BRAND 2024#
#TRA’s Brand Trust Report *MUTHOOT FINANCE AND ITS SUBSIDIARIES.**T&C APPLY.

conducting Covid-19
SHREYA JAI
BEHIND THE CURVE vaccination even as the +
2.5oLmaerskSherv
New Delhi, 12 May Centre is yet to pull the plug ed
on the drive. Sources told Cust
Despite a four-time jump in the country’s Business Standard that no Every Day
renewable-energy capacity since 2014, the clear decision has been
mainstay of power supply in India
continues to be coal-based thermal power.
taken yet on closing down
the vaccination drive. 6300+
The installed capacity of green-energy SOHINI DAS writes 18 > Branches*
sources, chiefly solar and wind, grew to 136 PAN India
gigawatt (Gw) in March 2024 against 35 Gw
in March 2014.
% share of installed capacity % share in electricity supply
A-I INT’L CARGO
But its contribution to electricity
supply has increased to only 12 per cent to BIZ TAKES WING,
date, the data analysed by Business
Standard showed.
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Refer and
The international cargo Win
Its technical limitations restrict the
share of renewable energy in the operations of two major
carriers — IndiGo and Air
Online Payment Refer and Win
electricity grid. Get Gold Loan at Home Facility
With a record hot summer and with India group (Air India and Gift Voucher**
unprecedented weather events feared this Vistara) — are experiencing
year, India’s grid operators are falling back opposite trajectories despite
on coal. both the airlines expanding
their international flight
Scan to watch
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The plant load factor (PLF) for renewable ‘Bharosa India Ka’ muthootfinance.com
energy is in the range 16-18 per cent and *Renewable energy; sources: National Power Portal, **Till Feb 2024; sources: Central Electricity Authority,
offerings over the past year.
thermal is 70 per cent. Turn to Page 6 > Central Electricity Authority GRID India DEEPAK PATEL writes 2>
2 COMPANIES
>
NEW DELHI | MONDAY, 13 MAY 2024

IN BRIEF
Auditor of Zomato Hyperpure, ‘Seeing great interest in AI, GenAI from clients’
Blink Commerce resigns As the largest information and technology services provider, Accenture is at the forefront of helping customers navigate
the challenges of cost pressures and finding new revenue streams. India is a key talent hub for Accenture comprising
scaling new technologies such as
generative AI to achieve a new
GenAI is rapidly evolving and is
still in the early stages of maturity
Zomato on Sunday said the auditor of its subsidiaries about 300,000 of its total headcount of 742,318. SANDEEP DUTTA, senior managing director and lead – India Business, performance frontier. We are and adoption.
Zomato Hyperpure and Blink Commerce had Accenture, in an e-mail interview with Ayushman Baruah, talks about the challenges faced by clients and how seeing steady progress across We are seeing great interest in
resigned with immediate effect, paving the way for technologies like generative artificial intelligence (GenAI) can help them stay ahead of the curve. Edited excerpts: both categories. AI and GenAI across industries
the food tech platform's auditor Deloitte Haskins & To reinvent enterprises with from our clients.
Sells to be appointed in its place to make the audit What are some of the challenges optimistic about the future and skills, and ways of working, have GenAI, leaders need to be value-led Our research shows that 80 per
process more efficient. Batliboi & Associates, who was being faced by companies across spending on technology-led rein- outpaced the rest with their average in every business capability they cent leaders in India view GenAI as a
appointed as statutory auditors of the two wholly-owned industries in India today? vention, they need to take a more profit margin 5.6 percentage points choose. Too many companies have top lever for driving revenue growth,
subsidiaries resigned with effect from May 12, Zomato said in a Companies across the world are strategic and long-term view of their higher between 2019 and 2022. As pilots and PoCs with no C-suite- reaffirming that companies will
regulatory filing. Zomato said the reason for resignation was to facing unprecedented levels of technology investment strategy. more companies realise the value of approved mechanism to evaluate continue to make technology
allow for the appointment of the current statutory auditor of the change. According to an Accenture new technologies on profitability business value. investments to stay relevant.
company, Deloitte Haskins & Sells LLP, as the statutory auditor of survey, the rate of change affecting With pressures on IT budgets, and growth, they are keen to use
Zomato Hyperpure and Blink Commerce. PTI businesses has risen 183 per cent over are companies willing to them at scale across the Which industries are showing
the past four years and 33 per cent invest in new technologies enterprise. maximum interest when it comes to
last year alone. This disruption isn’t such as GenAI? GenAI adoption?
Not in ‘rat race’ to be top builder limited to issues like geopolitical
unrest or widespread inflation.
As businesses navigate the
current macroeconomic
Are these investments
towards proof-of-
Today, GenAI has sparked interest
from companies across industries.
in sale bookings: Macrotech MD Technology was the number one
reason for disruption on the back of
environment, they are
looking at technology to SANDEEP DUTTA
concepts (PoCs) or have
they moved towards
Consumer-facing industries such as
banking, consumer goods and
Realty firm Macrotech Developers is not in a "rat race" to become advances in GenAI. Some of the key tide over their business Senior Managing actual implementation? services, retail, telecom, media, and
the top builder in terms of sale bookings and will rather focus on challenges faced by companies challenges. We are seeing Director and Lead – Currently, there are two auto are seeing higher interest levels
India Business,
achieving consistent and predictable growth with high-profit across industries in India include companies continuing to
Accenture
sets of companies in India at the moment. Legacy industries
margins, its Managing Director and Chief Executive Officer cost pressures, scaling the use of new prioritise investing in large- when it comes to adoption such as energy, mining, utilities are
Abhishek Lodha said. Macrotech Developers, which markets its technologies such as AI, GenAI, and scale transformations that may lead of new technologies such as GenAI. also actively exploring the potential
properties under Lodha brand, registered 20 per cent growth in its automation, and finding new to revenue growth at a slower pace The first set comprises companies and value of their businesses.
sale bookings (pre-sales) to a record ~14,520 crore last financial avenues of growth, and talent among while limiting discretionary that is still in the PoC stage and
year from ~12,060 crore in 2022-23. It has given guidance of others. To succeed in the next decade spending in smaller programmes. exploring options before going all in. In the second quarter, Accenture
achieving 21 per cent annual growth in sale bookings this financial and weather new highs of disruption, Despite all the constraints, The second set is those that have a secured $600 million in GenAI
year to ~7,500 crore. Lodha said the company had maintained for companies need to embrace an companies across industries realise robust digital core and data projects. How does your
the past two-three years that it would target consistent 20 per accelerated and continuous that technology is key to reinvention foundation and are working towards deal pipeline look?
cent annual growth in its sales bookings. PTI reinvention strategy, rooted in data, and growth. We are working with
AI, and new ways of working. Skilling several companies to help them
will play a crucial role in bringing the reinvent their business and gain a WE ARE WORKING WITH SEVERAL COMPANIES
FPIs withdraw ~17,000 crore strategy to life and fully leveraging
the potential of emerging
competitive edge using new
technologies such as GenAI. Our
TO HELP THEM REINVENT THEIR BUSINESS AND
GAIN A COMPETITIVE EDGE USING NEW TECHNOLOGIES,
from equities in May till now technologies like GenAI for business.
While Indian businesses are
research found that companies that
had invested in new technologies, SUCH AS GenAI”
Foreign investors pulled out a massive ~17,000 crore from Indian
equities in the first 10 days of the month owing to general elections
and the uncertainty surrounding its outcome coupled with

A-I global cargo biz takes Tata Power to sell

expensive valuations and profit booking. This was way higher than
a net withdrawal of ~8,700 crore in the entire April on concerns
over a tweak in India's tax treaty with Mauritius and a sustained
rise in US bond yields. Before that, FPIs made a net investment of
~35,098 crore in March and ~1,539 crore in February. While FPIs may
green energy to
wing, not so for IndiGo
adopt a cautious stance until the election results are clear,
favourable outcomes and established political stability could see
their return in huge numbers, said Trivesh D, COO at Tradejini. PTI
group cos, MNCs
Maruti expects 30% jump IndiGo’s narrowbody aircraft do not offer adequate space for cargo SHREYA JAI Sinha said.
in CNG vehicle sales in FY25 DEEPAK PATEL
New Delhi, 12 May The Union Ministry of
Power recently amended the
Maruti Suzuki India expects its Compressed natural gas (CNG) car
sales to rise over 30 per cent to around 600,000 units this financial
New Delhi, 12 May
REACHING Tata Power, the power gener-
ation, transmission, and dis-
‘group captive’ regulations,
stating that a captive power
HEIGHTS
T
year, according to a senior company official. The country's largest he international cargo operations tribution company of the Tata user in a group captive struc-
carmaker also aims to export around 300,000 units in this financial of two major carriers — IndiGo Group, is engaged in active ture must hold a minimum of
year. "So CNG, this year, we did about 450,000 (units) in passenger and Air India Group (Air India and discussions with group com- 26 per cent stake in the captive
vehicles. We are hoping to do something like 600,000 vehicles in Vistara) — are seeing opposite trajectories panies to supply green energy generating plant. A captive
FY25," Maruti Suzuki India Executive Director Corporate Affairs Rahul despite both the airlines significantly solutions to meet their energy power plant is set up mostly
Bharti said in an analyst call. The company sells CNG trims across expanding their international flight offer- demand. The company, which by C&I users for their electric-
various models like WagonR, Brezza, Dzire, and Ertiga, among ings over the past year. has decided to only invest in ity usage, given their high
others in the domestic market. On overseas shipments, Bharti said During the fourth quarter of 2023-24, renewable energy (RE) proj- demand and specific supply
the company aims to export about 300,000 units. PTI IndiGo's international non-passenger ects, is also in talks with var- requirements. The amended
cargo business declined to 6,848 tonnes. ious commercial and indus- rules paved the way for com-
This is an 18.2 per cent year-on-year International non-passenger cargo carried in Q4 (in tonnes) % change (Y-o-Y) trial (C&I) customers to panies to set up group captive
Anarock FY24 revenue rises (Y-o-Y) decrease, according to data
from the Directorate General of Civil
n2022-23 n2023-24
IndiGo 8,374
provide customised green
energy solutions.
plants through their subsidi-
aries. This helped them avoid
-18.2
36% on higher earnings Aviation (DGCA), as reviewed by
Business Standard.
6,848 Speaking with Business
Standard over a telephone
the charges that the state-
owned power distribution
Airline

27,865
Anarock Group has posted a 36 per cent increase in its revenue to IndiGo executives told Business Air India 34.8 call, Praveer Sinha, managing firms levied on captive users.
~566 crore in the last financial year, helped by better earnings Standard that demand exists, but its nar- 37,569 director and chief executive Sinha said their expertise
from housing brokerage and other services. During 2022-23 (FY23), rowbody aircraft lack much cargo space
Vistara 4,777 officer of Tata Power, said they in the transmission and distri-
101.0
the company posted a revenue of ~416 crore. Homegrown Anarock after accommodating all passenger bag- 9,602 Source: DGCA would provide integrated bution segment would also
was established by Anuj Puri in April 2017 after serving as country gage. “We carried about 3 million inter- green energy solutions to C&I come in handy in the offering.
head for 10 years in an international property consultancy firm. In national passengers in Q4 of 2023-24, customers. “There are a large “We are all across the supply
an interview with PTI, Anarock Chairman Anuj Puri said, "Real which was about 25 per cent more than rise in international passenger flights of added new routes, destinations, and number of companies who chain. We are in solar, battery,
estate markets, particularly residential, across cities, are doing the corresponding period in the previous IndiGo as well as Air India and Vistara. capacity. This provides businesses with want to replace their existing pumped hydro, transmission
well with sales and launches at a 15-year high." Inherently, he year. Our overall weight load factor has In April, IndiGo operated approx- greater international connectivity for the energy supply with RE. We are and distribution. We cannot
said, this is being driven by a younger working population also gone up, which shows that our space imately 1,402 international flights per goods. Deploying additional widebody in discussion with large com- just supply green energy, we
wanting to buy their first home rather than rent it. PTI utilisation is improving. But it also means week, marking a 19 per cent Y-o-Y increase, aircraft on some domestic routes has panies including multina- can also offer energy planning
that we do not have much space left for according to aviation analytics firm opened up a greater belly for cargo space tionals. We are also in active and load management solu-
non-passenger cargo,” an airline execu- Cirium. Air India operated around 956 on passenger flights. We have also discussions with companies tions to C&I customers. We are
Former Business Standard tive said. Weight load factor is the ratio
of actual weight to maximum capacity
international flights per week in April, a
15.7 per cent increase. Vistara operated 354
strengthened our distribution network
globally with Road Feeder Service (RFS)
within the Tata Group, includ-
ing the new ones which are
not just an energy solutions
company, we are an energy
resident editor passes away on an aircraft.
The robust demand is underscored by
international services per week, a substan-
tial 47.5 per cent increase. An IndiGo
and interline partnerships, solidifying our
presence in key international markets,”
coming up,” Sinha said.
The company will look at
management company. This
is our USP,” said Sinha.
Journalist Palakunnathu George Mathai, who was resident editor data from the Airports Authority of India spokesperson said: “We have had a strong the spokesperson noted. the ‘group captive’ route He said the company
of the Mumbai edition of Business Standard for about five years (AAI), revealing that a total of 571,895 year for IndiGo CarGo with significant Air India has actively improved within the Tata Group. “Even would also offer carbon credit
from 2000 to 2005, died on Sunday at the age of 77, after a tonnes of air cargo were transported to and growth in overall tonnage in Q4 (Y-o-Y), engagement with freight forwarders and for non-Tata companies, we on their green power sale to
prolonged illness. He is survived by his wife, Dr Leela Mathai, and from India in the fourth quarter of 2023- even though the international cargo busi- shippers through “enhanced” communi- are exploring this mode so that the firms that require it. This
his son. Known for his copy-editing skills, he had worked for 24, marking a 25 per cent Y-o-Y increase. ness remained flat. We are confident of cation and service levels. our customers can avoid the paper recently reported, that
many organisations including The Economic Times, India Today, Aviation industry sources said that continuing the strong growth trajectory.” “Our recent investments in advanced cross-subsidy surcharges,” there is a spurt among the C&I
and Business World. Later he joined The Telegraph. Air India and Vistara provide better serv- Last month, for the first time in its IT capabilities, including electronic data segment of electricity con-
ice and their flights cater to more far- history, IndiGo placed an order for wide- interchange (EDI), facilitate faster process- sumers to tie up green energy
flung destinations like the US and body aircraft, securing 30 A350-900s ing and better shipment tracking,” the through open access and/or
Europe. In these sectors, the cargo busi- from European planemaker Airbus at an spokesperson said. group captive after the rule

Weizmann to move court ness is increasing.

“Moreover, Air India and Vistara have
widebody aircraft that have ample belly
estimated value of $4-5 billion. This
move is significant as IndiGo, which cur-
rently operates 370 aircraft, has all nar-
A Vistara spokesperson told Business
Standard that the addition of more wide-
body aircraft to its fleet has resulted in
amendment by the Centre.
Each of the big conglomerates
in India has adopted its
against Western Union space to carry big consignments,” an
industry source said.
rowbody planes.
The airline is scheduled to receive its
increased capacity per flight compared to
narrowbody aircraft.
strategies to source green
power, outside the grid.

on trademark, logo issue Air India’s international cargo busi-

SURAJEET DAS GUPTA
New Delhi, 12 May
Mumbai-based Weizmann,
part of a diversified group, will
take to court its former part-
ner Western Union Holdings,
the American money-transfer
giant, alleging that the US-
based company has imitated
its trademark and logo.
This, its lawyers say, con-
stitutes a case of infringement
and dilution of its intellectual-
property rights. It is planning
to initiate legal proceedings
under Indian law and seek
damages. According to
Weizmann’s lawyers, the firm
adopted the brand “W” in a
bona fide manner as an iter-
ation of the first letter of the
corporate name, which dates
back to 1985. Various varia-
tions of it were also registered.
The firm has used the
brand for promoting, market-
ing, advertising its products
and services under the trade-
mark and has earned goodwill,
especially in the financial sec-
tor. But the lawyers say its
client learned Western Union
Holdings had applied for a
similar mark in the Delhi reg-
istry and it was being used in
advertising and social-media
pages, among other things.
In court, Weizmann will
seek Western Union cease and
desist from both physical and
online usage of the trademark,
withdraw the application
made for the registry in Delhi,
destroy all merchandise or
articles bearing the same or
identical marks, and remove
references to the marks in its
websites, apps, and emails,
among other things.
A spokesperson for the
Weizmann group, with inter-
ests in textile processing, fin-
tech, and renewable energy,
said: “Our company is com-
mitted to safeguarding its
trademark rights. We have
almost completed gathering
all essential information and
will initiate legal proceedings.”
A spokesperson for
Western Union said: “At this
time, we do not have any com-
ments to provide.”
ness surged to 37,569 tonnes in the fourth
quarter, reflecting a substantial 34.8 per
cent rise. Even Vistara’s international
cargo business surged to 9,602 tonnes
during the same period, a whopping 101
per cent rise.
IndiGo’s decrease in international
cargo business coincides with a notable
> FROM PAGE 1
Binance...
Last week, Vivek Aggarwal,
director of FIU-IND, and the
additional secretary in the
Department of Revenue, said
both the entities have regis-
tered themselves with the
national agency. It comes
months after the FIU-IND
issued show cause notices to
virtual digital asset (VDA) plat-
forms like Binance and Kucoin
for non-compliance with the
anti-money laundering law.
It requested the Ministry of
Electronics and Information
Technology to block their web-
sites in the country in
December last year. However,
first widebody plane in 2027.
An Air India spokesperson told
Business Standard that the airline is
“This has also enhanced flexibility and
efficiency in meeting the rising air cargo
demand. This is especially on long-haul
Tata Power MD & CEO
Praveer Sinha said the
recording “significant” growth in inter- routes connecting India like London company would
national cargo business that is fuelled by Heathrow, Paris and Frankfurt. Leveraging provide integrated
a comprehensive strategy and several our presence in Europe, we have partnered green energy solutions
factors. with several trucking companies to to commercial and
“Over the last two years, we have strengthen our cargo network beyond the industrial customers
expanded our route network, having cities we fly to,” the spokesperson said.
when larger companies like company. We hope this year sure that other shareholders do ance and the board that has holder value,” she said.
Binance begin their operations will be better in that sense,” said not suffer. “We are growing championed the revival of the “They want to acquire the
in the country once again, Balaji Srihari, business head, organically, with a 59 per cent business over the last six years,” company cheaply, but the
some firms expect transaction
volumes to dip on their plat-
CoinSwitch, a crypto platform
in India. He explains that the
compound annual growth rate
(CAGR), and have seen
she said.
Saluja said the management
growth of the company is inev-
itable and visible to the employ-
forms. “When KuCoin resumed volumes will continue to grow increased interest from inves- wants to unlock value for share- ees and small shareholders who
ops a few weeks ago, we did not for homegrown entities since tors who are keen to seek clarity holders and “we are hopeful are losing out at the current
see a major dip. But, with crypto is an expanding market. on the status of the open offer. that a decision is taken on the market price. We have
Binance, transaction volumes They believe in the potential of lacunae in the proposal of the requested regulators to look
may go down for homegrown
firms,” a senior executive at a
Religare... the company and its growth
under the Religare Resurgence
open offer”.
“We have reached a stage of
into the matter, and they are
appreciative of our compliance
crypto firm said. “All four companies of the strategy to make the business organic growth and have as management and the board,"
After the ban on offshore Religare group are doing well an integrated financial services created a value 360-degree she said.
entities in December last year, financially, and the fraud tag on conglomerate,” she said. financial services business. So Religare, Saluja said, wants
companies said they recorded our non-banking financial com- “They (Burman family) far, 21 banks have received to go aggressive on the BFSI seg-
healthy transaction volumes on pany has gone, and the one- should decide whether they will their money back worth ment. “We are creating an in-
their platforms as customers time settlement with our remain invested or exit, though around ~12,000 crore, and we house digital solutions team for
moved towards registered, lenders has also taken place. they can remain as a share- created value for the share- broking. We also think that AI
homegrown crypto exchanges. The focus now is on unlocking holder,” she said. holders. Since the manage- is the way forward as health
“The movement in the mar- the future potential of Religare Before the open offer, ment and the board have tech, fintech picks up. We also
ket for the past four or five Enterprises,” Saluja told Religare share price was hover- revived the business, the share want to grow via acquisitions,”
months after December has led Business Standard. ing at around ~280 a share as price has risen from around ~17 Saluja said.
to greater volumes, with more Saluja said everyone has to investors were satisfied with the to around ~280 until the open
customers signing up with the take responsibility and make management team’s perform- offer, which eroded share- More on business-standard.com

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
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>
NEW DELHI | MONDAY, 13 MAY 2024 COMPANIES 3

‘Have restrained ourselves

from taking the SFB route’
CreditAccess Grameen is the largest microfinance institution (MFI) in the country with a loan Do you feel the uptick in bad loans may
book of around ~25,000 crore. UDAYA KUMAR HEBBAR, managing director (MD) and chief be arrested in FY25?
executive officer (CEO), in a telephonic interview, tells Manojit Saha that it is diversifying its We estimate that our credit loss will be
loan portfolio by increasing the share of non-micro loans and the liability book by between 1.5 and 1.75 per cent. Last year, it
raising funds internationally. Edited excerpts: was 1.52 per cent. At most, it may go up by
another 25 bps.
There was an increase in gross non- provision is always high as compared to
performing assets (gross NPAs) the industry. For FY25, we estimate The loan book is at ~25,000 crore. What
sequentially that went up to credit cost between 2.2 and 2.4 per cent. is the loan growth projection for FY25?
1.18 per cent in January-March from We estimate 23-24 per cent growth, so
0.97 per cent in the previous quarter. Do you have any plans to convert into that we can reach around ~33,000-crore
What was the reason? an SFB? of loan portfolio. The non-micro finance
It is not too big an increase. The increase We have restrained ourselves from portfolio will grow faster because of the
is about 20 basis points (bps). In the third taking the SFB route. We believe that low base. This started two years back. The
quarter, we had a serious flood there is enough opportunity in non-MFI book is at 3 per cent of the total
in Tamil Nadu. Some parts of rural India to grow. Banking is a book now. We estimate it to cross 5 per
the state have not recovered very good business and SFB is cent by March 2025. Micro finance
fully. A 10 bps increase comes also a very good business. growth may come down to 22-24 per cent.
from that area. The other 10 bps During the time to establish, Customer growth will be around 12-13 per
is a normal increase, not a UDAYA KUMAR one needs to manage the cent or 5.4-5.5 million by March 2025. We
significant one. If you see our HEBBAR business (SFB). It takes at least 5 have around 4.92 million customers now.
days past due (DPD) for 90 MD & CEO, years to make it successful.
days, it went up by 17-18 bps. CreditAccess In the meantime, we When can you achieve a ~50,000-
About 50 per cent of that is Grameen have a lot of crore loan book target?
coming from flood situations. opportunities in Our estimate is to cross the
They are paying but are unable to pay all existing businesses. We have ~50,000-crore milestone by
three instalments. Some of that may invested in technology, 2027-28. The whole industry
eventually end up with 5 bps of loss. efficiency and manpower may also cross ~8 trillion by
management. We have proven then, considering 20-25 per
Why is the credit cost higher for that we can grow well and also cent growth.
CA Grameen? deliver well. We will continue We would continue
If you see our business model, the cost of to remain relevant to our to remain around
credit is going up by 35 bps. That means customers in the current 6 per cent by
our provisions are going up a bit. Credit format. The advantage of market share.
loss (write-off) increase is just about 20 converting to a bank is it Retail finance,
bps. But credit cost has gone up by 35 bps will help raise deposits. which is the non-
because we provide according to the risk Through our concrete MFI book, will
of the geography. We estimate the losses efforts, we are grow to 10-15 per
district wise…high risk, low risk. If it is diversifying cent. MFI will be 85
high risk, we provide more. In the liabilities beyond per cent and non-
process, the 35 bps increase is because of borders and MFI 15 per cent. That
the granular evaluation. Across India, various is the trajectory we are
everybody classifies NPAs after 90 days instruments are looking at.
of non-payment. We classify NPAs after helping us
60 days, and provide for it. Therefore, our navigate the next More on business-
credit cost is little higher, because our growth phase. standard.com

BRANCH:- 55A Navyug Market,

Ghaziabad, 201001
Email- N562@indianbank.co.in
APPENDIX-IV, [Rule-8(1)] POSSESSION NOTICE (For immovable property)
Whereas undersigned being the Authorized Officer of the Indian bank under the
Sccuritisation and Reconstruction of Financial Assets ans Enforcement of Security Interest
[Act, 2002 (54 of 2002)] and in exercise of power conferred under Section 13 (12) read with
[rule 3] of the Security interest (Enforcement) Rules, 2002 issued demand notice dated
20.02.2024 calling upon the borrower Mr. Raghubir Singh S/o Mr. Sagwa Singh and
Mrs. Geeta W/o Mr. Raghuvir Singh with Navyug Market Ghaziabad eAB Branch to
repay the amount mentioned in the notice being Rs. 3,09,453/- (Rupees Three Lakh
Nine Thousand Four Hundred Fifty-Three Only) (as mentioned in demand Notice dated
20.02.2024) plus interest thereon within 60 days from the date said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and
the public in general that the undersigned ha taken possession of the property described
herein below in exercise of powers conferred on him under sub section (4) of section 13 of
Act read with rule 8 of the Security Interest (Enforcement) rules, 2002 on this the 7th day of
May of the year 2024.
The borrower in particular and the public in general is hereby cautioned not to deal with the
property ans any dealing with the property will be subject to the charge of the Indian Bank
for an amount of Rs.3,09,453/- (Rupees Three Lakh Nine Thousand Four Hundred
Fifty-Three Only) and interest thereon.
The borrower’s attention is invited to provision of sub section (8) of section 13 of the Act, in
respect of time available to redeem the secured assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
All the part and parcel of Residential Freehold DDA Build Janta Flat No. 1259,
Ground Floor, situated at GTB Enclave, Nand Nagri, Delhi – 110093, Uttar Pradesh, Total
Area 30 Sq Miter ans property in the name of Mr. Raghubir Singh & Mrs. Geeta.
East : As per site, West : As per site
North : As per site, South : As per site
Borrower & Mortgagors : Mr. Raghubir Singh S/o Sagwa Singh
Address-1 : 954, Janta Flats, GTB Enclave, Nand Nagri, Delhi – 110093
Address-2 : Flat No. 1259, DDAJanta Flats, GTB Enclave, Nand Nagri, Delhi - 110093
Address-3 : M/s Khushbu Herbal Pest Control 795, Janta Flats, GTB Enclave, Nand Nagri
Delhi - 110093
Borrower & Mortgagor : Mrs. Geeta W/o Mr. Raghubir Singh
Address-1 : 954, Janta Flats, GTB Enclave Nand Nagri Delhi – 110093
Address-2 : Flat No. 1259, DDAJanta Flat, GTB Enclave, Nand Nagri Delhi – 110093
Address-3 : M/s perfect pest Control, 954, Janta Flats, GTB Enclave, Nand Nagri,
Delhi - 110093
Guarantor : Mr. Manoj Kumar Chaudhary S/o Mr. Madan Lal
Address-1 : 795, Janta Flats, GTB Enclave, Nand Nagri, Delhi -110093
Address-2 : 954, Janta Flats GTB Enclave, Nand Nagri, Delhi -110093
Address-3 : Khushbu Herbal pest Control, 795 Janta Flat, GTB Enclave, Nand Nagri
Delhi – 110093
Guarantor : Mr. Mukesh Kumar S/o Mr. Hira Lal
Address : 790, Janta Flats, GTB Enclave, Near Nutan Vidyamandir, Nand Nagri,
Delhi – 110093
Date: 07.05.2024, Place: Ghaziabad Authorised Officer, Indian Bank

Waaree Renewable Technologies Limited RTL

Setting higher benchmarks EBITDA % EPS % PAT %

Growth Growth
for a sustainable future, Delivering
superior value for everyone 147 Y-O-Y
167Y-O-Y
168 Y-O-Y

Land Roof Water

One Stop Solar EPC Solution from Land to Asset Management

STATEMENT OF AUDITED FINANCIAL RESULTS
ST
(STANDALONE & CONSOLIDATED) FOR THE QUARTER AND YEAR ENDED ON 31 MARCH 2024
Standalone Consolidated
Quarter Ended Year Ended Quarter Ended Year Ended
Particulars
31-03-2024 31-03-2023 31-03-2024 31-03-2023 31-03-2024 31-03-2023 31-03-2024 31-03-2023
AUDITED AUDITED AUDITED AUDITED AUDITED AUDITED AUDITED AUDITED

1. Total Income from Operations 27,294.07 6,072.73 87,518.87 34,691.61 27,458.50 6,165.06 87,988.53 35,248.49
2. Net Profit / (Loss) for the period
7,151.06 2,125.84 20,029.00 7,980.95 7,154.37 1,962.49 19,840.89 7,701.42
(before Tax, Exceptional and/or Extraordinary items#)
3. Net Profit / (Loss) for the period before tax
7,151.06 2,125.84 20,029.00 7,980.95 7,154.37 1,962.49 19,840.89 7,701.42
(after Exceptional and/or Extraordinary items#)
4. Net Profit / (Loss) for the period after tax
5,278.74 1,563.84 14,893.57 5,940.66 5,418.45 1,227.53 14,804.08 5,533.27
(after Exceptional and/or Extraordinary items#)
5. Total Comprehensive Income for the period [Comprising Profit / (Loss) for the
period(after tax) and Other Comprehensive Income (after tax)] 5,286.93 1,564.03 14,871.71 5,942.40 5,426.64 1,227.72 14,782.22 5,535.01

6. Equity Share Capital 2,082.99 2,081.48 2,082.99 2,081.48 2,082.99 2,081.48 2,082.99 2,081.48
7. Reserves (excluding Revaluation Reserve)
as shown in the Audited Balance Sheet of the previous year
- 23,852.55 9,061.74 - 21,142.74 6,432.56

8. Earnings Per Share (of Rs. 10 /- each)

for continuing and discontinued operations) -
1. Basic: 5.07 1.50 14.30 5.71 5.20 1.18 14.22 5.33
2. Diluted: 5.06 1.50 14.29 5.69 5.20 1.18 14.21 5.31

Note : For and on behalf of the Board of Directors

Waaree Renewable Technologies Limited
The above is an extract of the details format of audited financial result for the quarter & year ended Sd/-
March 31, 2024 and it is not a statutory advertisement required under SEBI guidelines. The detail Hitesh Mehta
financials is available on the website of the company at www.waareertl.com Executive Director - DIN: 00207506
Place : Mumbai | Date : May 10,2024

All Figures are in Rs Lakhs except for EPS

CIN: L93000MH1999PLC120470 | Register Office:- 504, Western Edge-1, info@waareertl.com

Western Express Highway, Borivali(E), Mumbai - 400 066. | Tele No. : 022 6644 4444 www.waareertl.com
4 >
BATTLEGROUND 2024 NEW DELHI | MONDAY, 13 MAY 2024 1
In 93 seats that polled in Phase-III In 102 seats in Phase-I, voter turnout was

BATTLEGROUND 2024
of the 2024 Lok Sabha elections, better than 2019 only in nine seats. In phase-II,
voter turnout saw a rise in 40 seats of the 87 seats, the turnout improved in 21 seats
and a fall in 53 compared to 2019 and declined in 66 seats compared to 2019

EAR TO THE GROUND

With ‘Kejriwal’s guarantees’, Fiery fight on cards
AAP turns up the heat on BJP in chilli capital PHOTO: SHINE JACOB

ARCHIS MOHAN to clarify on Saturday that the party’s

New Delhi, 12 May constitution had no provision for retiring
those who turn 75.

D
elhi Chief Minister Arvind
Kejriwal spent his first 48 hours
outside jail holding two political
discourse-setting press conferences, the
first of which, on Saturday, forced the
top leadership of the ruling Bharatiya
Janata Party (BJP) to clarify that Prime
Minister Narendra Modi will not retire
once he turns 75.
The other, on Sunday, had the Aam
Aadmi Party (AAP) chief list ‘Kejriwal’s
ten guarantees’ if the INDIA bloc were
to form the government at the Centre,
which sought to project him as the ful-
crum of the alliance.
Over the last two days, Kejriwal also
took part in road shows for the party’s
candidates in Delhi, and according to
party leaders, held a tear-jerker of a meet-
ing with AAP legislators, where he
thanked them for standing by him and
keeping the party’s unity intact during
51 days he spent in jail. He also visited
his lawyer Abhishek Manu Singhvi to
thank him, and will, at the invitation of
regional parties of the INDIA bloc, cam-
paign in Jamshedpur, Lucknow, and
Mumbai.
“Kejriwal’s ten guarantees” rival
“Modi's guarantees”, with the BJP man-
ifesto, released last month, having listed
24 ‘Modi's guarantees’ and Congress’
“panch nyay”, or five guarantees each
Delhi Chief Minister Arvind Kejriwal with his Punjab counterpart Bhagwant
Mann during a road show in the New Delhi constituency on Sunday
for the five sections of the society, which
its leader Rahul Gandhi has popularised.
“I have not discussed this with my
INDIA bloc partners. I will press upon
my INDIA bloc partners to fulfill these
guarantees,” he said. Kejriwal’s guaran-
tees, which he announced at a press con-
ference on Sunday, encompass social
welfare to national security.
The Delhi Chief Minister promised
free power across the country to poor
households, committed to ensuring
quality affordable education in villages,
better healthcare, empowering the
armed forces to “free” Indian territory
PHOTO: AAP/X
under Chinese occupation, and scrap-
ping the Agniveer scheme.
At his first press conference on
Saturday, Kejriwal asked the BJP to come
clean on its succession plan since Modi
would retire, according to the BJP’s rule,
once he turns 75 in September next year.
He also alleged that the BJP was plan-
ning to replace Uttar Pradesh Chief
Minister Yogi Adityanath within two
months of the conclusion of the Lok
Sabha polls.
The BJP’s top brass, led by Union
Home Minister Amit Shah, BJP national
president JP Nadda, and others, rushed
Shah said Modi will continue to lead
the country until 2029 and beyond.
Kejriwal said on Sunday that the BJP
leaders rushed to clarify the point he
made about Modi’s retirement age but
not his assertion that Adityanath could
be replaced. Kejriwal said people will
have to choose between “Modi ki
Guarantee” and “Kejriwal ki guarantee”,
where the latter has years of credibility
attached to it while Modi had imple-
mented his guarantees only in their
breach.
The AAP chief’s objective, a party
insider said, is to set the agenda for the
2024 Lok Sabha polls in the 21 days he
has for campaigning, plans for the
Haryana and Delhi Assembly polls,
scheduled for October 2024 and
February 2025 respectively, where the
AAP hopes to be a contender and settle
the question of the division of the labour
within the party.
“We have factored in the possibility
that his incarceration, once he returns
to jail on June 2, could be prolonged. The
objective is to ensure well-demarcated
roles and responsibilities for the party’s
top leaders, such as Sanjay Singh,
Sandeep Pathak, Saurabh Bhardwaj, and
others,” a party strategist said, adding
that as a campaigner, the role of Sunita
Kejriwal would be crucial.
SHINE JACOB
Guntur, 12 May
KEY CONTEST
Locals call it a city with a fiery underbelly. It is
the pungency of the spice that welcomes an out-
sider to Guntur, a city situated around 35 kilo- ANDHRA PRADESH
metres from Vijayawada. As one moves to the
Sitaramanagar locality, home to the Guntur Guntur
Mirchi Yard, Asia’s largest dried red chilli market,
it appears as if the entire yard is painted in red. CHANDRA SEKHAR
While workers are battling heat and chillies, a PEMMASANI
fiery political battle is currently underway, as the (TDP)
state gears up for Lok Sabha polls on Monday.
Guntur constituency is home to one of the
KILARI VENKATA
richest candidates in the country — Telugu
ROSAIAH
Desam Party’s (TDP’s) Chandra Sekhar (YSRCP)
Pemmasani — who is fighting against K Venkata
Rosaiah of YSR Congress Party.
The politics of chillies also contribute to the masala products facing heat abroad, the govern-
elections as lakhs of people are dependent on ment should ensure that farmers are not using
this trade. any pesticides. “There is also a need to remove
India contributes around 43 per cent or 1.98 GST on dry red chilli like other necessary prod-

N ALL IN A DAY N Fight for the future: BJP, Cong million tonnes of chilli production in the world,
of which around 15-20 per cent comes from the
Guntur district, according to The Chillies Export
ucts. There is a spice park too in Guntur but we
don’t have any proper infrastructure there,” he
adds. On Monday, the state is set to go to polling

pull out all stops for Pune seat

Merchants Association.
TMC trying to protect culprits As the constituency goes for Lok Sabha and
Assembly polls, the concerns of chilli farmers
of Sandeshkhali: Modi and traders top the platter of politicians. The
booths to elect 175 members to the Andhra
Pradesh Assembly and 25 Lok Sabha constituen-
cies from the state. In the 2019 Lok Sabha polls,
Chief Minister YS Jagan Mohan Reddy-led YSR

Accusing the Trinamool Congress of indulging in vote-bank politics,

Prime Minister Narendra Modi on Sunday alleged that “goons of the
ruling party” were threatening the “tormented women” of
Sandeshkhali, where allegations of sexual abuse against TMC
leaders have surfaced, to protect the culprits. Modi alleged that
under the TMC rule, Hindus have become “second-class citizens” in
West Bengal and asserted that “as long as there is Modi, no one can
repeal the CAA”. Trinamool Congress (TMC) leader Derek O'Brien tore
into claims made by PM Narendra Modi , saying two videos that
have come out on the Sandeshkhali issue have exposed the
“conspiracy to malign” the state. PTI
Sonia spent more than 70% of
MP funds on minorities: Shah
Union Home Minister Amit Shah on Sunday launched a blistering
attack on the Gandhi family in its Raebareli bastion, accusing
Sonia Gandhi of “spending more than 70 per cent of her MP funds
on minorities”. Addressing a series of election rallies in Uttar
Pradesh, he alleged the Congress was talking of bringing back
triple talaq if it comes to power at the Centre. Shah asked the
opposition party and its Raebareli candidate Rahul Gandhi to
make their stand clear on triple talaq and on a Uniform Civil Code.
The Union home minister spoke at poll meetings in Raebareli,
Pratapgarh and Gonda. PTI
ABHIJIT LELE
Pune, 12 May IN THE FRAY industry is seeking relief on 1 per cent export
market fees levied by the state government. In
Congress Party (YSRCP) had won 22 of the 25
seats. During that wave as well, Guntur stayed
addition, the dip in the prices over the past two with the Telugu Desam Party (TDP). This time,
The contest for the Pune Lok Sabha seat, an years is also a cause for concern. Reddy and his team are betting big on social sec-
urban constituency, is primarily between the "Prices have dropped from ~250 per kg two tor schemes initiated by the state government
Mahayuti candidate Murlidhar Mohol represent- years back to ~140-180 per kg now for the Teja to woo voters.
ing the Bharatiya Janata Party (BJP) and his variety. If it goes down further, the business will According to an official source, through 40
Maha Vikas Aghadi rival Ravindra Dhangekar become unviable for traders and farmers. social sector schemes, the Reddy government
of the Congress. However, Vasant More of the However, the 1 per cent fees on the purchase for has reached out to 131.9 million people, distrib-
Prakash Ambedkar-led Vanchit Bahujan Aghadi exports is hurting us,” says Jugraj Bhandari, uting around ~4.56 trillion.
is no walkover. President, of the Chillies Export Merchants This includes ~2.71 trillion through 29 direct
In the run-up to the Lok Sabha polls, More MURLIDHAR RAVINDRA Association. The other varieties sold in the region benefit transfer schemes and ~1.84 trillion in
crossed over from the Raj Thackery-led MOHOL DHANGEKAR include DD, 334, Super 10 and Saarc Teja. non-DBT schemes, including loans, scholarships,
Maharashtra Navnirman Sena (MNS). BJP’s (BJP) (INC) “Guntur chilli market is Asia’s largest single house sites, PDS rice, power subsidy and distri-
Mohol has promised he will ensure the better
implementation of central government schemes
commodity market yard. In the season every day
around 150,000 to 200,000 bags arrive in the
bution of tabs to students. The key schemes by
the Reddy government include “Amma Vodi”
to improve the city’s livability quotient, with a improving infrastructure, and tackling traffic
focus on sustainable living to make Pune car- problems of the city, an IT and software services
market. The present market yard space is not
sufficient for managing these huge arrivals.
for mothers who send their children to schools,
“Rythu Bharosa” for farmers, “Vidya Deevena”
bon-free by 2050. Prime Minister hub. Dhangekar, who cut his Farmers are facing problems in drying chilli. giving fee reimbursement and YSR Sunna Vaddi
Narendra Modi, while addressing teeth in civic politics, shot into There is usually sun drying in their lands. It leads scheme for women self-help groups. "The reach
a mega rally in the city on April CONSTITUENCY prominence after he won the to contamination by huge pesticides and also of these schemes may help the YSRCP in coming
29, described Nationalist WATCH Kasba Peth bypoll in February sudden fall of rains leads to damage of chilli. To back to power. These schemes improved the
Congress Party’s (NCP’s) Sharad Pune 2023. overcome these issues, the government should image of the government on the ground,” the
Pawar, as a “bhatakati aatma”, a The BJP won the seat in 2014 provide chilli dryers in each agriculture market source said.
restless soul, which evoked strong political reac- and 2019 with its candidate Girish Bapat emerg- yard,” says Thota Rama Krishna, managing direc- People on the ground believe it is a close battle
tions. Congress’ Dhangekar has vowed to work ing victorious. Bapat passed away in March 2023 tor of Satya Impex, a chilli exporter and a member with the TDP. “It is a fiercely fought battle, like
for the development of the city, including solving after a prolonged illness. There was no bypoll of the National Chilli Task Force. our fiery chillies in Guntur,” adds Mastan Vali, a
environmental challenges facing the city, held for the seat. Krishna adds that in the wake of Indian 49-year-old resident.

96 Lok Sabha, 203 Assembly seats go to polls today PHOTO: PTI

Most constituencies lag on key development metrics

ARCHIS MOHAN
New Delhi, 12 May

Ninety-six Lok Sabha (LS) con-
stituencies across 10 states and
Union Territories will vote in the
Phase-IV of the elections on
Monday. These include Madhya
Pradesh’s Indore, where the
Congress has urged the electorate
to press the NOTA (none of the
above) button after its candidate,
Akshay Kanti Bam, withdrew his
nomination and joined the
Bharatiya Janata Party (BJP).
Elections to all 25 of Lok Sabha
and 175 of its Assembly seats in
Andhra Pradesh will be held.
Polling will also be held on 28 of
Odisha’s 146 Assembly seats and
four of its 21 Lok Sabha seats.
Polling is over on 283, or 52
per cent, seats until Phase-III and
will conclude on 379, or 70 per
cent, of the 543 seats by Monday
evening.
All the 17 of Telangana’s LS
seats will vote, in addition to
polling in Bihar (5), Jharkhand
(4), Madhya Pradesh (8),
Maharashtra (11), Uttar Pradesh
(13), West Bengal (8), and Srinagar
(one) in Jammu and Kashmir.
In 2019, the BJP had won 42
of these 96 seats, with allies
Janata Dal (United) and Lok
Janshakti Party winning a seat
each. The Telugu Desam Party,
currently an ally of the BJP, had
won three and the undivided Shiv
Sena bagged two seats.
Of the Opposition INDIA bloc,
Congress had won six, Nationalist
Congress Party and National
Conference one each and
Trinamool Congress four seats.
In the last Lok Sabha polls,
IN NUMBERS
Elections across 10 states, UTs
177 million electors (89.7 mn
men, 87.3 mn women)
192,000 polling stations,
1.9 mn polling officials
All 175 Assembly seats in
Andhra Pradesh and 28 of
146 seats Assembly seats in
Odisha to poll
1,717 candidates in fray
PROMINENT CANDIDATES:
Asaduddin Owaisi (Hyderabad),
Akhilesh Yadav (Kannauj),
Mahua Moitra (Krishnanagar)
In 2019, BJP won 42 of the
96 seats while Cong won 6
regional parties which are con-
stituents of neither the
Opposition INDIA bloc nor the
ruling National Democratic
Alliance, performed well on the
seats that will see polling on
Monday. These parties won 35 of
the 96 seats, with the YSR
Polling officials carrying election
material in Srinagar
Congress Party winning 22,
Bharat Rashtra Samithi 9, and
Biju Janata Dal and AIMIM two
seats each. The EC released the
data for Phase-III of the Lok
Sabha polls on Saturday, which
it said was 65.68 per cent.
Some of the important con-
testants in the fray in Monday’s
polling include Samajwadi Party
chief Akhilesh Yadav (Kannauj),
AIMIM’s Asaduddin Owaisi,and
BJP’s Pankaja Munde (Beed).
Union minister Raosaheb
Danve (Jalna), and Trinamool’s
Mohua Moitra (Krishnanagar). In
Andhra’s Guntur, Chandra
Sekhar Pemmasani of the TDP,
with declared assets worth ~5,705
crore, the highest until now
announced by any candidate, is
in the fray. YSRCP President Y S
Jaganmohan Reddy is contesting
from the Pulivendula Assembly
seat, TDP chief N Chandrababu
Naidu from Kuppam and ally
Janasena chief and actor Pawan
Kalyan from Pithapuram.
ANOUSHKA SAWHNEY On the other hand, on-target
1.WORST-PERFORMING 3. BEST-PERFORMING New Delhi, 12 May is for those that did not meet the
INDICATORS FOR PHASE-IV INDICATORS FOR PHASE-IV SDG target by 2021 but
CONSTITUENCIES CONSTITUENCIES Many of the 96 constituencies
voting in the fourth phase of
demonstrated significant
improvement between 2016 and
(Share of constituencies showing (Share of constituencies showing elections on Monday remain 2021. They are on track to achieve
progress on SDGs, in %) progress on SDGs, in %) behind in key sustainable the target by 2030.
nAchieved - I nAchieved - II nAchieved - I nAchieved - II development goals (SDGs). More than 90 per cent of the
nOn-target nOff-target nOn-target nOff-target More than half of them are constituencies are off-target in
off-target in 17 out of 33 indicators achieving the goal of women
100 100 100 100 100 4.2 of goals related to population, owning a mobile phone, health
7.3 health and socioeconomic well- insurance and reducing child
4.17 6.32 1.0 7.3 34.4
being, according to a Business marriage of girls aged less than 18
1.0 2.1 Standard analysis. It is based on (chart 1). Birbhum constituency in
100 95.83 93.68 97.9 83.3 61.5
data compiled from a February West Bengal was the worst-
2024 study ‘Call for action: performing constituency with
Anaemia Wasting and Own mobile Adolescent Tobacco use Multidimensional presenting constituency-level anaemia prevalent among 80.2
(women) overweight phone (women) pregnancy (10-14) (women) poverty data on population, health and per cent of the women. This is
socioeconomic wellbeing related according to the study’s analysis of
Note for chart 1 and 3: Data for 96 constituencies going for voting in Phase 4. Achieved - I refers to constituencies
that have already met the goal by 2021, recorded an improvement or marginal negative change between 2016 and to 2030 Sustainable Development the fifth round of National Family
2021 but will maintain their status by 2030. Achieved - II refers to constituencies that have met the goal by 2021 but Goals for India.’ The study had Health Survey 2019-21 (NFHS-5). It
due to negative change between 2016 and 2021 will not maintain the status by 2030 if the trend continues.
On-target are those that have not met the goal but have recorded enough improvement between 2016 and 2021 appeared in The Lancet, and was was 63.4 per cent in NFHS-4.
that they are likely to meet the target by 2030. Off-target are those that have not met the goal by 2021 and will not authored by SV Subramanian, Nandurbar in Maharashtra is
achieve the same by 2030 due to worsening or limited positive improvement between 2016 and 2021
Amar Patnaik and Rockli Kim. the worst performer on indicator
Source: The Lancet 'Call for action: presenting constituency-level data on population, health and socioeconomic
All 96 constituencies were off- wasting and overweight (chart 2).
wellbeing related to 2030 Sustainable Development Goals for India' by authors S V Subramanian,
Amar Patnaik, and Rockli Kim target in addressing the Of the total, 97.9 per cent
prevalence of anaemia among have achieved the target on
2. WORST-PERFORMING 4. BEST-PERFORMING women. Nearly 96 per cent of the
constituencies were off-target for
adolescent pregnancy among 10-
14 year olds. Next in order is the
CONSTITUENCIES FOR WORST CONSTITUENCIES FOR BEST achieving the goal of anaemia lower tobacco use among
PERFORMING INDICATORS PERFORMING INDICATORS among pregnant women. women and multidimensional
A similar proportion of poverty as well as higher
(Share of population, in %) (Share of population, in %) constituencies were off-target on electricity access (chart 3).
NFHS -4 NFHS - 5 NFHS -4 NFHS - 5 indicators of population affected Around 90 per cent of women
(2015-16) (2019-21) (2015-16) (2019-21) by wasting and by being have a bank account in
overweight. Machilipatnam in Andhra
Anaemia among 63.4 80.2 Women who have a bank 75.5 91.2
Off-target refers to those Pradesh, the highest among all
women (Birbhum, WB) account (Machilipatnam, AP) constituencies which have failed the 96 constituencies. The
Wasting and overweight 36.14 34.73 Tobacco use among 0.5 0.1 to meet the SDG target by 2021 and constituency is also doing well
(Nandurbar, ST, MH) women (Machilipatnam, AP) have observed minimal or with a lower rate of tobacco use
Women who own a mobile 19.7 24.54 Electricity access 99.7 100.0 negative progress between 2016 among women.
(Indore, MP) and 2021. If the same path is Indore (Madhya Pradesh) is
phone (Dhaurahra, UP)
followed, they will not meet the the best performing with 100 per
Note for chart 2 and 4: Data for 96 constituencies going for voting in Phase IV targets by 2030. cent access to electricity (chart 4).
1
>
NEW DELHI | MONDAY, 13 MAY 2024 5
In Phase-I, turnout among men was In Phase-III, the average turnout was
66.22% compared to women’s 66.07%, and
in Phase-II, it was 66.99% among the male
and 66.42% among the female electorate
65.68%, the EC said. Turnout among
male electors was 66.89%, and
64.41% among female electors
BATTLEGROUND 2024

Telangana parties’ quest to

find their political equilibrium
While Congress faces acid test, BJP feels pressure to prove potential, and BRS fights to
stay relevant; industry pushes for MSME benefits and GST easing. SHINE JACOB decodes

T
he Telangana Pradesh Congress are leaving no stone unturned. While the thousands of new companies to the state. present-day needs of the industry.
Committee (TPCC) office, called BJP already had a slew of campaigns by However, the industry believes that more “Although the state and central
Gandhi Bhavan near Nampally in Prime Minister Narendra Modi, Congress needs to be done to boost micro, small, and governments are talking about prioritising
the city, was buzzing with vibrant party leader Rahul Gandhi even travelled on a medium enterprises (MSMEs). the MSME sector, I don’t see a huge shift
workers expressing confidence in victory state roadways bus in Greater Hyderabad Talking to Business Standard at towards MSMEs,” he adds.
in the Lok Sabha (LS) polls, riding the to garner votes. Federation House in the Red Hills area of According to political analysts, the BJP Telangana Chief Minister Revanth Reddy (centre) at a Jana Jathara Sabha
momentum from the recent Assembly polls. In the 2019 elections, BRS had got nine the city, R Ravi Kumar, vice-president of has started making inroads into parts of for the Lok Sabha elections, in Mahabubnagar district, on Friday FILE PHOTO: PTI
Guiding Business Standard into one of seats, BJP won four, Congress bagged three, The Federation of Telangana Chambers of rural Telangana too, which is 61 per cent of
the rooms in the palatial building, adorned
with colonial architecture, TPCC Senior
and All India Majlis-e-Ittehadul Muslimeen
one, each getting 41.7 per cent, 19.7 per cent,
Commerce and Industry (FTCCI), reflected
the same sentiment.
the state and a stronghold of the Congress.
“The BJP will make more inroads. In the THROUGH A MICROSCOPE
Vice-President G Niranjan initiated the con- 29.8 per cent, and 2.8 per cent respectively. “It is true that Telangana has attracted rural area, they worked to convince people Telangana 2019 Lok Sabha results of key parties
versation, reflecting the same confidence, In the Assembly polls, the BJP’s vote share huge amounts of investment, but no major that several of the BRS schemes were origi-
calling it a “continuation” of the Assembly was seen at 13.9 per cent, compared to players came and invested in the nally by the central government,” says (total seats 17)
polls, with a victory in “12-14 seats”. 39.4 per cent for the Congress. manufacturing sector. Major invest- Shashidhar Nanjundaiah, a politi- AIMIM
Telangana, comprising 17 LS constituen- However, the BJP also expressed ments here happened in sectors cal analyst from Hyderabad. Seats BJP INC BRS
cies, is poised for polls in a single phase on confidence to improve its tally this time. like information technology, BJP’s Rao alleged that the (vote share %) 4 3 9 1
Monday. The state is witnessing a fierce “It is not only a show of strength but our pharmaceutical, research and Revanth Reddy government (19.65) (29.78) (41.71)
three-dimensional electoral battle involving results will definitely be more than the development, and defence,” failed to meet its six pre- (2.80)
the Congress, the Bharatiya Janata Party Congress. We believe that we are going to Kumar said. poll promises. To this
(BJP), and the Bharat Rashtra Samithi (BRS), get around nine to 10 seats because of a lot He also believes that allegation, Niranjan
formerly known as the Telangana Rashtra of positivity for Modi and the BJP,” says the goods and services responds that free
Samithi. It was only five months earlier in Naraparaju Ramchander Rao. The BJP is tax (GST) structure is TELANGANA travel for women in Telangana 2018 & 2023 Assembly poll results of key parties
December 2023 that the Congress came to showing a high-voltage battle in seats like still evolving and the Telangana State (total seats 119) n2018 n2023 Seats won (vote share %) Note: In 2018, INC
power, ending the 10-year rule of the Hyderabad, Nizamabad, Secunderabad, compliance burden on Road Transport and Telugu Desam
Party (TDP) had an
K Chandrashekar Rao (KCR)-led BRS. and Karimnagar. MSMEs is more. Corporation buses is 1 (6.98) alliance. The TDP
As the triangular political contest in On the ground too, people are gearing “Instead of having already done and the BJP won 2 seats with
8 (14.0) 3.51% vote share.
Telangana intensifies, many believe that for up for a three-dimensional fight. five different rates of GST other promises are also in various The TDP didn’t
contest the
the regional major BRS, it is a battle for V Mohammad, a 55-year-old daily wager for goods and services, the stages of being fulfilled. 19 (28.43) 2023 polls.
survival after being routed in the Assembly from Hyderabad, believes it is going to be a government should ratio- “Every government should have some INC 64 (39.69) BJP: Bharatiya
polls held late last year. What is haunting close competition. nalise and simplify by reducing the rates to breathing space. The government is also Janata Party
INC: Indian
the party this time is the scams, the “Earlier, it used to be only the Congress just two or three slabs. The system is still facing financial troubles because of KCR’s 88 (46.87) National Congress
10-year anti-incumbency factor, and family and the BRS, now we have BJP in the fray. not industry-friendly and the time spent by bad performance,” he defends. BRS BRS: Bharat
dominance in the party. It is going to be anybody’s battle. The entrepreneurs on compliance is still very Niranjan had his parting shot.
39 (37.62) Rashtra Samithi
AIMIM: All India
But for the Congress, it is a litmus test of Congress has a positive point as it is fresh high,” Kumar adds. “People in Telangana will not accept Majlis-e-Ittehadul
7 (2.71) Muslimeen
its five-month rule, for the BJP it is time to out of a victory," he adds. FTCCI adds that addressing the skill gap divisive politics. The Congress govern- AIMIM Source: Election
prove its potential in the state. According to the BRS, in the past five is crucial and the academic curriculum ment in five months has done enough 7 (2.23) Commission of India
On the campaigning front, three parties years, it created 1.7 million jobs bringing in needs to be redesigned in line with the to win the trust of the people.”

A thorn in Behenji’s side: Nephew’s BETWEEN RESERVED SEATS &

removal signals BSP’s identity crisis UNRESERVED CONTROVERSY
WEIGHT OF LEADERSHIP? With Mayawati’s throne in peril, a churn
in Dalit politics in UP, and allegations the BSP had become ‘BJP’s
B-team’, could eventually turn the tide, writes ARCHIS MOHAN
Ever since Bahujan Samaj Party
(BSP) National President
Mayawati sacked her nephew,
Akash Anand, on May 7 as her
heir apparent, the party’s work-
ers canvassing for its candidates
in Kanpur, Kannauj, Unnao,
and elsewhere across Uttar
Pradesh (UP) have struggled to
explain to its supporters
Behenji’s sudden decision.
Legatees and practitioners of
the Ambedkarite movement,
such as Ashok Bharti, who has
over the past 12 months appealed
to the country’s Scheduled Castes
(SCs) to turn the 2024 Lok Sabha
(LS) polls into a referendum on
protecting the Constitution,
believes the young Anand, with
his aggressive political speeches,
especially combative against the
Bharatiya Janata Party (BJP), was
making a genuine attempt to stall
the BSP’s seemingly inexorable
decline in UP.
“The 2024 LS polls are being
fought on the issue of social
justice and preserving the
Constitution. Behenji’s move (of
sacking Anand) tells us that she
no longer has her finger on the
pulse of Dalits. The community
always votes for change, not the
10 per cent since the 2017
Assembly polls.
When Mayawati announced
Anand as her heir apparent on
December 10, some observers,
such as Bharti, had felt that the
responsibility of turning around
the BSP, one of the most
successful political startups in
Indian politics, was too onerous
a burden on the 28-year-old’s
shoulders.
But then the BSP needed
Anand to counter the young
upcoming Azad Samaj Party
leader Chandrashekhar Azad,
whose following among SCs has
increased in recent years. He
contested UP’s Nagina seat,
which polled in the first phase
Mayawati’s move (of sacking Akash Anand) tells us that on April 19 and where Anand
she no longer has her finger on the pulse of Dalits FILE PHOTO: PTI campaigned aggressively.
“The Dalit vote is shifting
POWER(LESS) BEHIND THE THRONE from the BSP in UP. The
Total LS seats Congress couldn’t benefit in 2022
BSP’s Lok Sabha (LS) performance over the years because the Dalits thought
won/states
Uttar Pradesh realpolitik considerations
1989 3 1 Punjab 4 shaped the tenor of Priyanka
Gandhi Vadra’s political pitch.
1991 1 1 1 Uttar Pradesh/Madhya Pradesh/Punjab 3 I believe the contours of
Punjab Rahul Gandhi’s discourse have
1996 UP 6 3 2 Madhya Pradesh 11 resonated more with Dalits since
moored on ideological lines,”
1998 UP 4 1 Haryana 5 Bharti says.
LS polls
With reservation on the ropes and political consensus moving
into the arena of contention, ADITI PHADNIS parses the promises
With all political parties weighing in on the scheme of
constitutional reservation for Dalits, the community watches
warily as an issue on which there has always been political
consensus moves into the arena of contention.
Earlier this week, speaking at an election rally in Ratlam
(Madhya Pradesh), Congress leader Rahul Gandhi promised
that if he comes to power, “the Congress will remove the
Supreme Court (SC)-mandated 50 per cent cap on caste-based
reservation and increase quota benefits for people from Dalit,
backward, and tribal communities”. He also charged the
Bharatiya Janata Party (BJP) with attempting to change
the Constitution and do away with these rights.
Speaking to Business Standard from Karnataka,
Congress President Mallikarjun Kharge said: “Everyone
knows it is the Rashtriya Swayamsevak Sangh and BJP that
want to change the Constitution to end reservation. Their
leaders have spoken openly about it”.
He added, “The government is trying to undermine
reservations in different ways. There are around 3 million
vacancies in central government posts, of which 50 per cent
are reserved for Scheduled Castes (SCs), Scheduled Tribes
(STs), and Other Backward Classes (OBCs), while the other
50 per cent are for the general category. They’re not even
filling these vacancies.”
However, Prime Minister Narendra Modi, Home Minister
Amit Shah, and other members of the government strongly
contest this. Modi told a gathering in Warangal (Andhra
Pradesh) earlier this week and elsewhere that the Indian
National Developmental Inclusive Alliance, commonly
known by its backronym INDIA, bloc’s project is to cut into
SC and ST reservations and divert them to the minorities.
Shah says the BJP is committed to the SC-ST reservation.
He said in multiple television interviews last week that if
the government had wanted to, it could have changed the
provisions any time in the past 10 years, as it had the
parliamentary majority to do so.
“It did not, and it never will. It was Congress that changed
behaviour, character, and face, as always, are those of a party
that is strongly opposed to the rights of Dalits, extremely
backward people, and the reservations given to them in the
Constitution. Abolishing reservation in promotion and
tearing up the Bill in this regard in Parliament are actions that
are difficult to forgive.”
What reservations mean to Dalits
In Nagpur, Satish (22), a taxi driver, says he is worried.
“Do you think that if the BJP gets over 400 seats, it will
rewrite the Constitution?” he asks. “We are from the Dalit
samaj. Father has a government job, so we are economically
comfortable. But we have seen and heard BJP leaders say they
want to rewrite the Constitution. They are all upper-caste.
No Dalit is saying this. And, if they return in such large
numbers, they can easily do it.”
This sense of disquiet is not limited to Vidarbha
(Maharashtra), considered the birthplace of Dalit assertion
and also the birthplace of B R Ambedkar. More than 1,000
kilometres away, in Western Uttar Pradesh (UP), Dalits
were asking similar questions.
A part of Western UP went to the polls on April 26. In 2019,
the BJP won 15 of the 17 reserved seats in the state, which
sends 80 to the LS.
Monu Gautam (32), a barber in Meerut whose shop is
adorned with images of Ambedkar, fears the BJP might
scrap caste-based reservations.
“They should not change what’s written down. We must
follow the Constitution. They are changing things in it. What
Babasaheb has said and done should be followed,” said
Monu, also a Jatav, a Dalit subcaste that handles leather.
In the Dadri Assembly constituency of the Gautam
Buddha Nagar LS constituency, Vinod Kumar, also known
as ‘Thekedarji’, says his community is not convinced of
reassurances from the BJP brass that constitutional
provisions regarding reservation will remain untouched if
the BJP has a majority that is large enough. He says that the

status quo. It does not, and will
not, sit at home. It will queue
up on May 13 and subsequent
phases to vote for a leader or a
party who will speak of protect-
ing Babasaheb’s Constitution,”
Bharti, chairperson of
the National Confederation of
Dalit Organisations, told
Business Standard.
In Kanpur on Thursday,
Ravi Kureel, a young BSP politi-
cal worker canvassing support
for the party’s candidate from
the seat, Kuldeep Bhaduria, con-
ceded that jibes about the BSP
leadership “surrendering” to the
BJP have increased since May 7.
In nearby Kannauj, Samar
Singh Yadav, a Samajwadi Party
(SP) worker, proudly introduced
Dalit youth campaigning for his
party chief, Akhilesh Yadav,
who is contesting the election
from the seat.
Imran Bin Zafar, the BSP can-
didate from the seat that the
BJP’s Subrat Pathak is defend-
ing, has bowed out of the fight
even before polling as neither
minorities nor Jatavs are sup-
porting him, Samar claimed. The
youth nodded in agreement.
Akhilesh has also lately urged
the “Bahujan samaj to not waste
their vote on the BSP since it will
1999 Uttar Pradesh 14
2004
Uttar Pradesh 19
2009 Uttar Pradesh 20
2014
2019* Uttar Pradesh 10
*Alliance with Samajwadi Party and Rashtriya Lok Dal
help the BJP”.
Journalist Ajoy Bose, author
of Behenji, a biography of
Mayawati, attributes the BSP
chief’s decisions to two factors.
“She didn’t like her political heir,
using the language he did to
attack the BJP, and secondly, he
became too independent too
soon for her liking. She wanted
to keep him on a short leash,”
Bose told Business Standard. He
said Anand’s sacking would
add grist to the Opposition’s
allegations that the BSP had
become the BJP’s B-team.
According to sources, Anand
moved too swiftly in blooding
his team into managing critical
functions of the party, making
established leaders insecure.
Neither is Mayawati, who is not
yet 70 and conscious of how
Mulayam Singh Yadav and
According to a post-poll sur-
14 vey by academician Sudha Pai
and Sajjan Kumar of the 2022
19
Assembly polls, 87 per cent of
1 the Jatavs voted for the BSP in
21 2017, but only 65 per cent did five
Madhya Pradesh years later. The BJP’s Jatav vote
0 Origins of the debate
share increased from 8 per cent
10 in 2017 to 21 per cent in 2022, and
SP’s from 3 per cent to 9 per cent.
Source: ECI The BSP’s support among other
Dalit castes dropped from 44 per
Kanshi Ram became irrelevant cent to 27 per cent, and among
in their respective parties in their non-dominant Other Backward
fading years, willing to hand over Classes, it dropped from 11 per
the entire party to Anand, who cent to 4 per cent.
will remain in the wings. Attracted by the idea of inclu-
The BSP’s decline since it lost sion within the larger Hindu
power in UP in 2012 is rapid. identity and as beneficiaries,
Even in its worst times, the BSP ‘labharthi’ of the Centre and
commanded a 20 per cent vote state government’s schemes,
share in UP, a state with a 21 per several Dalit castes shifted to the
cent Dalit population, with ‘Manuwadi’ BJP, and others to
Jatavs, the caste that Mayawati the SP, they concluded.
hails from, comprising 54 per However, Bose and Bharti
cent of its SC population, and 12 agree that the churn in Dalit
per cent of the total population. politics in UP could eventually
But the 2022 Assembly polls help the Congress.
were a disaster. The BSP record- “The Congress could take off
ed its worst performance in UP in UP. But many in that party
since 1989. Thirty-three years have long argued that
back, the BSP won 13 seats with Babu Jagjivan Ram and B R
a 9.41 per cent vote share. In Ambedkar held two distinct,
March 2022, it won only one seat even competing, political lines
with a vote share of 12.88 per and were rivals, which they were
cent, which dropped by almost not,” Bharti says.
the Constitution and imposed Emergency,” he said.
Information Minister Anurag Thakur told
Business Standard from Hamirpur (Himachal Pradesh):
“The Congress is bent on giving reservations on the basis of
religion, snatching the rights of SC, ST, and OBC. We will
never let this happen”.
The debate on changing the reservation provisions in the
Constitution started with statements by various BJP leaders,
including current Lok Sabha (LS) candidate from Nagaur
(Rajasthan), Jyoti Mirdha, who said in a campaign speech:
“Desh ke hith mein kai kathor nirnay karne padte hain. Unke
liye humein samvidhanik badlav karne padte hain. Agar
samvidhan ke andar humein koi badlav karna hota hai toh
aap mein se kai log jaante hain ki uske liye dono jo humare
saadhan hain, LS aur Rajya Sabha, unke andar haami chahiye
hoti hai” (“Several tough decisions need to be taken in the
country’s interest, and for that we have to make constitutional
amendments. If we have to make amendments to the
Constitution, we need the nod of both Houses of Parliament”).
As the election campaign progressed, the issue gained
momentum, with all political parties jumping into the fray
to use it to their maximum advantage.
During a campaign speech at Shahjahanpur (Uttar
Pradesh/UP) on May 8, Samajwadi Party (SP) leader
Akhilesh Yadav targeted the BJP: “The current LS polls are an
election of constitutional churning in which on one side there
are ‘rakshak’ (protectors) of the Constitution and on the other
side there are its ‘bhakshak’ (destroyers). Our task is to save the
country’s Constitution, democracy, and reservation for the
poor and the deprived.”
SP’s closest competitor in UP, the Bahujan Samaj Party,
retorted that it was actually the SP that was targeting
constitutional reservations.
Commenting on social media, Mayawati said: “SP’s
government has already given reservations to upper castes
on the basis of economic backwardness. Vinod’s father is
considered a legend in the semi-urban locality. In his
lifetime, he set up the Ambedkar Library, which is now
flourishing. It was packed with youngsters studying for
the UPSC and state service examinations.
“We’ve sent 14 children who studied here to the
government so far,” Kumar says with pride.
A Dalit professor at Jawaharlal Nehru University who did
not want to be identified concedes that the Dalits are in the
grip of a political dilemma.
“Of course, there are worries about rewriting the
Constitution. But there is also a feeling among Dalits that
when the system is disproportionately powerful, then
everything is weighted against them. Many Dalits do feel that
neither the judiciary nor the police are entirely impartial or
neutral. And the sense of insecurity deepens when there is the
prospect of a massive electoral majority. Dalits feel the system
will act against the weak. For instance, most issues that can be
settled at the level of lower courts are now being taken to the
SC. Weaker sections don’t have the capacity to escalate legal
battles. And when you add a brute majority to that, Dalits
believe that is a very dangerous situation.”
Says Sudha Pai, author of Maya, Modi, Azad: Dalit Politics
in the Time of Hindutva and an expert on Dalit politics: “In
Western UP, last time a lot of Dalits voted for the BJP. This
time, there is a rethink among Dalits about the extent of their
support for the BJP. There are three reasons for this. One is the
issue of rewriting the Constitution; the second is the rise of the
INDIA alliance. Even though important Dalit political actors
like Mayawati and Chandrashekhar Azad are not part of it,
there is the thought that if Muslims and Dalits join up, they
can beat the BJP’s hegemony and prevent it from getting a
brute majority; and the third is the rise of Azad.”
Dalit communities seem to be reordering their electoral
priorities. The result on June 4 will show how.
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | MONDAY, 13 MAY 2024

IN BRIEF
SBI to hire over 15K Traders should opt demonstrate strong internal con-
trol systems and willingness to
China was India’s top comply with the laws.

for AEO recognition

The Indian Customs give to
trading partner in FY24 AEO recognized entities, facili-

China has emerged as the largest trading partner of India with

$118.4 billion two-way commerce in 2023-24 (FY24), edging past
the US, according to GTRI. The bilateral trade between India and
the US stood at $118.3 billion in FY24. Washington was the top
in FY25 to boost ops, a minimum set of benefits for
AEOs, improving inter-agency
recognition of AEO status,
tations that include secure sup-
ply chain from point of export
to point of import, demonstra-
tion of compliance with security
standards when contracting to
trading partner of New Delhi during FY22 and FY23. The data
showed that India's exports to China rose by 8.7 per cent to
$16.67 billion in the last financial year. PTI expand network unlocking the potential of mutu-
al recognition arrangements
(MRA) between Customs admin-

ity in AEO programmes.

supply to overseas buyers,
enhanced border clearance priv-
ileges in MRA partner countries,
minimal disruption to flow of
istrations and fostering inclusiv-
cargo after any security related
4th Indian linked to Nijjar ABHIJIT LELE
Mumbai, 12 May
ONBOARDING
The ‘SAFE Framework’, disruption, reduction in dwell
time and related costs and
launched in 2005, rests on three
murder in Canada arrested CALL EXIM MATTERS pillars viz. Customs-to-CustomsCustoms advice/assistance if

S
tate Bank of India (SBI)
Canadian police have charged a fourth Indian in the killing of is planning to recruit
Hardeep Sighn Nijjar in British Columbia last year. Amandeep over 15,000 people in
Singh, 22, was charged with first degree murder and conspiracy to 2024-25, increasing the
commit murder, according to a statement Saturday. He had been strength of those in the field
in custody for unrelated firearms charges, police said. This comes for marketing.
days after the Canadian police announced that three Indian The recruits will also be for
citizens living in Edmonton had been arrested. BLOOMBERG deployment in the bank’s
operations subsidiary and
expanding the branch net-
work. The operations sub-
Weekend sidiary — State Bank
Operations Support Services
update — became functional last
year. The country’s largest
lender is also planning to
open 300 branches this finan-
Hindujas get Irdai nod for cial year, as against 139
opened in 2023-24.
buying RCap business SBI Chairman Dinesh
Khara said the bank was open
The Insurance Regulatory and Development Authority of to hiring, depending on
India (Irdai) on Friday cleared the acquisition of the Reliance requirements. The bank itself
Capital insurance companies by a consortium led by is in the process of taking on
IndusInd International Holdings Limited and its Indian 11,000-12,000 probationary
associate companies. BS REPORTER officers across categories this
financial year.
According to Khara, 85 per
Ola moves out of Microsoft’s cent of the recruits in the cat-
egory of officers and associate
Azure to Krutrim levels would be engineers,
though the bank had no bias
Ola’s Chief Executive Officer Bhavish Aggarwal on Saturday in their favour. These recruits
said the firm has decided to move the entire workload out of will first be made conversant
Microsoft’s Azure to the company’s Krutrim cloud within the with banking operations.
next week. The move comes after Aggarwal criticised After that they will be chan-
LinkedIn for removing his post on pronoun. BS REPORTER nelled into various other roles.
 SBI plans to open 300
branches in FY25 as against
139 branches in FY24
 The bank is in the process
of hiring 11,000-12,000
probationary officers
across categories in FY25
Chairman Dinesh Khara
says 85% of the recruitment
for officer and associate level
are engineers
Some of them will also be tions as well, for which
deployed in the information approval is in place. The struc-
technology segment, Khara
said in a media interaction
ture is being put in place to
reach out to customers on
after the results for 2023-24.
Responding to a query on
their doorstep, Khara added.
An official with the sub-
branch rationalisation, Khara sidiary said the net annual
said: “There is no question of intake was over 3,000.
rationalisation. For a country Those engaged by a sub-
like India and the kind of sidiary are deployed in due
growth we see, there is ample diligence, marketing, and
opportunity. We have to iden- documentation.
tify pockets where we need to SBI group officials said
expand physically.”
SBI had 22,542 branches at
those working with the sub-
sidiary were also roped in for
the end of March 2023. The
operations support subsidiary
back-office work, marketing,
and recovery. The subsidiary
has hired 8,000 persons, has shown good results in fol-
mainly involved in semi- low-ups and recoveries. This
urban branches. The bank year’s plan is to spread its cov-
plans to have manpower for erage to urban and metropol-
urban and metropolitan loca- itan centres.
T N C RAJAGOPALAN
Last Wednesday, the World
Customs Organisation (WCO)
began a three-day global con-
ference on Authorised
Economic Operators (AEO) pro-
gramme in Shanghai, China to
deliberate on the theme
‘Harnessing the Power of AEO
Programmes for Inclusive and
Sustainable Global Trade.” It is
the sixth such conference in the
last ten years that has this year
attracted over 1,200 delegates,
mostly the Customs administra-
tors from 108 countries.
For the discussions during
the conference, the International
Chamber of Commerce (ICC) has
released its updated recommen-
dations on how to improve the
AEO programme globally so that
it becomes a powerful tool to
drive supply chain security and
trade facilitation. Its key recom-
mendations include driving the
implementation of WCO’s SAFE
framework of standards to
secure and facilitate global trade
(SAFE Framework), leveraging
digitalisation to make the AEO
processes more efficient and
transparent, strengthening pub-
lic-private partnership, ensuring
any importer/exporter faces
network arrangements (Pillar 1),
Customs-to-Business partner- unexpected issues with Customs
of countries with which India
ships (Pillar 2) and Customs-to-
other Government agencies have MRA.
cooperation (Pillar 3) – each set- The Indian Customs have
ting out specific sets of stan-given AEO-LO certification to
dards. Pillar 2 includes the 858 entities, mostly logistics
framework for AEO pro- service providers, custodians,
grammes in which businesses terminal operators, customs bro-
that meet specific security kers and warehouse operators.
requirements can obtain AEO 3,656 importers/exporters have
got AEO-T1 recognition, which
certification, which is intended
is given after least scrutiny but
to lead to tangible trade facilita-
tion benefits. While the WCO also gives least trade facilitation.
1,115 importers/exporters have
provides global standards, there
are now more than 80 AEO pro- got AEO-T2 recognition, which
grammes globally of different involves stringent scrutiny of the
Customs administrations.
Even before adoption of the
systems and procedures of the
importers/exporters but gives
‘SAFE Framework’ by the WCO
in 2005, Indian Customs were
much higher trade facilitation.
Only 151 importers/exporters
already implementing various have got AEO-T3 recognition
forms of Customs compliance that is given after two years as
and trade facilitation pro- AEO-T2 and gives highest levels
grammes based on the Revised of trade facilitation. Indian
Kyoto Convention’s “Authorised Customs have MRA with only
Persons” provisions. The four countries – USA, South
Accredited Client Programme Korea, Hong Kong and Taiwan.
(ACP) provided facilitation to
importers/exporters subject to
The Customs can do better in
spreading awareness about the
their fulfillment of the pre- benefits of AEO recognition and
entering into MRA with more
scribed eligibility criteria. The
AEO programme was launched countries. More
on a pilot basis in 2011 and importers/exporters should opt
merged with ACP in 2016 giving for AEO recognition.
additional facilitations to
importers/exporters who could Email: tncrajagopalan@gmail.com

India may export 18 mt of rice in 2024-25: USDA

SANJEEB MUKHERJEE
New Delhi, 12 May
India will remain a leading player
in the world rice market despite restric-
tions, according to a recent projection by
the United States Department of
Agriculture (USDA).
It accounts for almost 18 million tonnes
of rice exports in 2024-25, which is around
two million tonnes more than the previous
year. India's rice exports will be a sizeable
chunk of the global trade, but it will still
be much lower than the record 22 million
tonnes it exported in 2021-22, USDA said.
On the world rice markets, it said the
global rice outlook for 2024-25 is for rising
supplies, trade, consumption, and ending
stocks. Supplies increase year-to-year on
record production at 527.6 million tonnes,
which offsets the lower beginning stocks.
The global crop is primarily driven by
an increase in production in India, China,
Bangladesh, and Indonesia. The global
consumption is projected at a record
526.4 million tonnes, on the back of high-
er use in India, the Philippines,
Indonesia, and Bangladesh, offsetting a
reduction for China.
“With the production and consump-
tion gains projected in many of the same
countries, global trade is forecasting up
only slightly at 53.8 million tonnes, but still
lower than levels of trade before India first
imposed restrictions on rice exports in
2022,” USDA added.

vice-president and group head with more electrified house- remains a key monitorable,
> FROM PAGE 1 (corporate ratings), ICRA. holds, increased usage of elec- which is critically dependent on
With hydro missing, gas tronic items, especially air con- the trend in capital cost for stor-

Procurement unavailable, and renewable

energy sources sans storage
ditioners and refrigerators in
rural and urban areas.
age segment, particularly bat-
tery storage,” Kadam said in an

norms... largely unpredictable, close to

80 per cent of daily demand is
being met through coal-run
“When demand peaks dur-
ing evening hours, solar and
wind are not available. And dur-
emailed response to the paper.
Grid officials say the current
worry is extreme weather
“Allowing exemptions to certain power plants. Senior executives ing morning and afternoon, events in one pocket of the grid.
essential sectors where the at GRID India, India’s grid oper- when solar is available, demand Those shift the load and voltage
imported items have a multipli- ator, say renewable energy is is not that much. This duck of that area.
er effect on the economy is a meeting 25-30 per cent average curve, when supply is high and “As dispatch gets skewed,
good idea. The country will be electricity demand during solar demand low, could get precari- these regions start
at a disadvantage if we insist on hours (ie daytime) and nil dur- ous in coming years as the solar importing/exporting more sud-
enhanced threshold limits in all ing night. This translates into share rises,” said a grid official, denly and cause stress and con-
sectors,” he added. coal running 24 hours. adding that storage will help in gestion in the system,” the per-
The Ministry of Commerce “After running during the tackling the duck curve prob- son said.
and Industry accords exemp- day, suddenly 40 Gw of solar lem. “As the generation pattern The more unpredictable
tions to sectors on a case-by- and wind goes offline at night. of solar is not in sync with the electricity demand patterns
case basis under the current Around 32 per cent of instanta- load pattern observed, hybrid become, the more reliance
public procurement norms. Last neous demand can be met by renewables, along with storage increases on predictable coal.
year, Railways had been granted renewable energy but coal requirement, is critical to ensure Kadam said ICRA expected the
exemption from public procure- needs to be brought down. But the round the clock (RTC) avail- share of renewable energy,
ment with preference to Make it cannot be taken below a cer- ability of power and for effective including hydro, in energy gen-
In India order for 5W walkie- tain threshold. So it keeps run- integration of RE power in the eration to increase considerably
talkies after those supplied by a ning at full capacity during the grid. However, the extent of to 35-40 per cent by 2030, sup-
local manufacturer were found day as well. Effectively, coal is improvement in the cost com- ported by capacity addition in
unsafe for railway operations. running the show despite petitiveness of such RTC power renewable energy.
In December, the Centre enough renewable energy,”
had pulled up several min- said a senior official at the
istries and their procurement National Load Despatch > BS SUDOKU # 4280
agencies after repeated Centre (NLDC), Delhi.
instances of domestic procure- Several officials of regional
ment norms being flouted in load despatch centres (RLDCs)
government tenders. agree.
Conditions placed in these ten- “Demand is growing but
ders were found to be against the share of renewable energy
local suppliers, with many pre- is not growing that much. So,
requisites essentially eliminat- all that incremental demand
ing them from the bidding is falling on coal. With rooftop
process. Meanwhile, some for- solar, the demand push on the
eign companies in the infra- grid will come down but its
structure sector have argued installation will increase in a
that even when big foreign few years,” said an RLDC offi-
players meet localisation cial in the northern region.
requirements, the norms allow By adding large hydro to
local players with little experi- the mix, the installed capacity
ence to start price wars in the of renewable energy goes up
supply chain. to 187 Gw and supply contri-
“We are seeing a number of bution to 30 per cent. Large
cases where small companies do hydro was defined as renew-
a technology transfer agreement able energy as early as five
with some global company, years ago. But this year hydro
without the proper know-how power is expected to be low
or the know-why. It will affect during peak demand months
our business since it is a little bitdue to late snowfall.
of a struggle when it comes to a
price war,” a top executive of a Duck curve problem
rail component manufacturing The Indian grid is expecting Easy:
company said. novel issues every peak renew- ««
able-energy season, which Solution tomorrow
coincides with high-demand
Renewables... summer months. The grid
operators call it the duck curve HOW TO PLAY
With this, the share of renew- (high supply and low Fill in the grid so that
able energy (excluding hydro) in demand). India’s electricity every row, every
the energy-generation mix load would earlier peak during column and every
remained at about 14 per cent daytime, ie office hours or 3x3 box contains
in FY24, despite the share of commercial electricity the digits 1 to 9
renewable energy in the demand. But in recent years,
installed capacity at about 32 a new peak has emerged dur-
per cent as in March 2024, said ing evening hours, driven by
Girishkumar Kadam, senior domestic electricity demand
.
NEW DELHI | MONDAY, 13 MAY 2024 7 <

CIN – L24100MH1961PLC012066
Registered Office: 66/67, Nariman Bhavan, Nariman Point,
Mumbai - 400 021, India Tel: 91 22 6624 6200 / 6624 6228;
Fax: 91 22 2202 9364 E-mail : legal@savita.com; Website : www.savita.com

Statement of Audited Consolidated Financial Results for the

Quarter and Year ended 31st March, 2024 ` in lakhs
Quarter ended Quarter ended Quarter ended Year ended Year ended
Particulars 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Total Income from Operations (net) 99,714.88 98,183.72 96,990.03 3,81,209.00 3,65,337.39
Net Profit for the period 3,896.13 9,233.17 4,914.03 26,374.79 30,276.41
(before tax, Exceptional and / or Extraordinary items)
Net Profit for the period before tax 3,896.13 9,233.17 4,914.03 26,374.79 30,276.41
(after Exceptional and / or Extraordinary items)
Net Profit for the period after tax 3,079.71 6,735.51 3,642.25 20,076.38 22,569.74
(after Exceptional and / or Extraordinary items)
Total Comprehensive Income for the period [comprising profit for 3,031.25 6,736.47 3,677.59 20,030.75 22,572.84
the period (after tax) and other comprehensive income (after tax)]
Paid up Equity share capital (Face value of ` 2 each) 1,382.01 1,382.01 1,382.01 1,382.01 1,382.01
Reserves (excluding Revaluation Reserve as shown in the Not applicable Not applicable Not applicable 1,60,789.68 1,43,522.94
balance sheet of previous year)
Earnings per share (of ` 2 each)
Basic: ` 4.46 9.75 5.27 29.05 32.66
Diluted: ` 4.46 9.75 5.27 29.05 32.66
Notes
1) Information on Standalone Financial Results : ` in lakhs
Quarter ended Quarter ended Quarter ended Year ended Year ended
Particulars 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Total Income from Operations (net) 99,880.94 98,265.90 96,990.03 3,81,516.12 3,65,337.39
Profit / (Loss) before tax 4,097.66 9,332.48 4,914.03 26,734.56 30,276.41
Profit / (Loss) after tax 3,273.68 6,834.82 3,642.25 20,428.59 22,569.74
2) The above is an extract of the detailed format of the Financial Results for the Quarter ended 31st March, 2024 filed with the Stock Exchanges under Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the financial results for the Quarter and year ended 31st March,
2023 are available on the stock exchange websites (www.bseindia.com, www.nseindia.com) and on the Company's website (www.savita.com).
3) The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on
th
Saturday, 11 May, 2024.
4) The Board of Directors have recommended dividend @ 200%, i.e., ` 4 per Equity Share (face value ` 2 each) aggregating to ` 2,764.02 lakhs for the year
ended 31st March, 2024.
5) Savita Polymers Limited (SPL), a wholly owned subsidiary of the Company, was amalgamated with the Company vide order of The National Company Law
Tribunal (NCLT) dated 8th May, 2023 approving the amalgamation with effect from 1st April 2022. Consequently, the Company has restated figures of
standalone and consolidated financials in respect of previous reporting periods.
6) SavitaGreentec Limited (SGL), a wholly owned subsidiary of the Company was incorporated on 3rd October, 2022. SGL is yet to commence itsbusinessoperations.
7) * Figures for the last quarters ended 31st March, 2024 and 31st March, 2023 represent the difference between the audited figures in respect of the full financial
st st
years and the reviewed published figures of nine months ended 31 December, 2023 and 31 December, 2022 respectively.
8) Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter / year classification.
For Savita Oil Technologies Limited
Gautam N. Mehra
Mumbai Chairman and Managing Director
11th May, 2024 (DIN:00296615)

Corporate Identity Number : U65990MH1991PLC060670

Registered Office : 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013.
Tel: 022-6606 9000
Website: www.tatacapital.com Email: investors@tatacapital.com

Extract of Financial Results for the quarter ended March 31, 2024
(Rs. in crore)
Standalone Consolidated

Quarter ended Year ended Quarter ended Year ended

Sr. Particulars
No. March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023 2024 2023
Audited Audited Audited Audited Audited Audited Audited Audited

1 Total Income from operations 3,892.48 3,445.77 13,309.11 10,173.97 5,009.75 4,378.38 18,198.38 13,637.49
2 Net profit/(loss) for the period 951.36 1,319.61 3,208.63 3,049.31 1,010.87 1,466.22 4,392.03 3,936.56
(before tax, exceptional items)
3 Net profit/(loss) for the period before tax 951.36 1,319.61 3,208.63 3,049.31 1,010.87 1,466.22 4,392.03 3,936.56
(after exceptional items)
4 Net profit/(loss) for the period after tax 776.92 1,008.22 2,492.45 2,321.10 783.05 1,138.01 3,150.21 3,029.20
(after exceptional items)
Attributable to owners of the Company
5 Total Comprehensive income for the period 1,064.62 2,862.40 2,757.74 4,170.20 989.07 2,730.50 4,098.31 4,773.69
[comprising profit/(loss) for the period (after tax)
and other comprehensive income (after tax)]
Attributable to owners of the Company
6 Paid up Equity Share Capital 3,746.41 3,631.77 3,746.41 3,631.77 3,703.05 3,578.72 3,703.05 3,578.72
(Face value : Rs. 10 per share)
7 Reserves (excluding Revaluation Reserve) 15,706.01 11,109.71 15,706.01 11,109.71 19,714.08 13,761.14 19,714.08 13,761.14
8 Securities Premium Account 5,094.47 3,205.84 5,094.47 3,205.84 5,046.86 3,173.25 5,046.86 3,173.25
9 Net worth 19,777.85 15,496.08 19,777.85 15,496.08 23,540.62 17,959.49 23,540.62 17,959.49
10 Paid up Debt Capital / Outstanding Debt 1,00,211.22 77,743.68 1,00,211.22 77,743.68 1,47,506.02 1,12,359.40 1,47,506.02 1,12,359.40
11 Outstanding Redeemable Preference Shares 795.39 1,070.15 795.39 1,070.15 795.39 1,070.15 795.39 1,070.15
12 Debt Equity Ratio 5.07 5.02 5.07 5.02 6.27 6.26 6.27 6.26
13 Earnings Per Share (of Rs. 10/- each)
(for continuing and discontinued operations)
- Basic* *2.07 *2.81 6.78 6.47 *2.09 *3.17 8.57 8.44
- Diluted* *2.07 *2.81 6.78 6.47 *2.09 *3.17 8.57 8.44
14 Capital Redemption Reserve 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75
15 Debenture Redemption Reserve N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
16 Debt Service Coverage Ratio N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
17 Interest Service Coverage Ratio N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(* Not annualised)

Notes: -
1 The above is an extract of the detailed format of quarterly / annual financial results filed with the Stock Exchange under Regulation 52 of the Securities and
Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of quarterly / annual financial results are
available on the website of BSE Limited (www.bseindia.com), National Stock Exchange of India Limited (www.nseindia.com) and website of the Company
(https://www.tatacapital.com/about-us/investor-information-and-financials.html).

2 For the other items referred in Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the pertinent disclosures have
been made to the stock exchanges and can be accessed on the website of BSE Limited (www.bseindia.com), National Stock Exchange of India Limited
(www.nseindia.com) and can be assessed on https://www.tatacapital.com/about-us/investor-information-and-financials.html.

For Tata Capital Limited

Sd/-
Rajiv Sabharwal
Place: Mumbai Managing Director & CEO
Date: May 10, 2024 DIN: 00057333
8 WORLD
>
NEW DELHI | MONDAY, 13 MAY 2024

IN BRIEF
1 police officer killed, over China credit shrinks for first time
100 injured in PoK clashes Credit contracts as government TEPID DEMAND
ILLUSTRATION:AJAYA MOHANTY
system. April is typically a slow month
One police officer was killed and more than 100 people, mostly of borrowing activity, as banks are not
policemen, injured in violent clashes between security forces and bonds record net repayment > Aggregate financing, a broad in a rush to meet their quarterly lend-
protesters agitating against high prices of wheat flour and measure of credit, decreased by ing targets. The PBOC has also
electricity in Pakistan-occupied Kashmir, media reports said on BLOOMBERG that more government bonds were almost $27.7 billion in April from refrained from easing monetary policy
Sunday. The disputed region witnessed clashes between the 12 May repaid than sold in the month, con-
the previous month in recent weeks, to avoid putting more
police and activists of a rights movement amid a wheel-jam and tributing to the decline. Financing depreciation pressure on the yuan and

shutter-down strike across the territory, the Dawn newspaper
reported. Mirpur Senior Superintendent of Police Kamran Ali told
Dawn.com that sub-inspector Adnan Qureshi succumbed to a
gunshot wound in the chest in the town of Islamgarh, where he
was deployed along with other police personnel to stop a rally for
Muzaffarabad via Kotli and Poonch districts under the banner of
the Jammu Kashmir Joint Awami Action Committee.The regional
government called in the Rangers and a heavy contingent of
policemen to stop the demonstrations.
First recipient of pig kidney
C
hina’s credit in April shrank for
the first time as government
bond sales slowed, while loan
expansion was worse than expected
in a sign of weak demand.
Aggregate financing, a broad
measure of credit, decreased by
almost 200 billion yuan ($27.7 billion)
PTI in April from the previous month,
according to Bloomberg calculations
of data released by the People’s Bank
of China on Saturday. That’s the first
time the measure has declined since
from shadow banking — which refers
to activities outside the formal bank-
ing system — also recorded a drop,
weighing on overall credit.
Financial institutions offered 731
billion yuan of new loans in April,
lower than a projected 916 billion
yuan. The year-on-year growth rate of
outstanding loans edged down to 9.1
per cent from 9.2 per cent in March.
“The volatility in this month’s data
is tolerable because the government
will issue ultra-long government
> The decline reflects a adding fuel to a government bond
contraction in financing activity rally that’s raised concerns.
The PBOC has emphasized that
> A breakdown of the data shows markets shouldn’t look at the absolute
that more government bonds growth rate of credit over the past few
were repaid than sold in the months, citing reasons including
month, contributing to the decline improving structure of credit that
allows emerging industries to get more
> Financing from shadow financial support. The central bank
banking — which refers to said that slower credit expansion is still
activities outside the formal sufficient to support the economy. In
banking system — also recorded a
drop, weighing on overall credit
a sign of sluggish business activity, the
money supply measure M1 — which

transplant dies in 2 months comparable data began in 2017, reflect-

The first recipient of a genetically modified pig kidney transplant
has died nearly two months after he underwent
the procedure, his family and the hospital that
performed the surgery have said. Richard
“Rick” Slayman had the transplant at
Massachusetts General Hospital in March
at the age of 62. Surgeons said they
believed the pig kidney would last for at
least two years. Previously, pig kidneys had
been temporarily transplanted
into brain-dead donors. Two men received heart
transplants from pigs, although both died within months.
Slayman had a kidney transplant at the hospital
in 2018, but he had to go back on dialysis last year when it
showed signs of failure.
Engineers plan explosion
ing a contraction in financing activity.
Looking back further, using a
smaller data set that excludes things
like government funding, it was the
first decrease since October 2005,
according to Bloomberg Economics.
A breakdown of the data shows
‘Over 300,000 Gazans fled Rafah’
AP
MIKE IVES
12 May
The main United Nations agency
aiding Palestinians in Gaza said
early Sunday that about 300,000
bonds soon, so credit expansion in
May and June may make up for it,”
said Bruce Pang, chief economist for
Greater China at Jones Lang LaSalle
Inc. The government has sold bonds
at a slower-than-expected pace so far
this year, helping fuel a rally in sover-
eign bonds as demand outpaced
supply. China’s top leaders at a
Politburo meeting last month called eign bonds this year.
for faster issuance of special sovereign Pang said the drop in shadow
and local government special bonds financing shows authorities’ focus on
— a major source of funding for infras- preventing risks, as the PBOC has
tructure projects. Beijing plans to issue stressed in recent months its intention
1 trillion yuan worth of special sover- to avoid money idling in the financial
As Israel pushes
deeper into Rafah,
Hamas regroups
includes cash in circulation and some
corporate demand deposits — fell 1.4
per cent in April from a year earlier,
the first time it has dropped in more
than two years. Household medium
and long-term loans, a proxy for mort-
gages, shrank in April in a reflection
of weakness in the property market.
Pfizer, AstraZeneca
line up $1 billion
investments in France
REUTERS
12 May

to free Dali cargo ship people had fled over the past week
from Rafah, the city in the enclave’s
Israeli forces were battling
Palestinian militants across the
Leading healthcare companies Pfizer and
AstraZeneca announced on Sunday new
Crews are preparing to use controlled explosives to demolish a southernmost tip where more than Gaza Strip on Sunday, including investments in France worth a total of
large piece of the collapsed Francis Scott Key Bridge atop the cargo a million displaced Gazans had in parts of the devastated north nearly $1 billion, ahead of the start of this
vessel Dali that has been stranded since March in Baltimore with sought shelter from Israeli bom- that the military said it had year's annual 'Choose France' business sum-
its crew of 20 Indians and one Sri Lankan onboard after it collided bardments elsewhere over the past cleared months ago, where mit. Pfizer said it would invest $538.5 mil-
against the bridge. The Key Bridge Response Unified Command is seven months. Hamas has exploited a security lion in France to build up its research and
scheduled to use precision cuts made with small charges to The UN agency, known as vacuum to regroup. development work in the country, while
remove a large section of the bridge wreckage from on top of the UNRWA, made the announcement Israel has portrayed the southern AstraZeneca announced an investment of
Dali.The Key Bridge Response Unified Command said in a on social media hours after the Gaza city of Rafah as Hamas’ last $388 million for its site at Dunkirk.
statement that the safest and swiftest method to remove the Israeli government issued new stronghold, saying it must invade Their investment pledges came as
bridge piece from on top of the Dali is by “precision cuts made evacuation orders in Rafah and in order to succeed in its goals of President Emmanuel Macron prepared to
with small charges. This is an industry-standard tool in controlled elsewhere in Gaza, deepening fears dismantling the group and kick off on Monday the annual 'Choose
demolition that will break the span into smaller pieces, which that the Israeli military was prepar- returning scores of hostages. France' event aimed at wooing big overseas
will allow the work of refloating the vessel and removing it from ing to invade the city despite inter- Israeli government issued new evacuation orders, deepening fears that A limited operation there has businesses and investors.
the federal channel." The 2.6-km-long, four-lane Francis Scott national warnings. Paltel, the Gaza it was preparing to invade despite international warnings PHOTO:REUTERS expanded in recent days. AP France announced earlier on Sunday 100
Key Bridge over the Patapsco River came crashing down on March Strip’s largest telecommunications new jobs in Paris at Wall Street bank Morgan
26 after the 984-foot ship ‘Dali' collided against it. PTI company, said on Sunday that inter-
net service was down in parts of
the Israeli military’s operation there
this month has already shut down.
evacuate to an “expanded humani-
tarian area in Al-Mawasi,” a coastal
‘Banning UK arms Stanley, and investments from other firms
such as German aviation company Lilium.
southern Gaza because of Israeli There has been intense bom- area north of the city that the exports would The US bank already increased its Paris
military operations and that crews bardment and fighting around United Nations and international headcount to about 400 staff from 150 since
ROGER CORMAN 1926-2024 were working to restore services “as Rafah since Monday, when Israel officials have stressed is neither safe strengthen Hamas’ 2021. It will add 100 staffers across all its
quickly as possible.” seized control of the Gaza side of nor equipped to receive them. Paris divisions, including its R&D center,
Doctors Without Borders, an aid the Rafah border crossing with “Forcing civilians to evacuate Stopping British arms sales to which has 90 employees now and could
Hollywood mentor, group whose staff members have
been working in Gaza during the
Egypt, largely halting the flow of
aid. Dozens of people have been
Rafah to unsafe zones is intoler-
able,” Josep Borrell Fontelles, the
Israel if it launches a ground
assault on Rafah in the Gaza Strip
grow to 120, according to a Morgan Stanley
spokesperson. First Abu Dhabi Bank and
war, also said on social media that killed by Israeli strikes in Rafah European Union’s top diplomat, would strengthen Hamas, Nigeria’s Zenith Bank are also set to open
king of B-movie dies it had started to refer the last 22
patients at one hospital, the Rafah
since then, local health officials say.
Israeli warplanes dropped leaf-
wrote late Saturday on the social
media platform X. He urged Israel
Britain’s Foreign Secretary David
Cameron said on Sunday. Israel
offices in Paris, the minister added. Those
operations will help French companies
Roger Corman (pictured), the Indonesian Field Hospital, to other lets over parts of Rafah and over a not to go ahead with a ground offen- ordered Palestinians to evacuate invest in the Gulf and in English-speaking
Oscar-winning “King of the facilities because it could “no longer part of northern Gaza on Saturday sive in Rafah, saying it would more of the southern city in an Africa, and show that Paris is becoming a
Bs” who helped turn out guarantee their safety.” that ordered people to flee. The “further exacerbate an already dire indication it was pressing ahead key location for worldwide players.
such low-budget classics as Gaza’s health care system is in a warning about Rafah added to exist- humanitarian crisis.” with its plans for a ground attack, Amazon will also announce a $1.3 billion
“Little Shop of Horrors” and state of near collapse, and one of ing evacuations orders there. despite US President Joe Biden’s investment in France, the French pres-
“Attack of the Crab the three major hospitals in Rafah The Israeli military has told ©2024 The New York Times threat to withhold the supply of idency said on Sunday ahead of the start of
Monsters” and gave many of that were partly functioning before Gazans in Rafah to temporarily News Service some weapons if it did so. REUTERS the country's annual event.
Hollywood's most famous
actors and directors early
breaks, has died. He was 98.
Corman died
Thursday at his home in
on

Santa Monica, California, his

Apple nears deal to put ChatGPT on iPhone SoftBank arm
BLOOMBERG
British newspapers warn Apple
plans to launch
daughter Catherine Corman said on Saturday in a state- month. Bloomberg reported in
ment. 12 May April that the discussions with
“He was generous, open-hearted and kind to all
those who knew him,” the statement said. “When asked Apple Inc has closed in on an
over ad-blocking plans: Report OpenAI had intensified. Still,
there’s no guarantee that an
how he would like to be remembered, he said, I was a
filmmaker, just that.'” Starting in 1955, Corman helped
create hundreds of films as a producer and director,
agreement with OpenAI to
use the startup’s technology
on the iPhone, part of a
British newspaper groups have warned Apple that any move to
impose a so-called "web eraser" tool to block advertisements
would put the financial sustainability of journalism at risk, the
agreement will be announced
imminently. Representatives
for Apple, OpenAI and Google
AI chips next yr
among them “Black Scorpion”, “Bucket of Blood”, and broader push to bring artifi- Financial Times reported on Sunday. declined to comment.
“Bloody Mama”. cial intelligence features to its Apple is preparing to include an AI-based privacy feature Apple plans to make a REUTERS
A remarkable judge of talent, he hired such aspiring devices, according to people in the Safari browser in the next iOS 18 software update that splash in the artificial intelli- 12 May South Korea to
filmmakers as Francis Ford Coppola, Ron Howard, familiar with the matter. will remove ads or other unwanted website content, the gence world in June, when it
James Cameron and Martin Scorsese. In 2009, Corman The two sides have been newspaper reported. REUTERS holds its annual Worldwide SoftBank Group’s Arm splurge $7.3 bn
received an honorary Academy Award. finalising terms for a pact to Developers Conference. As Holdings plans to develop arti-
“There are many constraints connected with work- use ChatGPT features in part of the push, the company ficial-intelligence (AI) chips, on semicon biz
ing on a low budget, but at the same time there are cer- Apple’s iOS 18, the next held talks with Alphabet Inc’s ongoing. An OpenAI accord will run some of its upcoming seeking to launch the first pro- South Korea is preparing
tain opportunities,” Corman said in a 2007 documen- iPhone operating system, said Google about licensing that would let Apple offer a pop- artificial intelligence features ducts in 2025, Nikkei Asia a programme to provide
tary about Val Lewton, the 1940s director of “Cat the people, who asked not to company’s Gemini chatbot. ular chatbot as part of a flurry via data centers equipped reported on Sunday. more than $7.3 billion to
People” and other underground classics. AP be identified because the situ- Those discussions haven’t led of new AI features that it’s with its own in-house proces- UK-based Arm will set up strengthen the country’s
ation is private. Apple also has to an agreement, but are planning to announce next sors, Bloomberg has reported. an AI chip division and aim to pivotal semiconductor
build a prototype by spring industry, Finance
2025, the report said. Mass pro- Minister Choi Sang-mok

US aims to stay ahead of China in using AI to fly fighter jets

ASSOCIATED PRESS
12 May
Two Air Force fighter jets recently
squared off in a dogfight in
California. One was flown by a pilot.
The other wasn’t.
That second jet was piloted by
artificial intelligence, with the Air
Force’s highest-ranking civilian
riding along in the front seat.
It was the ultimate display of how
far the Air Force has come in
developing a technology with its
roots in the 1950s. But it’s only a hint
of the technology yet to come.
The United States is competing
to stay ahead of China on AI and its
use in weapon systems. The focus on
AI has generated public concern
that future wars will be fought by
machines that select and strike
targets without direct human
intervention.
Officials say this will never
happen, at least not on the US side.
But there are questions about what a
potential adversary would allow,
duction will be handled by said. Choi, in a meeting
contract manufacturers and is on Friday with local
expected to start in the manufacturers of chip
autumn of 2025, Nikkei Asia materials, parts and
2012 when the combination of big said. Arm will pay for initial equipment, said the
INCREASING FOCUS data and advanced computing
power enabled computers to begin
development costs, which
may go up hundreds of
government is
considering ways to
> The focus on AI has generated public concern that
analysing the information and billions of yen, with fund the program
future wars will be fought by machines that select and writing the rule sets themselves. It is SoftBank also con- to support the
strike targets without direct human intervention what AI experts have called AI's “big tributing, the report industry, the
> AI’s roots in the military are actually a hybrid bang.” The new data created by a said. finance
of machine learning and autonomy computer writing the rules is Once a mass-pro- ministry said
artificial intelligence. Systems can duction system is in a statement
> There are questions about what a potential be programmed to act established, the AI on Sunday.
adversary would allow, and the military sees no autonomously from the conclusions chip business could be Details will be
alternative but to get US capabilities fielded fast reached from machine-written spun off and placed under announced soon,
rules, which is a form of AI-enabled SoftBank, the newspaper said, said Choi. BLOOMBERG
autonomy. Air Force Secretary adding that SoftBank is
and the military sees no alternative rule sets to reach conclusions. could. But the Aegis system was not Frank Kendall got a taste of that already negotiating with
but to get US capabilities fielded fast. Autonomy occurs when those designed to learn from its decisions advanced warfighting this month Taiwan Semiconductor tre market, where operators
“Whether you want to call it a conclusions are applied to take and its reactions were limited to the when he flew on Vista, the first F-16 Manufacturing Corp and are looking to build their own
race or not, it certainly is,” said Adm. action without further human rule set it had. fighter jet to be controlled by AI, in a others over manufacturing, chips to power new AI models
Christopher Grady, vice chairman of input. “If a system uses 'if/then' it is dogfighting exercise over looking to secure production and reduce their reliance on
the Joint Chiefs of Staff. “Both of us This took an early form in the probably not machine learning, California's Edwards Air Force Base. capacity. Arm and SoftBank dominant supplier Nvidia.
have recognised that this will be a 1960s and 1970s with the which is a field of AI that involves While that jet is the most visible declined to comment, while Investors are eagerly await-
very critical element of the future development of the Navy's Aegis creating systems that learn from sign of the AI work underway, there TSMC did not immediately ing clues about new growth
battlefield. China’s working on it as missile defence system. Aegis was data,” said Air Force Lt. Col. are hundreds of ongoing AI projects respond to requests for com- investments as the company
hard as we are.” trained through a series of human- Christopher Berardi, who is across the Pentagon. ment. The British chip has ample liquidity and can
AI’s roots in the military are actually programmed if/then rule sets to be assigned to the Massachusetts In another significant project, designer, which licenses its monetise its huge holding in
a hybrid of machine learning and able to detect and intercept Institute of Technology to assist the military is working on an AI chip designs and earns funds Arm, whose share price
autonomy. Machine learning occurs incoming missiles autonomously, with the Air Force's AI development. alternative to GPS satellite- through royalties, has been roughly doubled in February
when a computer analyses data and and more rapidly than a human AI took a major step forward in dependent navigation. expanding into the data-cen- on excitement over AI.

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OPINION 9
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VOLUME XXXI NUMBER 22

NEW DELHI | MONDAY, 13 MAY 2024

Migration matters
Mobility must remain a priority for economic diplomacy
Lost a shock absorber exchange rate is the most important price in the
The economy would be more stable if the

M
any Indians migrate to other countries, particularly the Gulf nations price system, and the floating exchange rate is the
and the developed world. Both migration within the country and exchange rate fluctuated more foundation of a more stable economy.
All these ideas work in the reverse when we do
migration to other countries are usually in search of better liveli-
ILLUSTRATION: AJAY MOHANTY not have a floating exchange rate, when the Indian
hood, but can sometimes be distress-led. In 2020, about 18 million state prevents news from reshaping the exchange
people from India were residing outside their country of birth. Countries like rate every day. When faced with bad news, the real
the United Arab Emirates (UAE), the United States (US), and Saudi Arabia host economy does not get supported by the improved
the largest Indian diaspora. The latest World Migration Report, released by the performance of firms involved in tradeables. When
International Organization for Migration, reaffirms that India to the UAE, the faced with bad news, the stable exchange rate works
US, and Saudi Arabia feature in the top 10 country-to-country migration corridors. as the red carpet, and foreign investors get better
Interestingly, migration from Bangladesh to India also features on the list. The terms when selling securities or real estate in order
number of people emigrating from India not only remains the highest in the to exit. This, in turn, puts a greater burden of adjust-
world but is also gender-skewed. The proportion of male emigrants from India ment upon the financial market prices that are not
is nearly 65 per cent of total external migration from the country, suggesting controlled by the government, such as real estate or
securities, which see bigger falls.
that men migrate for work and women stay behind.
In early October 2022, the dollar/rupee got to
From a macroeconomic standpoint, migration acts as a big source of remit- ~82.8 and has since moved little. We are in a new
tances for any country. The report highlights that India was the top remittance- period of a largely fixed dollar/rupee exchange rate.
recipient country in 2022, receiving more than $111 billion. India’s remittance This was an important change in the exchange-rate
dominance is growing steadily and has held top position for many years. regime. We are able to see this in hindsight. At the
Remittances play an important role in narrowing India’s current account deficit, time, there was no public announcement of the deci-
which stood at 1.2 per cent of gross domestic product (GDP) in the third quarter sion or its rationale. It is not known whether the
of 2023-24. Being a large energy importer, India runs a large merchandise-trade monetary policy committee was briefed about it.
deficit. As a source of additional disposable income, the remittance flow boosts No economy can have all three — of a domesti-
household consumption expenditure and bolsters domestic demand. However, cally focused monetary policy (ie an inflation target),
control of the exchange rate, and an open capital
there are also concerns regarding over-reliance on international remittances. It
account. Trying to bring these three together gen-
is sometimes argued that it can cultivate a culture of dependency in the receiving erates a macroeconomic indigestion. A variety of
country, potentially lowering productivity and slowing economic growth. It can

E
xchange-rate flexibility is a shock absorber.
also make an economy vulnerable to sudden changes in remittance receipts When there are external or internal shocks,
because of a variety of factors. Fortunately, the data cited in the report suggests part of the load is borne by a flexible exchange
India’s dependence is fairly limited compared to other countries. Tajikistan, rate. When the exchange rate does not adjust, a bigger
which tops the list, had a remittance-GDP ratio of 51 per cent in 2022. In contrast, burden of adjustment is placed on stock prices, real
the corresponding figure for India was about 3.3 per cent. estate prices, and firm fundamentals. The
Being a labour-surplus country, India benefits from a vast pool of migrant dollar/rupee has become significantly more controlled
population. A large section of these migrants works in low-paying sectors such as from late 2022. This shapes our understanding of how
future shocks will play out.
construction, security, domestic work, and retail, while others are engaged in
The Indian state has hindered
high-paying, skilled professions. In a large and developing country like India it is
cross-border activities from the time
natural to expect some people to migrate to the developed world in search of of the Second World War. A wide
better opportunities. However, the migration of low-skill workers clearly suggests range of people, from economists
that India needs to create productive employment opportunities at scale. However, to income-tax officers, have made
since creating employment opportunities at the scale required has been a persistent autarky the baseline. When capital
policy challenge, the trend in migration is likely to continue in the foreseeable controls started getting eased in the
future. In this context, while there has been progress in recent years, India must early 1990s, the primal fear of many
strengthen its capabilities to address problems faced by Indians living abroad. was captured in the question:
These include handling cases of discrimination, exploitation, repatriation, and “Inflows are fine, but what will hap-
getting a grip on the whereabouts of Indians overseas. As things stand, global pen if all foreign institutional
investors (FIIs) sell their shares one
labour mobility must remain a priority for India’s economic diplomacy. It must
protect India’s interests in a world increasingly becoming protectionist.
day and run away?” SNAKES & LADDERS
Neither Indians nor FIIs are a
AJAY SHAH
single monolithic group that act in
And then, there is the exchange rate. Suppose
there is net selling of Indian assets by foreigners.
They obtain proceeds in rupees and take these to
the currency market in order to turn them into dol-
lars. A weaker rupee is required to attract short-term
capital flows, and that foreign exchange is given to
the exiting foreigners. The foreigners who exit India
then suffer losses at two levels: The Indian assets are
sold at adverse prices, and the price obtained on the
currency market is a poor one.
What would happen if the rupee
was held artificially stable and if the
rupee did not budge in this time of
stress? That would be giving the red
carpet to the foreigners who wish to
exit Indian assets. It is hard to see
why the Indian state should supply
such risk management services
to foreigners.
Price flexibility (of share prices,
bond prices, real estate prices,
exchange rates) is the shock absorber
in the financial system. When bad
news comes, all these prices should
policy moves of the last 20 months, such as hedg-
ing-only for exchange-traded derivatives (early 2024)
or restrictions on the liberalised remittance system
(August 2022 and July 2023), are expedient tactical
moves located in the strategic indigestion.
Similarly, the idea that the Indian economy lost
a shock absorber helps us understand the last 20
months. The strong dollar of this period might have
normally gone with some rupee depreciation, which
would have helped the tradeables and export sectors
of the economy. The exchange rate as a shock
absorber helps across the full array of domestic and
international shocks. As an example, perhaps the
difficulties of transportation through the Red Sea
could have generated currency depreciation under
a floating exchange rate, which was not allowed to
happen. Exports grew dramatically in the post-pan-
demic period, but stopped growing in 2022. There
is a flat patch at about $55 billion a month (for non-
oil non-gold exports of goods and services) from
2022 onwards. Perhaps a factor that shaped this was
the change in the exchange-rate regime.
Election results have sometimes given large asset-
price movements. For example, when the Congress

Ineffective interventions unison. There are thousands of

traders on the market, and in any one minute, many
are selling and many are buying. So we should not
Spam calls must be stopped see FIIs as monolithic. When bad news unfolds,
respond. Turning to the real econo-
my, we find the second layer of exchange-rate fluc-
tuations as a shock absorber. When bad news comes,
won in 2004 there was a large drop in stock prices
and when it won again in 2009, there was a large
increase. To the extent that the exchange rate is held
the rupee depreciates. This improves Indian export constant in such episodes, the volatility of stock

T
whether in India or outside, stock prices or real estate competitiveness and increases the business volume prices is exacerbated. A flexible and resilient econ-
he Department of Telecommunications has reportedly decided to take
prices go down. This decline of asset prices attracts for exporting firms. Imports become more expen- omy is one in which there are many shock absorbers,
up the issue of pesky calls and messages as a priority area once the new buyers. It has taken years for the economics com- sive, which supports firms that face import compe- where bad news gives a drop in the rupee and in
government is formed. This is reported to be part of the 100-day agenda munity to gradually gain confidence on these ques- tition. The prices of globalised products go up with stock prices and good news does the reverse.
the Prime Minister’s Office has asked every Union ministry and govern- tions, to shed its fear of foreigners suddenly exiting a depreciated exchange rate, which improves busi-
ment department to work on. If executed well, tackling pesky calls/messages or their investments one day. ness conditions for firms who make them. The The writer is a researcher at XKDR Forum
unsolicited communication will go a long way in promoting both ease of living and
ease of doing business — two critical benchmarks for development. The effort to
contain unsolicited communication, commonly referred to as spam, however, is
not a new initiative. For years, the government has been struggling to clean up the
system through regulations and directions, first by bringing in a “Do Not Disturb
Registry” and then various versions of the unsolicited commercial communications
New economy, old habits
law. But the rising instances of spam calls and messages show the efforts to contain

T
he world is fast-tracking the transition to a
them, even by using blockchain and artificial intelligence, have failed. green economy. It is moving towards renew-
One of the reasons why efforts to check spam have not been effective is that ables, like solar and wind, to replace coal and
the attacker (creator of spam, usually a telemarketing company) moves faster gas in energy systems; towards electric vehicles to
than the regulator. Also, some telecom-service providers are not in compliance replace oil for transportation; and towards hydrogen
with the codes of practice but they are hardly penalised. In principle, the penalty to replace fossil fuels in industry and energy. These
on service providers for failing to curb pesky calls and SMSes on their network is are the three big changes expected to drive reduction
~34.99 crore — this was reiterated in a Parliament reply last year. After many in emission in a world that is fast heating up, and
variations across years, the Telecom Commercial Communication Customer with hugely consequential weather disasters.
Preference Regulations were issued in 2018, followed by six directions by the There is no doubt that the world needs to move
with speed and at scale. But what will be the business
Telecom Regulatory Authority of India (Trai). According to the regulations which
model that we take to the new green world? I ask
came into force in February 2019, seeking customer consent for receiving pro- this as there are inherent problems
motional messages and registration of telemarketers is mandatory. with the old model of resource util-
India is not alone in this but the country’s spam market is on a high. isation and its social and environ-
Truecaller, which has 400 million monthly users around the world, said last mental fallouts.
week that India continued to remain its largest market, accounting for 74.2 per Take the issue of mineral extrac-
cent of its net sales in the first quarter of the calendar year 2024. India contributed tion — be it coal, iron ore, or alumini-
~244.2 crore to Truecaller’s operating revenue in the quarter, up 8.8 per cent um. The mining of these raw mate-
year-on-year. On the operational front, the Swedish company’s average number rials, needed for energy and industry,
of global monthly active users rose by 39 million to 383.4 million. Of this total, have led to massive environmental
fallouts. In India, as we have painfully
272.6 million were from India alone. Truecaller, which identifies and warns the
found out, this mineral wealth is
user about scammers and telemarketers, gave a glimpse into the global scenario
in a recent report, highlighting that US residents had to struggle with an average
often in forests, wildlife habitats, and,
of course, tribal homes. This is why
DOWN TO EARTH
of 2.1 billion spam calls on a monthly basis. we say this resource curse is about SUNITA NARAIN
What can the government do now to check the menace? One of the recom- rich lands and poor people. The fact
mendations of Trai is that all network operators should implement the calling- also is that to get to the minerals we need for the econ-
name display service on mobile phones and that all smartphone makers should omy, we have had to cut forests and displace local
be mandated to enable this feature within a stipulated time. Calling-name presen- communities that had lived in this habitat. The
tation, or CNAP, has to be formalised through guidelines. Also, the DoT is planning tragedy of this extractive and revenue-generating eco-
multiple interventions within the first 100 days of the new government. For instance, nomic model has been that the people who live on
these lands have hardly benefited from the resources.
a new inter-ministerial panel is being proposed to check spam, there will be updates
This is the core of what is wrong in our world, not just
to the Chakshu portal, and the mandatory implementation of artificial intelli-
emission from these industries that then led us to
gence-based digital consent-acquisition technology will come into play. A separate catastrophic climate change.
numbering series can also be planned for transactional versus marketing calls. I ask this because in the new green economy,
the world will still need minerals, though, different
ones — lithium, nickel, copper, cobalt, graphite —
but still those that are found in forests and, invari-
ably, on the lands of the most marginalised. This is
true of not just India but the world. New York-based
market consultancy MSCI reports that 97 per cent
of nickel, 89 per cent of copper, 79 per cent of lithi-
um, and 68 per cent of cobalt reserves in the US are
within 55 km of Native American reservations. It is
the same in other regions — from Central America
to Africa to Asia.
The green transition will mean exponential
growth in the need for these minerals. Will there be
a difference in the way we conduct
business with Earth and its people?
Battles are already being waged. In
the US, for instance, mining majors
Rio Tinto and BHP Billiton’s
Resolution Copper mine in Arizona
has come under fire from indige-
nous communities because the dig-
ging will have to happen on lands
held sacred. The story is the same
wherever the new gold rush is,
across the world, with no new rules
of engagement.
In India, we have had a long tryst
with making mineral extraction
environmentally and socially just — sadly without
solutions that work. Years ago, the Supreme Court
had ruled in the Samata judgment that no mining
could happen on tribal lands without the participa-
tion of the tribal people. It meant that, at the least,
the tribal people would need to be equal shareholders
in the business. But this was negated. Then came the
effort to share the revenue from mining with these
communities. In fact, the first draft of what then
became the District Mineral Foundation (DMF) was
to make the communities partners in the business.
But this, too, got diluted. The grand idea of sharing
benefits or making people partners in mineral devel-
opment got reduced to an additional cess on min-
erals. This tax is deposited with the DMF and gratu-
itously used by the government to fund what it
would like to see as development, without much
participation of the people who live on the land
where the minerals are found.
The situation is the same with the environment
and forest clearances. The objective at one time was
to ensure that communities had the right to consent
to these projects; that clearance would give weight
to their objections to projects in greenfield forest-
lands. But this protection is being whittled away in
the name of growth. It could have helped build a
socially inclusive and just green future.
The other issue that always led to contests in
the old economy was the location of the project —
from thermal power to iron smelters — because
communities feared that pollution would jeopardise
their life and livelihood. The same question is now
being raised about the location of windmills and
solar projects — that they are in areas inhabited by
people or wildlife. The question, again, is this: In
our promised green economy, will governments
make rules that resolve the conflict in ways that
improve local communities and their environment,
or will the rush for transition mean more of the
same old ways, or even worse? The fact is that the
poor never really benefited from the wealth gener-
ated in the old economy. The lands where coal was
mined and energy produced still remain without
electricity. Will the new economy make sure it is
inclusive? Only then can it be sustainable. And if
not, the new economy is not new, or green.
The writer is at the Centre for Science and Environment
sunita@cseindia.org, X: @sunitanar

Can a 1970s idea save democracy today?
be extremely motivated to divide the
cake as evenly as possible.
Rawls included a version of the cake-
cutting scenario in A Theory of Justice,
his landmark 1971 book that the
economist and philosopher Daniel
BOOK REVIEW Chandler wants to resurrect for a new
era. In Free and Equal, Chandler argues
JENNIFER SZALAI that Rawls’s approach, which combines
a liberal respect for individual rights
each would be motivated to realise
a society that would be accepted
as fair even by the most vulnerable.
This is liberalism grounded in
reciprocity rather than selfishness or
altruism. According to Rawls’s
“difference principle,” inequalities
would be permitted only as long as
they promoted the interests of the
least advantaged.
some speech, such as advertising, plays
“no meaningful role” in helping us
figure out how to live a good life, such
speech can be limited. The idea is to
balance individual and group freedoms
with the need for peaceful coexistence.
The state should protect the rights of gay
people not to be
discriminated
against — even
of Free and Equal are given over to
specific policy proposals. Some of
them sound familiar enough —
restricting private money in politics;
beefing up civic education — while
others are more far-reaching and
radical, including the establishment of
worker cooperatives, in which “workers
decide how things are done,” and the
abolition of private schools.
As impressive as his prescriptions
are, I found their
FREE AND endless parade to be
EQUAL: A enervating.
ages people with a variety of deeply
held commitments to live together in
mutual tolerance, free to figure out
questions of individual morality and
the good life for themselves. For
anyone who venerates consensus in
politics, this sounds appealing;
given the fissures of our current
moment, it also comes across as
wildly insufficient.
But no philosophy is capacious
enough to squeeze out the endless
possibilities thrown up by reality.
Among the stellar blurbs on the

T
he American political theorist
John Rawls may be known for
abstractions like “the original
position” and “the difference principle,”
but any mention of his name puts me in
mind of something decidedly more tan-
gible: Cake. Consider the potentially
combustible situation of two children
who have been given a cake to share
between them. How do you ensure that
the division of the cake is fair and will
elicit the least complaint?
The key is to involve both children
in the process and to enforce a
separation of powers: Assuming
they’re old enough to handle a knife,
one child can cut the cake and the
other can get first pick of the slice. The
child tasked with cutting will therefore
and differences with an egalitarian
emphasis on fairness, could be “the
basis for a progressive politics that is
genuinely transformative.”
If this is an opportune moment for
Chandler’s book, it’s also a difficult one.
In doing the hard work of spelling out
what a Rawlsian programme might look
like in practice, Chandler ends up
illustrating why liberalism has elicited
such frustration from its many critics in
the first place.
Rawls’s theory was premised on the
thought experiment of the “original
position,” in which individuals would
design a just society from behind a “veil
of ignorance.” People couldn’t know
whether they would be born rich or poor,
gay or straight, Black or white — and so
Chandler is a lucid and elegant
writer, and there’s an earnest sense of
excitement propelling his argument.
People might not agree on much,
Chandler says, but the “veil of
ignorance” encourages us to find a
mutually agreeable starting point. If we
don’t know what community we are
born into, we should want a “reasonable
pluralism.” We should also want the
state “to maintain the conditions that
are the basis for our freedom and
equality as citizens.”
As an example, Chandler raises the
thorny issue of free speech. “Political,
moral and religious” speech “is integral
to developing our sense of what is fair
and how to live,” he writes, which is why
it deserves robust protection. But since
though the state Manifesto for a Chandler’s jacket of Chandler’s book is one
cannot force anyone Just Society unwavering that is spectacularly ill timed: It
or any group to Author: Daniel reasonableness made is by Columbia University’s president,
approve of gay Chandler me feel as if I were Nemat Shafik, who has, in the last
relationships. Publisher: floating in saline; few weeks, tried to placate
Chandler, who is gay, Knopf after he laid out his Republican lawmakers by revealing
suggests that terms and edged out (typically confidential) details of
premising gay rights Pages: 414 countervailing disciplinary procedures against
on getting everyone Price: $32 arguments, there professors and calling in the
to agree on the were no points of police to clear out pro-Palestinian
question of morality friction, no sharp campus protests.Shafik didn’t write
is a waste of energy: “For some people edges that could serve as a goad to this book, and Chandler isn’t
this” — the belief that homosexuality thought. But despite his valiant efforts, responsible for what she does.
is a sin — “is part of their faith and no the book enacts both the promise and But her endorsement suggests why
reasoned argument will persuade the limitations of the theory it seeks to even Free and Equal feels so
them otherwise.” promote. It didn’t leave me cold, but it unequal to the fury of this moment.
Chandler deserves credit for refusing did leave me restless.
to relegate his book to the airy realm of And in a way, that’s part of Chandler’s The reviewer is non-fiction book critic for The
wistful abstraction. The last two-thirds point: A Rawlsian framework encour- Times ©2024 The New York Times News Service

Investor
NEW DELHI | listed building material firms. It is poised to benefit from
MONDAY, 13 MAY 2024
Stuck in neutral? TaMo’s upsides
may sputter on demand worries
STILL REVS UP FOR ROAD AHEAD: Automaker optimistic despite current roadblocks,
banking on economic growth and government support to accelerate progress
RAM PRASAD SAHU
Mumbai, 12 May
N
otwithstanding robust volume
growth and a strong performance
from Jaguar Land Rover (JLR),
Tata Motors, the country’s second-largest
automobile (auto) manufacturer by
market capitalisation, disappointed the
Street with its January-March quarter (Q4)
results for 2023-24 (FY24)..
While consolidated revenues saw a
13 per cent increase, lower-than-expected
realisations in the Indian operations
weighed down overall performance.
The commercial vehicle (CV) segment,
representing 60 per cent of Indian auto
business revenues, witnessed a mere
1.6 per cent growth, hampered by a 6 per
cent decline in volumes. This decline was
attributed to the high base in the year-ago
quarter, driven by pre-buying due to the
Bharat Stage-VI Phase-II transition.
Despite higher prices and an improved
product mix, revenues saw only a
marginal increase.
Conversely, the passenger vehicle (PV)
business saw a 15 per cent growth in
volumes over the year-ago quarter, result-
ing in a revenue growth of 19 per cent.
A 19% SURGE IN JUST ONE YEAR
45 MILLION & COUNTING: THE UNIQUE
RISE OF MUTUAL FUND INVESTOR
REVIVAL ON TWO FRONTS: Index surge by 25% in FY24,
propelled by strategic fund launches and marketing blitz
0.2 0.3 0.1
38.2
37.9
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
The unique mutual fund (MF)
investor count topped 45 million
in April with the addition of
600,000 investors. The MF investor
count, which stood at around 38 million
in April 2023, has surged by 19 per cent
in the past year, according to Amfi.
MF investor additions saw a spike
in 2023–24 (FY24) vis-à-vis 2022–23
(FY23) owing to a turnaround in
equity market performance.
The benchmark indices — Nifty 50
and Sensex — surged over 25 per cent in
FY24 after delivering near-zero returns
in FY23. Another contributing factor is
the launch of funds in popular
categories as promotion and
marketing activities increase.
However, FY24 additions are still
significantly lower than the 2021–22
tally, when nearly 11 million investors
entered the MF fold.
‘Futile to link market movements with poll-related jitters’
The ongoing Lok Sabha (LS) elections in 2024, coupled with the declining voter
turnout, have left investors speculating about the election results. NILESH SHAH,
managing director at Kotak Mahindra Asset Management Company, shares his
insights on these developments, explores whether the initial low voter turnout is
causing concern in the markets, and delves into investment strategies against
this backdrop during a Zoom call with Puneet Wadhwa. Edited excerpts:
With less than a month remaining
before the LS election results are
announced, there’s speculation
surrounding the ‘Abki Baar, 400
Paar’ (‘This time, over 400
seats’) narrative. Should
this narrative not play out,
will markets be in more
trouble than they are in?
The markets are currently
pricing in the continuation
NILESH SHAH
of government and ongoing
Managing Director,
reforms. Whether this Kotak Mahindra AMC
continuity is achieved with
over 400 seats in the LS or
fewer, I believe it won't impact the
markets as long as government
continuity is maintained.
For the long-term health of the
market, sustaining reform momentum
is essential. India has made major
strides, transitioning from the 10th
largest global economy to a trajectory
aiming for the third position.
Having evolved from a mere ‘coach’
to the world economy, India is now
positioned as the engine. However,
sustaining this growth trajectory
The Smart
TATA MOTORS: IN REVERSE GEAR
2024-25 consolidated estimates
~4.74 trn
REVENUE growth
~67,401.6 cr
EBITDA
growth
FY25E P/E (x) 16.2
Ebitda: Earnings before interest, tax, depreciation, and amortisation
FY25E P/E (x): Estimated 2024-25 price-to-earnings (ratio)
The PV unit’s performance was to negative growth for the CV sector in
bolstered by major facelifts for sport utility 2024-25 (FY25) due to a higher base and
vehicles (SUVs) and multiple powertrain increased competition from railways
options, which boosted demand and following the rollout of the dedicated
volumes. Operating profit margins for the freight corridor in the Northwest route.
internal combustion engine business According to analyst Raghunandhan
stood at a healthy 10.3 per cent, while the N L of Nuvama Research, these factors
electric vehicle (EV) business reached could escalate costs, particularly through
breakeven at the operating level (before increased marketing spending in global
research and development costs). and domestic markets. Additionally, the
However, concerns loom over demand launch of EVs in the JLR/India CV
weakness in both the domestic PV and business is expected to pressure margins
CV segments. The company expects flat in the initial years.
[ FUND PICK ] MOTILAL OSWAL MIDCAP FUND
The mighty oak of investing:
Branching out with growth
Motilal Oswal Midcap Fund,
launched in February 2014, has
ONWARD & UPWARD consistently ranked in the top
30 percentile of the midcap fund
 Mutual fund investors (million)
category in the CRISIL Mutual Fund
Additions (million) Ranking (CMFR) for three consecu-
0.6 tive quarters through March 2024.
0.9 0.7
The fund has been managed
1.0
0.6 by Niket Shah since July 2020,
0.5 0.5
0.6 and Rakesh Shetty and Ankush Sood
0.9 0.6
since November 2022.
Its month-end assets under
management more than quadrupled
44.6
40.4
40.9
39.8
43.0
43.9
42.0
38.3
39.2
45.2
41.4
to ~8,986 crore in March 2024, from
~1,895 crore in March 2021.
The fund aims for long-term
2023 2024
capital appreciation by investing in
Source: Association of Mutual Funds in India
quality midcap companies with
sustainable competitive advantages
In FY24, MFs launched 58 active and significant growth potential.
equity schemes, compared to 32 in FY23.
The surge in investor interest in the Trailing returns
equity market is also reflected in the The fund has consistently outper-
systematic investment plan (SIP) data. formed the benchmark (National
The number of active SIP accounts Stock Exchange Nifty Midcap 150 TRI)
increased by 20 million in FY24, almost over one-year, two-year, three-year,
double the 10.8 million net additions five-year, and 10-year trailing periods,
in FY23. Over 82 per cent of the active as well as its peers (funds ranked in
SIP accounts were in active equity the midcap category in CMFR in
schemes as of February 2024. March 2024) over one-year, two-year,
The total number of unique investors three-year, five-year, seven-year, and
is determined by the total number 10-year trailing periods.
of permanent account number An investment of ~10,000 in
registrations. The unique investor the fund on February 24, 2014, the
count has doubled in the past three inception date of the fund, would have
financial years. grown to ~80,573 (an annualised return
The industry has set a target of 20.67 per cent) by May 9, 2024.
of 10 million investors by 2030, In comparison, the same
as it aims to take the total assets investment in the category would have
under management past the grown to ~67,131 (an annualised return
~100 trillion mark. ABHISHEK KUMAR of 20.5 per cent), and in the benchmark
Sensex to reach the 75,000 mark.
However, such heightened optimism
naturally leads to market jitters. The
markets have not fallen much from the
top, and by no means can it be termed a
‘correction’. Rather, it reflects the typical
volatility inherent in any market.
necessitates continuous reforms.
What are the markets not
So, why the current nervousness in discounting yet?
the markets if there’s confidence in The market is not discounting that the
the continuity of reforms reforms can be unleashed in a way that
and government? can change India’s growth orbit from
The markets have displayed high single digits to double digits. The
an overly optimistic stance, market does not have visibility on such
often preemptively factoring growth rates yet. India needs to be as
in future events. Despite the competitive as, or even more
US Federal Reserve deferring competitive than, China.
rate cuts, market sentiment
leans towards expecting a cut Are concerns mounting in the
sooner rather than later. markets over the National
Additionally, simmering Democratic Alliance potentially
tensions in West Asia pose a potential losing the plot amid evolving
threat to oil prices, yet the market narratives? From an initial emphasis
maintains a belief in sustained low on economic growth to now
energy (oil) prices. billionaires Mukesh Ambani and
Moreover, there’s a prevailing Gautam Adani being dragged
confidence that corporate results
will hold good for the next six to INEXPERIENCED
eight quarters.
Amid ongoing LS elections, with INVESTORS WILL LOSE
expectations of continued government MONEY OVER TIME
and reform continuity, the market is
exhibiting an overall optimistic outlook.
AND GAIN VALUABLE
This optimism propelled the S&P BSE EXPERIENCE”
QUICK TAKE: STOCK SLIPS, BUT KAJARIA TILES PATH TO RECOVERY
(Share price in ~) The stock of Kajaria Ceramics has declined by 4.4% over
the past month. Despite weak performance in 2023-24,
it remains the preferred pick of IDBI Capital among the
a domestic demand uptrend, capacity expansion, an
extensive distribution network, and strong branding
As on May 10, 2024
9.1% 9.1%
~3.83 trn
Y-o-Y One-year
MARKET CAP return
13.1% PRICE ~1,046.85
Y-o-Y
TARGET PRICE ~1,017.70
UPSIDE/DOWNSIDE -2.80%
POTENTIAL
Source: Bloomberg; Compiled by BS Research Bureau
Despite these challenges, the company
remains optimistic about the second half
of FY25, counting on a better gross
domestic product growth outlook,
government incentives to enhance pro-
ductivity in manufacturing and agricul-
ture, and continued infrastructure focus.
In the PV segment, while the company
has outpaced rivals and witnessed strong
performance in its SUV portfolio, the out-
look remains subdued. The company
foresees sub-5 per cent growth in the PV
industry this year, attributed to large
WELL-TUNED ENGINE OF WEALTH
Driving towards consistent returns (%)
 Fund  Category  Benchmark
54.29
50.73
47.01
34.96
35.63
32.42
28.82
26.32
23.58
1-year 2-year 3-year
Returns as on May 9, 2024; returns for one year absolute, rest annualised
to ~80,956 (22.73 per cent).
A systematic investment plan (SIP)
is a disciplined investment approach
offered by mutual funds, where
one can invest a fixed amount at
regular intervals.
A monthly investment of ~10,000
over the past 10 years, totalling
~12 lakh, in the fund would have grown
to ~36.15 lakh (an annualised return of
21.1 per cent) compared to ~35.75 lakh
(20.9 per cent) for the benchmark as
of May 9, 2024.
Overall, the fund has outperformed
the benchmark in SIP periods of one,
three, five, seven, and 10 years.
Portfolio analysis
Over the past three years, the fund has
maintained a predominantly higher
exposure to midcap stocks, with
into India’s election rhetoric, are
these developments creating
confusion about the reform agenda?
The markets possess the acumen to
discern between pre-election rhetoric
and post-election actions.
Last year witnessed microcaps seeing
a surge of 60–70 per cent, a level of
returns typically achieved over a
five-year period rather than within a
single year. Attempting to attribute
market movements solely to
election-related jitters is futile.
What is your perspective on small and
midcaps? Are we in
for another ‘one-
two-ka-four’ year
akin to 2023, or
should investors
inventory levels and a high base, exacer-
bated by elections and a heatwave.
Brokerages foresee Tata Motors sus-
taining its outperformance, driven by the
launches of the mid-sized SUV Curvv in
the second half of calendar year 2024
(CY24) and the Sierra next year. However,
overall volume growth and the proportion
of the EV portfolio will dictate future
profitability trends for this business.
The outlook for its British subsidiary
JLR mirrors similar challenges. While
the UK unit achieved its highest-ever
revenues for Q4 and the full year,
concerns arise regarding the order
book’s decline, potentially leading to
single-digit growth in FY25. Rising
customer acquisition costs further add
to profitability concerns.
Despite these challenges, Tata Motors
has made progress in debt reduction.
While gross debt for JLR decreased from
£5.8 billion to £4.8 billion sequentially,
net debt reduced to £732 million from
£1.57 billion in the October-December
quarter. The Indian auto operations are
now net debt-free, with expectations for
consolidated (auto) level net debt to
achieve the same status in FY25.
While progress in deleveraging con-
tinues, analysts at Emkay Research
believe that the best may be behind for
all businesses. This sentiment is
influenced by a declining order book, nor-
malising product mix, and higher cus-
tomer acquisition costs at JLR, coupled
with a flat growth outlook for the domestic
CV space and moderating India PV out-
look. Emkay Research maintains a
‘reduce’ rating with a target price of ~950.
Nuvama Research also holds a ‘reduce’
rating with a target price of ~940, project-
ing moderate revenue and operating
profit growth over the next two years.
27.11
25.62
23.03
21.82
21.38
19.70
18.15
17.94
15.82
5-year 7-year 10-year
allocations to largecap and smallcap
stocks averaging 12.67 per cent and
11.17 per cent, respectively, while
midcap stocks averaged 68.42 per cent.
The portfolio is diversified across
19 sectors, with the highest average
allocation to financial services
(17.36 per cent), followed by automo-
tive (12.21 per cent), construction
(11.25 per cent), industrial manufac-
turing (9.02 per cent), and information
technology (8.79 per cent).
During the analysed period, the
fund held exposure to 91 stocks
and consistently held four key
contributing stocks to the portfolio:
CG Power and Industrial Solutions,
Tube Investments of India, Persistent
Systems, and Indian Railway Catering
and Tourism Corporation.
CRISIL RESEARCH
exercise caution?
Largecaps trade at higher valuations,
followed by midcaps, smallcaps, and
microcaps. However, the reverse is
playing out right now.
Microcaps are trading at elevated
valuations. Valuations are above average
for small and midcaps, while largecaps
are at an average level. Over the next
12–24 months, the return differentials
between micro, small, mid, and
largecaps are expected to diminish,
favouring largecaps.
Does this imply that retail investors
might step back, given their
preference for micro, small,
and midcaps?
Experienced investors prioritise quality
investments, whereas the inexperienced
chase momentum. While experienced
investors base their decisions on
fundamentals, the inexperienced are
swayed by social media. Over time,
inexperienced investors will lose
money but gain valuable experience.
Do you perceive any signs of
irrational exuberance emerging?
There is cause for concern regarding
low floating stock counters, as their
valuations exceed underlying
fundamentals.
More on www.business-standard.com
“Investor sentiment towards Mainland
China has turned on the back of resilient
earnings. Cheap valuations, policy
support, and no major downside
surprises on the earnings front
should keep the risk/reward for
the market compelling”
HERALD VAN DER LINDE
Chief Asia Equity Strategist, HSBC
<
STREET
SIGNS
Go Digit IPO: Riding
the high tide at 29%
The grey market premium (GMP) of Go Digit
General Insurance, whose initial public
offering (IPO) opens this week, stands at 29 per
cent. The GMPs of the three IPOs that opened
last week ranged between 20 per cent and
55 per cent. Last week marked one of the
busiest periods for IPOs, with three firms
raising ~6,400 crore. The success of the stake
sale in Vodafone Idea and the response to
Bharti Hexacom’s ~4,275 crore IPO have fuelled
investor optimism about the prospects of
IPOs. Go Digit has priced its IPO between ~258
and ~272 per share. The ~2,614 crore issue
comprises a mix of primary and secondary
sales. Backed by Prem Watsa’s Fairfax Group,
Go Digit is a general insurance provider that
offers motor insurance, health insurance,
travel insurance, property insurance, marine
insurance, liability insurance, and other
insurance products.
Stock lock-in expiry: Unleashing
the bulls from the pen
The lock-up period on shares of five companies
is set to expire this week: Rashi Peripherals,
Entero Healthcare, Jana Small Finance Bank,
Vibhor Steel Tubes, and ASK Automotive. For
ASK Automotive, it is a six-month expiry; for
the rest, it’s the end of a 90-day lock period.
Stocks typically face pressure following the
expiration of the lock-up period, particularly
in companies with private equity investments.
Last week, the five stocks whose lock-in
expired corrected between 4 per cent and 11 per
cent. The lock-in expiries this week will likely
contribute to turbulence in the listed universe.
Demat dilemma: Navigating
the securities seas
The regulatory diktat for mandatory
dematerialisation (demat) of all securities
of unlisted companies by September 30
may not result in a considerable windfall
for depositories like Central Depository
Services and the National Securities
Depository. Although all Indian private
companies are obligated to comply,
there are exceptions and conditions.
“Only when these companies would like
to either raise capital or transfer any
capital, that’s the time the demat will be
required to be done on a compulsory basis...
It is not a simple rule; it has certain ifs and
buts,” said a depository executive. The
depositories might have to wait and observe
how firms proceed with demat and the
conditions that trigger the mandate.
Contributed by SUNDAR SETHURAMAN
& KHUSHBOO TIWARI
EVENTS THIS WEEK
Date Particulars
May 13  India: CPI figures, import,
export & trade balance*
 Results: Aditya Birla Capital,
DLF, Jindal Steel & Power, Tube
Investments of India, UPL,
Varun Beverages, Zomato
May 14  UK: ILO Unemployment Rate,
Employment Change,
jobless claims
 Results: Bharti Airtel,
Colgate-Palmolive India,
Oberoi Realty, Patanjali Foods,
Shree Cement, Siemens
 AGM: 3M India
May 15  US: MBA Mortgage
Applications, CPI & core CPI
figures, NAHB Housing
Market Index
 Results: Berger Paints,
Mankind Pharma, Dixon
Technologies, Honeywell
Automation India, LIC Housing
Finance, Power Finance Corp
 AGM: Bank of Baroda
*Tentative between May13 and May 15
AGM & results are filtered for BSE 200 firms
Sources: Bloomberg, exchange
Compiled by BS Research Bureau
TOP BULK DEALS
Date Scrip Client Price (~)
May 9 ICICI Lombard Bharti 1,723
Enterprises (S)
May 9 ICICI Lombard Bharti 1,723
Enterprises (S)
May 9 ICICI Lombard ICICI Bank (B) 1,723
May 8 Vodafone Idea Citigroup Global 12
Markets (S)
May 8 Vodafone Idea Ghisallo Master 12
Fund (B)
May 10 Jupiter Wagons Graviton Research 463
Capital (S)
May 10 Jupiter Wagons Graviton Research 463
Capital (B)
May 8 Chennai Polunin EM Small 887
Petroleum Cap Fund (S)
May 9 ICICI Lombard Axis Mutual 1,723
Fund (B)
May 9 ICICI Lombard Bharti Enterprises 1,723
(S)
May 9 ICICI Lombard Bharti Enterprises 1,723
(S)
May 9 ICICI Lombard Morgan Stanley 1,723
Asia Singapore (B)
(B) Buy (S) Sell Source: Exchanges
.
NEW DELHI | MONDAY, 13 MAY 2024 PERSONAL FINANCE 11 <

Bank accountable for Diversify your bond portfolio

clearing forged cheque
irrelevant as it had correctly opened the
account in the name of Spectra CompuPech
across credit ratings, issuers
after having followed the KYC procedure. Examine financials and repayment track record of each promoter to build a diversified portfolio.
The State Commission allowed the com- “Just because some bonds are
plaint and ordered IDBI Bank to pay ~42.8 SANJAY KUMAR SINGH & is strongly correlated with the offering double-digit returns
lakh along with 6 per cent interest and KARTHIK JEROME economic cycle. When growth does not mean you should
~10,000 towards litigation costs. is strong, credit risk tends to park your entire bond portfo-

T
IDBI Bank appealed the order, arguing he Securities and be lower. But when there is a lio in them. Instead, diversify
that the complaint was flawed due to the Exchange Board of slowdown, defaults go up,” across bonds having different
non-inclusion of Spectra CompuPech, a nec- India (Sebi) has decided says Kuppa. ratings,” says Kuppa.
CONSUMER PROTECTION essary party since the money was trans-
ferred to its account. The bank also accused
to reduce the minimum face
value of privately placed non-
The second risk is liquidity
risk. The secondary bond mar-
According to Goenka, not
more than 20-25 per cent of an
JEHANGIR B GAI Jain of negligence for not securing his convertible debentures (NCDs) ket can be quite illiquid, espe- investor’s bond portfolio
chequebook, leading to its loss by a trainee from ~1 lakh to ~10,000. The cially for lower-rated bonds should be in high-yield bonds.
Sameer Jain, proprietor of Net Solutions, account executive in his office. Moreover, face value had earlier been low- (AAA-rated bonds enjoy Goenka suggests that
held a Business Gold Account with IDBI IDBI criticised Jain for not issuing stop pay- ered from ~10 lakh to ~1 lakh in higher liquidity). “If investors investors should match a
Bank, Chandigarh Branch. On April 24, ment instructions after misplacing the October 2022. The bulk of all want to exit a bond midway bond’s tenure with their
2008, he was notified that ~42.8 lakh had cheque. The bank reiterated that the cheque NCD offers take place through through its tenure, they may investment horizon. By hold-
been transferred from his account through was processed after verifying that the sig- the private placement route. have to wait for some time to ing a bond till maturity, they
a cheque payable to “Spectra Computer”. nature matched their records and claimed This is a landmark step that is find a buyer at the right price, can eliminate both liquidity
Jain contacted his vendor “Spectra that any liability should vest with Kotak expected to boost retail partici- or take a haircut,” says Ankit and interest-rate risk.
Computech”, which denied receiving this Mahindra Bank, whose customer received
amount. Upon inquiry with his bank, Jain the fraudulent transfer.
pation in the bond market.
With this measure, the reg-
ASSESSING BONDS: BALANCE Gupta, founder, BondsIndia.
The third is interest-rate
Study the bond’s amortisa-
tion schedule. While in many
discovered that the cheque was drawn in The National Commission observed that ulator has lowered the entry BETWEEN YIELD AND RATING risk. It comes to the fore in a bonds the principal is
favour of “Spectra CompuPech”, which had established precedents and laws clearly state barrier into the bond market. Name Maturity Credit Yield rising interest-rate scenario. returned at the end of the
its account with Kotak Mahindra Bank, and that a criminal case or its investigation does “Youngsters and those with Longer-duration bonds are tenure, in the case of some
date rating (%)
his signature was forged. He not impede proceedings lower amounts to invest will affected more by it. Currently, the borrower returns part
repeatedly requested the bank under the Consumer also be able to participate in 9.30% Indiabulls Housing Finance* 29-Jun-26 AA- 12.5 with interest rates at or near the of the principal at regular
to furnish a copy of the cheque, Citing a Reserve Protection Act. It empha- it,” says Vijay Kuppa, chief 9% Indiabulls Housing Finance** 26-Sep-26 AA- 12.0 peak and poised to go down intervals. “Not only does the
but the bank did not comply. Bank of India sised that the primary executive officer (CEO), InCred over the next 12 months, inves- bond holder get back a portion
Jain approached the issue was to determine Money. A lower ticket size, 10.75% OPG Power Generation 18-Aug-26 A+ 11.2 tors need not worry too much of what he has lent, such
circular, the
Economic Offences Wing, and National whether there was a defi- according to him, will also 10.50% Ugro Capital 8-Mar-26 A 10.9 about this risk. repayments also demonstrate
the Manimajra Police Station Commission stated ciency in service on the allow such investors to build a 10.40% Satin Creditcare Network 30-Apr-27 A 11.9 the borrower’s confidence
and registered a First bank’s part, which does more diversified portfolio. Runs these checks about meeting its obligations,”
that the liability for 10.25% Navi Finserv 31-Dec-26 A 11.0 before investing
Information Report (FIR) on not require involving the Sebi has also proposed to says Kuppa.
November 30, 2008. Forensic honouring a forged party that fraudulently standardise the record date to 13% Trucap Finance 7-May-27 BBB 14.1 Avoid selecting a bond merely If you invest in a higher-
analysis of the cheque conduct- cheque vests with withdrew the funds. 15 days before the due date for *All the bonds in the table are secured, except 9.3% Indiabulls Housing Finance, which based on its coupon and yield. yielding bond (having a lower
ed by the police confirmed that the paying bank The Commission held payment of interest or princi- is unsecured; **All bonds in the table have a face value (FV) of ~1 lakh, barring 9% Examine the quality of the credit rating), avoid a tenure
Indiabulls Housing Finance, which has an FV of ~1,000; Source: Bondsindia.com
the signature was forged. that a bank is only obliged pal. This means investors must issuer. Do some research on its of more than three years.
Jain requested IDBI Bank to to honour a cheque if the hold the bonds at least 15 days track record of repaying debt. “Over a longer period, the risk
recredit the funds to his account, but the signature is authentic. It deemed the safe- before this date to be eligible regular cash flows. They also lower face value,” adds Sharma. Goenka suggests checking the that the company’s financials
bank did not pay any heed. Consequently, keeping of the cheque book as immaterial, for payment. “Until now, every offer the chance to earn stable Investors who only have financials to get a sense of its may deteriorate and it may
he filed a complaint with the Chandigarh as the bank should not process a cheque issuer followed its own but inflation-beating returns. equities and real estate in their projected cash flows. default goes up,” says Gupta.
State Commission against both IDBI Bank with a forged signature. Citing a Reserve methodology. Standardisation Interest rates are currently portfolios should diversify into Next, check whether the Avoid investing either in a
and Kotak Mahindra Bank. Bank of India circular, the Commission will make the market more effi- at peak levels. “By directly bonds for stability. “Such bond is secured or unsecured. bond that is not rated or one
IDBI Bank argued that the case was a stated that the the liability for honouring a cient and less complex,” says investing in bonds investors diversification is especially A secured bond is backed by not listed on the exchanges.
criminal dispute requiring detailed evidence forged cheque vests with the paying bank. Vishal Goenka, co-founder, can lock in interest rates till important now when equity collateral. In case of a default, “If you invest in an unlisted
to resolve complex factual questions that It concluded that the forensic report had IndiaBonds.com maturity,” says Puneet Sharma, valuations are elevated,” says the collateral can be sold to pay bond and something goes
were beyond the purview of the Consumer established IDBI Bank’s failure to perform According to Kuppa, Sebi’s CEO and fund manager, Kuppa. The elections, too, back the lenders. This provides wrong, you will not be able to
Protection Act. The bank maintained that due diligence. stipulation that the issuer must Whitespace Alpha. could induce volatility. an additional layer of safety. approach the regulator for
there was no negligence on its part since the Accordingly, by its order of April 26, 2014, appoint a merchant banker will Interest rates are expected Investors who cannot run redress,” says Gupta. He also
signature on the cheque matched the spe- delivered by Sadhna Shanker, the National ensure that retail investors’ to decline both globally and in Beware credit, liquidity risk these checks should take a urges investors to stick to
cimen in its records. Additionally, IDBI Commission upheld the order in Jain’s safety is not compromised. India, which could result in Investors must watch out for financial advisor’s help. Online secured bonds from well-
blamed Kotak Bank for not freezing the favour and ordered a refund with interest. mark-to-market gains. “If an credit risk. This refers to the bond platforms also claim to do known promoters.
account where the cheque was deposited or It, however, disallowed the litigation costs. Portfolio stability, investor wants to book gains in possibility that the bond issuer due diligence and offer their Finally, Goenka suggests
refunding the transferred amount. regular cash flows the event of interest rates going may not honour the principal customers a curated list. sticking to Sebi-regulated
Kotak Bank argued that the typographi- The writer is a consumer activist Bonds, which pay out coupons down, secondary market sale or coupon payments on the online bond platforms for
cal error stating Spectra Computech was on fixed dates, are a good of bonds should become easier scheduled dates, eroding Build diversified portfolio bond purchases and avoiding
option for investors who want and more efficient, given the investors’ capital. “Credit risk Check a bond’s ratings and try complex structured bonds.

BRANCH:- 55A Navyug Market, Ghaziabad, 201001

Email- N562@indianbank.co.in
Notice under Sec.13(2) of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002
Notice under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002,
Sent on following dates by Regd. Post / Speed Post /Courier to the following Borrower/Guarantor/Mortgagor in respect of following
Loan account/s with Indian Bank, Navyug Market (eAB) Ghaziabad Branch.
As mentioned below accounts committed default in repayment of loans to the tune of amount mentioned below with further interest/cost at the agreed rate till date of repayment.
The Bank issued notice under the SARFAESI, 2002 Act on following date calling upon you to repay the outstanding amount as mentioned below. The notice was sent to you by
*Regd. post/* Courier/*Speed Post/ has been returned / unserved.
You are called upon to pay the dues amount as mentioned below together with interest from 08.04.2024 till date of payment within 60 days from the date of this notice failing which Bank
will be constrained to exercise its rights of enforcement of security interest as against the secured assets given in the schedule hereunder.
This Notice is without prejudice to any other right / remedy available to the Bank.
Sr. Names of the Borrowers & Guarantors Description of the Amount outstanding
No. property mortgaged
1. 1. Borrower & Mortgagor : “Legal Heirs of” Late Mr. Ram Swaroop Pal S/o Mr. Ram Chandra All the part and parcel of Khasra No. Rs. 6,75,014/-
Address-1: A-110, Sector-23, Jagriti Vihar, Guldhar-II, Ghaziabad - 201002, Address-2: House/Plot Nagar 893 Mi, situated at Village Dhargal, (Rupees Six Lakh Seventy
Nigam No. 46 New No. 39, Khasra No. 893 Mi, Gram Dhargal, Jagriti Vihar, Pargana Jalalabad, Tehsil and Pargana Jalalabad, Tehsil and Five Thousand Fourteen
Distt Ghaziabad - 201206 District Ghaziabad, Uttar Pradesh, Only) as on date
2. Borrower : Mr. Radhey Shyam Pal S/o Mr. Ram Swaroop Pal, Address-1: A-110, Sector-23, Jagriti Vihar, Total Area 100 Sq Gaz or 83.61 Sq 07.04.2024 together with
Guldhar II, Ghaziabad - 201002. Address-2: House/Plot Nagar Nigam No. 46 New No. 39, Khasra No. 893 Mi, Mtr and property in the name of interest from 08.04.2024
Gram Dhargal, Jagriti Vihar, Pargana Jalalabad, Tehsil and Distt Ghaziabad - 201206. Address-3: B-241, Mr. Ram Swaroop Pal. till date of payment
Sector 23, Sanjay Nagar, Ghaziabad - 201002 Bounded by: East: House Mishra Date of NPA: 30.04.2019
3. Guarantor : Mr. Ran Singh S/o Mr. Kaccheru, Address: Gram Mirzapur, Vijay Nagar, Ghaziabad - 201001 Ji, West: Plot Seller. North: Road 12
4. Guarantor : Mr. Vijay Pal Singh S/o Mr. Shiv Charan Ft Wide, South: Plot Others.
Address: Gram Harsaon, Ward No. 42, Near Police Line, Ghaziabad - 201002 Hypothecated assets: NA
Loan A/c No - 20465168658 in the name of Mr. Ram Swaroop Pal and Mr. Radhey Shyam Pal, with
Indian Bank, Navyug Market (eAB) Ghaziabad Branch Date of Demand Notice 08-04-2024
DATE : 08.04.2024, PLACE: Ghaziabad AUTHORIZED OFFICER, INDIAN BANK
12
>
NEW DELHI | MONDAY, 13 MAY 2024 1
>
NEW DELHI | MONDAY, 13 MAY 2024 13 जला उपभोा ववाद ततोषण आयोग बालाघाट (म००)
पीठासीन अx - ƒी „ामाचरण उपाxाय
सद - डॉ महेश कुमार चांडक
सद - ƒीमती हषा बजेवार नोटस करण ‡मांक ०४/२०१३

रामकुमार गुा आ ज सु रलाल गुा बालाघाट (म००) (आवेदक) व एडु ाट सव स ाईवेट !ल"मटे ड एवं एडकॉ%
ु
सो'ूशन !ल"मटे ड, नई .द/ी का "जला उपभो4ा आयोग बालाघाट म6 करण लं बत है "जसम6 संबं;धत
अनावेदकगण
(1) एडु ाट सव स ाईवेट !ल"मटे ड र"ज. ऑफस W.Z., 931, A/2 FGीट नंबर 14 A/2 सI नगर कॉलोनी, नई .द/ी 110-045 (भारत)
(M/s. Edu. Smart Service Private Limited,Reg. Off. W.Z., 931, A/2 Sereet No.-14, Sandh Nagar Colony New Delhi, 110-045)

(2) एडकॉ%
ु सो'ूशन !ल"मटे ड, 1211, पXा टॉवर-1, 5 राजेY पैलेस, नई .द/ी 110-008 (भारत) (M/s, Educomp Solutions Limited,
1211 Padma Tower-1, 5 Rajendra Palace, New Delhi-110-008) है।

करण म6 उपरो4 अनावेदकगण लगातार अनुप_`त है करण सुनवाई हेतु आगामी .दनांक 13/06/2024 !नयत कk गई है।
अनावेदकगण को इस काशन के माxम से सूचना दी जाती है क उ4 !नयत ;त!थ 13/06/2024 पर 11:00 बजे "जला उपभो4ा आयोग बस }े ~
के सामने बालाघाट (म००) के सम उप_`त होकर करण म6 €यं या अपने अ;धव4ा के माxम से उप_`;त दज कराकर जवाब पेश कर,6
अथा उ4 .दनांक पर आपके व एकपीय कायवाही कk जाय6गी।
आज .दनांक ३०-०४-२०२४ को मेरे हŒार एवं पदनाम कk मुहर के ारा जारी।
(डॉ महेश कुमार चांडक)
सद
जला उपभो ा ववाद  तपोषण आयोग
ू भाष - 07632 248646
बालाघाट (म००) दर

Regd. Office : Sector 128, Noida 201 304 [U.P]

Delhi Office: ”JA House”, 63, Basant Lok, Vasant Vihar, New Delhi - 110 057
Phone : +91 (120) 4609000; FAX : +91 (120) 4609464; CIN : L14106UP1995PLC019017
Website : www.jalindia.com, E-mail: jal.investor@jalindia.co.in

EXTRACT OF AUDITED FINANCIAL RESULTS

FOR THE YEAR ENDED 31st MARCH, 2024
` in Lakhs
STANDALONE
Sl. Year Ended Year Ended
Particulars
No. 31.03.2024 31.03.2023
[Audited] [Audited]
1. Total Income from Operations 354798 395468
2. Net Profit / (Loss) for the period [before Tax, Exceptional and Extraordinary (93457)
(84695)
Items]
3. Net Profit / (Loss) for the period before Tax [after Exceptional and (114961)
(151593)
Extraordinary Items]
4. Net Profit / (Loss) for the period after Tax [after Exceptional and/or (116224)
(153626)
Extraordinary Items]
5. Total Comprehensive Income for the period [comprising Profit/(Loss) for the (115802)
(153853)
period (after tax) and Other Comprehensive Income (after tax)]
6. Paid up Equity Share Capital [of ` 2/- per share] 49092 49092
7. Other Equity [excluding Revaluation Reserve] 320109 473962
8. Net Worth (198625) (44772)
9. Paid up Debt Capital / Outstanding Debt 1719636 1823249
10. Outstanding Redeemable Preference Shares - -
11. Debt Equity Ratio 5.64 4.04
12. Earnings Per Share [of ` 2/- per share] [for continuing and discontinued
operations]:
Basic ` (6.26) ` (4.73)
Diluted ` (6.26) ` (4.73)
13. Capital Redemption Reserve 113 113
14. Debenture Redemption Reserve - -
15. Debt Service Coverage Ratio [DSCR] (0.31) 0.08
16. Interest Service Coverage Ratio [ISCR] (0.42) 0.11
Notes:
[a] The above is an extract of the detailed format of Yearly Financial Results filed with the Stock Exchanges under
Regulation 52 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Yearly
Financial Results are available on the Stock Exchanges Website www.nseindia.com and www.bseindia.com and on
the Company’s Website, www.jalindia.com
[b] For the items referred in sub clause (a), (b), (d) and (e) of the Regulation 52 (4) of the SEBI (Listing and Other Disclosure
Requirements) Regulations, 2015, the pertinent disclosures have been made to the Stock Exchanges Website
www.nseindia.com and www.bseindia.com and can be accessed on the Company’s Website www.jalindia.com
[c] Formulae for computation of net worth and ratios are as follows: Net Worth is as per Section 2(57) of Companies
Act, 2013, DSCR = Earnings before interest and tax excluding exceptional items / (Interest Expense + Principal
Repayment of long term debt made during the period). ISCR = Earnings before interest and tax excluding exceptional
items / interest expenses.
MANOJ GAUR
Place : Noida Executive Chairman
Dated : 11th May, 2024 DIN 00008480
14 TECHNOLOGY 4.0
>
KRANTI NATION
PRANJAL SHARMA
Eyes on Earth:
Data helps
farming
and industry
Tremendous strides are being made in Earth
observation (EO) and agriculture technology
(agritech) as the world braces for the impact
of climate change.
Two recent reports by the World
Economic Forum (WEF) offer a roadmap for
the future. EO refers to the collection of
environmental data using remote sensing
technologies. This information can be about
natural and artificial activities on Earth —
physical, chemical, biological — and
anthropogenic (human) systems that are
part of the overall ecology.
“Data collected from space and other
sensors can benefit a wide range of business
interests, both by strengthening financial
performance and by supporting compliance
with environmental regulations,” says one
WEF report. “EO can play a helpful role in
supporting organisations to advance climate
and nature goals through verifying carbon
reduction, understanding organisations’
impact and dependencies on nature, and
identifying strategies that contribute to a
nature-positive and net-zero economy.”
Such information, when properly
processed and applied, by industry has the
potential to drive $3.8 trillion in economic
benefits while supporting climate change
initiatives, says the report. The greatest impact
will be in sectors like agriculture, electricity
and utilities, government, public and
emergency services, insurance and financial
services, mining, oil and gas, and supply chain
and transport.
Earth observation EO data can be
data can drive
$3.8 trn in economic
benefits while
classified into
several categories.
These include
supporting climate
change initiatives
measuring the
geometry of natural
and manmade
structures, studying radio and ultraviolet
radiation, identifying species of vegetation,
identifying chemicals in land, water and
greenhouses, and delineating shoreline and
land coverage.
The information can help in consumer
insights, supply chain monitoring, early
warning and vulnerability analysis. The
shipping industry can use EO data – along
with global navigation satellite systems – to
dynamically plan and optimise sea routes. For
example, the Finnish Meteorological Office
uses data from the European Union’s
Copernicus programme to help ships navigate
icy seas. Satellites and aircraft-borne sensors
can monitor greenhouses like carbon dioxide
and methane. The precision of these platforms
has been used to pinpoint emissions sources
like oil and gas pipeline leaks, says the report.
A satellite has been launched to
exclusively study the impact of methane on
Earth’s atmosphere. MethaneSat combines
high spatial resolution imagery and a wide
field of view to provide unprecedented
precision in identifying and tracking
methane emission sources.
The second WEF report focuses on
agritech. “A number of agritech solutions have
been available for almost a decade now, and
have gone through a cycle of research,
development, adoption and scale-up.
However, to date these agritech services are
yet to achieve scale when compared to the
market potential that emerging economies
offer,” it says. Industry players are coming
together under WEF’s AI for Agri Innovation
platform to use agritech at scale.
The report cites two case studies in India:
AgriStack, developed by the Union Ministry of
Agriculture and Farmers Welfare, and ADeX,
developed by the Telangana government in
collaboration with the WEF and the Indian
Institute of Science. AgriStack facilitates
digital services the government and private
sector provide to farmers by giving
information such as geotagged farm location
and data on crops sown. ADeX works
alongside the Agriculture Data Management
Framework, which lays out policy enabling
the government to share data with the private
sector once a farmer has given consent.
Multi-country collaboration is helping
initiatives in precision agriculture and
biotechnology for plant resilience. A WEF unit
in Saudi Arabia is collaborating with its
counterpart in India on agritech.
The WEF reports show how technologies
using precision data for targeted initiatives are
gaining momentum. Greater adoption of such
technologies can accelerate sustainable
practices in industry and agriculture.
Chip service that
suits all needs
GPUaaS makes an expensive piece of
computing technology available to the
wider world, reports ASHUTOSH MISHRA
K
rutrim, the homegrown arti-
ficial intelligence startup,
early in May introduced
graphics processing unit as a-service
(GPUaaS) for enterprises and devel-
opers to train their AI systems.
A GPU is a specialised computer
chip that renders graphics and
images by performing rapid math-
ematical calculations needed in AI
processing. Demand for GPUaaS
is expected to grow manifold as
startups offer generative artificial
intelligence (GenAI) — the core
software of AI – products.
GPUaaS lets businesses use the
expensive chips as needed, paying
only for what they use. It is a flexible
solution to avail of GPU and econom-
ical because businesses can avoid
investing in hardware.
“The vision is to enable devel-
opers to do cutting-edge innovation.
The platforms or tools that devel-
opers need are computing and serv-
ices and that is what we have opened
up. For instance, we have launched
GPU-as-a-service, model-as-a-ser-
vice, and location services for devel-
opers,” said Ravi Jain, head of
strategy at Krutrim, which translates
to "artificial" in Sanskrit.
GPUaaS is not new but has gained
traction in the past few years as
GenAI booms. “…(a) GPUaaS plat-
form accelerates tasks like deep
learning and rendering, and stream-
lines GPU resource management by
automating allocation, scaling, and
maintenance processes. Manually
managing these tasks, especially at
scale, can be complex and time-con-
suming,” said Rashid Khan, chief
product officer and co-founder of
Yellow.ai, a customer service auto-
mation platform.
There were 18 GenAI startups in
ALGO RHYTHM
LIFE AND LEAVE AT
INDIAN STARTUPS
Almost four out of 10
startups in India do
not give employees
short casual leave but
most provide longer
‘earned’ breaks.
Earned and sickness
leave are typically for
11-20 days, according
to business
consultancy Aon’s
survey. Most startups
don’t give leave for
menstruation but
many do for
miscarriage. It’s at
early-stage firms that
more employees use
remote work option.
‘Over 250,000 Infosys employees are trained in GenAI’
MOHAMMED RAFEE TARAFDAR, chief technology officer (CTO) of Infosys,
is driving the information technology (IT) services firm’s artificial
intelligence (AI) strategy. Tarafdar, in a video interview with Shivani Shinde,
talked about what the company is doing to implement the strategy.
Edited excerpts:
How is Infosys’ AI-first strategy
being implemented and how
do you quantify the impact?
AI-first essentially means, can we
have AI embedded into every aspect
of work and it also creates value. We
focused on three areas: How
do we amplify human
potential; second, how to
unlock value and finally;
and how do we transform
our operating model and MOHAMMED
talent so that they are RAFEE
future-ready. TARAFDAR
To give an instance on CTO, Infosys
amplifying human
potential, for developers,
especially those who are into
coding and testing, we launched a
number of code assistants. We
have 14,000 developers who are using we have evolved it to bring elements
this for a lot of internal work. We are
also using these code assistants in
some of our clients’ environments,
with prior permission.
India in 2021 and
more than doubled to
60 as of the first quarter
2023, according to a
Nasscom report, highlighting
the demand for GPU-enabled com-
puting infrastructure in the country.
Data from Nasscom, which repre-
sents India’s technology industry,
shows that $8 billion was invested in
AI between 2013 and 2022 ($3.2 bil-
lion in 2022 alone) across 1,900 AI
startups in India.
The international GPUaaS market
was worth $1.83 billion in 2021 and is
projected to reach $19.56 billion by
2030 as it expands at a compound
annual growth rate of 33.2 per cent,
according to Allied Market Research.
India’s demand
Indian companies have just started
implementing GenAI and are cau-
tiously investing in computing
capacity, so GPUaaS is helpful for
them, said experts.
“Most firms use AI-as-a-service
from a service provider and are not
exposed to the cost of GPUs. Those
few who want to deploy their own
custom AI services are looking at
alternatives to owning the infrastruc-
ture themselves. It is for such a seg-
ment that AI infrastructure as a serv-
ice is positioned,” said Naresh Singh,
senior analyst at market research
firm Gartner.
Experts also say that Cloud service
providers can offer GPUaaS to Indian
companies, startups, global capabil-
ity centres and governments.
“Rather than companies investing
in GPU capacity in-house, which is
both expensive and needs specialised
skills, it makes sense to hire GPU on
demand from these cloud providers,”
said S Anjani Kumar, partner for con-
Public
holiday rule
10 days of public
holidays at least at early,
mid-stage firms; 16 at most
8 days of such breaks at
late-stage firms; 12 at most
Similarly, learning for us is big.
We have integrated GenAI
(Generative artificial intelligence)
into our learning platform and rolled
out to all 320,000 employees. This
means if I want to learn differently in
an interactive manner, I can
do that right within our
learning platform. These
are some examples where
we are using these to
amplify the potential.
What do some of
these changes
mean operationally?
We realised that we cannot
continue to operate in the same way
that we were doing earlier. Earlier, we
had a digital operating model – now
of AI into it.
What this means is that if I'm
doing process reimagining, how do I
do it in an AI-first manner? If I'm
sulting at Deloitte
India.
Smaller organisations
can use GenAi through
GPUaaS. “GPUaaS providers
leverage their bulk purchasing
power to negotiate better terms,
thus making GPUs more accessible
and supporting a broader range of
companies in harnessing advanced
computational technologies,” said
Ramprakash Ramamoorthy, director
of AI research at ManageEngine,
an information technology (IT)
service company.
The government, as part of its
~10,000 crore India AI mission, might
rent GPUs from domestic firms and
provide the chips at subsidised rates
to startups, according to media reports.
Yotta Infrastructure, an Indian
data services company, aims to com-
pete with global giants like Amazon
and Meta Platforms, the owner of
social media platforms, by providing
GPU servers at a competitive price of
$2-$2.5 per hour of usage. Globally,
these rates are $9-$12.
“The government is going to
source these GPUs as a service model
from people like us who are creating
the data centres by bringing in GPUs,
and putting the software layer on the
top,” said Sunil Gupta, chief execu-
tive officer of Yotta, earlier.
Governments will find GPUaaS
doing automation, how do I now
bring the AI agents into it? We also
recognise that unless all of our
employees understand the power of
technology…so we are doing talent
transformation also. More than
250,000 of our employees are
trained in GenAI. We are
creating an expert group called
AI Builders and Masters. We
have at present 6,000 Builders.
The idea is that our employees
use AI in their day-to-
day work and improve
their productivity.
Quantify the impact
of AI integration
The benefits will vary.
If you look at coding
and testing the benefit
is productivity and that
varies between 10-35
per cent. Second is
the time cycle of
processes, so in case
of knowledge
management and
about creating content,
earlier what took weeks
can be done within a week.
NEW DELHI | MONDAY, 13 MAY 2024 1
own infrastruc-
ture from regulatory and
national security and strate-
gic perspectives. This can drive
good market demand for AI infras-
tructure (either captive or as a serv-
ice),” said Naresh Singh, senior direc-
tor analyst at Gartner.
Pay and go
A key benefit of GPUaaS for govern-
ments is the ‘pay-as-you-go’ feature,
which eliminates the need for
upfront investment in hardware, soft-
ware, skills, and services, allowing
the government to pay based on
usage, said Anjani Kumar of Deloitte
India.
Data centre and Cloud companies
SERVICE REPORT are expanding GPUaaS business as
demand grows. Cloud computing
n GPUaaS lets organisations pay firm CtrlS will invest $2 billion to
for specialised chips ‘as they go’ develop AI and data centres in the
next six years.
n World GPUaaS market is set to “Our expansion plans include
be worth $19.56 bn by 20301 integrating advanced technologies
such as liquid cooling, AI, heating,
n Firms using GPUaaS save ventilation, and air conditioning
money on infrastructure (HVAC), and optimised rack layouts
to cater to the growing demand for AI
n ~10,000 cr India AI mission
applications and Cloud services,” said
may rent GPUs domestically Ranjit Metrani, president for man-
n It will provide the chips to aged services at CtrlS Datacenters.
startups at subsidised rates Neysa, an AI Cloud company, got
$20 million in seed funding in April
n Data,Cloud companies are as it works on offering a GenAI solu-
expanding GPUaaS business tion as a service. The service will help
clients “discover, plan, deploy, and
manage their GenAI projects cost-
effectively in a consumption-based
suitable for their strategic needs, model,” said the company earlier.
according to experts. “Government Technology-focused venture cap-
customers typically have sovereign ital funds believe that the govern-
needs and rigid security compliance ment's assistance in setting GPU
requirements. Typically, they may clusters and giving access to training
begin with AI as a service but could AI models at subsidised prices will
take a strategic step to invest in their help startups and academia.
Gender sense Take a break
86 % of 60 % offer 84 % of 67 % allow
startups don’t
provide
menstruation
miscarriage
leave, typically
for more than
startups
allow
employees to
employees to
encash
earned leaves
leave
9
30 days
% of firms give menstruation
accumulate
earned leave
at end of
service
leave for 11-20 days 24 % don’t allow earned
leave to be encashed
Flexible work
58 % of employees 49 % of employees
avail of remote work use option at mid-
option at early-stage firms stage companies
27% do so at late-stage companies
Wellness programmes
97 % of 93 % of 83 % of
employees do firms see less employees
not fully use than 50% are eligible
firm-provided utilisation of for online
mental physical fitness
wellness wellness programmes
programmes programmes of firms
Source: Aon’s ‘Start-up Benefit Survey’ Compiled by Ajinkya Kawale
How does this help in improving The third part is that with 3 million
the quality and efficiency of services? lines of code we also understand
This matters in operations. In which activity can use this more
some of our campuses we are using effectively.
AI to forecast energy demand. We are
also using it to predict How many GenAI deals is
equipment failure. Infosys working on?
We are working on more than 200
Infosys recently said that it projects in the GenAI space. These are
has built 3 million lines of in about eight broad areas. These
code. What does it mean include sales and marketing,
in terms of customer service, business operations,
competency? IT operations, software engineering,
First it means we risk and compliance, contact center,
have been using and employee productivity and
this for a long learning. We are finding that while
time. For one of these are the eight areas that are there,
our code there are also core business specific
assistants we areas where we see an uptick.
have been a
zero-day Will Infosys’ computing power rise?
customer. Specialised models do not require
Second, what it large compute (computing power).
also means is We can create specialised and fine-
that our tuned models in a fraction of cost.
developers are Second, we are focusing on
much more smaller scale models of say 2 billion
comfortable in parameters models or 1 billion
using a lot of parameter modules.
these AI
assistants. Full interview at business-standard.com
.
APEX CAPEX
How is govt capital expenditure driving India’s growth? Will RBI’s suggested
provisioning affect it?
INDIVJAL DHASMANA
New Delhi, 12 May
T
he International
Monetary Fund (IMF)
recently attributed
India’s robust eco-
nomic growth to
strong public investments sup-
ported by a resilient domestic
demand.
Krishna Srinivasan, Director
of the Asia and Pacific
Department, International
Monetary Fund said in a blog
post: “...India, where public
investment remains an impor-
tant driver, making it the world’s
fastest-growing major economy.”
But there are layers to this.
The government capital
expenditure (capex), both of the
Centre and states, steadily rose
in recent years, aggregating more
than Rs 10 trillion since 2021-22
(FY22). It is projected to rise to
~19.07 trillion (revised estimates
of the Centre and budget esti-
mates of the states) during FY24,
34 per cent higher than the pre-
vious year. This comprised 6.5
per cent of the country’s gross
domestic product (GDP) during
FY24 against 5.3 per cent in the
previous year and 5.6 per cent in
FY22.
Govt capex drives growth
Most of this capex push, particu-
larly the Centre’s, has gone to
infrastructure, mainly to rail-
ways, and roads and highways.
The two accounted for more than
45 per cent of the Centre’s capex
since FY21 and more than 40 per
cent since FY20, when the econ-
omy started slowing down with
lockdowns being announced at
the fag end of the year.
Madan Sabnavis, Chief
Economist at Bank of Baroda,
says governments have a role to
play in infrastructure, where the
private sector normally plays a
secondary role. “Our govern-
ment has been focussing on
roads and railways for this rea-
son,” he says.
Ranen Banerjee, Partner at
PwC India, believes the eco-
nomic growth is being pump
primed by government expendi-
ture, which is needed. The gov-
ernment can afford it, given the
high tax buoyancy. The govern-
ment capex is skewed towards
roads and railways because these
are two sectors that are able to
absorb the allocations, he says.
Recently, the Reserve Bank of
India (RBI) came out with draft
norms, suggesting higher asset
provisioning for infrastructure
lending.
Some public sector entities
have said that the proposed pro-
visioning norms will not impact
their cost for infrastructure proj-
ects since there is government
guarantee on them, but some
experts say the proposed norms
are much higher than the current
STATSGURU
Falling foreign
ownership
ASHLI VARGHESE
Foreign ownership of the Indian
stock market has declined to the
lows last seen in 2012. The decline in
foreign ownership comes amid
rising domestic investor participation and lower
relative attractiveness of the Indian market,
despite higher earnings growth.
The average monthly flows into Indian
markets were lower in the three months leading
into the 2024 general elections than in the
preceding six months. While external factors
affect foreign flows, 2019 and 2014 witnessed
higher foreign investment leading into
NEW DELHI | MONDAY, 13 MAY 2024
DRIVING
GROWTH
ON THE RISE
Number of responding
manufacturing companies
800
750
72.4
700
650
692 745
600
Q1 Q2
FY23
PRIVATE INVESTMENTS
n New investment projects announced
n Investment projects completed (~ trillion)
10.08
9.06
8.93
2.97
2.21
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Source: union budgets, RBI, CGA, CMIE
ones and, if enforced, will hit
profitability and affect capex
growth because lenders will
tighten their lending.
Rajeshwar Burla, senior vice-
president at ICRA, the rating
agency, says the new provision-
ing norms, if effected, are not
going to affect government proj-
ects directly, but public private
partnership bidders will have to
price these increases in project
costs.
He says the impact will be 15
to 50 basis points on the cost of
these projects, depending on
whether there is a revision in the
date of commencement of com-
mercial operation.
"Now lenders can become
cautious after their due dili-
gence. Bid participation in Tier
2 and Tier 3 projects could be
affected," Burla says.
Manushree Saggar, Senior
Vice President at ICRA, says the
draft norms are silent on loans
raised by public sector entities
versus others as of now. "There
elections (chart 1).
buy. The gap in ownership between domestic
and foreign investors has now narrowed to
its lowest point since at least 2009 (chart
2). However, the absolute value of
holdings continues to increase for
both domestic and foreign
institutional investors. This has meant that
institutions (foreign and domestic combined)
now hold a greater proportion of the stock
market than a decade ago (chart 3).
among listed companies continue to hold on to
their shares. While the government promoter
stake in their companies in March 2024 (41 per
cent) compared to 37.8 per cent in March 2014
(chart 4). The share of foreign investors was
lower than domestic institutions across key
Capacity utilisation
74.7
727 705 665 752
Q3 Q4 Q1 Q2
FY24
31.28
15.05
6.64
3.29
2.84
2.70
1.17
is no clarity as of now. One has
to wait for the final guidelines,"
she says.
Private sector projects
The value of new projects
announced by the private sector
rose substantially in FY23 to
~31.28 trillion, double of the
~15.05 trillion in the previous
year.
However, it came down by
almost a fourth to ~23.47 trillion
in FY24, according to data by the
Centre for Monitoring Indian
Economy, though even at the
reduced level it was higher than
the pre-FY23 level.
These are not inflation-
adjusted figures.
The decline in the value of
projects announced by the pri-
vate sector during FY24 could be
attributed to the decline in
growth of private final consump-
tion expenditure, denoting
domestic demand, to 3 per cent
during FY24 (second advance
estimates) from 6.8 per cent in
Domestic institutions have continued to
Private sector promoters, or majority owners,
stake is down 3.5 percentage points to 10.4
per cent (March 2024) compared to a decade
ago, private sector promoters held a bigger
sectors, including commodities,
consumer discretionary, financial
services and industrials (chart 5).
Relative attractiveness can play
a role in foreign flows. Earnings
continue to grow at a strong
double-digit rate in India, significantly
higher than most emerging markets.
However, the valuation relative to
earnings is significantly higher,
especially when compared to markets
like Brazil, which have comparable or
better earnings growth (chart 6).
the previous year even as the IMF
pinned its hopes on resilient
domestic demand.
Besides, projects, particularly
in the infrastructure sector, take
years to complete. The value of
completed projects never
crossed ~3 trillion in any of the
past seven years till FY24.
This could be due to the
excess capacity with companies.
For instance, capacity utilisation
in the manufacturing sector
remained below 75 per cent for
the past seven quarters till the
third quarter of FY24 (barring
Q4, FY23), according to RBI data.
Consumption demand
“Private investment, which is
related to industries in infra,
(%) such as metals, cement, engi-
78 neering, and chemicals, is
increasing for sure. However,
76 investment in non-infra indus-
tries is lagging because of lower
demand, which means excess
74 capacity,” says Sabnavis.
Consumption demand is low,
72 he says, adding, “I would differ
with the IMF that consumption
761 demand is resilient as it has been
70 affected by high inflation and
Q3
lower incomes due to the limited
growth in high-income jobs,”
says Sabnavis.
According to Aditi Nayar,
chief Economist at ICRA, the pri-
23.47
vate sector capex cycle is likely
to be measured and not be exces-
sively exuberant over the next
few years. She says urban con-
sumption demand is projected
to remain upbeat, albeit uneven,
in FY25.
“The high-income house-
holds and new entrants into the
3.08
formal labour markets, which
have a relatively high propensity
to consume, would continue to
drive urban demand in FY25,”
Nayar points out.
The consumption of low-
income and middle-age middle-
income households, which is
assessed to have been tepid
lately, may improve modestly,
aided by expectations of a cool-
ing in the inflation in essential
food items, she says.
However, the recent tighten-
ing of norms for personal loans
and credit cards by the RBI could
affect credit growth for these seg-
ments, which may weigh on the
discretionary consumption of
urban households. Besides, the
ongoing weakness in rural sen-
timents and consumption on
account of the uneven monsoon
and lower crop output in FY24 is
likely to spill over into the first
half of FY25, until there is some
visibility around the farm cash
flows from rabi procurement and
outcomes for the next kharif
crop, says Nayar.
Banerjee, however, says
private consumption expendi-
ture is resilient and growing,
although at a slower rate than the
overall growth.
1 SUBDUED FOREIGN FLOWS AHEAD OF ELECTIONS
Leading up to elections n6-month n3-month (average monthly, in $ mn)
1,066.0
901.4
2004
Note: Compiled by BS Research Bureau. Compares flows during the quarter
leading to the first month in which voting began, to the average monthly flows
during the preceding two quarters. Source: NSDL, Business Standard calculations
3 INSTITUTIONAL OWNERSHIP OF THE STOCK
MARKET RISING
5 FINANCIAL
SERVICES,
CONSUMER
DISCRETIONARY
AMONG TOP BETS
Holding as share of total
(Mar 2024, in %)
nForeign investors
nDomestic institutions
Source: primeinfobase.com
What ails public sector banks?
Two books written by public sector bankers flag symptoms that
range from seemingly small episodes to serious, reputation-
ruining actions
BANKER’S TRUST
TAMAL BANDYOPADHYAY
My schoolmate, a general manager
(GM) in Uco Bank, retired in March. A
series of farewell functions kept him
busy during his last days in office, and
even after retirement. Not every
public sector banker is this lucky.
Take the case of S Aftab, who had
retired as a GM of Union Bank of India
a few years back. In his book, <A
Banker’s Musings: Trials and
Triumphs>, Aftab writes that he had
started attending all farewell
functions of general managers much
before his retirement. At every such
function, he pictured himself on the
dais and his colleagues saying great
things about him, often laced with
exaggeration.
But his hopes were dashed when
one GM and an executive director (ED)
of the bank retired on the same day.
Around noon, he got a call from the
HR department to gather in the
boardroom for the farewell of the GM.
It was unusual – a cold farewell. The
main function was held at the canteen
for the ED, and the general managers
were “given to understand that no one
else should share the laurels with the
ED”.
A GM’s retirement date coinciding
with that of an ED or managing
director (MD) was unfortunate. Aftab
suggested to the HR department that
the GM’s farewell could be arranged a
day later so that the retiring GM did
not feel dejected. But the HR
department was in no mood to listen
to him.
His own retirement date coincided
with that of his chairman and
management director (CMD). Once
again, Aftab tried to convince the HR
head, but “he was more loyal to the
king than the king himself”. Aftab
even took it up with the ED, but to no
avail.
A depressed Aftab thought of
boycotting the boardroom farewell,
but other GMs convinced him to be
there. In the boardroom, when it was
his turn to speak, Aftab mentioned
that “people are happy to share
birthdays with great people but, in our
bank, if you share a farewell day with
the top people, your farewell is
doomed.”
In his speech, he subtly mentioned
the peculiar system in the bank where
many people did not have empathy;
they were often driven by herd
mentality; and could not muster the
courage to leave the beaten path. “I
feel our bank’s worst foible was it
didn’t want to deviate from the past.”
We get many more glimpses into a
2,282,0
1,202.0
1,107.5
-656.0
2009
2014
-961.5
-448
2019
Total institutional ownership (in %)
Note: Includes
foreign portfolio
investors and
domestic
institutions such as
mutual funds,
insurance
companies, banks
and other financial
institutions.
primeinfobase.com
Financial services
Consumer
discretionary
9.0
Energy
7.8
Information 8.9
technology 8.4
FMCG 8.1
5.4
7.0
Commodities
7.1
Industrials 6.8
10.3
StatsGuru is a weekly feature. Every Monday, Business Standard guides you through the numbers you need to know to make sense of the headlines
PSU banker’s life in another recent
book, <From a Car Shed to the Corner
Room & Beyond>, by S Raman, former
CMD of Canara Bank and a whole-
time member of the Securities and
Exchange Board of India. A
fascinating autobiography, it’s a story
of indomitable courage and hope.
Through anecdotes, this book
outlines some of the ailments that
have been plaguing the public sector
banking industry. The abrupt end of
Raman’s tenure in Jersey, his first
overseas posting, illustrates this
succinctly.
When he was doing well, “there
was a sudden bolt from the blue in late
March 1987,” calling him back to India.
While he was happy to return, he
couldn’t stomach the fact that he was
given just about a week to wind up in
Jersey. This was done to ensure that he
would not get a right of permanent
residence in the UK (he would have
qualified for this had he stayed there
beyond April 15).
His book says that every Indian
officer in the UK had lived between
eight and ten years, and all of them
had a permanent right of abode. None
of them ever returned to India. “The
only one who had no interest in
staying on for good was denied even
the bare minimum time to wind up…
An exception was made only in my
case without any logic other than the
whims of a few persons,” he writes.
His observation on the promotion
exercise in a public sector bank is no
less interesting. In one such case,
where Raman was part of the
interview committee, an officer of
outstanding commitment appeared
for the promotion. Unfortunately, he
could not answer many of the
questions because for the past few
months he had been extremely busy
handling the daily crisis at his branch.
While others in the interview board
told him bluntly that he could not be
considered for a promotion, Raman
held the candidate’s hand in empathy,
realising what he was going through.
He is aware of “persons who have
risen to the position of CMD, having
never handled any leadership
position in their lives!” His book also
cites the case of one banker whose
“only leadership position (before
becoming the CMD) was as a manager
of a small/medium sized branch, with
an ‘unsatisfactory’ audit rating during
his tenure.” This person, according to
Raman, “perfected the art of walking
in the shade”.
Raman is equally candid about the
“unfair reality” of recruitment of
specialist officers for law, statistics,
information technology, marketing,
et al, in higher grades. “It is a fact that
specialist skills are required to run a
successful banking business… Most of
the time, they are recruited at pretty
high levels in relation to the line
officers… And suddenly, these
specialist officers are given a chance to
convert themselves into general
category line officers, leapfrogging
hundreds of officers who have slogged
for 15-20 years!”
He also writes openly about the
quality of board members in some of
2 NARROWING GAP
Ownership across all NSE-listed companies (in %)
1,768.5
359.0
2024
4 PROMOTERS STILL HOLD HIGHER STAKE
Source:
Note: Data is for private sector promoters.
28.4
28.6
6 RELATIVELY HIGHER VALUATIONS
16.3 nEarnings growth (5-year compound annual growth rate, in %)
16.8 24
19
13
-8
INDIA
Korea
Note: Data for key emerging markets; Source: DSP Mutual Fund (Netra report, May ’24)
TAKE TWO 15 <
these banks. By and large, they are
decent people, but “other than a few”,
they are not able to contribute much.
Coming down heavily on the process
of appointment of non-executive
directors in public sector banks, he
goes to the extent of saying that some
of them are “failed or aspiring
politicians”. He gives tips on how to
make such directors, “seeking to
create a nuisance”, go silent.
The book also throws light on how
investigative agencies hound the
public sector bankers, leading to
catastrophic consequences in their
personal lives.
Raman was asked to appear at the
CBI office at BKC, Mumbai, on April
23, 2018, for “answering certain
questions relating to the case
registered against Forever Precious
Jewellery and Diamond Ltd”. Since
the investigative agency had hardly
any questions, Raman presumed that
the CBI did not find anything
improper as far as his role was
concerned, and it would lead to a
“smooth closure”.
Two months later (on June 28),
there were TV reports of two former
CMDs of Canara Bank being “booked”
by the CBI. The next day, newspapers
reported: “Two Canara Bank ex-CMDs
charged in Winsome fraud”.
Such reports destroy a person’s
image. Also, as a retired banker, with
no substantial wealth, he could not
engage a battery of lawyers to fight the
system. There was also a lookout
circular issued against him to stop him
from going out of India.
Because of the lookout notice,
Raman could not go to the US to visit
his 34-year-old ailing son. In the
absence of an adequate support
system, his son flew down to Mumbai
to undergo a surgery but could not be
saved. That’s the price Raman, an
honest public sector banker, ended up
paying.
Raman’s book sums up the
predicament of a PSU banker this way:
“A good society takes care of the old
and infirm… Unfortunately, in the
case of PSBs, retired employees,
especially if they had dealt with the
crucial area of credit… would many
times be in difficulty if some account
became bad, irrespective of whether
or not they had committed any
wrong.”
“While in the army, people in field
positions are respected and
promoted, in the banking industry,
many officers in the field mostly get
injured, with a heavy penalty to pay all
through their lives.”
It’s wonderful to see public sector
banks in the pink of health. They will
continue to do well if we learn from the
experience of bankers like Raman,
and address the critical issues that the
veteran banker has raised in his
autobiography.
The writer is an author and senior advisor to
Jana Small Finance Bank Ltd
His latest book is Roller Coaster:
An Affair with Banking
To read his previous columns,
please log on to www.bankerstrust.in
X: @TamalBandyo
Note: Foreign investors
include foreign
portfolio investors
(FPIs), foreign direct
investment (FDI), and
ownership through
depositary receipts
(DRs) held by
custodians. Domestic
institutional investors
include mutual funds,
insurance companies,
banks and other
financial institutions.
Source:
primeinfobase.com
Source: primeinfobase.com
nCurrent P/E
17 17 15 17
14
9
8
3
-2 -2
South Indonesia Vietnam China Brazil
Africa Mainland
16
>
India yet to pull the plug on
its Covid vaccination drive
Experts feel paid vaccine shots should continue to be available for elderly and comorbid
SOHINI DAS
Mumbai, 12 May
O
nly 14 sites across the country
are now conducting Covid-19
vaccination even as the Centre
is yet to pull the plug on the drive.
Sources told Business Standard that
no clear decision has been taken yet
on closing down the vaccination drive.
“No clear decision on closure. Some
vaccinations are taken by travellers
with doses in states,” said a senior gov-
ernment official.
India has 743 active Covid cases as
on May 12 (morning), according to data
on the Union health ministry website.
No vaccinations took place on
Sunday. On Saturday, 16 shots were
administered. Out of the 14 vaccina-
tion centres running across the coun-
try, 10 are private.
Some states have hospitalised
Covid cases as well. For example, the
latest media bulletin of the Integrated
Disease Surveillance Program (IDSP)
of the Public Health Department,
Maharashtra, shows there were 41
active cases in the state as of May 11.
Of this, around 35 patients were in
home isolation. Around six patients
were hospitalised, of whom four were
admitted to the ICU.
Does the country need to continue
with the Covid vaccination drive?
Experts feel that a contingency
stockpile of some vaccines should be
maintained.
Shahid Jameel, virologist and
research fellow at Green Templeton
College, University of Oxford, told
Business Standard, “India has covered
enough population with vaccine and
infection, but protein vaccines should
remain available on payment basis for
elderly and those with comorbidities.”
Jameel clarified that even if the eld-
erly have taken their three vaccine
shots, these vaccines need to be avail-
able, but the government should not
be required to make it free.
Major cities do not have vaccina-
tion centres running any more.
For example, Cowin shows that
there are no vaccination centres avail-
able in Mumbai, or in New Delhi or
Bengaluru urban or even Kolkata.
NEW DELHI | MONDAY, 13 MAY 2024 1
Cabin crew
back at work,
AI Express
restoring ops
Air India Express is slowly
restoring its flights and
stabilising the network, an
official said on Sunday while
Sputnik V have been administered. the cabin crew union
Moreover, 363 million doses of emphasised that all
Covaxin and 1,740 million doses of members who had reported
Covishield have been administered so sick have joined duty.
far. Stockpiles of Covaxin and The Tata Group-owned
Covishield do not exist as the stocks airline, which operates
have expired. AstraZeneca has with- around 380 services daily,
drawn its Covid vaccine and requested has cancelled at least more
the European regulator to pull back its than 20 flights on Sunday, the
authorisation. official in the know said and
Serum said last week, “With India added that full normalcy is
achieving high vaccination rates in expected by Tuesday morn-
2021 and 2022, coupled with the emer-
gence of new mutant variant strains,
ing. There was no official
comment from Air India
8 Delhi hospitals, IGI Airport
the demand for previous vaccines
diminished significantly.
Express. In a release on
Sunday, the union said all the receive bomb threats
Consequently, since December 2021, cabin crew who had reported PRESS TRUST OF INDIA "Teams are checking the hos-
we have stopped the manufacturing sick have joined back and "as New Delhi, 12 May pital. Nothing suspicious has
and supply of additional doses of such there is no delay on the been found yet." In a state-
Covishield.” part of the cabin crew". PTI Delhi Fire Services on Sunday ment, an official at the Burari
A vaccine industry source said that said eight city hospitals and Hospital said, "At around 3
the manufacturers were not gearing IGI Airport received bomb pm, we received an email
THE COVID DRIVE up to produce more doses because of threats through emails, 11 days regarding a bomb in the hos-
Vaccine Doses Total vaccine doses two reasons. One is the low or almost India concerned after over 150 schools in Delhi- pital. After this, all the safety
Gemcovac-OM 148 administered in India
no demand for vaccines from either
the private or the public sector.
over delay in IMEC NCR received a bomb scare of
unprecedented scale.
measures had been thor-
oughly checked and every-
iNCOVACC 7,694 Secondly, all these vaccines have project: Jaishankar The bomb threats were thing was stable. This was the
emergency use authorisation (EUA) The delay in implementa- reported from Indira Gandhi first time we received such an
Covovax 54,932 status that does not allow manufac- tion of the India-Middle International Airport email." Sanjay Gandhi
Corbevax
Sputnik V
73.8 mn
1.2 mn 2.2
billion
turers to distribute them through
pharmacies.
“One cannot release the vaccine
East-Europe Economic
Corridor (IMEC) in view of
the current situation in West
Terminal-3, Burari Hospital,
Sanjay Gandhi Memorial
Hospital, Guru Teg Bahadur
Hospital also received a threat
email around 3 pm, according
to officials.
Covaxin 363 mn onto the private market (through the Asia is a matter of "concern" Hospital, Bara Hindu Rao "Soon after the call, we
Covishield 1.74 bn pharmacy or other distribution chan- and the expectation gener- Hospital, Janakpuri Super immediately pressed two fire
Source: CoWIN nels) as they have EUA status. Vaccines ated following the firming Speciality Hospital, Deen engines at both the locations.
have to be ordered either by the gov- up of the initiative in Dayal Upadhyay, Dabri's Dada Teams have been sent at all the
ernment or private centres registered September last has to be Dev Hospital and Aruna Asaf locations from where we are
Thane, a neighbouring district of dose after Covishield and Covaxin. with Co-WIN. So, unless orders are "adjusted" a bit now, Ali Government Hospital in getting calls. The search oper-
Mumbai, however, has one vaccina- iNCOVACC was priced at ~800 a dose placed, no one can produce doses and External Affairs Minister S Civil Lines, a senior DFS offi- ation is going on," a DFS offi-
tion centre that is offering Biological in the private market. create a stockpile,” said the source. Jaishankar has said. cial said. cial said.
E’s Corbevax. Pune-based Gennova Biopharma’s Some new vaccines may be around In an exclusive interview According to the police On May 1, over 150 schools
Corbevax is a protein subunit vac- mRNA (protein) vaccine GEMCOVAC the horizon though. Biological E, for to PTI, Jaishankar said all sources, the airport authorities in Delhi-NCR received an
cine that was initially priced at ~800 –OM targeted the Omicron variant of example, has been working on a next- the stakeholders of the received a threat email at 6 identical threat email claiming
per shot in the private market in March Sars-CoV-2 from June last year. generation Covid vaccine that is based IMEC -- a ship-to-rail transit pm. Security has been beefed that explosives had been
2022. The Hyderabad-based company As of last December, the company on the XBB1.5 variant of the SARS- network -- are committed to up in all the hospitals in the planted on their premises, trig-
had sold the doses to the government had one million doses in stockpile. CoV-2 virus. This would conform to it as they feel it is a "great" city and additional police force gering massive evacuations
for ~145 a dose at that time. The vac- If one tracks Cowin data, only 148 WHO TAG-CO-VAC recommenda- initiative. deployment was made at the and searches. The authorities
cine is now available for ~400 a shot. doses of Gemcovac-OM have been tions. Its candidate vaccine has com- "It has definitely been a airport, however, nothing sus- later declared it a hoax.
This vaccine is also approved for administered in all. Around 7,694 pleted all the required pre-clinical ani- source of concern for us and picious was so far recovered The Delhi Police's anti-ter-
use in children of the age of 12-14 years. doses of Bharat Biotech’s nasal vaccine mal studies, which suggests that it will the kind of expectation we from any of the locations so ror unit special cell traced the
It can be used as a mix and match iNCOVACC have been administered so provide adequate protection against had when the agreement far. After a call regarding the domain of emails to Russia
booster after Covishiled (AstraZeneca- far. Therefore, a stockpile of these vac- the currently circulating variants. was signed in September, we threat from Burari Hospital at and it is suspected to have
Serum Institute) or Covaxin (Bharat cines is expected to be available, if In December, the company have had to adjust it a bit," 3 pm, local police, bomb been formed with the help of
Biotech). needed. received final approval from Central he said when asked whether squad, dog squad were rushed the dark web -- an encrypted
By January 2023, Bharat Biotech’s In contrast, 54,932 doses of Serum’s Drugs Standard Control Organisation the ongoing crisis in West to the spot, Deputy online content that allows
nasal vaccine iNCOVACC was made Covovax, 73.8 million doses of (CDSCO) to begin clinical trials of the Asia would delay the project Commissioner of Police individuals to hide their iden-
available as a mix and match booster Corbevax and 1.2 million doses of XBB.1.5 variant vaccine in India. by at least a few years. PTI (north) M K Meena said. tity and location from others.