THURSDAY, 7 MARCH 2024

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

BENGALURU
~13.00
VOLUME XXVI NUMBER 212

THE MARKETS ON WEDNESDAY chg#

Sensex 74,086.0 p 408.9

Nifty 22,474.1 p 117.8

INVESTORS FLEE NBFCS AS CCI:INITIALPENALTIESONCOMPANIES

Nifty Futures* 22,593.1 p 119.0
Dollar ~82.8 ~82.9 **
Euro ~90.1 ~90.0 **
Brent crude ($/bbl)
Gold (10 gm)###
84.6##
~64,235.0 q
*(March) Premium on Nifty Spot; **Previous close;
83.3**
~104.0 RBI WIDENS CRACKDOWN WON’TBEONGLOBALTURNOVER
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E
2 COMMERCIAL
>.
BENGALURU | THURSDAY, 7 MARCH 2024 1
THURSDAY, 7 MARCH 2024
18 pages in 1 section
BENGALURU
~13.00
VOLUME XXVI NUMBER 212
THE MARKETS ON WEDNESDAY
Sensex 74,086.0
Nifty 22,474.1
Nifty Futures* 22,593.1
Dollar
Euro
Brent crude ($/bbl)
~82.8
~90.1
84.6##
Gold (10 gm)### ~64,235.0
*(March) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
FMCGTO SEE SUBDUED
GROWTHTILLSEPTEMBER
QUARTER: KANTAR
The Indian fast-moving
consumer goods (FMCG)
sector is expected to see
subdued growth up until
the September quarter of
the ongoing calendar year,
said a report by Kantar.
Clearly continuing weakness in demand —
not just in rural but also in urban areas — is
taking a toll. According to the Kantar FMCG
Pulse report, the sector was growing at 4 per
cent at the start of 2023, propelled by the
wheat flour or atta prices. With atta
growing in double-digits, the sector
seemed to have grown at 6.1 per cent.
THE SMART INVESTOR P10
Bitcoin rally fuels revival
hope for crypto exchanges
The cryptocurrency exchanges in India have
got a fresh lease of life following the bull run
in Bitcoin, which briefly hit a new all-time
high of more than $69,000. Siddharth
Sogani, MD of CREBACO, expects the price to
cross $100,000 by the end of the year. This will
see a sharp reversal in the Indian market,
which has largely been dormant since the
new tax regime was implemented in 2023.
COMPANIES P2
India Inc may see a salary
hike of 9.6% in 2024: EY
India Inc may offer an average salary hike of
9.6 per cent in 2024, similar to the actual
increase last year, according to a report
released by global professional services
provider Ernst & Young (EY) on Wednesday.
The Future of Pay 2024 report states that the
highest salary hikes are expected in e-
commerce (10.9 per cent).
Promoter entity to
sell 0.75% in M&M
Prudential Management & Services (PMSL), a
promoter group entity, plans to divest 0.75
per cent stake in Mahindra & Mahindra
(M&M) via bulk deals on Thursday. The price
range for the transaction has been set at
~1,911-1,971 apiece, translating into a deal
size of at least ~1,777 crore. PMSL holds
11.64 per cent of the 19.32 per cent promoter
stake in M&M.
ECONOMY & PUBLIC AFFAIRS P6
Processed pulses to
attract 18% GST: AAR
Processed pulses obtained after dehusking
and splitting the grains are unlike whole
pulse grains and not agricultural produce,
making them liable to GST at the rate of 18 per
cent, ordered the Andhra Pradesh Authority
for Advance Rulings (AAR). Brokerage of agri
produce charged to facilitate transactions
between wholesalers and millers or farmers
will draw 18 per cent GST, ruled the AAR.
COMPANIES P3
More Retail stake sale gets
lukewarm response
Samara Capital’s plans to sell part of its stake
in More Retail, a joint venture (JV) with US
retail major Amazon, has received lukewarm
response. This is owing to valuation
mismatch and losses of the grocery retail firm.
Bankers said Samara was looking to sell 20
per cent in the JV at a valuation of $2 billion
but the response was inadequate.
Chennai’s tech minds drive Ford’s global AI transformation
SHINE JACOB
Chennai, 6 March
Almost 18 months after the
Ford India manufacturing unit
ceased operations near Chennai, the
American major, through Ford
Business Solutions (FBS), is on
an expansion and hiring spree
in the city.
FBS, which oversees the global
capabilities of the company through
its 12,000 employees in Tamil Nadu,
is all set to hire 3,000 more in the
next three years at its Global
Technology and Business Center in
Chennai, a senior executive from
Ford’s global team told
Business Standard.
The talent hunt in India aims to
drive the company’s road map on
artificial intelligence (AI) and
machine learning (ML).
India is home to the second-
largest workforce of Ford globally.
“There are two dimensions to the
expansions. Over the next few years,
we plan to expand our centre by
maybe 3,000 people. The more
significant aspect is the type of work
www.business-standard.com
chg#
p 408.9
p 117.8
p 119.0 WORLD P8 BACK PAGE P16
~82.9 **
~90.0 **
83.3**
HALEYENDS BIDASTRUMP BENGALURU WATER CRISIS:
q
~104.0
SWEEPS SUPERTUESDAY INDUSTRIES STARE AT A HIT
P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E
Investors flee NBFCs as CCI: Initial penalties
RBI widens crackdown on companies won’t
34 of 43 NBFC stocks decline; Nifty Bank index rises
be on global turnover
RUCHIKA CHITRAVANSHI
SUNDAR SETHURAMAN like Axis Bank, which rose
ILLUSTRATION: AJAY MOHANTY
New Delhi, 6 March
Mumbai, 6 March 2.3 per cent, and Kotak
Mahindra Bank, which went While determining monetary penalties, the
I
nvestors on Wednesday up 2.5 per cent, helped Competition Commission of India (CCI) will reckon
dumped stocks of non- the Sensex and Nifty 50 on factors such as how long the rules were violated,
banking financial com- hit record highs. whether the offence has been repeated, and the
panies (NBFCs) and Analysts said investors extent of cooperation by the company, the latest
2> moved their money to bank feared surveillance would guidelines issued by the antitrust watchdog on
shares amid fear of a broader likely spread, and more Wednesday said.
crackdown on the sector by the might face regulator The penalty for anti-competitive practices will
Reserve Bank of India (RBI). action. “We believe these not initially be imposed on global and total turnover
The concern was stoked by punitive actions will CASTING A SHADOW but adjusted over the penalty calculated on the
the central bank’s action impact systemic growth
against IIFL Finance, JM for NBFCs in the near term but
Major NBFCs whose stocks fell on Wednesday
relevant turnover of the company.
The guidelines, issued without public consulta- FACTORS AT PLAY
Financial, and Paytm Payments will hopefully curb unethical Last close (~) Fall (%) tion, follow the Ministry of Corporate Affairs’ n Duration of the contravention
Bank, citing lapses in business practices, notification that empowers the CCI to impose pen-
their operations. avert systemic col- IIFLFinance 382.8 -20 alties on the global turnover of a company and not n Repeated contravention
Shares of IIFL NBFCs lapse as seen in the CapriGlobalCapital 247.9 -14.3 just the one derived from the product or service n Admission of contravention by
Finance hit their 20 TAKING ECB past, and enhance JMFinance 85.3 -10.7 under investigation. the enterprise
per cent lower limit ROUTE TO stakeholder confi- The CCI guidelines say it will calculate the
for a second day after RAISE OVER dence in the long run. L&TFinanceHoldings 159.3 -7.2 penalty up to 30 per cent of the average relevant n Role of the enterprise in
the RBI this week $2 BILLION Given the different ManappuramFinance 174.1 -6.6 turnover, based on the nature and gravity of the con- orchestrating the contravening
asked the company to customer profiles of AdityaBirlaCapital 181.1 -5.7 travention. It will, however, adjust this penalty up conduct
stop sanctioning or P4 > NBFCs, we believe to the maximum, which, according to the new law,
disbursing gold loans that the benefit, if IFCI 42.3 -5 can, based on various factors, go up to 10 per cent of n Voluntary termination of alleged
following the detec- any, for banks will be Source: Bloomberg/Capitaline the company’s global turnover. For instance, the role anti-competitive conduct
tion of “material supervisory limited from the IIFL fallout,” a
concerns”. note by Emkay Global said.
of the enterprise in orchestrating the contravening
conduct and the duration of such contravention will
n Implementation of a competition
After dropping 20 per cent Investors are shifting money PAGE 10 be taken into account.
compliance programme
intra-day, JM Financial reco- to banking stocks because the The CCI, at the same time, has introduced several n Extent of cooperation by the
uped some losses to end 10.7 per valuations of some of the Marketsrallytonewhighs mitigating circumstances. Turn to Page 6 > enterprise during probe
cent lower after the RBI found heavyweights are reasonable, SENSEX CLIMBS The benchmark
deficiencies in loans sanctioned. given their recent underper- MOUNT 74K indices on
The losses were not restricted formance, said analysts. Wednesday rose
just to these two NBFCs. Of the “Banks, especially heavy- more than half a per
43 NBFC stocks with a market weights, underperformed in cent to finish at new
capitalisation of more than recent years. There is a consen- record highs, Lossofappetitefor ShippingP&Iclub
~10,000 crore, 34 declined in sus that banks will lead the next
Wednesday’s trade. Some of the leg of the rally in equities.
supported by gains
in banking stocks.
spectrumauction maysoonsetsail
biggest declines were in Capri Moreover, the banking sector is The S&P BSE Sensex
closed above 74,000
Thespectrumbidding TheMinistryofPorts,
Global Capital (14.3 per cent), seeing higher credit growth and thisyear could be a Shipping,andWaterwayshas
L&T Finance Holdings (7.2 per improved asset quality. Industry for the first time. muted affair, with spokentoseveralinsurersto
cent), and Manappuram tailwinds are there, and bargain The 30-share index telecom companies’ allayconcernsandironout
Source: Bloomberg,
Finance (6 per cent). buying due to issues in NBFC exchanges rose 409 points, or hunger for airwaves detailsofitsproposaltosetupa
Banking stocks, on the other has given a fresh fillip to buy 0.6 per cent, to ebbing away after the domesticprotectionandindemnity(P&I)
hand, gained with the Nifty banking stocks,” said close at 74,086. The National Stock feasts of 2010 and 2022. clubforcoastalshipsandvesselsoperatingon
Bank index rising 0.8 per cent. Chokkalingam G, founder of Exchange Nifty closed at a fresh record high SUBHAYAN CHAKRABORTY inlandwaterways,aseniorgovernment
The gain in banking majors Equinomics. Turn to Page 6 > of 22,474, up 118 points, or 0.53 per cent. & NIVEDITA MOOKERJI write 15 > officialsaid.DHRUVAKSH SAHA writes 6>
FY24 GDP growth could be close to 8%: Das RBI asks credit
RBI governor says 85% Paytm wallet users won’t face disruption card issuers to will not be impacted at all because
their app is also linked to another
allow customers
AATHIRA VARIER second estimate pegged economic March 15, Das said the regulatory bank account of theirs,” Das said.
Mumbai, 6 March growth at 7.6 per cent for FY24. action was against the payment “So, their payments can go on in
“Our sense and understanding bank, a regulated entity, and not a non-disruptive manner. The chal-
The Indian economy is likely to of the high-frequency indicators against any fintech. lenge is with regard to those 15 or
grow more than the National
Statistical Office (NSO) estimate of
7.6 per cent in the current financial
to select network
and the momentum of economic
activity tells us that this 5.9 per cent
growth in Q4 could be exceeded and
He said the March 15 deadline
would be sufficient and not cause
any disruption since only 15-20 per
20 per cent of the users who have
linked only with Paytm Payments
Bank. Therefore, Paytm Payments
year (FY24) and it could be close to when that happens the growth will cent of Paytm app users have linked Bank has been advised to shift these
8 per cent, Reserve be more than 7.6 per cent. There is their account to the payments bank. customers to other banks,” Das said, No clarity on co-branded cards
Bank of India quite a good chance of the gross “So far as Paytm is concerned, a stressing that the RBI favours inno-
(RBI) domestic product (GDP) number for large part of its payments app users, vation in the financial technology ABHIJIT LELE & MANOJIT SAHA
Governor the current year being very close to almost to the extent of about 80 to sector and has even introduced Mumbai, 6 March
Shaktikanta 8 per cent,” Das said in an interview 85 per cent, are linked to other Sandbox for testing new tools.
Das said on with news channel ET Now. banks along with Paytm bank or to The Reserve Bank of India (RBI) on Wednesday asked
Wednesday. On the issue of Paytm Payments entirely different banks. So, there-
Turn to Page 6 >
banks and non-banking financial companies (NBFCs) to
The Bank that has been asked to stop fore, about 80 to 85 per cent of the CRISIL RAISES INDIA'S GDP GROWTH provide customers with the option to choose from
NSO in its deposit and credit transactions after customers who are using the app FORECAST TO 6.8% FOR FY25 P6 multiple networks for
credit cards.
WEAREQUITEOPTIMISTICABOUTNEXTYEAR.ANDISAY,WITHAREASONABLE The RBI has pro-
AMOUNTOFCONFIDENCEBASEDONOURINTERNALANALYSISANDRESEARCH, hibited card issuers
and networks from
THAT7%NEXTYEARISDEFINITELYONTHETABLE” making any arrange-
SHAKTIKANTA DAS, RBI Governor ment or agreement
that restrains cus-
tomers from availing
the services of other
card networks.
“Card issuers shall
provide an option to
their eligible cus-
CREDIT CARD
OUTSTANDING (mn)
tomers to choose from The RBI’s new norm is applicable
DIGITAL HIGHWAY cutting-edge work like our digital
transformation, all the things we are multiple card net- for issuers with the number of
building under our digital products.” works at the time of active cards more than 1 million
n 12,000: Current n Ford India announced
FBS is also expanding the issue,” the RBI said.
employee strength at the phasing out of functions of Ford Credit, the For existing card- HDFCBank 20.1
Ford Global Technology its unit on September 9, financial services arm of Ford Motor holders, this option SBICard
2021, and stopped 18.61
and Business Center in Company, at its Chennai unit. A may be provided at
Chennai production in similar expansion is happening in the time of renewal. ICICIBank 16.8
August 2022 terms of Ford Pro, Ford’s The regulator’s AxisBank 13.75
n 3,000: Employees to commercial business that delivers directive will be effec-
be added in the next n Reports indicate that KotakMahindraBank 5.97
productivity solutions for business tive six months from
3 years Ford India is
fleet of all sizes. now, that is, from RBLBank 5.11
reconsidering its “The teams of FBS are also September 6.
n Expansion mainly to decision to sell the helping with the types of The RBI autho-
IndusIndBank 2.79
look into AI and ML Chennai plant and capabilities required when rised card networks IDFCFirstBank 2.37
Ford Business Solutions is expanding the functions of Ford technology evaluating a comeback managing a fleet. When looking at are American Express
requirements to the Indian market BankofBaroda 2.31
Credit, the financial services arm of Ford Motor Company our charging solutions, we are Banking Corp, Diners
providing software services in that Club International YESBank 1.91
area. We have started to integrate Ltd, MasterCard Asia/
AmericanExpress 1.34
we are doing at our FBS centre with Ford India announced the finance, and human resources, and work with the dealers very Pacific Pte Ltd,
AI and ML technology," said Mike phasing out of its unit on September among others. closely. The configuration of National Payments StandardChartered 1.01
Amend, chief enterprise technology 9, 2021, and stopped production in Interestingly, when Ford India vehicles, ordering of vehicles, much Corporation of India Source: RBI
officer, Ford Motor Company. August 2022. announced the exit in September of this stuff is now being built here (NPCI)–Rupay, and
“We are adding these jobs for FBS is the group’s global talent 2021, FBS had only around 11,000 from our Ford Business Center,” Visa Worldwide
high-skilled and knowledge work,” office that supports all functions in employees in India then and has Amend said. Pte Limited.
he added. the company. It has centres in already added 1,000 more staff in According to media reports, the The circular, however, has not clarified if the norms
The group’s hiring spree Chennai, Mexico City, and Hungary, Chennai. American auto giant’s Cloud-first are applicable for co-branded cards. While a particular
comes after Ford India shut its which support not only technology When asked about the key strategy has helped drive its shift to bank may offer multiple card networks to their customers,
manufacturing unit at Maraimalai but also enterprise technology, reasons for additional hiring in ‘software-defined vehicle’ there are certain co-branded cards that are offered only
Nagar in 2022. global data insights and analytics, India, Amend added, “It will be for manufacturing. Turn to Page 6 > on one platform. Turn to Page 6 >
2 COMPANIES BENGALURU | THURSDAY, 7 MARCH 2024

STOCKS > Ajmera Realty

Secures credit facilities
> LTIMindtree
Inks a pact with Global
> Indiabulls Real Estate
MIDC directs to vacate
> Mahanagar Gas
Reduces CNG prices by
> JSW Energy
Enters into BESPA with
IN THE NEWS from ICICI Bank, Digital for setting up a land parcel of 2,500 acre ~2.50 per kilogram in Solar Energy for
Standard Chartered JV in Saudi Arabia in SEZ at Nashik and around Mumbai battery energy storage
~734.3 CLOSE ~5,164.1 CLOSE ~106.6 CLOSE ~1,329.4 CLOSE ~512.0 CLOSE
p1.5% UP* p0.6% UP* q9.6% DOWN* q15.0% DOWN* p0.5% UP*
*OVER PREVIOUS CLOSE

>

Health care innovation market to touch $60 bn by FY28

SOHINI DAS
Mumbai, 6 March
Health care innovation in India, cur-
rently valued at $30 billion, is
expected to double by FY28, accord-
ing to a recent report by Bain &
Company and HealthQuad.
Pegged at $180 billion in FY23,
India’s overall healthcare market is
projected to grow at a compound
annual growth rate (CAGR) of 12 per
cent to $320 billion by the same time,
it said.
The report titled ‘Health care
Innovation in India’ said that health
care innovation accounts for about
15 per cent ($30 billion) of the overall
health care market in India, of which
around 55 per cent is export-led.
Aarthi Rao, partner at Bain &
Company, anticipates a significant
expansion. “We see the $30 billion
health care innovation market reach-
ing $60 billion by 2028,” she said.
She emphasises that this growth
will not only stem from value-engi-
neering but also from business inno-
vation, particularly in biotech, vac-
cines, and med-tech sectors.
She also predicts substantial
growth in health-tech and pharma
services, which would contribute to
this expansion.
Healthcare innovation has almost
doubled over the past three years
from a baseline of $17 billion in FY20.
There are four key segments in
the healthcare innovation space —
pharma services, which includes
contract development and manufac-
turing organisation (CDMO), con-
tract research organisation (CRO),
pharma IT (apart from healthtech,
vaccines and biotech), and medtech.
Speaking to Business Standard,
Charles-Antoine Jannsen, managing
partner of healthcare-focused ven-
ture capital fund HealthQuad said,
“Ten years ago, India was particu-
larly strong in chemistry and active
pharmaceutical ingredient (API) pro-
duction of new chemical entities
(NCEs). But it was not present at all
in the biologics space.”
Expansion of capacities
Janssen added that during the pan-
demic, India became the world’s sec-
ond-largest exporter of Covid vac-
cines and nearly 50 per cent of the
global vaccine exports came out
of India.
“This led to two capacities that
India did not historically have — dis-
covery abilities on the biological side
in order to develop and scale up these
vaccines. Also, high quality and low-
cost biological manufacturing skill
sets to serve gigantic volumes,” Biotech startups are also starting
he said.
India is thus moving up the value
to use new technologies like cell and
gene therapy, oligonucleotide ther- MARKET TRENDS OVERALL
chain. “World-class research and apy, protein biologics, gene editing, Health care innovation ($ bn)
manufacturing are coming out of and next-gen sequencing to develop
Segment FY20 FY23 FY28 17 FY20
India not only in biosimilars but new innovative products with large
biological entities, which have trans- potential markets. Pharma 60-65 50-55 45-50 30
formative potential for India in low- Healthtech 15-20 20-25 30-35
cost markets and also some high-cost Healthtech innovations FY23
markets,” Jannsen said. Healthtech has witnessed strong Vaccine and biotech 7-10 13-15 10-12
growth since 2020. It accounted for Medtech 9-11 8-10 8-10
Vaccines and biotech market
60
roughly 25 per cent of the healthcare Note: The above figures are in %
FY28
The report also highlighted that the innovation market in FY23, having Sources: MCA filings; Jeffries; LoEstro; Arizton; Jeffries; Grand
View Research; Redseer; Irdai; Allied; Netscribes; Infinium;
Indian vaccines and biotech market, more than doubled from about $3 bil- Tata Capital Healthcare Fund; Insights10; Birac; IBEF
which was valued at $4 billion in lion in FY20 to about $7 billion in
FY23, accounting for 15 per cent of FY23. The healthtech market is split
the innovation market, has quickly equally between consumer-facing
grown from $1.2 billion in FY20. solutions (like telemedicine, e-phar-
Roughly half of this revenue surge macy, e-diagnostics, and wellness)
is driven by exports. India remains a and enterprise-facing solutions (like
vaccine powerhouse catering to B2B e-commerce and SaaS-based
around 60 per cent of global vaccine hospital, clinic, and pharmacy man-
demand. agement solutions).

AIR INDIA FMCG to see subdued Haier targets 2nd

RECORDS LOWEST
spot in appliances
OTP IN FEB

Air India’s average daily on-time performance (OTP) in

growth till Sep quarter spaceinfiveyears
February at 60.19 per cent was the lowest among the AKSHARA SRIVASTAVA AKSHARA SRIVASTAVA
major airlines in India, according to the Ministry of Civil New Delhi, 6 March New Delhi, 6 March
Aviation's data reviewed by Business Standard. This is

T
the second consecutive month when Air India has he Indian fast-moving con- Household appliances maker Haier
recorded the lowest punctuality rate. According to sumer goods (FMCG) sector is aims to become the second-largest
industry sources, congestion at specific major airports, expected to see subdued player in the country in the coming
certain weather-related events and operational issues growth up until the September quarter five years on the back of technology-
led to the low OTPs in the last month. DEEPAK PATEL of the ongoing calendar year, said a led innovation, it said on
report by Kantar. Clearly continuing Wednesday.
weakness in demand — not just in The company, which has com-
AVERAGE DAILY ON-TIME PERFORMANCE (%) rural parts but also in urban areas — pleted 20 years of operations in
IndiGo AirIndia SpiceJet Vistara AIXConnect AkasaAir is taking a toll. India, is currently the third-largest
84.84 100 According to the Kantar FMCG player in the country, with a market
85.38 75.77 74.27 Pulse report, the sector was growing share of 14 per cent in refrigerators
88.04
75.08 80 at 4 per cent at the start of 2023, pro- THE BIG PICTURE: URBAN + RURAL and between 7-8 per cent in air con- The India market is
79.99 68.67
pelled by the wheat flour or ‘atta’
prices. With ‘atta’ growing in double- Volume growth Y-o-Y (%) n Urban n Rural n Overall 7.80 4.50
ditioners, LED TVs, and washing
machines.
extremely buoyant. A clear
60 digits, the sector seemed to have 3.50 5.60 4.80
“The market in India is extremely technology evolution is
60.11
82.33 60.19 67.76 40
grown at 6.1 per cent.
“However, removing atta from the
0.90 -1.30
1.10 buoyant. A clear technology evolu-
tion is triggering demand growth.
triggering a demand
Oct’23 Feb’24 mix brought the growth down to 2.7 With a global support system, we see growth. With a global
Q4CY22 Q4CY23 MAT Dec '22 MAT Dec '23
Source: Ministry of Civil Aviation per cent. Incidentally, 2.7 per cent is
also the population growth in the year, 2.10 5.20 -0.10 6.10
a big opportunity here,” said NS
Satish, President, Haier Appliances
support system, we see a
which meant that FMCG volumes have
Volume growth Y-o-Y (%)
India, to Business Standard. big opportunity here
grown purely on the basis of house- Growing at a compound annual
IN BRIEF hold population growth,” the report
n FMCG n Personal care n Household care n Food and beverages
rate of 25 per cent for the past seven
4.40

4.00
4.00

added. In 2024, consumption might years, the company expects to close

7.20
3.40

6.10

2.50

see a stagnation in the early part of the the ongoing financial year with a
5.80

NS SATISH
2.00
2.10

1.80

2.10

Domestic air passenger traffic

5.20
5.00

-1.00
-0.10

year before getting progressively better
in the later half, stated the report.
to reach 155 mn in FY24: ICRA The firm attributed this subdued
growth to a host of factors, including a
The domestic air passenger traffic is expected to surpass the pre- global slowdown, minimal impact of
Covid levels of 141.2 million and reach 150-155 million this financial the upcoming general elections,
year, registering an estimated growth of 8-13 per cent, credit and a lasting impact of unexpected
ratings agency ICRA said on Wednesday.ICRA also projected a weather conditions on the agriculture
significant reduction in industry's net loss for the next two fiscals sector. With El-Nino impact expected
and was also of the view that supply-chain challenges and engine to keep weather dry for the first half of
failure issues may remain near-term headwinds. PTI the year, the agriculture outlook for
2024 is a mixed bag.
“It seemed to have an impact on
NCLAT junks JKC appeal against the Kharif crop harvests.
Agricultural growth is projected to be
aircraft sale to Ace Aviation at 1.8 per cent in 2023-24. This is a
seven-year low and is likely to impact
The National Company Law Appellate Tribunal(NCLAT) on the first half of 2024. “However, the
Wednesday dismissed the plea of Jalan Kalrock Consortium(JKC), Rabi sowing, though mildly disturbed
the successful bidder for Jet Airways, opposing the sale of three is much better. El-Nino is also
aircraft to Ace Aviation. JKC has now moved the Supreme Court expected to wane by the middle of the
against the sale of aircraft to Ace Aviation. Ace approached the year…the year might yet turn good,
National Company Law Appellate Tribunal (NCLAT) two weeks ago especially in the second half,” it said.
seeking to expedite the sale of three aircraft in Mumbai in the Summer, meanwhile, is expected
same case. BHAVINI MISHRA
Q4CY22 Q4CY23
Moving annual total (MAT) is sum of total sales volume/value for 12 months ending with latest period
Source: Kantar Worldpanel
to help categories like bottled soft
drinks, ice creams, sun screens, and
even laundry products to an extent.
“However, the growth in these
categories combined will have a neg-
ligible impact on overall FMCG,” the
report added.The research firm further
said that consumption in the year 2023
saw a slight decrease, with average
household purchase (without atta) fall-
ing to 117.1 kg per household from 117.2
kg in 2022.
“After the pandemic, this is the sec-
ond straight year where average pur-
chase quantity has failed to grow,” the
report stated.
However, “spends in the same time
MAT Dec '22 MAT Dec '23
period have jumped from ~15,513
to ~17,907.
The 8.5 per cent growth in FMCG
spends in 2023, is higher than the
average inflation rate of 5.7 per cent
for the year,” it added.
Out of the over 90 categories and
subcategories Kantar tracks, about 50
per cent either lost consumption, or
were static. The biggest such average
consumption drop was seen for cook-
ing Oils, where 1.4 fewer liters were
purchased in 2023, compared to 2022.
This was followed by washing pow-
ders, which lost 300 grams per house-
hold; Basmati rice, which lost 180
grams; and salt. which lost 80 grams.
revenue of ~8,500 crore. It expects
to record revenues of ~10,000 crore
by FY25. “The economy is good right
now. The consumer penetration for
the categories we play in is low. We
are also looking at an evolution of
the consumer, where instead of sav-
ing, they want to spend money for
comfort and convenience. All this
will drive demand for our products,”
he added. In FY23, the company had
reported a revenue of ~7,000 crore,
with a 40 per cent contribution from
the refrigerator category.
Going forward, the company
expects the AC, TV, and washing
machine categories to grow ahead
of the refrigerator segment.
“This is because they are all tech-
nology-led markets, where the
upgradation will happen faster and
demand will not depend on the rural
consumer as opposed to the refrig-
erator segment,” he said.
President, Haier Appliances, India
In the coming year, the company
expects to see 40 per cent growth in
the AC category also driven by harsh
summers, more than 50 per cent
growth in the LED TV category, 40
per cent growth in the washing
machine category, and 30 per cent
in the refrigerator segment.
Last year the company
announced an additional invest-
ment of around ~800 crore in the
expansion of its manufacturing
capabilities. Haier has to date
invested around ~3,000 crore in the
Indian market. “We now have
enough manufacturing capacity to
drive growth in the next two years.
The focus of the thrust area for the
next 24 months will be on localisa-
tion and improving the efficiencies
of the plants,” Satish said.

Manish Prasad appointed SAP’s

Indian subcontinent MD India Inc may see average salary hike of 9.6% in 2024
SAP has appointed Manish Prasad as president and managing RAGHAV AGGARWAL Variable pay percentage likely 16-18 per cent. Out of 18.3 per cent,
director for SAP Indian subcontinent. He succeeds Kulmeet Bawa, New Delhi, 6 March SNAPSHOT to fall 15.2 per cent was voluntary
who takes on a global role to drive the growth and adoption of SAP In 2023, the average variable pay- attrition, and 4.2 per cent was invol-
Business Technology Platform (SAP BTP) for global customers. In his India Inc may offer an average sal- ATTRITION ACROSS LEVELS out as a percentage of total fixed sal- untary.
new role, Prasad will help advance SAP’s move to the cloud, ary hike of 9.6 per cent in 2024, sim- ATTRITION % 2023 ary in India was 15.05 per cent. "Interestingly, data shows a
helping to enable customers across all industries to digitally ilar to the actual increase last year, However, the report showed that decrease in employee inclination
transform with SAP. AYUSHMAN BARUAH according to a report released by Executives(CXOs) 9 the proportion of variable pay to leave their jobs compared to last
global professional services pro- Functionheads 9.9 increases as the person goes up in year, suggesting a drop from 43 per
vider Ernst & Young (EY) on Individualcontributors 10.5 the organisation. Last year, 9.2 per cent to 34 per cent," the report said,
Glenmark Life Sciences Chair Wednesday. The ‘Future of Pay
2024’ report states that the highest Peoplemanagers 13.2
cent of the salary of individual con-
tributors and 10.7 per cent of people
adding that it continues to be,
however, higher than historical
Glenn Saldanha resigns salary hikes are expected in e-com-
merce (10.9 per cent), financial serv- 5 SECTORS WITH HIGHEST SECTORS EXPECTING HIGHEST
managers were distributed as vari-
able pay. For function heads and
norms.
The highest attrition of 13.2 per
Glenmark Life Sciences Ltd said its Chairman Glenn Saldanha and ices (10.1 per cent), and 10 per cent ATTRITION n 2022 n 2023 (%) SALARY HIKE n 2023 n 2024 (%) executives (CXOs), this was higher cent was witnessed in people
non-executive director VS Mani have resigned following change in each in professional services and at 14.1 per cent and 26.2 per cent, managers, followed by 10.5 per cent
ownership of the company. Independent director Sridhar Gorthi real estate. Financial 28.3 10.5 respectively. in individual contributors and 9.9
E-commerce
has also tendered resignation, along with Saldanha and Mani, The expected hike will be lower services 24.8 10.9 In 2024, variable pay per cent in function heads. Among
with effect from close of business hours on March 6, 2024, the than the 10.4 per cent seen in 2022. Professional 22 Financial 10.4 percentages are likely to decrease executives, the attrition was the
company said in a regulatory filing. He is also stepping down as a In 2023, the highest salary hikes services 24.2 services 10.1 at all employee levels except the least at 9 per cent. The top three
member of the nomination and remuneration committee and were seen in e-commerce (10.5 per
Information lowest-paid tier. reasons for voluntary attrition in
22.1 Professional 9.7
operations committee of Glenmark Life Sciences. PTI cent), and 10.4 per cent both in "Executives typically get the India were external inequity of
technology 23.3 services 10
auto/vehicle manufacturing and most variable pay, but their compensation, limited learning
financial services. 27.7 Real estate/ 10 projected salary increases for 2024 and growth opportunities, and
CCPA tells influencers to refrain The report highlighted that the
fall in the quantum of salary hikes
E-commerce
22.4 Infra 10 are lower than those in 2023," it
said.
performance assessment.
Among sectors, the highest
from promoting betting compared to 2022 was majorly due
to the e-commerce sector and
Metals &
mining
8.2
22.3 Engineering
10.1
9.9 Attrition falls near
attrition was recorded in
professional services (24.2 per
Concerned over rising instances of advertisements related to technology sub-sectors. Source: EY Future of Pay 2024 pre-pandemic levels cent) and information technology
betting and gambling, The Central Consumer Protection Authority "In 2022, certain technology The report said the attrition in India (23.3 per cent).
(CCPA) on Wednesday issued an advisory warning celebrities and sub-sectors, like cloud platforms sectors by 2024, potentially due to said, the fall may be attributed to cooled down to near the pre-pan- "Attrition rates exhibited
influencers to refrain from promoting such illegal activities.The and consumer technology, market saturation following rapid "pandemic-driven shifts in demic level of 18.3 per cent in 2023 indications of slowing down,
CCPA warned all stakeholders that stringent action would be experienced notable growth. digital transformation in previous consumer behaviour or intensified from 21.2 per cent in 2022. Different bolstered by an improved
taken for endorsements of illegal activities, including betting However, there is a projected years," it said. online competition". surveys peg the attrition level in the availability of talent," the
and gambling. PTI decrease across all technology sub- For e-commerce, the report pre-pandemic year in the range of report said.

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BENGALURU | THURSDAY, 7 MARCH 2024 COMPANIES 3 <

GREEN POWER, CAPTIVE MINING REMAIN A CORNERSTONE

More Retail stake sale plan
Aluminium firms race sees lukewarm response
to cut production costs
AMRITHA PILLAY
Samara-Amazon JV was looking to raise funds at $2 billion total valuation
DEV CHATTERJEE &
SHARLEEN D'SOUZA
Mumbai, 6 March
MORE RETAIL FINANCIALS
Net sales
and More Supermarket.
(~ cr) According to More Retail's
PAT website, it has 41 hypermar-
Mumbai, 6 March 6,000 0 kets and 872 supermarkets
Samara Capital’s plans to sell across the country.

V
edanta Aluminium aims for indus-
try leadership in production
cost, while Hindalco Industries
hopes for higher cost stability. As Indian
players strive for cost competitiveness,
their global peers are formulating cost
reduction strategies.
Captive mining remains a cornerstone
in the cost strategies of Indian producers.
Moreover, an increased focus on
the use of green energy and consequent
cost reduction is a common path
forward for both Indian and global alu-
minium makers.
“Vedanta Aluminium is rapidly pro-
gressing towards becoming the world’s
lowest-cost producer through
comprehensive vertical integration and
capacity expansion strategies,” said John
Slaven, chief executive officer of
Vedanta Aluminium, in response to
Business Standard.
The company’s cost of production
(COP) as of December 2023 was $1,735 per
tonne, claimed to be in the lowest
quartile globally.
GLOBAL ALUMINIUM MAKERS COST DISCLOSURES
Company
United Company RUSAL (Russia)
Alcoa (US)
Norsk Hydro (Norway)
Vedanta Aluminium (India)
Emirates Global Aluminium (UAE)
Note: Quartile: A set of values are placed in the ascending order on a cost curve and divided into quartiles, with the
first quartile indicating lowest costs; The cost indicators may or may not be comparative, as formulas used by
companies to arrive at them may differ
part of its stake in More
Retail, a joint venture with
American retail major
Amazon, has received luke-
warm response from
potential investors. This is
owing to valuation mismatch
and losses of the grocery
retail company.
Bankers said Samara was
looking to sell 20 per cent
stake in the joint venture at a
total valuation of $2 billion
but the response from poten-
tial investors was inadequate.
While Samara owns 51 per
Cost indicator $/tonne cent stake in the company,
Aluminium segment cost per tonne (2023) 2,297 the rest is with Amazon. More
Retail was also planning to
Cost curve position (2023) Second quartile
launch an initial public offer-
Implied primary cost (2023) 1,750 ing (IPO) after the promoters
Cost of production (Q3FY24) 1,735 planned to sell part of
their stake.
Smelter on the cash cost curve First quartile
Source: Public disclosures made by the companies
4,000
-735
2,000
0 4,054 4,258
FY 18 FY 19
PAT: Profit after tax
An email sent to Samara
Capital on Monday did not
elicit any response till going
to press.
According to two sources,
Samara Capital was looking
for an exit for around a year
and has also shut many
unprofitable stores in the last
one year.
Another source said that
the promoters are not keen to
-300
-550
-600
4,824 4,763 4,867 4,507 -900
FY 20 FY 21 FY 22 FY 23
Source: Capitaline
invest further and added that
even an IPO was considered
as an exit but More Retail saw
no progress on this front.
According to the compa-
ny’s filings, the grocery and
food retail chain made a loss
of ~550 crore on net sales of
~4,507 crore in the financial
year 2022-23 (see chart).
More currently runs two
formats, More Hypermarket
In 2019, Samara Capital
had acquired the hypermar-
ket and supermarket retail
chain reportedly for ~4,500
crore from the Aditya Birla
Group. The acquisition was
made through Witzig
Advisory Services in which
Amazon holds 49 per cent.
With Samara at the helm,
More Retail increased its
stores and had a strong pres-
ence in the southern region
with almost 70 per cent of
stores located in the region.
This was followed by a mod-
erate presence in the North,
East, and rest of India.
The merchandise mix pre-
dominantly constitutes food
and groceries, which are
characterised by low-gross
margins.

Accenture invests $1 billion in

Although similar COP numbers for
rival Hindalco are not officially disclosed.
Industry analysts estimate them to be in
the lowest quartile for some smelters.
Satish Pai, managing director of
Hindalco Industries, in a media call last
month, declined to share an outlook on
COP. However, he noted that with
Hindalco increasing the utilisation of
green power sources and more captive coal
mines going into production, it will help
lower dependence and fluctuations
in costs.
Vedanta has a similar strategy.
“Vedanta Aluminium is rapidly pro-
gressing towards being the world’s lowest-
cost producer through comprehensive ver-
tical integration and capacity expansion
strategies, including operationalising sev-
eral mineral blocks for bauxite and coal
secured through government auctions,”
Slaven said in his response.
Vedanta is expanding its alumina refin-
ing capacity from 2 million tonnes per
annum (mtpa) to 6 mtpa and smelting
capacity from 2.3 mtpa to over 3 mtpa.
According to analysts, a ramp-up in
captive coal production could also help
EXPLORING LEGAL OPTIONS, INCLUDING REVIEW
PETITION: VEDANTA ON TN COPPER UNIT
Vedanta on Wednesday said it is in receipt of the judgment passed by the
Supreme Court on its copper unit in Tamil Nadu and is exploring possible legal
AI-powered learning platform
options, including filing of review petition as per advice from its legal experts. Last
week, the Supreme Court dismissed a plea by Vedanta to reopen its copper smelter AYUSHMAN BARUAH demand for technology will bring to Accenture the Accenture LearnVantage
plant at Thoothukudi in Tamil Nadu. AMRITHA PILLAY Bengaluru, 6 March skills, including company’s capabil- business. Accenture
generative AI. ities in integrating LearnVantage’s full set of
Accenture on Wednesday has With the help proprietary services will be available later
National Aluminium Company, known to Pai, in a media call last month, also cau- launched a new artificial of an AI recom- content, expert this year following the clos-
be one of the lowest-cost producers of alu- tioned that cheaper imports resulting from intelligence (AI)-native learn- mendation services and scal- ing of the acquisition.
mina, register a further reduction in costs. free-trade agreements with the United ing platform to provide engine, the able learning tech- Accenture LearnVantage
For the lowest-cost producer tag, Arab Emirates can become a concern. clients with comprehensive LearnVantage nology and aligns will work with technology
Indian companies will need to compete Avachat added, “The entire value chain technology learning and platform with Accenture’s ecosystem partners, includ-
with global producers, including those decides who can possibly become the training services that will curates the approach to learn- ing Amazon Web Services,
from West Asia. lowest-cost producer; it has been beyond help them reskill and upskill “best learning Accenture buys ing. Google Cloud and Microsoft,
Hitesh Avachat, associate director with smelting costs alone.” employees in technology, content” from edtech firm Udacity pro- to provide generative AI
CareEdge, observed, “In the global setup, In its interim 2023 report, Russia’s data and AI. Accenture and Udacity to expand vides localised content, industry-relevant
companies from West Asia have a cheaper United Company RUSAL noted that pro- Accenture will invest $1 third-party pro- learning and course offerings in technology training and
gas-based or oil-based power cost advan- duction costs were under pressure due to billion in LearnVantage over viders to offer a training multiple lan- cloud certifications for their
tage. Other global players have well-estab- dwindling raw material resources, global three years and will acquire personalised experience guages, including joint clients. It will also work
lished value chains, including access to inflation, and international sanctions edtech company Udacity to learning jour- English, Arabic, with additional learning part-
bauxite. Similarly, companies with a cap- standoffs. In its recent results statement, build on Accenture’s existing ney that aligns with priority Korean and Spanish. ners, including Pluralsight,
tive mine, be it in India or Russia, also gain the company said it continues to focus on experience in learning and areas of learning. Udacity’s more than 230 pro- Coursera, Workera and
a cost advantage.” research and development to reduce costs. training to meet the rising The Udacity acquisition fessionals will join the Skillsoft.

Kerala to launch
first govt-backed
OTT platform
SHINE JACOB films, six documentaries, and
Chennai, 6 March one short film. Chief Minister
Pinarayi Vijayan will launch
The Kerala government is set the platform at
to launch India’s first govern- Kairali Theatre in
ment-backed OTT platform Thiruvananthapuram on
called CSpace on Thursday in Thursday.
its bid to provide space to low- The media reports
budget and indicate that
independent CSpace will operate India’s OTT mar-
films and ket, including
on a pay- per-
check what it YouTube, is valued
view basis and
called “grow- at around $2.5 bil-
viewers will be
ing imbal- lion. “CSpace is
charged ~75
ances” in essentially a
content
for each content response to the
selection and growing imbal-
propagation. ances and multifarious chal-
According to local media, lenges in the OTT sector in
as many as 42 films will be terms of content selection and
screened on the platform ini- propagation,” KSFDC
tially, which will be managed Chairman Shaji N Karun told
by the Kerala State Film an online news platform. A
Development Corporation special curator panel is set by THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED
(A Government of India Enterprise) Regd. Of ce: Eloor, Corporate Materials, PD Administration Building
(KSFDC). KSFDC to select content for Udyogamandal, Kochi, Kerala, India - 683 501,TEL: 91 484 2568633 / 2568345
This includes 35 feature the platform. Email: deepakvs@factltd.com; deepu.cn@factltd.com, http://www.fact.co.in
E-Tender for Clearing, Handling & Transportation of Bagged
Products at various Rail Heads in Maharashtra
[Tender. NO. MM/182/E29120 dated 06.03.2024]
Jaypee Infra resolution plan Online bids (two cover system) are invited for undertaking the work of
clearing, handling and transportation of FACT’s bagged products at
Ahamednagar, Parlivaijnath (Beed Dt), Maltekdi (Nanded Dt.) and Solapur
being considered by UP: Yeida Railheads (RH) in Maharashtra for a period of 2 years, through
https://eprocure.gov.in portal.Any change / Extensions to this tender will be
informed only through our website / CPP e-procurement portal and will not
be published in newspapers.
Hopes of over 20,000 home buyers in various projects of Jaypee Due date/ time for submission of bids: 21.03.2024/ 3:00 PM
Infratech are still alive as Yamuna Expressway Industrial Udyogamandal Sd/-
Development Authority (Yeida) on Wednesday told the National 06-03-2024 Senior Manager (Materials)-T&S
Company Law Appellate Tribunal (NCLT) that the proposal by
Suraksha Realty Limited — which took over the debt-laden firm
— is still under the consideration of the Uttar Pradesh govern-
ment. UP Cabinet’s nod is the last stumbling block in the way
of Mumbai-based real estate firm Suraksha Realty taking over
the debt-laden Jaypee Infratech Ltd. NCLT had on March 7 last
year approved Suraksha Realty’s takeover of the debt-laden
Jaypee Infratech, while dismissing three different appeals
against the ₹7,936 crore offer. BHAVINI MISHRA

Identity security firm

IDfy raises $27 million
Identity security company IDfy said on Wednesday it has raised
$27 million in a mix of primary and secondary fundraising from
Elev8, KB Investment and Tenacity Ventures.
Mumbai-based IDfy makes products and solutions for
authenticating entities, helping companies prevent fraud and
verify other businesses. "Investment from Elev8 and Tenacity
is a strong validation of our vision and capabilities. The fund
will fuel our expansion plans and product development,
enabling us to serve even more businesses and unlock oppor-
tunities for trustworthy people and businesses," said Ashok
Hariharan, co-founder and chief executive officer of IDfy, in a
statement. ASHUTOSH MISHRA
4 ECONOMY & PUBLIC AFFAIRS
>
BENGALURU | THURSDAY, 7 MARCH 2024 1

IN BRIEF
Govt to sell up to 7% in NLC 8 NBFCs eye ECB route Fairfax commits
via OFS to raise ~2,000 crore
The government will sell up to a 7 per cent stake in
NLC India at a floor price of ~212 per share in a
to raise over $2 billion $200 mn liquidity
support to IIFL Fin
two-day offer for sale beginning Thursday. The
~2,000 crore offer for sale (OFS) will open for
institutional investors on Thursday and for retail
investors on Monday. Friday is a market holiday Execssayoverseasborrowinglikelytogrowashedgingcostsarelow
on account of Maha Shivratri. “Offer for sale in NLC
India Limited opens tomorrow for non-retail investors. ABHIJIT LELE
Holds 15% in the STOCK CHECK

ILLUSTRATION: AJAY MOHANTY

Retail investors can bid on Monday, 11th March. The government Mumbai, 6 March
will divest 7 per cent equity including Green Shoe option of 2 per gold loan NBFC Share price ( in ~)

E
cent,” DIPAM Secretary Tuhin Kanta Pandey said on X. PTI ight non-banking financial
companies (NBFCs), includ- 20
ing a government-owned BS REPORTER % Chg
20
SBI should follow SC deadline infrastructure finance company, are
planning to raise over $2 billion
Mumbai, 6 March
598.1
478.5
% Chg

on electoral bond: Bank union through external commercial bor-

rowing (ECB), with prospects for
IIFL Finance on Wednesday said that
stakeholder Fairfax India Holdings 382.8
The State Bank of India should adhere to the deadline set by the Indian firms in overseas markets Corporation has agreed to give it liq-
Supreme Court to disclose to the Election Commission the names of being conducive. uidity support of $200 million after
contributors to electoral bond scheme, a bank employees' trade The NBFCs, which filed for ECB the Reserve Bank of India (RBI)
union demanded on Wednesday. The SBI on Monday had moved in January with the Reserve of barred the non-banking financial Mar 4 Mar 5 Mar 6
the top court seeking an extension of time till June 30 to disclose India (RBI), include REC (over $500 company from giving gold loans. 2024
details of each electoral bond encashed by political parties. In its million), Tata Motors Finance Fairfax India has a 15.1 per cent
verdict last month, the court had directed the bank to furnish the ($200 million), L&T Finance stake in IIFL Finance. “The RBI's
details to the poll panel by March 6. PTI Holdings ($125 million), and embargo has raised liquidity con- WEHAVEBEEN
Shriram Finance ($750 million), cerns amongst the company’s LONG-TERMINVESTORS
according to the RBI data. investors and lenders. In response to
INTHEIIFLGROUPOF
India needs to sustain A senior executive with State
Bank of India (SBI) said overseas
these concerns, Fairfax India has
agreed to invest up to $200 million COMPANIES,ANDHAVEFULL
growth: Sanjeev Sanyal borrowing by Indian companies,
including highly rated NBFCs, was
of liquidity support on terms to be
mutually agreed and subject to appli-
TRUSTINTHECOMPANY’S
Economist Sanjeev Sanyal on Wednesday said likely to grow because hedging ON THE ECB DRIVE cable laws, including regulatory
STRONGMANAGEMENT”
India needs to sustain the current growth costs were low and there was a soft-
Entity Amount ($ mn) Duration
approvals (if any),” said IIFL Finance PREM WATSA
momentum to reach the “bottom echelons” of ening bias in global interest rates. in a statement. Chairman, Fairfax India
being considered a developed world by 2047. Concurring with the SBI execu- REC Ltd 212 5 yrs IIFL Finance is among India’s top
Sanyal, a full-time member of the Economic tive, a top official with a large NBFC L&T Finance Holdings 125 6 yrs 3 months two NBFCs in the gold loan business.
Advisory Council, suggested that developing said while cost considerations were HDFC Credila Fin Services 100 3 yrs It has a gold loan portfolio of ~24,692 “Till the issue is resolved we will
fast is imperative because by 2047, India would have conducive, there was also a need to crore which was 32 per cent of its total continue to collect money from
aged and be in the same place as expand the sources of funds. The Tata Motors Finance 200 3 yrs loans of ~77,444 crore at the end of repayments. We are adequately cov-
China is right now. PTI all-in cost has become competitive Cholamandalam 150 3 yrs the third quarter of FY24. ered on liquidity and we do not see
when compared to domestic Investment “We have been long-term any challenges in the foreseeable
Source: RBI
fundraise, he added. investors in the IIFL group of compa- future. We will also try to

In a first, IndianOil to While these are funds raised by

Indian lenders’ overseas branches,
After the unusually high ECB
expenditure. Also, nearly three-
nies and have full trust and confi-
dence in the company’s strong man-
cross sell other products from these
branches,” Jain said.

make fuel for Formula 1 it is prudent for lenders to see over-

Indian Oil Corporation (IndianOil) will in three months start
manufacturing fuel used in Formula One or F1, motor racing as it
looks to expand its basket of niche fuels. IndianOil, which already
has three branded fuels, including high-selling XtraGreen diesel,
on Wednesday unveiled ‘Storm’ petrol that it will supply for the
Asian region motorcycle road racing championship.
all exposure — domestic plus
international — for risk manage-
ment, said an executive of a public-
sector lender.
During April-December 2023,
ECB registrations ($36.1 billion) and
PTI disbursements ($25.6 billion) were
higher than what they were in the
corresponding period in earlier
years, according to the “State of
Economy” article in the RBI month-
ly bulletin for February.
registration ($21 billion) during
Q1FY24, new registrations nor-
malised to $8 billion and $7 billion
during the second and third quar-
ters, respectively.
Adjusting for principal repay-
ment, net ECB inflows stood at $5.6
billion this year so far as against net
outflows of $2.3 billion in the cor-
responding period last year.
Of the total ECBs registered dur-
ing April-December 2023, more
than three-fourths are for capital
fourths of the ECBs raised were
hedged through rupee-denominat-
agement team led by Nirmal Jain and
R Venkataraman,” said Prem Watsa,
IIFL shares fell another 20 per cent
on Wednesday after declining 20 per
ed loans or loans from foreign par- chairman of Fairfax India. cent yesterday to hit the lower circuit.
ents, offsetting considerably the “We are confident that Nirmal and “At this crucial juncture,
interest and exchange rate sensitiv- Venkat will take corrective actions to Fairfax India’s and Prem’s generous
ity of foreign exposures, it added. meet and exceed RBI’s compliance offer to provide liquidity support is
The secured overnight financing standards,” said Watsa. very timely and motivating. We are
rate, the global benchmark interest In an interaction with analysts on committed to complying fully with
rate, increased by 50 basis points Tuesday, IIFL Finance managing RBI’s directives and growing the busi-
during April-July 2023 but sta- director Nirmal Jain had said the ness under the regulator’s guidance
bilised later in line with a pause in company is not facing any liquidity on the strong foundation of compli-
global monetary policy-tightening issues as it continues collections and ance, risk management, and fair prac-
measures, it added. recovery from gold loan business. tices,” Jain said.

FDI INFLOWS SHRANK BY PSUs fell short GPay,PhonePe

21% TO $41.31 BN IN 2023 in compliance, gain on Paytm
bank fallout
Foreign direct equity (FDI)
investments contracted by 21 per
cent Y-o-Y to $41.31 billion during
the calendar year 2023,
governance BLOOMBERG
6 March
according to Department for KHUSHBOO TIWARI of the regulatory require-
Promotion of Industry and Mumbai, 6 March ments on corporate gover- Google and Walmart Inc. are rapidly gaining
Internal Trade data. The nance, the government has customers from India’s Paytm, the fintech
sustained contraction in Public sector undertakings created an exception for pioneer struggling to navigate central bank
Traffic was affected at New Delhi borders on Wednesday in investment inflows comes (PSUs) fell short in compli- PSUs in the regulation restrictions and the potential shutdown of
view of the ongoing farmers’ protest, police said. Barricades against the backdrop of ance regarding board struc- itself,” said IiAS in the report a key payments affiliate.
were installed at borders and other parts of the national uncertainties and challenges tures and corporate gover- on corporate governance. The value of Paytm payments made on
capital, amid intensified patrolling PHOTO: REUTERS in the global economy. This nance, as per a report by The regulatory norms the state-backed transactions system fell 14
includes factors such as high Institutional Investor require listed per cent to ~1.65 trillion ($19.9 billion) from
110.3

inflation and slowdown in Advisory Services companies to January, the National Payments Council of

Concessions on gold imports developed countries. The

government has not Total
(IiAS). Of the
BSE 100 compa- Of the BSE 100
have at least
half of the
India (NPCI) said on its website Wednesday.
Walmart-owned PhonePe and Google’s

likely under EFTA trade pact explained the rationale

behind the dip. SHREYA NANDI ILLUSTRATION:
21.06
growth
nies assessed by
the advisory
companies
analysed as of
board be inde-
pendent if the
GPay, which both process far more pay-
ments than Paytm, each had an increase in
India may give quota-based duty concession on gold imports from (%) group, 93 were December Chairperson is their payments value.
37.71

AJAY MOHANTY

THE PLUMMET
Switzerland under the proposed free trade agreement with the compliant with 2023, all seven an executive Paytm’s decline suggests consumers are
22.78

four European nation bloc EFTA, sources said. Sources said that regulatory non-compliant director or rep- moving usage to alternative services even
17.84

India has sought an investment commitment of $50 billion during FDI inflows in 2023 Growth (%) requirements for entities were resents the before any disruption to its systems. The
the first ten years after the implementation of the agreement and board independ- PSUs, including promoter new curbs affecting Paytm are kicking in on
another $50 billion over the next five years from the member ence as of a bank group. For oth- March 15, and even after that the company
countries of the bloc. PTI Jan Feb Mar Apr May Jun Jul Dec December 2023. er firms, the expects its digital payments services to keep
Aug Sep Oct Nov However, the sev- minimum running as before. Yet the firm’s
en non-compli- requirement is stock has slumped
-36.62

-38.31

Investments in P-notes fell

-46.26

ant companies were all 33 per cent. However, corpo- since the regulator
-48.89
-20.9

-20.6
-48.15

PSUs, including a bank. rate governance for other unveiled its action
-56.42

to ~1.43 trillion in January 41.31

“Most PSUs continue to firms has improved incre-
have weak board structures mentally along with trans-
in late January, on
concern the
Investment in the Indian capital markets through participatory Total or remain non-compliant parency. In the Corporate restrictions will
notes (P-notes) declined to ~1.43 trillion in January-end over the with even the minimum Governance Score report, crimp the fintech
preceding month amid cautious stance adopted by the foreign regulatory standards. This IiAS indicated that this has pioneer’s
investors owing to high valuation. Overall, the investment through 4.05 2.85 2.38 5.11 2.68 3.16 2.54 2.91 4.09 6.33 2.84 2.37 has been a concern for sev- been the best performance prospects.
the route saw an upward trend in the last one year with the eral years, but regulatory for the BSE100 index con- The value of
investment rising from ~91,469 crore in January 2023 to ~1,49,447 ($ bn) enforcement over PSUs has stituents since they began transactions Value of
Source: DPIIT
crore in December 2023. PTI been weak. For a large part assessments in 2016. processed by transactions
PhonePe rose near- processed by
ly 7 per cent, while PhonePe rose
GPay witnessed an nearly 7%,

States stare at taxing times with windfall at stake almost 6 per cent
rise, NPCI data
showed. Also when
measured by pay-
while GPay
witnessed an
almost 6% rise

All eyes now on the apex court as it tries to answer whether states have the power to levy tax on mineral-producing land
BHAVINI MISHRA
New Delhi, 6 March
Anine-judgebenchoftheSupremeCourt
isgrapplingwithaverytrickycase,which
hasseenabatchofover80petitionsand
hasdividedtwobigbenchesearlier—one
hadfivejudgeswhiletheotherwas
presidedoverbyseven.
AlleyesarenowontheConstitution
benchheadedbyChiefJusticeofIndia
DYChandrachudasitistryingtoanswer
the25-year-oldcontentiousquestion
whetherstateshavethepowertolevytax
onmineral-producingland.Howcanthe
MinesandMineral(Developmentand
Regulation)Actbeinterpretedinthis
matter?Andif“royalty”canbe
consideredtobeinthenatureofatax.
ThehearingbeganonFebruary27.
Oneofthemainquestionsbeforethe
benchis:“Canastatelegislature,while
levyingataxonlandunderListIIEntry
49ofSeventhScheduleofConstitution,
adoptameasureoftaxbasedonvalueof
produceofland?“Ifyes,thenwouldthe
constitutionalpositionbeanydifferent
insofarasthetaxonlandisimposedon
“THE STATES HAVE VERY
FEW AREAS OF TAXATION.
MOST OF THE TAXING
POWERS UNDER THE
CONSTITUTION ARE GIVEN TO
THE UNION. WE MUST NOT
DILUTE THOSE AREAS”
D Y CHANDRACHUD
Chief Justice of India
mininglandonaccountofListIIEntry50 courtlastweeksaidthattheConstitution
anditsinterrelationwithListIEntry54?” veststhepowertoimposeataxon
Theoriginalcasedatesbackto1992,when mineralrightsnotinParliamentbutin
theBihargovernment,throughan states,asitsuggestedthatsuchauthority
amendment,imposedadditionaltaxes shouldnotbediluted.
onlandrevenuecomingfrommineral- Theverdictcanhavebearingonthe
bearinglandsleasedouttomining mineralrichstateswhichareearning
industries.Somethingthatthemining thousandsofcroresofrupeesinrevenue,
firmshadopposed. likeJharkhandandChhattisgarh.Itcan
Whilehearingthecase,theapex alsoaffectcentraloilcompanies.Assam
ments volumes,
Paytm declined while PhonePe and GPay
advanced. Firms don’t make any money on
Limitedcasethattherewasa transactions on the state-backed system,
THE CASE FILE
typographicalerrorinthe1989verdict, called Unified Payments Interface, but it
n Bihar government back in 1992 imposed andthatroyaltywasnotatax. provides them with a massive catchment of
additional taxes on land revenue coming Thematterwasthenreferredtothe
nine-judgebenchwithelevenquestions
hundreds of millions of consumers to whom
they can cross-sell services such as insur-
from mineral-bearing lands leased out to
onwhether“royalty”canbeconsidered ance and mutual funds.
mining industries
asbeingliketaxandcantheState The Reserve Bank of India on January
n The 1989 verdict in the case of India Cements Legislaturewhilelevyingataxonland 31 ordered Paytm Payments Bank — which
Limited vs State of Tamil Nadu held that adoptameasureoftaxbasedonthevalue isn’t controlled by Paytm but which process-
royalty was a tax oftheproduceofland. es much of its payments and financial serv-
n Afive-judgeapexcourtBench
Analysingtheentriesunderthe
SeventhScheduleoftheConstitution,
ices — to halt much of its business. Though
Paytm has quickly pulled together other
ruledin2004thattherewasa CJIChandrachudsaidinthe bank partnerships to stay in business, the
typographicalerrorinthe1989 previoushearingthattaxingpower regulator’s move triggered a sharp slide in
verdictandthatroyaltywasnotatax alwaysremainswithStatesin its stock and hit customer sentiment. Shares
relationtomineralsanditisnever in Paytm are dow almost 50 per cent since
withtheUnion.“TheStateshavevery late January.
hastoldthecourtthatstatetaxduefrom fewareasoftaxation,mostofthetaxing In his first public comments after
crudeextractionrunstomorethan powersundertheconstitutionaregiven the RBI action, Paytm’s founder Vijay
~4,500croretillJuly31,2022. totheUnion,wemustnotdilutethose Shekhar Sharma this week voiced confi-
In1989,inthecaseofIndiaCements areas,”hesaid. dence that his digital payments company
LimitedversusStateofTamilNadu,a TheCourt'sdeliberationrevolved will overcome the regulatory setbacks and
seven-judgebenchoftheapexcourthad aroundEntry50ListII,whichgrants stage a comeback as a stronger company.
heldthatroyaltywasatax. statesthepowertolevytaxesonmineral Both Paytm Payments Bank and Paytm,
However,afive-judgebenchofthe rights,butsubjectsittolimitations which is traded as One97 Communications,
apexcourtruledin2004intheStateof imposedbyParliamentthroughlaws are part of Sharma’s fintech empire
WestBengalversusKesoramIndustries relatedtomineraldevelopment. but the bank isn’t listed.
.
BENGALURU | THURSDAY, 7 MARCH 2024
Public Notice
My clients namely: 1) BUYER NO. 1
REVATHI W/o GURU PRASAD 2) BUYER
NO. 2. MOURESH AND SANTHOSH s/o
SHANKAR.K. 3) BUYER NO. 3 NETHAJI.V.
s/o VENKATESH PERUMAL AND MOURESH
s/o SHANKAR K. 4) BUYER NO.4 INDRANI
NATH AND SUBIR ROY
Intends to purchased the site FROM
respecive sellers menioned below:
1) BUYER NO.1, SITE NO 39 and 43 from
A.G.JAYANTH son of GOPAL.A.M. 2) BUYER
NO.2 SITE NO. 6, FROM SAVITHA 3) BUYER
NO.3 SITE NO. 8 FROM KAMALA 4) BUYER
NO. 4. SITE NO. 5 FROM MANOJ 5) BUYER
No.2 SITE NO.7 FROM N.NATARAJ
The sellers assured, the buyers that the
property is free from all encumbrances and
defects in itle, so,my clients have come
forward to purchase the above said sites
No.5,6,7,8, 39, and 43.
If any person having any claim over this
property hereby requested to submit
objecions to the below menioned address
within one week from the date of this
publicaion of this noice, otherwise my
client will proceed with the transacion
and further claims will be considered as
waived and void and not binding on buyers
hencefourth.
ScHeDule
SITE NO. (HOUSE LIST NO..5,6,7,8,39, and
43, khatha No. 156/48, sy No.156/48,
situated at Hulimangala village, Jigani Hobli,
Anekal Taluk, Bangalore-560105, bounded
in layout in formed in sy No.156/48. East by:
Remaining porion of Sy no. 156/49, west by
:25t & Road. North by: & 25th Road, South
by: Remaing porion of syno. 156/
GANGADHAR.N., ADVocAte
No.231,LAKSHMI NIVAS 2nd loor,
S. C. Road Gandhinagar, B'lore-560009
PH.9008109867
Date: 06.03.2024
5 <
GRIHUM HOUSING FINANCE LIMITED Registered Office:- 602, 6th Floor, Zero One IT Park, SR. No. 79/1, Ghorpadi,
Mundhwa Road, Pune-411036. Branch Off Unit: Branch Off Unit: No. 16, Service E-AUCTION - SALE NOTICE
(Formerly known as Poonawalla Housing Finance Ltd.) Road, Ramaswamy Reddy Enclave, Banaswadi, Bangalore - 560043.” (Sale of secured immovable asset under SARFAESI Act)
E-auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the "Act") read with Rule 8 and 9 of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower/Co-Borrower/Mortgagor(s)/Guarantor(s) that the below described immovable properties mortgaged to Grihum Housing Finance Limited (formerly known as Poonawalla Housing Finance
Limited as the name Poonawalla Housing Finance Limited changed to Grihum Housing Finance Limited with effect from 17 Nov 2023 (Previously known as Magma Housing Finance Limited and originally incorporated with name of GE Money Housing Finance Public
Unlimited Company) (hereinafter referred to as the "Secured Creditor" as per the Act) , the possession of which has been taken by the Authorised Officer of Secured Creditor in exercise of powers conferred under section 13(12) of the Act read with Rules 8
and 9 of the security interest (Enforcement) Rule pursuant to notice under section 13(2) of the Act. The Secured Assets will be sold on"As is where is","As is wha tis",and "Whatever there is"basis on 23/03/2024 through E-Auction. It is hereby informed to
General public that we are going to conduct public through E-Auction platform provided at the website:https://www.bankeauctions.com.. For detailed T&Cs of sale, please refer to link provided in GHFL's/Secured Creditor's website i.e. www.grihumhousing.com
Sr. Proposal No. Demand Notice Date and Nature of EMD EMD Property Known
Description of Property {D} Reserve Price Submission Incremental Inspection Date and time encumbrances/
No Customer Name {A} Possession (10% of RP)
Outstanding Amount {B} {E} date {G} Bid {H} Date & Time {I} of Auction {J} Court cases if any
{C} {F}
{K}
1 Loan No. Notice date: 07/10/2023 All That Piece And Parcel of Site No. Rs. 23,62,500/-
HF/0113/H/21/100183 Rs. 2105974.71/- (Rupees Twenty One Rs.2,36,250/-
33, Survey No 116, Mylasandra Village, (Rupees 22/03/2024
Y Kumaraswamy Lakh Five Thousand Nine Hundred Seventy (Rupees 15/03/2024 23/03/2024
Begur Hobli, Benagluru South Taluk, Twenty Three Before 5
(Borrower), Four Paise Seventy One Only) payable as Physical Benagluru Adm.1200.Sq.Ft. City Of- Lakh Sixty Two Two Lakh Thirty Six 10,000/-
(11AM - 4PM) (11 AM- 2PM) NIL
Yuvanya K (Co on 07/10/2023 along with interest @ 14.25 Thousand Two PM
Bangalore ,Karnataka-560100 Thousand Five
Borrower) p.a. till the realization Hundred Only) Hundred Fifty Only)
The intending bidders/purchasers are advised to visit Secured Creditor Branch and the auction properties, and make his own enquiry and ascertain additional charges, encumbrances and any third-party interests and satisfy himself/herself/itself in all aspects
thereto before submitting the bids. All statutory dues like property taxes, electricity/water dues and any other dues, if any, attached to the property to be ascertained and paid by the successful bidder. The interested bidders are required to register themselves
with the portal and obtain login ID and Password well in advance, which is mandatory for e-bidding, from auction service provider) C1 India PVT LTD. Address- Plot No-68 3rd floor Gurgaon Haryana-122003. Helpline Number- 7291981124,25,26 Support
Email id - Support@bankeauctions.com. Contact Person - Vinod Chauhan, Email id- delhi@c1india.com Contact No- 9813887931. Please note that Prospective bidders may avail online training on e-auction from them only. The intending purchaser/bid-
der is required to submit amount of the Earnest Money Deposit (EMD) by way of by way of NEFT/RTGS /DD in the account of "Grihum Housing Finance Ltd", Bank-ICICI BANK LTD. Account No-000651000460 and IFSC Code- ICIC0000006, 20, R.
N. Mukherjee Road- Kolkata-700001 drawn on any nationalized or scheduled Bank on or before 22/03/2024 and register their name at https://www.bankeauctions.com and get user ID and password free of cost and get training on e-Auction from the
service provider. After their Registration on the website, the intending purchaser/bidder is required to get the copies of the following documents uploaded, e-mail and sent self-attested hard copy at Address- No. 16, Service Road, Ramaswamy Reddy
Enclave, Banaswadi, Bangalore-560043. Mobile no.+91 9567626050 e-mail ID rahul.r1 @grihumhousing.com. e-mail ID rahul.r1 @grihumhousing.com. For further details on terms and conditions please visit https://www.bankeauctions.com &
www.grihumhousing.com to take part in e-auction. This notice should also be considered as 15 days' notice to Borrower / Co-Borrower/ Mortgagor (s)/Guarantor(s) under Rule 8(6) of the Security Interest (Enforcement) Rule-2002
Date: 07-03-2024, Place: Bengaluru Sd/- Authorised Officer, Grihum Housing Finance Limited (Formerly Known as Poonawalla Housing finance Ltd)
Corporate & Registered Office :Unit No. 801,
Centrum House, CST Road,Vidyanagri Marg, Kalina,
Home Loans
Santacruz (East), Mumbai - 400098,
CIN - U65922MH2016PLC273826
Public Notice – Shifting of Centrum Housing Finance
Limited Branch Office – Mysuru
General Public and Customers are hereby informed that the Mysuru Branch of
Centrum Housing Finance Limited which is presently functioning at No.650,
4th Stage, 4th Floor, T K Layout Main Road, S.W.T.Koppal (South West Of
Thonachikoppal), Chamaraja Mohalla, Mysuru – 570010, Karnataka will
be relocated/shifted at Sri Raghavendra Arcade, No. 2767/B, New No. 83/B,
1st Floor, Kantharaja Urs Road, Opposite Saraswathi Theater, 1st main
Chamaraja Mohalla, Mysuru -570009,Karnataka w.e.f. June 06, 2024.
Sd/-
Place: Mysuru Authorised Officer
Date: 07-03-2024 For Centrum Housing Finance Ltd
6 ECONOMY & PUBLIC AFFAIRS
>
BENGALURU | THURSDAY, 7 MARCH 2024 1

Processed pulses Shipping P&I club may soon set sail

Govt speaks to insurers to iron out details of its proposed domestic protection and indemnity club

to attract 18% GST, DHRUVAKSH SAHA

New Delhi, 6 March
are not covered under the P&I frame-
work, as they operate in domestic
waters. So, the local club will initially
also pool in its own funds for this entity,
sources said.
Shipowners buy P&I insurance to

rules Andhra AAR

Parties said GST is not applicable to agricultural produce
ILLUSTRATION: BINAY SINHA
DECODING THE
STANCE
n The AAR observed that the
process of dehusking or
splitting of pulses is carried
out by millers
n Pulses are not agricultural
produce, and GST exemption is
not available for them
n However, whole pulses grains
such as whole gram, rajma are
covered in the definition of
agricultural produce
n Brokerage of agricultural
produce charged to
facilitate transactions
The ministry of ports, shipping and focus only on such vessels. Eventually, cover themselves from huge costs of any
waterways has spoken to several the P&I club would look at covering accident that could harm cargo, lives of
insurers to allay concerns and iron out overseas transit as well. Overseas people, and the environment. This
details of its proposal to set up a domes- marine insurance covers amounts run- cover is usually bought through not-for-
tic protection and indemnity (P&I) club ning into billions of dollars, which profit clubs of like-minded shipowners.
for coastal ships and vessels operating India’s entity would not be able to The International Group, or IG, com-
on inland waterways, a senior govern-
ment official said.
undertake initially.
Meanwhile, a finance ministry panel
prises 13 P&I clubs. This group provides
marine liability cover to 90-95 per cent
“At a recent roundtable of financers has said that the Insurance Act — in its of all global sea tonnage.
and insurers, the ministry deliberated present form — does not allow the oper- In October 2023, Finance Minister
on the way forward for the setting up of
this club,” the official said. Another offi- The P&I club would look at covering
ation of mutual insurance associations
in the sector.
Nirmala Sitharaman had said that India
needs its own P&I entity to protect itself
cial said that stakeholders are awaiting overseas transit as well
more financial and regulatory clarity.
Earlier this week, Business Standard
had reported that the reform is likely to
from international volatility. In the past,
oilsupplyfromRussiaduetotheUkraine
The shipping ministry, on February “The idea is to start small. We are be undertaken only after the Lok Sabha war was impacted as ships carrying the
14, conducted a stakeholder meeting on looking at a small corpus through a elections. Industry veterans previously commodity struggled to get insurance.
shipbuilding, financing, and insurance. mutual insurance association of ship- called for this entity to be formed jointly This was due to the sanctions imposed
Here, representatives from insurance builders, shipping operators, and gen- with the Inland Waterways Authority of bytheEuropeanUnion(EU).EUinsurers
firms had expressed their intent to par- eral insurers,” the official said. India (IWAI). were prohibited from providing cover to
ticipate in the sector. Several coastal and riverine vessels The Centre will later decide if it will tankers carrying Russian oil.
CRISILraisesIndia Govt, exporters may discuss
growth forecast Red Sea crisis tomorrow

for FY25 to 6.8%

PRESS TRUST OF INDIA Mandeb Strait, a crucial ship- Longer routes are resulting in
between wholesalers and New Delhi, 6 March ping route for traders con- delays of about 14-20 days
millers or farmers will also necting the Red Sea and the and also higher freight and
attract 18% GST Senior officials from differ- Mediterranean Sea to the insurance costs. Represent-
SHIVA RAJORA & AMRITHA PILLAY ent ministries and exporters Indian Ocean, escalated due atives from ministries includ-
New Delhi/Mumbai, 6 March are expected to hold discus- to these attacks. ing finance, shipping and
INDIVJAL DHASMANA and brokerage. KEEPING COUNT sions on March 8 on issues Because of this, the ship- external affairs are expected
New Delhi, 6 March As such, the company sought directions Rating agency CRISIL on Growth estimates for being faced by exporters due ping costs have jumped and to attend the meeting on
from the AAR whether its activities such as Wednesday raised its economic FY25 (in %) to the Red Sea crisis, an offi- consignments are taking March 8.

P
rocessed pulses obtained after dehusk- de-husking, splitting of pulses will draw GST growth forecast for India for the cial said. The official said this more time to reach Europe An official of an exporters
ing and splitting the grains are unlike or not. next financial year (FY25) to 6.8 CRISIL 6.8 would be the third meeting. and the US as the ships are body said they would flag the
whole pulse grains and not agricultural The AAR observed that the process of de- per cent from 6.4 per cent esti- Moody’s* 6.8 In December, the situ- taking the Cape of Good issue of high transportation
produce, making them liable to goods and husking or splitting of pulses is usually not mated earlier, citing higher ation around the Bab-el- Hope route, encircling Africa. cost in the discussions.
services tax (GST) at the rate of 18 per cent, carried out by farmers or at farms but by growth momentum. Citi 6.8
ordered the Andhra Pradesh authority for pulse millers. In its India Outlook report, it, SBI 8.0
advance rulings (AAR). As such, pulses — dehusked or split — are however, said growth will mod- Elara Capital 7.0
Besides, brokerage of agri-
cultural produce charged to
facilitate transactions between The case relates to
also not agricultural produce.
However, whole pulse grains
such as whole gram, rajma are
erate in FY25 from 7.6 per cent in
the current financial year (FY24)
as higher interest rates and lower
Bank of Baroda 7.8 Monthly natural gas trades
rose 17 % in February : IGX
* For the calender year 2024
wholesalers and millers or Andhra Pradesh-based covered in the definition of fiscal impulse will temper Source: BS Research
farmers will draw 18 per cent Gayatri Enterprises, a agricultural produce, the demand and the net tax impact
GST, ruled the AAR. broker in agricultural AAR clarified. will normalise. “The fiscal
Sandeep Sehgal, tax partner produce such as Therefore, processed pulses impulse [next year] will be lesser Indian economy to grow at an A significant fall in the national-level gas exchange
at AKM Global, said the case urad dal and its fall outside the definition of because of the need to reduce average rate of 6.7 per cent till global natural gas prices led for the physical delivery of Share of India’s
relates to Andhra Pradesh-
based Gayatri Enterprises, a
varieties, moong dal
and variants, toor,
agricultural produce and the
exemption from GST is not
the fiscal deficit to 5.1 per cent
of GDP next fiscal according to
the end of this decade.
India will become an upper
to the monthly gas volumes
traded on the India gas
natural gas.
“There was a significant oil imports to
broker in agricultural produce
such as urad dal and its varie-
and jowar available to them, said the
AAR. It also held that the com-
the glide path presaged.
However, the nature of govern-
middle-income country and
nearly double its economy to $7
exchange (IGX) rising by 17
per cent to touch 6.13 mil-
reduction in the gas prices
during the month, which
rise again: Opec
ties, moong dal and variants, pany's work as a broker in puls- ment spending will provide trillion, piggybacking on signifi- lion metric million British resulted in a surge in Opec is set to win a bigger
toor, jowar and karamani. The es comes under the category of some support to the investment cant private investments in thermal unit (mmBtu) in demand. Consequently, share of India’s oil imports
company charges a fixed price per bag from commission agent. cycle and rural incomes,” CRISIL emerging sectors, continuing February, the company said there was a substantial in coming decades due to
the parties. The applicant is required to pay 18 per said in a statement. government spending on infras- on Wednesday. increase in the volume the proximity of its
Its name is not mentioned anywhere in sale cent GST, the rate applicable to the commis- On the inflation front, the tructure build-up, ongoing Traded volumes were up trade from gas-based power supplies, the group’s head
or purchase invoices of transactions. It raises sion agent, irrespective of the fact whether rating agency expects the soft- reforms push and efficiency gains 3.24 times on a sequential plants on IGX during the told Reuters. The share of
invoices to the parties only for the the goods involved in the transaction are ening to continue in the next from increasing digitisation and basis. Meanwhile, the month,” Rajesh Kumar oil from Opec imported by
brokerage amount. exempt or taxable under the GST regime, the financial year on the back of physical connectivity, it said. By monthly Regasified Mediratta, managing direc- India declined from about
The company obtained GST registration AAR ruled. Sehgal said the AAR has chosen healthier agriculture output that FY31, both cylinders of the econ- Liquefied Natural Gas tor and chief executive 65 per cent in 2022 to 50 per
and charges 18 per cent tax, but was resisted to take a restricted view which underscores tames food inflation, and benign omy — manufacturing and serv- (RLNG) volumes rose to a officer of the Indian Gas cent last year, according to
by parties all over the country who said that the complexities of taxation within the agri- oil and commodity prices. ices — are expected to fire, yield- record 4.74 million mmBtu Exchange said. industry data. REUTERS
GST is not applicable to agricultural produce cultural domain. The report also expects the ing a sturdier growth path. in February. IGX is the only SUBHAYAN CHAKRABORTY

FROM PAGE 1
Willing to procure
> Currently, the credit growth that has been taken for com- ing by nearly 77 percent from
in the economy is about 16 to
17 per cent and deposit growth
mercial consideration. I think
we will seek some clarification
55.53 million in December 2019.
This uptick is driven by a com-
Turnover and settlement &
NBFCs... commitment regulations notified
jute, cotton if prices
is around 12 to 13 per cent. on that,” the official said. bination of sustained push
Meanwhile, the historical The norm will not impact from banks and evolving con-
In January, Securities and growth trends in deposits are American Express, as the cir- sumer spending patterns. The Commission has also brought in Settlement and

fall below MSP: Govt

Exchange Board of India around 13 to 14 per cent. cular said those “who issue Commitment regulations for cases involving anti-

PRESS TRUST OF INDIA
6 March
The government is willing to
procure the harvest of jute
and cotton from farmers if
the market price is lower than
the Minimum Support Price
(MSP), Union Minister Piyush
Goyal (pictured) said on
Wednesday.
The minister further said
that the Centre is working
towards increasing the pro-
duction of jute and cotton
and is willing to provide qual-
ity seeds and fertilisers for
quality produce to fulfil the
The minister further
noted that ramping up textile
production in the country
will spur income, open up
employment opportunities
Chairperson Madhabi Puri
Buch was concerned about
some investment bankers
inflating subscription figures in
initial public offerings. Sources
said Sebi action against some
banks was expected soon.
Correction in NBFC stocks
is likely to continue for another
few weeks, said Chokkalingam,
adding it might bottom out if
surveillance measures did not
extend to other firms.
“Even if they do (extend to
other firms), if the RBI does not
find any serious lapse, NBFC
stocks will start recovering.
Investors should wait and
watch how this unfolds and
keep an eye on valuations,” said
Chokkalingam.
“To some extent, I think
there has been some dip in
deposits, perhaps because I
think now there is a propensity
to spend more. I think people’s
consumption expenditure is
picking up. But, eventually, that
money comes back into some-
body else's bank account. So, as
economic growth takes a
greater foothold, I think one
can expect the savings rate to
improve.”
Speaking about inflation
and maintaining the stance, the
governor said the RBI was try-
ing to bring inflation sustai-
nably and durably to 4 per cent.
“It cannot be just a one-off
number or just a one-month
number touching 4 per cent,
credit cards on their own
authorised card network are
excluded from the applicability
of the circular”.
The norms will be applica-
ble for card issuers with the
number of active cards issued
by them is over 1 million.
Twelve issuers, including
HDFC Bank, SBI Card, ICICI
Bank, and Axis Bank, have
more than 1 million cards.
The RBI said it found in a
review that some arrangements
between card networks and
issuers are “not conducive to
the availability of choice for
customers”.
The network for a card
issued to a customer is cur-
rently decided by the card
Chennai...
When asked about this, he
added, “We are migrating
many of our applications and
capabilities and are looking to
modernise our payroll system.
We are migrating as much as
we can from the global work-
load.” This comes amid reports
that Ford India may be recon-
sidering its decision to sell the
Chennai plant and evaluating
options for utilising the facility
either for exports or a come-
back to the Indian market.
“I don’t have any idea
whether Ford is coming back,”
Amend said.
competitive vertical agreements and abuse of dominant
position, except cartelisation, at different stages of
investigation. “This will enhance CCI’s regulatory process,
including swifter market corrections, especially in fast
changing digital markets. It will also fast track case
resolutions, without compromising on quality, ensuring
efficient investigation and resolution. Further, this will
benefit the company under investigation by expediting the
resolution of disputes with regulators,” Choukse added.
alties, the amendment would said Vaibhav Choukse, partner
encourage companies under and head of competition law,
investigation, especially Big JSA Advocates and Solicitors.
Techs, to opt for settlements or
the commitment mechanism,” More on business-standard.com
> BS SUDOKU # 4223

CCI...
vision of farm to foreign and play a vital role in making which will give us satisfaction. issuer, based on bilateral agree-

exports. The Union Minister
for Textiles, Consumer Affairs
& Food & Public Distribution
and Commerce & Industry
made the remarks during his
interaction with beneficiaries
of the Textile Sector here as
he also urged them to be
vocal for local. "Be vocal for
local and take local to global.
That's the clarion call from
Prime Minister Narendra
Modi to showcase our pro-
ducts on the world stage",
Goyal said.
the country 'Atmanirbhar' as
well. He urged the artisans to
register their businesses on
the Government e-
Marketplace (GeM). Goyal
also said he has instructed
GeM to register all artisans
and weavers connected with
handicraft and handloom
without any registration fee.
"Registering on the e-mar-
ketplace will boost the visibil-
ity of artisans and help pro-
mote businesses enhancing
their income," said Goyal.
GDP...
“The RBI is and remains fully
supportive of fintech...The RBI
is all for fintech to grow.”
Regarding GDP growth for
FY25, Das stuck to the esti-
mates provided during the
February monetary policy
review which was 7 per cent.
“We are quite optimistic
about next year. And I say, with
a reasonable amount of confi-
dence based on our internal
analysis and research, that 7 per
cent next year is definitely very
much on the table,” Das said.
It has to be sort of sustainably
and durably at around 4 per
cent and that is something
which will give us greater con-
fidence. But the direction is
very clear, inflation is on a
downward trajectory.”
However, the central bank
continues to be cautious with
its monetary policy stance due
to two major uncertainties
emanating from geopolitical
risks resulting in supply chain
challenges and weather-related
events that affect food prices.
The inflation print for
January was 5.1 per cent, 110
basis points higher than RBI’s
ments.
“The RBI’s broad intention
seems to allow Rupay, the
domestic card network cham-
pioned by the NPCI, a fair
opportunity to break the dom-
inance of international card
networks, which are mainly
Visa and Mastercard,” said
Shivaji Thapliyal, head of
research and lead analyst, YES
Securities.
“It may be noted that Rupay
is a unique card network since
it is the only card network on
which the credit card on UPI
facility is available. Hence, the
success and ubiquity of Rupay
It will, for instance, take into
account whether a competition
compliance programme has
been implemented within the
enterprise or there is cogent
evidence establishing that its
involvement in the contraven-
tion is substantially limited.
The CCI will take note of the
extent of cooperation by the
enterprise during the director
general’s investigation in
adjusting the penalty along
with the voluntary termination
of alleged anti-competitive
conduct.

DPIIT notifies change While adding that the eco-

nomic growth momentum has
been strong, Das said rural
target. The RBI’s estimation of
Consumer Price Index inflation
for FY25 is 4.5 per cent.
credit cards are linked to and
will impact traction for the
credit card on UPI facility,”
Some experts said after
approval by the authority con-
cerned, the draft formulation
in space FDI norms demand has improved com- Thapliyal said. and the explanatory note must

pared to the year-ago period
and urban demand continues
The Department for Promotion of Industry and Internal to be very strong. Also, the
Trade (DPIIT) has notified changes in the foreign direct investment activity remains
investment norms (FDI) in the space sector. strong on the back of govern-
A decision in this regard was taken by the Union cabinet ment capex, and private capex
on February 21. The government has allowed 100 per cent is also beginning to pick up.
overseas investment in making components for satellites, as There are signs of private capex
part of efforts to attract foreign players and private revival, particularly in certain
companies into the segment. sectors like steel, construction
"The investee entity shall be subject to sectoral guidelines activity, textiles, and chemicals,
as issued by the Department of Space from time to time," the according to Das.
DPIIT press note said. Now, the satellite sub-sector has been The governor said the sav-
divided into three different activities with defined limits for ings rate in the country would
foreign investment in each such sector, according to an improve as economic growth
official statement. PTI strengthens.
RBI...
“If you go by the way the circu-
lar is written, every card will
need to have at least two net-
works. And the agreement for
that particular card may not be
restricted to a certain network,”
said the head of cards of a pri-
vate sector bank.
“Yes, certain cards, co-
brands are with a particular
network only. Some of these
choices are that we make, and
in certain cases, it is a decision
Credit cards are growing at
a steady pace in India, with the
total number inching towards
100 million. There were 97.9
million outstanding credit
cards as of December 2023,
with a record addition of 1.9
million in that month, accord-
ing to RBI data. Calendar year
2023 saw the addition of 16.71
million cards, from the 12.24
million added in 2022.
This growth trend has been
consistent over the past five
years, with the number of
credit cards in circulation swell-
be placed on the ministry’s
website for at least 30 days. “In SOLUTION TO #4222
a departure from past practice, Easy:
the CCI has not floated the
guidelines for public consulta- ««
tion. This is despite the MCA’s Solution tomorrow
policy on pre-legislative con-
sultation and comprehensive HOW TO PLAY
review of existing rules and reg- Fill in the grid so that
ulations prescribed under the every row, every col-
law which came into effect on umn and every 3x3
January 1,” a competition law box contains
expert said. the digits 1 to 9
The guidelines and the noti-
fication will come into effect on
March 6. “To avoid steep pen-
>
BENGALURU | THURSDAY, 7 MARCH 2024 POLITICS & PUBLIC AFFAIRS 7
ZF Commercial Vehicle Control Systems India Limited

PM hits out at TMC over

CIN : L34103TN2004PLC054667
Registered Office : Plot No. 3 (SP) , III Main Road,
Ambattur Industrial Estate, Chennai -600 058
Website : www.zf.com , Email : cvcs.info.india@zf.com
Notice of loss of share certificate(s)
Notice is hereby given that the following share certificate(s) issued by the

Sandeshkhali incident
company is/are stated to have been lost or misplaced or stolen and the registered
holder(s) the legal heir(s) of the registered holder(s) thereof have applied to the
company for the issue of duplicate share certificate(s).
Folio No. No. of
Name of registered Share certificate Distinctive Nos.
shareholder No. shares
H00107
2321 82 12267918 - 12267999
Party retorts, citing Brij Bhushan, Bilkis Bano case and Manipur violence HARSHA M VASA
MUKESH M VASA
The public are hereby warned against purchasing or dealing in any way, with the
ARCHIS MOHAN TMC Rajya Sabha member- above share certificate(s) .
New Delhi, 6 March INDIA’S 1ST UNDERWATER METRO elect Sagarika Ghose said the Any person(s), who has/have any claim(s) in respect of the said share certificate(s)
should lodge such claim(s) with the company at its registered office at the address
BJP should “learn from the given above within 15 days of publication of this notice, after which no claim will

T
he Bharatiya Janata
Party (BJP), after win-
ning 18 seats in the 2019
Lok Sabha election in West
Bengal, couldn’t replicate its
success in the Assembly polls
two years later, with the
Trinamool Congress (TMC)
securing 48.02 per cent of the
vote to the BJP’s 37.97 per cent.
Post-poll studies attrib-
uted the surge in support for
the TMC to more women,
especially poorer women, vot-
ing for it.
On Wednesday, the battle
for West Bengal’s 42 Lok Sabha
seats was renewed. Prime
Minister Narendra Modi
addressed an “all-women”
public meeting of the BJP’s
Mahila Morcha in Barasat (80
km from Sandeshkhali), North
24 Parganas. He accused the
West Bengal government of
using all its might to save the
“oppressor of women”, a refer-
ence to suspended TMC leader
Sandeshkhali strongman
Sheikh Shahjahan. Modi said
the storm in Sandeshkhali
would reach every corner of
the state, and also met the
alleged victims of
Sandeshkhali. “For me, the
mothers and sisters of Bengal
India’s first underwater metro was unveiled in Kolkata by
PM Narendra Modi. Vodafone Idea said it has completed the
deployment of network infrastructure across the route
Modi opens
RRTS stretch
Prime Minister Narendra
Modi flagged off the Namo
Bharat train service
between Duhai to Modi
Nagar North, opening up
the second 17-kilometre
stretch of the ambitious
rapid rail plan to connect
Meerut to the national
capital. DHRUVAKSH SAHA
rise like Goddess Durga,” he
said.
The TMC leadership
responded in like manner. In
the morning, West Bengal
Chief Minister Mamata
Shajahan in
CBI custody
The CBI on Wednesday got
custody of Sandeshkhali ED
official attack case accused
Shajahan Sheikh from the
West Bengal CID, following
the Calcutta HC’s order to do
so on two consecutive days.
The CID took him to a hospi-
tal for a medical check-up
before handing him. PTI
Banerjee announced her gov-
ernment would increase by
~750 the allowance for the
state’s ASHA (accredited social
health activists) and aangan-
wadi workers.
Bengal model of female be entertained and the company will proceed to issue duplicate share certificate(s).
empowerment”, and pointed For ZF Commercial Vehicle Control System India Limited
out that the party insulted Place : Chennai Muthulakshmi M
Date : 07/03/2024 Company Secretary
Bengali women by fielding in
Asansol Bhojpuri singer
Pawan Singh, whose songs
“denigrate” Bengali women.
The BJP withdrew Singh’s
candidature after the outrage.
The Trinamool accused
the BJP of failing to protect
the dignity of women in
Manipur, of garlanding the
rapists of Bilkis Bano, and not
taking action against its Lok
Sabha member Brij Bhushan
Sharan Singh.
Later in the day, Banerjee
urged people to join her at a
public meeting in Kolkata on
Sunday to protect “Bengal’s
culture”, its religious harmo-
ny and way of life from bohi-
ragoto (the outsiders) and
apasanskriti.
In the 2021 Assembly polls,
Banerjee-led Trinamool
defeated the BJP with her
“unique appeal to ethno-cul-
tural emotions as banglar
meye (daughter of Bengal) or
didi ke bolo (talk to Didi) pro-
ALKEM LABORATORIES LIMITED
grammes as against bohirago-
to (the outsiders), according CIN: L00305MH1973PLC174201
to academician Kaberi Registered Office: ‘Alkem House’, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Chakrabarti. Phone: +91 22 3982 9999 Fax:+91 22 2495 2955
Website: www.alkemlabs.com, Email: investors@alkem.com

NOTICE
Members are hereby informed that pursuant to Section 110 of the
Cong to decide on Rahul may contest Odisha BJP leaders Companies Act, 2013, read with the Companies (Management and

party candidates LS polls from Amethi meet Shah amid Administration) Rules, 2014 as amended from time to time, SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and in

at CEC meet today
The top leadership of the Congress will
meet in the national capital on Thursday
to finalise the party candidates for the
upcoming Lok Sabha elections. "The first
meeting of the Congress' Central Election
An Uttar Pradesh Congress leader on BJD alliance talks
Wednesday said that party leader Rahul
Gandhi will contest the Lok Sabha election
from Amethi – a constituency he has
represented several times since 2002.
Congress District President Pradeep Singhal,
who returned after a meeting in Delhi, said
Odisha BJP leaders on Wednesday met
Home Minister Amit Shah and the
party’s national president J P Nadda
amid indications that it may enter an
alliance for the Lok Sabha and
compliance with the Ministry of Corporate Affairs Circular Nos. 14/2020
dated 08th April, 2020, No. 17/2020 dated 13th April, 2020, No. 22/2020
dated 15th June, 2020, No. 33/2020 dated 28th September, 2020,
No. 39/2020 dated 31st December, 2020, No. 02/2021 dated 13th January,
2021, No. 10/2021 dated 23
rd
June, 2021, No. 20/2021 dated
08 December, 2021, No. 03/2022 dated 05th May, 2022, No. 11/2022
th

Committee (CEC) that considers and
decides on candidates for Lok Sabha
polls is being held at 6 pm on March
7th," AICC general secretary,
communications, Jairam Ramesh said in
a post on X.
Gandhi will be the party candidate from
Amethi and his name would be announced
soon. There is, however, no word from the
party's central leadership on the matter.
The party's Central Election Committee
PTI meeting is yet to take place.
assembly polls with the BJD. Sources
said there is a strong possibility of an
alliance between the BJP and the BJD
but noted that a final call has to be
taken by the top brass of the
PTI national party.
dated 28th December, 2022 and No. 09/2023 dated 25th September, 2023
the Company as on 06th March, 2024, completed the dispatch of the Postal
Ballot Notice dated 09th February, 2024 (“Postal Ballot Notice”) only
PTI through electronic mode to those Members whose email IDs are
registered with the Company/ Depository Participants and whose names
appear in the Register of Members / List of Beneficial Owners as on Friday,

ACCENT REGION 23rd February, 2024 (“cut-off date”) for seeking approval of the Members of
the Company by Postal Ballot, only through remote e-voting system, for
business as specified in the Postal Ballot Notice.
UTTAR PRADESH CHHATTISGARH The Postal Ballot Notice can also be downloaded from the Company's

Statetorakein~80Kcr 2.4 mn paddy

website viz. https://www.alkemlabs.com/Postal-Ballot.php, CDSL website
viz. www.evotingindia.com, and website of the stock exchanges where

farmers to get equity shares of the Company are listed i.e. BSE Limited viz.

via solar energy push

www.bseindia.com and National Stock Exchange of India Limited viz.

~13,000 crore www.nseindia.com.

The Company has engaged the services of Central Depository Services

VIRENDRA SINGH RAWAT R KRISHNA DAS (India) Limited (“CDSL”) for the purpose of providing remote e-voting
Lucknow, 6 March Raipur, 6 March
facility to all its Members. Members are requested to note that the remote

The Uttar Pradesh government has set an The Chhattisgarh government e-voting shall commence from Thursday, 07th March, 2024 at 09.00 a.m.
ambitious target of producing 22,000 will on March 12 transfer ~13,000 and shall end on Friday, 05 April, 2024 at 05.00 p.m. The remote e-voting
th

megawatt (Mw) through a slew of solar energy
projects by 2027, a move that is expected to
rake in investments to the tune of ~80,000
crore.
The Yogi Adityanath government is plan-
ning installations of rooftop solar plants and
solar parks to achieve this target.
The micro, small and medium enterprises
(MSME) sector will harness 12,000 acres, with
industrial units located in notified hubs for
solar energy generation.
“These hubs come under the jurisdiction
of UP State Industrial Development Authority
(UPSIDA). The process of installing rooftop
solar power plants has begun in 15 industrial
areas of the state, including Kanpur,
Ghaziabad, Lucknow, Greater Noida,” MSME
chamber Indian Industries Association
national president Neeraj Singhal said.
On an average, ~4 crore is being invested
to create a MW of solar power capacity, which
translates to more than ~80,000 crore for the
targeted 22,000 MW in UP, he said, adding
that the clean energy value chain would have
a multiplier effect on the state’s economy.
“Solar energy will result in savings in ener-
gy consumption bills of industry. This will
improve operating margins and make indus-
try more competitive apart from contributing
UP is planning to install rooftop solar
plants and solar parks to achieve the target
to achieving the Net Zero goal of India,” he
said. At present, Uttar Pradesh generates
more than 2,100 MW of solar energy, with the
arid Bundelkhand region contributing 60 per
cent. Energy minister A K Sharma has direct-
ed officials to align the state’s energy blueprint
with the $-trillion economy target since ener-
gy demand will rise concurrently with the
pace of economic and industrial develop-
ment. Solar parks totaling 3,630 Mw are being
set up in the state in addition to developing a
4,000 Mw green energy corridor in
Bundelkhand. “Projects totaling ~16,000 crore
are in progress for improving the basic infra-
structure of the state’s power sector,”
Sharma said.
crore to accounts of 2.4 million
farmers that was due against the
paddy they sold, Chief Minister
Vishnu Deo Sai has said.
The ruling Bharatiya Janata
Party(BJP)governmenthasprom-
ised to pay ~3,100 for a quintal of
paddy procured during the kharif
marketing season 2023-24. Since
the amount is higher than the
minimum support price (MSP)
fixed by the central government
for the season, the BJP decided to
pay the difference amount. While
the MSP for paddy (common) was
fixed at ~2,183 per quintal, it is
~2,203 for a quintal for grade A
paddy. The state government has
to pay an additional amount of
~917 to the farmers for common
grade paddy and ~897 for paddy
grade A.
The nodal agency for the pad-
dy procurement, Chhattisgarh
Marketing Federation, procured
paddy from November 1 to
February 4 for this season. The
farmers were paid the MSP as
fixed by the central government.
module will be disabled by CDSL after 05.00 p.m. on Friday, 05th April,
2024 and the Members shall not be allowed to vote beyond the said date
and time. Only those Members whose names appear in the Register of
Members / List of Beneficial Owners maintained by the Company/
Depository Participants as on the cut-off date will be entitled to cast their
votes by remote e-voting.
The Members whose e-mail address is not registered with the Company/
Depository Participants, may register by clicking the link:
https://linkintime.co.in/emailreg/email_register.html and completing the
registration process on or before 05:00 p.m. (IST) on Friday, 15th March,
2024 to receive the Postal Ballot Notice and the procedure for remote
e-voting along with the login ID and password thereof.
The Board of Directors of the Company have appointed CS Mannish L.
Ghia, Partner, M/s Manish Ghia & Associates, Company Secretaries,
Mumbai, as the Scrutinizer for conducting the Postal Ballot through remote
e-voting process in a fair and transparent manner.
The result of the Postal Ballot shall be declared by the Chairman or any
other authorised person by the Chairman on or before Tuesday, 09th April,
2024 by 05.00 p.m. at the registered office of the Company and
communicated to the Stock Exchanges, CDSL and shall also be displayed
on the Company's website https://www.alkemlabs.com/Postal-Ballot.php
and Notice Board at the registered office of the Company.

RAJASTHAN In case any Member has queries, grievances or issues relating to Postal

Iron ore e-auction to attract investment

ANIL SHARMA
Jaipur, 6 March
The e-auction of iron ore blocks
started by the Rajasthan mines
department in Karauli will
attract new investments in
steel and cement sectors in the
surrounding area as well, the
state government expects. The
move will also help create
employment opportunities
and boost revenue.
The state mines depart-
ment recently started the e-
auction for the composite
Ballot, Members are requested to write an email to
rnt.helpdesk@linkintime.co.in or may write to Ms. Ashwini Nemlekar, Link
Intime India Private Limited, C-101, 247 Park, L.B.S. Marg, Vikhroli
licence of four iron ore blocks than 840 million tonnes of iron opportunities would also devel-
in Karauli and has made the oredepositsinKhoda,Dadaroli, op with the setting up of new (West), Mumbai - 400 083; Phone Number: 022- 49186000 and for any
tender document available for Todupura, and Liloti near industries in the state. The queries, grievances or issues related to remote e-voting, Members may
sale on the central govern- Hindaun city in Karauli. “New mines department is running a
refer to the Frequently Asked Questions and e-voting manual available at
ment’s MSTC portal. deposits of iron ore will statewidecampaignagainstille-
Rajasthan is one of Move will help also create new oppor- gal mining activities for the past www.evotingindia.com, under help section or write an email to
the richest states in create job tunities for industrial 15 days while the auction of helpdesk.evoting@cdslindia.com or contact Mr. Rakesh Dalvi,
terms of availability opportunities development and majorandminorblocksisongo-
and variety of miner- and boost employment in the ing. “The department has Sr. Manager, Central Depository Services (India) Limited, A Wing, 25th
als in the country, pro- revenue state,” he said. The CM issued a notice for e-auction of Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower
ducing over 57 differ- said many industries, all four blocks of Karauli iron Parel (E), Mumbai – 400013 or call on 022-23058542/43.
ent minerals. including the coal washing, fer- ore.Detailedinformationinthis
Rajasthan Chief Minister roalloy, foundries, ceramic, and regard can be obtained from the For Alkem Laboratories Limited
Bhajan Lal Sharma, who holds cement industry, would be able department’s website and the
the mining portfolio, said there to get raw material for years. MSTC portal,” said State’s Manish Narang
had been indications of more Employment and income Secretary of Mines Anandhi. Place : Mumbai President – Legal, Company Secretary &
Date : 6th March, 2024 Compliance Officer
8 WORLD
>
BENGALURU | THURSDAY, 7 MARCH 2024

IN BRIEF
Hamas vows to press on HaleyendsbidasTrump Fedneedsmore
with Gaza ceasefire talks
sweepsSuperTuesday confidenceon
inflationtocut
Hamas, on Wednesday, said it was pressing on with efforts to
secure a ceasefire in Gaza with Israel despite the absence of Israeli
negotiators from talks in Egypt. Negotiators from the Palestinian
militant group, Qatar, and Egypt are in Cairo trying to secure a Biden also prevails
RACING AHEAD
rates:Powell
40-day ceasefire in the war between Israel and the Islamist group
in time Ramadan, which begins early next week. US President in almost every
Joe Biden said on Tuesday it was in the hands of Hamas whether Republican delegates won so far (90% of Super Tuesday delegates allocated)
to accept a deal on the table for a ceasefire in exchange for the nominating contest
release of Israeli hostages. REUTERS Donald 995 BLOOMBERG
BLOOMBERG & REUTERS Trump 6 March
6 March Nikki
89
Starbucks cuts 2,000 jobs Haley Federal Reserve Chair Jerome

R
epublican presidential candidate
amid Israel war boycotts Nikki Haley ended her long-shot
challenge to Republican presiden-
The Starbucks operator in the West Asia and North tial frontrunner Donald Trump on
Africa has cut thousands of jobs as it faces tough Wednesday, ensuring the former president
economic conditions and calls to boycott the US will be the party’s candidate in a rematch
coffee chain over its response to the Israel- with Democratic President Joe Biden in
Hamas war. Alshaya Group, which has been the November’s election.
licenced partner for the chain in the region for over Both Biden and Trump prevailed in
a decade with 1,300 locations, eliminated 2,000 jobs, the almost every Super Tuesday nominating
company confirmed to Bloomberg News. That reduces its regional contest, including victories in Virginia,
Starbucks workforce by around 20 per cent. BLOOMBERG North Carolina, Tennessee and Utah that
demonstrate their respective holds over
their political parties.
Fidelity International to “They call it Super Tuesday for a rea-
son,” Trump told his supporters at a watch
slash 1,000 jobs globally party at his Mar-a-Lago private club in
FundmanagementgiantFidelityInternationalisplanningtocut
Palm Beach, Florida. “They tell me, the
pundits and otherwise, that there’s never
around1,000jobsgloballyin2024,equivalenttoaround9percent
ofitsheadcount,accordingtoaninternalcompanymemoseenby
been one like this, has never been anything
so conclusive.”
Reuters.Thecompany,whichmanages$776billionofclientassets, Haley managed only a token victory in
saidthejobcutswerepartofabroadercostreductionprogramme Vermont — a deeply liberal state
expectedtosavearound$125millionayear.Thememosaidthe Republicans haven’t carried in 36 years —
fundmanagerwouldpushouttimelinesonnon-coreprojectsand despite backing from billionaires includ-
focusinvestmentinareasdeliveringmostvaluetoclients. REUTERS ing Stan Druckenmiller and Charles Koch.
“The time has now come to suspend
my campaign,” Haley said in a speech in
Zulfikar Ali Bhutto was Charleston. “I have no regrets.”
She said it was likely Trump would be
not given fair trial: Pak SC the Republican nominee but did not
endorse him.
Former Pakistan prime minister Zulfikar Ali Bhutto, executed by Haley’s defeat marks a painful, if pre-
the military regime in 1979, did not receive a fair trial, the dictable, blow to those voters, donors and
Supreme Court observed on Wednesday. Chief Justice Qazi Faez Isa Republican Party officials who opposed
announced the unanimous opinion of a nine-member larger Trump and his fiery brand of “Make
Bench of the apex court during the hearing of a presidential America Great Again” politics.
reference related to the death sentence given to him. It is based She was especially popular among
on a case sent in 2011 by then President Asif Ali Zardari to the moderates and college-educated voters,
Supreme Court to revisit his father-in-law Bhutto’s conviction for constituencies that will likely play a pivotal
abetment in a murder case and his eventual hanging in 1979. PTI role in the general election.
It’s unclear whether Trump, who
recently declared that Haley donors would
Blackstone, Thomson Reuters be permanently banned from his move-
ment, can ultimately unify a deeply
sell $1.8 billion LSEG shares divided party.
The rematch between Trump, 77, and
Blackstone, Thomson Reuters Corp. and other investors have sold
a 4 per cent stake in the London Stock Exchange Group Plc as they
continue to sell down their holdings in the market infrastructure
and data provider. The offering saw the consortium of investors
dispose of 21.5 million shares by way of a placing and a directed
buyback, according to a regulatory filing on Wednesday. Sellers
Muskbackedfor-profitmove, Navalny died of natural
also include the Canada Pension Plan Investment Board and GIC,
who are members of the consortium of former investors in
Refinitiv, which LSEG acquired. BLOOMBERG pushed for merger: OpenAI causes: Russia spy agency
BLOOMBERG
Taiwan apologises for ‘racist’ 6 March
Powell reiterated to lawmakers
Delegate count to win nomination: 1,215 that the US central bank is in
no rush to cut interest rates
They call it Super until policymakers are con-
Tuesday for a reason. This is vinced they have won their
a big one. They tell me, the battle over inflation.
pundits and otherwise, In prepared testimony to a
that there’s never been one House panel Wednesday, the
like this. There’s never been Fed chief said it will likely be
anything so conclusive” appropriate to begin lower bor-
rowing costs “at some point IFTHEECONOMYEVOLVES
DONALD TRUMP this year,” but made clear BROADLYASEXPECTED,
Republican Presidential
nomination candidate
they’re not ready yet.
The remarks echoed a con-
ITWILLLIKELYBE
Nikki Haley sistent message from nearly APPROPRIATETOBEGIN
every Fed official in recent DIALINGBACKPOLICY
weeks: The economy and
RESTRAINTATSOMEPOINT
‘Uncommitted’ protest vote over Gaza labor market are strong, mean-
ing policymakers have time to THISYEAR”
raises questions for Biden’s campaign wait for more evidence that
inflation is headed back to
JEROME POWELL
Federal Reserve Chair
President Joe Biden won almost all the Democratic nominating contests on Super their goal before cutting inter-
Tuesday but a sizeable protest vote in Minnesota and six other states against his est rates.
support for Israel again raised uncomfortable questions for his “The committee does not to contain inflation.
reelection campaign. With almost 90 per cent of the expected expect that it will be appropri- “If the economy evolves
votes counted in Minnesota, 19 per cent of Democrats marked ate to reduce the target range broadly as expected, it will
their ballots “uncommitted” to show their opposition to Biden’s until it has gained greater con- likely be appropriate to begin
backing for Israel’s attacks against Hamas in Gaza. The fidence that inflation is mov- dialing back policy restraint at
“uncommitted” vote was also on the Democratic ballot in six
other Super Tuesday states — Alabama, Colorado, Iowa,
ing sustainably toward 2 per
cent,” Powell said in brief pre-
some point this year. But the
economic outlook is uncer-
Massachusetts, North Carolina and Tennessee. Students,
suburban women and liberal Jewish activists were among those
pared remarks to the House
Financial Services Committee.
tain, and ongoing progress
toward our 2 per cent inflation
who joined Muslim Americans to vote uncommitted, according to The Fed chief is on Capitol objective is not assured,”
Edison Research. REUTERS Hill for the first of two days of Powell said.
his semiannual monetary pol- After raising their bench-
icy testimony, and is sched- mark federal funds rate more
Biden, 81 — the first repeat US presidential The dominant performances by both uled to appear before the than five percentage points
contest since 1956 — is one that few Biden and Trump disguise deep anxiety Senate Banking Committee on starting in March 2022, they’ve
Americans want. Opinion polls show both and reservations among the electorate. Thursday. held rates steady since July
Biden and Trump have low approval rat- For Democrats, the choice of Biden is a Treasury yields remained amid easing price pressures.
ings among voters. risky gamble that voters in November will mostly lower on the day after “We believe that our policy
The election promises to be deeply divi- put aside their concerns about the ability the remarks were released, rate is likely at its peak for this
sive in a country already riven by political of an 81-year-old man to continue to lead and S&P 500 index futures tightening cycle,” Powell said
polarisation. Biden has cast Trump as an
existential danger to democratic princi-
the country for another four years, par-
ticularly at a time when foreign wars are
held gains while the dollar was
lower.
in his prepared remarks,
repeating language used at his
ples, while Trump has sought to re-litigate
his false claims that he won in 2020.
raging and economic angst persists despite
a strong post-pandemic recovery.
Fed officials are in the last
rounds of an aggressive fight
last press conference on
January 31.
AP/PTI
“WE’RESADTHATIT’SCOMETOTHISWITH Moscow, 6 March

jibe against Indian workers
Taiwan’slabourministerHsuMing-chunhas
apologisedforherinappropriatecomments
onhergovernment’splanstorecruitIndian
migrantworkersfromaparticularregion
whichdrewsharpcriticismforbeing“racist”.
Elaboratingontherecruitmentplan,Hsuina
talkshowonTaiwantelevisionsaidher
ministrywillfirstrecruitIndianworkersfrom
theNorth-Easternstatesas“theirskincolour
anddietaryhabitsareclosertoours.”
UK announces $13 billion
tax cut for 27 mn workers
UKministerJeremyHuntonWednesdayannounceda$13billion
(10billion-pound)taxcutfor27millionworkersforasecondtime
inunderfourmonths.Huntsaidthegovernmentwouldreduce
therateofsocialsecuritycontributions,knownasNational
InsuranceContributions,by2percentagepointsforemployees
andtheself-employed,tohelpencouragepeoplebacktowork
anddeliverahighwage,highskilleconomy.Thecut,effective
fromApril,wouldbeworthabout$572(450pounds)ayearper
employeeand350poundsfortheself-employed,hesaid. REUTERS
OpenAI fired back at a lawsuit filed
against it by Elon Musk in a blog
post Tuesday, using the billionaire’s
own emails to show he backed the
company’s plans to become a for-
profit business and that he insisted
it raise “billions” of dollars to be rel-
evant compared with Google.
Musk filed the lawsuit last week
against OpenAI, its chief executive
officer Sam Altman (pictured) and
PTI president Greg Brockman, alleging
the startup had strayed from its
mission to build responsible AI and
that it had become beholden to
Microsoft, its largest investor.
In the post, OpenAI said that
Musk was lashing out after trying
and failing to make the company
part of Tesla.
“We’re sad that it’s come to this
with someone whom we’ve deeply
admired — someone who inspired
us to aim higher, then told us we
would fail, started a competitor,
and then sued us when we started
making meaningful progress
SOMEONEWHOINSPIREDUSTOAIM Russia’s spymaster said on Tuesday that
HIGHER,THENTOLDUSWEWOULDFAIL, opposition leader Alexei Navalny died of
natural causes, a statement that
STARTEDACOMPETITOR,ANDTHENSUED appeared to reflect the Kremlin’s efforts
USWHENWESTARTEDMAKING to assuage international outrage over the
MEANINGFULPROGRESSTOWARDS death of President Vladimir Putin’s
fiercest foe.
OPENAI’SMISSIONWITHOUTHIM” Sergei Naryshkin, the director of the
OPENAI IN A BLOG POST Foreign Intelligence Service, the top spy
agency known under its Russian acro-
nym SVR, made the statement in an The statement appeared to reflect the
towards OpenAI’s mission without Musk and more than $90 million interview broadcast by Russian state tel- Kremlin’s efforts to assuage
him,” the company said in the post, from other donors, according to the evision. He didn’t name the cause of international outrage over the death
which was co-authored by several blog post. Musk pushed the com- Navalny’s death in a remote Arctic penal
of OpenAI’s co-founders, including
Altman, Brockman and Ilya
pany to be far more ambitious in its
fundraising, the emails show.
colony or give any other details.
“Sooner or later life ends and
on Putin, an accusation the Kremlin
angrily rejected.
Sutskever.
The post also reproduced emails
At the outset, Altman and
Brockman planned to raise $100
people die,” he said. “Navalny has died
of natural causes.”
Navalny’s mother, Lyudmila
Navalnaya, had spent eight to get
Musk had sent to people at the com- million, OpenAI said, but Musk Navalny died on February 16 at Penal authorities to release her son’s body as
pany, demonstrating that the bil- objected, saying the number should Colony No. 3 in the town of Kharp, in the officials claimed that they needed to con-
lionaire had endorsed OpenAI’s be higher. Yamalo-Nenets region about 1,900 duct post-mortem tests. She made made
fundraising efforts. Musk alleges in his suit that the kilometres northeast of Moscow where a video appeal to Putin to let her bury
“This needs billions per year startup’s close relationship with he was serving a 19-year sentence on her son with dignity.
immediately or forget it,” Musk Microsoft has undermined its orig- charges of extremism. The opposition leader was buried
wrote in one email, according to inal mission of creating open- Russian authorities still haven’t Friday in a Moscow suburb in a funeral
OpenAI. OpenAI, as a non-profit, source technology free from undue announced the cause of his death at age that drew thousands of mourners amid
raised less than $45 million from corporate influence. 47 and many Western leaders blamed it a heavy police presence.

$1,780 to spend the night in a ‘cocoon’? Hotels now betting on sleep tourism
AI-assisted beds, on-call hypnotherapists
are taking sleep tourism to the next level
CARLA SOSENKO
6March
Tosleep,perchancetodream.Orifnot
dream,atleasttofeelvaguelyrestedthe
nextday,especiallyonvacation.Isthat
toomuchtoask?
Inthehospitalityworld,that’sa
businessopportunity.Hilton’s2024
trendsreportrevealedthatthemain
reasonpeoplecurrentlytravelistorest
andrecharge.
“Hotelslockedinadeathmatchwith
Airbnbhavebeguntoexplorewaysin
whichtocompetebyofferingservices
andamenitiesaroundtheprimary
purposeofahotelstay:arestfulnight’s
sleep,”saidChekitanDev,aprofessorat
theCornellUniversityNolanSchoolof
HotelAdministration.
Now,hesaid,agoodnight’srestisn’t
justasellingpointforhotels;it’sa“fast-
growingindustry.”
FromAI-assistedbedstoon-call
hypnotherapists,today’ssleeptourism
is,essentially,anolddogwithnewtricks.
“Thisisaroundtheseventhoreighth
timethishascomeupaskindofatopic”
sincethemid-1980s,saidBjornHanson,
aprofessorattheNewYorkUniversity
JonathanMTischCenterofHospitality.
Thesedayshotelsaregoingwell
beyondthosebasicstocapturethe
businessofsleepseekers.Here’swhat
somearedoing.
Smart beds and Smart Goggles
LiketheWestinHeavenlyBed,Bryte
wantstobethenexthotel-mattress
disrupter.The$6,299AI-assisted,
smartphone-pairablemattressis,
accordingtoLukeKelly,thechief
executiveofBryte,theonlybedwithan
activepressure-reliefsystem,which
adjustsasyoumovetooptimisesleep.
TheParkHyattNewYorkcurrently
hasfiveBrytesleepsuites(from$1,095),
whichwereaddedafterthehotel
reopenedfollowinga376-dayCovid
closure.TheParkHyattChicagohasthe
sleepcircuit($99pertreatment),which
employs,amongotherthings,infrared
light,electromagneticfrequencies,salt
floatsandvibration.Theresort’snew
four-nightSleepWellRetreat($2,598)
includesalloftheabove,plusasleep-
promotingmassage.
‘Cocooning’
Relaxingthemindiscommon,buthow
eachpropertytriestoaccomplishthat
varies.AvisitorattheParkHyattsaidthe
bedrooms“cocoon”awayfromtheliving
space,meaningyoucancloseoffthe
sleepareaandmakeitdarkandcozy;
Britain’sZedwellhotelsfeaturesmall,
dimlylit“cocoons”(fromabout$142,per
Britain’s Zedwell hotels feature small, dimly lit “cocoons” (from about $142, per person)withnaryadistractionfromthe
person) without distraction: no TVs, no phones and, actually, no windows, which for windowtothewall:noTVs,nophones
a certain kind of bad sleeper could provoke more anxiety and,actually,nowindows,whichfora
certainkindofbadsleepercouldprovoke
similarBryte-bed-equippedMindful- maskthatusesheat,andvibrationto moreanxiety,notless.
nessSuite($645),asdoahandfulof loweryourheartrateandeasefacial TempobyHiltonisofferingrooms
roomsandsuitesathotels tension.Thepackagealsoincludesa dividedintothreezones,including“an
WiththeSleepWellnesspackageat mocktailattherooftopbar(alcoholisan envelopingsleepenvironment”witha
theBeatriceinProvidence,(startingat enemyofgoodsleep)andherbalteas. SealyAcceleratetemperature-controlled
$419pernight),you’llhavetosettlefora mattressandsound-absorbing
SertaPerfectSleeper,butwillhaveaccess Retreats and other programmes acoustics;lightsthatdimatsunset;and,
toTherabodySmartGoggles,aneye AtspaattheCarillonhasafive-treatment insomerooms,Pelotonbikes,forpeople
whoconsiderexercisetheirAmbien.
Thismonth,tocoincidewiththe
NSF’sSleepAwarenessWeek(March10
to16),theMandarinOrientalwillbegina
partnershipwiththehypnotherapist
MalminderGill,a.k.a.theSleep
Concierge,attheHydeParkpropertyin
London.(AfterHydePark,theservice
willbeavailableattheMandarinOriental
inMayfair,whichopensthisspring,
followedbypop-upsacrossEurope,New
Yorkandotherdestinationslaterthis
year.)Startingat£500,guestscanseeMs.
Gillinthespaforasleepconsultationand
sessiontailoredtotheirparticularsleep
issues,withMs.Gillevenrecommending
optimalmealtimesandfood-ingestion
order.Therewillalsobeanoptionfora
privatebedsidesession,duringwhich,if
allgoeswell,guestsdriftoffforthenight.
“Itiptoeout,”saidMs.Gill.
TheRoyalSonestaBenjaminNew
Yorkhasasimilarprogram,calledRest&
Renew,runbyRebeccaRobbins,co-
authorofSleepforSuccess!Everything
YouMustKnowAboutSleepbutAreToo
TiredtoAsk.
©2024 The New York Times News Service

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

VOLUME XXVI NUMBER 212 ILLUSTRATION: BINAY SINHA

BENGALURU | THURSDAY, 7 MARCH 2024

Confidence booster
Index inclusion reflects confidence in India

B
loomberg’s decision to include Indian government bonds issued under But this is not going to be smooth sailing all
the fully accessible route (FAR) in its emerging market local currency through. India’s energy consumption, and within that
fossil fuel consumption, will continue to rise for the
government bond index and related indices gives a significant boost to
foreseeable future. The IEA itself forecasts India’s oil
the Indian debt market. The inclusion will be done over 10 months start- consumption to rise by over a million barrels a day by
ing January 31, 2025. Bloomberg will be the second major global index provider -

India and the IEA:

the end of this decade, an increase of 20 per cent from
— after JP Morgan — to include Indian government bonds in its emerging market now. Notably, both the US Energy Information
bond index. JP Morgan’s index inclusion will start in June 2024. While Bloomberg’s Administration and Organization of the Petroleum
index inclusion is expected to result in an inflow of only $2-3 billion, coming soon Exporting Countries forecast almost twice as much of
an increase in oil consumption for India during this

Friends with benefits?

after the inclusion by JP Morgan, which is more widely tracked, it is a confidence
period. Squaring this with the IEA scenarios that peak
booster for large international investors looking to diversify their debt holdings. oil and gas consumption globally will require much
This should lead to higher inflows in the debt market over time. faster reductions in demand elsewhere in the world,
It was announced in the Union Budget 2020-21 that certain categories of and in particular within OECD members, presents a
central government securities would be opened for non-resident investors without challenging scenario. How reasonable such expecta-
any restriction, following which the Reserve Bank of India (RBI) started issuing Expanding the global energy body membership to include tions are, and the economic and political implications
of such a trend even within the OECD countries have
securities under the FAR. This, as expected, has enabled the inclusion of govern- India is crucial for ensuring global energy security led to much debate over the past few weeks.
ment of India bonds in global indices. Index inclusion, theoretically, can have India is likely to build between 40 and 80 Gw of

T
several benefits. It will lead to a higher flow of foreign savings, which will not he International Energy Agency (IEA) agree-
only help the government to finance the fiscal deficit but also aid in financing the ing to start discussions with India on joining
current account deficit. Funds tracking these indices are passive in nature and the organisation as a full member is a signifi-
the flows are considered more stable than those managed actively. Since part of cant and positive step for both parties. India had for-
mally sent a request for full membership last October
the budget deficit will be financed by foreign savings as more securities are issued and the 31 member countries at the IEA’s 50th
under the FAR over time, it will relieve pressure on domestic savings, which can Anniversary events earlier in February announced
help bring down overall borrowing cost in the economy. that negotiations will now begin. This would be the
At a broader level, the inclusion of government bonds in global indices also first country outside the Organisation for Economic
reflects confidence in India’s macroeconomic strength. India is one of the fastest- Co-operation and Development (OECD) club to get
growing large economies with macroeconomic stability. It also maintains large full membership of the IEA, reflecting the increas-
ingly larger share of non-OECD countries in global
foreign exchange reserves, which has helped maintain stability on the external energy consumption since 2007.
front, as evidenced during the recent policy tightening by the US Federal Reserve. Given that much of the growth in
Foreign portfolio investors pumped nearly $5 billion into the Indian debt market energy consumption and green-
thus far in 2024. Although there are several benefits of index inclusion, it is house gas emissions will come from
worth remembering that higher foreign exposure in the debt market can also India in the foreseeable future, it is
important for the IEA to engage
increase risk. As RBI Governor Shaktikanta Das rightly noted last year, index
more closely with such an emerging
inclusion is a double-edged sword. While inflows will increase as the weighting economy. However, despite apparent
in indices goes up in the near term and assets under management tracking these synergies in their worldviews on sev-
indices grow, the reverse can also happen if India’s weighting is reduced by the eral issues in India’s energy sector
index providers. policies, there are important differ-
In such a situation, foreign funds will move out of Indian securities, which ences in their approach to economic
development and energy transition.
KAUSHIK DEB
can put pressure on both borrowing cost and the Indian rupee. Higher issuance
Hence, for a successful partnership,
under the FAR, which will be necessary to create a liquid market for foreign both parties need to agree where they can, and per-
investors, can also exacerbate volatility in times of stress. Thus, what this means haps disagree where necessary. That will make for
is higher foreign exposure would demand better and more agile macroeconomic an interesting negotiation process.
management. In brief, India will need to aim to run a low fiscal and current The IEA was set up half a century ago to support
account deficit, along with low and stable inflation. Although it is being brought and promote the energy security of oil importing coun-
tries in response to the 1973 Arab Oil Embargo. At that
down progressively, a higher general government budget deficit in this context
time, the largest oil importers were in the OECD, and
remains a vulnerability. The RBI will also have to manage foreign exchange flows hence IEA membership was limited to OECD coun-
actively to limit currency volatility. tries. That does not reflect the reality of the world
today. The largest energy importers, and not just oil,
are in non-OECD developing countries in Asia. The
Different lanes stability of global energy markets crucially depends
on how these countries attempt to secure their energy
Tata Motors demerger will improve efficiency systems. Hence, expanding the IEA membership to
sector risks to global economic and political stability.
It increasingly recognises the risks that climate
change poses to the world.
Within this, the role that India will play in the
global energy transition is central to the world meet-
ing its climate goals. India has the world’s largest
population, is the fifth-largest economy, is on track
to becoming the third-largest within this decade,
and is the world’s third-largest energy consumer and
greenhouse gas emitter. Over the next two decades,
global growth in energy consumption will be domi-
nated by India, as its growing population and rising
prosperity require more energy.
Recognising this trend, the coun-
try has made significant policy choic-
es over the past decade and a half in
increasing access to modern energy
sources, particularly electricity, while
pushingforwardanambitiousenergy
transition agenda that is shifting its
energy system towards renewables,
electrification of its transport system,
and now hydrogen and biofuels. Its
success in ramping up renewable
electricity capacity and reducing the
emissions intensity of its gross
domestic product (GDP) has been very impressive. It,
however,palesincomparisontothetargetsthecountry
has set itself for 2030, which include tripling of renew-
ableandothernon-fossilelectricitycapacity,producing
5 million tonnes annually of green hydrogen, and
establishing a carbon sink of 2.5–3 billion tonnes of
carbon dioxide (CO2) equivalent.
Whether India meets its heroic targets for 2030 will
be central to the global emissions trajectory towards a
1.5 degrees Celsius target. Hence, the synergy between
the expanded interpretation by the IEA of its energy
security mandate and the green developmental
paradigm adopted by India, can be the bedrock of
expanded cooperation and support that the IEA can
new coal electricity generation capacity, which is at
odds with IEA’s stated position that no new coal pro-
duction capacity should be built unless it includes
still very expensive carbon removal technologies.
In general, the IEA’s narrative on shifting invest-
ments in fossil fuel production globally to renew-
ables may not appear friendly to countries such as
India and many others in Africa and Asia that are
expected to rely on these hydrocarbons in the fore-
seeable future. Unless the Agency is able to persuade
its members to drastically reduce their reliance on
fossil fuels so that there is space for the rest of the
world to grow, and simultaneously trigger at least a
three-fold increase in capital investment in the clean
energy transition, how the 31 member countries rec-
oncile the needs of their own constituents with the
rest of the developing world will be tested in the
negotiations to bring India into the IEA fold.
Finally, there is the small matter of the IEA’s lega-
cy role of helping its members achieve oil security.
Every importing member country needs to hold a
90-day emergency reserve of its daily net imports.
India currently has less than a week’s stock in its
strategic reserves that goes up to 66 days when com-
mercial stocks held by the refining sector are includ-
ed. Given almost no progress on this account in
India over the last three years, as evidenced by the
budgetary allocation for building strategic oil
reserves in the country, the IEA will have to find a
way of exempting India from this requirement.
It makes perfect sense that the IEA should seek
to include India as a full member given the outsized
role the country will play in the global energy tran-
sition over the next decade or so. And the benefits
for India in learning from the expertise the IEA
brings, as it seeks to build a modern economy that
is secure from energy shocks and climate proof, are
substantial. However, both parties must acknowl-
edge differences while cooperating on agreed-upon
issues to build a successful partnership. India in the

T
include India is a crucial step in that direction. provide to India’s energy transition. If successful, India IEA fold could also serve as a model for engaging
he implementation of the decision to reorganise Tata Motors into two This is also important given how the IEA has would have established a new growth model where the rest of the non-OECD world.
independent listed verticals will take 12-15 months. The initial market expanded its mandate to now include climate action higher prosperity does not necessarily imply a much
reaction to the announcement of the demerger was positive, but not very in its interpretation of energy security. Thus, the higher energy and carbon footprint, and this will have The writer is a senior research scholar at the Center on
enthusiastic. The conventional wisdom is that such demergers allow Agency no longer considers physical disruptions in profound implications for the rest of the world that is Global Energy Policy at Columbia University’s School of
the oil and gas markets as the only types of energy yet to reach such a phase of economic growth. International and Public Affairs
“value unlocking”. Investors can better understand where a single and focused busi-
ness is headed, while managements can also concentrate on the operational dynam-
ics. Hence, markets tend to assign a higher valuation to focused businesses.

Women’s rights as a power play

Paradoxically, this may not have a dramatic effect simply because the company is
well-run.IthassuccessfullyweatheredtheupsanddownsofCovidandchipshortages
in the recent past. It is correct that there are differences between passenger vehicles
(PVs) and commercial vehicles (CVs), including understanding and responding to

I
nternational Women’s Day falls tomorrow, that
sources of demand, financing models, and managing the respective supply chains.
time of the year when journalists’ inboxes are
Two dedicated boards, each focused on one segment, may be able to fine-tune oper- flooded with entreaties to cover some corporate
ations further. It is also true that each vertical may find it easier to raise funds for a initiative or the other to “empower” women. The
specific project as well. impact of these disparate well-meaning efforts,
If one wishes to only take exposure in one segment, one may do so. So there some of them quite successful, become moot when
may eventually be some value unlocking. But analysts also point out that Tata you read about recent appalling events at
Motors has massively outperformed the market with over 140 per cent capital Sandeshkhali, West Bengal and Dumka,
Jharkhand. Both underline the “distance to hori-
gains in the past 12 months, while the Nifty has risen 25 per cent. This means
zon”, to use the terminology of surveys, towards
that any medium-term upside is likely already priced into the valuation. While gender equality and the deeply
investors will receive an equal number of shares in both the new companies, the problematic nature of Indian society
successor companies will be lopsided in terms of comparative turnover and mar- in which the political class across
gins. Mainly by virtue of holding the Jaguar Land Rover (JLR) portfolio, the PV the ideological spectrum is complic-
segment generates around 79 per cent of consolidated revenues and it has an it. Halfway through the third decade
of the 21st century, women’s
operating margin of 15-16 per cent. Further, Tata Motors has a 70 per cent domestic “empowerment” remains a victim
market share in the new electric vehicle passenger segment and it is challenging to political power play.
Hyundai for No 2 position in PVs. The CV division has an operating margin of The ructions in Sandeshkhali
around 7 per cent and contributes only about 21 per cent of consolidated revenues. offer a good example. Knowledge of
Volume growth in PVs is also likely to be higher, though Tata Motors is looking the various crimes of Shahjahan
at moving into electric buses and other new-age CVs which may boost volumes. Sheikh, the powerful local overlord
of this village in the North 24
SWOT
However, while the company would obviously like to gain market share in Parganas, 80 km southeast of KANIKA DATTA
domestic PVs and CVs, since JLR generates roughly two-thirds of consolidated Kolkata, are not new. The assaults
revenues, its focus is inevitably more global than domestic. If global demand for on local women by him and his goons were also
PVs picks up, JLR should do well and in that case, the PV segment as a whole well known. The rest of India only learnt of them
will do well. The pandemic and the subsequent Ukraine war hit the global auto when women, emboldened by the manhunt fol-
lowing an encounter with the Enforcement
industry hard since semiconductor supplies dried up. But that also taught auto
Directorate, came forward to complain.
manufacturers a painful lesson in terms of supply diversification and inventory Note two points here. First, Mr Sheikh was only
management. Since the value chain for JLR is also located overseas, Tata Motors expelled from the party for six years after he was
is sensitive to fluctuations in global supply-demand for those commodities and arrested, fully 55 days after he went into hiding a
it does most of the business in foreign exchange. In sum, while this demerger mere 30 km from his home. The Trinamool Congress
appears to have little downside, it may also not yield much in the way of imme- spokesman said the party was “setting an example”.
Second, there was no mention of Mr Sheikh’s
diate upside for investors. However, operationally, it would be expected to
crimes against women. Instead, the statement
increase efficiency over time. focused on retaliatory rhetoric. “We dare the BJP
to suspend leaders who have corruption cases
against them,” the spokesperson said.
Perhaps Mamata Banerjee’s decidedly ambigu-
ous attitude to crimes against women prevented a
more equivocal condemnation. Who can forget her
accusations against Suzette Jordan, a mother of
two who was gang-raped by five men in 2012. First,
Ms Banerjee accused Jordan, who courageously
chose to reveal her identity, of fabricating a case to
embarrass the government. Then another woman
MP suggested that Jordan was a
sex worker, implying that rape of
someone in this profession could
not be considered a crime. Finally,
the woman police officer who
cracked the case was transferred.
Always on the alert for the
slightest political advantage, the
Bharatiya Janata Party (BJP), eager
to improve its electoral record in
Bengal, has cashed in. Prime
Minister Narendra Modi mocked
the silence of the INDIA alliance
over the atrocities committed
against the “mothers and sisters
of Sandeshkhali”.
The Prime Minister has a point; such silence is
inexcusable. But it is hard to reconcile his elo-
quence here against his elliptical statements on
sexual crimes.
In the case of Asifa Bano, an eight-year-old girl
from a nomadic community, two BJP ministers in
the Jammu & Kashmir government attended a rally
in support of the rape accused. A year before, a rape
victim tried to immolate herself in front of the UP
chief minister’s residence seeking justice against
her attacker, a former party politician, who contin-
ued to intimidate her family after the crime.
Mr Modi’s response to these incidents came
some months later following outrage that had
reached the foreign press. In two tweets, he referred
to rape being a “challenge to social justice” and
“shameful in any civilised society”. On the reprieve
for Bilkis Bano’s rapists by the Gujarat government
in 2022, since sensibly reversed by the Supreme
Court, there has been, however, no word.
With elections approaching, women have
become the focus of political contestations, with
political parties falling over themselves to offer all
manner of welfare schemes. Together with the
reservation of seats for women on corporate boards
and in Parliament, both moves with which I pro-
foundly disagree, the competitive populism centred
on women only serves to underline the cynical
political manipulation of a deeply discriminated
section of society.
No amount of handouts can change this reality
unless political leaders understand the criticality
of a zero-tolerance policy on crimes against women,
irrespective of the status, caste or religion of the
victim and perpetrator. India prides itself on being
among the world’s fastest growing economies, but
incidents such as the gang rape of a Spanish tourist
in Jharkhand are unlikely to encourage the world’s
largest foreign corporations, whose dollar invest-
ments the government craves, to send their large
complements of women executives to work here.
The government has frequently objected to
India’s poor performance on the Global Gender
Gap ranking at 127 out of 146 countries. It is hard
to understand why the politicos think we should
enjoy a higher ranking when women’s participation
in the economy lags its Southeast Asian peers sig-
nificantly and the country still cannot guarantee
the safety of its own women, let alone those who
choose to visit.

Towards the age of Meta Reason suchasartificialintelligence(AI),

sions” (as the author describes them) may
have run their course. These develop-
ments will be disentangled, yielding to a
new world of Meta Reason. The book,
however, lays down only a broad sketch
of the successor regime.
BOOK REVIEW Section1dealswithcasestudieson
eachsphere.Banksthathavebrokenrules
V KUMARASWAMY ofresponsiblelendingandconsumption
thathavedecoupledfromincomedueto
themselvesagainstbigbusinessessawthe
birthofcryptocurrencies,which,
accordingtotheauthor,provedtobea
“solution”fromthesameethicalstable—
thatgreedisgood.ThefailureoftheUS
interventionsingeopolitical
confrontationssuchasAfghanistanand
Ukraineisrecapturedwell.However,the
author’slongingforthebenefitsofUS
hegemonyofthepastseepsthroughfrom
augmentedreality,5Gandblockchainhas
constructedanalteregoofeachofthe
citizensand“datafied”hispersonaaswell
ashisactions.Thishasalsopromoted
elevatedlevelsofsurveillancebystate-
aidedBigTech,whichdosotoenhance
theirownprofitability,which,inturn,
challengesthe
fundamentalsof
capitalismand
democracy—the
dilutionofthe
privacyand
theageofMetaReason.Beforetheadvent
ofMetaReason,signallingtheendofthe
regimeofrationalitywillbeseven
“unravelments”.Theeconomic
unravelmentwillflowfromhighdebt
levels,andgrowinginequality,whichwill
constrainbothdemandandsupply.The
politicalunravellingwillchallenge
electoralautocracy,
THE LAST DANCE OF illiberal
RATIONALITY: democracies,and
Making Sense of highsurveillance.
Unravelling World Theshrinkingofthe
Order consumingmiddle
publicinterestandmeritocracythough
technologyandsystemstheyhave
designedareloadedintheirfavour.
TheemergingageofMetaReason
wouldbeanchoredinconsciousness,
intuition,awareness,humanfeeling.It
willbemoreaccommodativeof
knowledgenotemanatingfromscience
andtechnology,layemphasison
harmoniouscoexistencewithnature,
replacesuccessatworkwithhappiness,
reinvigoratecultures,andpromotea
varietyofcommunitieswithcommon
interestsandaspirations.

F
ewbookshavetheknackoftiming
theirreleaserightandthisisoneof
them.Althoughnotevent-based,
thetimingseemsparticularlyaptforThe
LastDanceofRationality,giventhe
extremefluxinglobalaffairs.
The book is about the rise and ebb of
the main pillars of the age of rationality,
covering roughly 70 years since World
War II. The book, which is best read back-
wards chapter wise, traces the major
developments on the technological,
geopolitical, environmental, financial,
individual and international relations
and showcases how several of the trends,
processes and assumptions and “illu-
cheapsavingsflowingfromChina.
AlthoughtheUShasyieldedtoChinain
manyways,thelatterisyettofindsuccess
indealingwithseveralcontradictions
implicitinitsambitiouspath.Itstrade
tensionswiththeUS,thefrictionsbetween
bigbusinessmenandtheCommunist
Party,itsfailedattemptstouseHuaweifor
overseassurveillanceandfailuretopump-
primegrowththroughconstruction,as
demonstratedbythefallofEvergrande,
promptstherulingdispensationtosearch
forsolutionsinthepreviouslymuch
malignedConfucianism.
CentralBanks’hegemonyinissuing
fiatcurrenciesandfailuretoassert
timetotime,especiallywhenhewrites,“It
istooearlytowriteofftheUS.However,
theprognosisislesssanguineforthe
continuationoftheworldsystemthey
havedonesomuchtocreate.”
Man’seffortstogetaheadofnature
throughgain-of-functionresearchto
developvaccinesbeforethearrivalofa
virushadledtodisasterssuchasCovid-19,
althoughthetruthbehindthiscrisishas
beeneffectivelyobfuscated.Itisanirony
thatnationsaretryingtosolvefuture
diseaseswhenexistingailmentssuchas
malnutrition,childhooddiseases,hunger
andpovertykillmanytimesmorepeople.
Theemergenceofhigh-endtechnology
independenceof
choice. Thesame
high-end
technologiesthat
haveenabledusto
stayintouchwith
peopleacross
continentshavealsoledtothecollapseof
families,culture,andthehumantouch.As
aresult,mankindhasbecomeacolonyof
lonerswithcompromisedemotionalwell-
beingandself-esteem.
Section2runsthethreadthroughthe
casestudiesabovetohighlightthecentral
theme:Theevaporationoftheageof
rationalityandthepossibleemergenceof
Author: class(otherthan Theauthorhasmanagedtoexplain
Rohit Prasad India)andfamily thiscomplexwebofsimultaneousforces
Publisher: Hachette systems,the inanengagingandabsorbingstyle.The
exhaustionof bookhasperhapsmissedonanalysingthe
Pages: 352
naturalsourcesof impactoftheWorldTradeOrganisation,
Price: ~699 energy(oilandgas) theincreasingassertivenessofIslamism
andthefast inEurope,andIndia’sdigitisation,which
spreadingvirusofdisputesandthe seemssuccessfultodaybutcarriesits
inabilitytoresolvethemallsignalthe ownrisks,includingondemocracy.
social,ecologicalandmanagerialareasfor Thisreadableworkprovidesvaluable
“unravelments”.Technologysolutions, insightsforaspiringforeignpolicy
withtheirownrisksandgeopoliticalflux, analysts,geopoliticalwatchers,and
aretheotherlooseningknots. socialengineers.
Theauthorarguesthattheeliteshave
soldusillusionssuchasgreedisgood,the Therevieweristheauthorof Making Growth
pursuitofself-interestiscongruentwith Happen in India(SagePublications)
 The Smart
QUICK TAKE: BROKERAGES TURN BULLISH ON CELLO WORLD “The market has been playing a

Investor
cat-and-mouse game with the Fed all year.
(Share price in ~) TheCelloWorldstockisnowtradingclosertoitslisting But the favourable long-term
trend for inflation means the
priceofaround~800,afterscalingahighof~949.20
question is when, not if,
lastmonth.However,inthelastoneweek,brokerages there will be rate cuts”
BENGALURU | likeKotakInstitutionalEquitiesandMotilalOswal
THURSDAY, 7 MARCH 2024 GEORGE CATRAMBONE
Securitiesinitiated‘add/buy’onthestockwithtarget Head of Fixed Income, DWS
pricesof~950and~1,100,respectively Investment Management Americas
<

Benchmarks log fresh Womenfundmanagershandle

one-eighthofMFassets
highs, smallcaps crack Of them, 93.5% outperform peers over a 5-yr period, shows Morningstar report
Sensex ends above 74K for first time; Nifty Smallcap drops 2% KHUSHBOO TIWARI
Mumbai, 6 March
GAINING GROUND
SUNDAR SETHURAMAN
Mumbai, 6 March
SCALING NEW PEAKS Women fund managers handle 431
Nifty intraday 22,474.1 22,500 only ~6.66 trillion, or 12.63 per Men

T
he benchmark indices on Wed-
nesday rose more than half a per
cent to finish at new record highs,
supported by gains in banking stocks.
The S&P BSE Sensex closed above
74,000 for the first time. The 30-share
index rose 409 points, or 0.6 per cent, to
close at 74,086. The National Stock Exc-
hange Nifty closed at a fresh record high
of 22,474, up 118 points, or 0.53 per cent.
However, the broader market saw
intense selling pressure, with the Nifty
Smallcap 100 dropping nearly 2 per cent,
its worst single-day fall since February 12
when the index had crashed 4 per cent.
The overall market breadth was also
weak, with 904 stocks advancing and 2,954
declining on the BSE. The Nifty Smallcap
100 is down nearly 4 per cent this week.
Market players said the selloff in the
broader markets was due to concerns over
expensive valuations. Also, the decline in
shares of non-banking financial com-
panies amid fears of a wider crackdown
by the Reserve Bank of India weighed on
sentiment. Kotak Mahindra Bank and Axis
Bank rose more than 2.2 per cent each —
the most among Sensex components.
The benchmark indices have made
fresh highs, even as the Nifty Smallcap 100
has declined 8 per cent from its peak.
Market players said after a stellar run
over the past year, investors are rotating
out of smallcaps and into larger stocks.
“The domestic market exhibited a
smart recovery in the second half, revers-
ing initial losses as buying picked up in
largecap stocks. Nevertheless, the broader
index continued to underperform with
profit booking in midcaps and smallcaps,
reflecting worries about stretched val-
uations,” said Vinod Nair, head of research,
Geojit Financial Services.
“We expect largecaps to drive the mar-
ket in the near term, while midcaps and
smallcaps could remain under pressure,”
22,356.3
0.5%
Change
Mar 5,’24 Mar 6,’24
HOTS AND NOTS OF SENSEX
On Mar 6, 2024
GAINERS Price (~) 1-day chg (%)
Kotak Mahindra Bank 1,758.3 2.5
Axis Bank 1,125.8 2.3
Bharti Airtel 1,193.9 2.2
LOSERS
UltraTech Cement 9,643.7
NTPC 351.9
JSW Steel 812.8
Sources: Bloomberg, BSE, NSE
ILLUSTRATION: BINAY SINHA
added Siddhartha Khemka, head-retail largecaps may be warranted. Investors
research, Motilal Oswal Financial Services. should focus on the long term rather than
Among the top losers in the Nifty making short-term decisions. We are
Smallcap 100 Index were IIFL Finance almost heading into elections in the next
(down 20 per cent), Mahanagar Gas (down two months, and that could set the tone
15.4 per cent), and Manappuram Finance for the markets in the near term,” said a
(down 6.7 per cent). note by Axis Mutual Fund (MF).
Mahanagar Gas shares fell after Citi Last week, the MF industry body
downgraded the stock to ‘sell’, citing reg- Association of Mutual Funds in India
ulatory risks to its margins. Over a dozen advised fund houses to implement
stocks in the index declined more than investor protection measures for small-
4 per cent, underscoring the intense sell-
ing pressure. By comparison, the worst-
cap and midcap investments due to con-
cerns about high valuations and the
performing stock on the Sensex and the
Nifty fell less than 2.2 per cent.
sharp run-up in these. Following this,
some fund houses have restricted
“With markets at or near all-time inflows into smallcap schemes.
highs, investors should be cautious of Market players believe this will con-
potential volatility in the near term. strain the buying of smallcaps by domestic
Valuations in India are expensive relative funds, which could lead to bipolar markets
to Asian peers, and India remains the — where largecaps outperform and
most expensive market (on both forward broader markets underperform.
price-to-earnings and trailing price-to- In the past year, the Nifty50 has
book basis). Midcaps and smallcaps have gained 27 per cent, while the Nifty
experienced a sharp run, so a rotation into Smallcap 100 is up 65 per cent.
cent of the assets under man- 42
22,400 agement (AUM) for the domes- Women
tic mutual fund (MF) industry, 473
22,300
according to a report by Mor-
ningstar Investment Research.
FUND MANAGERS
22,200
The report said that there Number of women
has been a sharp uptick of 50 fund managers 50 Assets managed Outperformed peers (%)
per cent in the assets man-
42
aged by women, year-on-year 40 (~ trillion) 93.5
(Y-o-Y). There was a drop in
18 70 71
the previous year following 30
the exit of two prominent 4.44 6.66
women fund managers. 20
Most assets — ~2.86 trillion,
10
or 43 per cent—are managed 2017 2024 Jan ’23 Jan ’24 1 year 3 years 5 years
or co-managed in the equity Until January 2024 Source: Morningstar
-2.0 and growth segment.
“Although the assets man-
-1.8 aged or co-managed by women fund houses while the total “Our analysis reveals that fund houses had three or more
-0.8 are increasing, their percentage number of fund houses in among the total open-ended female fund managers, five
relative to the overall industry India has crossed 40. assets managed or co-managed fund houses had two female
assets hasn't reached a note- As there was no increase in by female fund managers, fund managers, and 11 fund
worthy level yet. However, on the number of female fund 70 per cent outperformed the houses had at least one female
a positive note, the assets in managers since last year, their peer group average over a one- fund manager.
percentage terms did see an representation has marginally year period, 71 per cent outper- When it comes to tenure,
increase this year after witness- declined from 9.18 per cent to formed over a three-year span, 10 fund managers are manag-
ing regression in the past two 8.88 per cent. and an impressive 93.5 per cent ing funds consistently for
years,” stated Morningstar. According to the report, outperformed over five years,” five years or more while
There are 42 female fund female fund managers also said the report. 25 have been managing for
managers spread across 21 scored better in performance. The report said that five less than three years.
N BLOCK DEALS ON D-STREET N
Sumitomo Wiring divests 4.43% stake Antfin sells 2% stake in Zomato
in Samvardhana Motherson International AntfinSingaporeHoldingonWednesdaysold2per
centstakeinfooddeliverymajorZomatofor~2,827
Japan’s Sumitomo Wiring Systems offloaded 4.43 per cent stake in crore.TheChinesemajorAlibabagroupfirmoffloaded
Samvardhana Motherson International. The promoter group entity sold 300 176.3millionsharesat~160.4apiece.SharesofZomato
million shares at ~121 a piece to raise ~3,633 crore. Shares of Samvardhana lastclosedat~162,down2.5percentoveritsprevious
Motherson fell 3.6 per cent to end at ~121. At the end of December 2023 quarter, day’sclose.AtDecemberquarterend,Antfinhelda
Sumitomo Wiring Systems held 14.15 per cent stake in the company. In March 6.32percentstakeinZomato.InNovember,group
2023, Sumitomo Wiring had sold 3.4 per cent stake in Samvardhana Motherson firmAlipayhadsolditsentire3.44percentstakein
at ~70 apiece to raise ~1,612 crore. BS REPORTER Zomatoataveragepriceof~112.7pershare. BS REPORTER

IPO WRAP THE COMPASS

TWO-THIRDS OF SMALLCAP MULTIBAGGERS RK Swamy booked
AFTER PANDEMIC LOWS DESPITE VOLATILITY 25.78x on last day
A significant proportion of
smaller companies remain
multibaggers despite the
recent dip. As many as 164
stocks or over two-thirds of all
the small cap stocks were
multibaggers as of February
according to data collated
by DSP Mutual Funds. By
comparison, just 53 per cent
of the mid and largecap stocks
have generated higher
returns. Meanwhile, about 61
per cent of the overall stocks
were multibaggers.
The report considers the
post-pandemic returns on
the top 500 of the Association
of Mutual Funds in India
(Amfi) basket of stocks. The
data is based on stock
performance as of 26 February
2024 since March 2020.
The S&P BSE SmallCap
index fell 1.9 per cent on
Wednesday and is down 5.3
per cent from its all-time
high. Individual companies
have seen larger volatility.
Some of this outperfor-
Day 1: Gopal Snacks
subscribed 56% Slowdown in mass
SMALLCAPS TOP GAINS The initial public offering of The IPO of Gopal Snacks was subscr-
Share of multibaggers in each category (%)
integrated marketing services firm
R K Swamy got subscribed 25.78 times
on the last day of subscription on
ibed 56 per cent on the first day of
bidding on Wednesday. The IPO
received bids for 6,661,628 shares
segment may force
Bata to buckle up
Wednesday. The ~423.56 crore-IPO against 11,979,993 shares on offer,
received bids for 21,2237,750 shares according to NSE data. The portion for
53 61 68 against 8,232,946 shares on offer, retail individual investors fetched
53 according to NSE data. The portion for 88 per cent subscription, while the
non-institutional investors received quota for non-institutional investors RAM PRASAD SAHU The trend of higher investments is
34.24 times subscription while the was subscribed 49 per cent. The IPO expected to continue in the near term.
Largecap Midcap Total Smallcap category for retail individual investors has an offer for sale aggregating The Bata India stock has been the top In the long term, the company
got subscribed 33.31 times. The up to ~650 crore. PTI loser among larger listed players in is eyeing double-digit growth led
LOSSES LEAST AMONG LARGECAPS qualified institutional buyers part got the footwear segment, falling 12 per by premiumisation, casual segment,
Wealth eroders (%) 20.58 times subscription. PTI cent over the past three months. and expansion through the
Popular Vehicles sets The company’s muted perform- franchisee route.
11 11 10 5 Day 2: JG Chemicals price band at ~280-295
ance in the first half of FY24 con- The company continues to expand
tinued in the December quarter. Given its store network aggressively and has
Midcap Smallcap Total Largecap subscribed 6.39 times Kochi-based Popular Vehicles and
Services, engaged in the automotive
the sluggish performance in the pre- added 54 stores during the third
vious three quarters, quarter including own
Performance of top 500 Amfi basket of stocks starting Marc 2020 until Feb 26, 2024
Source: DSP Mutual Fund (Netra report), March 2024 The initial share sale of JG Chemicals dealerships and services space, on the brokerages have Base=100 stores, franchises, and
received 6.39 times subscription on Wednesday fixed ~280-295 as the trimmed their earn- 140 shop-in-shop (SIS).
mance is also to do with the generated negative returns the second day of bidding on price band for its ~602-crore initial ings estimates for Bata India It has also ren-
fact that markets have gone since the pandemic lows. Wednesday. The ~251.2 crore-initial share sale that opens on Tuesday next FY24 and FY25 by 14 to ovated 36 stores in the
up significantly. Around 28 About 11 per cent of the public offering received bids for week. The issue consists of ~250 crore 21 per cent. 120 quarter. Excluding SIS,
per cent of all the stocks have smallcap stocks lost money 52,175,446 shares against 8,168,714 of fresh issue and ~352 crore of offer The footwear the store count stood
higher returns than the Nifty compared to 10 per cent stocks shares on offer, according to NSE for sale by the promoters led by major's revenues were at 1,835 with a pres-
500 companies. It is 35 per overall. Meanwhile,just5per data. The quota for non-institutional Naveen Philip, the managing flat in the October- ence across 1,518
cent for smallcap stocks. centofthelargecapcompanies investors fetched 9.63x subscription director of the firm, and his December quarter (Q3 100 cities/towns.
A larger share of smallcap generated negative returns. while the retail individual investors Kuttukaran family, which now holds FY24) as compared to Sensex Bata posted a
stocks, however, also SAMREEN WANI part got subscribed 8.30 times. PTI 69 per cent of the company. PTI the year-ago period on muted show in
the back of the single- 80 9MFY2024 as footwear
digit volume fall. Feb 28,‘23 Mar 6,’24 demand stayed sub-
This was on the dued while higher
back of a slowdown in Source: Exchange spending towards

BitcoinrallyfuelsrevivalhopeforIndiancryptoexchanges the mass product cat- Compiled by BS Research Bureau

RAJESH BHAYANI
Mumbai, 6 March
The cryptocurrency exchanges
in India have got a fresh lease of
life following the bull run
in Bitcoin, which briefly hit a
new all-time high of more
than $69,000.
Siddharth Sogani, managing
director of CREBACO, expects
the price to cross $1,00,000 by
the end of the year. This will see
a sharp reversal in the Indian
market, which has largely been
dormant since the new tax
regime was implemented in
2023. The recent rally in Bitc-
oin, the world’s largest crypto-
currency, has been swift.
Bitcoin price has surged from
$45,000 per coin a month ago
to over $66,000 at present, fol-
lowing a few leading US-based
exchange-traded funds mop-
ping up large quantities.
As a result, Indian crypto
exchanges have seen a surge
in volumes and an increase
in active user accounts.
Balaji Srihari, Business Head
of CoinSwitch, said: “In the past
month, our trading volumes
have surged by 40 per cent. In
the past two weeks, the number
of users in profit has increased
by over 80 per cent.”
CoinDCX, another major
exchange, has seen a five-time
increase in the trading value
from the beginning of February
at $5 million in spot to $25 mil-
lion on February 28.
The exchange’s co-founder,
Sumit Gupta, said, “We have
seen an increase in the
average age of investors from
25 years earlier to 30 years,
indicating that smart and
mature investors have now
entered the market.”
Siddharth Sogani, managing
director of CREBACO said: “The
primary driver behind Bitcoin's
recent surge is the acceptance
of Exchange-Traded Funds
(ETFs) by the US Securities and
Exchange Commission (SEC).
With major financial institu-
tions such as BlackRock,
Vanguard, Valkyrie, VanEck,
and Fidelity launching their
ETFs, the cumulative inflow of
institutional money into
Bitcoin through these ETFs
has reached $41 billion, with a
significant portion of this
inflow occurring over the past
two months.”
Last week, when the Bitcoin
price touched $60,000, in a sin-
Bitcoin (price in $)
80,000
66,592.38 60,000
16,602.63 40,000
20,000
0 Bitcoin prices rallying further.
Jan 1,’23 Mar 6,’24
Source: Bloomberg
gle day, these institutions pur-
chased 10,050 Bitcoins against a
total daily production of 900
Bitcoins, indicating their appe-
tite for the crypto market.
Another significant factor
contributing to Bitcoin's
upward momentum is the
impending halving event.
Every four years, Bitcoin
production is programmed to
halve, and in the past, in 2012,
2016, and 2020, the market has
seen a rally pre and post-halv-
ing of production.
The halving event
is expected around April
20, which will reduce
miner rewards from 6.25 to
3.125 Bitcoin.
Gupta said they were invest-
ing heavily in their technology
and infrastructure and forging
strategic partnerships to ensure
leadership in the crypto market.
Going forward, the falling
production following the halv-
ing event and difficulty in
mining are expected to result in
“The total supply of Bitcoin
is capped at 21 million, out of
which 19.64 million are already
mined. In the total circulating
supply, approximately 4 mil-
lion Bitcoins are lost forever,
and 5 to 7 million Bitcoins are
locked in the cold storage wal-
lets. Hence, the actual liquid
supply of the asset class is
going down every day as more
and more people are buying it,
along with institutions such as
BlackRock,” according to CRE-
BACO analysis.
Sogani added that with the
government's move to urge
offshore exchanges to register
with the Financial Intelligence
Unit of India, there should be
regulations in place for Indian
crypto investors.
egory and headwinds
for discretionary spending.
marketing and tech-
nology enhancement
hit margins. Near-term prospects are
What offset the volume growth was weak as the mass category continues
the increase in average selling prices to remain under pressure,” says
which was driven by premiumisation Sharekhan Research.
as the company has stopped taking Given the near-term growth head-
price hikes for six quarters now. winds and premium valuations, the
Same-store sales also remained flat brokerage has maintained a hold rat-
year-on-year (Y-o-Y). ing with a reduced price target of
The premiumisation efforts ~1,555 a piece.
seem to be working with the share Following the miss on revenue
of the same in the overall portfolio growth and margins in the quarter,
improving to 34 per cent as Nuvama Research has downgraded
compared to 30 per cent a couple of the stock and given it a ‘reduce’ rat-
years earlier. ing.
Even as the overall portfolio was Analysts led by Nihal Mahesh
struggling, its premium brands have Jham of the brokerage have factored
posted robust growth year-on-year (Y- in the elevated expenses and muted
o-Y) in the December quarter led by top line growth, which has led to a
Red Label (up 387 per cent), Floatz (65 sharp cut in their FY24 and FY25 earn-
per cent), Comfit (22 per cent) and ings estimates by 21 per cent and
Hush Puppies (7 per cent). 17 per cent, respectively.
While the gross profits rose by The brokerage has also cut the tar-
just 3 per cent, gross margins get price to earnings multiple from
expanded by 130 basis points Y-o-Y to 40 times to 35 times with a new target
56.1 per cent in Q3. price of ~1,234.
This was led by lower raw material While Kotak Securities has also
prices and an improved product mix. reduced its estimates following the Q3
However, its operating profit was results, they have maintained an ‘add’
down 12 per cent. rating with a target price of ~1,585.
The operating profit margins fell This target price is at 45 times FY26
on the back of higher spending on earnings on the expectations of a grad-
marketing, technology enhancement, ual pickup in demand, given the long-
and negative operating leverage. term opportunity in the sector.
.
BENGALURU | THURSDAY, 7 MARCH 2024 11
<
12 STOCKS
>
BENGALURU | THURSDAY, 7 MARCH 2024 1
IN THE
> STOCK
> Tata Chemicals > Bajaj Auto > L&T Finance Holdings

NEWS Top gainer

among A-group
Hits new all-time
high at ~8,684
Volume jumps 40x
over 2-week average OF THE DAY
companies on BSE on BSE Tata Consumer Products
~1,061.3 PREVIOUS CLOSE ~8,351.8 PREVIOUS CLOSE ~171.7 PREVIOUS CLOSE Hits new all-time high at
~1178.5 CLOSE ~8,590.9 CLOSE ~159.3 CLOSE ~1,222; Surged 28 per cent
p 11.0% UP p 2.9% UP q 7.2% UP in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
6 Mar ’24 Chg (%) Con Std 6 Mar ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3234.0 -2.3 1.0 105.0 147.0 ITC 407.9 0.4 5.0 26.5 24.8 price price (%) price price (%)
Adani Ports 1324.8 -1.0 1.0 39.6 218.9 JSW Steel 812.9 -0.8 1.1 17.8 20.1 Tata Chem 1202.7 1178.6 11.0 1202.7 1202.7 Maha Gas 1298.0 1329.4 -15.0 1116.9 909.1
MOST BULLISH MOST BEARISH
Apollo Hosp 6054.3 -0.1 0.6 106.3 87.2 Kotak Mah Bank 1759.8 2.6 2.5 20.1 26.6 Pidilite Ind 2840.3 2830.4 4.9 2840.3 2840.3 Indiab Real 102.7 106.6 -9.6 81.6 45.9
Asian Paints 2827.3 0.2 1.3 49.9 50.7 Biocon 276.5 274.5 0.7 Berge Paint 557.0 577.8 -3.6 ICICI Prud Life 579.6 576.5 4.1 579.6 615.6 L&T Finance Hol 154.9 159.3 -7.2 146.2 79.0
L&T 3642.2 0.8 4.9 39.6 51.9
Axis Bank 1125.0 2.2 3.1 32.1 28.9 Adani Enter 3257.4 3234.0 0.7 Indraprst Gs 424.5 430.1 -1.3 Varun Bever 1447.0 1433.6 3.9 1560.3 1560.3 Manapp Finance 168.9 174.1 -6.6 159.2 102.0
LTIMind 5164.2 0.6 0.5 33.3 34.1
Glenmark 933.1 926.4 0.7 Tata Chem 1173.7 1178.5 -0.4 Oracle Fin 8064.9 8008.5 3.5 8198.5 8198.5 Indraprst Gs 424.3 430.2 -6.2 393.0 375.8
Bajaj Auto 8605.8 3.0 1.1 32.9 34.9 Mah & Mah 1970.7 1.6 1.9 23.8 24.0 Vodafone Idea 14.2 14.1 0.7 SBI Card & Pay 699.8 702.2 -0.3 Bajaj Auto 8684.0 8590.9 2.9 8684.0 8684.0 Aditya Birla 172.8 181.1 -5.7 155.0 139.4
Bajaj Fin 6311.3 -0.2 1.7 33.9 32.3 Maruti Suzuki 11567.1 -0.9 1.5 44.3 30.4 L&T Finance Hol 160.3 159.2 0.7 IDFC First Bank 81.6 81.8 -0.3 Kotak Mah Bank 1771.3 1758.3 2.5 1926.0 2063.0 Ind Ove Bank 65.4 65.7 -5.1 40.7 20.9
Bajaj Finsrv 1554.6 0.3 1.0 31.8 211.7 Nestle India 2533.1 -0.2 0.9 - 81.4
Bharti Airtel 1193.7 2.1 3.0 80.3 149.2 Infibeam Aven 38.9 38.0 2.4 40.0 40.0 Suzlon Energy 38.6 38.5 -5.0 33.8 7.0
NTPC 352.0 -1.8 1.6 20.2 18.8 BSE NSE Axis Bank 1131.9 1125.8 2.3 1150.0 1151.5 GMR Airports 80.8 82.7 -4.6 58.2 37.3
BPCL
Britannia
638.4
4880.8
-1.0 0.6 65.0 4.8
1.1 0.6 54.4 55.7
ONGC 280.3 -1.2 1.4 9.9 11.9 Index Stock Index Stock PUT-CALL RATIO Bharti Airtel 1196.0 1193.9 2.2 1201.0 1201.0 Gujarat Gas 555.6 566.9 -4.6 431.8 397.2
Power Grid 293.7 -0.4 1.3 17.7 17.6 Alkem Labs 5221.8 5199.1 2.0 5519.1 5519.1 RailTel Corp 414.8 418.3 -4.5 279.0 96.2
Cipla 1485.3 0.8 0.8 32.3 35.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 3006.0 0.2 10.1 29.1 45.5 SBI Life Ins 1523.8 1520.5 2.0 1571.6 1571.6 Sun TV Net 598.2 616.1 -4.3 595.6 394.0
Coal India 461.6 0.2 1.0 9.7 18.3 Contracts 2181 - 554115 1497676
SBI 783.9 0.0 2.9 11.0 12.3 Market 2376.9 4161.0 0.6 Sun Pharma 1607.0 1603.9 1.9 1607.0 1607.0 Piramal Entp 864.9 886.1 -4.3 838.0 630.2
Divis Lab 3544.7 1.7 0.4 51.6 69.0 Open Int.(000) 12 - 22261 8194213
SBI Life Ins 1520.4 2.0 0.7 - 81.9 Muthoot Finance 1421.6 1390.9 1.9 1537.4 1537.4 RITES 729.8 737.7 -4.2 470.5 330.0
Dr Reddys 6314.7 0.2 0.8 20.1 26.5 Shares(In Mn) - - 16.5 3324.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1604.0 1.9 1.7 43.2 396.8 Divis Lab 3559.0 3545.4 1.7 4072.4 4072.4 HFCL 102.4 103.6 -4.2 66.5 55.8
Eicher Motor 3793.2 0.0 0.5 27.1 29.6 Value(~ crore) 174 - 48391 130679
Tata Consumer P 1220.1 1.6 0.7 96.7 107.2 ABB India 1.0 Ipca Labs 0.2
Grasim Ind 2236.5 0.2 0.8 21.6 99.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 1017.7 -0.4 1.8 17.4 39.9 IndusInd Bank 1.0 Astral 0.2
HCL Techno 1644.2 1.5 1.7 28.4 38.0 Contracts 9664307 - 818534071 5196741
Tata Steel 151.6 -0.2 1.2 - 42.9 Tata Consumer P 0.9 NTPC 0.3
HDFC Bank
HDFC Std Life
1442.6
614.0
0.1 10.7 23.8 19.4
1.0 0.6 96.5 87.1 TCS 4064.3 1.3 4.0 32.8 35.0
Open Int.(000)
Shares(In Mn)
5953
-
- 602787
- 16349.7
5935026
9198.0
Tata Chem 0.9 ONGC 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1271.0 -0.1 0.8 44.1 54.5 Bank of Baroda 0.9 Torrent Phar 0.3
Hero MotoCorp 4635.3 1.0 0.6 33.0 24.3 Value(~ crore) 718014 - 63143693 466734 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 527.0 0.9 0.8 11.7 38.0 Titan Company 3810.8 1.6 1.6 104.1 96.9 BSE+NSE BSE+NSE
UltraTech 9641.1 -2.0 1.1 43.4 44.5 1 Reliance Ind 2033732.6 BS200 DOWN 7 DAYS
HUL
ICICI Bank
2400.8
1097.1
0.0 2.1 55.7 55.0
0.8 7.5 22.6 19.6 UPL 473.2 -0.2 0.2 - 33.6 ACTIVE CALLS ACTIVE PUTS Samvardhana Mot
(~ crore)

5833.6
(Mn shrs)

481.5
2
3
TCS
HDFC Bank
1470866.2
1095286.9 UP 3 DAYS Balaji Telef -34.0
IndusInd Bank 1554.6 0.8 1.0 - 14.0 Wipro 513.2 0.0 0.7 23.8 30.0 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Tata Chem 21.2 Bhatia Communic -30.0
4 ICICI Bank 769865.9
Infosys 1617.6 0.7 5.7 27.5 27.2 Nifty 50 22474.1 á0.5 100.0 25.6 30.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Zomato
HDFC Bank
4635.5
3183.6
288.7
22.0 5 SBI 699733.3 ICICI Prud Life 7.1 Cyber Media -29.5
INDEX PE SHRS TRDS 1 YR Index Index 6á Bharti Airtel 674453.6 Oil India 6.9 Raghuvansh Agro -25.2
ICICI Bank 2510.1 22.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
06/03/24
06/03/24
48000
48100
743.4
721.4
8.9 230.3
6.9 617.6
Nifty Bank
Nifty Bank
06/03/24
06/03/24
48000
47900
838.6
558.8
9.6
7.5
2869.1
3208.1
Tata Chem 2357.6 20.8
7â
8
Infosys
LIC India
671266.8
639046.4
Bajaj Auto
Bank of India
6.8
5.7
Swashthik Plasc -24.5
SENSEX 26.4/30.9 13.3 312 19 11 23.0 BHEL 2210.5 86.1 Shree Marutinan -22.8
Asian Paints 2827.6 0.3 1.5 49.9 50.7 Maruti Suzuki 11576.9 -0.8 1.7 44.3 30.4 Nifty Bank 06/03/24 48200 603.7 5.4 234.7 Nifty Bank 06/03/24 47800 360.1 2.8 517.6 9 HUL 564068.5 Bharti Airtel 5.6
Axis Bank 1125.8 2.3 3.7 32.1 28.9 NIFTY 50 25.6/30.2 312.3 7267 32 18 26.9 SBI 2129.5 27.2 Suyog Gurbaxani -22.5
Nestle India 2532.6 -0.3 1.0 - 81.4 C = CONSOLIDATED; S = STANDALONE Nifty Bank 06/03/24 48500 505.5 3.2 7.0 Nifty Bank 06/03/24 47500 334.7 3.2 27.3 10 ITC 508870.8 Muthoot Finance 5.5
Bajaj Fin 6311.3 -0.2 2.0 33.9 32.3 NTPC 351.9 -1.8 1.9 20.2 18.8 Nifty Bank 06/03/24 48300 443.1 2.4 61.6 Nifty Bank 06/03/24 48100 326.2 1.8 2572.6 Jio Financial 1861.0 56.8 UP 3 DAYS
11 L&T 500874.3 DOWN
Bajaj Finsrv 1551.6 0.1 1.1 31.7 211.3 Power Grid 294.1 -0.3 1.5 17.7 17.6 CASH DERIVATIVES Stock Stock Axis Bank 1577.4 14.0 12 HCL Techno 446191.9 SAB Inds 72.8
TURNOVER BSE NSE BSE NSE
Suzlon Energy -12.3
Bharti Airtel 1193.9 2.2 3.5 80.3 149.3 Reliance Ind 3006.0 0.3 11.8 29.1 45.5 Vodafone Idea 28/03/24 15 235.8 139.0 -0.4 Vodafone Idea 28/03/24 14 79.6 104.1 9.7 13 Bajaj Fin 390035.3 Evans Electric 32.1
Tata Motors 1563.7 15.4 IREDA -11.9
HCL Techno 1644.3 1.5 2.0 28.4 38.0 SBI 784.1 0.0 3.5 11.0 12.3 VALUE(IN ~ CRORE) 11046 110064 718188 63789496 Vodafone Idea 28/03/24 16 166.2 148.3 4.7 Vodafone Idea 28/03/24 13 48.8 87.5 -0.4 14 Sun Pharma 384823.7 Sarasw.Comm. 31.6
Bajaj Fin 1404.3 2.2 RailTel Corp -9.0
HDFC Bank 1441.9 0.1 12.5 23.8 19.4 SHARES(IN MN) 981.8 4866.9 - 28888.4 Vodafone Idea 28/03/24 17 150.9 138.8 1.0 BHEL 28/03/24 250 35.0 5.4 -0.5 15 Adani Enter 368607.6
Sun Pharma 1603.9 1.9 2.0 43.2 396.8 Kotak Mah Bank 1346.3 7.7 MCX -8.2 Welspun Inv 23.3
HUL 2400.7 0.1 2.5 55.7 55.0 TRADES(000) 4523 39617 - 190650 Vodafone Idea 28/03/24 14 139.8 140.8 42.5 Vodafone Idea 28/03/24 12 34.7 61.7 -2.0 16 Maruti Suzuki 363977.7
Tata Motors 1017.6 -0.4 2.1 17.4 39.9 Maha Gas 1203.9 8.9 Chola Inv -7.2 Kir’skar Bro 17.5
ICICI Bank 1096.8 0.8 8.8 22.6 19.6 Vodafone Idea 28/03/24 18 82.2 154.8 0.4 1Mothersons S 28/03/24 120 34.2 6.7 82.3 17 ONGC 352562.3
Tata Steel 151.4 -0.3 1.4 - 42.8 Reliance Ind 1200.3 4.0 Indiabulls Hous -6.6 Laffans Petr 16.0
IndusInd Bank 1553.8 0.8 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18á Kotak Mah Bank 349532.5
Infosys 1617.3 0.7 6.7 27.5 27.2 TCS 4065.3 1.3 4.6 32.8 35.0 YES Bank -6.5
NHPC 1200.3 129.7 19á Axis Bank 347355.8 Tata Invest 15.8
Tech Mahindra 1271.4 -0.1 0.9 44.1 54.5 BSE 39,155,340 39,791,687
ITC
JSW Steel
407.7
812.8
0.4 5.8
-0.8 1.3
26.5 24.8
17.8 20.1 Titan Company 3809.9 1.5 1.8 104.1 96.9 NSE 38,707,470 39,376,036 SPURT IN VOLUMES PNB
Infosys
1135.2
1065.9
88.1
6.7
20â
21á
NTPC
Titan Company
341177.3
338238.5
Others
UP 7 DAYS
DOWN 3 DAYS
IIFL Finance -38.1
UltraTech 9643.7 -2.0 1.3 43.4 44.5 DERIVATIVES 26,070,328 26,070,328
Kotak Mah Bank 1758.3 2.5 3.0 20.0 26.6 Company Days 2-week Avg Change Close *Price 22â Tata Motors 338173.9 Nilachal Ref 101.8
REC 990.2 21.0 Thinkink Pictur -24.8
L&T 3643.7 0.9 5.7 39.6 52.0 Wipro 513.1 0.0 0.8 23.8 30.0 Volume Volume % price %chg Oasis Sec 40.8
Mah & Mah 1968.7 1.5 2.3 23.8 23.9 BSE SENSEX 74086.0 á0.6 100.0 26.4 30.9 TRADING ACTIVITY Birlaslamc - Ab 563180.0 6672.3 8340.6 1000.0 0.0
Bank of Baroda
SAIL
940.3
894.4
33.6
65.2
23
24
Adani Green En
Adani Ports
302763.6
286057.9 Amalgamated Ele 40.7
Gss Infotech -22.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á Coal India 284379.2 Shukra Pharmace 40.6 IIFL Securities -19.3
Starlineps Ente 305666.0 6341.3 4720.3 111.4 0.5 Power Fin 865.7 20.5
Equity Debt Equity Debt 26â UltraTech 278404.0 Khandel. Ext 40.6 Jasch Ind -18.2
Net Net Net Net 20 Microns 3320483.0 88891.8 3635.4 157.4 8.4 YES Bank 863.7 362.8
WORLD INDICES On 05 Mar -221 797 1650 -2775 Shanti Edu Init 222457.0 6181.4 3498.8 61.3 3.8 Bajaj Auto 847.7 1.0
27
28
Power Grid
Asian Paints
273484.1
271223.4
Longview Tea
Soma Papers
40.6
40.6
Exhicon Events
Pace e-Commerce
-16.5
-16.5
On 04 Mar -12 577 3217 250 Samvardhana Mot 481486776.0 16607344.2 2799.2 120.9 -3.5 Tata Steel 829.1 55.3 29 Wipro 268068.6
Indices Close % Chg* Indices Close % Chg*
On 01 Mar 2171 -216 4341 -905 JM Financial 96298190.0 3516180.4 2638.7 85.3 -10.7 30 Avenue Supermar 253062.4 (T+2) cycleStocks which rose/fell continuously
Bharti Airtel 825.8 7.0
Americas (Mar 05,24) Asia/Pacific (Mar 06,24) On 29 Feb 4201 -134 -3983 -2664 Maha Gas 8943063.0 345390.5 2489.3 1329.4 -15.0
S&P/ TSX Composite 21525.9 0.0 Jakarta Composite 7329.8 1.1 On 28 Feb -1389 844 1483 -4025 Pvtbanietf 246772.0 12040.8 1949.5 23.8 0.5
Dow Jones
Nasdaq Composite
38585.2
15939.6
-1.0
-1.7
Straits Times
Stock Exchange of Thai
3136.1
1370.6
0.9
0.8
Mar till date
2024 till date
1938
-20174
1158
41915
9204
46212
-3429
-71198
Dollar Inds
Raj Rayon Indus
201695.0
273528.0
10395.4
16069.6
1840.2
1602.1
525.3
28.9
6.0
-1.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Mar 05,24) Taiwan Taiex 19499.5 0.6 Group consider and ing. 5) To con- ious business MARCH 08
IBEX 35 10222.1 1.0 Shanghai Se Comp 3039.9 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company approve 1) Re- sider the val- agenda items Ashiana Isp: To
Purpose constitution of uation report Remedium consider and
FTSE 100 7671.5 0.3 Kospi 2641.5 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock various com- from regis- Lifeca: Meet- approve 1. Ca-
CAC 40 7953.3 0.3 Kuala Lumpur Comp 1531.5 -0.4 NET Net Fut OI Opt OI OI MARCH 07 mittees. 2) To tered valuer. 6) ing of the sual vacancy
HIGH *Pilani Investme . . . . 3982.9 LOW KRBL . . . . . . . . . . . . . . . 296.3
DAX 17739.2 0.2 Volatility (Mar 05,24) BS 200 *Godfrey Ph . . . . . . . . 3180.0 BS 200 *IKIO Lighting . . . . . . . 279.0 Ansal Infras: fix the Extra Appointment Board of Direc- arisen due to
On 05 Mar -17671 -5341 0.2 4.6 3.4
Asia/Pacific (Mar 06,24) CBOE Dow Jones 15.8 34.6 *Bosch . . . . . . . . . . . 30497.7 *TCPL Pack . . . . . . . . 2490.1 *Atul . . . . . . . . . . . . . . 5988.0 *Delphi World . . . . . . . 237.6 For considering ordinary Gen- of Mr. Joju Ma- tors of the resignation of
On 04 Mar -18414 -312 0.2 4.4 3.4
Hang Seng 16438.1 1.7 CBOE S&P 500 14.1 -2.6 *Bajaj Auto . . . . . . . . . 8684.0 *Bhagirad Chm . . . . . 1850.0 SBI Card & Pay . . . . . . . 698.1 *Gandhar Oil . . . . . . . . 225.7 and approving, eral Meeting dathumpady Company to statutory audi-
On 01 Mar -13873 4626 0.2 4.2 3.4
*Ebbetf0430 . . . . . . . 1349.0 *Sai Silks . . . . . . . . . . . 204.7 inter-alia, the (EGM) by video Johny as the consider acqui- tors M/s. S.
Nikkei 225 40090.8 0.0 * Change over previous close On 29 Feb -1231 -6647 0.2 2.3 3.2 *Dixon Tech . . . . . . . . 7200.0 *Zee Enter . . . . . . . . . . 150.0
*TechNVision Ven . . . 1198.4 Mold-Tek Techno . . . . . 200.4 Un-Audited/ conferencing Functional Di- sition of man- Singha I & Co.
On 28 Feb -31350 -248 0.3 5.9 3.6 *ABB India . . . . . . . . . 5716.7 Others
Audited Finan- method on rector to Over- ufacturing and to fill the
MAJOR INDICES Mar till date
2024 till date
-49958
-1061205
-1027
-21774
-
-
-
-
-
-
Pidilite Ind . . . . . . . . . 2840.3
*Torrent Phar . . . . . . . 2745.6
*Panorama Studio . . 1074.5
*Mirae -ET . . . . . . . 1000.0
*Paushakltd . . . . . . . 5295.0
Timken India . . . . . . . 2572.0
*TVS Supply Chai . . . . 172.1
*Valiant Labs . . . . . . . . 159.0 cial Results 04th April 2024 see the EGM facility near casual vacancy
*Eyantra Ve . . . . . . . 963.9 *GRM Overseas . . . . . . 158.4 (Standalone and fix the rel- Process. 7) To hyderabad pro- it is being pro-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *TVS Motor . . . . . . . . 2299.6 *Tatva Chintan . . . . . . 1187.0
*Welspun Inv . . . . . . . . 934.8 Clara Inds . . . . . . . . . . . 150.7 and Consoli- evant date as consider the ducing inter- posed to con-
*Sun Pharma . . . . . . . 1607.0 *TCI Exp . . . . . . . . . . . 1050.2
dated) of the 05th March proposal to mediates for sider and
S&P BSE Sensex 73,677.1 73,587.7 74,151.3 73,321.5 74,086.0 408.9 0.6 *Tata Consumer P . . . 1222.0 *Veritas . . . . . . . . . . . . 875.2 Hinduja Glb . . . . . . . . . 869.4 *Hemant Surgical . . . . 143.2
Company 2024 for the take loan for the Pharma- approve ap-
Tata Chem . . . . . . . . . 1202.7 *Suratwwala Bus . . . . . 840.0 *Butterf Gandh . . . . . . 867.0 *Aeroflex Indust . . . . . 136.1
S&P BSE Sensex 50 23,459.3 23,442.2 23,600.3 23,320.3 23,579.4 120.1 0.5 S&P BSE SECTORAL INDICES *ICICI Bank . . . . . . . . 1113.4 *Schneider Elect . . . . . 726.2 Mold-Tek . . . . . . . . . . . . 820.1 Camlin Fine Sci . . . . . . 112.1
Ballarpur I: To
consider and
proposed pref-
erential issue.
an amount
upto Rs. 4
ceutical Indus-
try.
pointment of
M/s. Khiwani & the Extra-ordi- cial results for the permission scheduled to be To consider a
S&P BSE-100 23,264.3 23,251.8 23,373.7 23,090.8 23,356.1 91.8 0.4 *Zydus Lifescien . . . . . 964.5 *Elgi Equip . . . . . . . . . . 714.5 DHP India . . . . . . . . . . . 718.9 Lords Chloro . . . . . . . . . 111.8
Prev cls Close % Chng approve the 3) To appoint crores from Vibhor St: To Co. Chartered nary General the quarter and of the Chairman held on Friday proposal for
*SBI . . . . . . . . . . . . . . . . 790.2 *Jindal Stan . . . . . . . . . 707.7 Agro Tech Fd . . . . . . . . . 713.8 *Radiant CMS . . . . . . . . 83.2
S&P BSE-200 10,113.9 10,111.4 10,144.6 10,018.2 10,137.8 24.0 0.2 Audited Con- intermediate JMJ finance consider and Accountant ( Meeting (EGM) nine months Bharat Imm: March 8 2024 buyback of fully
Auto 48,429.2 48,560.4 0.3 *Oil India . . . . . . . . . . . 647.4 *Last Mile Enter . . . . . . 696.6 *Barbeque Nation . . . . 565.5 *Innokaiz India . . . . . . . 73.5
solidated Fi- agencies like limited. approve Un-au- FRNO. who shall hold ended 31st De- Meeting of the inter alia for the paid-up equity
S&P BSE-500 32,226.6 32,214.1 32,241.9 31,849.0 32,220.9 -5.8 0.0 Bankex 54,033.9 54,566.7 1.0 *Canara Bank . . . . . . . 606.0 *Manbro Inds . . . . . . . . 671.5 *Shivalik Rasaya . . . . . 550.0 *SI Paper . . . . . . . . . . . . 72.7
nancial Results CDSL/NSDL for LIC Hsg Fin: dited Financial 002589N) as office till the cember 2023 Board of Direc- following busi- shares of the
Cons. Durables 52,344.4 52,528.5 0.4 *NTPC . . . . . . . . . . . . . . 360.4 *Capfin India . . . . . . . . 665.9 Rhi Magnesit . . . . . . . 545.0 *NACL Inds . . . . . . . . . . . 67.2
of the Com- E-Voting. 4) To Meeting of the Results of the Statutory Audi- conclusion of along with the tors of the Com- ness (es): 1. To Company of
S&P BSE IPO 13,536.1 13,545.1 13,558.9 13,121.5 13,227.3 -308.8 -2.3 Cap. Goods 59,033.3 58,849.6 -0.3 *Bank of Baroda . . . . . 284.3 *TIL . . . . . . . . . . . . . . . . 591.0 *Best Agro . . . . . . . . . . 540.0 *Swashthik Plasc . . . . . 67.1
pany for the appoint M/S. Board of Direc- Company for tors of the the next Annual limited Review pany for appoint Com- face value of
FMCG 19,323.2 19,364.8 0.2 *BHEL . . . . . . . . . . . . . . 271.9 *Dai-Ichi Kar . . . . . . . . 575.0 VRL Logistics . . . . . . . . 536.0 *Silver ETF . . . . . . . . . . . 61.0 quarter and Lakshmmi Sub- tors of the the quarter Company for
S&P Dollex-30 7,296.9 - - - 7,338.6 41.6 0.6 General Meet- Report for that General Pur- pany Secretary Re. 1/- each as
Healthcare 34,708.1 34,820.5 0.3 *Union Bank . . . . . . . . . 158.6 *Wonder Electric . . . . . 572.6 *Medicam Bio . . . . . . . 455.1 *ESAF SMF . . . . . . . . . . . 59.8 year ended ramanian & As- Company and nine F.Y. 2023-2024 ing 2. Fixing the quarter. 4. To pose. and Compliance well as matters
Nifty 50 22,356.3 22,327.5 22,497.2 22,224.4 22,474.1 117.8 0.5 Infra 584.2 577.2 -1.2 Others *Electrotherm . . . . . . . 554.9 SG Finserve . . . . . . . . . 385.0 Thinkink Pictur . . . . . . . 58.2 March 31, 2020 sociates as Naapbooks: months ended on the recom- date of EGM consider and Coral Lab: To Officer of the related/ inci-
IT 37,370.5 37,617.5 0.7 *Tata Invest . . . . . . . . 9280.4 Dollar Inds . . . . . . . . . . 547.7 IIFL Finance . . . . . . . . . 382.8 *Vrundavan Plant . . . . . 50.0 pursuant to scrutinizer for Meeting of the on 31st De- mendations of
Nifty next50 59,981.4 60,033.8 60,048.9 58,900.2 59,806.1 -175.3 -0.3 and approving transit any consider and company; 2. dental thereto
Metal 28,358.5 28,350.7 0.0 *Sarasw.Comm. . . . . 7279.5 *R.J.Shah . . . . . . . . . . 486.0 Sumitomo Che . . . . . . 358.4 *Polymch Mach . . . . . . . 50.0 Regulation 33 e-voting to be Board of Direc- cember 2023 the Audit Com- the draft notice other busi- approve The Any other busi- in accordance
Nifty 500 20,382.0 20,368.8 20,396.8 20,139.4 20,379.6 -2.4 0.0 Oil & Gas 29,073.0 28,824.8 -0.9 *JSW Hold . . . . . . . . . 7180.7 *Fischer Chemic . . . . . 474.6 *Sharda Crop . . . . . . . . 350.6 Archit Organosy . . . . . . 45.0 of the SEBI conducted in tors of the along with Lim- mittee and calling EGM 3. nesses if any meeting of the ness with the with the appli-
Power 6,848.1 6,775.0 -1.1 *Waaree Renewabl . . 7090.5 *Tine Agro . . . . . . . . . . 392.6 Orient Bell . . . . . . . . . . 349.0 *HDFC Nifty . . . . . . . . . . 36.9 (LODR) Regula- the ensuing Company to ited Review Re- subject to the To consider and which may be Board of Direc- permission of cable provisions
India VIX 14.4 14.4 14.7 13.9 14.3 -0.1 -0.6 *Tulive Develop . . . . . . 384.5 Raw Edge Ind . . . . . . . . . 34.3
PSU 19,285.0 19,166.5 -0.6 *Jamshri Raelty . . . . . 6222.2 Kabra Extrus . . . . . . . . 348.0 tions, 2015. Extra ordinary consider and port. Any other approval of the approve the un- placed before tors of the Com- chairman. under the Com-
Nifty CPSE 6,091.8 6,091.2 6,113.9 5,914.0 6,045.7 -46.1 -0.8 Realty 7,346.9 7,244.2 -1.4 * Indicates that the market price of these companies reached two-year highs/lows. JMJ Fintech: To General Meet- approve var- Business. shareholders at audited finan- the Board with pany has been Dwarikes Sug: panies Act 2013

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes SYMBOLS FOR FACE VALUE OF
SCRIPS BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four < H
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (661.3) (662.0) (5687.7) (5680.9)
m ~50 H ~2 Open 656.1 657.5 5669.3 5660.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
n ~20
High 662.3 662.0 5716.7 5720.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions « ~1
Low 638.1 638.3 5585.9 5588.5
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 653.2 653.6 5703.2 5700.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 45259 1118K 16057 401K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 54.6 54.6 100.0 99.9
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5717/3143 5720/3141
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 23679 23691 120850 120798
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Energy So Adani Enter«
« Adani Green En Adani PortsH
H Adani Total Gas«
« Aditya Bir Fa Aditya Birla Alkem LabsH
H Ambuja CemH
H Apollo Hosp<
< Apollo Tyres«
« Ashok Leyland«
« Asian Paints«
« Astral«
« Atul Au Small Fin
PCLose (27389.6) (27370.4) (2666.6) (2668.8) (1070.1) (1070.3) (3308.7) (3310.2) (1946.9) (1947.4) (1338.7) (1338.3) PCLose (1019.6) (1020.2) (228.9) (229.0) (191.9) (192.0) (5095.6) (5100.4) (613.2) (613.1) (6060.0) (6061.1) PCLose (541.8) (542.0) (171.9) (171.9) (2820.1) (2820.4) (2106.2) (2106.8) (6069.8) (6067.7) (572.0) (571.8)
Open 27350.0 27255.0 2666.7 2665.0 1070.6 1071.9 3325.0 3323.0 1964.8 1950.0 1344.3 1342.7 Open 1020.0 1021.0 235.0 234.2 192.1 192.2 5108.5 5100.1 612.2 613.0 6049.8 6025.0 Open 544.3 542.0 171.7 171.9 2810.9 2828.0 2106.7 2111.0 6081.0 6149.0 573.2 575.4
High 27498.5 27520.0 2670.3 2673.4 1080.0 1080.0 3325.0 3323.0 1964.8 1953.5 1344.3 1344.6 High 1022.8 1023.1 236.0 235.4 192.3 192.3 5221.8 5221.7 613.2 613.7 6071.0 6078.9 High 544.3 543.0 172.0 172.2 2840.0 2839.0 2106.7 2111.0 6088.0 6149.0 577.9 578.2
Low 27002.7 27010.0 2598.0 2597.0 1045.7 1045.5 3183.1 3183.2 1894.8 1894.3 1303.6 1304.0 Low 996.0 995.4 222.1 222.1 172.8 172.8 5095.5 5087.3 595.8 595.5 5945.0 5945.0 Low 525.5 524.9 169.0 169.0 2777.8 2777.8 2050.0 2047.7 5988.0 5985.0 564.5 564.5
Close 27305.5 27321.5 2642.6 2642.0 1069.5 1069.5 3233.4 3234.0 1911.4 1910.5 1324.3 1324.8 Close 1007.4 1005.9 223.7 223.7 181.1 181.0 5199.1 5212.5 598.0 598.3 6055.2 6054.3 Close 535.4 535.3 170.7 170.7 2827.6 2827.3 2094.5 2093.0 6031.4 6029.4 566.7 566.8
Shares 395 9022 9433 217K 45989 2718K 62094 1935K 29982 643K 150K 2758K Shares 70013 3592K 353K 7929K 568K 21907K 3928 187K 161K 4127K 5873 589K Shares 35090 1088K 678K 9409K 41881 1723K 9694 477K 1877 81784 113K 3656K
PE 50.7 50.7 30.5 30.5 102.4 102.4 104.9 105.0 - - 39.6 39.6 PE - - - - 242.6 242.4 39.5 39.6 37.5 37.5 87.2 87.2 PE 18.9 18.9 20.3 20.3 49.9 49.9 99.8 99.7 44.6 44.6 23.9 23.9
52 Wk H/L 29628/19966 29639/19967 2760/1594 2746/1592 1250/687 1250/686 3349/1573 3350/1573 2016/620 2019/619 1357/571 1357/572 52 Wk H/L 1260/522 1259/522 266/184 266/184 199/139 199/139 5519/3045 5520/3042 625/341 625/341 6871/4170 6874/4168 52 Wk H/L 560/303 558/303 191/133 192/133 3567/2706 3568/2709 2144/1298 2144/1298 7587/5988 7590/5985 813/548 813/548
Mcap 58024 58058 49625 49614 119302 119302 368608 368670 302764 302629 286058 286177 Mcap 110788 110623 21232 21232 47072 47046 62155 62315 118742 118801 87061 87049 Mcap 34000 33997 50108 50123 271223 271195 56258 56218 17756 17750 37917 37927

Aurob Pharma«
« Axis BankH
H Bajaj Auto Bajaj FinH
H Bajaj Finsrv«
« Balkrishna IH
H Balram Chini«
« Bandhan Bank Bank of BarodaH
H Bata India<
< Berger Paints«
« Bharat Elctn«
« Bharat ForgeH
H Bharti Airtel<
< BHELHH Biocon<
< BirlasoftH
H Bosch
PCLose (1083.5) (1083.8) (1100.7) (1100.8) (8351.8) (8351.8) (6325.3) (6324.3) (1550.1) (1550.5) (2273.3) (2271.9) PCLose (380.5) (380.8) (198.1) (197.9) (278.0) (278.1) (1448.1) (1448.8) (575.7) (576.3) (210.8) (210.8) PCLose (1185.6) (1185.8) (1168.7) (1168.9) (264.9) (265.8) (280.1) (280.0) (759.0) (759.0) (30080.1) (30047.9)
Open 1075.3 1081.3 1091.6 1100.2 8353.3 8369.7 6326.4 6332.5 1560.0 1558.0 2289.4 2281.8 Open 379.3 378.5 198.8 198.0 277.4 277.9 1458.0 1454.0 571.3 575.1 212.0 211.8 Open 1197.0 1189.0 1174.4 1174.0 270.6 270.7 279.4 280.0 755.5 757.0 30497.7 30200.0
High 1080.2 1081.8 1131.9 1132.0 8684.0 8681.2 6347.2 6345.9 1560.0 1558.0 2289.4 2287.0 High 381.1 380.8 198.8 198.5 284.3 284.3 1458.0 1459.9 585.0 585.0 213.5 213.5 High 1197.0 1190.8 1196.0 1196.6 271.9 272.0 280.6 280.9 772.0 772.0 30497.7 30263.5
Low 1037.9 1038.1 1091.6 1095.4 8353.3 8364.0 6190.0 6187.8 1531.6 1530.8 2235.0 2235.3 Low 370.0 370.0 193.8 193.9 271.4 271.3 1415.1 1415.1 567.8 567.2 205.7 205.6 Low 1149.9 1150.1 1157.9 1157.4 249.7 249.6 269.4 269.3 738.9 738.7 29561.1 29553.2
Close 1059.8 1060.2 1125.8 1125.0 8590.9 8605.8 6311.3 6311.3 1551.6 1554.6 2279.9 2281.6 Close 373.0 373.1 194.9 194.9 282.6 282.6 1435.1 1434.3 578.7 577.8 210.5 210.5 Close 1183.2 1181.8 1193.9 1193.7 255.2 255.2 274.5 274.5 768.9 769.1 30154.7 30110.6
Shares 37949 1717K 260K 13788K 37896 960K 139K 2105K 48761 1239K 8557 272K Shares 170K 1638K 1063K 14536K 875K 32754K 4856 347K 14464 689K 1403K 26237K Shares 15552 674K 1552K 5465K 4243K 81812K 333K 6071K 105K 1688K 1685 59027
PE 22.4 22.4 28.9 28.9 32.9 32.9 32.3 32.3 31.7 31.8 36.4 36.4 PE 15.5 15.5 10.5 10.5 8.3 8.3 69.5 69.5 65.5 65.4 42.7 42.7 PE 43.0 43.0 80.3 80.3 - - 27.5 27.5 38.2 38.2 38.2 38.2
52 Wk H/L 1177/443 1177/445 1152/814 1152/814 8684/3705 8681/3711 8190/5487 8192/5486 1742/1216 1741/1215 2794/1912 2796/1909 52 Wk H/L 486/356 486/356 272/182 272/182 284/156 284/156 1770/1381 1771/1381 679/471 680/471 214/90 214/90 52 Wk H/L 1330/744 1330/744 1201/739 1201/739 272/68 276/68 307/192 307/192 862/250 862/251 30498/17816 30263/17801
Mcap 62094 62117 347356 347124 243277 243699 390035 390035 247558 248036 44070 44103 Mcap 7523 7524 31389 31397 146116 146116 18443 18434 67459 67360 153871 153835 Mcap 55087 55022 674454 674369 88862 88862 32950 32956 21218 21223 88926 88796

BPCL Britannia«
« Can Fin HomeH
H Canara Bank CGCELHH Chambal Fert Chola InvH
H CiplaH
H City Union Bk«
« Coal India Coforge Colgate«« Containr Crp<
< Coromndl Int«
« Cummins (I)H
H Dabur India«
« Dalmia BharatH
H Deepak NitrtH
H
PCLose (645.1) (645.1) (4824.8) (4825.6) (792.5) (792.0) (602.5) (602.5) (295.0) (294.6) (357.1) (357.4) PCLose (1046.2) (1046.9) (1473.8) (1473.4) (137.6) (137.6) (460.9) (460.6) (6317.2) (6316.5) (2543.6) (2543.6) PCLose (967.4) (968.0) (1091.3) (1091.1) (2774.3) (2774.8) (534.3) (534.8) (1993.8) (1995.9) (2201.4) (2201.4)
Open 643.1 643.0 4834.5 4839.0 788.5 791.9 603.3 604.0 295.0 295.2 350.1 353.5 Open 1040.0 1041.0 1476.6 1476.0 137.4 137.6 462.9 462.5 6319.6 6305.0 2524.2 2543.7 Open 970.0 965.0 1088.2 1092.0 2804.6 2784.0 535.0 534.8 1981.0 1996.0 2202.0 2200.0
High 652.8 653.0 4885.3 4887.8 795.5 795.6 606.0 606.3 295.8 295.7 359.5 359.7 High 1053.8 1056.3 1489.9 1489.9 138.0 137.8 465.0 465.0 6358.9 6368.1 2561.4 2563.4 High 974.4 975.0 1101.0 1101.5 2804.6 2796.5 535.3 536.0 1996.8 1998.5 2202.0 2201.8
Low 625.1 625.3 4793.5 4788.8 761.6 761.0 585.0 585.1 288.4 288.4 350.1 350.0 Low 1011.5 1011.2 1448.4 1448.2 135.1 135.0 444.8 444.6 6115.3 6113.7 2507.1 2505.0 Low 950.0 949.3 1075.3 1076.0 2710.0 2709.1 528.2 528.3 1917.3 1916.2 2137.0 2134.9
Close 638.2 638.4 4877.3 4880.8 784.2 784.8 599.8 600.0 290.9 291.3 358.3 358.3 Close 1020.0 1019.6 1485.0 1485.3 136.6 136.7 461.5 461.6 6311.3 6323.3 2555.1 2555.6 Close 972.2 971.7 1098.6 1098.7 2784.1 2784.3 531.6 531.5 1944.4 1946.0 2187.9 2189.6
Shares 430K 9129K 3543 191K 24718 637K 1288K 8864K 83427 2981K 39272 1181K Shares 28691 2251K 25381 1158K 277K 3152K 846K 14062K 17637 429K 3402 107K Shares 18784 1006K 9277 155K 6774 292K 20646 1082K 12681 399K 12307 222K
PE 4.8 4.8 54.4 54.4 14.8 14.8 7.8 7.8 42.6 42.7 11.1 11.1 PE 26.6 26.6 32.3 32.3 10.3 10.3 9.7 9.7 55.8 55.9 55.2 55.2 PE 48.8 48.7 18.7 18.7 54.4 54.4 52.5 52.5 35.2 35.3 71.3 71.4
52 Wk H/L 688/320 688/321 5386/4154 5386/4153 905/509 910/509 606/272 606/272 328/251 328/251 402/249 403/248 52 Wk H/L 1310/710 1310/710 1495/852 1495/852 168/120 168/120 488/208 488/208 6840/3565 6847/3565 2620/1477 2622/1478 52 Wk H/L 1035/555 1028/555 1288/842 1272/842 2828/1481 2828/1481 597/504 597/504 2429/1708 2431/1707 2520/1764 2521/1762
Mcap 138442 138474 117494 117577 10441 10450 108802 108848 18625 18650 14911 14911 Mcap 85666 85636 119887 119912 10118 10122 284379 284472 39004 39078 69499 69512 Mcap 59233 59206 32343 32346 77175 77181 94200 94182 36467 36496 29843 29865

Delta Corp«
« Divis LabH
H Dixon TechH
H DLFHH Dr Lal PathLabs Dr Reddys<
< Eicher Motor«
« Escorts Kub Exide Ind«
« Federal BankH
H GAIL Glenmark«
« GMR Airports«
« GNFC Godrej Cons«
« Godrej Prpty<
< Granules«
« Grasim IndH
H
PCLose (138.7) (138.8) (3485.1) (3484.4) (7057.6) (7057.9) (932.5) (932.0) (2240.1) (2237.8) (6305.6) (6303.3) PCLose (3792.9) (3791.9) (2867.4) (2865.8) (325.5) (325.5) (155.1) (155.2) (194.1) (194.1) (916.8) (917.2) PCLose (86.7) (86.8) (631.0) (631.3) (1244.1) (1244.7) (2487.0) (2485.9) (467.0) (467.1) (2231.4) (2231.5)
Open 139.2 138.8 3485.0 3485.0 7049.5 7041.0 936.0 931.0 2220.3 2237.8 6280.5 6303.3 Open 3795.7 3800.0 2865.9 2865.8 325.1 325.5 155.2 155.5 194.4 194.1 912.6 916.0 Open 86.9 86.8 632.1 633.0 1241.5 1248.7 2440.8 2484.0 466.7 468.0 2232.5 2237.9
High 139.5 139.5 3559.0 3560.0 7200.0 7200.0 936.0 933.9 2236.4 2258.8 6330.0 6332.0 High 3803.0 3806.9 2865.9 2865.8 325.8 326.0 158.5 158.6 194.4 194.1 935.0 935.6 High 86.9 87.0 635.0 633.9 1249.1 1251.5 2507.4 2507.9 468.8 469.8 2248.2 2253.0
Low 134.6 134.5 3451.0 3450.0 6928.1 6922.2 908.5 908.1 2175.0 2174.6 6188.7 6190.0 Low 3730.5 3734.1 2802.2 2802.2 316.7 316.6 152.8 152.7 185.7 185.7 903.6 903.2 Low 80.8 80.8 609.2 609.1 1220.8 1221.0 2405.0 2403.1 445.5 445.3 2197.0 2196.6
Close 135.9 135.8 3545.4 3544.7 7164.6 7152.6 922.8 922.7 2197.4 2196.3 6315.1 6314.7 Close 3795.4 3793.2 2841.9 2842.1 321.7 321.9 157.2 157.3 190.4 190.5 924.2 926.4 Close 82.7 82.7 620.2 620.3 1240.1 1240.2 2460.1 2460.4 458.1 458.5 2236.4 2236.5
Shares 104K 1960K 17542 642K 13731 340K 132K 3258K 11332 201K 6654 241K Shares 16856 315K 6858 142K 76372 1783K 1272K 28581K 1688K 20286K 118K 1578K Shares 839K 24842K 26757 896K 5946 458K 21717 358K 32002 1210K 13767 679K
PE 16.3 16.3 69.0 69.0 121.3 121.1 96.1 96.1 55.6 55.6 20.1 20.1 PE 27.1 27.1 32.0 32.0 28.0 28.0 10.3 10.3 17.2 17.2 - - PE - - 13.2 13.2 71.1 71.1 102.7 102.7 28.1 28.1 99.5 99.5
52 Wk H/L 260/125 260/123 4072/2730 4074/2730 7200/2755 7200/2754 944/337 942/337 2767/1763 2767/1762 6506/4310 6506/4309 52 Wk H/L 4202/2836 4200/2836 3435/1810 3440/1808 354/171 354/171 167/121 166/121 196/102 196/102 946/415 946/414 52 Wk H/L 94/37 94/37 815/484 815/484 1300/895 1314/894 2541/1006 2541/1005 481/268 480/268 2267/1522 2269/1521
Mcap 3639 3637 94111 94093 42844 42773 228421 228396 18343 18334 105348 105341 Mcap 103918 103858 31402 31405 27345 27357 38274 38286 125190 125223 26080 26143 Mcap 49923 49917 9112 9115 126837 126843 68399 68409 11104 11113 147267 147274

Gujarat GasH
H HAL<< Havells I«
« HCL TechnoH
H HDFC AMC< < HDFC Bank«« HDFC Std Life Hero MotoCorpHH Hind Copper<
< Hindalco«
« HPCL HUDCO HUL«« ICICI BankH
H ICICI Lombard ICICI Prud Life IDFC IDFC First Bank
PCLose (593.9) (593.5) (3240.7) (3237.0) (1540.8) (1540.2) (1619.7) (1619.3) (3797.6) (3794.7) (1441.1) (1440.8) PCLose (607.6) (607.7) (4588.1) (4590.0) (285.0) (285.3) (522.1) (522.1) (527.5) (528.0) (200.2) (200.1) PCLose (2398.1) (2399.9) (1088.1) (1088.1) (1654.8) (1652.4) (553.6) (553.7) (117.4) (117.6) (81.5) (81.6)
Open 595.6 594.0 3240.0 3238.8 1571.7 1570.0 1609.1 1613.0 3780.5 3792.7 1432.0 1433.6 Open 610.7 611.3 4587.6 4580.0 284.4 284.0 522.1 522.1 527.4 526.5 200.2 200.1 Open 2400.6 2404.0 1080.4 1080.3 1645.4 1653.9 555.0 555.0 117.4 117.2 81.5 81.4
High 595.6 594.8 3243.6 3245.0 1571.7 1571.0 1649.0 1650.0 3815.0 3815.8 1452.3 1452.9 High 618.2 618.1 4648.0 4649.0 286.6 286.5 527.8 527.9 529.6 529.8 204.5 204.5 High 2405.5 2408.9 1113.4 1113.6 1670.6 1670.7 579.6 579.9 117.5 117.5 82.0 82.1
Low 555.6 555.2 3155.0 3154.3 1507.3 1508.0 1603.4 1603.9 3733.7 3732.1 1432.0 1433.6 Low 605.0 604.7 4535.9 4536.1 271.5 271.3 514.0 514.0 504.6 504.2 191.3 191.3 Low 2376.0 2375.3 1080.4 1080.3 1633.9 1633.1 549.3 549.4 114.2 114.1 80.1 80.1
Close 566.9 566.9 3228.8 3228.2 1517.0 1517.7 1644.3 1644.2 3765.2 3763.1 1441.9 1442.6 Close 614.0 614.0 4631.8 4635.3 280.8 281.0 526.9 527.0 516.9 517.2 195.8 195.9 Close 2400.7 2400.8 1096.8 1097.1 1656.1 1655.8 576.5 576.9 116.0 115.9 81.8 81.8
Shares 113K 2081K 97385 1293K 44419 1660K 872K 2366K 11962 173K 837K 21205K Shares 96270 4897K 7613 353K 325K 7800K 193K 4638K 2734K 7531K 1650K 11306K Shares 47902 1354K 997K 21796K 18163 851K 119K 6081K 279K 7556K 2126K 43084K
PE 35.4 35.4 35.1 35.1 80.2 80.2 28.4 28.4 - - 19.4 19.4 PE 87.1 87.1 24.3 24.3 89.5 89.6 38.0 38.0 4.9 4.9 19.1 19.1 PE 55.0 55.0 19.6 19.6 44.4 44.4 90.9 91.0 4.4 4.4 19.1 19.1
52 Wk H/L 621/397 620/397 3267/1238 4170/1768 1591/1128 1591/1132 1697/1016 1697/1016 4066/1595 4067/1590 1758/1363 1758/1364 52 Wk H/L 711/458 711/458 4980/2247 4949/2246 307/94 307/94 621/381 621/381 594/220 595/220 227/41 226/40 52 Wk H/L 2769/2347 2770/2347 1113/811 1114/810 1740/1049 1735/1049 616/381 616/381 134/75 137/76 101/52 101/52
Mcap 39022 39022 215932 215896 95067 95114 446192 446178 80378 80335 1095287 1095857 Mcap 132063 132052 92590 92660 27154 27168 118405 118416 73318 73367 39197 39217 Mcap 564068 564092 769866 770076 81574 81561 83034 83084 18552 18544 57814 57828

IEX«
« India Cement IndiaMART Int Indian Hotel«
« Indraprst GsH
H Indus Towers IndusInd Bank Info Edge Infosys<
< InterGlobe Avia IOC Ipca Labs«
« IRCON IntlH
H IRCTCHH IREDA IRFC ITC«
« Jindal Steel«
«
PCLose (149.8) (149.8) (228.3) (228.3) (2638.3) (2639.8) (584.8) (584.8) (458.4) (458.5) (261.5) (261.5) PCLose (1542.0) (1542.4) (5019.4) (5022.5) (1606.2) (1606.5) (3186.6) (3186.4) (175.8) (175.9) (1188.9) (1189.7) PCLose (224.4) (224.4) (935.8) (935.8) (146.8) (146.8) (145.1) (145.1) (406.1) (406.1) (824.5) (824.5)
Open 154.4 154.4 229.2 229.8 2638.3 2634.9 587.7 586.9 459.0 458.4 260.8 261.0 Open 1542.9 1542.5 5022.5 5017.5 1600.1 1602.8 3209.0 3196.9 176.5 176.2 1188.2 1189.7 Open 224.2 224.4 935.8 936.0 146.9 147.2 145.0 145.2 408.7 406.5 827.7 826.7
High 154.4 154.4 229.8 229.8 2638.3 2635.7 587.7 587.2 459.0 458.4 260.8 261.0 High 1564.8 1564.8 5142.4 5142.0 1620.0 1620.2 3209.0 3196.9 178.1 178.2 1212.1 1211.5 High 224.6 224.5 937.0 937.0 149.5 149.6 146.0 145.7 410.0 410.0 833.9 834.0
Low 145.5 145.5 219.1 219.2 2564.3 2564.2 565.5 565.1 424.3 424.3 246.1 246.0 Low 1537.0 1536.6 5005.0 5005.0 1576.1 1576.0 3026.9 3026.0 172.0 172.1 1169.5 1168.5 Low 217.2 217.1 911.8 911.6 140.0 140.0 140.0 140.0 400.8 400.7 801.8 801.4
Close 147.5 147.6 223.6 223.6 2578.7 2580.8 574.6 574.1 430.2 430.1 252.9 253.0 Close 1553.8 1554.6 5074.3 5076.0 1617.3 1617.6 3069.3 3069.8 177.4 177.4 1198.4 1198.7 Close 219.7 219.7 929.0 929.1 141.9 141.8 140.5 140.5 407.7 407.9 830.2 830.2
Shares 1061K 10675K 142K 1846K 1889 110K 64183 4920K 232K 10075K 947K 24900K Shares 80227 5167K 9625 444K 258K 6421K 31373 1168K 1665K 37731K 9628 271K Shares 304K 6412K 233K 1888K 5139K 28754K 4118K 26188K 428K 11107K 97052 2246K
PE 40.0 40.0 - - - - 69.9 69.9 17.8 17.8 12.2 12.2 PE 14.0 14.0 82.0 82.0 27.5 27.5 16.5 16.5 5.6 5.6 55.2 55.2 PE - - - - - - - - 24.8 24.8 15.5 15.5
52 Wk H/L 173/116 173/116 277/167 277/167 3293/2284 3336/2316 603/302 603/302 516/376 516/376 271/136 271/136 52 Wk H/L 1694/990 1695/990 5537/3310 5545/3308 1731/1215 1733/1185 3301/1810 3300/1811 197/76 197/76 1264/670 1264/670 52 Wk H/L 281/52 281/52 1050/557 1049/557 215/50 215/50 193/25 193/25 500/370 500/370 850/503 850/503
Mcap 13153 13161 6928 6928 15789 15802 81789 81717 30111 30107 68142 68169 Mcap 120925 120988 65651 65673 671267 671371 118467 118488 250511 250440 30403 30411 Mcap 20658 20658 74316 74324 38126 38099 183613 183613 508871 509058 84689 84684

Jio Financial JK Cement JSW Steel«

« Jubilant FdH
H Kotak Mah Bank<< L & TH
H L&T Finance Hol L&T Tech SerH
H Laurus LabsH
H LIC Hsg FinH
H LIC India LTIMind«« LupinH
H M & M FinH
H Mah & Mah<< Maha Gas Manapp FinanceH
H Marico««
PCLose (321.6) (321.7) (4395.0) (4400.9) (819.4) (819.3) (457.3) (457.3) (1716.0) (1715.7) (3611.1) (3612.6) PCLose (171.6) (171.8) (5261.0) (5262.9) (420.0) (420.1) (656.0) (656.0) (1026.8) (1027.3) (5131.4) (5131.5) PCLose (1678.7) (1678.8) (291.0) (290.8) (1939.1) (1939.3) (1564.8) (1565.4) (186.3) (186.3) (518.5) (518.5)
Open 322.8 323.0 4397.2 4384.1 823.6 820.4 456.6 457.3 1720.7 1722.9 3639.5 3618.0 Open 170.5 170.0 5254.8 5245.0 420.2 420.0 653.5 656.0 1028.7 1030.0 5131.9 5150.0 Open 1672.0 1674.0 290.3 290.8 1949.7 1945.0 1536.5 1525.0 186.9 186.6 512.0 511.6
High 334.0 333.9 4397.2 4395.0 823.6 823.0 459.5 460.0 1771.3 1772.0 3653.0 3652.5 High 171.5 171.5 5295.7 5299.6 420.2 420.0 656.4 656.5 1034.6 1035.0 5179.2 5179.4 High 1681.4 1681.8 291.0 291.1 1979.6 1979.9 1536.5 1525.0 186.9 187.2 512.5 512.1
Low 321.5 321.4 4270.0 4268.0 800.0 800.0 446.5 446.3 1719.0 1718.4 3586.3 3586.1 Low 154.9 155.0 5138.7 5137.0 403.0 402.7 623.1 623.0 998.1 998.3 5074.0 5073.3 Low 1644.2 1643.3 278.2 278.0 1922.3 1922.0 1298.0 1297.3 168.9 168.7 504.0 504.1
Close 326.4 326.4 4299.2 4296.9 812.8 812.9 449.4 449.7 1758.3 1759.8 3643.7 3642.2 Close 159.3 159.2 5286.7 5285.8 410.5 410.7 640.2 640.2 1010.4 1010.3 5164.1 5164.2 Close 1666.0 1665.4 284.0 284.2 1968.7 1970.7 1329.4 1329.6 174.1 173.9 XD505.4 505.7
Shares 3091K 53717K 2556 93008 127K 2042K 99018 1597K 224K 7452K 38042 1500K Shares 5577K 23795K 2277 146K 49322 2206K 146K 2796K 101K 2542K 8439 608K Shares 8879 1219K 163K 4429K 42010 1673K 250K 8693K 856K 24224K 176K 1262K
PE - - 44.0 44.0 17.8 17.8 115.9 116.0 20.0 20.1 39.6 39.6 PE 17.5 17.5 43.9 43.9 117.7 117.8 7.3 7.3 - - 33.3 33.3 PE 42.4 42.4 19.2 19.2 23.9 24.0 10.2 10.2 7.2 7.2 44.6 44.7
52 Wk H/L 348/205 348/203 4565/2738 4575/2708 896/650 896/649 586/412 587/412 2063/1644 2064/1644 3739/2108 3738/2107 52 Wk H/L 179/79 179/79 5675/3281 5679/3297 445/280 445/279 672/315 672/315 1175/530 1175/530 6443/4130 6442/4132 52 Wk H/L 1701/628 1700/628 346/216 347/216 1982/1124 1982/1123 1579/909 1580/909 199/102 199/102 595/463 595/463
Mcap 207339 207339 33220 33202 198758 198795 29654 29670 349532 349821 500874 500675 Mcap 39649 39624 55907 55897 22124 22132 35211 35211 639046 639015 152959 152964 Mcap 75909 75884 35085 35116 244812 245054 13132 13134 14732 14720 65399 65431

Maruti Suzuki<
< Max Fin SreH
H MCX Metropolis HealH
H Mphasis MRF Muthoot Finance Nat Alum<
< Navin FluoH
H NBCC« « Nestle India«
« NHPC NMDC« « NTPC Oberoi Relty ONGC< < Oracle Fin<
< Page Inds
PCLose (11669.2) (11670.6) (978.2) (978.5) (3575.1) (3575.9) (1665.7) (1666.8) (2544.9) (2544.2) (145326.2) (145396.3) PCLose (1365.3) (1362.4) (166.1) (166.1) (3043.4) (3043.4) (132.6) (132.6) (2539.3) (2538.6) (92.4) (92.4) PCLose (242.8) (242.6) (358.3) (358.3) (1376.7) (1376.3) (283.6) (283.8) (7738.0) (7735.5) (35676.6) (35693.1)
Open 11669.2 11670.6 975.4 979.9 3584.5 3598.4 1655.1 1662.6 2520.1 2534.7 145375.0 145580.0 Open 1363.8 1359.1 165.8 166.0 3046.3 3054.0 132.7 133.0 2538.0 2540.0 93.7 93.6 Open 242.8 243.0 360.4 359.5 1361.3 1370.6 283.9 284.3 7710.7 7690.0 35603.7 35430.1
High 11669.2 11679.0 982.7 984.1 3591.9 3598.4 1658.2 1662.6 2532.0 2534.7 146114.5 146150.0 High 1421.6 1421.3 165.9 166.0 3055.0 3054.0 133.0 133.0 2566.8 2566.8 95.5 95.5 High 245.2 245.2 360.4 359.5 1373.5 1375.0 284.3 284.3 8064.9 8070.0 35757.7 35750.0
Low 11528.9 11518.4 962.8 962.4 3458.9 3458.0 1621.1 1620.8 2460.3 2461.0 144132.0 144000.0 Low 1346.0 1346.0 157.9 157.8 3000.2 3000.0 126.2 126.0 2509.4 2508.3 90.8 90.8 Low 235.5 235.6 344.9 345.0 1335.1 1334.6 273.7 273.6 7603.1 7602.6 35416.1 35381.3
Close 11576.9 11567.1 981.2 980.6 3515.1 3515.4 1647.2 1648.9 2523.6 2523.2 145903.7 145740.1 Close 1390.9 1392.7 162.9 163.0 3025.4 3025.6 127.4 127.3 2532.6 2533.1 91.5 91.5 Close 241.0 241.0 351.9 352.0 1354.0 1354.2 280.3 280.3 8008.5 8006.3 35692.7 35709.5
Shares 12333 640K 7622 462K 15143 535K 6150 163K 14329 448K 327 5515 Shares 120K 2896K 1173K 23336K 8478 223K 548K 13188K 24344 992K 9557K 120175K Shares 1061K 13137K 689K 13121K 14856 353K 505K 16807K 13224 230K 228 15679
PE 30.4 30.4 - - 8299.5 8300.2 - - 30.4 30.4 29.9 29.8 PE 14.3 14.4 19.1 19.1 53.8 53.8 61.3 61.3 81.4 81.4 25.4 25.4 PE 11.0 11.0 18.8 18.8 78.9 79.0 11.9 11.9 32.5 32.4 73.8 73.8
52 Wk H/L 11725/8127 11730/8130 1069/599 1068/599 3990/1289 3990/1285 1829/1176 1831/1171 2835/1661 2838/1660 151283/81391 151445/81380 52 Wk H/L 1537/911 1537/911 170/76 170/76 4922/2991 4950/2989 177/31 177/31 2771/1789 2769/264 116/39 116/39 52 Wk H/L 253/104 252/104 360/167 360/167 1586/815 1586/814 285/147 285/147 8199/3151 8189/3150 43599/34000 43570/33965
Mcap 363978 363668 33861 33839 17927 17929 8442 8451 47677 47671 61863 61794 Mcap 55839 55911 29919 29937 15006 15007 22923 22914 244188 244237 91912 91912 Mcap 70613 70613 341177 341274 49231 49239 352562 352562 69401 69383 39797 39816

PAYTM« « Persistent S Petronet LNG PI Inds«

« Pidilite Ind«
« Piramal EntpH
H PNBHH Polycab India Power Fin Power Grid PVR Inox Rail Vikas Niga RailTel Corp Ramco Cements«
« RBL Bank REC Reliance Ind SAIL
PCLose (404.1) (404.1) (8246.3) (8248.3) (291.1) (291.1) (3630.8) (3632.3) (2698.9) (2699.7) (925.7) (924.6) PCLose (129.7) (129.7) (4918.1) (4913.3) (417.6) (417.4) (295.0) (295.0) (1389.1) (1390.1) (241.3) (241.3) PCLose (438.2) (438.3) (823.2) (823.8) (255.8) (255.9) (465.0) (465.0) (2998.3) (3000.4) (140.3) (140.3)
Open 404.7 404.2 8248.5 8246.0 290.7 290.9 3607.4 3622.8 2681.3 2699.7 925.7 924.6 Open 129.7 129.6 4920.4 4931.0 424.9 424.9 290.5 290.3 1390.1 1378.1 241.5 241.8 Open 436.7 434.9 837.8 824.0 259.0 256.9 471.3 471.0 2989.5 2986.9 139.6 139.8
High 404.7 404.2 8388.7 8386.2 292.8 292.8 3658.0 3659.9 2840.3 2840.0 925.7 925.2 High 130.7 130.7 4945.0 4938.8 432.3 432.3 294.7 294.9 1390.1 1391.7 242.5 242.5 High 438.1 438.4 837.8 831.4 259.0 257.9 481.0 481.0 3019.0 3018.0 141.9 142.0
Low 384.0 384.1 8029.5 8025.1 280.4 280.3 3582.0 3580.5 2681.3 2697.0 864.9 864.6 Low 125.6 125.6 4805.0 4805.0 414.2 414.0 286.5 286.5 1353.5 1353.6 232.5 232.1 Low 414.8 414.7 796.7 796.7 247.2 247.1 463.0 463.0 2957.0 2957.0 133.2 133.2
Close 393.0 393.1 8370.5 8365.2 285.8 285.7 3652.3 3653.0 2830.4 2831.6 886.1 886.1 Close 130.3 130.4 4880.9 4880.3 424.2 424.2 294.1 293.7 1378.8 1378.1 237.5 237.6 Close 418.3 418.2 801.5 802.1 252.9 253.0 469.7 469.6 3006.0 3006.0 139.0 139.1
Shares 183K 2958K 7761 325K 238K 5011K 48472 264K 34786 1574K 172K 2629K Shares 5095K 82990K 60934 483K 1221K 19232K 596K 15969K 8340 342K 1372K 9329K Shares 242K 4755K 20876 1845K 575K 18584K 855K 20162K 110K 3903K 4257K 60978K
PE - - 62.6 62.6 12.6 12.6 34.1 34.1 84.1 84.1 - - PE 22.4 22.5 - - 10.2 10.2 17.6 17.6 - - - - PE - - 44.5 44.5 14.1 14.1 9.5 9.5 29.1 29.1 20.7 20.7
52 Wk H/L 998/318 998/318 8980/3959 8900/3962 296/192 296/192 4010/2870 4011/2869 2840/2275 2840/2275 1140/630 1140/630 52 Wk H/L 133/44 133/44 5723/2755 5733/2754 478/116 478/116 297/164 297/164 1880/1337 1875/1336 346/60 346/60 52 Wk H/L 491/96 491/96 1058/701 1058/704 301/132 301/132 524/113 524/113 3025/2180 3025/2180 150/81 150/78
Mcap 24959 24963 64478 64437 42863 42855 55405 55416 143952 144013 19906 19906 Mcap 143473 143528 73316 73307 139974 139990 273484 273159 13530 13523 49519 49530 Mcap 13425 13422 18938 18954 15290 15293 123669 123656 2033733 2033766 57414 57435

Samvardhana Mot«« SBI«

« SBI Card & Pay SBI Life Ins Shree Cement Shriram TrFn SiemensHH SJVN SRF Sun Pharma«
« Sun TV Net<
< Syngene Intl Tata Chem Tata Comm Tata Consumer P«« Tata MotorsH
H Tata Power«
« Tata Steel«
«
PCLose (125.3) (125.4) (783.9) (784.0) (716.0) (716.0) (1490.3) (1491.3) (25010.9) (25009.8) (2433.0) (2431.5) PCLose (4731.2) (4730.1) (121.2) (121.2) (2390.4) (2391.3) (1574.2) (1574.2) (644.0) (643.8) (692.7) (692.9) PCLose (1061.8) (1061.3) (1993.4) (1994.3) (1200.2) (1200.6) (1022.0) (1021.9) (396.0) (396.1) (151.9) (151.9)
Open 124.0 123.8 784.8 783.7 715.0 712.6 1494.4 1492.3 25074.6 25009.8 2401.5 2444.0 Open 4736.1 4745.0 121.7 121.9 2395.0 2398.0 1574.2 1575.0 646.7 643.8 693.4 690.0 Open 1068.4 1063.0 2009.5 1998.1 1213.5 1203.8 1030.0 1025.0 396.5 396.2 152.0 151.8
High 124.0 123.8 790.2 790.3 715.0 714.9 1523.8 1523.9 25086.0 25127.3 2453.6 2453.0 High 4740.0 4745.0 121.9 122.0 2417.1 2416.0 1607.0 1606.8 646.7 646.0 693.4 692.9 High 1202.7 1202.9 2009.5 2004.0 1222.0 1223.0 1030.6 1030.7 397.6 397.6 152.7 152.7
Low 118.0 117.9 772.9 772.9 698.1 698.0 1488.1 1487.0 24467.2 24458.0 2349.0 2348.9 Low 4627.5 4630.1 116.9 116.8 2365.7 2364.1 1567.0 1566.4 598.2 597.6 679.0 678.6 Low 1047.1 1047.6 1940.6 1940.1 1192.5 1192.0 1009.0 1009.0 384.8 384.7 147.9 147.9
Close 120.9 120.9 784.1 783.9 701.9 702.2 1520.5 1520.4 24767.1 24754.3 2376.0 2374.6 Close 4706.8 4708.6 119.5 119.5 2410.3 2411.7 1603.9 1604.0 616.1 615.9 688.0 688.1 Close 1178.6 1178.5 1992.2 1991.9 1219.9 1220.1 1017.6 1017.7 394.8 395.0 151.4 151.6
Shares 18164K 463323K 458K 26711K 178K 1772K 20528 1568K 1259 33596 36630 1349K Shares 5372 173K 1012K 18224K 5545 232K 30503 1761K 56651 1027K 8183 2103K Shares 1801K 18968K 40799 935K 40500 1367K 1149K 14215K 638K 15796K 3542K 51782K
PE 41.0 41.0 11.0 11.0 - - 81.9 81.9 38.0 38.0 13.6 13.6 PE - - 54.6 54.6 47.1 47.1 43.2 43.2 13.2 13.2 59.4 59.4 PE 16.4 16.4 173.7 173.6 96.7 96.7 17.4 17.4 35.2 35.3 - -
52 Wk H/L 127/62 127/62 790/502 790/502 932/698 933/698 1572/1039 1569/1054 30710/22601 30738/22606 2535/1203 2535/1202 52 Wk H/L 4760/3196 4760/3204 170/30 171/30 2637/2050 2636/2040 1607/923 1607/922 735/394 735/394 860/568 860/568 52 Wk H/L 1203/922 1203/922 2015/1157 2014/1157 1222/685 1223/687 1066/400 1066/400 413/182 413/182 156/102 156/102
Mcap 81927 81893 699733 699599 66744 66772 152255 152250 89360 89313 89269 89216 Mcap 167609 167671 46941 46941 71445 71488 384824 384848 24279 24271 27657 27663 Mcap 30025 30022 56776 56769 116227 116246 338174 338191 126150 126198 188938 189250

TCS«« Tech Mahindra<

< Titan Company«« Torrent Phar<
< Trent«
« TVS Motor«« UltraTech United Brew«
« United SpirtH
H UPLH
H Vedanta«« Vodafone Idea Voltas«
« WiproHH YES BankH
H Zee Enter«
« Zomato« « Zydus Lifescien«
«
PCLose (4011.4) (4012.1) (1272.8) (1272.5) (3752.9) (3750.8) (2662.2) (2661.9) (3851.1) (3852.3) (2283.4) (2280.9) PCLose (9839.2) (9838.3) (1704.3) (1703.2) (1152.7) (1153.6) (474.1) (474.3) (285.6) (285.7) (14.3) (14.4) PCLose (1070.8) (1071.3) (513.3) (513.3) (24.5) (24.5) (154.9) (155.1) (166.1) (165.9) (953.8) (953.8)
Open 4016.2 3994.1 1265.6 1267.5 3752.0 3748.1 2670.3 2684.0 3899.6 3876.5 2299.6 2295.2 Open 9900.0 9899.9 1702.2 1706.0 1147.6 1145.6 475.5 477.0 285.9 286.5 14.4 14.4 Open 1073.8 1076.3 513.1 513.7 24.3 24.5 155.5 155.5 163.5 164.4 950.3 952.9
High 4072.0 4072.0 1274.3 1274.4 3815.5 3815.0 2745.6 2742.6 3899.6 3893.9 2299.6 2295.2 High 9902.0 9914.3 1717.6 1719.8 1157.0 1157.6 477.6 477.5 289.2 289.3 14.4 14.4 High 1079.7 1077.7 515.0 514.9 24.5 24.5 156.5 156.3 164.0 164.4 964.5 964.9
Low 3959.4 3958.5 1250.1 1250.1 3704.0 3702.7 2644.9 2642.4 3752.0 3750.3 2231.2 2231.1 Low 9528.8 9532.0 1672.3 1673.9 1122.4 1123.1 464.7 464.5 275.0 275.0 13.8 13.8 Low 1044.1 1043.4 500.0 500.0 23.5 23.5 150.0 150.0 157.7 157.5 934.9 934.4
Close 4065.3 4064.3 1271.4 1271.0 3809.9 3810.8 2694.4 2691.2 3869.5 3872.0 2279.5 2280.0 Close 9643.7 9641.1 1714.3 1714.1 1153.5 1153.3 473.2 473.2 282.5 282.5 14.1 14.1 Close 1062.1 1062.0 513.1 513.2 23.6 23.6 154.1 154.1 161.6 161.6 962.1 961.9
Shares 70501 1744K 60012 2064K 40466 766K 14236 539K 18386 1010K 99388 1249K Shares 28838 535K 4829 143K 23163 975K 98266 3213K 654K 13944K 52252K 380744K Shares 24102 1443K 491K 5546K 52133K 310625K 633K 16148K 193093K 95622K 43101 840K
PE 32.8 32.8 44.1 44.1 96.9 96.9 61.0 61.0 155.1 155.2 53.9 53.9 PE 43.4 43.4 134.0 134.0 74.1 74.1 - - 22.1 22.1 - - PE 125.8 125.7 23.8 23.8 - 92.3 - - - - 32.7 32.7
52 Wk H/L 4185/3070 4185/3070 1416/983 1416/981 3885/2320 3887/2321 2746/1486 2743/1485 4098/1287 4100/1288 2300/1020 2295/1005 52 Wk H/L 10523/6991 10526/6991 1914/1342 1908/1354 1183/734 1182/734 760/452 760/452 301/208 301/208 18/6 18/6 52 Wk H/L 1139/745 1140/745 546/352 546/352 33/14 33/14 300/150 300/150 176/49 176/49 965/462 965/461
Mcap 1470866 1470504 124160 124121 338238 338318 91189 91081 137559 137650 108299 108323 Mcap 278404 278327 45326 45319 83900 83885 35515 35518 104992 104992 68736 68639 Mcap 35145 35140 268069 268121 67830 67888 14797 14797 142528 142484 97379 97358
.
BENGALURU | THURSDAY, 7 MARCH 2024 13
<
14
>
BENGALURU | THURSDAY, 7 MARCH 2024 1
CHANGE OF NAME
I, ESHA. V, aged about 41 Years,
Years, W/o Mr. M.S.
Vinaykumar, presently residing at #996/303, River
Stone Properties, 1st Main, 9th Cross, Opp. Muni
Venkatesh Ranga Mandira Ideal Homes, Township
Township
Rajarajeshwarinagar,, Bangalore South, Bangalore,
Rajarajeshwarinagar
Karnataka - 560098, I have changed my name from
"MADANAYAKANAHALLI
"MADAN AYAKANAHALLI VIN
VINAY
AY KUMAR
SHAILAJA", "M V SHAILAJA" to "ESHA V" and
FROM T
TODAY
ODAY ONW
ONWARDS
ARDS I WILL BE KNOWN AS
"ESHA V".
V".,, vide af
affidavit
fidavit dated 6/3/2024 sworn to
before K. V. Mani advocate and notary Bangalore

IN THE COURT OF THE XVIII ADDL. CHIEF

METROPOLITAN MAGISTRA
METROPOLITAN MAGISTRATE TE COURT A AT
T BENGALURU
C.MISC.No. 7412/2023
BETWEEN : Smt. D.B. Shanthala W/o. D.R. Badrinath aged
about 85 years No.144/464, Y Yashorama
ashorama 7th Main, 3rd Cross,
Hearaghatta Road, Behind Krishna Cake Palace
Bhuvaneshwarinagar, T. Dasarahalli, Bengaluru-560 057
AND : The T Tahasildar
ahasildar The Registrar of Birth and Death
Bengaluru North T Taluk,
aluk, K.G. Road, Bengaluru-560 009
RESPONDENT
PAPER PUBLICA
PUBLICATION
TION
Whereas, the petitioner named above has filed the above
petition seeking direction to register the date of death of the
deceased who is the petitioner Son by name D.B. Narasimha,
S/o. Late D.R. Badrinath who was died on 22/07/1989 died at
Road Accident and issue the direction accordingly for the death
certificate. It is required to produce the same before the
concerned authorities for the purpose of getting Death
Certifcicate/ and other government facilities.
Any person interested and having any objection in this matter,
may appear before the above court at 111.00 1.00 am. on
10/04/2024 to which date the case is posted for hearing.
Given under my hand and the seal of the Court this 4th day of
March 2024.
By Order of the Court
Sd/-Sheristedar
Sd/- Sheristedar Court of the 18th ACMM Court at Bengaluru
Advocate for Petitioner Sri. Rajesh.A & SHASHI KUMAR
Advocates No. 45/3, 1st Floor, 2nd Main Road,
Sheshadripuram, Bengaluru

Government of Punjab
Tender Notice Reference No. PIDB/Projects/OMBG/2024/4
Punjab Infrastructure Development Board and Department of Tourism & Cultural Affairs
invite online bids for Operation & Maintenance and Management of Banasar Ghar, Patiala
as a Food & Beverage outlet/Theme Restaurant with open Banquet on Public-Private
Partnership (PPP) Mode.
Closing Date & Time : 28.03.2024 at 03:00 PM
For details log on to : www.eproc.punjab.gov.in & www.pidb.org
Note: Any Corrigendum(s) to the Tender Notice shall be published on the above website
only. The RFP document can be downloaded from the above mentioned website
from 07.03.2024.
NA/12/22620/2023/33285 Managing Director, PIDB
.
BENGALURU | THURSDAY, 7 MARCH 2024
LOSS OF APPETITE
The spectrum auction this year could be a muted
affair, with telcos’ hunger for airwaves ebbing
away after the feasts of 2010 and 2022
SUBHAYAN CHAKRABORTY
& NIVEDITA MOOKERJI
New Delhi, 6 March
T
here is something about the
Barcelona telecom summit
that makes people open up. At
the recent Mobile World
Congress 2024, in the Spanish city
famous for its architecture, football
club, and nightlife, Indian telecom was
in the limelight for its fastest 5G rollout.
While Department of
Telecommunications Secretary Neeraj
Mittal made presentations on India’s
tech and telecom achievements,
including the 5G coverage, he also
spoke to the media about a less
glamourous subject: Spectrum, which
is radio frequencies allocated to mobile
phone service providers and other
sectors for communication over the
airwaves. The Tamil Nadu-cadre officer
of the Indian Administrative Service
reportedly said telecom companies
were not likely to be big spenders
during the upcoming spectrum auction
expected in two to three months.
Indeed, telecom operators are not
likely to bid aggressively as most of
them already possess significant
spectrum holdings, according to
Prashant Singhal, EY Global TMT
Emerging Markets Leader. “5G
NOTICE
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NOTICE is hereby given that Sundaram Trustee Company Limited, the Trustee to Sundaram Mutual Fund, has declared Income
Distribution cum capital withdrawal (IDCW) on the face value of ` 10/- under the following scheme:
Scheme Name
Regular Plan - IDCW - Quarterly
Direct Plan - IDCW - Quarterly
Sundaram Equity Savings Fund
Regular Plan - IDCW - Half yearly
Direct Plan - IDCW - Half yearly
# Or subsequent business day if the specified date is a non-business day.
* Income Distribution will be done/IDCW will be paid, net of tax deducted at source, as applicable.
Pursuant to the payment of IDCW, the NAV of the scheme will fall to the extent of payout and statutory levy, if applicable. The
IDCW payout will be to the extent of above mentioned IDCW per unit or to the extent of available distributable surplus, as on
the Record Date mentioned above, whichever is lower. Past performance may or may not be sustained in future. All unitholders
under the IDCW Option of the above-mentioned scheme, whose name appears on the Register of Unitholders on the aforesaid
Record Date, will be entitled to receive the IDCW. The above stated quantum of IDCW and the Record Date were approved by
the Board of Directors of Sundaram Trustee Company Limited vide their circular resolution dated March 06, 2024.
Place: Chennai
Date: March 07, 2024
For more information please contact:
Sundaram Asset Management Company Ltd
(Investment Manager to Sundaram Mutual Fund)
CIN: U93090TN1996PLC034615
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
TAKE TWO 15 <
focusing on a company’s business 5G spectrum, capable of offering that band, giving it a significant leg-up
model. The sharp decline in the ultra-high-speed mobile internet in accessing large swathes in semi-
number of operators, from 20-odd to connectivity. Of this, 51,236 MHz, or urban and rural areas.
three private players over the years, is 71 per cent of the total, was sold. In December 2023, senior officials at
seen to be a consequence of over- Under the telecom head, the latest Reliance Jio told this newspaper the
bidding at spectrum auctions, Budget has listed non-tax revenue company would follow a similar
among other reasons. collection of ~1.2 trillion in FY25, 28.5 strategy as Airtel for the upcoming
In fact, the government has decided per cent higher than the revised auctions, since it did not require large
to auction spectrum more frequently, estimate of ~93,541 crore in FY24. The quantities of spectrum. Jio had
preferably on an annual basis, to telecom revenue received by the Centre acquired 24,740 MHz of 5G airwaves
improve the quality of mobile services. in FY23 was ~64,835 crore, up 4.5 per worth ~88,000 crore in 2022.
Such a move also ensures that telecom cent from the previous year.
businesses remain sustainable. Spectrum renewal
Waning appetite Reliance Jio has no spectrum renewal
What’s on offer Earlier this year, Bharti Airtel CEO in 2024, but Airtel and Vodafone Idea
According to EY’s Singhal, annual and Managing Director Gopal Vittal (Vi) will need to ensure they have
spectrum auction is a good policy, as it said the company would be keen to enough options. For Airtel, spectrum
balances the financial outlay of secure more sub-GHz spectrum. After renewal worth ~4,200 crore is due in the
telecom operators and contributes to the company’s Q3 results, Vittal told 900 MHz and 1800 MHz bands in Uttar
efficient spectrum management. investors that Airtel would want to Pradesh (East), Uttar Pradesh (West),
“Operators can buy the spectrum that improve its 5G coverage indoors. West Bengal, Assam, Bihar, Jammu and
is required. They can better optimise Otherwise, Bharti Airtel has Kashmir, and Odisha.
their capital expenditure, which in maintained that it won’t be a big Vi needs to renew spectrum
turn translates to lower prices for spender in the next auction, as it worth more than ~1,950 crore in the
consumers,” he says. does not need spectrum for some 900 MHz in West Bengal and Uttar
On February 8, the Union Cabinet time and that it is aiming to reduce Pradesh (West).
approved the auction of 10,523.15 MHz its spectrum auction budget. It also The Department of Telecom has
of ~1.5 trillion (roughly $20 billion) for of spectrum across bands at a reserve wants to re-farm its mid-band airwaves, given a three-month extension for
the exchequer. That is the highest price of ~96,317.65 crore. All unsold such as 1800 MHz and 2100 MHz, once Airtel’s expiring spectrum as a
amount any telecom auction in India spectrum from the last sale will be up 25 to 30 per cent of smart devices stop-gap measure until the auction is
has netted so far, almost double the
4G airwaves sale in 2021.
for bidding again. This would mean
airwaves in the 800, 900, 1800, 2100,
become 5G-enabled, up from 15 to
20 per cent last year.
conducted to avoid a disruption in
telecom services. Airtel paid ~35 crore
More than a decade before that, in 2300, 2500, 3300 MHz and 26 GHz Airtel, with 65 million 5G users at for the extension.
spectrum monetisation is yet to kick 2010, the government garnered bands — covering a large chunk of voice the end of December, is not in favour of
off in India and we have the lowest ~50,968.37 crore from 3G spectrum and data spectrum. spending big bucks to buy airwaves in Marginal players
data tariffs globally. Investments auctions, which went on for over a Analysts have pointed out that the 700 MHz — one of the most expensive Two other players, which had taken
ahead of time in spectrum will not be month. At that point, it was an eye- higher frequency bands are expected to spectrum bands. Incidentally, 700 part in the last auction, are expected
justified,’’ Singhal told Business popping amount that telcos spent for command a lower price, similar to the MHz, which had fetched the highest to put up even less of a show this year.
Standard. He added that bidding is spectrum — a scarce resource — after last auction. And, airwaves in the 800 average price last time, will not be put Vi and Adani Data Networks are
likely to be concentrated in circles years of tussle over vacation of unused MHz and 2300 MHz bands are expected up for auction this time. locked in negotiations with the DoT
requiring renewal. spectrum from Defence Forces. to get a tepid response, given that they Airtel’s rival, Reliance Jio, followed a to be exempted from the government’s
In 2022, ahead of the 5G launch in Analysts explain that telcos have received no bids last time. different strategy on 700 MHz. Jio minimum rollout obligations and
India, two private telcos — Reliance Jio become more prudent compared to In the last round of auctions, which bought in this band for all the 22 the hefty penalties for not meeting
and Bharti Airtel — had gone all out at how they were in 2010, when ended on August 1, 2022, the telecom circles for ~39,270 crore. It was the norms.
the auction, which notched up a total spectrum buying was a race without government had put up 72,098 MHz of the only telco to purchase spectrum in Burdened by debt and erosion of
user base, Vi is unlikely to buy more
spectrum in 2024. CEO Akshaya
SPECTRUM BANDS AUCTIONED BY AUCTION YEAR Moondra said in January the telco
remained in discussion with vendors
SPECTRUM AUCTIONS: RISING REVENUE 2010* 700 MHz 800 MHz 850 MHz 900 MHz 1800 MHz 2100 MHz 2300 MHz 2500 MHz 3300 MHz 26 GHz for the 5G rollout as well as developing
COLLECTION, FALLING OPERATOR COUNT
Auctions Total Percentage Total revenue No. of
2010* û û û ü û ü ü ü û û use cases, but stressed that it won’t be
looking to buy more spectrum.
by year spectrum of spectrum collection by participating 2012^ û ü û û ü û û û û û Adani Data Networks had acquired
400 MHz airwaves in the service
2010-3G
sold (MHz)
465
sold (%)
100
Govt (~ cr)
50,968 7
operators 2013 û ü û û û û û û û û areas of Gujarat, Mumbai, Andhra
Pradesh, Karnataka, Tamil Nadu, and
2010*
2012
1,320
127.5
100
32.69
25,695
9,642
7
5
2014 û ü û ü ü û û û û û Rajasthan for ~212 crore. The company
says it plans to use the airwaves for
2013 30 15.38 4,114 1 2015 û ü û ü ü ü û û û û captive 5G use.
2014
2015
353.2
418.25
81.91
88.85
61,162
1,13,932
7
7
2016 ü ü ü ü ü ü ü ü û û In conclusion
As telcos enter the bidding ring this
2016
2021
964.8
855.6
40.97
37
64,809
77,820
7
3
2021 ü ü û ü ü ü ü ü û û year, the auction of 2024 will get more
2022 51,236 71 1,50,173 4 2022# ü ü û ü ü ü ü ü ü ü clarity on whether it would help the
government maximise revenues or
*Broadband Wireless Access Source : Department of Telecommunications Note : *First 3G and 4G spectrum auctions; ^2G spectrum auctioned across both GSM & CDMA bands; #First 5G auctions make the industry dial the next level.
Source : TRAI, DoT
— TENDER CARE — — Advertorial
MR. JOHN VARUGHESE NMDC CROSSES 40 MT
DHANLAXMI BANK MILESTONE ACHIEVED BEST EVER
NEW GENERAL MANAGER 11 MONTH VOLUMES
Dhanlaxmi Bank Ltd has promoted Mr. John Varughese, as India’s largest iron ore producer delivered its best ever cumula-
General Manager. tive volumes upto February 2024. NMDC produced 3.92 million
Mr. John Varughese has more tonnes and sold 3.99 million tonnes of iron
than 31 years of experience in ore in February 2024, taking the cumulative
InformationTechnology and Bank- tally to 40.24 million tonnes production and
ing. He started his career with 40.48 million tonnes sales in 11 months of
Dhanlaxmi Bank in 2005. Before FY24.
joining Dhanlaxmi Bank, he had NMDC’s sales performance in February
stints in various organizations, in- 2024 is the company’s best ever February
cluding 8 years with Federal Bank. month sales since inception. The 3.99 mil-
He is presently the Head of Infor- lion tonnes sales are 6% higher than the volume of iron ore sold
mationTechnology & Digital Bank- in February 2023.
ing.Apart from the above, he was The company reported a growth of 13% in cumulative produc-
Head - Information Security tion and 21% in cumulative sales upto February 2024 over CPLY.
Group, Chief Compliance Officer, Chief Credit Officer and Achieving its highest ever 11 month iron ore volumes in compa-
Regional Head over his years with the Bank. ny history, NMDC is geared up to set new milestones in FY24.
As General Manager, he will be heading the Business Congratulating his team for this performance, ShriAmitava Mukher-
Development, Operations, Information Technology and Digital jee, CMD (Additional Charge) said, “The first mining company in
Banking, Alternate Channels, Infrastructure and Associate India to cross the 40 million tonne mark and to achieve this mile-
Products Department of the Bank. stone three times in row, we are poised to deliver historic iron ore
He is an engineering graduate in Electronics and also an MBA volumes in FY24. NMDC’s growth has a multiplier effect through-
holder in Banking & Finance. He is a Certified Information out the economy. We are strategically positioning ourselves to
Systems Auditor (CISA) and is also a Certified Associate of In- augment this growth by ramping up production capacities, en-
dian Institute of Bankers (CAIIB). hancing supply chain reliability and transforming towards NMDC
2.0.”
KAMARAJAR PORT RECEIVES UNION BANK OF INDIA ORGANIZED
PRESTIGIOUS AWARD FOR PROCUREMENT MEGA RETAIL EXPO 2024
FROM WOMEN-OWNED MSES Union Bank of India has organized Mega Retail Expo 2024
(Retailathon 2024) on PAN India basis and it was conducted
at Hyderabad centre at Meydan Expo Centre, Hitex on
2nd March 2024. The
event was graced
and inaugurated by
Amount of IDCW* NAV per unit as on Shri. B Venkatesham
Plan - Option Record Date# Goud, IAS; Principal
(` per unit) March 05, 2024 (`)
Secretary, Education
0.291 16.6016 Department, Govt. Of
0.414 23.5993 Telangana in presence
March 12, 2024 of Shri Kare Bhaskara Rao (Chief General Manager and Zonal
0.540 15.4076 Head), Shri P Krishnan (General Manager), Shri A Ravi Kumar
(Deputy Zonal Head) & Shri Arvind Kumar (Deputy Zonal Head),
0.567 16.1811 Shri Kalyan Verma (RH Koti), Shri Arun Kumar (RH Secunder-
abad), Shri Rajani Kantha Rao (RH Punjagutta),& Shri N Srinivas
Rao (RH Saifabad) and staff members.
In the ‘CPSE Conclave’ held on 29th February 2024 in New Union Bank of India's presence in Telangana state is 2nd highest
Delhi, Kamarajar Port was honoured for the highest percentage in terms of no. of branches as well as in terms of banking business
in procurement from women-owned Micro and Small Enterprises amongst PSBs. Our ROI on retail loan products are highly
(MSEs) within the CPSE category. Shri Narayan Rane, competitive compared to peer banks.
Minister of Micro, Small, and Medium Enterprises for the The purpose of conducting this Retail Expo is to gain the market
Government of India, presented an award which was gracious- share under Retail loan segment which is one of the fastest
For Sundaram Asset Management Company Ltd ly received by Shri Yatin Patel, General Manager(CS&BD) of growing market. The Retail Expo was concluded successfully by
R Ajith Kumar Kamarajar Port Limited. showcasing 40+ Reputed Builders, 7+ Car Dealers and Popular
Company Secretary & Compliance Officer The recognition was bestowed upon KPL for its outstanding Educational Consultants . For instant and hassle free sanctions,
procurement practices, specifically in the category of total Union Bank of India has 15 exclusive Retail Processing Centers
Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
procurement between Rs. 100 Crore and Rs. 1000 Crore for the across Telangana State to cater the customer needs. To promote
Royapettah, Chennai-14.
fiscal year 2022-23. This achievement reflects KPL's ongoing higher Education in premier institutions (domestic/abroad), we
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
16x12cms
Fax: +91 44 2841 8108. www.sundarammutual.com mission to advance socio-economic progress and create a more are providing collateral free loans upto Rs.40.00 lacs. Customers
equitable business environment. Looking ahead, KPL is can apply for loans through various online platforms via VYOM
Regd. Office: No. 21, Patullos Road, Chennai 600 002.
committed to fostering further partnerships with women-owned application, Straight Through Process, UV Connect (Whatsapp
MSEs and driving positive change in the marketplace. Banking) etc.
 16
>
BENGALURU | THURSDAY, 7 MARCH 2024 1

Good news for newspapers

The newspaper trade is growing
B’luru water crisis:
Industries stare at hit
after five years. How publishers use
this bounty will determine its future
THE FINE PRINT SHIVANI SHINDE
Mumbai, 6 March

Peenya, an industrial estate in

VANITA KOHLI-KHANDEKAR Therefore, any variation in its Bengaluru and one of the
New Delhi, 6 March price hits both the top line and largest in Asia, is staring at a
bottom line. Add the advertis- dry spell for thousands of busi-

T
he big surprise in the
annual Federation of
Indian Chambers of
Commerce and Industry
(FICCI)-EY report released this
week is not the growth of digi-
tal. It is the 4 per cent revenue
growth in print (largely news-
papers) in 2023 over 2022. The
ing bounty and “print is doing nesses as the tech city faces a
very well”, he adds. creeping water crisis.
“There is a confidence level Peenya has over 16,000
print has established that keeps business units, a majority of
advertisers coming. And over which are from electrical, elec-
the last 10 years, the choices we tronics, automobile, packag-
make for the top four cities ing, garments, lubricants, con-
haven't changed,” says Shrikant
Shenoy, associate vice-pres-
ADVERTISING VOLUMES THE REVENUE STORY sumer
pharmaceuticals.
items and

report expects print to continue
to expand at a compound
annual growth rate of 3.4 per
cent till 2026.
This is the first time in five
years that newspapers have
grown both advertising and pay
revenues. That should not be
so surprising. There are reams
of full-page ads across India.
TAM Adex data shows that
advertising volumes and value
have risen over their pre-pan-
demic levels (see charts).
On the ground, too, some of
the largest newspaper pub-
lishers are having a good year.
DB Corp has just had its 10th
straight quarter of growth in
revenues and profits. The pub-
lishers of Dainik Bhaskar (Hin-
di), Divya Bhaskar (Gujarati)
and Divya Marathi among
other brands made a net profit
of ~169 crore in the financial
year (FY) ending March 2023.
In the first nine months of
FY24, DB Corp had already
crossed this figure to hit ~303
crore in net profit. It should fin-
ish the financial year at twice
the FY23 number, say analysts.
The Malayala Manorama
Company more than doubled
its net profit to ~81 crore. Other
publishers are set for a nice
growth in net profits in the year
ending March 2024.
The reasons? “Newsprint
prices have fallen to $500 a
tonne (in the last quarter) and
cover prices (across news-
papers) have increased,”says
Girish Agarwal, non-executive
director, DB Corp. Newsprint
forms 45-50 per cent of the total
cost of publishing a paper.
ident, Lodestar UM, a media
buying agency.
This is in spite of there being
no metric to measure what is
actually happening to news-
paper readership and circula-
tion (copies sold). There has
been no readership survey
since 2019 and audits of circu-
lation no longer offer a clear
picture because publishers
jump in and out of them all the
time.
“The metric doesn’t matter
to us because 75 per cent of our
advertising is local,” points out
Agarwal. Jayant Mammen
Mathew, executive editor and
director, Malayala Manorama,
agrees: “Advertising is going to
the top players; the dealers
know what response they get
from the number one and two
papers in a city.”
The real problem the busi-
ness faces is that “after Covid
the general narrative is not
favouring print”, says Agarwal.
Media buying agencies, which
get 30-40 per cent margins on
digital against say one per cent
on newspapers, have been talk-
ing up digital long before print
or TV started maturing.
The real news about
newspapers
That said, “circulation has been
under a lot of pressure”, says
Mathew. Depending on the lan-
guage there has been a fall of
anywhere from 10-30 per cent
in copies sold and a subsequent
fall in readership. In 2019,
newspapers logged a total read-
ership of 421 million — just
about half the reach of televi-
AND REVENUE Advertising vs pay
Indexed growth in newspapers and magazines n Advertising nPay
n Ad space in column centimetres*
n Ad spend based on card rates (~), not actuals 29,570
100
2018 8,990
100
94
2019
94
96 20,580
2022
101
98
2023
102 2019
*(Base year: 2018) Source: AdEx India (Tam Media Research)
sion and about 80 per cent of digital. The Times Group, The
the internet currently. Indian Express, DB Corp all
In general, though Indian have a huge presence online
newspapers are in better shape and are among the top sources
than their American or Euro- of news for Indians. But none
pean counterparts because of it brings any serious revenue
home delivery and the reading thanks to the dominance of
habit ensure circulation doesn’t tech-media firms. Google
plummet the way it has in the (Search, YouTube) and Meta
West. Over the last two decades, (Facebook, WhatsApp and
newspaper sales in the US have Instagram) took away more
halved — from 55 million to than 80 per cent of the ~57,600
about 23 million copies. More crore spent on advertising
than 2,200 local papers have online in India in 2023. That
shut down. India still sells 226 leaves very little for publishers,
million copies of daily news- streaming firms or any other
papers, going by Registrar of media operating online.
Newspapers data for 2021-22. Some of this can be dealt
Through the early part of with a la Netflix, which has
the millennium when the West created its own world where
was seeing its sharpest decline people pay to watch the pro-
in (physical) newspaper gramming they want without
reading and sales, the same ads. This involves spending
numbers were rising in India. money on the tech tools and
This gave many owners the people needed to generate,
time and money to focus on analyse and distribute news
(~crore)
Total
25,060 26,000
8,030 8,240
17,760
17,030
2022 2023
Source: FICCI-EY reports
much like say The Financial
Times or The New York Times
do. Soon after the pandemic
wiped out 70 per cent of their
top line, Indian publishers
started working on raising
cover prices, investing in pay-
walls among other things.
Agarwal reckons that print
has a (cyclical) bounty that
should be invested in strength-
ening the business by investing
in editorial, tech and hiring
more people. Often than not
the firms that are aggressive
about investing in the future
are helmed by the younger gen-
eration of the founding family
or owners. The ones where the
older generation is still in
charge have been slow or resist-
ant to change.
It won’t take much guess-
work to figure which brands
will come out stronger once the
digital dust settles.
Arif H M, president of the
Peenya Industries Association,
told BusinessStandard that the
crisis in the industrial estate
was serious and demanded
urgent attention. “We are fac-
ing a lot of problems, and are
meeting authorities regularly
to find a solution,” he said.
Arif feared an impending
blow to production. “Many
from the hosiery or garment
sector need water for process-
ing. You need water for
workers as well as other needs.
The government is saying it
will source recycled water for
the industry. But for that there
is a tendering process and at
this rate we will not get water
this season,” he added.
Ramesh Chandra Lahoti,
president of the Federation of
Karnataka Chambers of
Commerce & Industry, said
that the situation demanded
that the government, indus-
tries and citizens fight the crisis
together. “The impact on the
industries will be big because
we will have to buy from
tankers and costs will go up.”
Asked about a likely impact
on business, Lahoti said that
though it’s difficult to gauge it
immediately, product costs
could go up.
The voices of industry are
the latest after residential com-
plexes in some parts of the city
raised concerns about water
shortage.
A resident of Bannerghatta
Road in the southern parts of
the city, who lives in an area of
around 400 apartments, said
although there was no shortage
yet, discussions were rife on water being restricted and
tackling such a scenario. exorbitantly priced, the situ-
Amit Patil (name changed), ation has become severe,” she
a resident of JP Nagar in South added.
Bengaluru, said so far his apart- “The water shortage will
ment complex had not affect households as well as
resorted to water office complexes and
rationing. “Our res- The voices of campuses. All com-
idential association industry are the panies and tech
is looking at it. But latest after parks should take
considering the city residential measures to save as
did not get any rain complexes in much water as pos-
last year, this situ- some parts of sible. We also urge
ation was expected.” the city raised the authorities to
Essential services concerns about take the right meas-
like hospitals were water shortage ures to bridge the gap
also facing similar between demand
fear. A senior executive of a and supply for both corporates
hospital chain said that they and residences,” said Krishna
were relying on water tankers Kumar Gowda, Outer Ring
so far to tide over any potential Road Companies Association.
crisis. On Tuesday, Deputy Chief
Jaya Dhindaw, executive Minister D K Shivakumar had
program director, sustainable said the government would
cities at research organisation ensure adequate water supply
WRI India, said the situation to Bengaluru. “Some of the
waiting to happen as bore wells tankers are supplying water for
had been created haphazardly. ~600, while some others are
Despite a mandated water har- charging up to ~3,000. In order
vesting rule, societies or com- to standardise pricing, we have
mercial establishments ignore asked all the water tankers to
it largely, she said. “This is just register with the authorities.
the tip of the iceberg, and Prices will be fixed based on
unless systematically tackled, the distance travelled by the
this situation is going to recur.” tankers,” he told reporters.
She pointed to the phenom- Bengaluru has two major
enon of self-provisioning of sources of water: the Cauvery,
services common in which supplies the city 1,450
Bengaluru, especially on the million litres per day (MLD) of
outskirts where basic infras- surface water, and another 700
tructure or piped water from MLD from bore wells dug by
municipality is lacking. “Self- the municipal body, and
provisioning carries the weight handed over to the water
of environmental, economic supply and sewerage board.
and social challenges and
externalities. With tanker (With inputs from Sohini Das)

NOTICE OF LOSS OF SHARE CERTIFICATES

Notice is hereby given that the following Share Certificates issued by the Company are
reported to have been lost or misplaced and the registered Shareholders/Claimants thereto
have applied to the Company for the issue of duplicate share certificates.
S Folio Name of the Certificate No. of Distinctive Nos.
No. No. Shareholder No(s). Shares From - To
1 M00458* Medha Pradeep Havaldar 4824 200 52414109-52414308
Jointly With Pradeep 18352 200 76821096-76821295
Narayan Havaldar
*Shares of Rs.5/- face value
The public is hereby cautioned against dealing in any manner with the above share
certificates. Any person(s) who has/have any claim in respect of the said share
certificate(s) should lodge claim(s) at the Company’s Regd. Office: 8-2-337, Road
No.3, Banjara Hills, Hyderabad - 500 034 within 15 days of publication of this notice
after which no claim(s) will be entertained and the Company will proceed to issue duplicate
share certificate(s).
For Dr. Reddy’s Laboratories Limited
Place : Hyderabad K Randhir Singh
Date : 06-03-2024 Company Secretary , Compliance Officer
and Head - CSR

Dr. REDDY’S LABORATORIES LIMITED

Regd. Office: 8-2-337, Road No.3, Banjara Hills, Hyderabad - 500 034
CIN: L85195TG1984PLC004507, Tel: 91 40 4900 2900; Fax: 91 40 4900 2999
email: shares@drreddys.com; website:www.drreddys.com

Home First Finance Company India Limited

CIN: L65990MH2010PLC240703, Website: homefirstindia.com,
Phone No.: 180030008425, Email ID: loanfirst@homefirstindia.com
DEMAND NOTICE U/s 13(2)
You the below mentioned borrower has availed loan by mortgaging the schedule mentioned property and you the below mention has stood as borrower/co- borrower guarantor for
the loan agreement. Consequent to the defaults committed by you, your loan account has been classified as non- performing asset on 04-03-2024 under the provisions of the
Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short SARFAESI Act). We Home First Finance Company India Limited have
issued Demand Notice u/s 13(2) read with section 13(13) of the SARFAESI Act to the address furnished by you. The said notices are issued as on 04-03-2024 and these notices
state that you have committed default in payment of the various loans sanctioned to you. Therefore, the present publication carried out to serve the notice as the provision of Section
13(2) of SARFAESIAct and in terms of provision to the rule 3(1) of the Security Interest (Enforcement) Rules, 2002:
Sl. Total Outstanding as on date of
Name and Address of the Account, Details of the security to be enforced
No. Demand Notice plus further interest
Borrower(s)& Guarantor(s) and other expenses (in Rs.)
1 Late V Sivakumar (Deceased), V Vahini, Other legal site no.10, old khata no.794/10, present khata no. 1030, assessment no. 49/1c, 30,63,572
representatives of Late V Sivakumar (Deceased), thotaguddadahalli village, Dasanapura hobli, blore north bengaluru Karnataka 560073
2 Shiva S, Sudha S Property Site No. 198/185/18A, Survey No. 249, Situated at Gabbadei village, 9,92,319
Harohalli Hobli, Kanakapura Taluk, Ramanagar Dist. Ramanagar Karnataka 562112
3 Sakarenna Jeteppa Bhajantri, Sakkamma sakarenna House no -GP No. 2/129, C GP No. 2/129, CTS No SAKARENNA GP No. 2/129, 7,53,422
Assessment No. 151500601100100134, Situated near Maramma Temple, Haranoor
Village, Jewargi Taluk & Kalaburgi , Karnataka 585325
You are hereby called upon to pay Home First Finance Company India Limited within the period of 60 days from the date of publication of this Notice the aforesaid amount with
interest and cost failing which Home First Finance Company India Limited will take necessary action under the Provisions of the saidAct against all or any one or more of the secured
assets including taking possession of secured assets of the borrowers, mortgagors and the guarantors. The power available to the Home First Finance Company India Limited under
the said act include (1) Power to take possession of the secured assets of the borrowers/guarantors including the rights to transfer by way of lease, assignment of sale for releasing
secured assets (2) Take over management of the secured assets including rights to transfer by ways of lease, assignment or sale and realize the secured assets and any transfer as
of secured assets by Home First Finance Company India Limited shall vest in all the rights and relation to the secured assets transferred as it the transfer has been made by you.
In terms of the Provisions of the Section 13(13) of the said act, you are hereby prohibited from transferring, either by way of sale, lease or otherwise (other than in the normal course of
your business), any of the secured assets as referred to above and hypothecated/mortgaged to the Home First Finance Company India Limited without prior consent of the Home
First Finance Company India Limited.
Place: Bangalore / Kalburgi, Date: 07-03-2024 Signed by: AUTHORISED OFFICER, Home First Finance Company India Limited