WEDNESDAY, 24 JANUARY 2024

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

MUMBAI
~13.00
VOLUME XXVIII NUMBER 139

THE MARKETS ON TUESDAY chg#

Sensex 70,370.6 q 1,053.1

Nifty 21,238.8 q 333.0
Nifty Futures* 21,352.3 p 113.5 COMPANIES P3 ECONOMY & PUBLIC AFFAIRS P4
Dollar
Euro
Brent crude ($/bbl)
~83.2
~90.6
80.1##
~83.1 **
~90.4 **
80.2**
GOA, RAJ TOURIST FAVOURITES AYODHYA CHOCK-A-BLOCK
Gold (10 gm)### ~62,105.0 q
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~35.0
FOR REPUBLIC DAY WEEKEND AS TEMPLE OPENS TO PUBLIC
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

KARPOORI THAKUR
CONFERRED BHARAT ~8 trn wiped out as FAME-III set to power
RATNA POSTHUMOUSLY
Former Bihar chief minister (CM) and socialist
leader Karpoori Thakur will be awarded the
markets shed 1.5% e-buses this Budget
Bharat Ratna posthumously, the Rashtrapati NITIN KUMAR
EV PUSH

3,209
Bhavan announced on Tuesday. Thakur,

4,500
New Delhi, 23 January
nFAME-II nProposed

2,500
known as jan nayak, served as

2,000
Selloff led by banks, oil & gas stocks, FMCG, and metals in FAME-III (~ cr)

1,500
CM in two short stints between The third phase of the FAME
1970 and 1979. (Faster Adoption and Manuf–

987

839
750
750

centres 750
P7

400
404
ABHISHEK KUMAR acturing of Hybrid & Electric

e2W 5,311

100
IN RED, AGAIN

Trucks NA
Vehicles) scheme, expected to be

Testing NA
Mumbai, 23 January
‘HE WORKED TO CREATE proposed in the upcoming Union

Charging infra
e3W

buses
e4W
MORE INCLUSIVE SOCIETY‘

expenses*
SENSEX

I
Chg %

e-
ndian equities closed in the red for a fifth Budget, is likely to

Other
PM NARENDRA MODI writes time in six sessions on Tuesday amid con-
tinued selloff in banking stocks. A 30 per
-1.5 NIFTY 50
Chg %
give a boost to
electric buses. *including administrative
cent slump in shares of Zee Jan 20 From ~3,209 crore expenses

Direct tax-GDP ratio at Entertainment Enterprises and 71,423.7 -1.5 in FAME-II, the
Sources: Ministry, industry

growing concerns over hostilities in the Red allocation for e-

15-year high in FY23
The share of direct taxes in gross domestic
product (GDP) rose to a 15-year high of 6.11 per
cent during 2022-23 (FY23), but their buoyancy
fell to 1.18 from 2.52 in 2021-22, according to
official data released on Tuesday.
45% CXOs see FY25 GDP
growth hitting 6-6.5%
About 45 per cent of India Inc chief experience
officers expect a GDP growth rate of 6-6.5 per
cent in FY25, driven by a shift in consumer
choices and a rise in consumer goods and
retail spending, a Deloitte survey said. 4>
> RESULTS RECKONER
Sea also weighed on sentiment. buses is likely to sector, bolstering charging and period, an official at the heavy
The key benchmark indices, which rise to ~4,500 adoption of alternative fuel industries ministry said on con-
recorded gains in early sessions, plunged 70,370.6 crore under vehicles like hydrogen-powered dition of anonymity.
over 2 per cent from the day’s high. Jan 23 FAME-III, sources ones, Business Standard has learnt. Plans are also being drawn up
Compared to Saturday’s closing, the
TOP 5 SENSEX in the government have indicated. FAME-III has got in-principle to reduce the allocation for electric
6> S&P BSE Sensex closed 1.5 per cent, or
LOSERS 1-day The primary emphasis of the approval from the government two-wheelers to ~2,500 crore from
1,053 points lower, at 70,371. The As on Jan 23 chg (%) third phase will be on enhancing with a budgetary allocation of ~5,311 crore.
National Stock Exchange Nifty 50 also the public mass transportation ~12,500 crore for a two-year Turn to Page 6 >
IndusInd Bank -5.9
cracked 1.5 per cent to end at 21,239.
The broader market witnessed a SBI -4.2
deeper selloff, with the Nifty Midcap HUL -3.8
100 and Nifty Smallcap 100 plunging
3.1 per cent and 2.9 per cent, respec-
tively. About ~8.4 trillion of investor
HDFC Bank
Bajaj Finance
-3.5
-3.2 Byju’s losses almost doubled in FY22
wealth got shaved off.
The decline was led by the banking
Sources: Bloomberg, exchanges
Compiled by BS Research Bureau Subsidiaries WhiteHat Jr, Osmo contributed to 45% of losses
sector stocks, with top-weight HDFC PEERZADA ABRAR
Bank plunging 3.25 per cent, extending its slide II, 1 Bengaluru, 23 January FY22 REPORT CARD
to 15 per cent since its disappointing results last nFY21 nFY22
week. HDFC Bank alone accounted for a third of Zee shares crash 30% to Edtech company Byju’s losses widened to ~8,245.2 crore
In ~ crore

Quarter ended Dec 31, 2023; common sample of

index losses.
The Nifty Bank Index declined 2.3 per cent
258 companies (results of 311 firms available)
on Tuesday. All sectoral indices, except for
record single-day fall in 2021-22 (FY22) from ~4,564.38 crore in 2020-21 as sub-
sidiaries WhiteHat Jr and Osmo underperformed,
Shares of Zee Entertainment Enterprises Limited fell
according to regulatory documents filed on Tuesday, Loss

7,027.47
30.5 per cent, its worst single-day fall, after the

5,298.43
5,014.60
SALES pharma, closed in the red, with Nifty Media nose- almost 22 months after the reporting period ended.

2,428.39
2,280.26
broadcaster’s $10 billion merger with Sony Pictures

13,668.44

4,564.38

8,245.20
Dec 31, 2022 20.0% ~6.81 trn ì diving almost 13 per cent, led by a 31 per cent fall
Networks India collapsed. The Zee stock ended at
The documents filed by Byju’s parent Think & Learn
in ZEEL. Shares of Reliance Industries fell over 2 with the corporate affairs ministry showed that income
Dec 31, 2023 7.1% ~7.30 trn ì per cent and were the second biggest drag on
~160.9, down ~70.5 or 30.5 per cent, over its previous
grew 118 per cent year-on-year to ~5,298.43 crore in FY22.
close on the National Stock Exchange.
NET PROFIT market performance. Foreign portfolio investors The results came at a time when Byju’s is looking to raise
Revenue Income Expenses
(FPIs), who have been on a selling spree last week, over $100 million from existing stakeholders but at a 90
Dec 31, 2022 10.7% ~93,395 cr ì have offloaded stocks worth over ~18,300 crore
INDIA TOPS HONG KONG AS WORLD’S per cent discount to its $22 billion valuation in last fund-
Dec 31, 2023 18.2% ~1.10 trn ì this month. Turn to Page 6 >
FOURTH-LARGEST STOCK MARKET ing round in 2022, Bloomberg reported. Turn to Page 6 > Source: Regulatory filing
2 COMPANIES MUMBAI | WEDNESDAY, 24 JANUARY 2024
> Amber Enterprises India > Greaves Cotton >Persistent Systems > Karur Vysya Bank > Indoco Remedies
STOCKS Inks MoU with Korea Greaves Finance partners Board approves stock Q3FY24 profit jumps Q3FY24 profit falls
IN THE NEWS Circuit to manufacture ElectricPe to make EV split from ~10 per share 42 per cent Y-o-Y 42 per cent Y-o-Y
Flex, HDI, semiconductor buying more accessible to ~5 per share to ~412 crore to ~16 crore
~3,651.1 CLOSE ~165.0 CLOSE ~8,256.5 CLOSE ~183.7 CLOSE ~369.1 CLOSE
q1.5% DOWN* p0.1% UP* p4.2% UP* p8.2% UP* q8.3% DOWN*
*OVER PREVIOUS CLOSE

>

Swiggy may double Auto Inc may ride on strong Meity may seek
platform fee to ~10 Cabinet nod for
ARYAMAN GUPTA
New Delhi, 23 January
running small experiments to
better understand consumer
choices. This was one such
revenue growth in Dec qtr ~10K cr India AI
Food delivery major Swiggy is experiment, and we may or Analysts say margins would also be helped by benign commodity prices
teasing a potential increase in may not scale it up in the SOHINI DAS (Estimates for Q3FY24 ASHUTOSH MISHRA & PTI
its mandatory platform fee, future if it doesn’t meet our in ~crore) Net sales Chg % Ebitda Chg % PAT Chg %
charged from users, from ~5 to goal of serving our users in the
Mumbai, 23 January
IN Y-o-Y Y-o-Y Y-o-Y
New Delhi, 23 January

~10 as it looks to improve its
margins in the lead-up to its
anticipated public listing later
this year.
Although the on-demand
convenience platform has not
yet implemented any hike, it
has teased the new fee on its
application for select users.
The Bengaluru-based firm
claims that the increased fee
is an experiment tested among
a “small set of users”, and the
company is not planning a sig-
nificant hike anytime soon.
“Swiggy has not changed
its platform fee and has no
plans for a significant increase
in the near term. We’re always
IN BRIEF
Airtel prepays ~8,325 cr to DoT
THE
A
best way possible,” said a utomotive companies are expected Tata Motors 108,555 23.7 13,717 42.3 4,590 55.2 The Ministry of Electronics
spokesperson for Swiggy. to report strong revenue growth of Maruti Suzuki India 33,490 20.3 3,902 37.7 2,978 26.6 and IT (Meity) will seek cabi-
The firm had, in April last
year, introduced a nominal fee
17-18 per cent, resulting in earnings
before interest, taxes, depreciation and
FAST Bajaj Auto 12,077 33.4 2,172 23.6 1,900 29.0 net approval for the ambi-
tious India AI programme.
of ~2 for select users, which it amortisation (Ebitda) improvement of LANE Hero MotoCorp
Ashok Leyland
9,664 20.3
9,320 3.2
1,345 45.6
1,019 31.1
1,044
555
46.8
53.5
This includes setting up of
later expanded to all its cus- 36 per cent during the third quarter of GPU-based servers in public-
tomers. It subsequently 2023-24 (FY24). TVS Motor Company 8,414 4.3 939 -8.1 552 83.5 private partnership (PPP)
increased the fee to ~3, before This would be led by double-digit vol- mode with an outlay of over
PAT: Profit after tax; Ebitda: earnings before interest, taxes, depreciation,
now charging users ~5. ume growth by two-wheeler original and amortisation Source: Bloomberg; Compiled by BS Research Bureau ~10,000 crore, Union Minister
Swiggy’s rival Zomato also equipment manufacturers (OEMs), and of State for Electronics and IT, capacity will be built both
charges its users a similar plat- continued surge in the Rajeev Chandrasekhar (pic- in private data centres as well
form fee. Zomato introduced passenger vehicle (PV) tured) said on Tuesday. as in data centres run by
a ~2 platform fee back in segment. The margins While speaking on the the Centre for Development
August last year, which was would also be helped by sidelines of the inauguration of Advanced Computing
increased to ~3. Zomato had benign commodity prices, of the US-based Synopsys (CDAC).
recently increased its platform analysts feel. chip design centre in Noida, The minister also inaugu-
fee to as much as ~9 in certain RESULT Prabhudas Lilladher Chandrasekhar said: “India rated a semiconductor chip
markets due to a spike in
demand during the new year.
PREVIEW analysts said that during
the third quarter, the auto
AI programme is worth over
~ 10,000 crore. It (the propos-
design centre by Synopsys at
DLF Tech Park in Noida. It is
industry witnessed overall al) will be taken with the cab- the second largest design cen-
strong double-digit growth in volumes of inet for approval." tre in India by the company,
17 per cent. It is on the back of strong He explained that the which is expected to employ
growth in domestic two-wheelers and India AI programme will be 6,000 engineers from India,
three-wheelers. During the quarter under forward our estimates by one quarter and gins, cost efficiencies, and operating in PPP mode under which constituting 27 per cent of its
review, two-wheeler export demand grew
by 2.5 per cent.
change our FY24-26 expected Ebitda esti-
mates in the minus 3 per cent to 9 per cent
leverage,” it said.
As the overall PV industry grew by
computer infrastructure global design workforce.

to clear 2015 spectrum liabilities Prabhudas Lilladher expects com-

panies under its coverage to report an
Bharti Airtel has prepaid ~8,325 crore to the Department of Telecom aggregate revenue growth of 20 per cent
(DoT) towards part prepayment of the deferred liabilities pertaining year-on-year (YoY) (including Jaguar-Land
to spectrum acquired in the 2015 auction, the firm said on Tuesday.
Bharti Airtel won spectrum worth ~29,129.08 crore in the auctions
Rover) and 16 per cent (excluding JLR).
“Commodity costs will remain benign
that were held in March 2015. The firm had paid ~11,374.7 crore,
while the upfront amount due was ~7,832.20 crore. PTI
and continue to aid margins in the coming
quarters. For our coverage universe, we roll
Thermo Fisher Scientific names Hero to roll out 3 electric two-wheelers this yr
Srinath Venkatesh India, SA MD
Thermo Fisher Scientific on Tuesday announced the appointment DEEPAK PATEL
of Srinath Venkatesh as managing director, India, and South Asia. Jaipur, 23 January
Prior to joining Thermo Fisher, he served as the President, Danaher
for their India operations. In his previous roles, he has held Hero MotoCorp is going to step
leadership positions including Managing Director- India & SEA for up its electric vehicle (EV)
Cepheid and DBS Leader for Danaher Corporation. BS REPORTER play in 2024 by launching
three electric scooters —
in ‘mid’, ‘affordable’, and
‘business-to-business (B2B)’
segments — chief executive
STARTUP FUNDING officer (CEO) Niranjan Gupta
said on Tuesday.
NOSEDIVED 62% TO Currently, Hero sells only
one electric scooter, ‘Vida’,
6-YR LOW IN 2023 which was launched in
October 2022. Ola, TVS Motor,
Bajaj Auto and Ather currently
dominate the Indian electric
scooter market, collectively
holding an 80 per cent share.
When asked about the
competition in the electric
scooter segment, Gupta said,
range,” Prabhudas Lilladher said.
Motilal Oswal analysts said in a
14 per cent or so during the third quarter,
Prabhudas Lilladher analysts noted that N RESULTS CORNER N
December report that they estimate Ebitda Mahindra and Mahindra (M&M) gained a
margins to improve Y-o-Y for the seventh market share of 180 bps. Maruti Suzuki
consecutive quarter with a 160 bps gain
for automotive companies they cover
India and Tata Motors, however, saw a
decline of 250 bps and 100 bps, respectively.
JSW Energy Q3 profit up
(excluding JLR).
“This will be driven by better gross mar- More on business-standard.com
28%, revenue jumps 13%
JSW Energy on Tuesday reported a 28 per cent rise in net
profit to ~ 231 crore for the December quarter of 2023-24,
helped by higher power demand and lower fuel costs. The
revenue for the same period was at ~2,542.80 crore, up 13 per
cent year-on-year (Y-o-Y), the company said in its regulatory
filing. Ebitda (earnings before interest, taxation, depreciation
next three years will see and amortisation), the company said, stood at ~1,229 crore, up
a churn in this segment as 69 per cent Y-o-Y. Sequentially, JSW Energy’s net profit for the
the government subsidies will period fell 72.8 per cent. AMRITHA PILLAY
not continue forever... The
game in EVs has just started,”
he stated.
Currently, Vida is being MakeMyTrip United Spirits
sold at 150 stores across 100
cities. Gupta said the company
soars with net surges 63 %
will be opening exclusive record growth to ~350 crore
stores — each one with a size
of 500 square feet — to just sell MakeMyTrip’s Ebitda grew United Spirits reported a
Niranjan Gupta (left), CEO, and Pawan Munjal, executive
electric scooters.
Hero MotoCorp domesti-
105.6 per cent to $29.4 million
in Q3FY24 as compared to
63.5 per cent rise in its
consolidated net profit to
chairman, Hero MotoCorp, at the launch of Hero Xtreme 125R cally sold 14,046 units of Vida
during the April-December
$14.3 million Y-o-Y . The firm
delivered its highest-ever
~350.2 crore for the quarter.
The firm had posted a net
“I am not worried at all. Overall, EVs are just 15 per period of 2023-24. quarterly gross bookings, profit of ~214.2 croreY-o-Y. Its
Electric vehicle (EV) is like a cent of the scooter segment, Vida comprised 4.53 per revenue and profit on the back revenue from operations rose
marathon and not a 100-metre he said. cent of its total scooter sales of strong travel demand. 5.32 per cent to ~6,9620 crore.
race... In a marathon, seldom “There will probably be during the period, according Gross bookings grew 21.7 per The sales growth was “driven
you will see the winner is more players coming in. There to the Society of Indian cent to $2,088.3 million in the by continued premiumisation
ahead during the first 100 will be players, who will have Automobile Manufacturers October-December period and resilient consumer
metres. EV is that race.” to consolidate and fold. The (SIAM) data. from $1,738.2 million Y-o-Y. PTI demand,” USL said. PTI

40% of our FY25 investments to be in AI: Coforge CEO

Startup funding in India fell
over 62 per cent in 2023 to
~66,908 crore compared to
~1.8 trillion in 2022, a report by
market intelligence platform
PrivateCircle Research said. This
is the lowest funding amount
since 2018 when startups raised
~1 trillion. The highest funding
was reported in 2021 at ~2.41
trillion. The data in the report
titled “Startup Deals Report
2023” also showed that the
funding deal volume fell by
72 per cent in 2023 to 1,444 deals
compared to 5,114 deals in
2022. This is also the lowest
since 2018, when the total
number of deals was 4,122. The
slowdown was also visible in
the making of unicorns in
India. Only two startups, Incred
and Zepto, achieved unicorn
status in 2023. In 2022, India
had seen 23 new unicorns. The
report said that although there
was a slowdown, firms which
had strong fundamentals
managed to raise big rounds.
RAGHAV AGGARWAL
ASHUTOSH MISHRA
New Delhi, 23 January
Indian IT solutions company Coforge
aims to invest around 40 per cent of its
technology capability, built for FY25, in
artificial intelligence (AI). This will
include AI-based innovations and solu-
tions in the coming year.
“There are multiple technology capa-
bilities that one can invest across.
Whatever we are planning to invest next
year by way of capability build-up, 40 per
cent of that will only go to one space and
that is AI,” said Sudhir Singh (pictured),
chief executive officer (CEO), Coforge, in
an interaction with Business Standard.
The Noida-headquartered firm plans
to invest in setting up new Cloud infras-
tructure and AI studio at its campus.
Singh also talked about the invest-
ments that the company is making
related to AI training.
“There are very strong investments
that we're making on the training front
and we're trying to make sure that train-
ing gets contextualised. There will be dif-
ferent kinds of AI training that we will
undertake, depending on the technology
service line,” he said.
Coforge on Monday announced its
results for the third quarter of FY24. It
reported a 4.3 per cent year-on-year
(Y-o-Y) increase in third-quarter profit,
led by deal wins worth $354 million.
All this was in a challenging macroeco-
nomic environment.
Revenue during the third quarter was
~2,323.3 crore, up 13 per cent Y-o-Y.
Further, the earnings before interest,
taxes, depreciation and amortisation
(Ebitda) margins improved to 17.3 per
cent quarter-on-quarter (Q-o-Q) by 201
basis points from the previous quarter.
“The macroeconomic conditions
have been tough for the last four to five
quarters and they are likely to continue
going forward as well. There's really no
respite at a macro level,” Singh said.
Despite the macro uncertainty, the
company reiterated its revenue growth
forecast between 13 and 16 per cent
for financial year 2024-25.
“We’ve posted strong organic growth
in the midst of the last three-four very
tough quarters. We are confident that we
will meet the revenue guidance that
we've given because of our performance
in the third quarter,” he added.
Unlike its larger peers, Coforge plans
to hire ‘aggressively’ through the lateral
as well as campus hiring, said Singh.
He further said, “We believe
our goal for this year and
next year is growth. So, we
will figure out a path to
grow despite the macros
being tough.”

Samsung rings in premium play with BKC store Serum joins CEPI to boost vax
SHIVANI SHINDE
Mumbai, 23 January
for the firms, which has been in India for over 20
years. “Today, Samsung India is one of the biggest
production during outbreaks
consumer electronics companies with $10 billion in SOHINI DAS Switzerland, in 2017. able vaccines to affected pop-
South Korean brand Samsung is taking on the revenue. Almost every Indian home has a Samsung Mumbai, 23 January Its mission is to accelerate ulations,” the statement said.
competition head-on. On Tuesday, the consumer product,” he said during the opening of the Samsung the development of vaccines In the event of a disease
product brand announced the opening of its BKC store. The Serum Institute of India and other biological counter- outbreak, SII may be called
premium store, Samsung BKC, in Mumbai, just 2 Park also added that over the past two decades, (SII), the world’s largest vaccine measures against epidemic upon to “promptly supply”
kilometres away from Apple BKC (Bandra Kurla the company has invested in the country’s maker, is joining a burgeoning and pandemic threats so they investigational vaccines for
Complex), the first store opened by the smartphone manufacturing capability and has two units, one network of vaccine producers can be accessible to all people preclinical and clinical testing
giant in 2023. each in Noida and Chennai. in the Global South to support in need. SII has a production as well as large-scale supply.
Samsung BKC aims to cater to ultra-premium “India is one of the biggest innovation hubs for more “rapid, agile, and equi- capacity of 4 billion “As a leading vaccine
buyers in India. The store is located at Jio World the company. Annually, the company invests $10 table’ responses” to dis- doses annually. manufacturer, we’re com-
Plaza, the high-end luxury mall from Reliance. billion in research and development. Our latest ease outbreaks, accord- CEPI will use SII’s mitted to utilising our well-
This is Samsung’s first foray into the online-to- offering in smartphones, the S24, will be ing to a joint statement record in respon- established manufacturing
offline category. This move comes in addition to the JB Park, president and CEO, Samsung Southwest manufactured at our Noida plant,” he added. on Tuesday. ding to infectious and rapid response capabilities
company’s recent announcement of setting up 13 Asia, at the Samsung store at Jio World Plaza Samsung BKC store extends the convenience of CEPI (Coalition for disease outbreaks to strengthen epidemic prepa-
premium experience stores in India. in Mumbai on Tuesday PHOTO: PTI online shopping by offering a selection of products Epidemic Preparedness and expand the redness and increase access to
Spread across 8,000 square feet in Jio World with over 1,200 choices from an online digital Innovations) will invest $30 firm’s ability to swiftly life-saving vaccines for those
Plaza, Samsung BKC will showcase Samsung’s top- company has created a “playground to bring catalogue while also assisting in-store staff. million to build on SII’s capa- supply investigational vaccines. who need them most at an
of-the-line premium products. artificial intelligence (AI) experiences to one place”. Moreover, these products can be delivered not just bilities to supply affordable “This would then enable affordable price, said Adar
This new store features Samsung’s widest Park inaugurated the store. in Mumbai but anywhere in the country. The store investigational vaccines in an CEPI-backed vaccine devel- Poonawalla, CEO of SII
premium portfolio, ranging from smartphones to Samsung BKC offers the brand’s latest AI also provides a two-hour pick-up facility, allowing epidemic or pandemic. opers to quickly transfer their This collaboration will
televisions, refrigerators, washing machines, and experiences — from ‘AI for All’ for consumer customers to buy a product online and pick it up CEPI is a partnership technology to SII within days enable us respond more rapid-
other products. electronics products to ‘Galaxy AI’ for mobile from the store within two hours. between public, private, phil- or weeks of an outbreak to ly to public health disease out-
J B Park, president and chief executive officer of devices — all under one roof. anthropic, and civil organisa- begin rapid production and breaks, particularly in Global
Samsung Southwest Asia, mentioned that the Park stated that Samsung BKC is a big milestone More on business-standard.com tions, launched in Davos, equitable distribution of afford- South countries,” he added.

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.
MUMBAI | WEDNESDAY, 24 JANUARY 2024 COMPANIES 3
<

Goa, Raj tourist favourites

for Republic Day weekend
Airfares zoom, hotels in demand ahead of year’s first long weekend
AJINKYA KAWALE & AKSHARA SRIVASTAVA
APD for 5 days APD for 15 days (in ~)
Mumbai/ New Delhi, 23 January AIRFARES ON
MAJOR ROUTES
T
his year’s first long weekend,
starting with Republic Day on
Friday, has generated a strong
response from travellers eager to take a 3,648

3,840

5,004

5,885
5,598
5,390

5,390

5,682
6,144

4,510

5,514
7,928
5,731
3,751

short break from work.

According to travel platform
MakeMyTrip, Goa, Jaipur, and Udaipur
were the leading choices of getaways for
travellers in this brief window.
“A higher percentage of the reserva-
tions to Jaipur and Udaipur is being
made by those residing in the Western
region rather than North. In the South,
Puducherry is seeing a remarkable
growth in demand,” said Rajesh Magow,
co-founder and group chief executive
officer, MakeMyTrip.
With the inauguration of the Ram
temple in Ayodhya on Monday, spiritual
tourism is also seeing sustained interest.
“Puri stands out as one top choice among
religious destinations, and has shown
a substantial increase in interest as
compared to the previous year. It is
followed by Ayodhya, Varanasi, Mathura,
and Vrindavan,” Magow added.
Hotels across the country are in turn
witnessing a surge in demand.
“This increasing demand has resulted
in an average occupancy rate of over 75 per
cent and a significant improvement in ADR
(average daily rate) as compared to last
year,” said Sudeep Jain, managing director,
South West Asia, IHG Hotels & Resorts.
There was rising demand for leisure
and tourist destinations such as Goa,
Jaipur, Bengaluru, Chennai, Kochi, and
Agra, Jain said. “Our brands, which
include InterContinental, Crowne Plaza,
Holiday Inn, and Holiday Inn Express, in
Mumbai- Mumbai- Mumbai-
Bengaluru Chennai Ahmedabad
52.80 47.70 45.78
% change
Note: Figures denote one-way fare during Jan 26-28;
APD: Advance Purchase Duration
Source: ixigo
these cities are performing exceptionally
well. Reservations are on the rise, particu-
larly in regions offering a blend of recrea-
tion and ‘bleisure’,” he added.
Airfares on major domestic routes such
as Mumbai-Bengaluru, Mumbai-Chennai
and Delhi-Srinagar have zoomed up to
53 per cent for the upcoming weekend, as
compared to when bookings were made
15 days prior to January 26.
Data shared by travel portal Ixigo shows
that the Mumbai-Bengaluru route has
seen a 52.8 per cent increase in airfares
to ~5,731 for tickets booked five days prior
to this weekend, compared to ~3,751 a
fortnight prior to departure.
Similarly, airfares on routes like
Mumbai-Chennai, Mumbai-Ahmedabad
and Delhi-Srinagar have logged 47.7 per
cent, 45.78 per cent, and 29 per cent rise
respectively during the same period.
However, not all routes are witnessing
a surge in airfares in this period. The Delhi-
Delhi- Delhi- Mumbai- Delhi-
Srinagar Ahmedabad Hyderabad Hyderabad
29.04 19.51 10.19 3.60
Mumbai route — one of India’s busiest
with over 730 weekly flights — has seen
airfare decline marginally. According to
ixigo, the average airfare on this route
has experienced a 0.9 per cent decline
from ~5,812 to ~5,757.
Likewise, airfares on other metro routes
such as Delhi-Kolkata, Delhi-Chennai, and
Kolkata-Bengaluru, have also recorded
a minor decline.
“There is a 1.1x spike in bookings for
domestic air travel and a 1.2x spike in
bookings for international air travel. There
is a 1.8x rise in bookings for domestic hotel
travel and 1.9x in bookings for international
hotel travel,” said Prahlad Krishnamurthi,
chief business officer, Cleartrip.
According to Thomas Cook, people
have also shown high interest for easy
and quick visa destinations close to India
such as Vietnam, Thailand, Malaysia,
Singapore, Dubai, Abu Dhabi, Indonesia,
Oman, Ras Al-Khaimah, and Bhutan.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

HDFC Bank first
to issue 20 mn
credit cards
HDFC Bank, India’s largest pri-
vate sector bank, on Tuesday
said it has become the first
lender in the country to
achieve the milestone of 20
million credit cards in force.
The lender forayed into the
credit card business in 2001
and hit the 10-million mark
in 2017.
The next 10 million
issuances came in a little over
six years. The milestone was
achieved on 16 January, the
company said.
“We have become the first
and the only lender in the
country to achieve this feat,”
the company release said.
HDFC Bank is the largest
45% CXOs see FY25 GDP
OTHER MAJOR CREDIT
growth hitting 6-6.5%
CARD ISSUERS Deloitte survey finds growth being driven by shift in consumer preferences
Credit card oustanding as of SHIVA RAJORA
November '23 end (in mn) New Delhi, 23 January
SBI Card 18.2
A
bout 45 per cent of India Inc
chief experience officers
ICICI Bank
Axis Bank
16.2
13.4
(CXOs) expect a growth rate of
6-6.5 per cent for India in the upcom-
Kotak Mahindra 5.7 ing financial year, driven by a shift in
Bank consumer preferences and an
increase in consumer goods and
Source: RBI
retail spending, especially in Tier-II
and Tier-III cities. This marks the
issuer of card issuers in third consecutive year of the fastest
the country, which commands growth for India among major
over a fourth of the overall card economies, the latest survey by
market in terms of numbers. Deloitte said on Tuesday.
AATHIRA VARIER The survey noted, “The anticipated
increase in internet penetration and
digital consumption, coupled with the
RAILWAYS CLOCKS 2ND-HIGHEST
FREIGHT EARNINGS SINCE 2019
The Indian Railways carried
more goods in December 2023
than the same time last year,
making more money than
any month bar one since
the pandemic.
The railways made ~15,098
crore by carrying freight in
WHAT WILL BE December 2023. The number
was higher only in March 2023
INDIA’S FY25
when it earned ~15,769 crore,
according to data from the
GDP GROWTH? Centre for Monitoring
Indian Economy (CMIE).
Below 6% Above While the absolute value of
6.5%
earnings is up, growth slowed
18 down to 3.6 per cent in
37 SHARE OF December 2023. It was the
RESPONDENTS second month in a row that the
(%) growth rate declined. It was
45 6.6 per cent in October 2023
and 3.8 per cent in
November 2023.
Source: The total quantity of goods
Deloitte 6-6.5%
carried over a trailing 12-month
period is rising and last month
it was the highest since at least
December 2019, the earliest
figure available with
CMIE’s database.
Indian Railways carried 139
million tonnes of freight in
December 2023, or 6 per cent
more than the same month last
year. The 12-month rolling
figure is 1,557 million tonnes. It
was 1,218 million tonnes in
December 2019 and has shown
a steady rise after a
pandemic decline.
Coal comprised 49.6 per cent
of freight quantity in December
2023. Iron ore had the next
highest share at 11.9 per cent
and third was cement (8.8 per
cent). The share of food grains in
total railway freight has
declined, from 4.8 per cent in
December 2022 to 3.1 per cent in
December 2023. ASHLI VARGHESE

IN BRIEF
India to ask EU for measures to
align emission trading systems
India will ask the European Union (EU) for concessions that will
help align its planned national carbon market with the bloc’s
emissions trading system, according to sources. New Delhi plans to
raise the potential impacts of the EU Carbon Border Adjustment
Mechanism, or CBAM, on domestic industries at the seventh round
of negotiations on a proposed free trade agreement from Feb. 19
to 23, according to the people, who asked not to be named as the
discussions are private. India wants to try and shield its
companies from the full impact of the levy, they said. BLOOMBERG
Musk says India’s exclusion
from UNSC ‘absurd’
Elon Musk has said it is “absurd” that India does not have a
permanent seat on the UN Security Council despite being the
most populous country on Earth, as he called for
an overhaul of the United Nations organs. The
remarks by Tesla CEO came after UN Secretary-
General Antonio Guterres raised concerns about
the absence of any African nation from the list of
permanent members of the UNSC. PTI
‘India viewed favourably by
global corporations at WEF’
India was viewed favourably by major global corporations
attending the recently concluded World Economic Forum (WEF)
meet at Davos (Switzerland), a top government official has said.
Secretary in the Department for Promotion of Industry and
Internal Trade (DPIIT) Rajesh Kumar Singh, who was part of the
Indian delegation to WEF, also said he met several CEOs at Davos
and discussed ways to facilitate investments in the country.
Govt may announce steps to
government’s focus on skill develop-
ment to boost industrial growth and
shift workers’ focus from agriculture
to manufacturing and services to gen-
erate income at the grassroots level in
India, will lead to growth above
6 per cent.”
Meanwhile, 37 per cent of business
leaders expect growth to remain below
6 per cent, citing rising inflation rates,
supply chain challenges, and global
headwinds as major obstacles. Only 18
per cent of respondent business lead-
ers expect growth to surpass 6.5 per
cent in 2024-25.
The survey by the global consulting
agency collated responses from senior
leadership at around 230 firms in both
large (turnover of ~250-3,000 crore)
and very large (above ~3,000 crore
turnover) categories.
In terms of industry sectors, two of
three participants from the consumer
and retail sector (66 per cent)
expressed hope for a growth rate of
more than 6 per cent in the upcoming
financial year, followed by the auto-
motive sector (50 per cent), technolo-
gy, media, and telecommunications
(47 per cent), and energy, resources,
and industrial (44 per cent).
The survey said, “Government ini-
tiatives, increased trade collabora-
tions, lowering of logistics costs, and
CP rates harden amid
tight liquidity in January
PTI ANJALI KUMARI
Mumbai, 23 January
Yields on commercial papers hardened by 10-30
basis points (bps) across tenures in January as the
policies to increase industrial produc-
tion (such as intelligent automation in
tation of Industry 4.0 technologies (AI,
machine learning, natural language
UPTICK IN EARNINGS
manufacturing and increased invest- processing, and computer vision), n Monthly earnings (~ cr) (LHS) % change Y-o-Y (RHS)
ment towards sustainable technolo-
gies) will further this momentum.”
along with continuous efforts in more
skill development initiatives, particu-
20,000
11,174 15,098 3.59
100
15,000 50
About 67 per cent of business lead-
ers also mentioned that collaboration
larly in upskilling and nurturing talent
in Tier-II and Tier-III cities,” the 10,000 -3.8 0
between the public and private sectors survey observed.
5,000 -50
can result in innovation within the Moreover, the survey noted that to
industry, amplifying synergy between ensure sustained business expansion 0 -100
the two, especially in infrastructure and more foreign investments into the Jan ’20 Dec ’23
development, digitisation, and skill country, four of five CXO leaders
development, promising to bolster emphasised the continuity of tax cer- QUANTITY OF FREIGHT CARRIED ALSO UP
the economy. tainty and readiness for addressing n Quantity (in mn tonnes) (LHS) % change Y-o-Y (RHS)
Sixty-one per cent of respondents geopolitical concerns with well-
highlighted that improved access defined mitigation strategies. They 200 80
110 6
to financial instruments, particularly highlighted the importance of global 150 139 40
in the financial services and technol- events, such as Group of Twenty and 2
100 0
ogy, media, and telecommunications initiatives to streamline the global
industry, will also support industry
growth.
supply chain.
On the other hand, environmental,
50
0
-40
-80
The survey emphasised that artifi-
cial intelligence (AI) has become the
social, and governance (ESG) initia-
tives remain a priority for businesses,
Jan ’20 Dec ’23
Note: Based on data for revenue earning freight traffic of major commodities
basis of modern business, offering with 100 per cent of respondents Sources: CMIE, Business Standard calculations
extraordinary opportunities for emphasising the importance of renew-
growth. About 99 per cent of business- able energy. Leaders expect the
es expect AI to evolve, with around 70 government to prioritise investing
per cent of consumer and retail busi- in ESG strategies and initiatives, fol-
nesses urging government support to lowed by technological innovations,
regulate AI use, stressing strict infrastructure development, and skill
adherence to ethical practices in data enhancement.
and methods. About 90 per cent of businesses
“Leaders also anticipate the gov- also want technological innovation in
ernment to prioritise the implemen- government processes and operations.
Canada caps foreign
student visas for 2 yrs
Indians held highest number of study permits in ’22
Net FDI fell to $13.5 bn PRESS TRUST OF INDIA
in Apr-Nov 2023: RBI
Ottawa, 23 January

make NPS more attractive
The government may make the National Pension System (NPS)
more attractive by extending tax concessions on contributions
and withdrawals especially for senior citizens above 75 years.
Pension fund regulator PFRDA has sought “parity” with
Employees’ Provident Fund Office (EPFO) on the taxation front for
contributions by employers and some announcements in this
regard are expected to be made in the interim Budget.
Finance Minister Nirmala Sitharaman is expected to present the
interim Budget on February 1. PTI
FinMin raises import duties
on gold, silver findings to 15%
The Finance Ministry has hiked import duties on gold and silver
findings and coins of precious metals to 15 per cent from the
existing 10 per cent. This includes Basic Custom Duty (BCD) of 10 per
cent and 5 per cent of AIDC (Agriculture Infrastructure Development
Cess), an official notification said. This is exempt from Social
Welfare Surcharge (SWC). Gold or silver findings are a small
component such as a hook, pin, screw that holds the whole or a
part of a piece of jewellery in place. PTI
liquidity deficit in the banking system widened,
said market participants. The rate impact was
sharper for non-banking finance companies.
Commercial papers issued by non-banking
finance companies witnessed an uptick of 20 bps
for 6-month, and 12-month periods, while the
yield on 3-month, and 1-month papers experi-
enced a more significant rise of 30 bps. Three
month commercial papers are the most traded
papers in the market.
Commercial papers are an unsecured form of
short-term debt issued by corporations, which
serves as a financial tool primarily directed at
addressing immediate financial obligations.
“The three month paper has April maturity.
The term premium is always higher as compared
to March maturity. So, most of the investors are
withholding the purchase of assets which are
maturing in the new financial year. Whereas, most
of the borrowers are looking to raise liability that
mature in the new financial year. This is a cyclical
seasonal phenomenon that we witnessed in
January onwards. And I think this term premium
will actually widen even further as the banking
system liquidity will tighten and the buyers will
The net foreign direct investment (FDI) in
India, inflows minus the outflows, declined
to $13.54 billion in April-November 2023 from
$19.76 billion in the same period in 2022, due
to the fall in global inflows and a rise in
repatriation of equity capital. The Reserve
Bank of India’s data (January 2024 bulletin)
said FDI in India was $21.39 billion and
outflows were $7.85 billion in April-
November 2023. In 2022, FDI inflows stood at
$29.11 billion, while outflows touched $9.35
billion during the same period. ABHIJIT LELE
hold on to their cash until mid-February,” said
Dhawal Dalal, President & CIO - Fixed Income at
Edelweiss Asset Management Limited.
The banking system's liquidity primarily stayed
in deficit during the third quarter of the current
financial year, and it widened further in January,
driven by tax outflows.
The deficit liquidity in the banking system
widened to ~2.72 trillion on Monday, according to
the data by the central bank.
Canada has announced it is imposing an
immediate two-year cap on new interna-
tional student visas to tackle a housing crisis
and target institutional “bad actors”, a move
that is likely to impact Indians planning to
study in the country. Students from India
held the highest number of study permits
for Canada in 2022, with a total of 319,000
students. Immigration Minister Marc Miller CANADA CALLING
said as part of the cap there will be a 35 per Foreign student permit holders
cent reduction in new study visas in 2024.
The cap is expected to result in 364,000 new
approved permits in 2024. Nearly 560,000
such visas were issued last year.
The cap will be in place for two years; the
number of permits to be issued in 2025 will
be reassessed at the end of this year, he said.
“To maintain a sustainable level of tem-
porary residence in Canada, as well to ensure
that there is no further growth in the number Sources: Bloomberg, Immigration, Refugees
of international students in Canada for 2024, and Citizenship Canada
we are setting a national application intake
cap for two years from 2024,” Global News provinces on the increasing numbers of non-
quoted Miller. The move comes amid pres- permanent residents while Canada struggles
sure on the federal government from with a housing crisis, CBC News said.

Temple open to public, Ayodhya chock-a-block
Hotels booked out, travel platforms launch holiday packages,
businesses join in with special-edition products
AJINKYA KAWALE, AKSHARA SRIVASTAVA
& RITWIK SHARMA
Mumbai/New Delhi, 23 January
As the doors of the Ram temple
swung open to the public on
January 23, a day after its
consecration, Ayodhya echoed
with the fervour of pilgrims and
tourists. Crowds turned up from
every corner, and the demand for
accommodation soared to
unprecedented levels.
Hotel Krinoscco, like many
others, reported booked-out
rooms for both January and
February. Bookings will now open
only in March for ~6,500 a night,
an executive at the hotel told
Business Standard.
At Tent City near Brahma
Kund, some 600 metres from the
temple, all 30 luxury tents were
sold out on the weekend leading
up to the temple’s inauguration.
For now, though 27 of 30 are
available at ~11,500 a night for two,
housefull days are approaching
the luxury property as well with
key weekends in February all
sold out.
“The opening of the Ram
temple has provided an immense
opportunity for us to grow,” a
person at the Tent City front desk
said. “We are coming up with a
second site by the Saryu river, just
3.5 km from the temple.”
Tour operators and online
portals are continuing to witness a
surge in demand from both
domestic and non-resident Indian
(NRI) travellers.
“Foreign queries from NRIs,
whether they’re American or
British nationals but of Indian
origin, are increasing,” said Rajiv
Mehra, president, Indian
Association of Tour Operators
(IATO). How many of these
enquiries translate into visits
remains to be seen, he added.
“Currently, airfares are high, and
we expect them to stabilise by the
first week of February once the
initial rush is over.”
Meanwhile, online searches for
Ayodhya have skyrocketed by over
1,000 per cent since the temple’s
inauguration was announced, tour
operators said. Ayodhya now tops
the charts in terms of the year-on-
year growth in online searches on
travel platforms compared to any
other major temple town in the
country. Data from travel platform
MakeMyTrip showed that the city
is now the most searched
destination for spiritual tourism,
followed by Ujjain, Badrinath,
Amarnath and Kedarnath.
Spiritual business
Businesses are seizing the
moment. Fast moving consumer
goods major Dabur, for instance,
marked the temple’s inauguration
with the launch of limited-edition
packs of the Dabur Red toothpaste
and the Dabur amla hair oil. These
packs, featuring a replica of the
Ram temple, will be available for
two months in select markets
including Bihar, Madhya Pradesh
and Uttar Pradesh.
“We are delighted to introduce
the limited-edition Ayodhya
packs,” said Abhishek Jugran,
executive vice-president-
marketing, Dabur India. “It is
indeed an honour for us to be a
part of this historic and
sacred event.”
within a distance of three to four
hours by road, he added. “These
corridors have been developed in
such a way that it encourages travel
to nearby cities.”
Since Ayodhya is choc-a-bloc
and capacity is a constraint, that’s
also a reason why tourists are
chalking out plans to visit other
cities, added Rajeev Kale,
president and country head,
Holidays, MICE, Visa-Thomas
Cook (India). “Capacity
constraints are resulting in people
looking at Ayodhya just for day
trips, while opting for nearby cities
like Lucknow and Prayagraj for
overnight accommodation,” Kale
said. Focus on local infrastructure,
he added, would uplift tourism
and create jobs for the local
community in and around
Devotees gather to enter the Ram temple on Tuesday. Online searches Ayodhya, he added.
for Ayodhya have skyrocketed by over 1,000 per cent since the temple’s Mehra from IATO said the next
inauguration was announced PHOTO: PTI surge in demand would be seen
around Ram Navmi, on April 17. “If
Travel website EaseMyTrip consecration of the Ram Mandir, the flights are priced well, people
has, meanwhile, announced the heightened demand for would want to fly to Ayodhya, visit
holiday packages to Ayodhya and Varanasi and Ayodhya prompted the temple and fly back,” he said,
Varanasi, along with direct bus us to create [these] special adding, “That is the reason why
services to the temple town. packages,” said Nishant Pitti, CEO airlines such as Air India Express,
The package, starting at and co-founder, EaseMyTrip. IndiGo and SpiceJet have
~13,899, offers a three-night, four- Ayodhya’s proximity to cities connected various cities
day stay in Varanasi and Ayodhya, such as Prayagraj and Varanasi are with Ayodhya.”
and includes an option for prompting people to include these For now, “demand has surged
accommodation, sightseeing at in their itineraries, said P P Khanna, 10x, and is coming from across the
prominent temples and tourist board member, Federation of customer segment,” added Daniel
attractions, meals and Associations in Tourism and D’Souza, president and country
commuting. “With the Hospitality. All these cities are head-Holidays, SOTC Travel.
The write way
Beyond the town, anything and
everything related to the temple
and the city that houses it appears
to be flying off the shelves.
Over at the Bahrisons
Booksellers in Khan Market, New
Delhi, a staffer said that leading up
to the consecration, books
published by Gita Press were sold
out. Gita Press, based in Uttar
Pradesh’s Gorakhpur district, is
the largest publisher of Hindu
religious texts.
Three of its books — Valmiki
Ramayana, Ramcharitmanas and
English translations of the
Ramayana — are a part of the
inventory at Bahrisons.
The seller pointed out that the
store had been receiving new
books on Ayodhya in the past
couple of years. “In the last
fortnight, they have been more in
demand, and 15 to 20 titles are
seeing good sales every day,” said
the staffer. Among the books in
demand, he said, are Ayodhya
Ram Mandir: Bharat’s Quest for
Ram-Rajya by Swadesh Singh,
Ayodhya: City of Faith, City of
Discord by Valay Singh, Sunrise
Over Ayodhya: Nationhood in Our
Times by Salman Khurshid and
Ayodhya: The Dark Night
by Krishna Jha and
Dhirendra K Jha.
Whichever way one looks, it is a
moment for all things Ayodhya.
.
MUMBAI | WEDNESDAY, 24 JANUARY 2024 COMPANIES 5
<

Mumbai airport
passenger traffic
up 35% in 2023
Air passenger traffic at the city’s
Chhatrapati Shivaji Maharaj
International Airport jumped 35
per cent year-on-year to 51.58
million in 2023. The airport,
promoted by Adani Group and the
Airports Authority of India (AAI),
handled a total of 38.33 million
passengers in 2022. Compared to
the pre-pandemic level (2019), the
growth in total traffic was 110 per
cent, airport operator Mumbai
International Airport Ltd (MIAL)
said in a statement. PTI

Optiemus-Corning
JV to set up ~1K cr
unit in Tamil Nadu
Bharat Innovative Glass
Technologies, a joint venture
between Optiemus Infracom and
Corning International Corporation,
is set to come up with a new
facility for the production of cover
glass manufacturing project at
Kanchipuram. This may see an
investment of ~1,003 crore with a
potential employment for 840
people. The company is planning
to manufacture front-cover glass
with extensive processes in India.
BS REPORTER

AU SFB-Fincare
merger gets
regulator nod
The Competition Commission of
India (CCI) on January 23 gave
approval for the merger between
AU Small Finance Bank and Fincare
Small Finance Bank. "Competition
Commission of India, vide its letter
dated January 23, 2024, has
communicated that CCI in its
meeting held considered and
approved the proposed
combination involving
amalgamation of Fincare Small
Finance Bank with AU Small Finance
Bank," AU SFB said. AGENCIES
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

L&T Finance Q3 net

Axis Bank net rises to ~6K cr up 41% at ~640 cr Tax-GDP ratio
at 15-yr high
L&T Finance Holdings’s consolidated
Profit up despite margin impact from higher cost of funds REC profit rises 13% on net profit rose by 41 per cent year-
on-year (Y-o-Y) to ~640 crore in the
AATHIRA VARIER KEY METRICS improved asset quality third quarter ended December 2023

Mumbai,23 January
P
rivate sector
lender Axis
Bank on Tuesd-
ay reported a 4 per cent
year-on-year (Y-o-Y)
increase in its net profit to
~6,071 crore for the
December quarter of 2023-
24, even as the rise in the cost
of funds impacted margins.
The total income swelled
to ~33,516 crore in the third
quarter of the current finan-
cial year, compared to
~26,798 crore in the year-ago
period, Axis Bank said in a
regulatory filing .These
numbers are not exactly
comparable as the acqui-
sition of Citibank’s retail
business came into effect
from March 1, 2023.
The net interest income
reported 9 per cent growth to
~12,532 crore, while other
incomes were up 22 per cent
to ~5,555 crore.
The bank’s net interest
margins from domestic oper-
ations for the Oct-Dec period
was 4.01 per cent as com-
pared to 4.11 per cent in the
Interest cost
Net interest
income
Other income
Operating profit
Provisions &
contingencies
Net profit
(%) Gross NPA
Source: Capitaline; compiled by BS Research Bureau
preceding quarter, and 4.26
per cent during the same
period in the previous year.
“We have always indi-
cated that we expect deposit
pricing to continue through
the current financial year.
The pace of increase of the
cost of deposits will reduce,
and we expect that there will
be a spillover into quarter
one of the next financial year
before these deposits start
getting fully re-priced. The
market cost of funding was
stabilised for the system, and
that is how we expect deposit
pricing to continue,” Puneet
~ cr % change
Q3FY24 Q-o-Q Y-o-Y
SHREYA JAI
15,429 7.8 43.3 New Delhi, 23 January
12,532 1.8 9.4
State-owned power sector
lender REC posted a 13 per
5,555 10.3 21.5 cent jump in its net profit for
9,141 5.9 -1.5 the quarter ended December
2023. The company recorded
1,028 26.2 -28.5 a net profit of ~3,269 crore for
the third quarter (Q3) of the
6,071 3.5 3.7 current financial year, com-
1.58 -15 bps -80 bps pared to ~2,878 crore during
the corresponding period in
Sharma, chief financial
the previous financial year.
The net income of the
officer, Axis Bank said, dur-
ing the post-earnings media
company stood at ~4,350
crore in Q3 of 2023-24 (FY24),
interaction. up from ~3,573 crore in Q3 of
The cost of funds went up 2022-23, registering a jump of
by 101 bps to 5.35 per cent in 21 per cent.
the last year. During the July- The company said that
September quarter, it was due to improving asset qual-
5.17 per cent.The bank’s cap- ity, an increase in lending
ital adequacy ratio was 14.88 rates, and effective manage-
per cent, as on December 31, ment of finance costs, REC
2023, down from 16.56 per recorded its highest-ever
cent from the previous nine-month profit of ~10,003
quarter. The impact on com- crore.“The loan book has
mon equity Tier-I capital due maintained its growth trajec-
to the increase in risk tory and has increased by 21
weights for unsecured and per cent to ~4.97 trillion, com-
NBFC loans was 70 bps. pared to ~4.11 trillion as of
Firm to be nodal
agency for PM
Suryodaya Yojana
The Pradhan Mantri
Suryodaya Yojana, which was
anounced on Monday by
Prime Minister Narendra
Modi, will be implemented by
REC. Speaking during the third
quarter results, V K Dewangan,
chairman and managing
director, said REC has been
entrusted with implementing
the nationwide solar rooftop
scheme, which will include
the target of 10 million
domestic households
announced by Modi. SHREYA JAI
December 31, 2022,” said the
company in a statement.
REC said its asset quality
improved, with net credit-
impaired assets at 0.82
per cent during Q3FY24,
compared to 1.12 per cent a
year before.
REC recently announced
its foray into the infrastruc-
ture segment.
during FY23
(Q3FY24) on the back of robust
business performance and strong net
interest margins (NIMs). It had
posted a net profit of ~453 crore in
Q3FY23. The firm also said that its
managing director and chief Tax buoyancy falls compared to FY22
executive officer (CEO) Dinanath
Dubhashi had resigned and INDIVJAL DHASMANA
Sudipta Roy was the new MD & CEO New Delhi, 23 January
for a five-year term ending January
23, 2029. Roy was a former banker The share of direct taxes in
with ICICI Bank. ABHIJIT LELE gross domestic product (GDP)
rose to a 15-year high of 6.11
per cent during 2022-23
(FY23), but their buoyancy
ICICI Bank profit fell to 1.18 from 2.52 in the pre-
vious year, according to offi-
solid, says S&P cial data released on Tuesday.
This means that while the
Private sector lender ICICI Bank is likely tax-to-GDP ratio registered a
to maintain healthy earnings despite record high during FY23 since TAX BOOST
a rising cost of funds and one-time hit 2008-09, the economic Tax-GDP ratio (%)
from provisions on alternative growth at current prices Tax buoyancy factor (RHS)
investment funds, according to S&P could not result in as high a
6.6 4
Global Ratings. The rating agency in a rise in direct tax collections 6.30 6.11
statement said: “Robust credit growth during the year as witnessed
6.2 2.27 2
and low credit costs support our during 2021-22 (FY22).
earnings forecast (a return on assets of However, direct tax collec-
5.8 0
about 2 per cent). Credit growth is tions rose higher than eco-
likely to stay strong at 17-20 per cent. nomic growth during FY23.
5.4 -2
We do not expect a material decline in While nominal GDP rose 15.11
the growth of unsecured retail loans per cent during the year, 1.18 -4
from higher risk weights being applied direct tax collections rose
5.0
2007-08 2022-23
by the regulator.” ABHIJIT LELE 17.79 per cent, revealed data Source: CBDT
released by the Central Board
of Direct Taxes.
A year earlier, nominal lections in the overall tax

‘Our priority is to continue focus on high-quality assets’ GDP grew by 19.51 per cent,
but direct tax collections rose
by 49.12 per cent. Thus, direct
taxes grew at a rate which was
kitty could be attributed to
robust goods and services tax
(GST) collections during
FY'23. However, subdued
Around three months ago, P R SESHADRI took charge as the managing director (MD) and chief executive officer (CEO) of the sequentially and a culmination slippages are coming from 2.52 times the GDP growth excise duty collections came
Kerala-based South Indian Bank. In a video interview with Shine Jacob, Seshadri talks about his priorities, the bank’s growth of all of this is the fact that profits business loans, of which the rate in nominal terms. in the way of the indirect
roadmap and third-quarter numbers. Edited excerpts: have risen. micro, small and medium Direct taxes rose by 160.52 taxes’ share remaining less
enterprise (MSME) segment per cent to ~16.64 trillion dur- than half of the total tax kitty.
You took charge of the become an even more respected are not looking for any physical In terms of asset quality, what is contributes the majority. ing the concluding year of the Central GST, the main seg-
bank recently. What are participant in the Indian financial expansion of our branches. your outlook of the year? Are you facing stress in the Narendra Modi government ment of GST collections on
your priorities? services segment. We expect this trend to continue MSME sector? 2.0 (2022-23) over ~6.38 tril- Union government books,
Our top priorities include What were the major drivers of and both gross NPA and net NPA With respect to the MSME sector, lion during the last year of the rose 21.53 per cent at ~7.18 tril-
continuing the focus on high- What is the growth outlook for growth during the third quarter? numbers will decline, as long as we we do have elevated NPAs. The Manmohan Singh govern- lion, while Union excise duty
quality assets, the current and next The current quarter was a keep the high-quality loan current flow rate into NPA is much ment 2.0 (2013-14). mop-up declined 18.37 per
improving our financial year? continuation of what has origination up, which is our less than what it used to be in the On the other hand, gross cent at ~3.19 trillion during
processes in such a Our loan book grew been happening over the aim. Our view is that this past. . On the MSME side, we have a direct tax collections regis- FY23 year-on-year.
fashion that we can about 11 per cent and last few years. The bank will continuously and large concentration of assets in tered an increase of more Corporation tax at ~8.26
make it frictionless deposits grew by 9 per has been focusing on high- sequentially decline. Over Kerala and two natural calamities than 173 per cent at ~19.72 tril- trillion was slightly less than
and building our P R SESHADRI cent year-on-year (Y-o- quality customers, has a period of time, our aim is (floods) have happened in that lion during FY23 over ~7.22 ~8.33 trillion from personal
digital capabilities and MD & CEO, Y). We think that, going been judiciously growing to bring the net NPA state. Some of the historic NPAs trillion during 2013-14 (FY14). income tax during FY23.
frictionless on- South Indian Bank forward, we will grow in its loan book by getting good numbers below the 1 per occurred on issues that happened Direct taxes contributed The cost of collections of
boarding of customers, the early teens as we try customers, as a consequence cent mark. Our idea is on account of this calamity. From a 54.62 per cent to the overall direct taxes declined to 0.51
both on the assets and to rebalance our of which income to bring it down by portfolio standpoint, going tax kitty during FY23 against per cent, the lowest since
liability sides. The other priority is portfolio. We would like to grow streams have 10-15 bps every forward, we see stress reducing on 52.27 per cent in the previous 2000-01, the data showed.
to ensure that we remain fully equally on both assets and liabilities. risen. Our cost of quarter. the MSME side. This is why we are year. However, this share was This implies that the admin-
compliant —the control and We have 948 branches. We would credit, NPA- attempting to grow that part of the higher at 56.32 per cent dur- istrative machinery to collect
compliance environment of the like to consolidate and get more related costs Majority of balance sheet, not just in Kerala but ing FY14. The decrease in direct taxes has become more
company increases — so that we throughput out of the branches. We have dropped your across the country. contribution to direct tax col- efficient over the years.

the biggest decline at 6.1
ACCENT REGION > FROM PAGE 1 per cent, followed by Coal
India (down 5.9 per cent)
and Oil and Natural Gas
~8 trn D-St... Corporation (down 5 per
UTTAR PRADESH On Tuesday, they pulled
cent). Overall, 3,049 stocks
declined while only 886
Ravindran owns 4.77 per
cent, SLP Beta Holdings
Cayman and MIH
Ventures BV, Netherlands
have 6.1 per cent).
Excluding WhiteHat Jr
and Osmo, there was
are confident regarding
the future viability of the
company. Based on legal
opinion, the management
is of the view that the Term
Loan B will unlikely be
required to be paid in the
transform India into a global
hub for EV testing. The over-
haul is expected to substantially
reduce vehicle testing times as
well,” another person privy to
the developments said.
With FAME-II’s deadline
buses in hilly and treacherous
terrains with shorter routes.
Buses are supported under the
existing scheme through an
opex (operating costs) model
for a period of 12 years. All
advanced technologies such as

Govt plans to cash in on out ~3,115 crore, while

$10 bn chip PLI scheme
VIRENDRA SINGH RAWAT
Lucknow, 23 January
The Uttar Pradesh (UP) government is
looking to tap the Centre’s $10 billion
production-linked incentive (PLI)
scheme to promote semiconductor fab-
rication in India.
With domestic semiconductor
demand projected to jump 10 times to
$100 billion by 2025 from $10 billion in
2020, the state is aiming to emerge as a
leading player in the segment.
buying from domestic
institutions too was muted
at ~214 crore, according to
data from the National
Securities Depository and
exchanges.
a 75 per cent land subsidy on 200 acres. “Selling by FPIs due to
On additional land, the subsidy would reasons like high valuation
be 30 per cent. and mixed results for the
The companies investing up to ~200 earnings season so far,
crore would be eligible for 5 per cent along with recent escala-
annual interest subsidy. Investors tions in tensions in West
would also get a subsidy of up to ~10 Asia and the Red Sea,
crore for research and development. prompted investors to
With the new policy in place, UP is book a profit from the
expecting big-ticket investments, recent rally,” said Vinod
which may shore up the state’s socio- Nair, head of research at
economic growth rate and generate
jobs for the aspirational youth.
Geojit Financial Services.
Fitch Group on
advanced on the BSE.
Byju’s...
Byju’s, facing a host of legal
and financial woes, is look-
ing to sell fresh shares,
including to founder Byju
Raveendran, to raise funds
to pay vendors and stabil-
ise its business, the report
said. Its revenue increased
by 120 per cent Y-o-Y to
~5,014.60 crore. In
December 2023, the firm
had presented these
results to its investors in an
annual general meeting.
Nitin Golani, India
3x growth in total income
in FY22 versus FY21, and
the Ebitda percentage
improved from 163 per
cent to 78 per cent.
While WhiteHat Jr’s
income dropped to ~295.11
crore in FY22 from ~326.67
crore a year ago, Osmo saw
its income decline to ~553
crore from ~600 crore in
FY21. Assets of Aakash and
Great Learning grew 40
per cent and 77 per cent,
respectively, post-acqui-
sition. While Aakash’s
revenue increased to ~1,491
in FY22 from ~1,065 crore
in FY21, Great Learning’s
revenue grew to ~628 crore
foreseeable future.
Accordingly, these finan-
cial statements for FY22
have been prepared on a
going-concern basis.
The documents also
detailed the status of the
search conducted, various
notices, and summons
received by the holding
company and its officials
from the Directorate of
Enforcement (ED).
The management
claimed to have submitted
all information to the ED.
FAME-III...
ending on March 31, the gov-
ernment is gearing up to
declare an extension shortly.
While there is a possibility of
the scheme being included in
the Interim Budget, sources
hinted that the intent so far was
to feature it in the Budget after
the formation of the new gov-
ernment.
“Until the full Budget is pre-
sented after the general elec-
tion, the scheme is expected to
be financed from the contin-
gency fund,” said a source.
The scheme is also set to
undergo a structural change in
its funding approach for buses.
The government is considering
the introduction of a capex
hydrogen will also be covered
under the scheme.
A sum of ~1,500 crore has
been proposed for the e3Ws,
and the e4W category is likely
to receive ~750 crore.
Additionally, there is a possibil-
ity of an inclusion of e-trucks
with a budgetary outlay of
~100 crore in the scheme.
Government data shows
that FAME-I supported
around 278,000 pure EVs with
total demand incentives of
~343 crore. FAME-II started in
April 2019 with an outlay of
~10,000 crore for a three-year
period, but it was extended to
March 2024.

The state has announced a fresh
dedicated policy for chip manufactur-
ing — the UP Semiconductor Policy
2024 — on the lines of Gujarat, Odisha
and Tamil Nadu.
The government claims that more
than 12 companies have shown inter-
est to set up semiconductor plants in
the state.
UP Cabinet Minister Yogendra
Upadhyay said investors under the new
policy would get 100 per cent stamp
duty waiver on registration of land or
leasehold. The state would also provide
RAJASTHAN
Semiconductors are used in the pro- Monday said that the ris-
duction of electronic devices, such as ing hostilities in the Red
diodes, transistors, and integrated cir- Sea due to Houthi attacks
cuits that run consumer electronics like pose a comparatively
smartphones, modern cars, televisions higher risk to South Asian
(TV), computers, etc. economies.
Since India depends on imports to Analysts said some
meet semiconductor requirements, the shine could be taken off
Centre is nudging states to ramp up India in terms of flows
domestic fabrication with the PLI with China reportedly tak-
scheme. The central PLI template is ing more measures to
aimed at catalysing the semiconductor revive its stock market,
value chain viz design, manufacturing, which includes buying
packaging, and testing of microchips. stocks worth 2 trillion yuan
through Chinese state-
owned firms. The Hong
Kong market jumped
nearly 3 per cent on the
chief financial officer at
Byju’s, said the total
income grew 2.2x but high-
lighted that WhiteHat Jr
and Osmo (Tangible Play)
contributed to 45 per cent
of the company’s losses.
“We have taken meas-
ures to improve our oper-
ating financial conditions.
These businesses were
scaled down significantly
to cut losses in the sub-
sequent years while other
businesses continue to see
growth,” Golani said.
Total expenses for FY22
rose by 94 per cent to
in FY22 from ~354 crore a
year ago.
The India market con-
tributed ~3,464.19 crore as
revenue in FY22 compared
to ~987.67 crore in FY21.
The US market provided
revenue of ~1,058.10 crore
in FY22 compared to
~795.59 in FY21, with
additional contributions
from West Asia, Australia,
and the UK. “We would
like to thank our students
for the growth we have
seen in FY22. Our sub-
scriber base has grown 125
per cent Y-o-Y,” said
The government is consid- (capital expense) model to fund More on business-standard.com
ering a reduction in funds
for electric two-wheelers
(e2Ws) due to a surge in > BS SUDOKU # 4187
electric vehicle penetra-
tion in this segment,
unlike buses which experi-
enced a decline. The pen-
etration of the electric vari-
ant in the two-wheeler
category has risen to 5 per
cent in 2023 from 4 per
cent in 2022. In contrast,
the penetration of electric
buses has decreased to 3.3
per cent in 2023 from 4.6
per cent in 2022.
In addition to the e-bus

State looking to be leader in report of China’s stimulus.

providing water connections
ANIL SHARMA
Jaipur, 23 January
The newly formed BJP government in
Rajasthan seeks to provide safe and
adequate drinking water to households
under the Jal Jeevan Mission (JJM) and
is working on an ambitious plan to
make the state a leader in providing
water connections in the country, a
senior minister has said.
Public Health Engineering
Department (PHED) Minister Kanhaiya
Lal Choudhary said the fast progress
in the Jal Jeevan Mission is important
for Rajasthan.
The JJM is aimed at providing
drinking water tap connections to
households in rural India.
“Progress will be visible in JJM only
when there will be more water connec-
tions. We aim to bring the state to the
Experts see the market
consolidating in the com-
ing weeks until the emer-
gence of new positive
triggers. “Given weak
top of the ladder in the country in this global cues and a mixed
water mission,” he said. set of earnings released so
According to the plan, all ongoing far, the market is likely to
mega projects will be monitored on a consolidate and may drop
day-to-day basis and steps will be a little further until the
taken to prevent the wastage of water next set of fresh positive
due to leakage. triggers,” said Siddhartha
“I have directed officials to take Khemka, head of retail
action against the contractors or firms research at Motilal Oswal
and also to fix the responsibilities of Financial Services.
engineers or officials concerned in In the Nifty50 pack,
case of slow work progress or delay in Cipla was the top gainer
project completions. I have also with a 7 per cent rise after
instructed the officials to focus beating Street’s profit esti-
on increasing Functional Household mates.
Tap Connection in the projects for Sun Pharmaceutical
which work orders have been given. Industries, Bharti Airtel,
We aim to speed up water connections and ICICI Bank were the
so that Rajasthan can reach the top other major gainers with a
position compared to other states,” the 3-4 per cent upside.
minister said. IndusInd Bank registered
~13,668.44 crore, with sig-
nificant increases in pro-
duction and transporta-
tion costs (~4,143.94 crore)
and employee benefit
expenses (~3,552.22 crore).
The net cash flow used
in investing activities in
FY22 stood at ~11,705.23
crore against ~1,929.94
crore in FY21. Asset val-
uation, including tablets,
SD cards, laptops, and
tech-embedded devices,
increased to ~613.36 crore
in FY22 from ~252.48 crore
in FY21.
Its earnings before
interest, tax, depreciation,
and amortisation (Ebitda)
improved from 171 per cent
in FY21 to 126 per cent in
FY22. While Byju
Raveendran holds 50.37
per cent share in the com-
pany, Divya Gokulnath has
10.52 per cent, Riju
Golani. Continued net
losses and accumulated
losses, coupled with
uncertainty related to liti-
gation and its financial
impact on the $1.2 billion
Term Loan B facility, cast
doubts about Byju’s ability
to continue as a going con-
cern. The firm reported
non-current borrowings of
~8,828.65 crore in FY22
compared to nil in FY21.
The current financial
liabilities were reported as
~3,845.04 crore in FY22
compared to ~442.87 crore
in FY21.
According to its audi-
tors, the management has
taken measures to
improve its operating
financial condition and is
in the process of securing
funding and exploring sale
of assets as needed.
Auditors have said they
segment, another focus
area for FAME-III is charg-
ing infrastructure. The
scheme aims to earmark
~2,000 crore for the devel-
opment of EV-ready high-
ways. “The aim of the
scheme is to create EV-
ready highways, which
could facilitate the expan-
sion of intercity transpor-
tation,” the official quoted SOLUTION TO #4186
above said.
The government plans
Very easy:
to allocate ~750 crore to «
enhance EV testing infra Solution tomorrow
at facilities such as the
International Centre for HOW TO PLAY
Automotive Technology in Fill in the grid so that
Manesar, Automotive every row, every col-
Research Association of
umn and every 3x3
India as well as National
box contains
Automotive Test Tracks in
Pune, and Global the digits 1 to 9
Automotive Research
Centre in Chennai.
“The fund aims to
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 ECONOMY & PUBLIC AFFAIRS 7
APPOINTMENTS
Karpoori Thakur to be
awarded Bharat Ratna
ARCHIS MOHAN his death in February 1988, bar-
New Delhi, 23 January ring a brief stint as a Lok Sabha
member in 1977, which he quit

A
day after leading the
pran pratishtha cere-
mony at the Ram
Temple in Ayodhya, Prime
Minister Narendra Modi
announced his government’s
decision to confer the highest
civilian award — the Bharat
Ratna — on former Bihar Chief
Minister Karpoori Thakur
posthumously.
Karpoori Thakur intro-
duced reservations for the
most backward castes (MBCs)
in the state within the larger
quota for backward castes, or
OBCs, in 1978. Referred to as
the ‘Karpoori Thakur formula’,
it predated the Mandal
Commission implementation
by 12 years. During his nearly
10 years at the helm, Prime
Minister Modi tried melding
the two components of the
‘Mandal versus Kamandal’ pol-
itics of 1990. Over the past 48
hours, the Prime Minister
embraced the two streams,
hitherto considered adversari-
al. In 2017, the Modi govern-
ment instituted the G Rohini
Commission for sub-categoriz-
ing the OBC quota to ensure
extremely backward classes
(EBCs) accrue the benefits of
reservation, which dominant
OBCs, such as the Yadavs, are
perceived to have cornered.
The commission submitted
Karpoori Thakur introduced reservations for the most
backward castes in Bihar within the larger quota for backward
castes, or OBCs, in 1978. It predated the Mandal Commission
implementation by 12 years
its report last year.
However, the decision to
confer the Bharat Ratna on
Karpoori Thakur, who hailed
from a poor nai (barber) caste,
also strikes at the dominant
OBC versus extremely back-
ward classes’ social dynamics
in Bihar. Karpoori Thakur
mentored and shaped Lalu
Prasad and Nitish Kumar's
engagement with politics, both
of whom carried forward the
backward classes and Dalit
assertion in Bihar. However,
EBCs saw Prasad’s rule as one
monopolised by the Yadavs, a
resentment that Kumar har-
nessed to win, in alliance with
the BJP, in 2005.
Last year’s caste survey in
PHOTO: X/NARENDRAMODI
Bihar enumerated the socio-
economic status of OBCs and
EBCs as distinct categories.
Last month, the BJP picked
Mohan Yadav as its Madhya
Pradesh chief minister.
The conferring of Bharat
Ratna on Karpoori Thakur also
counters the demand for a
nationwide caste census by the
Congress and its INDIA bloc
allies, such as the Samajwadi
Party, JDU, and RJD.
Born on January 24, 1924,
Karpoori Thakur participated
in the freedom struggle and
was a member of the Congress
Socialist Party and later the
Praja Socialist Party.
He was the legislator of the
Bihar assembly from 1952 until
to become the Bihar chief min-
ister.Karpoori Thakur was the
Bihar chief minister for two
stints, from December 1970 to
June 1971 and June 1977 to
April 1979. On Tuesday, follow-
ers and admirers of Karpoori
Thakur concluded their year-
long centenary celebrations in
Patna when the news that the
socialist icon was conferred the
Bharat Ratna was announced.
Arun Srivastava, a socialist
activist who had organised
meetings to mark Karpoori
Thakur's centenary, told
Business Standard that he wel-
comed the decision.
“Modi will end up appropri-
ating socialist icons as well,”
commented an organiser of the
centenary celebrations.
Former Union Finance
Minister and civil servant
Yashwant Sinha, Karpoori
Thakur’s principal secretary in
1978-79, remembered him as a
true mass leader.
According to Sinha, Thakur
had been treated shabbily as a
child by the upper-caste land-
lords of his village. Thakur told
Sinha that he was good at his
studies. When he passed his
matriculation with good
grades, his father took him
to the village landlord to
inform him about Karpoorji
Thakur’s achievement.

OPINION

Jan Nayak Karpoori Thakur ji

worked to create a more
inclusive society with his policies
NARENDRA MODI
T oday is the birth centenary of Jan
Nayak Karpoori Thakur ji, whose
relentless pursuit of social justice created
a positive impact in the lives of crores of
people. I never had the opportunity to
meet Karpoori ji but I heard a lot about
him from Kailashpati Mishra ji, who
worked closely with him. He belonged to
one of the most backward sections of
society, the nai samaj. Overcoming
numerous obstacles, he achieved a lot
and worked for societal betterment.
Jan Nayak Karpoori Thakur ji’s life
revolved around the twin pillars of
simplicity and social justice. Till his last
breath, his simple lifestyle and humble
nature resonated deeply with the
common people. There are numerous
anecdotes that highlight his simplicity.
Those who worked with him recall how
he preferred to spend his own money for
any personal matter, including his
daughter’s wedding. During his tenure
as chief minister (CM) of Bihar, a decision
was taken to build a colony for political
leaders but he himself did not take any
land or money for the same. When he
passed away in 1988, several leaders went
to his village to pay tributes. When they
saw the condition of his house, they were
moved to tears — how can someone so
towering have a house so simple!
Another anecdote of his simplicity
dates back to 1977 when he had just taken
over as CM of Bihar. The Janata
government was in power in Delhi and
Patna. That time, Janata leaders had
gathered in Patna to mark Loknayak JP’s
birthday. Among the galaxy of top
leaders walked in chief minister
Karpoori Thakur ji, with a torn kurta. In
his own style, Chandrashekhar ji asked
people to donate some money so that
Karpoori ji could purchase a new kurta.
But, Karpoori ji was Karpoori ji — he
accepted the money but donated it to the
CM Relief Fund.
Social justice was most dear to Jan
Nayak Karpoori Thakur ji. His political
journey was marked by monumental
efforts to create a society where
resources were distributed fairly, and
everyone, regardless of their social
standing, had access to opportunities.
He wanted to address the systemic
inequalities that plagued Indian society.
Such was his commitment to his
ideals that despite living in an era where
the Congress Party was omnipresent, he
took a distinctly anti-Congress line
because he was convinced very early on
that the Congress had deviated from its
founding principles.
His electoral career began in the early
1950s and since then he became a force to
reckon with in the legislative chambers,
powerfully voicing the struggles of the
working class, labourers, small farmers,
and youngsters. Education was a subject
very close to his heart. Throughout his
political career he worked to improve
education facilities for the poor. He was a
proponent of education in local
languages so that people from small
towns and villages can climb the ladder
and attain success. As CM, he took many
measures for the welfare of senior
citizens as well.
Democracy, debate, and discussion
were integral to Karpoori ji’s personality.
This spirit was seen when he immersed
himself in the Quit India movement as a
youngster and it was again seen when he
resisted the Emergency tooth and nail.
His unique perspectives were greatly
admired by the likes of JP, Dr Lohia and
Charan Singh ji.
Perhaps one of Jan Nayak Karpoori
Thakur ji’s most significant
contributions to India was his role in
strengthening the affirmative action
apparatus for the backward classes, with
the hope that they were given the
representation and opportunities they
deserved. His decision was met with
heavy opposition but he did not bow to
any pressure. Under his leadership,
policies were implemented that laid the
groundwork for a more inclusive society,
where one’s birth did not determine
one’s fate. He belonged to the most
backward strata of society but he worked
for all the people. He had no trace of
bitterness in him, which is what makes
him truly great.
Over the last ten years, our
government has walked on the path of
Jan Nayak Karpoori Thakur ji, reflecting
in our schemes and policies that have
brought transformative empowerment.
One of the biggest tragedies of our polity
has been that barring a few leaders like
Karpoori ji, the call for social justice was
restricted to being a political slogan.
PNB MetLife India Insurance Company Limited: Newspaper Publication
Inspired by Karpoori ji’s vision, we
implemented it as an effective
governance model. I can say with
Registration Number: 117 dated August 6, 2001 with IRDAI
(Regulation 52 (8) read with regulation 52 (4) of the Listing Regulations)
confidence and pride that Jan Nayak
Karpoori Thakur ji would have been very
proud of India’s feat of freeing 25 crore Quarter ending Period ending Quarter ending
people from the clutches of poverty in Sr.No. Particulars December 31, December 31, December 31,
the last few years. These are people from 2023 2023 2022
the most backward sections of society,
who were denied basic facilities nearly 1 Premium Income (Gross) (Refer note (c)) 2,39,096 6,34,989 2,15,762
seven decades after freedom from
colonial rule. At the same time, our 2 4,331 13,718 5,722
Exceptional and/or Extraordinary items)
efforts towards saturation — of ensuring
every scheme reaches 100 per cent 3 4,331 13,718 5,722
coverage — echoes his commitment to Exceptional and/or Extraordinary items) (Refer note (e))
social welfare. Today, when people from
OBC, SC and ST communities are 4 4,116 13,177 5,395
Exceptional and/or Extraordinary items#)
becoming entrepreneurs due to MUDRA
loans, it fulfils Karpoori Thakur ji’s Total Comprehensive Income for the period
vision of economic independence. 5 NA NA NA
Likewise, it was our government that and Other Comprehensive Income (after tax)]
had the privilege of extending SC, ST 6 Equity Share Capital (as at date) 2,01,288 2,01,288 2,01,288
and OBC reservations. We also had the
honour of setting up the OBC Reserves (excluding Revaluation Reserve) as shown
7 - - -
Commission (which was opposed by in the Audited Balance Sheet (Refer note (f))
Congress, sadly), which is working on Earning per share (Face value of ` 10 each)
the path shown by Karpoori ji. Our PM-
Vishwakarma scheme will also bring 8 a. Basic (Not annualized for three and nine months) (in `) 0.20 0.65 0.27
new avenues of prosperity for millions of b. Diluted (Not annualized for three and nine months (in `) 0.20 0.65 0.27
people belonging to OBC communities
across India. 9 Debt-equity ratio (no. of times) 0.25 0.25 0.28
As a person belonging to the 10 Debt service coverage ratio (no. of times) 6.29 6.61 7.99
backward classes myself, I have much to
thank Jan Nayak Karpoori Thakur ji for. 11 Interest service coverage ratio (no. of times) 6.29 6.61 7.99
Unfortunately, we lost Karpoori ji at a
relatively young age of 64. We lost him Footnotes
when we needed him the most. Yet, he a) This format is modified to reflect the terminology used in the Insurance Act IRDAI Regulations.
lives on in the hearts and minds of crores b) The above is an extract of the detailed format of Quarterly/Half yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI
of people due to his work. He was a true (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Annual Financial Results are available on the websites of the
Stock Exchange and the Company's website 'https://www.pnbmetlife.com'.
Jan Nayak!
c) Premium income is gross of reinsurance and net of GST.
d) Line Item No. 5 would be disclosed when Ind AS become applicable to Insurance companies.
The writer is the prime minister of India
e) Net Profit/(Loss) before tax, for the period is Profit/(Loss) before tax as appearing in Profit and Loss Account (Shareholders' account).
f) Reserves are excluding Revaluation reserve and fair value change account.
g) #-Exceptional and /or Extraordinary items adjusted in the Statement of Policyholders' and Shareholders' account in accordance with Ind-AS Rules/ AS
Rules, whichever is applicable.

Official rejects ‘poll date’ speculation h) The Company has issued and allotted 4,000 unsecured, subordinated, listed, rated, redeemable, taxable, non-convertible debentures (NCDs) in the nature

ARCHIS MOHAN
New Delhi,23 January
An internal note stating that the Lok
Sabha elections could be held on April
16 was only for indicative purposes for
officials to plan preparations and should
not be construed as the polling date for
the seven parliamentary seats in the
national capital, Delhi’s chief electoral
officer clarified on Tuesday.
The internal note circulated by the
office of Delhi’s chief electoral officer,
with April 16 as the tentative “poll date”
to help officials schedule activities “in
the build-up” to the general election,
fuelled speculations that it could be
advanced by a couple of weeks since
Delhi voted in the latter half of the mul-
ti-phase election in 2019.
In the 2019 Lok Sabha polls, which
took place over seven phases from April
11 to May 19, voting for Delhi’s seven
seats took place in the sixth phase on
May 12.
However, in the polling for the 2014
Lok Sabha polls, which took place over
nine phases from April 7 to May 12, Delhi
voted in the third phase on April 10. In
2009, Delhi voted in the fifth, the penul-
timate phase, on May 7.
In 2019, the elections were
announced on March 10. In 2014, the
dates were announced on March 5.
“Some media queries are coming refer-
ring to a circular by @CeodelhiOffice to
clarify whether April 16 is a tentative poll
day for Lok Sabha elections. It is clarified
that this date was mentioned only for
‘reference’ for officials to plan activities
as per Election Planner of ECI,” the
office’s handle posted on X.
i)
of 'Subordinated Debt' in accordance with IRDAI (Other Forms of Capital) Regulations, 2015 of face value of ₹ 1,000 thousands (each at par) aggregating to
₹ 4,000,000 thousands through private placement on January 27, 2022.
Debt-equity ratio is calculated as Total borrowings divided by Net worth
Net Worth = Share Capital + Free Reserves and Surplus + Credit / (Debit) Fair Value Change Account - Debit Balance in Profit and Loss
j) Debt service coverage ratio is calculated as Profit before interest and tax divided by interest expense together with principal repayments of long term debt
during the period.
k) Interest service coverage ratio is calculated as Profit before interest and tax divided by interest expense.
For and on behalf of the Board of Directors
Ashish Kumar Srivastava
Managing Director and CEO
DIN No. 00355075
Place: Mumbai
Date : January 22, 2024
AD-NF/2023-24/279.
8 WORLD
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024

Oppenheimer leads
Oscar nominations
Israel loses 24 soldiers China weighs
$278 bn rescue
PRESS TRUST OF INDIA
23 January
nominations. The Oscars cer-
emony will be held on March
10 in Los Angeles and hosted
in highest one-day toll plan for markets
Christopher Nolan’s by ABC’s Jimmy Kimmel.
Oppenheimer is leading the Nominated films can see a
Gaza’s Khan Younis Hospital under Israeli army siege as conflict intensifies
Academy Awards race with 13 significant bump in ticket REUTERS Netanyahu said. “In the name BLOOMBERG score the elevated sense of
nominations, accord- sales in theaters, Gaza/ Jerusalem, 23 January of our heroes, for the sake of 23 January urgency among Chinese
ing to a statement from The Oscar according to histori- our lives, we will not stop authorities to stem a selloff

T
the Oscars body ceremony cal data from wenty-four Israeli sol- fighting until absolute vic- Chinese authorities are con- that sent the benchmark CSI
on Tuesday. will be Comscore Universal diers were killed in tory.” The deaths came amid sidering a package of meas- 300 Index to a five-year low
The Universal held on Pictures, a unit of Israel’s worst day of the heaviest fight of 2024 so ures to stabilise the slumping this week. Calming the
Pictures biographical March 10 in Comcast, rereleased losses in Gaza, the military far, as the Israeli Defence stock market, according to nation’s retail investors, many
film about J. Robert Los Angeles Oppenheimer in the- said on Tuesday, as it claimed Forces (IDF) stormed remain- people familiar with the of whom have been bruised
Oppenheimer, the aters this month. The to have encircled southern ing parts of Khan Younis, the matter, after earlier attempts by the protracted property
inventor of the atomic film comes to its Gaza's main city in a major main city in the south of the to restore investor confidence downturn, is also seen as
bomb, received critical Peacock streaming service on ground assault. enclave sheltering hundreds fell short and prompted key to maintaining social
acclaim and has generated Feb. 16, the longest ever delay Spokesman Rear Admiral of thousands of displaced Premier Li Qiang to call for stability.
more than $950 million at the between a movie’s release in Daniel Hagari said 21 soldiers Palestinians. “forceful” steps. The formation of a state-
box office. It’s competing for theaters and its debut on the were killed when two build- “Over the past day, IDF Policymakers are seeking backed stabilization fund has
best picture and best director company’s online platform. ings they had mined for dem- troops carried out an exten- to mobilise about 2 trillion been contemplated since at
against films such as Martin “To Kill a Tiger”, set in a olition exploded after mili- sive operation during which yuan ($278 billion), mainly least October.
Scorsese’s Killers of the Flower small Indian village was nomi- tants fired at a nearby tank. they encircled Khan Younis from the offshore accounts of
Moon from Apple, Discovery’s nated for the best documen- Earlier, three soldiers were and deepened the operation Chinese state-owned enter- Draft video game rules
Barbie and Poor Things, tary feature at the 2024 reported killed in a separate in the area. The area is a sig- Palestinians fleeing Khan Younis Hospital due to the prises, as part of a stabiliza- removed from website
from Walt Disney’s Academy Awards. attack in southern Gaza. nificant stronghold of Hamas Israeli ground operation PHOTO: REUTERS tion fund to buy shares China’s gaming regulator has
Searchlight division. “To Kill a Tiger” is directed “Yesterday we experienced Khan Younis Brigade,” the onshore through the Hong removed from its website
It would be Nolan’s first by Delhi-born Nisha Pahuja, one of our most difficult days military said. Kong exchange link, said the rules it proposed last month
win in either of those cate- an Emmy-nominated film-
gories after five earlier Oscar maker based in Toronto.
since the war erupted,” Israeli
Prime Minister Benjamin
US, UK strike Houthis again people, asking not to be iden-
tified discussing a private
aimed at curbing spending
and rewards that encourage
The US and UK launched more airstrikes against the matter. They have also ear- playing video games, checks
Houthis in Yemen on Monday, the latest salvo in an marked at least 300 billion by Reuters on Tuesday
effort to stop the Iran-backed group’s attacks on ships in yuan of local showed, in a move that

IN BRIEF IN THE NAME OF OUR HEROES, the Red Sea. Monday night’s moves marked the eighth
round of allied attacks on the Houthis since the first on
funds to invest in onshore
shares through China
boosted gaming company
shares. The link to the draft
FOR THE SAKE OF OUR LIVES, January 12. American and British forces said they hit eight Securities Finance or Central rules on NPPA website
targets, including an underground storage site and Huijin Investment. was inaccessible as of
WE WILL NOT STOP FIGHTING locations for launching missiles and carrying out air- The deliberations under- Tuesday morning.
Netflix to stream WWE Raw UNTIL ABSOLUTE VICTORY” surveillance. The strikes were supported by Australia,
Bahrain, Canada, and the Netherlands. They were the
in $5 bn bet on live events BENJAMIN NETANYAHU most significant, according to the US, since the original Singapore hedge China regulator
Israel Prime Minister ones earlier this month. REUTERS fund shuts after cracks down on
Netflix took a big step into live events on
Tuesday with a more than $5 billion losing China bets ‘abnormal’ trading
rights deal that would make it the Singapore-based Asia China’s securities regulator
exclusive home of World Wrestling Genesis Asset Management will step up monitoring of
Entertainment's Raw from January 2025.
The 10-year partnership will put Raw on
the streaming platform in the United States,
Canada, United Kingdom and Latin America, among other
Nato signs $1.2 bn deal to help is liquidating its hedge fund
after a "significant and
unprecedented drawdown"
following missteps in
trading by key investors and
crack down on abnormal
behaviour, stock price
manipulation and other
territories, the companies said. Netflix will also exclusively
telecast outside the US all WWE shows and specials,
including SmackDown, as well as pay-per-view live events
Ukraine with ammunition Chinese and Japanese bets.
The Asia Genesis Macro Fund
lost 18.8 per cent in the first
violations. The regulator will
enhance the policy tools it
has to deal with market
such as WrestleMania and Royal Rumble. Shares of Netflix Four killed in Russian air strike; Pentagon ‘out of money’ for Ukraine’s aid weeks of January. REUTERS fluctuations. REUTERS
rose 2 per cent in premarket trading, while TKO Group — the
parent firm of WWE — jumped 23 per cent. REUTERS ASSOCIATED PRESS Secretary-General Jens Stoltenberg said.
23 January “We cannot allow President (Vladimir)
Putin to win in Ukraine,” he added. CHINA LANDSLIDE TOLL RISES TO 31
The North Atlantic Treaty Organization
Crisis at Pentagon
BYD tops VW to be China’s (Nato) signed on Tuesday a $1.2-billion
contract to make tens of thousands of For the first time since Defense Secretary
no. 1 selling car brand artillery rounds to replenish the dwin-
dling stocks of its member countries as
Lloyd Austin established the interna-
tional group to support Ukraine in April
BYD overtook Volkswagen AG as China’s best-selling car brand in they supply ammunition to Ukraine to 2022, the United States will host the
2023, clear evidence its all-in bet on electric vehicles is paying help it defeat Russia’s invasion. monthly gathering of about 50 countries
dividends and helping it pass some of the world’s biggest legacy The contract will allow for the pur- out of money, unable to send the ammu-
names. BYD tallied 2.4 million new domestic car insurance chase of 220,000 rounds of 155-millimeter nition and missiles that Ukraine needs to
registrations last year, data from the China Automotive ammunition, the most widely sought after fend off Russia’s invasion.
Technology and Research Center show, giving it a market share of artillery shell, according to Nato’s support While waiting for Congress to pass a
11 per cent, up 3.2 percentage points.BYD’s rise reflects the wider and procurement agency. It will allow budget and potentially approve more
lead Chinese car brands have in developing affordable and high- allies to backfill their arsenals and to pro- money for Ukraine's fight, the US will be
tech EVs that are quickly gaining acceptance. BLOOMBERG Rescuers work at a site of a building vide Ukraine with more ammunition. looking to allies to keep bridging the gap.
heavily damaged during a Russian attack, “This is important to defend our own Tuesday’s meeting will focus The death toll from a landslide that struck southwest China’s
which killed more than six in Kharkiv, territory, to build up our own stocks, but on longer-term needs, deputy Pentagon mountainous Yunnan province has climbed to 31, with many
French watchdog fines Amazon Ukraine on Tuesday PHOTO: REUTERS also to continue to support Ukraine,” Nato press secretary Sabrina Singh said. still missing, local authorities said on Tuesday PHOTO: REUTERS

over employee surveillance

The French data protection watchdog fined Amazon
($34.9 million) for setting up a system to monitor employee
activity and performance that it called “excessively intrusive.”
Haley sweeps Trump in Dixville Notch, wins all 6 votes
The authority is targeting scanners that track employee activity
and performance, CNIL said in a statement on Tuesday. The
watchdog said Amazon’s system differs from traditional
ASSOCIATED PRESS
23 January
of other tiny New Hampshire towns
have also voted at midnight, but this Deepfake audio of Biden alarms
monitoring methods “because of the scale on which they
were implemented, both in terms of their exhaustiveness and
their permanence.” BLOOMBERG
The six registered voters of Dixville
Notch in New Hampshire all cast
year Dixville Notch went it alone.
The voting took place in a new
location, the living room of Tillotson
experts in lead-up to polls
their ballots for Nikki Haley at mid- House, with the Balsams Resort In the recent case of deepfake, a phone recorded
night on Tuesday, giving her a clean undergoing renovations. It made for message with a voice edited to sound like US
Jack Ma bought Alibaba shares sweep over former President Donald
Trump and all the other US
a congenial setting, with an 11-month-
old golden retriever named Maxine
Presidnet Joe Biden urged voters in New Hampshire
not to cast their ballots in Tuesday’s Democratic
worth $50 mn in fourth quarter Presidential poll candidates.
The resort town was the first place Republican leader Nikki Haley is the
greeting media and voters.
Les Otten, the principal owner and
primary. “Save your vote for the November
election,” the phone message went. It even made
Alibaba co-founder Jack Ma and Chairman Joe Tsai bought in the nation to vote in the 2024 pri- biggest challenger to Donald Trump developer of the Balsams Resort, said use of one of Biden’s signature phrases: “What a
millions worth of shares in the Chinese e-commerce giant in the maries. The voters were outnum- he was excited to cast his ballot. bunch of malarkey.” In reality, the president isn’t on
fourth quarter, the New York Times reported on Tuesday, bered more than 10-to-1 by reporters announced just a few minutes “It’s special. It really is,” Otten said. the ballot in the New Hampshire race — and voting in
sending the company's US-listed shares up around 7 per cent. from every corner of the globe — not after midnight. “It’s what ought to happen in every the primary doesn’t preclude people from
Ma bought $50 million worth of Hong Kong-traded stock, the to mention by a pile of freshly baked With such a tiny sample of voters, community in the United States, participating in November's election.
report said, citing a person with knowledge of the matter. It chocolate chip cookies. the results are not typically indicative where there is 100 per cent participa- Many have warned that new artificial
added Tsai purchased about $151 million worth of Alibaba’s US - Dixville Notch has a tradition of of how an election will end up. But tion, everybody votes. None of the six intelligence-powered video and image
traded shares in the quarter through his Blue Pool Management first-in-the-nation voting that dates they do provide for an early curiosity. of us can complain about the out- generators will be used this year for
family investment. REUTERS back to 1960, with the results In some previous elections, a couple come of the election,” he said. political gain. BLOOMBERG

No-frills flying emerges as travel’s painful, greener future

BLOOMBERG
23 January
Densely packed aircraft, little
legroom and no free drinks. It’s
starting to look like the
uncomfortable reality of global air
travel for more and more
passengers as airlines race to
decarbonize.
The spartan cabins and fuss-
free service of low-cost carriers
appeared half a century ago, a
makeover that made flying
affordable to the masses. Since
Southwest Airlines first took off
from Dallas in 1971, dozens of
budget peers including Ryanair
Holdings AirAsia and India’s
IndiGo have emerged to take on
more pricey legacy carriers.
With global air travel almost
completely recovered from the
pandemic, cutting emissions is
once again the industry’s no. 1
challenge. The low-cost, low-
luxury business model that
democratized air travel in recent
decades has now become an
unlikely template for reducing
pollution. That’s because budget
airlines’ obsession with lowering
weight in order to save fuel — by
installing paper-thin seats,
ripping out business-class thrones
and ditching heavy extras like
booze and blankets — also
happens to produce the best
emissions metrics in the skies.
The five airlines in the world
that emit the fewest pollutants per
passenger are all low-cost carriers,
according to data from carbon-
reduction advisory firm Envest
Global. Wizz Air Holdings, the
Hungary-based carrier that mostly
serves Europe and the Middle East,
leads the pack. Major brands
including Delta Air Lines, Cathay
Pacific Airways and British
Airways, which is owned by IAG
SA, belch out almost twice as many
emissions for every passenger they
carry, the data show.
It’s grim news for those
accustomed to turning left as they
board their flights, the traditional
path to roomy premium seats.
With a 2050 deadline looming for
aviation to reach carbon
neutrality, the emissions data
suggest that airlines in fact need to
jam more passengers onto their
aircraft, give them less space, and
cut back on food and drink in
order to make flying sustainable.
“This low-cost model is aligned
with the central elements of a low-
carbon strategy,” said Envest
Global Chief Executive Officer
David Wills, who’s based in
Sydney. “Everything is designed to
minimize fuel cost per passenger.”
Without an overhaul, aviation
won’t achieve its mid-century
emissions-reduction goals. Its
share of CO2 output is set to
balloon as other segments
decarbonize — to an estimated 22
per cent by 2050 from about 2 per
cent today if emissions aren’t cut
fast enough. The aviation industry
is “not on track” to hit its net zero
target, the International Energy
FLYING LIGHT
n After Covid-19, cutting
emissions is once again the
aviation industry’s no. 1 challenge
n The low-cost, low-luxury
business model has become
an unlikely template for
reducing pollution
n Airlines’ obsession with
lowering weight in order to save
fuel happens to produce the best
emissions metrics in the skies
Agency says on its website. Seats in the business and first-
class sections of aircraft cabins
Looming threats generate larger carbon footprints
Airlines that fail to take sufficient for their occupiers because they
action risk fines and tighter take up more space and are
regulation. Fuel levies are already heavier than economy berths.
being rolled out in Europe, a For example, a passenger in
jurisdiction that’s leading efforts coach flying from Hong Kong to
to make flying kinder to the Singapore in an Airbus SE A350
environment. would wrack up 170 kilograms of
emissions, according to the
International Air Transport
Association’s carbon calculator.
The same trip in business class
generates 682 kilograms. A ride in
premium economy produces 256
kilograms. Every extra passenger
that airlines can squeeze into the
plane, and every kilogram they
can strip from the cabin, helps
cuts each customer’s individual
carbon emissions.
Budget carriers have turned
this ruthless science into an art-
form. Ryanair in 2009 explored
the idea of tearing out seats to
create a standing cabin where
more people could be packed in.
Before the pandemic, Philippines
budget carrier Cebu Air was
moving kitchens and bathrooms
on some of its new Airbus SE
A330neos to cram in a record 460
seats. Low-cost carriers routinely
fit out planes with non-reclining
seats sans entertainment screens
to cut down the weight of
materials.
Dirty downside
It may be fuel efficient, but the
budget flight movement has also
driven a boom in air-travel
demand because of the bargain
ticket prices.
Low-cost carriers were
responsible for almost 90 per cent
of growth in fuel use and CO2
emissions from US airlines
between 2005 and 2019, according
to the International Council on
Clean Transportation. Fuel-
efficiency improvements by
budget carriers just couldn’t keep
pace with their passenger growth,
the ICCT said.
Comparisons based on
emissions per passenger also
overlook the cargo that full-
service carriers are more likely to
haul. Still, the task facing airlines,
regulators and governments is to
harness more widely the fuel
efficiency of low-cost carriers
while keeping a grip on demand-
driven emissions, according
to the ICCT.

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

VOLUME XXVIII Number 139 ILLUSTRATION: BINAY SINHA

MUMBAI | WEDNESDAY, 24 JANUARY 2024

The rural push ments for IGST collections. Thus, apart from the
input tax credit refunds on exports, the adjustments
Labour market conditions can affect long-term growth on account of IGST paid on inter-state transfers also
need to be quick and smooth. To begin with, the GST

T
he Indian economy is projected to grow at 7.3 per cent in the current
Network can make data on export refunds and adjust-
financial year, compared with 7.2 per cent in 2022-23, according to the
ments for input tax credits on inter-state sales avail-
first advance estimates of the National Statistical Office. The economy able, so that the extent of the problem could be
has been growing at a stronger pace than anticipated by most analysts, gauged and corrective action taken.
even until a few quarters ago. However, it is likely that this momentum is not The second takeaway arises from the recent trend
benefitting a vast section of society. There has been considerable debate on the in collections of IGST on imports. After contracting
nature of the economic recovery after the pandemic. One of the views is that the for two successive years in 2019-20 and 2020-21, col-
recovery has benefitted mostly the better-off sections of the population, partly lections of IGST on imports jumped by over 62 per
because of formalisation. Nevertheless, even if the debate on the nature of the cent in 2021-22 and again by 25 per cent in 2022-23.
post-pandemic recovery is set aside, the structure of the Indian labour market But this growth slowed down to less than 2.5 per

GST cess as an
cent in the first nine months of 2023-24. During the
deserves increased policy attention.
same period, IGST collections on inter-state sales
The majority of the population lives in rural areas, and employment con-
have risen sharply. In the early years of the new indi-
ditions there can have a significant bearing on overall demand. In this context, rect taxes regime, the growth in GST collections was
it is worth noting that data analysed by economist Ashok Gulati and his col- fueled largely by IGST on imports. Now, a reduced

opportunity
league, and presented in a column in The Indian Express this week, does not dependence on IGST on imports is a welcome sign
paint an encouraging picture. After a dismal performance from 2004-05 to of GST’s intrinsic buoyancy.
2008-09, real agriculture and non-agriculture wages in rural areas grew at an The most significant takeaway arises from the
annual rate of 8.6 per cent and 6.9 per cent, respectively, between 2009-10 and steady 7 per cent share of compensation cess in
2013-14. The growth rate decelerated over the next five years to about 3 per total GST collections, underlining the need for the
cent. However, over the last five years (2019-20 to 2023-24), the annual rate of India’s economy should benefit from an early termination GST Council to make an early decision on how this
levy should be handled after its withdrawal from
growth in real rural wages has been negative for both agriculture and non-
agriculture segments. A decline in real wages is bound to affect demand from
of the compensation cess April 2026. At ~1.26 trillion, collected in 2022-23
from the sale of so-called demerit goods including
this section of the population. While this may contribute to the K-shaped

T
he performance of the goods and services tax This is a significant aspect of India’s GST struc- motor vehicles, aerated water, coal, and pan
recovery, the trend indicates that rural wage growth has significantly under- (GST) regime has looked up in the last couple ture, and the issues around such refunds need to masala, the compensation cess offers an opportu-
performed, except for a brief period (2009-10 to 2013-14), which points to of years. In 2018-19, a year after its launch in be resolved soon, even though they do not detract nity for policymakers.
broader structural issues. July 2017, GST collections were estimated at about from GST’s overall healthy performance. Similarly, Should the cess be discontinued or subsumed
Far too many people in India depend on agriculture for livelihood. The 6.22 per cent of India’s gross domestic product key pending reforms like rate rationalisation in the existing structure? A discontinuation would
sustained decline in the agricultural workforce was reversed during the Covid- (GDP). After weathering the headwinds of two should also be expedited. But it is equally impor- result in a major tax relief for products that now
19 pandemic period. After a minor improvement, 45.8 per cent of the workforce rounds of politically-induced rate cuts without any tant to assess how the different components of the attract the cess and could act as a demand stimulus
rationalisation or reduction in the multiplicity of indirect tax have fared in this period of about four for these price-sensitive sectors. Alternatively, the
was still engaged in agriculture in 2022-23. Notably, the agriculture sector is
rates and the Covid pandemic, GST years, and whether any gaps in the cess could be subsumed in the existing tax struc-
expected to contribute a little over 14 per cent to the overall gross value added collections in 2021-22 rose to 6.3 per system need to be fixed. ture and the revenue could be used for financing
in the current year. Even with input and output price support, if about 46 per cent of GDP. A year later, it was fur- Note that there are four heads climate transition schemes. Either way, the Indian
cent of the workforce produces just 14 per cent of the output, there is bound to ther up at 6.6 per cent. And in the under which GST is collected — the economy will benefit if an early decision is made.
be pressure on wages and profitability in the sector. The policy priority, therefore, first half of 2023-24, GST collections central goods and services tax or The original objective of the cess, enforced for
should be to pull out as many people from the agriculture sector as possible. have been estimated at almost 7 per CGST, the state goods and services only five years till June 2022, was to compensate
Policy interventions over the years have not yielded the desired results. Further, cent of GDP. tax or SGST, compensation cess, and the states, whose annual revenue growth failed to
productivity in the agriculture sector remains low, partly because of small land- Indeed, the pace of recovery in integrated goods and services tax or exceed 14 per cent over the base that prevailed in
holdings. Government interventions restricting exports to manage the domestic GST collections has been faster than IGST, which has two components — 2015-16. However, thanks to the Covid pandemic,
inflation situation also affect investment and growth in rural areas. that of India’s overall tax revenues. one levied on imports and the other cess collections were not adequate to compensate
The combined tax collections of the on inter-state sales. the states in 2020-21 and 2021-22, and the Centre
However, from a policy point of view, the rural wage situation only reflects
Centre and the states were estimat- Going by the full-year’s data for formalised a special arrangement with the Reserve
the overall employment condition. Over 18 per cent of the workforce, for example, ed at 17.35 per cent of GDP in 2018- 2022-23, a little more than half of Bank of India to borrow about ~2.7 trillion in
reported working as helpers at household enterprises in 2022-23. The composi- 19. Four years later, this share was RAISINA HILL total GST revenues, or 52 per cent, is two tranches.
tion of employment and a decline in real rural wages underscore the long-term yet to cross that level, hovering at collected through the IGST. Almost This money was used for meeting the states’
challenges for the Indian economy. Sustaining high growth could become dif-
A K BHATTACHARYA
around 17.13 per cent in 2022-23. In 23 per cent is collected through compensation shortfall till June 2022, after which
ficult if demand from a large section of the population remains weak. contrast, GST collections last year exceeded what SGST, levied at the state-level, and another 18 per the compensation mechanism came to an end.
they were four years ago. If the GST regime has cent is collected through CGST, levied at the central However, the compensation cess was extended till
done better than other taxes, it is clearly not just level. The remaining approximately 7 per cent March 2026 and it was agreed that the amount to
because of economic growth, but also because of comes from the compensation cess. Importantly, be collected from July 2022 would be used by the
Regulating coaching centres the improved efficiency in collection with the use the share of the various components of GST has
of digital tracking of taxpayers and a widening of remained largely the same in the last few years.
Centre to repay the loan.
Total compensation cess collections between
the tax base. The trend in performance of different compo- July 2022 and December 2023 were estimated at
Guidelines are well-meaning but hard to enforce Of course, as Arvind Subramanian and his co- nents of GST during this period has at least three about ~2 trillion. At the current rate, these collec-
authors argued on this page on January 1, the actu- takeaways, underlining the need for policy imper- tions from January 2024 to March 2026 should

T
he government’s latest guidelines for coaching centres is a well-mean-
al collections on average are less than the total atives in each of those areas. One, the puzzle over yield another ~3.24 trillion. This implies that the
ing but optimistic attempt to bring some order into an industry that
revenues under this head by 0.6-0.7 per cent of the consistently better performance of SGST col- Centre’s loan repayment liability should be over
has fallen into some disrepute with a growing number of student sui- GDP, primarily because of refunds. These refunds lections compared to that of CGST needs to be several months before March 2026, providing the
cides and accusations of misleading claims in advertisements. The take place because exports under the GST regime resolved. In the normal course, CGST and SGST GST Council an option to remove the cess much
guidelines are unexceptionable in intent. They set out, in some detail, condi- are zero-rated and hence any GST paid on prod- collections should be the same during a year, if earlier. This is yet another reason why the Council
tions for registration, infrastructure requirements, timings, and fee structure. ucts or services, which are eventually exported, not every month. However, there seem to be delays should take a quick decision on whether the cess
Among these guidelines are the requirements that a coaching centre must is refunded. and gaps in the process of input tax credit adjust- should be discontinued or subsumed.
have more than 50 students with a minimum age limit of 16 years, all teachers
must be graduates, the centre must not make false promises, fees from students
leaving a course halfway must be refunded, classes must not be held during
regular school hours, and they should not exceed five hours a day. The guide-
lines also require such centres to have periodic sensitisation sessions for stu-
dents with mental health professionals, and mention, sensibly, that assessment
Reframing the middle class
tests should remain confidential. It is telling that the government has also

T
his column has advocated, and will continue to has access to; has enough surplus income for rein- value to the economy as a genuinely middle-class
deemed it necessary to specify the provision of such basic requirements as advocate, that it is time for us in India to shift vestment; the quality of its consumption is less price- person. A crane operator or shop owner (not a hawk-
fire and building safety codes, medical treatment facilities and adequate ven- our gaze and our goals from where we stand in sensitive and more benefit-sensitive; it reflects sophis- er), however, may. A Zepto boy may not but an own-
tilation and lighting in classrooms. world rankings to a more inward preoccupation with tication in its saving and investment avenues; it has account worker on an Urban Company platform may.
Such minute specifications inadvertently highlight the abysmal standards how to make ourselves stronger and fully realise our determination and the ability to constantly improve Some small farmers may fall in and out of the middle
at many fly-by-night centres where fees, nevertheless, run into lakhs of rupees. enormous latent potential. Therefore, it is time we its station in life and living conditions; and, to borrow class but the amenities they can access and the
moved forward and reframed the discussion on the a favourite buzz word of equity analysts, it fosters “pre- sophistication of their farming business, enabling
Though the guidelines seek to introduce some minimum standards by including
middle class, a pet topic for many. miumisation” of a society, lending it the momentum more stability and higher income, may make them
penalties for transgressions, these are unlikely to bring about any significant The reframing must shift from “how many Indians for continuous upward mobility. more genuinely middle class.
change. For one, sheer numbers will make it challenging to monitor standards are there with income between X and Y” — usually A key element, therefore, in creating a genuine We need a set of new metrics for our internal
with any degree of efficacy. There are over 30,000 tuition and coaching centres broadly defined and yielding different numbers by middle class is the nature of its work, the way in use to measure the size of our “quality” middle
in India, and not all of them are conveniently grouped for inspection in a single different people — to “what is the purpose and role of which it earns. This is, in turn, decided by the edu- class. Brookings Institute in 2018 discussed three
city like Kota. The redress mechanism for aggrieved students and parents is a middle class for a country/economy?” Is what we cation and skills they have and the sources of demand possible ways of thinking about the middle class:
also sub-optimal. The guidelines refer to a “competent authority” without spec- today think of as our middle class for such capabilities. It is here that Cash, credentials, and culture (attitudes, mindset,
ifying the nature of this body or a committee established for the purpose by the strong enough to fulfil that role? the big issue that we grapple with — behaviour, etc). It also said that the choice of
government concerned. The regulation of education at the 10+2 level falls within (Answer: Only a small segment of informality — intersects with the approach would depend on the particular purpose
the jurisdiction of states and Union Territories. Monitoring standards, therefore, them is.) And what should we focus middle class numbers that we cele- for which it is intended.
on to build a robust (real/genuine) brate. As is well-known, formal or In India, our focus should be on “credentials”
could vary widely according to the inclination and capabilities of local govern-
middle class that does the job it is even better-quality informal jobs pro- more than cash in thinking about our middle class.
ments. The penalties stipulated in the guidelines are unlikely to act as a deterrent supposed to do? vide job holders with better tools and Business today doesn’t really care about this too
— at ~25,000 for the first offence and ~1 lakh for the second, and registration Celebrating India’s country rank- inputs to upgrade their skills, much — it follows the Deng Xiaoping maxim: “It
revocation for any subsequent breach. The guidelines also do not appear to ings is a sweet victory to savour, espe- enabling wider access to networks of doesn’t matter whether a cat is white or black, as
cover the vast universe of online classes, where violation of standards could be cially for my generation. But it’s time other skills, which makes them more long as it catches mice”. They should, though,
more rampant. to shift the goal post. Today, even a productive and helps them earn because bigger cats can catch bigger mice.
The Ministry of Education has responded to a growing crisis, but its guide- small percentage of India is a large more. Better infrastructure — the Culture is India’s forte. All classes are in perma-
lines are unlikely to be able to address the underlying problems that contribute enough number to get us to rank one, way people live in terms of access to nent aspiring mode and hardly anyone is compla-
to it. One is that a lack of quality engineering, management and medical insti- two or three in the world. For exam- RAMA BIJAPURKAR amenities, the way they commute — cent or trudging along, defeated. That said, the late
ple, the small percentage of India’s also contributes to this. Living in a economist Subir Gokarn perceptively wrote in a 2013
tutes intensifies competition for a limited number of seats at the Indian Institutes
population that is 70 years old or more is around the slum where water needs to be collected at 5 am may piece for this paper that the sources from which the
of Technology (IITs), Indian Institutes of Management (IIMs) and top-rung size of Kenya, making the country an enticing prospect prevent a solo caregiver domestic helper from taking middle class is emerging are increasingly diverse.
medical colleges. For example, each year, some 800,000 students take the for any silver marketer. The US has 94 per cent of its on night duties, despite the high demand and better To ensure the “virtuous circle of relationship
entrance examinations for just 50,000 seats available at the IITs, National population using the internet, India has about 50 per pay. Further, if she were employed more formally by between the middle class and sustaining economic
Institutes of Technology and Indian Institutes of Information Technology. This cent, yet we have more than double its number. an agency, her chances of skill upgrades would be performance, we need to recognise and respond to
rush for scarce quality education is influenced by a long-term structural defi- An enormous body of work around the world shows higher, especially if she has finished school, and she the changing nature of the class itself”. That, how-
ciency of the job market. The low availability of employment, especially one why a robust middle class is important. This particu- could do more and earn more. So, it is the quality of ever, is a topic for another column.
that offers perks and benefits, induces students to qualify themselves optimally larly applies to us given the modest income, modest inputs that the so-called middle class has that enables
to make the cut even for lower-level jobs. Altering this dynamic will require a education, and mostly informal employment of our the output that drives the economy better. Being able The writer is a business advisor in the area of customer-based
people. The middle class provides stability, predictabil- to buy a low-priced smartphone or a colour TV is business strategy, a thought leader, and a researcher on
deeper economic reform to meaningfully expand the job market so that coaching
ity and resilience to the economy (consumption, sav- only a tiny part of the story. India’s consumer economy. Her forthcoming book is titled,
centres gradually become redundant.
ings, etc). It exhibits higher productivity and capacity Despite income between X and Y, a family of low- Lilliput Land: How small is driving India’s mega
for upward mobility because of what occupations it end domestic helpers is unlikely to deliver the same consumption story

Swadeshi’s heroic failure
Even earlier, Dwarkanath Tagore had
attempted to create a modern business
enterprise in the unfriendly milieu of a
Bengal Presidency dominated by the
stranglehold of white capital.
But for more than one reason V O
BOOK REVIEW Chidambaram Pillai’s story stands apart,
till now little known outside the Tamil-
MAHESH RANGARAJAN speaking world. In February 1949, then
Governor General Rajaji launched a
mission. It took on the British India
Steam Navigation Company, trying to
wrest maritime traffic from Tuticorin,
India’s fifth largest port, to Colombo.
Just like his hero Bal Gangadhar
Tilak, Pillai faced the wrath of the
government. Public protests, a police
firing that left four dead, the
assassination of District Collector and
Magistrate Robert Ashe, the only such
which had been his staging ground, for
many years. Interestingly, for a man who
brought together Saiva Vellalars and
Brahmins, Muslims and Christians,
Telugus, and Tamils in a nationalist
enterprise, he drifted towards an anti-
caste platform towards the end of his life.
This book is a page turner because Dr
Venkatachalapathy
wears his learning
lightly. It has taken
decades of research,
not only in archives
and collections in
the key factor in hastening the end was
the combined weight of the government
at every level presided over by no less
than Governor Arthur Lowley. This was
only a foretaste of barriers that lay ahead
for anyone who tried to break the racist
stranglehold of white capital. It was no
wonder that the great Tamil poet
Subramania
SWADESHI STEAM: V O Bharati fully
Chidambaram Pillai, backed and
and the Battle
lionised
against the British the effort.
Maritime Empire Any
Author: A R
great novel Ghare Bhaire where rifts of
community or class emerged through
the prism of personal relationships.
Here, the author places not political
mobilisation but the putting together
and building of a business at the centre
of early Indian nationalism. Pillai found
inspiration beyond Indian shores. The
victory of the Ethiopians against the
Italians at Adwa in 1896 as much as the
sinking of the Tsar of Russia’s fleet in the
Tsushima Straits in 1905 were
prominent in his mind. Stepping away
from social history bereft of attention to

T
he conflation of political assertion,
a larger social movement and
modern economic enterprise is
what distinguished the efforts of this
company. Such stories are not new in the
history of colonial, later imperial, India.
Jamshedji Tata and the foundation of the
steel city of Jamshedpur and the effort of
the young Ghanshyam Das Birla to rally
Indian business groups on a platform of
economic nationalism are widely
known. The Bajaj and Dalmia families’
links to nationalism are also well known.
steamship named after him. Rajaji
reminded everyone how he himself had
subscribed to the Swadeshi Steam Ship
Company when it had faced hard times.
Over a decade later in 1961, the cine actor
and thespian Sivaji Ganesan was star of
the aptly named Kappalpotiya
Thamizhan, or the Tamil Helmsman.
But this is a case where fact is far more
fascinating than the legend. A small-
town pleader rallied men across castes,
communities and linguistic groups to set
up a joint stock company that had a
death of a British colonial officer, and the
double conviction of the founder were all
to follow. Pillai was sentenced, the
company went bankrupt.
The end was tragic but the trajectory
of the story remains inspiring. A R
Venkatachalapathy is a historian’s
historian who knows how to ferret out
gems from the archives. Pillai, or VOC as
he was known, was unable to meet
Mahatma Gandhi in 1915 because he
could not afford the fare for a tram ride.
On his release, he shunned Tuticorin,
India and Sri Lanka historical work wealth creation as also tales of mere
but France, UK, and Venkatachalapathy aimed at a larger victimhood, Dr Venkatachalapathy sets
Ireland to piece
Publisher: audience the Swadeshi Steam story within a
Penguin Random
together this House reflects but also wider framework.
narrative. Among Price: ~999 enriches the At a time of “Asia’s rise” and “Make in
other sources, the public debate of India,” it shows us how the past can
famous Lloyd’s its times. Just illuminate and educate in a lucid
Register of Shipping helped track the over half a century ago professor Sumit manner. The story of a man, indeed a
movements of the two steamers in their Sarkar’s work on Swadeshi in Bengal heroic failure, sheds light on the times
short span of service. showed the accomplishments as well as well beyond his own.
The company’s brief life of five years the fissures in the movement against the
ended in its liquidation. While there were partition of Bengal. The cracks and The reviewer teaches history and environmental
internal rifts among the board members, divisions were also shown up in Tagore’s studies at Ashoka University
10
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

JM FINANCIAL SERVICES LIMITED

Corporate Identity Number : U67120MH1998PLC115415
Regd. Office : 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.
Tel. No.: +91 22 6630 3030 • Fax No.: +91 22 6630 3223
Email: dimple.m@jmfl.com • Website: www.jmfinancialservices.in

EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2023
( ` in Lakhs)

CIN:L36992MH1948PLC014083 Quarter Ended Year Ended

Sr.
Particulars December 31, 2023 December 31, 2022 March 31, 2023
No.
Extract of Statement of Financial Results for the quarter and nine months ended 31 December, 2023 Unaudited Unaudited Audited
(` in crores) 1 Total Income from Operations 25,015.45 15,418.45 60,707.98
2 Net Profit / (Loss) for the period (before Tax, Exceptional and / 3,787.12 1,537.61 4,443.49
Particulars Quarter Quarter Quarter Nine Nine Year
or Extraordinary items#)
ended ended ended months months ended
3 Net Profit / (Loss) for the period before tax (after Exceptional and / 3,787.12 1,537.61 4,443.49
31 30 31 ended 31 ended 31 31 or Extraordinary items#)
December, September, December, December, December, March,
4 Net Profit / (Loss) for the period after tax (after Exceptional and / 2,802.69 1,183.38 3,797.89
2023 2023 2022 2023 2022 2023 or Extraordinary items#)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited 5 Total Comprehensive Income for the period [Comprising Profit / 2,797.63 1,168.32 3,778.02
1. Total income from Operations 598 832 630 2,212 2,444 2,967 (Loss) for the period (after tax) and Other Comprehensive Income
2. Net Profit for the period 30 109 30 224 215 127 (after tax)]
(before Tax, Exceptional and/or Extraordinary items) 6 Paid up Equity Share Capital 5,000.00 5,000.00 5,000.00
3. Net Profit for the period before tax 30 110 30 225 216 128 7 Reserves (excluding Revaluation Reserve) 51,654.76 50,432.95 50,978.59
(after Exceptional and/or Extraordinary items) 8 Securities Premium Account 10,065.00 6,065.00 6,065.00
4. Net Profit for the period after tax 24 82 22 169 161 92 9 Net worth 57,604.76 56,182.95 56,728.60
(after Exceptional and/or Extraordinary items) 10 Paid up Debt Capital / Outstanding Debt 2,29,753.03 1,09,177.24 1,09,959.84
5. Total Comprehensive Income for the period 24 84 24 170 160 92 11 Outstanding Redeemable Preference Shares – – 4,200.00
[Comprising Profit for the period (after tax) and 12 Debt Equity Ratio 3.99 1.94 1.94
Other Comprehensive Income (after tax)]
13 Earnings Per Share of ` 10/- each (for continuing and
6. Equity Share Capital 19 19 19 19 19 19 discontinued operations)
7. Other Equity - - - - - 1,711 1. Basic: (Not annualised) 5.61 2.37 7.60
8. Basic and diluted earnings per share (of ` 1 /- each) 1.25 4.23 1.16 8.69 8.28 4.73 2. Diluted: (Not annualised) 4.79 2.06 6.61
Notes: 14 Capital Redemption Reserve 468.75 468.75 468.75
a. The above is an extract of the detailed format of the unaudited financial results for the quarter and nine months ended 31 December, 15 Debenture Redemption Reserve 163.62 – –
2023 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015. 16 Debt Service Coverage Ratio 0.05 0.04 0.14
The full format of the unaudited financial results for the quarter and nine months ended 31 December, 2023 is available on the Stock 17 Interest Service Coverage Ratio 1.71 1.80 1.70
Exchanges websites viz. www.nseindia.com and www.bseindia.com and on the Company’s website www.rallis.com.
# - Exceptional and / or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind AS Rules / AS Rules, whichever
b. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 23 January, is applicable.
2024. The statutory auditors have expressed an unqualified review opinion. Notes:
c. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles a) The aforesaid unaudited financial results for the quarter ended December 31, 2023 have been prepared and approved by the Board of
of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. Directors at its meeting held on January 23, 2024 in accordance with Regulation 52 and Regulation 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). The said results have been subjected to limited
d. The Company’s business is seasonal in nature and the performance can be impacted by weather conditions and cropping pattern. review by the Statutory Auditors of the Company, who have issued an unmodified report thereon.
e. The Company has one reportable business segment viz. “Agri-Inputs”. b) The said financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian
f. Exceptional item as disclosed in the columns (nine months ended 31 December,2023 and quarter ended 30 September, 2023) Accounting Standard 34 “Interim Financial Reporting” (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India and in compliance with Regulation 52 of the Listing Regulations read with operational
comprise profit on sale of flat (net of costs) and (nine months ended 31 December, 2022 and year ended 31 March, 2023) comprise circular for listing obligation and disclosure requirement dated July 29, 2022 (updated as on December 1, 2022).
profit on sale of land (net of costs). c) The above is an extract of the detailed format of quarterly financial results filed with the BSE Limited under Regulation 52 of the Listing
g. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company Regulations. The full format of the quarterly financial results is available on the websites of the BSE Limited at www.bseindia.com and
towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social the website of the company at https://www.jmfinancialservices.in
Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the d) For the other line items referred in Regulation 52(4) of the Listing Regulations, pertinent disclosures have been made to the BSE Limited
Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact and can be accessed on www.bseindia.com and on the website of the company at https://www.jmfinancialservices.in
e) Previous period / year figures have been regrouped / reclassified to make them comparable with those of current period.
in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact
are published. For and on behalf of the Board of Directors
JM Financial Services Limited
h. Amounts for the current period and previous periods are rounded off to the nearest ` crores.
For and on behalf of Sd/-
Rallis India Limited Nirav Gandhi
Place: Mumbai Whole-Time Director
Sd/- Date: January 23, 2024 DIN: 08778702
Place: Mumbai Sanjiv Lal
Date: 23 January, 2024 Managing Director & CEO
Registered Office: 23rd Floor, Vios Tower, New Cuffe Parade, Off Eastern Freeway, Wadala, Mumbai - 400 037
Tel: +91 - 022 - 6232 7400 Email: investor_relations@rallis.com
Website: www.rallis.com
 KEI INDUSTRIES LIMITED
Regd. Office: D-90, Okhla Industrial Area, Phase- I, New Delhi-110 020
Phone: 91-11-26818840/26818642, Web: www.kei-ind.com, E-mail Id: cs@kei-ind.com .
MUMBAI | WEDNESDAY, 24 JANUARY 2024 11 <
(CIN: L74899DL1992PLC051527)
STATEMENT OF STANDALONE AND CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR
THE THIRD QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER, 2023
(₹ in Million)
STANDALONE RESULTS CONSOLIDATED RESULTS
Quarter Nine Months Quarter Quarter Nine Months Quarter
Sr.
Particulars ended ended ended ended ended ended
No 31.12.2023 31.12.2023 31.12.2022 31.12.2023 31.12.2023 31.12.2022
Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited
1. Total Income from Operations 20,735.27 58,186.63 17,980.80 20,735.27 58,186.63 17,980.79
Net Profit / (Loss) for the period (before tax,
2. Exceptional and/or Extraordinary items#) 2,024.24 5,538.51 1,737.58 2,024.23 5,538.43 1,737.49
Net Profit / (Loss) for the period before tax,
3. (after Exceptional and/or Extraordinary items#) 2,024.24 5,538.51 1,737.58 2,024.23 5,538.43 1,737.49

Net Profit / (Loss) for the period after tax

4. (after Exceptional and/or Extraordinary items#) 1,506.74 4,122.66 1,286.11 1,506.73 4,122.58 1,286.02
Total Comprehensive Income for the period
5. [Comprising Profit/(Loss) for the period (after tax) 1,508.37 4,124.40 1,287.50 1,508.29 4,124.28 1,287.32
and Other Comprehensive Income (after tax)]
6. Equity Share Capital 180.48 180.48 180.38 180.48 180.48 180.38
Reserves (excluding Revaluation Reserve) as shown
7. in the Audited Balance Sheet of previous year
Earning per share (of 2/- each)
8. (for continuing and discontinued operations)
1. Basic: 16.70 45.70 14.26 16.70 45.70 14.26
2. Diluted: 16.67 45.61 14.23 16.67 45.61 14.23
Notes:
a.The above is an extract of the detailed format of Standalone and Consolidated Un-Audited Quarterly and Nine Months Ended Financial
Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The full format of the Standalone and Consolidated Un-Audited Quarterly and Nine Months Ended Financial
Results are available on the Stock Exchanges websites at www.bseindia.com, www.nseindia.com and also on the Company's
website at www.kei-ind.com.
b. # -Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind-AS Rules / AS Rules,
whichever is applicable. For KEI Industries Limited
Sd/-
Place of Signing: New Delhi Anil Gupta
Chairman-cum-Managing Director
Date: 23rd January, 2024 DIN: 00006422

Regd. Office: ‘Trishul’, 3rd floor, Opp. Samartheshwar Temple, Near Law Garden, Ellisbridge, Ahmedabad - 380 006.
Corporate Office: ‘Axis House’ C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400 025.
CIN: L65110GJ1993PLC020769, Phone: 079-26409322, Fax: 079-26409321, Email: shareholders@axisbank.com

UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2023
(` in lacs)

Axis Bank (Standalone) Axis Bank (Consolidated)

FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
QUARTER NINE MONTHS QUARTER QUARTER NINE MONTHS QUARTER
PARTICULARS ENDED ENDED ENDED ENDED ENDED ENDED
31.12.2023 31.12.2023 31.12.2022 31.12.2023 31.12.2023 31.12.2022

Total income from operations 33,515,96 95,820,26 26,798,27 35,136,83 1,00,153,26 27,990,34

Net Profit / (Loss) for the period

(before tax, exceptional and/or 8,112,90 23,709,68 7,839,76 8,687,70 25,193,13 8,319,07
extraordinary items)
Net Profit / (Loss) for the period
before tax (after exceptional 8,112,90 23,709,68 7,839,76 8,687,70 25,193,13 8,319,07
and/or extraordinary items)
Net Profit / (Loss) for the period
after tax (after exceptional 6,071,10 17,731,76 5,853,07 6,491,66 18,787,16 6,187,38
and/or extraordinary items)

Total Comprehensive Income for

the period [Comprising Profit/ (Loss)
Refer note 1 Refer note 1 Refer note 1 Refer note 1 Refer note 1 Refer note 1
for the period (after tax) and Other
Comprehensive Income (after tax)]

Paid-up equity share capital

616,80 616,80 614,99 616,80 616,80 614,99
(Face value ` 2/- per share)

Reserves (excluding
Revaluation Reserve) as shown 1,24,377,87 1,24,377,87 1,14,411,51 1,28,740,25 1,28,740,25 1,17,495,94
in the Audited Balance Sheet of (As on 31st (As on 31st (As on 31st (As on 31st (As on 31st (As on 31st
the previous year March, 2023) March, 2023) March, 2022) March, 2023) March, 2023) March, 2022)

Earnings per Share (Face value

`2/- per share) (for continuing
and discontinued operations) (`)
(not annualised)
- Basic 19.69 57.56 19.04 21.06 60.99 20.13
- Diluted 19.57 57.18 18.80 20.93 60.58 19.88
Securities Premium Account 52,330,28 52,330,28 51,786,37

Net Worth 1,36,015,00 1,36,015,00 1,22,663,05

Outstanding Debts 1,95,158,97 1,95,158,97 182,744,83

Outstanding Redeemable
Preference Shares Nil Nil Nil

Debt Equity Ratio 1.36 1.36 1.40

Capital Redemption Reserve Nil Nil Nil

Debenture Redemption Reserve Nil Nil Nil

Note:
1. Information relating to Total Comprehensive Income and Other Comprehensive Income is not furnished as Ind AS is not yet made
applicable to banks.
2. The above is an extract of the detailed format of Quarterly/Annual Financial Results filed with the Stock Exchange under Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Annual Financial Results
are available on the website of the Bank (www.axisbank.com) and on the Stock Exchange websites (www.nseindia.com and
www.bseindia.com).
3. Previous period figures have been regrouped and reclassified, where necessary, to make them comparable with current period figures.

For and on behalf of the Board

Place: Mumbai AMITABH CHAUDHRY

Date: 23rd January, 2024 www.axisbank.com MD & CEO
12
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1 TRIGYN TECHNOLOGIES LTD.
Regd. Office: 27, SDF I, SEEPZ, Andheri (East),
Mumbai – 400096
Tel: +91 22 6140 0909 Fax: +91 22 2829 1418
Website: www.trigyn.com Email : ro@trigyn.com
CIN - L72200MH1986PLC039341
NOTICE OF POSTAL BALLOT
Members are hereby informed that pursuant to Section 108 and Section
110 of the Companies Act, 2013 (the Act), read with the Companies
(Management and Administration) Rules, 2014 as amended (Rules),
read with the General Circular Nos. 14/2020 dated April 08, 2020, 17/
EXTRACT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023 (Rs. In lakhs) 2020 dated April 13, 2020, 22/2020 dated June 15, 2020, 33/2020 dated
Quarter Ended Nine months ended Year Ended September 28, 2020, 39/2020 dated December 31, 2020, 10/2021 dated
Particulars 31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023 June 23, 2021, 20/2021 dated December 08, 2021 and 03/2022 dated
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) May 05, 2022, 11/2022 dated December 28, 2022 and 09/2023 dated
Total Income from Operations (Net) 15,720.27 15,909.01 14,428.97 47,467.93 42,673.51 58,906.45 September 25, 2023 (the “MCA Circulars”), and Regulation 44 of the
Net Profit / (Loss) for the period (before Tax, SEBI (Listing Obligations and Disclosure Requirements) Regulations,
Exceptional and/or Extraordinary items.) 3,536.63 3,293.33 2,529.80 10,025.52 6,214.61 9,663.03 2015, and any other applicable provisions of the Acts, Rules, Regulations,
Share of Profit/(Loss) of associates (2.79) (4.91) - (2.18) - (2.29) Circulars and Notifications issued thereunder (including any statutory
Net Profit / (Loss) for the period before Tax
modifications or re-enactment thereof for the time being in force and as
(after Exceptional and/or Extraordinary items.) 3,533.84 3,288.42 2,529.80 10,023.34 6,214.61 9,660.74
Net Profit / (Loss) for the period after Tax (after amended from time to time), the Company has on Tuesday, January
Exceptional and/or Extraordinary items.) 2,634.67 2,441.19 1,889.39 7,451.71 4,629.17 6,222.87 23, 2024, sent to the Members, who have registered their e-mail IDs
"Total Comprehensive Income for the period with Depository Participant(s) or with the Company, the Notice of
[Comprising Profit / (Loss) for the period (after tax) 2,633.65 2,440.21 1,889.39 7,448.73 4,629.17 6,412.03 Postal Ballot dated January 18, 2024, together with an Explanatory
and Other Comprehensive Income (after tax)]" Statement pursuant to Section 102 of the Act, vide an e-mail through
Equity Share Capital 6,800.25 6,800.25 6,442.91 6,800.25 6,442.91 6,789.75 National Securities Depository Limited (NSDL).
Other Equity 49,225.36 The Board of Directors of the Company has appointed Mr. Anmol Jha
Earnings per share (of face value of
(FCS 5962), Anmol Jha & Associates, Practicing Company Secretaries,
Rs. 10/- per share) (Not Annualised)
to act as the Scrutinizer for conducting the Postal Ballot process, in a
Basic 3.88 3.60 2.95 10.97 7.22 9.68
Diluted 3.88 3.60 2.95 10.97 7.22 9.68 fair and transparent manner.
Notes: Members are requested to provide their assent or dissent through e-
1. The above Financial results for the quarter ended December 31, 2023 were reviewed by the Audit Committee and thereafter approved by the Board voting only. The Company has availed the services of National Securities
of Directors at its meeting held on 22nd January, 2024. This financial results has been prepared in accordance with Companies (Indian Accounting Depository Limited (NSDL) for providing remote e Voting facility for all
Standard) Rules, 2015 (IND AS) prescribed under Section 133 of the Companies, Act 2013 and other recognizedaccounting practices to the extent its members and in order to enable the Shareholders to cast their votes
applicable.
2. The Company is principally engaged in single segment viz, Manufacturing of Wire & wire ropes based on nature of products, risks, return and internal electronically. The detailed procedure for e-voting is enumerated in the
business reporting system. Notes to the Postal Ballot Notice.
3. CEO/CFO Certificate has been placed before the Board of Directors at the Meeting. The brief description of Resolutions and Important Dates are as under:-
4. Previous Year / period figures have been regrouped / reclassified wherever necessary.
Sr.No Resolutions Description
INFORMATION ON STANDALONE FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31, 2023 (Rs. In lakhs) Special Resolution:
Particulars Quarter Ended Nine months ended Year Ended 1 To consider the appointment of Mr. Ishwar Halalli as an
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Independent Director of the Company.
(Unaudited) (Unudited) (Unudited) (Unudited) (Unudited) (Audited)
Total Income from Operations (Net) 15,720.27 15,909.01 14,428.97 47,467.93 42,673.51 58,906.45 2 To consider the appointment of Mr. Syed Sultan Ahmed as an
Net Profit / (Loss) for the period before Tax Independent Director of the Company.
(after Exceptional and/or Extraordinary items.) 3,536.63 3,293.33 2,529.80 10,025.52 6,214.61 9,663.03 3 To consider the appointment of Mr. Vijay Mallya as an Independent
Net Profit / (Loss) for the period after Tax
Director of the Company.
(after Exceptional and/or Extraordinary items.) 2,637.30 2,444.87 1,889.39 7,453.89 4,629.17 6,225.16
"Total Comprehensive Income for the period Ordinary Resolution:
[Comprising Profit / (Loss) for the period (after tax) 2,636.32 2,443.89 1,889.39 7,450.95 4,629.17 6,414.37 4 To consider the appointment of Mr. Dilip Hanumara as Strategic
and Other Comprehensive Income (after tax)]"
Advisor to the Management
The above is the extract of the detailed format of the quarterly unaudited financial results filed with Stock exchanges under Regulation 33 of SEBI Cut-off Date for Postal ballot January 19, 2024
(Listing and Other Disclosure Requirement) Regulations, 2015. The full format of the quarterly unaudited financial results are available on the stock
exchange websites, www.nseindia.com and www.bseindia.com and on the Companys website at www.bharatwireropes.com. Voting Start Date & Time January 25, 2024 9:00 A.M. IST
Place : Mumbai Voting End Date & Time February 23, 2024 5:00 P.M. IST
For Bharat Wire Ropes Limited
Date : January 22, 2024 Sd/- In line with the MCA Circulars, the Postal Ballot Notice is being sent only
Murarilal Mittal through electronic mode to those Members whose email addresses are
Managing Director registered with the Company / Depositories. The communication of the
DIN: 00010689 assent or dissent of the Members would take place through the e-voting
system only.
A person who is not a Member as on the ‘Cut-off date’ should treat the
Notice of Postal Ballot for information purpose only. The copy of the
Postal Ballot Notice is also available on website of the Company i.e. on
https://www.trigyn.com/ and website of stock exchanges i.e. https://
www.bseindia.com/ and https://www.nseindia.com/ and on the website
of National Securities Depository Limited (NSDL) https://
www.evoting.nsdl.com/ Members who do not receive the Postal Ballot
Notice may download it from the abovementioned websites.
Members holding shares of the Company in electronic form can verify/
update their email address and mobile number with their respective
DPs. Members can also temporarily update their email address and
mobile number with RTA, by following the procedure given below:
· Visit the link: https://ris.kfintech.com/clientservices/mobilereg/
mobileemailreg.aspx
· Select the company name: Trigyn Technologies Limited
· Enter DP ID & client ID (in case shares are held in electronic form)/
physical folio no. (in case shares are held in physical form) and
Permanent Account Number (“PAN”)
· In case of shares which are held in physical form, if PAN is not
available in the records, please enter any one of the share certificate
numbers in respect of the shares held by you.
· Enter the email address and mobile number.
· System will check the authenticity of the DP ID & client ID/physical
folio no. and PAN/ share certificate number, as the case may be
and send the one-time password (“OTP”) to the said mobile number
and email address for validation.
· Enter the OTP received by SMS and email to complete the validation
process. (Please note that the OTP will be valid for 5 minutes only).
· In case the shares are held in physical form and PAN is not available,
the system will prompt you to upload the self- attested copy of
your PAN.
· System will confirm the email address for the limited purpose of
serving this Postal Ballot Notice and the e-voting instructions along
with the user ID and password.
Alternatively, Members may send an email request
to einward.ris@kfintech.com along with the scanned copy of their request
letter duly signed by the Member (first member if held jointly), providing
the email address, mobile number, self-attested copy of PAN and client
master copy in case shares are held in electronic form or copy of the
share certificate in case shares are held in physical form, to enable RTA
to temporarily register their email address and mobile number. However,
Members holding shares in electronic form, will have to once again
register their email address and mobile number with their DPs, to
permanently update the said information. In case of any queries, in this
regard, Members are requested to write to einward.ris@kfintech.com
or contact RTA at toll free number: 1800-309-4001
Members holding shares in dematerialised mode are requested to register
/ update their email addresses with the relevant Depository Participants.
In case of any queries / difficulties in registering the email address,
Members may write to ro@trigyn.com
In case of any queries/grievances, you may refer the Help/FAQs
Section available on NSDL website https://www.evoting.nsdl.com/
The result of the e-voting by Postal Ballot will be announced on Saturday,
February 24, 2024 at the Registered Office of the Company and shall
be available on the Company’s website at https://www.trigyn.com/
For Trigyn Technologies Limited

Place: Mumbai Mukesh Tank

Date: January 23, 2024 Company Secretary & Legal
Membership No.: FCS 9604
.
MUMBAI | WEDNESDAY, 24 JANUARY 2024 13 <

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH
C.P.(CAA)/312/MB-I/2023
IN
CA(CAA)/127/MB-I/2022
Gamma Pizzakraft Private Limited …First Petitioner/Transferor Company
Gamma Pizzakraft (Overseas) Private Limited …Second Petitioner/Transferor Company
Sapphire Foods India Limited …Third Petitioner/Transferee Company
NOTICE FOR FINAL HEARING OF PETITION
TAKE NOTICE that, a Company Petition filed jointly under Sections 230 to 232 of the Companies Act, 2013
for sanctioning Scheme of Merger by Absorption of Gamma Pizzakraft Private Limited and Gamma Pizzakraft
(Overseas) Private Limited with Sapphire Foods India Limited and their Respective Shareholders (“Scheme”),
was approved and admitted by the NCLT, Mumbai bench comprising of Hon’ble Prabhat Kumar, Member (T) and
Hon’ble Justice Virendrasingh G. Bisht (Retd.), Member (J) on 1st January 2024 vide Order C.P.(CAA)/312(MB)2023
uploaded on NCLT website on 15th January 2024 and the said Company Petition is fixed for final hearing on 16th
February 2024.
Anyone desirous of making representation(s) in relation to the said Company Petition should send to the
Petitioner’s advocate, notice of their intention signed by them or their advocate not later than two days before
the date fixed for the final hearing of the Company Petition. Where they seeks to oppose the Petition, the grounds
of representation(s), in the form of an Affidavit intended to be used in opposition to the Company Petition, shall
be furnished along with such notice to the Hon’ble NCLT at 4th Floor, MTNL Exchange Building, G.D. Somani Marg,
near G.D. Somani International School, Cuffe Parade, Mumbai, 400005. A copy of such representation(s)/notice
may simultaneously also be served on the Petitioner’s Advocate, not less than two (2) days before the date fixed
for final hearing of the Company Petition.
A copy of the Company Petition along with all the exhibits will be furnished by the Petitioner’s advocate having
office at Office No. 305/306, Regent Chamber, Above Status Restaurant, Jamnalal Bajaj Marg, Nariman Point,
Mumbai – 400 021, to any person requiring the same on payment of the prescribed fees for the same.
Sd/-
Ajit Singh Tawar & Co.
Dated this 23rd Day of January 2024 Advocates for Petitioner Companies

ICICI Prudential Asset Management Company Ltd.

NOTICE
Fake videos impersonating a senior executive of
ICICI Prudential Asset Management Company Ltd.
It has come to our attention that certain unauthorised and maliciously manipulated
videos have been disseminated across various online platforms, providing stock
recommendations, using the name of our senior executive and the brand name and
logo of our company.
We wish to abundantly clarify that we have no relationship or association with the
groups or individuals or entities responsible for the creation and dissemination of
these videos.
We, therefore, request the public to avoid circulating such videos or give any credence
to the same. The general public is also hereby cautioned not to rely upon the statements NACL Industries Limited
and assertions made in these videos. Kindly note that the Company / its executives shall NACL
CIN: L24219TG1986PLC016607
not be held liable for any losses suffered on account of reliance on such videos. Regd. Office: Plot No.12-A, “C” Block, Lakshmi Towers, No.8-2-248/1/7/78, Nagarjuna Hills, Punjagutta, Hyderabad-500082, Telangana State, India.
Phone : 040-24405100, Fax : 040-23358062, E-mail : cs-nacl@naclind.com, Website:www.naclind.com
For ICICI Prudential Asset Management Company Limited
Place : Mumbai Sd/- Extract of the Statement of Standalone and Consolidated Financial Results for the Quarter and Nine months period Ended December 31, 2023
(` in Lakhs)
Date : January 22, 2024 Authorised Signatory
Standalone Consolidated
ICICI Prudential Asset Management Company Limited Sl. Particulars Quarter Quarter Nine months Nine months Year Quarter Quarter Nine months Nine months Year
Corporate Identity Number: U99999DL1993PLC054135 No. ended ended period ended period ended ended ended ended period ended period ended ended
Corporate Office: ONE BKC, A - Wing, 13th Floor, Bandra-Kurla Complex, Bandra (East), 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Mumbai - 400 051; Tel.: +91 22 2652 5000, Fax: +91 22 2652 8100, (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Website: www.icicipruamc.com
1 Total Income from Operations 35,563 48,663 133,229 153,407 212,855 36,692 48,391 132,658 152,861 212,550
Registered Office: 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi - 110 001.
2 Net Profit for the period (before Tax & (1,714) 2,156 (5,465) 8,209 13,774 (2,030) 2,211 (6,513) 8,231 12,841
Exceptional and/or Extraordinary items)
3 Net Profit for the period before Tax, (after (1,714) 2,156 (5,465) 8,209 13,774 (2,030) 2,211 (6,513) 8,231 12,841
Exceptional and/or Extraordinary items)
4 Net Profit for the period after Tax, (1,323) 1,600 (4,125) 6,114 10,279 (1,590) 1,653 (4,988) 6,134 9,487
(after Exceptional and/or Extraordinary items)
5 Total Comprehensive Income for the period (1,334) 1,605 (4,173) 6,092 10,220 (1,601) 1,661 (5,033) 6,115 9,431
[Comprising (Loss)/Profit for the period (after tax)
and Other Comprehensive Income (after tax)]
6 Paid-up equity share capital 1,989 1,984 1,989 1,984 1,988 1,989 1,984 1,989 1,984 1,988
(Face value of ` 1 per equity share)
7 Earnings per Share
a) Basic (0.67) 0.81 (2.07) 3.08 5.18 (0.80) 0.83 (2.51) 3.09 4.78
b) Diluted (0.66) 0.80 (2.07) 3.07 5.17 (0.80) 0.83 (2.50) 3.08 4.77
Notes :
1 The above Standalone and Consolidated Financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors in
their meeting held on January 23, 2024. The Statutory Auditors have issued an unmodified conclusion in respect of the Limited Review for the quarter and nine
months period ended December 31, 2023.
2 The above is an extract of the detailed format of Statement of Standalone and Consolidated Financial Results for the Quarter and Nine months period ended
December 31, 2023 filed with BSE Limited & NSE Limited under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The full format of Statement of Standalone and Consolidated Financial Results for the Quarter and Nine months period ended
December 31, 2023 is available on the website of BSE & NSE Limited and Company's website at www.naclind.com
By Order of the Board
Sd/-
M. Pavan Kumar
Place : Hyderabad Managing Director & CEO
(DIN:01514557)
Date : January 23, 2024

TANLA PLATFORMS LIMITED

CIN: L72200TG1995PLC021262
Regd Office: TANLA TECHNOLOGY CENTRE, HITECH CITY ROAD, MADHAPUR, HYDERABAD - 500081
Tel: 040-40099999 | Fax: 040-23122999
Website: www.tanla.com | E-mail: Investorhelp@tanla.com

Extract of the statement of consolidated unaudited financial results for the quarter and nine months ended December 31, 2023
` in Lakhs

Quarter ended Nine months ended Year ended

Particulars Dec 31, 2023 Sep 30, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Mar 31, 2023
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total income from operations (net) 1,00,763.62 1,01,493.34 87,568.59 2,93,893.87 2,54,243.81 3,38,075.41
Net profit for the period before tax 17,278.68 17,872.33 14,499.84 52,149.82 41,073.69 56,659.83
Net profit for the period after tax 14,013.44 14,254.99 11,651.17 41,808.84 32,736.94 44,764.86
Total Comprehensive income 14,060.42 14,465.15 12,010.49 42,034.52 35,069.16 46,768.10
Equity Share Capital (Face value of `1/- each) 1,344.60 1,344.33 1,357.80 1,344.60 1,357.80 1,344.00
Other equity - - - - - 1,50,405.35
Earnings per share ( `1/- each)
Basic: 10.42 10.60 8.58 31.10 24.11 33.05
Diluted: 10.42 10.60 8.58 31.08 24.10 33.04
Notes:
1. The above unaudited consolidated and standalone financial results of Tanla Platforms Limited (formerly known as Tanla Solutions Limited) (“the Company”/”Tanla”) for the quarter
and nine months ended December 31, 2023, which have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act,
2013 read with relevant rules issued thereunder, other accounting principles generally accepted in India and guidelines issued by Securities and Exchange Board of India, were
reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on January 23, 2024. The Statutory Auditors have carried out a
limited review on the unaudited consolidated and standalone financial results and issued unmodified conclusion on these results thereon.
2. The Board of Directors have declared interim dividend of `6 per equity share (Face value `1 per equity share) amounting to `8,067.59 lakhs in their meeting held on January 23,
2024 for the financial year 2023-24.
3. The Company operates in a single segment as “CPaaS provider”.
4. The basic Earnings per share (EPS) and diluted Earnings per share (EPS) for the quarters have not been annualised.
5. The Unaudited financial results for the quarter and nine months ended December 31, 2023 are available on the Company’s website (www.tanla.com) and on the websites of BSE
(www.bseindia.com) and NSE (www.nseindia.com).
Key standalone information: ` in Lakhs
Quarter ended
Particulars Dec 31, 2023 Sep 30, 2023 Dec 31, 2022
(Unaudited) (Unaudited) (Unaudited)
Revenue from operations (net) 26,282.23 23,846.12 28,603.20
Profit before tax 643.90 5,890.16 2,525.61
Profit after tax 449.48 5,669.49 1,903.89

6. Previous period/year figures have been regrouped/reclassified wherever necessary, to confirm to the current period/year classification. For Tanla Platforms Limited

Sd/-
D. Uday Kumar Reddy
Hyderabad Chairman & CEO
January 23, 2024 DIN: 00003382
14 TAKE TWO
>
STEPPING ON THE
NATURAL GAS
Three-wheeler dominance gives Bajaj the confidence
to try two-wheelers running on CNG
SURAJEET DAS GUPTA
New Delhi, 23 January
B
ajaj Auto, the king of the market
for CNG-powered passenger
three-wheelers, now wants to
replicate this dominance in
two-wheelers. The difference is that
while the former is zooming —
registrations for CNG-powered
passenger three-wheelers nearly
doubled during January-December 2023
— the latter, meaning a market for CNG-
powered two-wheelers, does not exist.
CNG, or compressed natural gas,
works in a way similar to petrol in
internal combustion engines (ICE), but is
considered more environment-friendly
and cheaper to run than petrol. More and
more auto-rickshaws find it economical
and profitable to run on CNG, pushing up
the penetration of CNG in all three-
wheelers from 26 per cent in 2020 to
57 per cent now. In passenger three-
wheelers, CNG is 67 per cent.
But CNG has not yet been proven as a
commercially viable two-wheeler fuel.
In 2016, the central government started a
pilot with Indraprastha Gas Ltd to run
two-wheelers on CNG in Delhi, under
which a few Honda Activa scooters
were converted to CNG, but the project
did not go far.
Undaunted, Bajaj is looking at
launching a CNG-powered motorcycle
by 2024-25 and then testing the market
PHOTO: SHUTTERSTOCK
with a CNG scooter. For projections,
it is looking at electric two-wheelers
as an indication.
“We expect it [CNG two-wheelers] to
mirror the share of electric. If 5 to 7 per
cent of mobikes are expected to go
electric, there is no reason not to have a
similar share for CNG. And in scooters, if
that number is 25 per cent for electric, we
are looking at the same levels for CNG,”
Rakesh Sharma, executive director of
Bajaj Auto, told Business Standard.
Driven by 3-wheelers
Bajaj is not the first company in the world
to think of CNG for two-wheelers. Way
back in 2009, Zanella, in Argentina, came
out with a factory-fitted CNG model, but
it did not lead to a big commercial
breakthrough. Some companies in
China have tried it, but did not look
at scale.
Bajaj draws its confidence from its
success with CNG-powered three-
wheelers. Sharma says many who buy
ICE three-wheelers and replace it after
seven years are now coming after four
years to replace their ICE vehicle
with a CNG version. They find it so
remunerative they do not mind giving
up on the remaining three years of their
ICE three-wheeler. As a positive side
effect, the conversion to CNG helps in
reducing carbon emissions, one of the
stated goals of the government to curb
the ill effects of climate change.
In addition to its three-wheeler
success, Bajaj is buoyed by the
widespread CNG infrastructure that
has burgeoned in the last few years,
with 4,600 filling stations in more than
335 towns, as of the last quarter. A study
undertaken by Bajaj shows the average
density of CNG stations is one for
every 62,000 people. The network
already covers 70 per cent of the
two-wheeler market.
Comparing this to the EV
infrastructure, EV players say there are
almost 10,500 public charging stations in
the country, of which 80 per cent are in
the metros. These numbers must be seen
in the context of the time taken to
recharge an electric two-wheeler (four to
seven hours, depending on the battery)
versus the three to six minutes spent on
refilling a CNG vehicle.
GAINING GROUND
CNG growing in passenger
three-wheeler market
n Three-wheelers n CNG variants
268,436
237,093
170,028
167,648
19,618
72,567
2020 2021 2022
Source: Vahan data
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1
Talking costs
But how does the cost of
CNG SCAN sense for them.
“We don’t find any
ownership and operations PROS benefit that compensates
compare? n Large and wide for the problems, such as
Sharma says the CNG filling network the additional weight of
running cost per in 335 cities the kit leading to less
kilometre is more relevant efficiency, and the fears
in the case of motorcycles, n No range issues with on safety. Also, the range
which typically run 40 to CNG two-wheelers of electric, which was a
50 km a day, sometimes n Cost of modifying an worry earlier, is no longer
more, than for scooters, ICE platform to CNG much an issue, as electric two-
whose usage is usually lower than switching wheelers can be easily
20 to 30 km. to electric charged at home. So,
This, says Bajaj, needs a frankly, it has no pluses
nuanced look. The cost of n Operating cost per for us,” says the founder of
running a petrol three- kilometre can be 45% a leading EV startup that
wheeler is about ~4.4 per lower than ICE vehicles once considered CNG.
km and of a CNG three- Others say CNG does
n Helps reduce
wheeler about ~2.5 per km not really address the
— 45 per cent lower. The carbon emissions two focus areas of the
difference, the company CONS government on going
says, would be very n Operating cost per green. One is reducing
similar, if not the same, for kilometre far lower for EV the foreign exchange
two-wheelers. For electric outgo by cutting down
than CNG
two-wheelers, however, on fossil fuels. India
the running costs are far n As CNG is imported, no depends on imports for
lower than even CNG. reduction in forex outgo half of its natural gas
Sharma says he cannot needs. The other is to
n Safety concern with a
give out the difference reduce carbon
between the cost of two-wheeler carrying a emissions. CNG, they
producing an electric two- gas cylinder say, can be an interim
wheeler and a CNG- n Range no longer an measure at best, as it
powered one, because it is issue with electric reduces emissions but to
competitive information, two-wheelers the extent EVs do.
but CNG two-wheelers There have also been
would have a lower cost n CNG can at best be an concerns on safety.
than electric two- interim measure Lugging a gas cylinder on
wheelers. a mobike can be tricky.
In theory, to make Bajaj executives point
CNG two-wheelers, the out that there are safety
company has to modify its norms clearly written
ICE platform to make it suitable to run on down by the government, and, because
CNG. Industry experts say 90 per cent of
the cost of producing a CNG two-wheeler
so many three-wheelers with CNG
cylinders are moving around the
could be the same as a petrol two- country, the fear is unfounded.
wheeler. In electric, on the other hand, The challenge is to design a CNG
472,672
the commonality of components is unit top down again so it is in sync
only about 35 per cent. with the vehicle.
That said, CNG two-wheelers would That is a work in progress.
need to be priced higher than their petrol Some of Bajaj’s rivals say its CNG
versions, not only because of the drive comes from the motorcycle
modifications but also because the ICE major’s experience in building an
308,125
market has much larger and more electric motorcycle with power, which
efficient economies of scale. That is why would require heavier and bigger
Bajaj has been trying to persuade the batteries. A heavier and larger battery
government to lower the goods and impinges on performance and
services tax on CNG two-wheelers to efficiency, undermining the appeal
promote their adoption. of a motorcycle. It can be done, but
the price differential between an
Minuses and pluses electric mobike and its ICE version will
Bajaj Auto’s competitors, especially be so huge that it will not be a viable
2023 startups making electric two-wheelers, market proposition.
say Bajaj’s push for CNG does not make CNG could be the answer.
Growing better crops
Rogers’ research showed that Academic research is a little
adopters of any new lean on this. Often adoption
innovation or idea can be behaviour is explained post-
categorised as innovators (2.5 facto. After a product has been
per cent), early adopters (13.5 adopted it is easy to find out
per cent), early majority (34 who adopted it early and who
per cent), late majority (34 per came late to the party. But if I
cent) and laggards (16 per am launching a new product
cent). Early work on the or service, it is very difficult to
theory was done on two identify the innovators and
AMBI PARAMESWARAN categories of products — early adopters and beam my
hybrid seeds [farmers] and messages to them. In this
antibiotics [doctors]. It is regard, Indian agri-scientists
The first time I learnt about reported that this book was managed to identify the right
diffusion of new ideas was one of the top two most quoted target to convert, the opinion
when I was having a chat with in the field of social sciences. leaders in village clusters. For
my summer internship Remember we are talking those who want to understand
mentor, Subhas Chakravarthy, about India of the 1960s. An the adoption of technology
in 1978. We were discussing agri-scientist cannot possibly products the book Crossing the
the challenges of launching convince a farmer to adopt an Chasm by Geoffrey Moore is a
products in the context of a unknown method of farming. good guide.
new magazine that was being They will probably get beaten Many government policy
launched by the Ananda Bazar black and blue by the tough interventions can benefit
Group. Who will pick up a Indian farmer. What Dr from the diffusion of
magazine that offered in- Swaminathan’s team did was innovation theory. Getting
depth content, long-form to identify opinion leaders in people to pay their income
interviews, and very little key village clusters. They then taxes on time. Getting urban
politics and movies? Is it got these opinion leaders, citizens to keep their city
possible to specifically target maybe the mukhia of the big clean. Getting more childless
these consumers? landlords, to give them a small couples to adopt orphans.
Subhas, I remember, told plot of land. These were the Getting more people to donate
me about the way Indian “test plots”; in these test plots, their organs. I can go on. The
agronomists managed to agri-scientists planted the question is who will be the
convince the largely illiterate new hybrid seeds innovators and
farmers to adopt new varieties and got the The adoption of early adopters in
of hybrid seeds. This villagers to hybrid seeds by each of these
discussion flashed through monitor the Indian farmers was categories. I
my mind as I read the names of progress. Low and not an accident, but remember
illustrious people who left us behold, a few it was through the discussing the
in the year 2023. weeks or months application of a challenge of
This country owes a huge later, the result was well-designed raising funds for
debt of gratitude to Dr M S there for all to see. consumer strategy. an orphanage
Swaminathan, the legendary The trick was not to Can all products and with a non-
agricultural scientist and the try and convert services take this governmental
key architect of the Green everyone in one approach? Academic organisation.
Revolution that converted a sweep but to go research is a little They were
food-shortage country into a after the potential lean on this emphatic that
food-surplus country in less “innovators”. Even their best source
than a decade. with them don’t were women and
How did this miracle ask for the whole landholding, hence they spent their limited
happen? How did they convert just a test plot. By adopting budgets on women portals.
Indian farmers to adopt new this gentle nudging method Could they have gone a little
forms of cultivation and new they managed to spread the more narrow in defining their
hybrid seeds? Remember good word about the new innovators? Can it be girls in
there was no internet, hybrid seeds within a few senior years in colleges? Can
television or even wide spread years. What happened then they be targeted better?
readership of Indian language was a tsunami of farmers As the year 2023 drew to a
newspapers. clamouring for the new close I was left with many of
I was told that the agri- miracle “beej”. And the rest is these thoughts as I
scientist applied what had history. India’s foodgrain remembered the way Indian
been espoused in the theory of production increased from farmers were convinced to use
diffusion of innovation by around 70 million tonnes in hybrid seeds and the
Everett Rogers. The first 1966 to around 120 million tremendous contribution
edition of the book Diffusion of tonnes in 1976; it kept made by Dr Swaminathan to
Innovations was published in climbing and reached 176 help India become a net food
1962 when Rogers was just 31 million tonnes by 2000. grain exporter.
years of age and was an The adoption of hybrid
assistant professor of rural seeds by Indian farmers was
sociology at Ohio State not an accident, but it was Ambi Parameswaran is a
University. The theory through the application of a bestselling author and founder of
explained that not all well-designed consumer Brand-Building.com a brand
consumers are equally ready strategy. Can all products and advisory. He can be reached at
to adopt innovative products. services take this approach? ambimgp@brand-building.com
.
MUMBAI | WEDNESDAY, 24 JANUARY 2024 15 <

SONA BLW PRECISION FORGINGS LIMITED

CIN: L27300HR1995PLC083037
Registered and Corporate Office: Sona Enclave, Village Begumpur Khatola, Sector 35, Gurugram, Haryana – 122004, India
Telephone: +91 0124 476 8200
E-mail: investor@sonacomstar.com, Website: www.sonacomstar.com
Standalone & Consolidated Statement of Profit and Loss for the quarter and nine months ended on 31st December 2023
(Figures in Million `, unless stated otherwise)
Standalone Consolidated
Quarter Quarter Quarter Nine months Nine months 31st Quarter Quarter Quarter Nine months Nine months 31st
ended 31st ended 30th ended 31st ended 31st ended 31st March ended 31st ended 30th ended 31st ended 31st ended 31st March
Particulars December September December December December 2023 December September December December December 2023
2023 2023 2022 2023 2022 2023 2023 2022 2023 2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Income
Revenue from operations 7,031.39 7,194.98 6,259.92 20,979.03 17,682.84 24,686.24 7,765.53 7,907.92 6,849.62 22,995.14 19,315.76 26,755.95
Other income 42.63 261.79 27.84 355.96 60.58 430.74 50.07 61.13 32.64 164.83 71.19 115.88
Total income 7,074.02 7,456.77 6,287.76 21,334.98 17,743.42 25,116.98 7,815.60 7,969.05 6,882.26 23,159.97 19,386.95 26,871.83
Total expenses 5,519.30 5,716.21 5,053.34 16,646.67 14,535.86 20,137.10 6,125.21 6,268.92 5,508.84 18,245.97 15,794.05 21,747.09
Profit/(loss) before exceptional items and tax 1,554.72 1,740.56 1,234.42 4,688.31 3,207.56 4,979.88 1,690.39 1,700.13 1,373.42 4,914.00 3,592.90 5,124.74
Exceptional item 0.00 58.73 0.00 87.16 0.00 33.69 0.00 58.73 0.00 87.16 0.00 33.69
Profit before tax 1,554.72 1,681.83 1,234.42 4,601.15 3,207.56 4,946.19 1,690.39 1,641.40 1,373.42 4,826.84 3,592.90 5,091.05
Total tax expense 337.07 376.85 278.49 1,062.21 762.83 1,065.29 354.41 400.76 302.41 1,129.88 838.04 1,138.08
Profit/(loss) for the period/year 1,217.65 1,304.98 955.93 3,538.94 2,444.73 3,880.90 1,335.98 1,240.64 1,071.01 3,696.96 2,754.86 3,952.97
Other comprehensive (loss)/ income for the 17.95 -57.78 53.39 -0.84 -80.84 14.47 62.26 -29.06 42.07 74.33 -24.69 74.82
period/year
Total comprehensive income for the period/year 1,235.60 1,247.20 1,009.32 3,538.10 2,363.89 3,895.37 1,398.24 1,211.58 1,113.08 3,771.29 2,730.17 4,027.79
Earnings per equity share of face value of
` 10 each (not annualised)
Earnings per share (Basic) (in `) 2.08 2.23 1.63 6.04 4.18 6.64 2.26 2.12 1.83 6.29 4.71 6.76
Earnings per share (Diluted) (in `) 2.08 2.23 1.63 6.04 4.18 6.63 2.26 2.11 1.83 6.29 4.71 6.75
Notes:
1. The above is an extract of the detailed format of financial results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the financial results are
available on the website of the Company, BSE and NSE.
2. The above financial results have been reviewed and recommended by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on 23rd January, 2024.
For and on behalf of the Board of Directors of
SONA BLW PRECISION FORGINGS LIMITED
Sd/-

SONA SONA BLW SONA COMSTAR

Vivek Vikram Singh (DIN: 07698495)
Managing Director and Group Chief Executive Officer
Date : 23th January, 2024
MORE TORQUE PER GRAM
Place : Gurugram
16
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

UGRO CAPITAL LIMITED

CIN : L67120MH1993PLC070739
Regd. Office: Equinox Business Park, Tower 3, 4th Floor, LBS Road, Kurla (West), Mumbai - 400070
Telephone: +91 22 41821600 E-mail: info@ugrocapital.com Website: www.ugrocapital.com
Statement of Unaudited Financial Results for the Quarter and Nine Months Ended December 31, 2023
(` in lakh)
Sr. Particulars Quarter ended Nine Months Ended Year ended
No. Dec 31, Sep 30, Dec 31, Dec 31, Dec 31, March 31,
2023 2023 2022 2023 2022 2023
Reviewed Reviewed Reviewed Reviewed Reviewed Audited
1 Total income from operations 27,931.04 25,363.10 18,958.58 75,129.05 46,660.02 68,376.28
(including Other Income)
2 Net Profit / (Loss) for the period (before tax, 4,637.61 4,079.93 2,222.50 12,281.79 5,016.70 8,382.84
Exceptional and/or Extraordinary items #)
3 Net Profit / (Loss) for the period before tax 4,637.61 4,079.93 2,222.50 12,281.79 5,016.70 8,382.84
(after Exceptional and/or Extraordinary items #)
4 Net Profit / (Loss) for the period after tax 3,252.89 2,889.27 1,311.81 8,665.75 2,573.25 3,977.64
(after Exceptional and/or Extraordinary items)
5 Total Comprehensive Income for the period 3,163.26 3,210.18 1,281.22 8,453.34 2,540.21 3,992.74
[Comprising Profit / (Loss) for the period
(after tax) and Other Comprehensive Income
(after tax)]
6 Paid up Equity Share Capital 9,136.16 9,126.03 6,932.11 9,136.16 6,932.11 6,932.11
7 Reserves (excluding Revaluation Reserve) 131,355.83 127,977.12 89,936.51 131,355.83 89,936.51 91,472.20
8 Securities Premium Account 106,558.37 106,427.62 75,352.48 106,558.37 75,352.48 75,352.48
9 Net worth 140,491.99 137,103.15 96,868.62 140,491.99 96,868.62 98,404.31
10 Paid up Debt Capital/ Outstanding Debt 417,292.71 379,820.66 288,452.92 417,292.71 288,452.92 314,893.45
11 Outstanding Redeemable Preference Shares Nil Nil Nil Nil Nil Nil
12 Debt Equity Ratio 2.97 2.77 2.98 2.97 2.77 3.20
13 Earnings Per Share
(Face Value of ` 10/- each) (*Not Annualised)
Basic 3.56* 3.17* 1.89* 10.70* 3.67* 5.69
Diluted 3.51* 3.12* 1.88* 10.55* 3.65* 5.66
14 Capital Redemption Reserve NA NA NA NA NA NA
15 Debenture Redemption Reserve NA NA NA NA NA NA
16 Debt Service Coverage Ratio NA NA NA NA NA NA
17 Interest Service Coverage Ratio NA NA NA NA NA NA
# - Exceptional items adjusted in the Statement of Profit and Loss in accordance with Ind-AS Rules.
Notes:
1. The above is an extract of the detailed format of Quarterly/Nine Months Ended Financial Results filed with the Stock
Exchanges under Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. The detailed financial results and this extract were reviewed by the Audit Committee and approved by the Board
of Directors in their meeting held on 23rd January, 2024. The full format of the Quarterly and Nine Months Ended
Financial Results is available on the website of the Company i.e. www.ugrocapital.com and on the websites of the Stock
Exchanges i.e. BSE Ltd. (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com)
Dazzling colours; 2. For the items referred to in the sub-clauses of the Regulation 52 (4) of the SEBI (Listing Obligations and Disclosure
superior durability- Requirements) Regulations, 2015 the pertinent disclosures have been made to the BSE Ltd. and National Stock
Exchange of India Limited and can be accessed on www.bseindia.com and www.nseindia.com
3. Previous period/year figures have been regrouped / rearranged wherever necessary, to conform with the current
period presentation.
For UGRO Capital Limited
Sd/-
Place: Mumbai Shachindra Nath
LA TIM METAL & INDUSTRIES LIMITED Date: 23rd January, 2024 Vice Chairman & Managing Director
(FORMERLY KNOWN AS DRILLCO METAL CARBIDES LIMITED)
Registered Office: 201 , Navkar Plaza, Bajaj Road, Vile Parle (West), Mumbai - 400056.
CIN:L99999MH1974PLC017951
Tel. : 022 - 26202299 / 26203434 l Fax : 022 - 26240540
Email : cs.latimmetal@gmail.com l Website : www.latimmetal.com
Statement of Financial Results for the quarter and nine months ended 31st December, 2023
Quarter Ended Nine Months Ended Year Ended
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Sr. Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
(Refer Note-2) (Refer Note-2) (Refer Note-2) (Refer Note-2) (Refer Note-2) (Refer Note-2)
1 Total Income from Operations (net) 9,573.28 9,812.58 6,333.11 27,914.13 21,381.36 27,332.37
2 Net Profit / (Loss) for the period (before Tax, Exceptional items) 186.92 168.11 153.43 459.40 (763.12) (738.03)
3 Net Profit / (Loss) for the period before tax
(after Exceptional items) 186.92 168.11 153.43 459.40 (763.12) (738.03)
4 Net Profit / (Loss) for the period after tax (after Exceptional items) 182.91 163.77 156.57 445.20 (768.07) (749.93)
5 Total Comprehensive income for the period (Comprising Profit /
(Loss) for the period (after tax) and Other Comprehensive
Income (after tax) 182.91 163.77 156.57 445.20 (777.98) (747.65)
6 Equity Share Capital 883.14 883.14 883.14 883.14 883.14 883.14
7 Earning per share of Rs. 1/- each
Basic (in Rs.) 0.21 0.19 0.18 0.50 (0.88) (0.85)
Diluted (in Rs.) 0.21 0.19 0.18 0.50 (0.88) (0.85)

1. The above is an extract of the detailed format of quarter and nine months ended financial results filed with the
Stock Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. These financial results were reviewed by the Audit Committee, and were approved by the Board of
Directors, in their respective meetings held on 23rd January, 2024.

2. During the quarter ended 30th September, 2023, the company has received approval of the Scheme of
Merger between La Tim Sourcing (India) Pvt. Ltd. (wholly own subsdiary) and La Tim Metal & Industries Limited For and on Behalf of
vide order dated 4th August, 2023 from National Company Law Tribunal, Mumbai Bench. Further to same, Form The Board of Directors
INC-28 was filed with the Registrar of Companies on 28th August, 2023 and approval of the same is pending to
be received as on date. The said Scheme of Arrangement provides for merger by way of absorption of La Tim Sd/-
Sourcing (India) Pvt. Ltd. (wholly owned subsdiary) with La Tim Metal & Industries Limited with the appointed Rahul Timbadia
date of 1st April 2019. Consequently, result of the current reporting period(s) along with the quarter ended 30th
September, 2023, quarter and nine months ended 31st December, 2022 and year ended 31st March, 2023
Managing Director
have been restated / adjusted giving effect to this scheme. DIN :- 00691457

Place : Mumbai Date : 23.01.2024

.
MUMBAI | WEDNESDAY, 24 JANUARY 2024
PUBLIC NOTICE
Notice is hereby given that I am investigating
the rights, title and interests of 1) CAPTAIN
(RETD.) SUMIT SAPRU and 2) MRS.
TANISHA SAPRU in respect of residential
premises more particularly described in the
Schedule hereunder written (Residential
Premises)
If any person/s, legal heirs etc., having any
claim, objection or rights, title, interest etc. by
way of sale, exchange, Mou, mortgage, pledge,
charge, gift, trust, inheritance, succession,
possession, lease, sub lease, assignment,
transfer, lis-pendens, Loan, advances, lien,
easement, attachment, settlement, tenancy,
sub tenancy, license, bequest, share,
maintenance, Judgement, decree or order
issued by any court, Tax or revenue or statutory
authorities, hypothecation or any other liability
of whatsoever nature in the said aforesaid
residential premises (save and except State
Bank Of India for the home loan taken under
account No.00000040512106510) shall
intimate to the undersigned with necessary
supporting documentary evidence within 15
days from the publication hereof, thereafter my
client(s) shall complete the formalities of
purchasing the aforesaid Premises, without
considering claims if any received after expiry of
the said notice and it shall be considered waived
or abandoned.
The Schedule Above Referred To:
th
Flat No. 1501 on the 15 Floor in Tower “B” in
the project known as VICINIA, Situated at
Chandivali, Mumbai- 400072, Maharashtra
admeasuring Carpet Area of 140.81 sq.mtrs
(equivalent to 1,515.68 square feet) with
attached Balcony admeasuring 18.92
sq.mtrs. (equivalent to 203.65 sq.ft.) along
with Three Car Parking Space bearing nos.
186, 187 and 188 at Basement 1 on plot of
land bearing CTS No. 15A/1, 15A/2, 15A/3 &
15A/4 (Old CTS No. 15A, 15C, 15D, 15E and
15F) of Village Chandivali, Taluka Kurla,
within the Registration District, and Sub
District of Mumbai City and Mumbai
Suburban
Dated this 24th day of January, 2024
Sd/-
Narendra R Singh
Advocate High Court,
Shop No.68, Powai Plaza,
Hiranandani Gardens,
Powai, Mumbai-400076
Mob No: 9029551268
INDIA’S 1 ST
RETIREMENT
PLANNING EXPO
CALL NOW TO REGISTER
+91 9354515441
17
<
SONA BLW PRECISION FORGINGS LIMITED
(CIN: L27300HR1995PLC083037)
Registered Office: Sona Enclave, Village Begumpur Khatola
Sector 35, Gurugram-122004, Haryana, Tel. No.:- 0124 – 476 8200
Email: investor@sonacomstar.com Website: www.sonacomstar.com
Declaration of Interim Dividend
We wish to inform that the Board of Directors of Sona BLW Precision Forgings Limited
("Company") have declared an interim dividend of INR 1.53 i.e 15.3 % per equity share
of the Company, having face value of Rs. 10 each, in its meeting held on Tuesday, 23rd
January, 2024 for the financial year 2023-24 and such interim dividend shall be paid to
equity shareholders whose name appears in the Register of Members of the Company
or in the records of Depositories, as beneficial owners of the equity shares, as on
Monday 5th february, 2024, which is the Record Date fixed for this purpose.
Shareholders may note that pursuant to changes in the Income Tax Act, 1961 ("Act") as
amended by the Finance Act, 2020, dividend Income is taxable in the hands of
shareholders and the Company is required to deduct Tax at Source (TDS) at the time of
making the payment or distribution of dividend to the shareholders at the prescribed
rates. Tax shall be deducted at source @ 10 % for resident shareholders with valid
Permanent Account Number (PAN) or @ 20% for resident shareholders without PAN or
invalid PAN (as per Section 206AA of the Act). However, no TDS shall be deducted on
the dividend payable to resident individuals, if the total dividend to be received by them
during FY 2023-24 does not exceed Rs. 5,000. Further, the TDS rate of 10% is subject to
provisions of Section 206AB of the Act (effective from 1st July, 2021) which introduces
special provisions for TDS in respect of non-filers of income-tax returns. As provided in
Section 206AB of the Act, tax is required to be deducted at the higher rates in case of
payments to 'specified person'.
The term 'specified person', as defined in Section 206AB of the Act means a person
who has not filed the returns of income for both of the two assessment years relevant to
the two previous years immediately prior to the previous year in which tax is required to
be deducted for which the time limit of filing the return of income under sub-section (1) of
Section 139 has expired; and the aggregate of the tax deducted at source and the tax
collected at source in his/her case is Rs. 50,000 or more, in each of these two previous
years.
A non- resident shareholder who does not have the permanent establishment in India is
excluded from the scope of the term "specified person".
Any eligible shareholder who wishes to avail the benefit of non-deduction of the tax at
source or tax deduction at the beneficial tax rateis require to upload below mentioned
declarations and form to https://ris.kfintech.com/form15/forms.aspx?q=0 on or
before Monday, 5th February, 2024.
Resident Individual Shareholder Yearly declaration in Form no. 15G/15H
with PAN
Non-Resident Shareholder* • Tax Residency Certificate for FY 2023-24
obtained from the tax authorities of the
Country of which a shareholder is
resident.
• No Permanent Establishment and
Beneficial Ownership declaration.
• E-filed form 10F
• Any other document which may be
required to avail tax treaty benefits.
* Application of beneficial tax rate shall depend upon the completeness of the
documents submitted by the Non-resident shareholders and review to the satisfaction of
the Company. . Shareholders can download the abovementioned declarations and
forms from the website of the Company at https://sonacomstar.com/investor/
corporateannouncements
This Intimation is also available on the Company’s website at www.sonacomstar.com
and on the website of the Stock Exchange i.e, BSE Limited at www.bseindia.com and
National Stock Exchange of India Limited at www.nseindia.com where the Company's
shares are listed.
For and on behalf the Board of Directors of
SONA BLW Precision Forgings Limited
Sd/-
Ajay Pratap Singh
Date: 23/01/2024 Vice President (Legal), Company Secretary
Place: Gurugram, Haryana and Compliance Officer
SONA SONA BLW SONA COMSTAR
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24 January 2024, 10AM – 6PM
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18
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MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

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 QUICK TAKE: ORDER BOOK, DEAL WINS POSITIVE FOR COFORGE “Japan has continued its bull run at the

The Smart start of 2024, while EM and China are

Investor
(Share price in ~) lagging meaningfully. At the stock level in
The stock of Coforge is up 4.6 per cent from its lows EM, outperformers are clustered
5,714.6 this month. Elara Capital, which has a ‘buy’ rating in India and Saudi Arabia. We
on the stock, has retained its positive stance, given continue to prefer Japan &
MUMBAI | an improving executable order book and steady India versus overall EM and
WEDNESDAY, 24 JANUARY 2024 6,200.1 China this year”
large deal wins, consistent revenue growth, and
traction in the banking and financial services vertical JONATHAN GARNER,Chief Asia
& EM Strategist, Morgan Stanley

Zee nosedives 30% in Experts see populism peppered

worst single-day fall with fiscal prudence in Budget
The interim Budget recipe, say market

after Sony scraps deal

SAMIE MODAK should intensify with the reported
pundits, may be infused with ‘GYAN’
PUNEET WADHWA
New Delhi, 23 January

The interim Budget proposals that

Mumbai, 23 January merger of Reliance and Disney
Star,” said a CLSA note, led by ana-
will be presented on February 1 in
the backdrop of the general elec-
Renewed interest subvention
scheme for affordable/mid-income
housing is likely, which will be a
positive for select developers such
as Lodha, Sunteck and housing
finance companies such as Aavas

S
hares of Zee Entertainment
Enterprises slumped 30.5 per
cent, its worst single-day fall,
after the broadcaster’s $10 billion
merger with Sony Pictures
Networks India collapsed, stoking
concerns over its survival.
The Zee stock ended at ~160.9,
down ~70.5, or 30.5 per cent, from
its previous close on the National
Stock Exchange (NSE).
The Punit Goenka-led firm lost
nearly ~7,300 crore in market value.
Shares of Zee worth nearly ~4,000
crore traded on the NSE and BSE.
The stock was down less than
20 per cent for most parts of the
day as investors assessed the right
value for the company.
However, the sell-off acceler-
ated after a news report alleged that
Securities and Exchange Board
of India’s (Sebi’s) investigation
revealed that Zee promoters had
siphoned off ~800-~1,000 crore
from group companies. This is
higher than the earlier estimates of
~200 crore.
After the deal with Sony was
terminated, nearly half a dozen
brokerages downgraded Zee’s
stock. They lowered the earnings
multiple assigned to the cash-
strapped company.
“Zee’s near-term valuation will
stay suppressed due to Sony seek-
ing a termination fee, uncertainty
with respect to Zee’s new strategy
and partners, and action of its
minority stakeholders. Our positive
stance was predicated on the
merger. Given the change in indus-
try dynamics and slower ramp-up
of ad revenue, we are cutting
FY25E/26E EPS by 16 per cent/ 24
DEALING A BLOW
Zee Entertainment
(intraday share price movement in ~)
231.8
Change
-30.5%
160.9
Jan 20,’24 Jan 23,’24
Compiled by BS Research Bureau
Source: Bloomberg
per cent. We are downgrading
to ‘Reduce’ with a target price of
~190 (13x PE FY26E),” said Abneesh
Roy, analyst at Nuvama Instit-
utional Equities.
Sony also demanded a $90 mil-
lion termination fee on account of
alleged breaches of the merger
cooperation agreement (MCA), a
charge that Zee has denied.
“With the merger terminated,
Zee’s valuation will likely decline
to 12 times price-to-earnings (PE)
levels (August 2021) seen prior to
the merger announcement. The
stock had de-rated in the past dur-
ing the promoter share pledging
crisis (in 2019) and fall in business
cash conversion. Also, competition
lyst Deepti Chaturvedi.
“Reliance’s Viacom and
Disney+Hotstar deal will get
wrapped up soon (with Reliance
holding 51 per cent). Both the
entities together hold major cricket
broadcasting rights such as IPL,
ICC and other Indian bilateral
cricket series. For Zee to be a
serious player in sports and scale
up OTT, it would need a financial
partner,” added the Nuvama
260
report. With promoter holding
of less than 4 per cent and
allegations of misuse of funds
220 against them, there is a huge uncer-
tainty over Zee’s outlook, said mar-
ket watchers.
180 “We do not expect a recovery in
earnings in the near term. Zee has
not stated whether it will pursue
140 the merger while the litigation with
Sony could hinder improvements
in operations or explore a merger
with other players. It is unclear
what path Zee may take, going
ahead, and there is limited clarity
on the long-term outlook of the
business,” said Aliasgar Shakir of
Motilal Oswal, in a note.
“With the merger being called
off, the target price for Zee could
be in the range of ~130 (including
sports losses) and ~170 (ex-sports
losses. This is after assuming Zee
does not fulfil sports rights com-
mitment with Disney,” said Elara
Capital’s Karan Taurani, in a note.
He said Zee’s revenue and
profit growth had been muted over
the past two years. Also, the
company had seen its margins
erode but the merger with Sony
was the key driver behind the
valuations moving up.
tions scheduled in April/May 2024
are likely to have a hint of populism,
believe analysts, but are unlikely to
derail the government from its path
of fiscal prudence.
“We estimate 2024-25
fiscal deficit target at 5.2
per cent of gross domes-
tic product (GDP).
Assuming the tax reve-
nue growth at around
12.5 per cent — similar to
2023-24 estimates
(FY24E), driven by 11 per
cent nominal GDP and
15 per cent corporate
earnings growth — the
total expenditure growth
would have to be limited
to nearly 7-8 per cent
(versus 9 per cent in FY24E),” wrote
Mahesh Nandurkar, managing
director (MD) at Jefferies, in a note
co-authored with Abhinav Sinha
and Nishant Poddar.
This low capital expenditure
(capex) number, Jefferies said,
might disappoint the market; and
stocks exposed to the government’s
capex programme may see some
correction. Although Nandurkar
does not expect an immediate tax
hike considering elections, some
after-election measures, such as
higher capital gains tax, are possible
later during the year.
“Disinvestment may also get
ramped up after elections, partly as
the government capitalises on the
sharp run in public sector under-
taking stocks in sectors such as rail-
ways, defence, etc. Any significant
boost to rural infrastructure/welfare
schemes will be a sentimental pos-
itive for cement/rural recovery.
and Home First,” Nandurkar and
Poddar wrote.
Higher-than-budgeted tax and
non-tax revenue, said analysts at
BofA Securities, is likely to provide
for the potential shortfall
in divestment proceeds,
higher than budgeted
subsidy bill, modestly
higher interest expense,
and other revenue
expenditure.
“We do see some sav-
ing on the loans and
advances component of
capex. This should result
in a lower than budgeted
fiscal deficit in absolute
terms while meeting the
target 5.9 per cent of
GDP,” said Aastha Gudwani, India
economist at BofA Securities.
Farm economy
The upcoming general elections
may see some populist schemes in
this interim Budget, especially
measures directed at the farm/agri-
culture economy. The measures,
according to analysts at Motilal
Oswal Financial Services, may
include the expansion of the
Pradhan Mantri Kisan Samman
Nidhi to ~9,000 per annum from the
current ~6,000 per annum, or
increased benefits in the form of an
insurance scheme or higher Maha-
tma Gandhi National Rural Emplo-
yment Guarantee Act allocation.
Since the government is in elec-
tion mode, analysts at Nomura
believe there will be tacit targeting
of its key constituents, with the
interim Budget likely to be a politi-
cal statement.
MARKET DYNAMICS
Sensex on Budget Day (LHS)
80,000
60,000
40,000
-2.3
20,000
-5.1
5,447
0 -8
Feb 29,’00
Compiled by BS Research Bureau
Since most opinion polls expect
the current dispensation to be back
in power, the interim Budget will
likely be presented under the
assumption of policy continuity.
“The ruling Bharatiya Janata
Party has adopted a ‘GYAN’ strategy
for the general elections — Gareeb
(poor), Yuva (youth), Annadata
(farmers), and Nari (women) —
indicating the four key constituents
that it is looking to target with its
economic pitch,” said Sonal Varma,
chief economist for India and Asia
ILLUSTRATION: BINAY SINHA
Budget Day Pre-Budget week (% chg)
8
59,708
4
0.3
0
-4
-2.3
Feb 1,’23
Sources: Bloomberg, exchanges
ex-Japan at Nomura in a recent
note co-authored with Aurodeep
Nandi. The markets, on their part,
have been expecting the removal of
securities transaction tax for a few
years now. This tax (charged at 0.1
per cent for delivery-based equity
trading) is levied on the value of
securities transacted through a rec-
ognised stock exchange in India.
Markets also expect a more com-
prehensive policy on cryptocur-
rency regulation,” wrote analysts at
ICRA Analytics in a recent note.

IPO CORNER
Equity and money markets in the US
Medi Assist Healthcare
shares surge 11% on debut remain polarised, says Chris Wood
Shares of Medi Assist Healthcare Services, an insurance third-party
administrator, rose 11 per cent over their initial public offering (IPO) PUNEET WADHWA
price during their stock market debut on Tuesday. After hitting a New Delhi, 23 January
high of ~509.6 and a low of ~446, the stock closed at ~464.25 as
against its issue price of ~418. At the last close, Medi Assit was Equity and money markets in the
valued at ~3,197 crore. The company’s ~1,172 crore IPO—entirely an United States (US) remain polarised
offer for sale—had garnered subscription of nearly 16 times. In and are betting on two different out-
FY23, Medi Assist clocked net profit of ~74 crore on revenues of comes in the months ahead, wrote
~505 crore. BS REPORTER Christopher Wood, global head of
equity strategy at Jefferies in his
latest note to investors, GREED &
EPACK Durable subscribed fear. While the US stock market, he
wrote, is priced for an idealised soft
3.67 times on second day landing of the economy, the money
markets are priced for a degree of
The initial public offering (IPO) of monetary easing, which only seems
EPACK Durable, an outsourced design likely in the event of a recession.
manufacturer of room air conditioners, “The Fed funds futures are now
got subscribed 3.67 times on its second day discounting 144 basis points (bp) of
of subscription on Tuesday. The initial share rate cuts this year, though down
sale received bids for 7,33,70,765 shares, as from 168bp anticipated on January
against 1,99,77,615 shares on offer, as per NSE 12. GREED & fear’s base case
data.The category for retail individual investors remains that a downturn is coming
(RIIs) got subscribed 3.80 times, while the quota for as signalled by the collapse in US M2
non-institutional investors received 7.90 times growth,” he said.
subscription.The portion meant for qualified institutional buyers Another key development in the
(QIBs) was subscribed 17 per cent.The IPO has a fresh issue of ~400 US that the global equity markets
crore and an offer-for-sale of up to 1,04,37,047 equity shares. PTI will eye over the next few months is
how the political landscape shapes
up ahead of the presidential elec-
Nova Agritech IPO tions. Donald Trump’s victory by a
30-point margin in Iowa recently,
subscribed 9.7x on Day 1 Wood believes, is the latest evidence
that the more indictments are lev-
The initial public offering (IPO) of Nova Agritech garnered nearly 10 elled against him (Trump), the more
times subscription on Tuesday, the opening day of the issue. Most support for him grows.
of the bids on the first day came from individual investors. Nova “A recent poll also found that
Agritech, an agro product company, is looking to issue ~112 crore of Trump was leading Biden in
new shares in its ~144-crore IPO. At the top-end of the price band Michigan, a key battleground state,
the company is valued at ~380 crore. BS REPORTER by eight percentage points. The
major problem for the 45th
American President is that the elec-
tion is not being held now. But if a
downturn does hit the US in coming
months, causing a stock market sell-
off with it, it would set up the stock
market for a rally in anticipation of
pro-growth Trumpian policies,”
Wood said.
Bond yields
Back home, the rising bond yield in
the US that hit 4.16 per cent recently,
has put equity market investors in a
spot of bother. Foreign institutional
investors (FIIs), analysts said, have
taken money out of the emerging
markets, with Indian markets seeing
an FII sell-off to the tune of over
~20,500 crore in the last few trading
sessions alone.
ON THE RISE
US 10-year bond yield (%)
4.20
4.13
4.10
3.88
4.00
3.90
3.80
Dec 29,’23 Jan 23,’24
Source: Bloomberg
Compiled by BS Research Bureau
FII selling due to external
factors, analysts say, has always
been an opportunity to buy, and this
time is no different. “An important
trend in the market that has impli-
cations for retail investors is the
revival of the tug of war between FIIs
and domestic institutional investors
(DIIs). FPIs have sold equity mas-
sively during the last few days. This
is partly in response to the rising
bond yields in the US, where the
10-year yield has risen to 4.16 per
cent, and partly due to the high
valuation in the Indian stock
market,” said V K Vijayakumar,
Chief Investment Strategist at Geojit
Financial Services.
Market strategy
The Indian economy, according to
analysts at BNP Paribas India,
remains on a strong fundamental
footing with inflation-related con-
cerns and the worries related to the
outcome of general elections now
easing a bit. However, they do cau-
tion against the high valuations.
The other concern, according to
Kunal Vora, Head of India Equity
Research at BNP Paribas India, is
that the (economic) recovery has
not been broad-based, with mass-
consumption categories still under
pressure. A renewed interest in
China and an increase in LTCG tax
on equities as the government
looks to mobilise resources to drive
mass consumption are also poten-
tial risks.
“We expect Indian equities to
trade at a premium to their
historical valuations. In our base
case, we expect Nifty 50 to trade at
20.2x December 2024 next
12-months (NTM) P/E. We arrive at
a Nifty Index target of 23,500 in our
base case by December 2024,”
he said.
Among sectors, Vora prefers
affluent consumption over mass;
and prefers private banks, given
their strong fundamentals and rea-
sonable valuations.
“We expect IT services growth
to recover and telcos to raise tariffs.
We would avoid staples and
pharma for growth challenges. We
expect autos to consolidate after a
strong 2023,” he added.
India overtakes
Hong Kong as
4th-largest mkt
BLOOMBERG
23 January
India’s stock market capitalisation has over-
taken Hong Kong’s for the first time as the
the country’s growth prospects and policy
reforms make it an investor darling while
global capital pours out of China.
The combined value of shares listed on
the national exchanges reached $4.33 tril-
lion as of Monday’s close, versus $4.29 tril-
lion for Hong Kong, according to data com-
piled by Bloomberg. That makes India the
fourth-biggest equity
market globally. Its value
crossed $4 trillion for the India’s
first time on December 5, market cap
with about half of that reached
coming in the past four $4.33 trillion
years. Equities in India as of
have been booming, Monday’s
thanks to a rapidly grow- close versus
ing retail investor base $4.29 trn for
and strong corporate Hong Kong
earnings. The world’s
most populous country
has positioned itself as an alternative to
China, attracting fresh capital from global
investors and companies alike, thanks to
its stable political setup and a consump-
tion-driven economy that remains among
the fastest-growing major nations.
India’s relentless rally in stocks has coin-
cided with a historic slump in Hong Kong,
where some of China’s most influential-
firms are listed. Beijing’s stringent anti-
Covid-19 curbs, and geopolitical tensions
with the West have all combined to erode
China’s appeal as the world’s growth engine.

THE COMPASS

ICICI Bank stock shines in a dull market on good Q3
Base=100 DEVANGSHU DATTA
130
ICICI Bank reported good results
for the October-December 2023
120
quarter (Q3), with 24 per cent year-
Sensex on-year (Y-o-Y) growth in profit
110 after tax (PAT). Net interest margin
(NIM) dropped 10 bps quarter-on-
quarter (Q-o-Q) to 4.43 per cent.
100 Credit growth was at 19 per cent Y-
o-Y (4 per cent Q-o-Q), while
ICICI Bank deposit growth was at 19 per cent
90 Y-o-Y (3 per cent Q-o-Q). The net
Dec 30,‘22 Jan 23,’24 interest income (NII) growth was
Source: Exchange 13.4 per cent Y-o-Y, while NIM con-
Compiled by BS Research Bureau traction was mainly due to rising
cost of funds.
There were slippages of ~617
crore from the Kisan Credit Card
exposure. The gross non-perform-
ing assets (NPA) ratio decreased 18
bps Q-o-Q while net NPA remained
flat at 0.44 per cent. The bank main-
tains a contingency buffer of
~13,100 crore (about 1.1 per cent of
loans). Absolute gross NPAs
decreased by 3.6 per cent sequen-
tially due to upgrades and recov-
eries.Other income grew 21 per cent
Y-o-Y to ~6,090 crore, led by core
fees (up 19 per cent Y-o-Y), while
treasury gains was just ~120 crore.
The profit before tax (PBT) (exclud-
ing treasury) grew 23.4 per cent Y-
o-Y to ~13,550 crore while PAT rose
23.6 per cent Y-o-Y to ~10,272 crore.
The core pre-provision operating
profit grew 10.3 per cent Y-o-Y.
Reported slippages (~5,710 crore
gross addition to gross NPA versus
~4,690 crore in Q2FY24) rose
sequentially, but net NPA was
steady while the provision coverage
ratio or PCR (excluding technical
write-offs) stood at 81 per cent.
ICICI Bank did not include contin-
gent and floating provision (~23,200
crore) in PCR calculation. The con-
tingent provision (excluding PCR)
stood at 2.0 per cent of the loan
book. The retail, rural, and business
banking portfolio contributed
~5,482 crore to additional gross
NPA. Net advances grew by 18.5 per
cent Y-o-Y and 3.9 per cent Q-o-Q.
Deposits stood at ~13.3 trillion, with
current account savings account
(CASA) ratio at 39.4 per cent down
20 bps sequentially. The provisions
expenses rose sequentially to ~1,050
crore versus ~580 crore in Q2FY24.
Retail slippages increased by 24
per cent sequentially while corpo-
rate & SME slippages were down by
28 per cent Q-o-Q. The standard
restructured book (0.29 per cent of
portfolio) was down marginally to
~3,300 crore, with retail contrib-
uting 85 per cent of the restructured
pool (over 95 per cent is secured).
There are provisions of ~1,000 crore
(about 31 per cent coverage) of the
restructured pool.
The yield on advances declined
2 bps Q-o-Q to 9.79 per cent. There
was also some negative impact due
to derecognition of interest income
on the Kisan Credit. The bank
reiterated that FY24 (full year) mar-
gin would be similar to FY23. This
implies a little more NIM compres-
sion in Q4FY24. Management
claims net slippages in retail are
expected to normalise upward.
Provisions at ~1,090 crore, were
up 80 per cent Q-o-Q but down 53
per cent Y-o-Y, which is annualised
credit cost of 37 bps. A new provi-
sion of ~627 crore was made towards
applicable Alternate Investments
Funds (AIF) Investments due to the
new RBI regulations.
Advances grew 18.5 per cent Y-
o-Y and 3.9 per cent Q-o-Q, led by
19 per cent Y-o-Y growth in domes-
tic and 21 per cent Y-o-Y growth in
retail loans. Among retail, housing
led the growth. The unsecured loan
mix has increased to 14 per cent of
total loans. The SME book rose by
28 per cent Y-o-Y, while the “BB and
Below” rated book grew 32 per cent
Y-o-Y. According to Bloomberg, 38
of 40 analysts polled after results
remain positive on the stock with
‘buy’, ‘add’, ‘outperform’ ratings and
some upgrades to valuation targets.
Their average target price is ~1,231.
2 THE SMART INVESTOR
>
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1

Colgate’s volume woes PARTIAL WITHDRAWAL FROM NPS

Ambit of reasons for withdrawal

need to be brushed off expanded; use facility cautiously
Q3 domestic sales were led by double-digit growth in toothpaste vertical
RAM PRASAD SAHU Withdrawal made during tenure for other goals will erode retirement corpus
Mumbai, 23 January
BINDISHA SARANG
LUMP SUM WITHDRAWAL: PROS AND CONS
T
he stock of Colgate-Palmolive,
India’s largest oral care company, The Pension Fund Regulatory and
slipped 3.8 per cent on Tuesday Development Authority (PFRDA) came n A recently introduced in receiving their CONS
amid the lack of traction on the volume out with a master circular on January 12 facility subscribers pension funds l During the SLW period,
front and downgrades over valuation regarding the new rules that will govern can opt for is Systematic l The facility can be used
concerns after the recent rally. partial withdrawal from the National subscribers are
Lump Sum Withdrawal until the age of 75,
Colgate-Palmolive (India) has been Pension System (NPS). These rules will restricted from
(SLW), which allows providing an extended
one of the top gainers in the consumer come into force on February 1. contributing to
periodic withdrawal period for regular
space since June 2023, enriching inves- their Tier-I account
of up to 60 per cent withdrawals
tors by 53 per cent in this period. Current rules l Partial withdrawals
While revenue growth for the com- GROWTH TREND A subscriber can withdraw a part of their
of their corpus
at retirement l Subscribers can are also not permitted
pany in the quarter at 8 per cent was led Figures in % NPS corpus before retirement. Up to 25 automate periodic during the SLW period
by pricing, the volume trend continues
Volume Net sales Gross Operating
per cent of the amount accumulated can PROS withdrawals,
to be uninspiring. Overall, the volumes
growth growth margin profit margin
be withdrawn. Here the amount l Withdrawals can be eliminating the ADVICE
were down as compared to the expecta- accumulated refers to the employee’s need to repeatedly l Avoid excess
Q4FY22 -4.0 1.4 66.8 33.0 made monthly,
tions of a 2 per cent growth. contribution. Withdrawal cannot be apply and get withdrawal and
On the domestic front, sales growth Q1 made from the portion of the corpus
quarterly, half-yearly,
-4.0 2.6 66.3 27.2 or annually, giving approvals for periodic early depletion of the
of 8.8 per cent included a slight improve- contributed by the employer.
ment in volumes as compared to the
Q2 -2.5 2.6 63.8 29.4 Subscribers can only make a partial subscribers flexibility withdrawals lump sum corpus
year-ago period. The domestic sales Q3 -2.5 0.9 65.9 28.0 withdrawal after having completed three
growth was led by a double-digit Q4FY23 0.0 3.8 66.9 33.5 years in NPS. Altogether, they can make
improvement in toothpaste, which was only three partial withdrawals These now include skill development or offers equity exposure, returns over the
offset by the decline in toothbrushes in Q1 3.0 10.6 68.4 31.6 throughout their entire tenure in NPS. reskilling, and also to establish one’s long term are likely to be higher than
this period. Q2 -1.0 6.0 68.8 32.8 According to Amit Kumar Nag, venture or startup. from other long-term, fixed-income
Analysts led by Mehul Desai of JM Q3FY24 -1.0 8.1 72.2 33.6 partner, AQUILAW, “The permitted alternatives like Public Provident Fund.
Financial Research believe that there is reasons for withdrawal include Use withdrawal facility with caution Through NPS, subscribers can also get
Source: Motilal Oswal Research
no material acceleration in sales per- children’s higher education, children’s NPS is meant to be a retirement savings an additional tax deduction of ~50,000
formance. Normalised sales growth over marriage, purchase or construction of a tool. The purpose of providing the partial under Section 80CCD1(B). This
the last four years stood at 5.1 per cent The overall growth seems stagnant with. The gains came on the back of soft residential house, and treatment of withdrawal facility is to allow some deduction is exclusive to NPS. It is over
during the December quarter and this is with anticipated volume growth input costs and price hikes taken by the critical illnesses.” flexibility. Says Suma: “Partial and above the Section 80C deduction of
in the same 4-5 per cent ballpark as seen expected to be muted in the future. company on the premium portfolio withdrawal helps members meet specific ~1.5 lakh. Upon retirement, subscribers
in recent quarters. Additionally, due to the high oral care during the quarter. What will change financial exigencies.” can withdraw 60 per cent of the corpus as
Volume growth, too, has been slug- penetration and competition from While advertising expenses were up Housing: If a subscriber makes However, using this facility a lump sum. This amount is tax-free.
gish. Kotak Research says while Colgate’s herbal players, the company has strug- by 150 basis points at 14.6 per cent of a partial withdrawal for the runs the risk of eroding the On the downside, NPS has a long lock-
revenue growth in Q3 is likely among the gled to achieve volume growth for sales, other expenses were down 90 basis purchase or construction of a final retirement corpus. in period until retirement. If a subscriber
best in the staples pack, we note that its several years. points at 16.1 per cent. This has helped residential house or flat, then Therefore, it should be utilised withdraws from NPS prior to retirement,
volume growth continues to lag peers — Moreover, the premiumisation the company retain the bulk of the mar- money can be withdrawn from with utmost caution. As 80 per cent of the money must be
Hindustan Unilever, Godrej Consumer in general trade and traction in personal gins at the operating level. Operating NPS for the purchase of the first Vanshika Ahlawat, associate, invested in an annuity and only 20 per
Products, and Dabur. care has been slow, profit margins expanded by 550 basis house only. An inherited house PSL Advocates & Solicitors, cent is received as a lump sum.
Similarly, Motilal Oswal
Research points out that Most brokerages
they add.
Though the volume
points to 33.6 per cent.While operating
profit was up 30 per cent Y-o-Y, the mar-
will not count for this purpose.
“An ancestral property is not
YOUR says: “Ensure withdrawals do
not compromise the primary
Upon retirement, subscribers must
use 40 per cent of the corpus to buy an
toothpaste volumes in have a cautious
view of the stock,
growth was not impres- gin base is expected to catch up from the considered a house or flat MONEY goal of building a robust annuity. The interest payouts by annuity
the quarter were flat to sive, the company regis- March quarter onwards. purchased or constructed by retirement corpus.” plans can sometimes be low and are
positive. Despite numerous given the 24% tered strong profit We expect profit growth momentum the subscriber,” says Suma R V, partner, Partial withdrawal of up to 25 per cent taxable at slab rate. NPS is well suited for
product innovations and gains after growth and margins in to slow to high single-digit or at best low King Stubb and Kasiva. is tax-free and hence does not carry any higher-income people who are unlikely
marketing efforts, the Q3 results and the quarter. double-digit, which, in our view, could Children: A subscriber can make a tax implication. to need the money invested in NPS before
rebound in volume remains high valuations Its gross margins start to cap stock performance from here partial withdrawal for their children’s retirement. It may not be ideal for
uninspiring, it adds. expanded by 639 basis on, says JM Financial Research. education or marriage. PFRDA has Should you opt for NPS? someone who may need the money for
Analysts led by Naveen points year-on-year (Y-o- Most brokerages have a cautious view clarified that children include legally NPS is a cost-efficient investment emergencies before retirement.
Trivedi of the brokerage point out that Y) and 341 basis points sequentially to of the stock given the 24 per cent gains adopted children. mechanism that allows investors Those who want equity exposure,
sales, operating profit, and net profit for all-time high levels of 72 per cent. on the stock post the September quarter Reskilling and startup: The regulator flexibility in choosing their asset tax benefits (under Section 80C) and
the 10 years ending FY23 stood at 9 per This was over 300 basis points better results and valuations, which are higher has widened the ambit of purposes for allocation (allocation to equities and anytime liquidity may consider
cent and 8 per cent respectively. than what brokerages were working than its five-year average. which partial withdrawal can be done. debt) based on their risk appetite. As it equity-linked savings schemes.

Recycling
For A Better Tomorrow
AN INDIAN MULTINATIONAL COMPANY At Gravita, we understand that
responsible recycling not only creates
GLOBAL FOOTPRINT sustainable value for the green economy
Network Spread Over 70+ Countries Across
6 Continents but also for all our stakeholders. We have
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12 ECO CONSCIOUS confident to keep progressing on
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(₨ in Crores)

Revenue EBITDA PAT

-4% + 26% + 20%
Q3 FY23 789 Q3 FY23 71 Q3 FY23 50
Q3 FY24 758 Q3 FY24 90 Q3 FY24 60
Statement of Consolidated Unaudited Financial Results for the Quarter and Nine Months Ended 31st December, 2023 (₨. in Crores)

Quarter Ended Quarter Ended Quarter Ended Nine Months Nine Months Year Ended
S.no Particulars Ended Ended
31.12.2023 30.09.2023 31.12.2022 31.03.2023
31.12.2023 31.12.2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Total Income from operations (Net) 773.21 850.31 784.06 2,350.26 2,121.62 2893.68
Net Profit/(Loss)for the period (Before Tax, Exceptional
2
and/or Extraordinary Items, Share of Loss of Associate) 73.77 67.00 57.67 201.93 157.82 227.59

Net Profit/(Loss)for the period before Tax (After

3 73.77 67.00 57.67 201.93 157.82 227.59
Exceptional items and/or Extraordinary Items)

Net Profit/(Loss)for the period After Tax (After

4 61.47 58.84 50.47 172.86 140.10 204.09
Exceptional and/or Extraordinary Items)

5 Total Comprehensive Income for the period 61.88 53.63 68.33 165.70 151.20 203.75

6 Equity Share Capital (Face value per share Rs 2/-) 13.81 13.81 13.81 13.81 13.81 13.81
7 Reserves (excluding Revaluation Reserve) 575.12
Earnings Per Share (After Tax & minority interest)
8
(of Rs 2/- each)

(a) Basic: 8.74 8.52 7.42 24.96 20.29 29.72

(b) Diluted: 8.74 8.52 7.42 24.96 20.29 29.72
Key Numbers of Unaudited Standalone Financial Results (₨. in Crores)
1 Turnover (Net Sales) 599.03 705.31 706.76 1,958.21 1,828.03 2,524.39
2 Profit Before Tax 59.82 50.63 22.41 158.39 63.41 116.25
3 Profit After Tax 50.46 43.51 17.32 132.69 50.08 101.15
NOTES:
a) The above is an extract of the detailed format of quarter / 9 Months ended results filed with the Stock Exchanges under Regulation 33
of the SEBI (Listing and other Disclosure Requirements) Regulations, 2015. The full format of the quarter / 9 Months ended results are
available on the websites of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com. The same is also available on the
website of the company viz. www.gravitaindia.com
b) Exception and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind-AS Rules.
c) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings
held on 23rd January, 2024
Place : Jaipur
Date : 23rd January, 2024
Gravita India Limited For Gravita India Limited
CIN: L29308RJ1992PLC006870 Sd/-
Registered Office: Saurabh, Chittora Road, Harsulia Mod, Yogesh Malhotra
Diggi Malpura Road, Tehsil - Phagi, Jaipur 303904 (Raj.) Whole-time Director & CEO
Telephone: +91-141-4057700 | Email: companysecretary@gravitaindia.com DIN : 05332393
Website: www.gravitaindia.com
ll.l
MUMBAI | WEDNESDAY, 24 JANUARY 2024 STOCKS 3 <

> OFSTOCK
IN THE > Borosil Renewables > Rail Vikas Nigam > IFB Industries

NEWS Top gainer amongst

A group of
Snaps 10 days of
winning streak
Trading volumes
jumps 39x over THE DAY
companies 2-week avarge Chalet Hotels
~507.4 PREVIOUS CLOSE ~320.8 PREVIOUS CLOSE ~996.5 PREVIOUS CLOSE Hits new all-time high at
~566.5 CLOSE ~289.0 CLOSE ~1,008.2 CLOSE ~775, Surged 65 per cent
p 11.7% UP q -9.9% DOWN p 1.2% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
23 Jan ’24 Chg (%) Con Std 23 Jan ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount
Adani Enter 2896.6 -3.1 0.9 135.1 160.3 ITC 459.3 -1.9 5.9 29.9 28.7 BSE NSE price price (%) price price (%)
Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low

Adani Ports 1137.1 -4.7 0.9 38.8 309.7 JSW Steel 790.4 -2.2 1.1 20.9 22.2 3,200 2,000 Cipla 1424.7 1409.1 7.3 1424.7 1424.7 Zee Enter 152.5 155.9 -32.7 152.5 152.5
MOST BULLISH MOST BEARISH
Petronet LNG 266.5 260.1 5.5 266.5 266.5 IRCON Intl 225.0 229.8 -14.0 127.3 50.2

3,087

1,934
Apollo Hosp 6153.8 0.5 0.6 108.0 90.2 Kotak Mah Bank 1784.5 -1.2 2.7 20.3 27.0
Asian Paints 3054.7 -2.7 1.4 53.9 54.8 L&T 3551.0 -2.3 5.0 39.8 52.3
2,400 1,500 Oracle Fin 6571.9 6489.5 1.3 HDFC AMC 3321.8 3367.1 -1.3 Persistent S 8716.7 8256.5 4.2 8716.7 8716.7 RailTel Corp 383.0 387.8 -12.6 202.5 96.2
Axis Bank 1089.3 -2.8 3.2 31.1 28.5 Polycab India 4205.3 4170.0 0.8 Metropolis Heal 1565.8 1582.1 -1.0 Sun Pharma 1395.0 1379.5 4.0 1395.0 1395.0 HUDCO 148.2 150.0 -10.5 70.5 40.5
LTIMind 5638.5 -0.3 0.5 36.3 37.3 1,600 1,000

920
Delta Corp 140.8 140.1 0.5 SBI Card & Pay 722.4 729.9 -1.0 Zydus Lifescien 732.5 728.9 3.6 732.5 732.5 Rail Vikas Niga 288.7 289.0 -9.9 142.1 56.2
Bajaj Auto 7095.9 0.0 0.9 29.4 31.3 Mah & Mah 1595.2 -1.7 1.7 19.3 21.3 DLF 742.0 739.3 0.4 Hero MotoCorp 4409.5 4444.2 -0.8

318
Bajaj Fin 7070.7 -3.2 2.0 38.0 37.9 IREDA 156.3 154.1 3.5 156.3 156.3 Oberoi Relty 1353.5 1370.5 -8.9 1051.3 790.1
Maruti Suzuki 9860.5 -1.1 1.4 37.8 27.7 800 500 IEX 136.9 136.5 0.4 Berge Paint 542.8 547.0 -0.8
Bajaj Finsrv 1582.5 0.1 1.0 34.0 215.4 Bharti Airtel 1172.5 1159.2 3.2 1172.5 1172.5 IRCTC 927.5 935.5 -8.9 636.1 557.2
Nestle India 2462.9 -0.7 0.9 - 79.9
Bharti Airtel 1158.0 3.0 3.0 86.3 - Lupin 1455.0 1440.3 2.1 1455.0 1455.0 Indiabulls Hous 183.7 186.2 -8.7 150.1 91.8
NTPC 302.6 -1.8 1.5 17.3 16.2 0 0 BSE NSE ICICI Bank 1067.4 1029.5 2.1 1067.4 1067.4 Angel One 2939.0 2971.0 -8.5 2205.8 1000.0
BPCL 463.1 -4.2 0.5 47.1 3.7
Britannia 5048.1 -2.3 0.6 47.9 52.0
ONGC 229.9 -5.0 1.2 8.2 9.3 Advance Decline Advance Decline Index Stock Index Stock PUT-CALL RATIO Abbott India 25796.3 25449.8 1.0 26350.0 26350.0 IRFC 158.8 161.5 -8.5 65.8 25.5
Power Grid 238.0 0.3 1.1 14.4 14.5 Cummins (I) 2113.7 2100.9 1.0 2125.3 2125.3 Titagarh 1070.0 1080.6 -8.1 703.8 194.8
Cipla 1409.0 7.0 0.8 30.7 33.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2657.2 -2.1 9.4 25.7 40.2 Varun Bever 1278.4 1270.8 0.9 1380.5 1380.5 GMR Airports 75.0 75.6 -7.7 52.1 36.0
Coal India 375.3 -5.9 0.9 8.2 15.4
SBI 605.1 -4.2 2.4 7.9 8.7 BSE MIDCAP BSE SMALLCAP Contracts 1393 - 783902 4272692
Market 2808.4 5236.5 0.5 Hero MotoCorp 4561.8 4440.2 0.9 4561.8 4561.8 BHEL 201.7 203.1 -7.6 113.5 66.3
Divis Lab 3615.4 -0.9 0.5 52.6 72.9
SBI Life Ins 1375.5 -4.6 0.6 - 74.8 100 640 Open Int.(000) 5 - 22232 9296972
Dr Reddys 5674.4 0.7 0.7 18.6 24.7 Shares(In Mn) - - 26.7 7656.8 Top 5 PC Ratio Bottom 5 PC Ratio Indus Towers 225.4 217.3 0.8 229.8 229.8 GMDC 423.2 439.7 -7.5 307.1 122.8

603
Sun Pharma 1378.3 3.9 1.6 38.7 449.8 480 Dr Reddys 5754.0 5668.7 0.6 5965.0 5986.2 IDFC 115.2 115.8 -7.1 112.6 72.9

89
Eicher Motor 3616.7 -2.2 0.5 27.7 30.2 75 Value(~ crore) 103 - 69407 345051
Oracle Fin 1.2 SBI Life Ins 0.2
Grasim Ind 2049.6 -1.5 0.8 20.4 92.9 Tata Consumer P 1145.7 -0.4 0.7 83.5 102.2
OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 800.5 -2.3 1.5 17.3 60.3 320 Tata Consumer P 1.1 NTPC 0.2
HCL Techno 1523.7 -1.3 1.7 26.3 35.2 50 Contracts 3740908 - 591541688 8964601
Tata Steel 130.1 -2.9 1.1 - 64.9 M & M Fin 1.1 Britannia 0.2
HDFC Bank 1427.4 -3.5 11.2 23.6 19.2
25 160
Open Int.(000) 2217 - 642805 7402089
Trent 1.1 Page Inds 0.2 MOST TRADED TOP M-CAP TRENDS

83
HDFC Std Life 586.2 -3.6 0.6 92.1 83.2 TCS 3858.3 -0.1 4.0 31.5 33.6 Shares(In Mn) - - 21036.7 12434.2
11

Tech Mahindra 1366.7 -1.4 0.9 37.1 44.5 Zee Enter 1.0 Dabur India 0.2s
Hero MotoCorp 4444.2 1.0 0.6 31.6 25.8 Value(~ crore) 268997 - 48524670 754493 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 541.4 -3.5 0.8 12.0 43.8 Titan Company 3739.7 -1.2 1.6 102.2 97.6 0 0 BSE+NSE BSE+NSE
UltraTech 9831.0 -1.7 1.2 44.3 45.4 Advance Decline Advance Decline 1 Reliance Ind 1796964.6 BS200 PLANTER POLYSAC 47.7
HUL 2375.6 -3.8 2.2 55.2 54.4 (~ crore) (Mn shrs)
ICICI Bank 1029.1 2.0 7.4 21.2 18.4 UPL 535.1 -3.1 0.3 21.6 30.1 ACTIVE CALLS ACTIVE PUTS HDFC Bank 8483.5 58.8
2
3
TCS
HDFC Bank
1413107.8
1083905.3
UP 7 DAYS Key Corp 47.6
IndusInd Bank 1441.7 -6.1 1.0 - 13.0 Wipro 469.9 -1.7 0.7 21.8 27.5 DOWN Bang Fort Farms 47.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg IRFC 5423.2 315.7 4 ICICI Bank 722210.6
Infosys 1642.2 -0.4 6.1 27.9 27.6 Nifty 50 21238.8 â-1.5 100.0 24.3 27.8 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ICICI Bank 5344.7 51.6 5 Infosys 681585.3 Indiabulls Hous -17.1 DOWN 7 DAYS
Northern Spirit -30.7
Index Index 6 Bharti Airtel 652043.0 Reliance Power -8.4
INDEX PE SHRS TRDS 1 YR Zee Enter 4014.5 243.0 Digidrive -26.6
UP 3 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
23/01/24
23/01/24
20150
20200
698.8
605.3
7.687155.5
4.3 8563.8
Nifty Finance
Nifty Finance
23/01/24
23/01/24
20100
20050
1042.2
703.0
6.3
3.1
489.0
382.0
IRCON Intl 3196.3 130.3
7á
8á
ITC
HUL
572253.0
558065.2 Petronet LNG 11.7 Adhbhut Infra -26.4
Asian Paints 3058.0 -2.6 1.7 53.9 54.9 Maruti Suzuki 9863.7 -1.1 1.6 37.8 27.7 SENSEX 25.2/28.4 11.4 423 6 24 15.5 Rail Vikas Niga 2826.4 92.9 Cipla 8.9 NDL Ventures -25.3
NIFTY 50 24.3/27.8 449.7 10389 10 40 17.2 Nifty Finance 23/01/24 20700 470.0 4.1 118.2 Nifty Finance 23/01/24 20000 684.3 5.4 235.8 9â LIC India 554259.8
Axis Bank 1088.9 -2.8 3.7 31.0 28.5 Nestle India 2462.5 -0.7 1.1 - 79.9 Reliance Ind 2709.8 10.1 Apollo Tyres 8.2 Gagan Gases -24.4
C = CONSOLIDATED; S = STANDALONE Nifty Finance 23/01/24 20250 462.9 2.6 6425.8 Nifty Finance 23/01/24 20200 665.4 1.2 18.6 10 SBI 539982.9
Bajaj Fin 7070.7 -3.2 2.3 38.0 37.9 NTPC 302.5 -1.8 1.7 17.3 16.2 Nifty Finance 23/01/24 20300 457.8 2.3 1026.3 Nifty Finance 23/01/24 20150 662.0 4.5 834.6 IREDA 2143.1 141.1 Persistent S 7.2 MADHUVEER -19.9
11 L&T 487676.6
Bajaj Finsrv 1584.0 0.3 1.2 34.0 215.6 Power Grid 237.9 0.3 1.3 14.4 14.5 CASH DERIVATIVES Stock Stock Bharti Airtel 2119.7 18.3 RailTel Corp 6.8 Kamadgiri -19.8
12 Bajaj Fin 436969.3
Bharti Airtel 1159.2 3.2 3.5 86.4 - Reliance Ind 2656.0 -2.1 11.0 25.7 40.2 TURNOVER BSE NSE BSE NSE Vodafone Idea 25/01/24 15 162.6 81.0 -11.8 Vodafone Idea 25/01/24 15 98.3 66.6 -25.8 13 HCL Techno 413248.2 Bharti Airtel 6.8 UP 3 DAYS
Axis Bank 2101.1 19.1
HCL Techno 1522.9 -1.3 1.9 26.3 35.2 Vodafone Idea 29/02/24 16 101.0 71.0 31.8 Vodafone Idea 25/01/24 14 77.0 81.5 -7.3 14 Kotak Mah Bank 354648.2 Union Bank 6.0 Ad-Manum 66.5
SBI 605.1 -4.2 2.8 7.9 8.7 VALUE(IN ~ CRORE) 11230 151324 269100 49693621 SBI 1985.4 32.3
HDFC Bank 1427.6 -3.5 13.0 23.6 19.2 Vodafone Idea 25/01/24 17 81.6 115.4 -20.6 Vodafone Idea 25/01/24 16 33.4 74.2 -20.2 15 Axis Bank 335854.9 DOWN Salasar Engg 61.6
Sun Pharma 1379.5 4.0 1.8 38.7 450.2 SHARES(IN MN) 1392.7 7074.3 - 41154.5 Bajaj Fin 1888.6 2.6
HUL 2375.2 -3.8 2.6 55.1 54.4 TRADES(000) 6792 52777 - 156432 Vodafone Idea 25/01/24 16 71.9 204.6 -0.5 IDFC First Bank 25/01/24 80 32.3 8.3 -20.0 16á Titan Company 331784.2 IndusInd Bank -12.1 Kunststoffe 60.3
Tata Motors 800.4 -2.3 1.7 17.3 60.3 REC 1844.3 41.2
ICICI Bank 1029.5 2.1 8.7 21.2 18.4 Vodafone Idea 25/01/24 14 66.1 57.4 7.0 PNB 25/01/24 100 31.0 5.1 -44.5 17á Sun Pharma 330983.4 RBL Bank -10.3 BLB 36.9
Tata Steel 130.1 -2.8 1.3 - 64.9 IRCTC 1614.5 16.6
IndusInd Bank 1444.0 -5.9 1.1 - 13.0 MARKET-CAP (~ CR) TRADED TOTAL 18â Adani Enter 330286.5 ITI -9.8 Pritika Auto In 35.8
Infosys 1642.2 -0.4 7.1 27.9 27.6 TCS 3861.9 0.0 4.7 31.5 33.7
Infosys 1577.5 9.5 19 Maruti Suzuki 310114.7 Pidilite Ind -8.6 Manaksia Steels 34.1
Tech Mahindra 1365.6 -1.4 1.0 37.0 44.5 BSE 36,603,331 37,236,395
ITC 458.7 -2.0 6.9 29.8 28.7 Crane Infra 32.5
JSW Steel 790.6 -2.2 1.3 20.9 22.2 Titan Company 3737.2 -1.3 1.9 102.1 97.5 NSE 36,164,195 36,825,708 SPURT IN VOLUMES NHPC
DLF
1531.6
1507.4
193.5
20.0
20á
21á
Asian Paints
NTPC
293323.4
293275.8
Chambal Fert
Havells I
-8.5
-8.2 DOWN 3 DAYS
UltraTech 9833.7 -1.6 1.4 44.3 45.4 DERIVATIVES 24,180,102 24,180,102
Kotak Mah Bank 1784.3 -1.2 3.2 20.3 27.0 Company Days 2-week Avg Change Close *Price 22â ONGC 289220.6 Dixon Tech -8.1 Motisons Jewell -21.6
IndusInd Bank 1506.5 10.2
L&T 3547.9 -2.4 5.9 39.8 52.3 Wipro 469.9 -1.7 0.8 21.8 27.5 Volume Volume % price %chg 23 UltraTech 283889.1 Others Shree Ajit pu -21.3
Mah & Mah 1593.7 -1.9 1.9 19.3 21.3 BSE SENSEX 70370.5 â-1.5 100.0 25.2 28.4 TRADING ACTIVITY Asahi (I) Gl 3367404.0 96188.9 3400.8 557.8 2.5
NBCC
Persistent S
1424.7
1242.0
137.5
1.5
24á Adani Green En 266330.9 UP 7 DAYS Inter Glob F -18.6
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Tata Motors 265960.9 Utcrfs2Dmp 114.4 Sailani Tours -18.6
Sahaj Fashions 1900000.0 78400.0 2323.5 26.3 -18.4 Kotak Mah Bank 1241.7 6.9
Equity Debt Equity Debt 26á Bajaj Finsrv 252727.2
Net Net Net Net Gandhi SpTbs 458497.0 21126.5 2070.3 770.1 5.8 Ganga papers 108.2 Jupiter Info -18.5
Power Fin 1190.2 29.2 27â Adani Ports 245663.1
WORLD INDICES On 19 Jan -3554 585 - - Swelect Energy 859472.0 41846.8 1953.9 730.7 20.0 RailTel Corp 1173.4 29.3 28 Wipro 245494.6
Bombay Wire Rop
Munoth Cap
63.3
47.7
Chothani
Ratnabhumi Dev
-18.4
-18.0
On 18 Jan -9195 1198 - - Allsec Tech 517471.0 27176.8 1804.1 702.0 5.4 HUL 1106.6 4.6 29á Avenue Supermar 239279.9
Indices Close % Chg* Indices Close % Chg*
On 17 Jan -10483 915 4052 -2791 Keynote Fin Ser 218768.0 17811.2 1128.3 145.1 -3.1 30 Nestle India 237429.4 (T+2) cycleStocks which rose/fell continuously
Cipla 1103.2 7.9
Americas (Jan 22,24) Asia/Pacific (Jan 23,24) On 16 Jan 1182 2366 -568 -2888 IFB Ind 379222.0 33228.2 1041.3 1008.2 1.2
Dow Jones 38001.8 0.4 Kospi 2478.6 0.6 On 15 Jan 2015 644 -600 -3335 Advani Htls 2407844.0 218098.5 1004.0 130.9 10.6
Jan till date -18709 14866 3983 -2579 Elgi Equip 1610260.0 148861.5 981.7 554.5 2.7
Nasdaq Composite
S&P/ TSX Composite
15360.3
20924.3
0.3
0.1
Shanghai Se Comp
Taiwan Taiex
2771.0
17874.6
0.5
0.3 2024 till date -18709 14866 3983 -2579 Ishan Internati 371200.0 34909.1 963.3 157.9 3.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 22,24) Kuala Lumpur Comp 1496.1 0.3 Quarterly Rainbow Invit Cipla Chm
DAX 16667.3 -0.1 Jakarta Composite 7256.2 0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Childre Group M HPCL D B Corp
JANUARY 24 Sharda Crop Macfos IEX Gautam Gems
CAC 40 7399.0 -0.2 Straits Times 3135.3 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Share India Group T Indraprst Gs Hubtown
FTSE 100 7472.9 -0.2 Stock Exchange of Thai 1356.5 -1.0 NET Net Fut OI Opt OI OI Bajaj Auto Sec Indostar Cap JSW Steel IFB Ind
HIGH *HPCL . . . . . . . . . . . . . . 478.6 *SAR Auto Pr . . . . . . . 1880.0 LOW
IBEX 35 9888.9 -0.8 Volatility (Jan 22,24) BS 200 *Power Fin . . . . . . . . . . 430.6 *Danlaw Tech . . . . . . . 1839.7 BS 200 Balkrishna I Thirumala Ch Wanbury PNB Jayaswl Nec
On 20 Jan -15304 1727 0.3 4.6 3.3
Asia/Pacific (Jan 23,24) CBOE Dow Jones 12.0 5.2 On 19 Jan -790 5297 0.3 4.8 3.3 *Persistent S . . . . . . . 8716.7 *Coal India . . . . . . . . . . 404.8 *Dolphin Off. . . . . . . . 1791.1 *Navin Fluo . . . . . . . . 3340.0 Birlasoft UCO Bank Group X SBI Card & Kabra Extrus
Hang Seng 15354.0 2.6 CBOE S&P 500 13.3 0.6 On 18 Jan -47863 -1495 0.3 3.6 3.3 *Apollo Hosp . . . . . . . 6397.8 *Tata Power . . . . . . . . . 366.4 *RPG Life . . . . . . . . . . 1644.0 HUL . . . . . . . . . . . . . . . 2365.5 Canara Bank Ujjivan Small B Indian Infot Pay Kriti Inds
On 17 Jan -61946 -5260 0.2 4.6 3.3 *Hero MotoCorp . . . . 4561.8 *Rail Vikas Niga . . . . . . 345.6 *Intern Comb . . . . . . . 1580.0 HDFC Bank . . . . . . . . . 1425.0 Dalmia Bharat Vardhmn Text Oasis Sec SBI Life Ins Kriti Nutrit
Nikkei 225 36517.6 -0.1 * Change over previous close
On 16 Jan -2596 -986 0.3 5.4 3.2 *Colgate . . . . . . . . . . . 2579.9 *IRCON Intl . . . . . . . . . 280.9 *Caplin Point . . . . . . . 1515.9 *Zee Enter . . . . . . . . . . 152.5 DLF Group B Perfectpac Shriram TrFn Novartis
*Torrent Phar . . . . . . . 2553.0 *Petronet LNG . . . . . . . 266.5 TCI . . . . . . . . . . . . . . . . 1510.0 Others Exide Ind Ausom Enter Rajkamal Syn Syngene Intl Pooja Metaliks
MAJOR INDICES Jan till date
2024 till date
-485581
-485581
-12071
-12071
-
-
-
-
-
- Infosys . . . . . . . . . . . . 1675.0 *Power Grid . . . . . . . . . 246.8 *Algoquant Fin . . . . . . 1394.0 Vinati Org . . . . . . . . . . 1685.0 Ind Ove Bank CyberTech Shiva Cement Tata Techno Prudent Cor-
*Lupin . . . . . . . . . . . . . 1455.0 *ONGC . . . . . . . . . . . . . 245.4 *Albert David . . . . . . . 1351.0 *Tatva Chintan . . . . . . 1358.0 IOC Ginni Fila TCI Vedanta pora
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Cipla . . . . . . . . . . . . . 1424.7 Bharat Elctn . . . . . . . . . 196.3 *WAA tech . . . . . . . . . 1197.8 Vedant Fashions . . . . 1050.8 Laurus Labs Heubach Col- Group XT Group A Rane Madras
S&P BSE Sensex 71,423.7 71,868.2 72,039.2 70,234.6 70,370.6 -1053.1 -1.5 Tech Mahindra . . . . . . 1416.0 *IRFC . . . . . . . . . . . . . . . 192.8 *Advait Infra . . . . . . . 1169.0 *HDFC Liquid . . . . . . . 1000.0 RailTel Corp oran ACI Infocom Asahi (I) Gl RMG Alloy
*Sun Pharma . . . . . . . 1395.0 *IOC . . . . . . . . . . . . . . . 151.7 *Global Health . . . . . . 1142.9 Best Agro . . . . . . . . . . . 779.0 Tata Steel Infobeans Jupiter Info Elecon Engin Steel
S&P BSE Sensex 50 22,607.8 22,749.1 22,798.6 22,213.2 22,256.9 -350.8 -1.6 S&P BSE SECTORAL INDICES *Maha Gas . . . . . . . . . 1353.8 *Bank of India . . . . . . . 139.7 *Elecon Engin . . . . . . 1100.5 *Ravalgaon S . . . . . . . . 767.9 TVS Motor Techn Kailashpti Equitas SFB RS Software
*Bharti Airtel . . . . . . . 1172.5 *SJVN . . . . . . . . . . . . . . 116.4 IFB Ind . . . . . . . . . . . . . 1062.0 *Ideaforge . . . . . . . . . 750.0 Group A ISMT Ramgopal Poly HFCL Rushil Decor Regis Ind tie Craftsman Sanghi Ind Jagson Fin.
S&P BSE-100 22,348.5 22,488.1 22,530.1 21,921.4 21,960.7 -387.8 -1.7 Prev cls Close % Chng
*Aurob Pharma . . . . . 1166.2 *NBCC . . . . . . . . . . . . 109.6 *MSTC . . . . . . . . . . 1048.9 VIP Ind . . . . . . . . . . . . . 536.8 Aarti Drugs JSW Hold Sharda Ispat Intell Des Aren SBFC Finance Saboo Sodium Mipco Seam. Auto Utkarsh SFB KCL Infra Pro
S&P BSE-200 9,687.8 9,753.5 9,767.3 9,483.4 9,504.8 -183.0 -1.9 Auto 42,663.9 42,002.7 -1.5 *ICICI Bank . . . . . . . . 1067.4 *PNB . . . . . . . . . . . . . . . 107.8 *Cosmic CRF . . . . . . . 1040.0 Orient Bell . . . . . . . . . . 383.6 Bharat Dyn Kolte Patil Shradha AI Ion Exchange Shakti Pumps Shri Dinesh Omkar Over Macrotech Group P Group Z
Bankex 52,233.1 51,132.4 -2.1 *IRCTC . . . . . . . . . . . . 1049.8 Others *Insolation Ener . . . . 1033.7 HNGSNG BEES . . . . . . . 225.9 Blue Dart E Music Broad- Tech KFin Technologi Swaraj Engin Transchem Stanpacks I Devlp NB Foot Wear Cella Space
S&P BSE-500 30,992.5 31,198.9 31,237.6 30,298.1 30,370.5 -622.1 -2.0
Cons. Durables 50,973.2 49,929.6 -2.0 *LIC India . . . . . . . . . . . 950.1 *Bombay Oxygen . . 18898.0 *Mirae -ET . . . . . . . 1000.0 *Orient Ele . . . . . . . . . . 206.5 CEAT cast Simplex Real LT Foods Group P Vivanta Inds Velox Industrie Olectra Group T
S&P BSE IPO 13,371.9 13,523.7 13,532.2 13,111.2 13,201.2 -170.7 -1.3 Cap. Goods 57,301.2 55,860.0 -2.5 *Cochin Ship . . . . . . . . 898.5 *ZF Commercial . . . 17661.0 *K P Energy . . . . . . . . . 998.0 Vistar Amar . . . . . . . . . 203.7 Chalet Hotels PNB Gilts SPS Intl Maha Scoot Adline Chem VSF Projects Group Z Greente Shah Metacorp JANUARY 29
FMCG 20,175.1 19,805.5 -1.8 *Tata Motors . . . . . . . . 827.7 *Bengal Assm . . . . . . 8888.0 *Alembic Pharma . . . . 973.5 *TVS Supply Chai . . . . 186.1 CMS Info Sys- Premier Expl UTL Inds Privi sp chem Group T Walchand Ppl Prime Inds Zen Techno Sky Gold BS 200
S&P Dollex-30 7,057.1 - - - 6,948.1 -109.0 -1.5 tem Quick Heal Wsfx Sterlite Tch Archidply I
Healthcare 32,645.2 32,993.0 1.1 *Birlasoft . . . . . . . . . . . 817.7 *Dynamatic T . . . . . . . 6783.1 Policy Bazar . . . . . . . . . 933.6 *Ind.Link Chain . . . . . . 178.7 Group XT Group B Group X Adani Energy
Nifty 50 21,571.8 21,716.7 21,750.3 21,192.6 21,238.8 -333.0 -1.5 Infra 536.0 514.0 -4.1 *Zydus Lifescien . . . . . 732.5 *Sandur Manganes . . 3258.0 *Jenburkt Ph . . . . . . . . 912.7 *Binny . . . . . . . . . . . . . . 176.5 DCB Bank Sagar Cem TVS Holdings Lucent Industri Aryan Shares JANUARY 27 Bhagirad Chm CIL Sec So
IT 37,466.4 37,185.1 -0.8 *JSW Energy . . . . . . . . 518.7 *The Anup Engg . . . . 3113.7 *PNB Hou Fin . . . . . . . . 906.8 Gss Infotech . . . . . . . . . 165.4 Epigral Sarla Perf F JANUARY 25 Group B Surana Tele BN Holdings BS 200 Bhagya Inter RDB Rasayans Adani Green En
Nifty next50 54,727.2 55,218.3 55,227.7 53,009.8 53,294.7 -1432.5 -2.6 Indian Bank SBC Exports BS 200 20 Microns Univa Foods
Metal 26,231.1 25,189.0 -4.0 *Indian Hotel . . . . . . . . 488.3 *Waaree Renewabl . . 3008.8 *Assoc.Cerami . . . . . . . 898.8 Bharat Agri Fer . . . . . . . . 80.0 Eyantra Ve APL Apolo Tb Bhansli Engg Sacheta Met Bajaj Fin
Nifty 500 19,601.9 19,743.5 19,752.4 19,158.8 19,206.5 -395.5 -2.0 Oil & Gas 25,273.4 24,272.4 -4.0 *BPCL . . . . . . . . . . . . . . 488.1 *Anand Rathi Wea . . . 2844.7 *Star Delta Tran . . . . . . 898.6 Ugar Sugar . . . . . . . . . . . 76.0 Kirl Pneu TT ACC Aeroflex Indust Group X Garnet Intl HPCL Captain Pipes Yaan Enterprise Bharat Elctn
Power 6,038.4 5,935.0 -1.7 *Canara Bank . . . . . . . 484.9 *Bom.Cycle . . . . . . . . 2044.0 *Ramky Infra . . . . . . . . 844.1 *Primo Chemicals . . . . . 47.8 Laxmi Organic Virinchi Con Adani Power Astec Life Forbes & Co IB Infotech YES Bank Consoildtd C Group XT BPCL
India VIX 13.8 13.8 15.4 12.2 14.9 1.1 7.6 *Share India Sec . . . . 1917.5 *Gandhi SpTbs . . . . . . . 840.1 MAS Fin Ser Group IF Au Small Fin Autom Stamp Intern Comb Mehta I Fin Group A Dodla Dairy Abhifin Fin GAIL
PSU 16,756.8 16,001.7 -4.5 *REC . . . . . . . . . . . . . . . 484.0 Raw Edge Ind . . . . . . . . . 35.0
Nifty CPSE 5,187.4 5,261.0 5,270.6 4,987.4 5,012.5 -174.9 -3.4 Realty 6,810.3 6,438.6 -5.5 PNB Hou Fin POwergrid Chola Inv Chembond KJMC Corp Mehta Securi- Capri Global Mangalam Cem Glance Fin ITC
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
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 (669.6) (670.2) (4755.8) (4751.0)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 679.3 676.0 4751.1 4751.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 679.3 677.3 4896.3 4897.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 637.0 636.8 4743.4 4735.9
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 643.4 642.4 4771.8 4770.6
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 81590 2413K 9251 348K
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 52.4 52.3 83.7 83.6
company name is followed by shares traded, and also the 52 Wk H/L 690/438 692/438 4984/2755 4990/2752
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 23321 23287 101114 101088
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’.

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M 54081 54148 41456 41463 330287 330207 245663 245631 199867 199616 109485 109579 M M

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w 1079.1 1078.8 6946.9 6936.6 7050.0 7042.6 1575.9 1575.0 2610.7 2606.9 373.8 373.8 w 222.3 222.2 221.6 221.5 1462.5 1461.0 542.5 542.6 184.4 184.4 1190.0 1189.1 w 1135.0 1135.0 201.7 201.6 261.6 261.5 793.9 793.5 22368.9 22381.0 460.2 460.1
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M 335855 335963 200792 200942 436969 436969 252727 252488 50668 50682 7628 7636 M 36036 36036 115140 115011 18835 18828 63851 63764 136730 136766 55544 55567 M 652043 651368 70720 70668 31558 31516 22032 22081 67126 67163 100436 100447

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(5163.1) (5166.4) (-) (2241.3) (768.8) (768.3) (476.7) (477.0) (-) (1804.6) (310.3) (310.3) (373.1) (373.1) (1261.3) (1261.1) (1312.6) (1316.3) (144.1) (144.1) (399.0) (398.8) (874.5) (874.3) (6277.8) (6283.4) (2534.1) (2536.2) (873.2) (873.3) (1176.3) (1177.3) (2081.0) (2083.3) (538.3) (538.4)
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w 4927.1 4925.9 - 2100.0 722.0 721.5 450.7 450.3 - 1725.0 300.0 299.2 w 349.4 349.0 1212.0 1210.0 1368.1 1368.7 138.8 138.7 373.6 373.7 832.8 832.1 w 6170.0 6167.2 2413.5 2412.1 817.5 817.2 1120.0 1119.9 2084.9 2085.1 523.0 522.6
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M 121648 121609 - 28586 9657 9659 82788 82706 - 18114 19222 19222 M 14653 14651 102471 102458 113760 113756 10317 10313 231133 231287 22334 22325 M 38286 38295 66304 66324 50182 50286 33197 33204 58236 58150 93012 92995

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MUMBAI | WEDNESDAY, 24 JANUARY 2024 1
l

GANDHAR OIL REFINERY (INDIA) LIMITED

CIN: U23200MH1992PLC068905
PUBLIC NOTICE REGD. OFFICE:18TH FLOOR, DLH PARK, S.V. ROAD, GOREGAON (W), MUMBAI-400062
Notice is hereby given that my clients Smt. Maheshwari TEL: +91-22-40635600 FAX: +91-22-40635601 Email: investor@gandharoil.com, Website: www.gandharoil.com
Shamsunder Pushkarna, Shri Deepakraj Shamsunder CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST DECEMBER 2023
Pushkarna and Shri Ratan Shamsunder Pushkarna, (Rs. In Millions)
legal heirs of Late Shri Shamsunder Pushkarna have
misplaced/lost and/or is not traceable, the Original Sale Sr. Quarter Ended Nine Months Ended Year Ended
Agreement / Allotment Letter executed between the builder No. Particulars
31-12-2023 30-09-2023 30-06-2023 31-12-2022 31-12-2023 31-12-2022 31-03-2023
and Late Shri Shamsunder Pushkarna with respect to (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Flat No. 6, 2nd Floor, in Guinea Paradise CHSL, J.P.
Road, Seven Bungalows, Versova Road, Andheri – 1 Total Income from operations 11,026.16 10,009.98 10,703.60 10,980.42 31,739.73 30,923.55 40,805.74
West, Mumbai – 400061 and have not found till date. 2 Net Profit / (Loss) for the period (Before Tax,
Any persons/s who finds the said Agreement/s OR title
documents with respect to the aforesaid property shall Exceptional and /or Extra ordinary items 657.25 582.79 670.90 625.14 1,910.94 2,374.28 2,718.57
intimate to the undersigned & if any person/s, Bank/s, 3 Net Profit / (Loss) for the period (before Tax,
Financial Institution/s having any claim or right in respect after Excepetional and /or Extra ordinary items 657.25 582.79 670.90 625.14 1,910.94 2,374.28 2,718.57
of the aforesaid Flat/property by way of inheritance, share,
sale, mortgage, lease, lien, license, gift, possession or 4 Net Profit / (Loss) for the period (after Tax,
encumbrance howsoever or otherwise or having above after Excepetional and /or Extra ordinary items 509.12 480.56 542.37 494.36 1,532.06 1,855.46 2,139.29
agreement/s is hereby called upon to intimate to the 5 Compenhsive income for the period
undersigned within 7 days from the date of publication
of this notice of his such claim if any, with all the (Comprising profit & loss) for the period(after tax)
supporting documents. No claim/s of such person/s, and other comprehensive income (after tax) 535.53 428.55 538.81 465.15 1,502.90 1,731.27 2,019.10
shall be entertained and treated as waived & not binding 6 Equity Share Capital (Face value of Rs.2 each) 195.74 160.00 160.00 160.00 195.74 160.00 160.00
on my clients after lapse of 7 days.
Sd/- 7 Other Equity 7,274.05
Abhishek Baragra (Advocate) 8 Earning per Shares (of Rs 2/-each
A/703, Ashok Enclave CHSL, Chincholi Bunder
Link Road Junction, Malad – West, Mumbai – 400064. (for continuing and discontinued operations)-
Dated: 24.01.2024 Place: Mumbai (basic & Diluted) 5.47 4.92 5.59 5.42 15.20 21.09 23.86
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST DECEMBER 2023
(Rs. In Millions)
Sr. Quarter Ended Nine Months Ended Year Ended
No. Particulars
31-12-2023 30-09-2023 30-06-2023 31-12-2022 31-12-2023 31-12-2022 31-03-2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Total Income from operations 7,365.78 6,900.63 6,978.16 7,937.44 21,244.58 22,734.05 29,222.61
2 Net Profit / (Loss) for the period (Before Tax,
Exceptional and /or Extra ordinary items 583.92 406.68 513.66 515.23 1,504.28 2,047.62 2,272.97
3 Net Profit / (Loss) for the period ( before Tax,
after Excepetional and /or Extra ordinary items 583.92 406.68 513.66 515.23 1,504.28 2,047.62 2,272.97
4 Net Profit / (Loss) for the period (after Tax,
after Excepetional and /or Extra ordinary items 436.13 304.64 385.33 385.54 1,126.12 1,531.46 1,695.27
5 Compenhsive income for the period
(Comprising profit & loss) for the period(after tax)
and other comprehensive income (after tax) 436.54 305.28 382.76 387.94 1,124.60 1,533.09 1,696.71
6 Equity Share Capital (Face value of Rs.2 each) 195.74 160.00 160.00 160.00 195.74 160.00 160.00
7 Other Equity - - - - - - 6,877.40
8 Earning per Shares (of Rs 2/-each
(for continuing and discontinued operations)-
(basic & Diluted) 5.05 3.80 4.82 4.82 13.03 19.14 21.19
Note: The above is an extract of the detailed format of Quarterly and nine months ended Financial Results filed with the Stock Exchanges under Regulation
33 of SEBI (Listing obligations and disclosure requirements) Regulations 2015. The full format of Financial Results are available on the Company's website
(www.gandharoil.com) and also on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com), where the shares of the Company are listed.
The financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their meeting
held on January 23, 2024.
For and on behalf of the Board of
Gandhar Oil Refinery (India) Limited
Sd/-
Aslesh Parekh
Place : Mumbai Joint Managing Director
Date : January 23, 2024 DIN: 02225795

Tel: +91 80 4544 8000, 2221 0705; Fax: +91 80 3985 6862
.l
MUMBAI | WEDNESDAY, 24 JANUARY 2024 5 <

RAMINFO LIMITED
CIN: L72200TG1994PLC017598
Regd. Off: 3-225/SH/401, 4th Floor, Sterling Heights,
Mahindra Mindspace, Kavuri Hills, GB PET Phase 2,
Hyderabad - 500033, Telangana.
Tel: 040 23541894, E-mail: corpaccounts@raminfo.com
Website: www.raminfo.com

NOTICE OF EXTRA ORDINARY GENERAL MEETING

NOTICE is hereby given that the Extra Ordinary General Meeting (‘EGM’) of the Company
is scheduled to be held on Wednesday, 14th February, 2024 at 11.00 A.M. through Video
Conference (‘VC’) / Other Audio Visual Means (‘OAVM’) without physical presence of the
members at a common venue, in compliance with the provisions of the Companies Act,
2013 and Rules framed thereunder and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 read with MCA circulars dated April 08, 2020, May 05,
2020, January 13, 2021, May 05, 2022, December 28, 2022 & September 25, 2023
(collectively referred to as ‘MCA Circulars’) and SEBI circular dated May 12, 2020,
January 15, 2021, May 13, 2022, January 05, 2023 and October 07, 2023 (‘SEBI
Circulars’), to transact the business as set out in the Notice convening the EGM.
In compliance with the said MCA Circulars and SEBI Circulars, the Notice convening the
EGM along with explanatory statement has been sent only through e-mails on 23rd
January, 2024 to all those members whose email addresses are registered with the
Company or the Depository Participant. The Notice are also available on the website of
the Company viz., www.raminfo.com and on the website of the BSE Limited i.e.,
www.bseindia.com.
Pursuant to provisions of Section 108 of the Act and Rule 20 of the Companies
(Management and Administration) Rules, 2014, as amended, Regulation 44 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular
dated December 09, 2020, the Company is providing the remote e-voting facility to all the
Members to cast their vote by electronic means on all the business items forming part of
the Notice of the EGM. The detailed procedure/ instructions for e-voting are contained in
the Notice of EGM. The Company has engaged the services of Central Depository
Services (India) Limited (“CDSL”) for providing remote e-voting facility and voting through
electronic means during the EGM.
A person, whose name is recorded in the Register of Members or in the Register of
Beneficial Owners maintained by the Depositories as on the Cut-off date i.e.,
Wednesday, the 07th February, 2024 only shall be entitled to avail the facility of remote
e-voting, participation in the EGM through VC/OAVM, or voting through electronic means
at the EGM.
The members who will cast their vote by remote e-voting can attend the meeting but will
not be entitled to cast their vote again at the meeting. The remote e-voting period
commences on Sunday, 11th February, 2024 at 9.00 A.M. and ends on Tuesday, 13th
February, 2024 at 5.00 P.M. The voting module shall be disabled by CDSL for voting
thereafter. The User ID and Password for e-voting and for attending the EGM of the
Company along with the process, manner and instructions have been sent to all the
members of the Company through e-mail along with the Notice of AGM, who have
registered their email IDs with the Company and/or the Depository Participant.
Any grievance in respect of e-voting, may be addressed to Central Depository Services
(India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N.M.
BANK
BANK OF INDIA
OF INDIA
Taluka-
- SANGAVE BRANCH
- KARWANCHIWADI
Kankavali,
Gayalwadi
BRANCH
Dis- Sindhudurg
Stop, Ratnagiri-kolhapur
DEMAND Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to
Phone: 02366-262233
Highwaykarwanchiwadi, /262358.
Taluka & Dist Ratnagiri helpdesk.evoting@cdslindia.com or call on 1800 22 55 33.
Email:Email : callcentre@bankofindia.co.in
Sangave.Ratnagiri@bankofindia.co.in NOTICE By Order of the Board
The Authorised Officer of the Bank has issued demand notice on 14/12/2023 in compliance of section 13 (2) of For RAMINFO LIMITED
SARFAESI Act , 2002 to the below mentioned Borrower demanding outstanding amount within 60 days from the issue of the Sd/-
said notice mentioned as per details. However, notice issued to the Borrower/Co- Borrower is returned unrespondent. Hence Date : 23.01.2024 K. Kiran Kumar Reddy
this publication of the notice is made for notice to the following Borrower. Place : Hyderabad Company Secretary & Compliance Officer
Name of the Borrowers Nature of Outstanding Details of
and address Facility Dues Secured Asset
      
s
Mr. Raju IlaiBagwan, EQM of Flat No. 3, Ground Floor, “Shree
(Borrower/ Mortgager) Term Loan Rs. 5,91,184.83+ Ganesh Apartment”, built-up area 785 (formerly known as Edelweiss Housing Finance limited) (hereinafter referred to as Nido)
H O M E F I N A N C E

(Housing Loan) Further UCI & Sq. ft.(72.95sq.mtrs.), Nagarpanchayat
Mrs. Rabiya Raju Bagwan,
9,99,400/- Other Charges from kankavali, ward No. 1, house no. 173A
(Co-Borrower/ Mortgager)
29.06.2021
4 (as per assessmentArea- 52.86
Address: Flat No. 3, Ground Floor,
Ganesh Apartment, ShivajiNagar, sq.mtrs.), Situated At- Survey/Gat No.
Tal.Kankavli, Dist. Sindhudurg, 416602 230B4, Shivaji Nagar, Kankavali,Taluka-
Kankavli, Dist. Sindhudurg, in the name
of Mr. Raju IlaiBagwan(Borrower/
Mortgager) Mrs. Rabiya Raju
Bagwan(Co-Borrower/ Mortgager).
Borrower/Co- Borrower is hereby informed that Authorised Officer of the Bank shall under provision of SARFAESI Act, take
possession and subsequently auction the Secured Assets as mentioned above if the Borrowers do not pay the amount as
mentioned above within 60 days from the date of publication of this notice. The Borrowers is also prohibited under Section
13 (13) of SARFAESI Act to transfer by sale, lease or otherwise the said secured assets stated above without obtaining
written consent of the Bank. This public notice is to be treated as notice u/s 13 (2) of the SARFAESI Act , 2002 Borrowers is
advised to collect the original notice issued under Section 13 (2) from the undersigned on any working day by discharging
valid receipt .
Place : Sangave,Tal. Kankavali, Dist. Sindhudurg
Sd/-
Date : 24/01/2024 Authorised Officer Bank of India
Registered Office Situated At Tower 3, 5th Floor, Wing ‘B’, Kohinoor City Mall , Kohinoor City,
Kirol Road, Kurla (West), Mumbai – 400 070
CAUTION NOTICE
POSSESSION NOTICE UNDER RULE 8(1) OF THE SARFAESI ACT, 2002
Whereas the Undersigned being the Authorized Officer of Nido Home Finance Limited (formerly known as Edelweiss
The following Share Certificates of the Company have been reported as lost/misplaced and Housing Finance Limited) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security
the Members have requested the Company for issuance of duplicate Share Certificates. Interest (Second) Ordinance, 2002 (order 3 of 2002) and in exercise of powers conferred under Section 13(12) read with
Rule 3 of the Security interest (Enforcement) Rules 2002 issued Demand Notices to the Borrower/s as detailed hereunder,
The notice is hereby given that the Company will proceed to issue duplicate Share Certificates calling upon the respective Borrowers to repay the amount mentioned in the said notices with all costs, charges and
and / or issue Letter of confirmations unless valid objection is received by the Company expenses till actual date of payment within 60 days from the receipt of the same. The said Borrowers/Co borrowers hav-
within 15 days from the date of publication of this Notice and no claims will be entertained ing failed to repay the amount, notice is hereby given to the Borrowers/Co borrowers and the public in general that the
by the Company with respect to the Share Certificates mentioned below subsequent to the undersigned has taken Constructive possession of the property described hereunder in exercise of powers conferred on
him under Section 13(4) of the said Act r/w Rule 8 of the said Rules in the dates mentioned along-with the Borrowers in
issue of duplicate share certificates and / or issue of Letter of confirmations in lieu thereof: particular and public in general are hereby cautioned not to deal with the properties and any dealings with the properties
will be subject to the charge of Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited. For
Sr. Folio No. Name of the Share Dist. Nos. No. of the amount specified therein with future interest, costs and charges from the respective dates.
Details of the Borrowers, Co-borrowers and Guarantors, Securities, Outstanding Dues, Demand Notice sent under Section
No. Member Cert. No. Shares
13(2) and Amount claimed thereunder and Date of Possession is given as under:
1. SIK6004165 Kaikhusroo Minocher 423855 1871161-1871805 645 1. Name and Address of the Borrower, Co Borrower Guarantor Loan Account No. And Loan Amount:-
Dastur B453119 169995147-169995791 645 GANESH MAHADEV RAJOLI (BORROWER) & SHEETAL GANESH RAJOLI (CO-BORROWER) Flat No. 211, 2nd
Bakhtawar Kaikhusroo Floor, “C wing”,Bldg No.2, Matoshree Nagar, Wimco Naka Ambernath Badlapur Road, Ambernath, (w),Thane 4215056
LAN No. LMUMSTL0000039637 LOAN AGREEMENT DATE: 30TH JANUARY 2018
Dastur Loan Amount: Rs. 11,28,981/- (Rupees Eleven Lakhs Twenty Eight Thousand Nine Hundred Eighty One Only))
Demand Notice Date:- 27.10.2023 NPA Date: 04.10.2023
2. SIR6003034 Rupa Vijaykumar 429229 3989691-3989940 250
Amount Due In Rs.10,69,390.02/- (Rupees Ten Lakhs Sixty Nine Thousand Three Hundred Ninety and Two Paisa Only)due
Mehta,
B457314 171626354-171626603 250 and payable as on 26-Oct-23 together with further interest from 27-Oct-23 Symbolic Possession Date: 22.01.2024
Vijaykumar Dhirajlal SCHEDULE OF THE PROPERTY:- All that piece and parcel of Residential Flat No.211 on 2nd Floor in “C” Wing, in the
building known as “MATOSHREE NAGAR”, which is lying & Constructed on N.A. (Non Agricultural) plot of land bearing
Mehta N.A No.1-D, Plot No.26, City Survey Nos. 5399 to 5526, 5586 to 5597, 5685 to 5726 having Flat area admeasuring about
3. SIS0057058 Shilpa Shashikant B458833 172202514-172202858 345 45.27 Sq.Mt. Ward No.2/1, Municipal House No.4824/211, situated at Village Kohoj, Khuntavali, near vandana Talkies,
Gaikwad Wimco Naka, Ambernath (w), Taluka Ambernath, Dist. Thane, Taluka and Sub district registration Ulhasnagar, Sub-district
registration Thane and bounded within the limits of Ambernath Municipal Council.
4. SIS6000435 Satish Chandra 431599 4860456-4860475 20 2. Name and Address of the Borrower, Co Borrower Guarantor Loan Account No. And Loan Amount:-
WAGH ANIL BABURAO (BORROWER) SUMITRA BABURAO WAGH (CO-BORROWER) Flat No. 101, 1st Floor, “B
Date : 23rd January 2024 For Siemens Limited Wing”,Vinayak Apartment, Near Jaibai School, Jaibai Road, At Vil Katemanivali, Kalyan (East) – 421306.
LAN NO- LKYNSTL0000091381. LOAN AGREEMENT DATE: 29TH NOVEMBER 2021
Loan Amount: Rs. 21,06,398/- (Rupees Twenty One Lakhs Six Thousand Three Hundred Ninety Eight Only)
Siemens Limited Ketan Thaker DEMAND NOTICE DATE:- 27.10.2023 NPA DATE: 04.10.2023
CIN: L28920MH1957PLC010839 Company Secretary Amount Due In Rs.22,86,555.40/- (Rupees Twenty Two Lakhs Eighty Six Thousand Five Hundred Fifty Five and Forty Paisa Only)
Regd. Office: Birla Aurora, Level 21, Plot No. 1080, due and payable as on 26-Oct-23 together with further interest from 27-Oct-23 Symbolic Possession Date: 23.01.2024
Dr. Annie Besant Road, Worli, Mumbai - 400 030 SCHEDULE OF THE PROPERTY:- All that piece and parcel of Flat No.101, on 1st Floor, admeasuring 652 Sq.Ft. Carpet
Tel.: +91 22 6251 7000 | Fax: +91 22 2436 2403 Area, “B Wing”, in the building known as “Vinayak Apartment” lying being and situated at Survey No.122, Hissa No.1/2, ;at
Village Katemanivali, Taluka Kalyan, District Thane, within limits of Kalyan Dombivli Municipal corporation within the
Website: www.siemens.co.in
Registration District Thane and Sub- Registration District Kalyan.
Email / Contact: Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact Place: Mumbai Sd/- Authorized Officer
Date: 24.01.2024 FOR Nido Home Finance Limited, (formerly known as Edelweiss Housing Finance Limited)
6
>.
MUMBAI | WEDNESDAY, 24 JANUARY 2024 1
l

TENDER NOTICE Navi Mumbai Municipal Corporation INDUSIND BANK LIMITED

Regd. Office : 2401, General Thimmayya Road, Cantonment, Pune-411 001.
Offers/Quotation are invited from consultants for doing Conveyance/Deemed Secretarial & Investor Services : 701 Solitaire Corportate Park,
Conveyance Deed of land and building for the societies having 151 galas and HEALTH DEPARTMENT 167 Guru Hargovindji Marg, Andheri (E), MumbaI-400 093.
Tender notice no.NMMC/HEALTH/25/2023/ Second Extension
common areas. Which involves, obtaining various documents required, NOTICE FOR LOSS OF SHARE CERTIFICATE(S)
prepare draft Conveyance Deed, Register Final Conveyance Deed, inclusion Details Of work –Tender for ''Purchase of Medical Equipment
of Pathology for General Hospital and Mother Notice is hereby given that the certificate(s) of IndusInd Bank Ltd. for the under
of owners name on Property Card etc. and complete. mentioned securities are stated to have been lost or misplaced and the registered
and Child Hospital NMMC
The offers are to be submitted in sealed envelopes to, The Chairman/ holders have applied to the Bank for issue of duplicate Share certificate(s). Any person
Details regarding above mentioned tender is available
Secretary, Laxmi Industrial Premises Co-op. Society Ltd., Pokharan Road No. who has / have a claim(s) in respect of the said security(ies) should lodge such claim(s)
on Navi Mumbai Municipal Corporation web site
1, Vartak Nagar, Thane (W.) - 400 606. in writing with R & T Agents of Bank viz. Link Intime India Pvt. Ltd. C-101, 247 Park,
www.nmmc.gov.in and www.nmmc.etenders.in tenderers L. B. S. Marg, Vikroli (West), Mumbai-400 083 within 7 (Seven) days from this date
For details please contact society office between 11.00 a.m. to 4.00 p.m. are require to note the same. else the company will proceed to issue duplicate certificate without further intimation.
society office within 10 days of notice publications and quotation should reach Last date for online bid preparation is 30/01/2024,
in sealed envelope within 10 days of receiving of details. 2.00 PM. !"#$%& SR.NO. NAMEOFTHESHAREHOLDER REGISTEREDFOLIONO. CERTIFICATENOS. DISTINCTIVENOS. NO.OFSHARES
Based on the work content you are requested to give your best offer in Wax Medical Officer of Health 1 KISHORE P. HEMDEV 00934732 626531 190066804 190067303 500
Sealed Envelope to society office, within mentioned period. NMMC RO PR Adv no.1139/2023Navi Mumbai Municipal Corporation
(AUTHORISED SIGNATORY)
Date : 24.01.2024 Sd/-
Place : Mumbai sd/-
Chairman/Secretary
Date : 24.01.2024 INDUSIND BANK LIMITED
Laxmi Industrial Premises Co-op. Society Ltd. Rameshwar Media

SAHARA ONE MEDIA AND ENTERTAINMENT LIMITED

CIN: L67120MH1981PLC024947
REGISTERED OFFICE, 25-28, Floor-2, Plot No.209, Atlanta Building,
Jamnalal Bajaj Marg, Nairman point, Mumbai City Mumbai Mumbai City MH 400021 IN
E-mail: investors@sahara-one.com Website: www.saharaonemedia.com
Tel: 022 4293 1818. Fax: 022 4293 1870.
NOTICE OF BOARD MEETING
Notice is hereby given pursuant to Regulation 29, 33 read with Regulation 47 of
the Securities and Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015, that the meeting of the Board of Directors of
       the Company is scheduled to be held Friday, 02nd February, 2024 at 03:30 P.M
(FORMERLY KNOWN AS EDELWEISS HOUSING FINANCE LIMITED). inter alia, to consider and approve Un-audited (Standalone and Consolidated)
Registered Office Situated At 5th Floor, Tower 3, Wing ‘B’, Financial Results for the for the third quarter ended on 31st December, 2023
Kohinoor City Mall , Kohinoor City, Kirol Road, Kurla (West), Mumbai – 400 070 along with the Limited Review Report thereon.
CORRIGENDUM The aforesaid information is also being hosted on the website of the Company
viz., www.saharaonemedia.com.
Private Treaty Auction Notice which was published on 22.01.2024 of Nido Home We request you to take the above on record.
Finance Limited (Formerly Known as Edelweiss Housing Finance Limited),(herein For Sahara One Media and Entertainment Limited
referred to as Nido) in respect of borrower, Amarjeet Singh (Borrower) & Daljeet Date : 24.01.2024 (Apoorva Gupta)
Kaur (Co-borrower), in newspapers, The Business Standard (English) and Place : Lucknow (Company Secretary and Compliance Officer)
“Punyanagari” (Marathi)
This Corrigendum to be read word “Possession” as with “Symbolic Possession”
The other details, terms, and conditions mentioned in the Private Treaty Auction
Notice published in The Business Standard (English) and “Punyanagari” (Marathi)
shall remain unchanged.
Place: Mumbai Sd/- Authorized Officer
Date: 24.01.2024 FOR NIDO HOME FINANCE LIMITED
(Formerly known as EDELWEISS HOUSING FINANCE LIMITED

PUNJAB STATE POWER CORPORATION LIMITED

(Regd. Office PSEB Head Office, The Mall Patiala 147001)
Corporate Identification Number (CIN): U40109PB2010SGC033813
Website: www.pspcl.in (Contact number 9646147777)
TENDER ENQUIRY No. TSQ-1146/TD-1
Dy. CE/TL(Design), B-1 Shakti Vihar, PSPCL, Patiala invites E-tender of 66kV line /
S/S Bus bar h/w fittings for ACSR Panther & Zebra, Earthwire fittings (7/2:24mm) and
Tower Accessories as per relevant IS and PSPCL specification TSQ-1146/PSPCL/TD-1.
For detailed NIT and Tender Specification please refer to https://eproc.punjab.gov.in from
24.01.2024 from 11.00 AM onwards.
PUBLIC NOTICE Note:- Corrigendum and addendum, if any will be published online at
https://eproc.punjab.gov.in
TAKE NOTICE that the C 59/24
CONWOOD REALTY PRIVATE LIMITED.
Charkop Priyasangam Co- 76155/12/2630/2023/31697 CIN: U70102MH2007PTC176761
Reg Office: DB House, Gen. A. K. Vaidya Marg, Goregaon (East),
operative Housing Society Mumbai - 400063.
Limited had issued share NOTICE OF LOSS OF SHARES OF
Notice is hereby given that the Certificate(s) for the under mentioned Equity
certificate having 5 shares HINDUSTAN UNILEVER LIMITED
(FORMERLY HINDUSTAN LEVER LIMITED) Shares of the Company have been lost / misplaced and the holder(s) / pur-
from no. 6 to 10 of 50/- Rs. Regd. Off. : Hindustan Unilever Limited, Unilever House, chaser(s) of the said Equity Shares have applied to the Company to issue
Each to the Original Allottee/ B. D. Savant Marg, Chakala, Andheri (East), Mumbai-400 099 duplicate Share Certificate(s).
NOTICE is hereby given that the following Share Certificates have Any person who has a claim in respect of the said Shares should lodge the
member Mr. Purushottam same with the Company at its Registered Office within 15 days from this date
been reported as lost / misplaced and the Company intends to issue
Ninaji Wakode in respect of else the Company will proceed to issue duplicate certificate(s) to the afore-
Duplicate Certificates in lieu thereof, in due course.
flat no. 5 which is known as Any person who has a valid claim on the said shares should lodge said applicants without any further intimation.
flat no. 301, situated at third such claim with the Company at its Registered Office within 15 days Folio Name of No of Distinctive Numbers Certificate Numbers
floor of Charkop Priyasangam hereof. No Shareholder Shares From To
Co-operative Housing Society 5 Yashvardhan 90 51 140 2
Limited, Plot no. 105, Sector1, No. of Shares Certificate Distinctive Goenka 510 141 650 3
Name of the Holder Folio No.
Charkop, Kandivali west, (` 1/- f. v.) No(s). No.(s) 99000 1001 100000 5
Mumbai - 400 067. The said Mrs. Indu Bhatt-Deceased 4 Bina Goenka 50 1 50 1
1127330831
original share certificate had Jt. 1: Mr. Girjashanker J. Bhatt-Deceased
HLL2887883 640 5231018 - 350 651 1000 4
been lost therefore after Jt. 2: Renu Bhatt
1127331470 After issuance of duplicate share certificates, the original share certificates
following due process duplicate (Married Name : Renu Sudhir Joshi) shall stand cancelled any person dealing with the original share certificate(s)
share certificate bearing no. 13 Renu Bhatt shall be doing so at his / her own risk as to cost and consequences and the
1127331471 Company will not be responsible for it in any way.
having 5 shares from no. 6 to 10 (Married Name : Renu Sudhir Joshi)
HLL2887884 240 5231019 -
of 50/- Rs. Each issued to the Jt. 1: Mr. Girjashanker J. Bhatt-Deceased The public is hereby warned against purchasing or dealing in any way with
1127331710 the above Share Certificates.
Original Allottee/ member Mr. Jt. 2: Mrs. Indu Bhatt-Deceased
For CONWOOD REALTY PRIVATE LIMITED
Purushottam Ninaji Wakode on sd/- Ms. Priya Farid Amiri
29th May 2010. DEV BAJPAI Place: Mumbai Director
Any person of persons having Date : 24.01.2024 Company Secretary Date: 23.01.2024 DIN: 06862185
any claim or right in respect
of the aforesaid flat/ share
certificate and/ or residential
premises or any part thereof;
by way of any right, title,
interest, inheritance, share,
sale, mortgage, lease, lien , gift,
possession or encumbrance
howsoever or otherwise is
hereby required to intimate to
the undersigned within 15 days
from the date of publication of
this notice of their such claims,
if any, with all supporting
original documents at the
address mentioned below,
otherwise, such claims if any
will be considered as waived
and abandoned unconditionally
and irrevocably and the same
will not be binding on allottee.
23/01/2024
Mumbai
Vishal L. Kolekar
Advocate
Office no.303,
Rajendra Chamber, 19,
Nanabhai Road, Fort,
Mumbai - 400 001.

PUBLIC NOTICE
NOTICE IS HEREBY GIVEN that the directors of the company, while on their
way to Navi Mumbai, have misplaced the company documents, company rubber
seal, company letter heads and original blank signed stamp papers in the name
Regd Off: FF-107, City Pride Building, Jalna Road, Aurangabad - 431001 CIN: U45202MH2008PLC185168 of promoter / directors. The folder of document was having, Memorandum of
Article of the Company, company rubber seal, company letter heads, and Stamp
Website: www.machharind.com Cont:- +91-240-2351133 e-mail:- info@machharinfra.com paper of Rs 100/- on the name of directors Mr. Anil Kumar (Qty 20), Mr Ani V
(Rs. In Lakhs) Joseph (Qty 20) and Mr. Sainath Pawar (Qty 20). The aforesaid documents have
not been found till date inspite of due search for the same nor have the same
SL Particulars Quarter Corresponding 3 Year to date been returned by anyone till date. The Company has also preferred a complaint /
NO Ending months ended in Figures/previous application to the police authorities for the same.
31.12.2023 the previous year year ending NOTICE IS FURTHER GIVEN that if any one finds the aforesaid documents
31.12.2022 31.03.2023 and articles of the company, the same be returned to the company at the
Total Income from Operations below mentioned address. Further if anyone is found to be using the aforesaid
1. 390.33 425.68 1740.98 documents in any manner whatsoever, not only will the documents shall be
2. Net Profit / (Loss) for the period (before 04.92 06.43 44.92 deemed void and illegal but the person/s using the same shall be liable to face
Tax, Exceptional and/or Extraordinary items# civil as well as criminal proceedings, which please note.
3. Net Profit / (Loss) for the period before tax 04.92 06.43 44.92 LIST of Stamp Paper;
(after Exceptional and/or Extraordinary items# ) S No Anil Kumar Ani V Joseph Sainath Pawar
4. Net Profit / (Loss) for the period after tax 03.20 04.76 36.22 Rs 100/- Stamp Paper Rs 100/- Stamp Paper Rs 100/- Stamp Paper
(after Exceptional and/or Extraordinary items# ) 1 41AA 423526 41AA 423551 41AA 423576
5. Total Comprehensive Income for the period 23.01 04.76 86.27 2 41AA 423527 41AA 423552 41AA 423577
[Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive 3 41AA 423528 41AA 423553 41AA 423578
Income (after tax)] 4 41AA 423529 41AA 423554 41AA 423579
6. Equity Share Capital 74.09 74.09 74.09 5 41AA 423530 41AA 423555 41AA 423580
7. Reserves 1101.67 1036.27 1067.58 6 41AA 423531 41AA 423556 41AA 423581
(excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the 7 41AA 423532 41AA 423557 41AA 423582
previous year 8 41AA 423533 41AA 423558 41AA 423583
8. Earnings Per Share (of Rs. 10/- each) 9 41AA 423534 41AA 423559 41AA 423584
(for continuing and discontinued operations) 10 41AA 423535 41AA 423560 41AA 423585
– 03.11 0.64 6.76 11 41AA 423536 41AA 423561 41AA 423586
Basic: Diluted 03.11 0.64 6.76 12 41AA 423537 41AA 423562 41AA 423587
Notes 1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors on 23rd January, 2024. 13 41AA 423538 41AA 423563 41AA 423588
2. Segment Reporting. 14 41AA 423539 41AA 423564 41AA 423589
3. The financial results have been prepared in accordance with the companies (Indian Accounting Standards) Rules, 2015 (IND AS) as notified 15 41AA 423540 41AA 423565 41AA 423590
under section 133 of the Companies Act 2013 ("Act") and other accounting principles and policies to the extent applicable.
4. The Company has commenced Adblue Division w.e.f 01st October, 2022. 16 41AA 423541 41AA 423566 41AA 423591
5. The consolidated quarterly financial results have not been provided as the associate company has not yet commenced the business activities. 17 41AA 423542 41AA 423567 41AA 423592
6. There was no complaints received and no complaint pending at the end of the quarter. 18 41AA 423543 41AA 423568 41AA 423593
7. The figures have been regrouped/rearranged wherever necessary. 19 41AA 423544 41AA 423569 41AA 423594
For Machhar Industries Ltd 20 41AA 423545 41AA 423570 41AA 423595
SD/- Sd/-
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Mr. Sandeep Machhar Dt. 23rd January, 2024 Director, Aurum Global Concepts Pvt. Ltd.
Managing Director Place:- Aurangabad Place : Navi Mumbai Address: Plot No.D-267, TTC Indl. Area
Din:- 00251892 Date : 24.01.2024 MIDC Turbhe, Navi Mumbai - 400705