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WWW.ECONOMICTIMES.COM Hindenburg
Research said it
received a show-
cause notice from
Sebi for alleged
shorting of Adani
Enterprises shares
before and after
publication of its
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 FSSAI Ramps Up Surprise Checks at Q-Commerce Dark Stores  Sebi’s Levy Order likely to Erode `2,000cr Income of Discount Brokerages: PAGE 1

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WWW.ECONOMICTIMES.COM The Speaker

on Tuesday
expunged
some parts of
the speech
made by LoP
Rahul Gandhi in
the Lok Sabha
on Monday.
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I have to find an Instagram

name now. I’m not going to be
@driesvannoten any more...
that is the brand. It’s strange.
That I didn’t see coming.
— Dries Van Noten, designer, who
recently retired after a 40-year career

THE ECONOMIC TIMES JULY 03-09, 2024

‘More Than Tomorrow’s AI,

world is not consuming that format. More than
tomorrow’s AI, yesterday’s television spot is
killing us.

What do you see as the impact of AI on advertising?

Substantial. AI is one of the biggest significant
changes in our society in a very long time.

Yesterday’s TV Spot Is Killing Us’

In advertising, two things will stand out
tremendously. First, the term prompt
engineering will become top of mind.
Second, for strategists, it’s going to become a
remarkable partner in thinking.
The internet research that strategists do to
BE INTERVIEW create briefs or cohorts is about to
“I’ve learnt that it get affected. And then creatively,
takes the rest of
Gary Vaynerchuk, CEO of VaynerMedia, we have enormous capabilities
the world a couple brewing to produce pictures
tells Glynda Alves why 30-second ads are of years to catch
up. If you go too
and videos at shocking speeds,
shocking accuracy and shocking
outdated and ineffective in today’s digital era.

G
fast, there are no quality. That’s going to have a
customers for it.” heavy impact.
ary Vaynerchuk or Gary Vee, ways, not in one or two ways. Right now, what’s holding us
wears many hats. And during This framework of marketing back is that people are worried
this early-morning interview, has worked well for us in other about getting sued, copyright and trademark.
it was a baseball cap. markets because we don’t think Plus, to be frank, the algorithms But once that hurdle is cleared, everyone will
A b e s t- s el l i n g aut hor, monolithic. We think in a world pushing content in front of you have be doing it. And then finally, influencers are
sought-a fter speaker and of thousands of pebbles, not one boulder. For not mitigated privacy concerns, but have going to be very affected because AI influencers
a powerhouse in the world example, an incredible market like India, when created a slightly different game. are going to work.
of entrepreneurship, social media and people talk about its complexities, dialects and For example, for us, we’re more passionate
digital marketing, Vaynerchuk is the CEO all this, for us, that’s normal because we think in about the organic [customer] and letting the What’s the most significant failure you’ve learned
of VaynerMedia, which recently launched consumer cohorts. content find the people that are interested [in from? How did it shape your personal brand?
operations in India. When we market in the US, we think in it] and then extract quant and qual insights. I’ve had a lot of what I would call micro losses.
With over three million followers on X terms of 28- to 31-year-old women who are first- What people want to do is track people around I’m still an immigrant and so I tend to be a little
alone, and one of the most followed people on generation immigrant daughters of, say, people the internet and break them down until they bit more risk averse than people think.
Linkedin, Vaynerchuk says that when it comes from Mumbai and are into skateboarding. We buy something. And I think that ship has sailed When you’re an entrepreneur, you’d like to do
to describing his target audience, “strong” is think narrow to begin with. That translates post iOS 14.5. a lot of things. But if you’re juggling 25 balls, 10
the word that comes to mind. extremely well when we go abroad. What people are worried about with of them are going to fall.
“My data skews about 70% male Apple is that it has so much control “When somebody is I have learnt that I need to be
and 30% female. But I’m at an “We need to stop What are the ‘unique pebbles’ over a device that so many people are constantly careful of two things: Fighting
interesting time in my career, putting the past on a to India? using to consume information, but pounding you on on too many fronts (even though
where the demo is skewing older as pedestal... It is shocking Obviously, there are income I view that as sales, not marketing I like it too much) and being too
email or putting
I get older,” he tells Brand Equity. how many people still levels, regiona lity and and branding. When somebody is early on things. And this is
“Because I’m a top-20 most followed fantasise and spend language, which is probably constantly pounding you on email
banner ads in front why I say stop being infatuated
person on LinkedIn in the world, I most of their energy on the most unique. All the or putting banner ads in front of of you saying, buy with tomorrow. I’ve learnt that
get a lot of 50-70-year-old fans as well. the 30-second different dialects make it you saying, buy this, buy this, this, buy this, that’s it takes the rest of the world
And with TikTok, they have aged commercial.” very different from a lot of that is not building a brand, that’s not building a brand, a couple of years to catch up.
down to 11-14 years old. That’s kind places. It’s more like Europe . trying to sell. And performance that’s trying to sell.” If you go too fast, there are no
of where I’m at.” And then, there are the marketing as a term is a little customers for it.
Vaynerchuk, who started off stacking platforms. Obviously, Meta is a monster in bit of a farce.
bottles at his family’s wine business and India. But there are also many localised It’s performance selling. And we have to talk What has stacking bottles at your father’s wine
transformed it into a multi-million-dollar platforms. Interests is another pebble. about that nuance. business taught you about building a brand?
enterprise, says he is “patient, competitive Obviously, everyone’s favourite cricket team, I love that question. Working retail is the
and kind”. He also believes we need to stop music or drink is different. The interest graph In an earlier interview, you were quoted saying, number one prep to be good at marketing. You
obsessing about the future and shares his in India is very substantial. “We stink at today. Always looking to the future.” are forced to see consumers make decisions
tips on how “not to stink” — as a brand, How can we ‘not stink’? every day. You learn about brand and sales,
that is. Edited excerpts: How do you balance personalised advertising That’s what I’ve been trying to signage and positioning, and behaviour.
with concerns about user privacy? Elon Musk, for
How do you maintain authenticity in marketing example, has concerns about Apple’s new tools THE VEE SPOT
VAYNERCHUK GREW his father’s
pull off for the past 15 years. Not Working the floor, stocking shelves and helping
only do I think we stink at today customers are the foundation of Gary Vee and
while scaling to different parts of the globe? and how it possibly poses a privacy risk. and look too much to the future, VaynerMedia.
wine business from $4 million to
For us, it is easy because I think we take a Pretty easily. Let’s say I really knew that I $60 million in annual sales. we also need to stop putting the
consumer-up approach versus a boardroom- was marketing to all eight billion people, one past on a pedestal. The biggest If you had to start marketing for a new product
HE HAS been an
down approach. Our marketing model relies by one. Even if I could see you and I knew a angel investor for companies such as issue is that we’re too romantic with no budget, what would be your first step?
heavily on day-to-day ads on social [media] to lot about you, I still wouldn’t have the ability Facebook, Twitter, Uber, about the past. It is shocking Organic social media. The number one thing
different consumer segments. We are able to to make enough creatives to take advantage Snap and Tumblr. how many people still fantasise that most people don’t understand in Fortune
win on volume and context instead of coming of that. HE HAS a combined social media and spend most of their energy 500 global marketing right now is that organic
up with one big idea and pushing it down, This is one of those things that people following of 44 million. on the 30-second commercial. social media is the great equaliser and the
which is what most advertising agencies do. talk about in theory versus practicality. In VAYNERCHUK’S DREAM? To buy the It’s 2024. It’s crazy. great opportunity.
And obviously, if you get that idea wrong, it practicality, we are segmenting people anyway. New York Jets football team. I was in the south of France for It’s a great opportunity but it also is a great
feels incredibly unauthentic. And the level of data that’s available — even if a week [for the Cannes Lions vulnerability, because companies with no
So, for us, as we scale globally, even within the we gave people a lot of privacy — would still International Festival of Creativity]. There’s budget and distribution can build enormous
US where we started our company, we think be more than enough for us to have effective a lot of hyperbole around a 30-second spot in brands very quickly with zero money.
about the consumer in a hundred different targeting capabilities. that little pocket in France, but the rest of the glynda.alves@timesofindia.com

IN GRAPHIC DETAIL

WOMB
WITH A
VIEW
It’s a new world out there
that needs new marketing.
But whose job is it to
save marketing? A recent
survey by The Womb
tells us whether we
have the hero we need
IT’S BUSINESS not as usual in India.
The number of new categories and
young brands that have emerged
in India in the past 10 years have
surpassed those in decades past. It’s
chaotic. It’s dramatic. And as India
assimilates into a more borderless
world, the consumer too has
evolved. This means that marketing
has had to level up.
Naturally, questions are being
asked on the role of marketing.
Are organisations chasing the right
success metrics? Is marketing’s
influence over the corner office and
the board increasing, or decreasing?
Is marketing falling off the grid? Is
everyone aligned?
A recent survey conducted by
The Womb in collaboration with
Quantum Research Partner, saw a
sample size of 200 people weigh in.
The group was made up of 33% CEOs,
17% CFOs and 50% CMOs.
Insights from the survey
C-suite mind
65% of CEOs,
60% CFOs and
40% CMOs don’t
believe marketing
demonstrates
commercial value.
50% of CEOs and CFOs don’t believe
that marketing drives behaviour
change.
60% of CMOs admit their initiative
were not as effective as intended .
Metrics that matter
to the CMO
Brand Equity 36%
Total Awareness 32%
Spontaneous Awareness 29%
Brand Consideration 26%
Alignment index
CEO-CMO 36% say they
are very unaligned
CFO-CMO 27% say they
are very unaligned
NEWS TRACKER
How racing champ
From Ferrari To The Frozen Food Aisle
Charles Leclerc
launched a low-calorie
ice cream in the
birthplace of gelato
IT’S NOT uncommon for world-
famous sports stars to release
brand extensions that include
ve n t u r e s like s n e a ke r s ,
perfumes and fashion lines,
but ice cream?
Throw into the mix Scuderia
Ferrari, a team with the highest
of racing pedigrees, and an
F1 driver’s need to maintain
streng th , endurance and
precise weight to compete on
some of the most demanding
tracks in the world at 200 mph,
plus a sweet treat associated
with vegging on a sofa — it
all appears to be an off-
track move.
Yet, Ferrari’s Charles
L e clerc did jus t that
NON-SEQUITUR
with LEC, a low-calorie ice cream
launched in Milan.
Sweet treat
Formula 1 drivers are subject to
crushing physical demands. They
burn through 1,500 calories and
lose up to 5% of their body weight
during races. With nutrition being
such a critical part of a driver’s life,
Leclerc saw space in the market
for low-calorie ice cream
suitable for athletes.
“I wanted to work on a fun
project,” he said. “I love ice
cream but could eat less as my
track responsibilities increased.
I wanted to create something
with reduced calories so I could
eat it more often.”
He says what sets LEC apart
from other ice cream brands
is its commitment to health
without compromising
on taste. According to
the Unione Italiana Food,
an Italian association
representing food product
c ateg o rie s , th e avera ge t ub
of ice cream is around 200 calories
per 100 grams. This makes LEC’s
maximum calorie content about
32% lower than the best-selling ice
creams on the Italian market.
LEC, available in five flavours,
starts at 335 calories for a tub of
vanilla (Leclerc’s favourite). Leclerc,
ever exacting, tested all of them.
He said the team behind the new
venture worked through blind tests,
trying the competitors’ offerings.
Ensuring that LEC tastes like regular
ice cream was vital to the process.
Melting typeface
In a bold first move, reminiscent
of his competitive mettle on the
track, LEC was introduced in Milan,
a city where gelato is a pillar of
life within a country said to be its
birthplace. LEC plays on the Italian
Crossword
1 2 3 4
7
8 9
11
14
17
19 20
23
24 25
26
27
29
ACROSS
1 Get under way in good conventional
vehicles on a railway? (7,5)
8 Assemble again man with publish-
ers? About right (7)
9 A motorcycling event skirting trees
initially (2,5)
11 Orderly located him after a struggle (10)
12 Devious stratagem in period of
time, reportedly (4)
14 Most important standards followed
by joint (8)
16 Cavort with pair and twirl with day
gone (6)
verb ‘leccare’, which means to lick,
and draws back to his surname.
Leclerc enjoyed experimenting
with the packaging, which has
the logo’s melting typeface and
colo uring de sig n e d to piqu e
interest among the labels found in
a supermarket’s gaudy deep-freeze
containers.
Leclerc partnered with his friends
Federico Grom and Guido Martinetti,
founders of the Grom gelato chain,
and his long-time manager, Nicolas
Todt, to get LEC to the finish line. It
is sold through Italian supermarket
chains such as Esselunga and a tub
sells for 4.99 euros ($5.37).
Leclerc said the team had received
a lot of interest and could consider
international releases next. “If it
works in Italy, there’s no reason
we can’t try it in other countries,”
he said.
— The New York Times
5 6
10
12
13
15 16
18
21 22
28
17 Point in sign of appreciation by cus-
tomers? (3)
19 A book probing courageous type in
old Britain? (6)
21 Racer now having crashed is under
pressure? (8)
24 Large hood seen in Moscow, lately (4)
25 Fondness for something with an e-
mail (10)
27 Scribbled notes I linked to a Baltic
state (7)
28 Value to eccentric to be naturally
creative? (7)
GLOBAL REPORT
Lawsuits Targeting ‘Climate Washing’
Becoming More Frequent
COMPANIES ACCUSED of misrepre-
senting their progress on tackling
climate change are finding themselves
the target of litigants. As many as 47
new climate washing cases were filed
in 2023, against companies and gov-
ernments globally, according to a new
report from the London School of Eco-
nomics’ Grantham Research Institute
on Climate Change and the Environ-
ment. Moreover, around 70% of the
cases concluded between 2016 and
2023 ended in the claimants’ favour.
A ruling from the European Court of
Human Rights found that Switzerland
failed to protect its citizens from cli-
mate change, following a case brought
by a group of elderly Swiss women.
Elsewhere, the UK government’s net-
zero strategy was found lacking for
the second time in May.
— Bloomberg
9015
29 Dawdle with Helena altering
scheme? (5,3,4)
DOWN
1 Great swimming leads to this
august boating event (7)
2 Sign varied lots are inspired by
diminutive Russian writer (3,7)
3 Independent politician per-
mitted? That’s unstated (8)
4 Actor Stephen in a hot area in
Greece and Malta (6)
5 Clump of grass thus at odd
points found by feet (4)
6 Vehicle on Spanish river over
November for rotting flesh (7)
7 Caught engineers frequently
longing to eat one dairy food (5,7)
10 Word of reassurance with article
and note immediately (5,3,4)
13 Part of a village to accommo-
date glass building (10)
15 By the sound of it, choose film (3)
18 Obsessively anxious soldier
supported by leading
Democrat (8)
20 Live through biting cold spell (7)
22 Loose-fitting garment taking
everything into account (7)
23 Circle with a Scottish inventor in
turn in Commonwealth capital (6)
26 Some stuck, needing thing
protected by a cap? (4)
SOLUTION TO No. 9014:
ACROSS: 6 Cross-reference.
9 Fedora. 10 Tutoring. 11 Ac-
credit. 13 Outcry. 15 Fifths.
17 Ethnic. 19 Accent.
20 Inscribe. 22 Biathlon.
24 Origin. 26 Engagement ring.
DOWN: 1 Science fiction.
2 Dodo. 3 Island. 4 Beetroot.
5 Tear. 7 Estate. 8 Contract
bridge. 12 Rifle. 14 Toner.
16 Hotelier. 18 Fiancé.
21 Smooth. 23 Team. 25 Ibis.
Yesterday’s Answers:
©The Daily Mail

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BENNETT, COLEMAN & CO. LTD. VOL. 40 NO. 132 | BENGALURU | 16 PAGES | ` 4.00 ONLY
. WEDNESDAY, 3 JULY 2024

EV Cos Seek Stability in US Seeks Certificate Relief Eurozone Inflation Eases

Incentives Ahead of FAME-3 on Milk, Pork, Fish Imports Slightly to 2.5% in June
DISRUPTION: STARTUPS & TECH5 ECONOMY: MACRO, MICRO & MORE8 PURE POLITICS3

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FRESH TWIST TO MORE-THAN-A-YEAR-OLD SAGA QUICK, BUT QUALITY OTHER NEWS

THE M RNING
Food Watchdog OF THE DAY
BRIEF PODCAST
Shifting from Colonial
Hindenburg Gets Sebi Notice Wants Q-comm to
Ramdev: Wrong
Narrative Built
to Contemporary
Host Dia Rekhi talks to
criminal lawyers Tan-
for ‘Shorting Adani Shares’ Speed with Caution
against Patanjali
There is a
narrative
HOW EVENTS UNFOLDED, ACCORDING TO SEBI against Patan-
veer Ahmed Mir and US firm terms it an Kotak Bank FSSAI officials ramp up surprise
NOV 30, 2022 FEB 1-22 KIOF- jali Ayurved
Amit Desai to under-
Hindenburg
There was audits at dark stores, D2C brands
stand the impact of attempt to silence shares draft of
never a point Class F squared off
its entire short
Created Fund: built by an
where the anti-ayurveda cartel of
India’s new criminal laws. those who expose its report on
Adani Group
Adani thesis position in Adani Hindenburg; Digbijay Mishra
& Ratna Bhushan
Food for corporates, pharmaceu-
Tune in to ETPlay.com. Also avail- was financially Enterprises futures,
able on EconomicTimes.com/podcast, corruption & fraud with its client
justifiable for making a profit of Unaware of Thought tical companies, intellec-
Kingdon Capital Bengaluru|New Delhi:
Amazon Prime Music, Apple Podcasts, us. It was even `183.24 cr Link: Bank The government has stepped
In June, Mumbai tuals and politicians, Baba
JioSaavn and Spotify. Our Bureau less justifiable consumer found a Ramdev, founder of the
up unscheduled audits and
DEC 30 Trading from a personal JAN 25 Public After Sebi said Hin- human finger in
spot checks on dark stores of ayurveda-based consum-
Mumbai: Hindenburg Rese- account of KIOF- risk and safety release of leading quick commerce ice-cream ordered
denburg allegedly er goods company, has
arch Tuesday said it received a Class F activated perspective. Hindenburg platforms, especially for via Zepto
enabled Kingdon
PURE show-cause notice from the Se- in cash segment HINDENBURG report
Capital to set up a
packaged foods, after
FIR was
alleged. “Patanjali denotes
curities and Exchange Board several hygiene lapses
POLITICS of India (Sebi) for alleged JAN 9, 2023 JAN 13 JAN 20 fund to create short came to light in recent registered
nationalism and self-pride
which this group wants to
against
shorting of the shares of Ada- $40m transferred Another $3m Short positions of positions in Adani weeks, said people fa-
116 Devotees Killed in ni Enterprises immediately by master fund transferred 8,50,000 shares stocks, the US compa-
miliar with the matter. managerial
staff of
destroy,” the yoga guru
before and after the publica- Not just these wareho- tells Ratna Bhushan &
Stampede at Hathras tion of its research report on
owned by Mark
Kingdon to KIOF
by master
fund to KIOF
built in futures of
Adani Enterprises ny said Kotak Ma- uses, but direct-to-con- Yummo
Chaitali Chakravarty in an
the conglomerate on January sumer food brands too brand
Religious Gathering 25, 2023.
hindra Bank had
have received ‘surprise interview. 12
It termed the Sebi’s notice, Manage- tied itself in knots to claim ju- created and managed visits’ from Food Safety Food Safety
At least 116 devotees, HEADING
dated June 26, as “nonsense, ment, King- risdiction over us, its notice the offshore fund and Standards Authori- Commis-
mostly women and FOR A
children, were killed and
concocted to serve a pre-ordai- MESSY don Offshore conspicuously failed to name structure used by one ty of India (FSSAI) offi- sioner, Power Min may
ned purpose, an attempt to si- CLOSURE Master Fund the party that has an actual tie cials, the people told Hyderabad,
several injured on Tues- lence and intimidate those PAGE 9 and K- India to India: Kotak Bank…, which
of its investor part-
ET on condition of ano- conducted Raise FY32 Peak
who expose corruption and Opportuniti- created and oversaw the off- ners for the trades. nymity. Quick commer-
day in a stampede that
fraud perpetrated by the most es Fund (KIOF) - Class F, too, shore fund structure used by Kotak said they were ce companies are exer-
checks last
month
Demand Outlook
broke out at a religious gathering powerful individuals in In- were served the notice. our investor partner to bet cising more caution —
unaware of Kingdon’s The power
organised by followers of godman dia”. Apart from the rese- According to Hindenburg, against Adani,” Hindenburg in hygiene as well as in Blinkit
arch firm, its founder Nat- the K in K-India Opportuniti- said in its blog. relationship with adding small-scale new- ministry is
‘Bhole Baba’ in the town of Sikandra warehouse
han Anderson, Mark E es Fund stands for Kotak Hindenburg.9 age brands to their plat-
was found
reassessing its
Rao in UP’s Hathras.3 Kingdon, Kingdon Capital Bank. “While Sebi seemingly Sebi’s Contention10 forms, they said.
untidy, in forecast of
ET’s queries emailed to
Congress a Parasite Blinkit, Zepto, BigBas- unhygienic
condition
peak demand

Fee Great Leveller for Discount Brokerages ket (which runs BB Now) for 2031-32 and may revise
Living off its Allies’ and Swiggy (for Instamart) In Faridabad, it upwards due to rapidly
didn’t elicit response till press
Voteshare: PM time. However, an FSSAI offi-
Blinkit dark
store was
increasing electricity con-
Prime Minister Na- Sebi order may erode `2kcr income, hit client base; several scrips tumble over 8% cial confirmed escalated allegedly selling
sumption, which may have
rendra Modi attacked Shares of several brokera- ents based on volumes, from checks across cities. medicines rendered the 384 GW projec-
Kairavi.Lukka ges fell up to nearly 9% on Tu- October 1.
Broken Run
the Congress in an over illegally: Report tion improbably low. “We
@timesofindia.com esday after the Securities MIIs include stock exchang- Tuesday’s Fall (%) Name Brands Anxious after Checks10
2-hour speech in the and Ex- es, clearing corporations and have been working with the
-8.60 Angel One
Lok Sabha, calling the Mumbai: The regulatory or-
Large discount
change depositories. CO WITHDRAWS APPLICATION FOR NBFC LICENCE states. Some of these states
der to stock exchanges to col- Board of Sebi’s order could now force -6.95 Geojit Fin Serv
party a “parasite living off the brokerages may have already updated their
voteshare of its allies”. A parasite
lect uniform levies could
shrink brokerage incomes
have to either
India (Se-
bi) in-
large discount brokerages to
either drop the zero-payment
-4.23 Emkay Global Zomato Esop Plan Gets Nod demand and very shortly we
drop zero- -3.96 Motilal Oswal Zomato has received shareholder approval
feeds on the body it inhabits, and by more than Rs 2,000 crore, structed plans or raise rates, potenti- will be updating our national
payment plans -3.60 IIFL Securities
disproportionately hitting market ally sacrificing margins or for the expansion of its Esop plan and electricity plan also,” power
similarly, Congress consumes the or raise rates
discount platforms and das- infrast- the client base.
votes of its allies. 2 hing popular zero-brokerage ructure institutions (MIIs) to withdrawn its application for an NBFC secretary Pankaj Agarwal
plans. not differentiate among cli- Volume-based Discounts10 licence, it said in two separate exchange filings. 5 said at a CII event.  8
Can’t Expunge Truth,
says Gandhi after Acre Sells Nagarjuna Debt Electronics Cos Seek
Parts of Speech Cut to AM Green for `1.6kcr Lower Input Tariffs
After parts of Rahul Acre ARC has completed the The electronics industry has
Gandhi’s speech in the sale of `3,857 crore debt of sought reduced input tariffs
Lok Sabha were taken off Nagarjuna Fertilizers to AM in the budget, arguing that
record by the Speaker Green Ammonia for `1,685 crore in cash, high tariffs have kept India from in-
following a demand by recovering more than 88% of its cost.With creasing its share in smartphone ex-
BJP MP Bansuri Swaraj, the Leader of this deal, AM Green, an arm of Greenko, ports with the help of PLI scheme. The
the Opposition hit back saying that will take control of the assets of Nagarjuna industry has also sought a relaxation in
“the truth can’t be expunged”.2 Fertilizers. Joel Rebello reports. 10 the Press Note 3 norms. 12

Paytm Bank,
Auditor Lock
Horns Over
Biz Viability
Sangita Mehta, Maulik Vyas
& Vinod Mahanta

Mumbai: Paytm Payments

Bank Ltd (PPBL) is at loggerhe-
ads with auditor JC Bhalla &
Co., which has told the compa-
ny it will have to qualify certifi-
cation of accounts for FY24
with remarks that reflect con-
cerns over viability, given that
business has come to a virtual
standstill due to regulatory
curbs, according to three people
with knowledge of the matter.
The auditor’s qualifications re-
late to whether the company is a
‘going concern’ or not.
PPBL has op-
posed the audi-
The auditor’s tor’s suggested
qualifications qualification,
relate to arguing that
whether the the Paytm
company is brand is ro-
a ‘going bust enough to
concern’ support a revi-
or not val plan and
that capital
will be infused in order to do so.
PPBL is 49% owned by listed
One97 Communications and
51% held by founder-promoter
Vijay Shekhar Sharma.
If the auditor qualifies its ac-
counts to state that the compa-
ny is not a going concern it co-
uld impede the company’s plan
to get a payment aggregator li-
cence for Paytm Payments Ser-
vices Ltd. PPBL didn’t respond
to queries.
JC Bhalla & Co declined to
comment. “Our professional co-
de of conduct does not permit
us to comment on client mat-
ters,” it told ET. Sources close to
the development said efforts are
underway to convince the audi-
tors to accept a management re-
presentation on the viability of
the business or a legal opinion
to that effect.

Co Seeks RBI Intervention10

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 CCI NG 3.17 Product: ETBangaloreBS
2  Pure Politics
THIRD
EYE
Enjoying
Staus Quo
Union minister and LJP (RV)
chief Chirag Paswan is
among the most popular
faces around in Parliament,
with the media and visitors
reaching out to him. The
Cabinet minister, who acted
in a movie with Mandi MP
Kangana Ranaut as his hero-
ine, is also arguably the most
eligible single person in the
Narendra Modi government.
This factor has been a talking
point among the chatterati in
Parliament precincts. He,
however, appears to have no
plans to change his status.
Light on Tea,
High on Work
During high tea with central
government secretaries over
the weekend, Prime Minister
Narendra Modi is learnt to
have kept it light, even quip-
ping how he ruined their
near three-month ‘holiday’
period, when model code
was in force, with 100-day
agenda work. He, however,
did not forget to remind
them that they must ensure it
is implemented on time.
Over-Activism
of New Convert
BJP MPs Neeraj Shekhar
and Surendra Nagar were
the most vocal members
during the debate in Rajya
Sabha. Both are from UP
and were previously in the
House as Samajwadi Party
MPs. In fact, when Rajya
Sabha’s Leader of Opposi-
tion Mallikarjun Kharge
recently spoke about trains,
Shekhar asked whether he
ever travelled in a train.
Kharge responded by say-
ing that he used to receive
Shekhar’s father and former
PM Chandra Shekhar in
Gulbarga railway station.
Some of the BJP MPs were
also surprised by the activ-
ism shown by the two MPs.
Poliloquy
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PubDate: 03-07-2024
MOTION OF THANKS ON THE PRESIDENT’S ADDRESS
PM says After 2024 Polls, Congress
will be Termed Parasite; Mocks LoP
A parasite feeds on the body it inhabits, and similarly, Congress consumes votes of its allies: Narendra Modi
ZAHID
Our Political Bureau
New Delhi: Prime Minister Narend-
ra Modi on Tuesday said Congress is a
“parasite” that feeds off its allies and
mocked Leader of Opposition Rahul
Gandhi for his “juvenile behaviour”.
Replying to motion of thanks on the
President’s address in Lok Sabha, Mo-
di said, “After 2024 elections, Congress
will be termed a parasite. It won 99 se-
ats by living off the vote share of its al-
lies. A parasite feeds on the body it in-
habits and, similarly, Congress consu-
mes the votes of its allies. It flourishes
at the expense of its partners.” He sa-
id 2024 was the third consecutive defe-
at of Congress when it failed to breach
the 100 mark. “But they are busy doing
‘Sheershasana’ (headstand) and try-
ing to establish in the minds of people
that they have defeated us... This is
like trying to pacify a child.”
Modi’s 135-minute address was pep-
pered with analogies from Sholay
and comparisons with errant child-
ren and indulgent parents. Although
Gandhi’s remarks on Hinduism had
been expunged by the Speaker, Modi
hit out at him and said the people of
India will not forgive him. “It was sa-
id that Hindus are violent. Are these
your values? Is this your character?
Is this your hatred for Hindus of this
country? This country will not forget
this for centuries. These are people
who tried to coin the phrase Hindu
terror. Their allies compare Hindu-
ism with dengue, malaria, etc, and
these people clap. Their entire eco-
system wants to look down upon,
abuse and insult Hinduism. After the
scenes yesterday, Hindus have to
think — is this insult a coincidence
or part of a design,” he said.
“Wherever there was a direct con-
test between BJP and Congress, or
where Congress was the major par-
ty and its allies had only 2-3 seats,
Congress’ strike rate was 26%. Ho-
wever, in regions where Congress
was the junior partner and clung to
others, its strike rate was 50%.”
The PM’s entire speech was drow-
ned out by constant sloganeering
by the Opposition members who
shouted, “justice for Manipur”.
“In 16 states where Congress contes-
ted alone, its vote share dropped in this
election. In Gujarat, Chhattisgarh and
Madhya Pradesh, where Congress fo-
ught independently, they managed to
win only 2 out of 64 seats,” he said.
Modi said, “This is the nation’s bad
luck that Congress, which ruled for six
decades, is busy spreading anarchy.
They go to south and speak against pe-
ople of north; they speak against so-
uth when they go to north. They have
made all possible attempts to create a
divide on the basis of language. The le-
aders who advocated separation of a
Contempt proceedings can be initiated if expunged statements are carried; any television channel or digital media platform
can be ordered to take down expunged parts; presiding officers can even send an individual to jail for breach of privilege
OFFICIAL RECORDS WILL NOT REFLECT THE DELETED PORTIONS
Efficacy of Expunction in Era Some Parts of LoP
of Live Telecast, Digital Media Speech Expunged
Nidhi.Sharma@timesofindia.com
New Delhi: As Lok Sabha Speaker
Om Birla expunged portions of Rahul
Gandhi’s speech, questions were rai-
sed over the efficacy of this move in ti-
mes of live telecast and digital media.
Rule 380 of the Rules of Procedure
and Conduct of Business in Lok Sabha
vests the Speaker with power to order
expunction of words — which in his
opinion are “defamatory, or indecent
or unparliamentary or undignified” —
from the proceedings of the House.
Birla ordering expunction of Gand-
R PRASAD hi’s remarks, including on Hinduism,
Zone: Bangalore Edition: 1 Page: ETBGPOL User: sridevi.rao
PM’s speech drowned ‘OUR PM CLEARLY VIOLATED CONSTITUTIONAL NORMS IN HIS (ELECTION) SPEECH’
out by constant sloga-
neering by Opposition
MPs who shouted LS Results Mark Independence
‘justice for Manipur’
PM straightens out
some facts on Agni-
from Communal Politics: Yadav
path scheme and MSP,
says his govt taking all Congress believes in
steps to make NEET
Gandhi’s Hinduism
clear of discrepancies
not Godse’s Hinduism,
PTI
HITTING OUT says Venugopal in LS
‘Country saw appe-
Our Political Bureau
asement politics
for too long. We New Delhi: Senior Opposition
MPs on Tuesday targeted Prime Mi-
followed justice for nister Narendra Modi and BJP du-
ring the Lok Sabha debate on the
all, appeasement for none’ President’s address, accusing them
of indulging in politics of polarisa-
tion during the general elections.
‘Lies regarding EVMs, Constitu- The Opposition also projected its
tion, reservation; before that, enhanced tally in the House as a re-
jection of BJP’s politics and the go-
lies regarding Rafale, HAL, LIC, vernment’s “vindictive politics”
against the Opposition leaders.
banks… They even dared to SP leader Akhilesh Yadav said:
mislead, saying Agniveers are “June 4, 2024, was the day of inde-
pendence from communal politics
not getting compensation’ for India. In this election, commu-
nal politics lost forever. Whole India
DHARMENDRA PRADHAN has understood that INDIA (bloc) is
Union Education Minister pro-India. This election is the moral
Congress has victory of INDIA. It is a victory of
positive politics. It is a victory of
ashamed parlia- PDA (Pichde Dali Alpsankhyak).
mentary sys- 2024’s message is also full of respon-
sibility for the INDIA bloc. This elec-
tem... After tion is a new era of positive politics,
finishing its pro-Constitution people have won,
allotted time with nine of its the Constitution has won.”
The Kannauj MP also made use of
speakers, members from the occasion to take a jibe at BJP for
Manipur that they alleged losing Faizabad seat, which also ho-
were not allowed to speak...
uses the Ayodhya Ram temple.
“Whatever Ram has planned will
they could have asked them happen. The victory of Ayodhya is
to speak after 90-minute the victory of the wisdom of India’s
voters.” He said the election has not
speech by Rahul Gandhi settled the questions on EVMs and
that even if his party wins all 80 LS
part of the country were given a Parli- seats of UP, he will still not trust
ament ticket by Congress.” EVMs. He also criticised the govern-
Modi compared Gandhi to an errant ment over NEET paper leak.
child who was trying to get sympathy
of his mother without furnishing full
facts about his transgressions in scho-
ol. “One day a child came back crying
from school and he told his mother he
was beaten up. The mother got worri- Rahul Urges PM
ed and the child refused to give any de-
tails to her. He kept saying he was be-
aten up. What he did not tell his mot-
to Hold House
her was that he had abused someone, Debate on NEET
he had torn a child’s copy, stolen anot-
her child’s tiffin. This is exactly what
was happening in the House yesterday Our Political Bureau
— the child was weeping here that he
had been targeted and was trying to New Delhi: Just as the Lok
garner sympathy. But people know the Sabha was scheduled to ad-
truth — the truth is that he is out on ba- journ sine die on Tuesday eve-
il in a case involving crores of rupees, ning, Leader of the Opposition
he has received punishment for cal-
ling OBC community ‘chor’ and a case
Rahul Gandhi wrote to the PM,
seeking a debate on Wednesday
has been filed against him for defa-
ming Veer Savarkar,” Modi said.
The PM used his address to straigh-
on the issue of NEET paper
leak. Referring to how Opposi-
tion demand for such a debate
ten out some facts on Agnipath sche-
me and provision of minimum sup-
was not allowed last Friday,
Gandhi said in his letter: “I
port price. He said that his govern-
ment was taking all steps to make the
NEET system clear of discrepancies.
am writing to request for a de-
bate in Parliament on NEET.”
means that parts of the speech will not be taken down. Any TV channel or di-
be included in official record. It also gital media platform can be ordered to
means that expunged parts will be era- take down the expunged parts.
sed from video recordings of Lok Sab- Ravindra Garimella, former joint se-
ha TV. This is done to make it consis- cretary (legislation) Lok Sabha Secre-
tent with the official printed version.
So while Gandhi may have scored im-
tariat, told ET: “Once it is expunged
from the record, no TV channel or me-
mediate political brownie points with
his speech in Lok Sabha, the expunc-
dia outlet can carry it. If any newspa-
per or media carries the expunged
tion will mean that official records will part, it is held as breach of privilege of
not reflect the deleted portions. the House and contempt proceedings
In times when elections are also fo- can be initiated.” A member can move
ught on social media, does the official a breach of privilege motion and pro-
record matter? It does, say experts. Ex- ceedings can be initiated against any
punction means criminal procee- individual for this breach. The expul-
dings can be initiated if these are car- sion of Mohua Moitra is a case in point
ried and the House can order them to on how far reaching ‘contempt of Hou-
se’ proceedings can be. Garimella says
a breach of privilege can mean an indi-
vidual can even be sent to jail without
the involvement of the court.
The most famous case of breach of
privilege is of 1964 when Keshav
Singh circulated a pamphlet against
aUP MLA. The assembly
Speaker issued a breach
of privilege notice aga-
inst Singh and later ar-
rested him for a week.
When Allahabad High Co-
urt ordered Singh’s release, the
UP assembly initiated breach of
privilege proceedings against the
two judges. The Supreme Court in-
tervened and ruled that legislative
privileges are not absolute. Garimel-
la points out that they are still far-re-
R PRASAD aching if presiding officer wants.
Time: 07-02-2024 23:30 Color:
THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM
PTI
Manipur Situation
Similar to Turmoil
Following India’s
Partition, says MP
60,000 are homeless
in this civil war-like
situation: Akoijam
Our Political Bureau
New Delhi: Lok Sabha MP An-
gomcha Bimol Akoijam compared
the situation in violence-hit Mani-
pur with the turmoil which ensu-
ed the partition of India and said
60,000 people have become home-
less in this civil war-like situation
in the state and the Centre has be-
en a mute spectator to this.
Speaking in the House, Akoijam
raised the point that there was no
mention of Manipur in the Presi-
Samajwadi Party MPs Awadhesh Prasad and Akhilesh Yadav in Lok dent’s address and said this was not
a just simple omission. “This is a
Sabha on Tuesday. DMK MP Kanimozhi is also seen — PTI
reminder of a Rashtra Chetna
Congress MP KC Venugopal ter-
med the polls “a moral victory” for
same text. We believe in Gandhi’s
Hinduism, not Godse’s... You (BJP)
which excludes people.” Akoijam
was speaking in the
the INDIA bloc. He accused the PM think that Modi is bigger than god. Lok Sabha on July 1,
of having indulged in communal That is the biggest anti-Hindu state- in the debate on the
speeches during the election campa- ment. Nobody is bigger than god as motion of thanks on
ign and violating constitutional per Hindu tradition, and that is why the President’s add-
norms. Venugopal said Congress god punished you in this election.” ress to the joint ses-
won the Lok Sabha seats such as Trinamool’s Kalyan Banerjee
‘There was no
sion of both houses.
Banswara in Rajasthan and Banas- said the PM and BJP, who went to mention of Calling upon the Ho-
kantha in Gujarat where the PM ma- polls by claiming to win Manipur in use to think about the
de such polarising speeches. “Our 400 plus seats, have President’s pain and anxiety of
PM has clearly violated constitutio- been reduced to run address and Manipur and its peo-
nal norms in his speech. We gave the government wit- this was not a ple, the Congress MP
hundreds of petitions to the Election hout a majority just simple said: “I will keep quiet
Commission and they have become and by depending omission’ the moment the pri-
only a silent spectator,” he said. on allies. “The PM me minister opens
Venugopal questioned the credibi- used to come to this Ho- his mouth and a nationalist party
lity of BJP to brand Congress lea- use in full confidence. Now he (BJP) says that Manipur is part of In-
ders as “anti-Hindu”. “I am going to walks into this very House with dia and we care for the people of that
challenge you people (BJP), you are two crutches — TDP and JDU.” state… Only then, will I accept what
not Hindu believers at all. You are Responding to his charges that Mo- nationalism is in our country.”
using Hinduism for polarising peo- di was trying to muscle the Opposi- The Congress MP from Inner Ma-
ple to win the election. Who is a real
Hindu? The one who understands
tion, BJP MP from West Bengal, Sau-
mitra Khan, said: “In West Bengal,
nipur said it is an irony that such an
important matter, which is sought to
the message of debate, tolerance and no election takes place other than be silenced, gets an opportunity as
human values. Mahatma Gandhi Lok Sabha and assembly elections... the midnight hour (it was around
and Godse believed in the Bhagavad They have killed more than 200 BJP 11.49 pm when he spoke) approaches.
Gita, but Gandhi learnt non-violen- workers. Trinamool paraded a na- “I was associated with a research
ce, tolerance and respect for human ked woman in Cooch Behar.” project. We have interviewed more
life from the Gita and the message of BJP MP Nishikant Dubey raked than 1,500 survivors of the Partition
Lord Krishna. Godse learnt violen- up Congress MP Rahul Gandhi’s of 1947. You are witnessing the same
ce, murder and intolerance from the charge against the Speaker. thing now with people living in a
wretched condition. I cannot even
mention that here,” Akoijam said.
Modi Suggests Panel of NDA
Spokespersons for ‘United
Face’ on Important Issues
prime minister for
Our Political Bureau a third time. He al-
ANI
so called upon MPs
New Delhi: Prime Minister Na- of the BJP-led ru-
rendra Modi on Tuesday mooted the ling alliance to
idea of preparing a panel of NDA
spokespersons to present a united fa-
PM asks NDA
participate in par-
MPs to meet liamentary proce-
War of Words
ce so that alliance partners can spe-
ak in one voice on important issues.
Modi, while addressing the first
regularly
during
edings as per the
rules and mainta-
in decorum and
Between
sessions
meeting of NDA MPs during the
first session of the 18th Lok Sab-
and maintain dignity of the Hou-
dignity of se. He suggested
Dhankhar
ha, also took on the Opposition sa-
ying that it has not been able to di-
gest that a ‘chaiwala’ has become
House that NDA MPs me-
et regularly during
the parliamentary sessions.
and Kharge
RS Chairman says ‘you
cannot disrespect the
chair every time’
AFTER COMPLAINT BY BJP
Our Political Bureau
New Delhi: The Rajya Sabha on
Tuesday witnessed a war of words
between Chairman Jagdeep
Dhankhar and the Leader of Op-
position Mallikarjun Kharge.
When Congress leader Pramod Ti-
wari was speaking on the motion of
thanks to the President’s address in
the Upper House, Dhankhar inter-
In Modiji’s world, truth rupted him and said that he should
can be expunged. But not state unverified facts. At that po-
int, Congress leader Jairam Ra-
in reality, truth can’t mesh said that the Congress leader
would authenticate it. This trigge-
be expunged: Rahul red a war of words from both sides.
“You are so intelligent, so gifted, so
talented, you should
Our Political Bureau immediately come
IANS
and take the seat in
New Delhi: The Speaker on Tu- place of Mr Kharge
esday expunged some parts of Shocked to note the because, by and large,
the speech made by Leader of manner in which a you are doing his job,”
Opposition Rahul Gandhi in considerable portion of my the chairman told Ra-
Kharge
the Lok Sabha on Monday. The
chair also removed from record
speech has been simply taken responded by mesh. This was objec-
ted to by Kharge and
saying that
certain comments of home mi- off from proceedings under whatever he said that the chair was
nister Amit Shah, made during the garb of expunction... is today is trying to bring the
his interventions. Gandhi later Taking off from records my because of ‘varna’ system.
lodged a complaint with the Sonia Gandhi “That’s why you are
Speaker over the expunction. considered remarks goes and people calling Ramesh very
The expunction of certain com- against the very tenets of intelligent, and I am
ments made by Gandhi followed parliamentary democracy dull,” Kharge reiterated. Dhankhar
the demand by BJP MP Bansuri RAHUL GANDHI
accused Kharge of twisting his re-
Swaraj who, in her submission marks and using it to disrespect him.
LoP in a letter to Speaker
in the House, argued that those “You cannot run down the chair eve-
comments were misleading and Gandhi also lodged a complaint ry time. You cannot disrespect the cha-
in violation of the rule. with the Speaker: “Shocked to no- ir every time... You stand suddenly
After the Speaker expunged te the manner in which conside- and speak whatever you want without
those remarks, Gandhi told jour- rable portion of my speech has be- understanding what I am saying,”
nalists: “In Modiji’s world, truth en simply taken off from the pro- Dhankhar said. Kharge responded by
can be expunged. But in reality, ceedings under the garb of ex- saying that whatever he is today is be-
the truth can’t be expunged. I sa- punction...Taking off from cause of Congress leader Sonia Gand-
id what I had to say, that is the records my considered remarks hi and the people. After this short ver-
truth. They can expunge as much goes against the very tenets of bal duel, the House ran smoothly with
as they want. Truth is truth.” parliamentary democracy.” Tiwari continuing with his speech.
 CCI NG 3.17 Product: ETBangaloreBS PubDate: 03-07-2024 Zone: Bangalore Edition: 1 Page: ETBGECO User: saliha.nasline Time: 07-02-2024 23:44 Color:

THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM

Pure Politics  3
No Lesson Learnt
Grim history of stampedes at religious events/places:
2005: 340+ devotees trampled to death
during annual pilgrimage at Mandhardevi
temple in Satara, Maharashtra
2008: 250 die in stampede trigerred

AFP
The UP govt is engaged in pro-
viding all possible help to the
victims. My condolences with
those who have lost their loved ones. I
wish for speedy recovery of the injured
NARENDRA MODI, PM
by bomb rumours at Chamunda Devi
temple in Jodhpur, Rajasthan
2008: 162 die in stampede sparked
by rumours of rockslides at Naina
Devi temple in Bilaspur, HP
2011: 106 pilgrims killed, 100+ injured
in a stampede at Sabarimala, Kerala

How can so many people die, 2013: 89 killed, 100+ injured in

what was the govt doing? It stampede near Ratangarh Hindu
PTI should have made proper
temple in Datia, MP
Relatives outside a hospital in Etah where victims of the stampede were
admitted. A video on social media showed bodies piled up outside the
arrangements from the start of the 2010: 63 die in stampede at
Hathras trauma centre (R) with attendants complaining that the victims event. The state govt is responsible Ram Janki temple in UP’s Pratapgarh
received no medical care even after two hours AKHILESH YADAV, SP Chief

116 Killed In Stampede at ANOTHER CONTROVERSY EMERGES AFTER EXAM PAPER LEAK

Hathras Religious Event Computerised or Paper: UGC-NET

Most fall in a drain as exit was at a height and were trampled by other devotees
ment hospitals in tempos and private ve-
Our Political Bureau hicles started getting circulated on soci-
al media. A video also showed bodies
Lucknow: At least 116 devotees, mostly piled up outside the Hathras trauma
women and children, were killed and se- centre with attendants complaining the
veral injured on Tuesday in a stampede
that occurred at the end of a satsang or
victims had been brought there for close
to two hours but received no medical ca-
religious gathering of one Narayan Sa-
kaar Vishwa Hari or 'Bhole Baba' in Si-
re. They also alleged there was no oxygen
at the facility and only one doctor.
kandra Rao town of Hathras in Uttar People from across UP
Pradesh. and other states had come
Even as questions were raised on the in droves to attend the sat-
preparedness of the local administra- sang organised in a large
tion for such a large scale event, the go- tent in an open ground.
vernment claimed that lakhs of devote- According to one of the at-
es, much beyond the permission given by tendees, soon after the sat-
State govt
the administration to the organisers, orders FIR sang ended, devotees rus-
had turned up at the event. The event and promises hed to exit from the venue,
was organised by 'Manav Mangal Milan ‘big action’ most likely due to humidi-
Sadbhavna Samagam Samiti' in the against the ty and overcrowding. Sin-
Phulrai village of the UP town. organisers of ce the road was at a height,
The state government has ordered a the event and there was a drain be-
FIR to be filed against the organisers of low, many fell and were
the event and said "big action" against trampled by other devotees who were
them was in the works. A probe has also trying to hurriedly leave, she said.
been ordered by the government to look "So far we have confirmation of 116 de-
into the cause behind the tragedy. aths out of which 27 bodies are in Etah
The incident first came to light when vi- mortuary and remaining are in Hathras.
deos of dead bodies of the attendees, lar- Some are injured as well and are being
gely women, being brought to govern- treated. Bodies have been sent for post-
Exam Flip-flop Raises Questions
mortem to several different places. FIR place at the January 16, 2024
is being lodged against the organisers,"
Shalabh Mathur, Inspector General of
Changes in format Seeking Answers Exam format
puzzle
meeting and all prior sessions
before the test format change
Police (IG), Aligarh range, told media. not reflected in UGC-NET held in paper- Day later, educa- calls into doubt the level and
District magistrate of Hathras Ashish based mode since 1989 tion ministry Exam format quality of deliberation on
Kumar said permission for the event had
been given by the SDM of Hathras. It was
UGC minutes or Moved to computer-
cancelled June 18 changes taken by this decision.
The UGC Act, 1956, says the
OMR test, cites higher education
a private event wherein law and order
and security arrangements were made,
Commission meets based (CBT) format
suspected leaks regulator without commission must have ten
other members besides the
from 2018, when NTA full-strength com-
but other arrangements were to be made took over testing June 28, 2024: mission in place chairman and vice chairman
by the organisers. Anubhuti.Vishnoi and half of the members must
@timesofindia.com April 2024: UGC & NTA UGC & NTA an- Missing pieces
CM SENDS MINISTERS, OFFICIALS TO SITE, be non-governmental.
announce UGC-NET will nounce June cycle All UGC’s eight non-govern-
ORDERS ACTION AGAINST ORGANISERS committee
Right after the news spread, CM Yogi New Delhi: Amid the NEET only be held in OMR exam will be held mental members (mainly aca-
report/proposals
Adityanath ordered state ministers exam leak controversy, another (pen & paper-based) in CBT mode demics) had completed their
to deliberate on
Chaudhary Lakshmi Narayan Singh row has erupted over the Uni- format switch three year terms by July 2023
and Sandeep Singh, along with chief se- versity Grants Commission and new members were only
cretary Manoj Kumar Singh and direc- (UGC) switching from compu- appointed by the Centre in
tor general of police (DGP) Prashant Ku- ter-based to paper-based Natio- April 2024.
mar to reach the spot. nal Eligibility Test (NET). Accordingly, the January me-
He also ordered a team led by additional ET gathers the apex higher edu- eting of the commission only
director general (ADG) of police Agra, cation body made the format ministry cancelled the June 18 panel to review the UGC-NET had four members present and
and commissioner of Aligarh to probe change without a full-strength OMR test, citing suspected le- exam structure or a suggestion all of them being government
into the reasons leading to the accident. commission or committee re- aks. Ten days later, on June 28, to switch from CBT to OMR mo- officials, as per the minutes.
Prime Minister Narendra Modi also port/recommendations. the UGC-NTA announced the de, as was done this year.
spoke to Adityanath regarding the in- ET’s repeated queries on the “UGC-NET June 2024 cycle ex- ET was also informed by com- INSIDE TRACK
cident. Both the PM and CM announ- issue to the UGC, the education amination will now be held in mission members until August Government insiders told ET
ced an ex-gratia amount of `2 lakh each ministry and the National Tes- the CBT mode.” 2023 that they were unaware of that the push for the exam for-
for those who died, and `50,000 each for ting Authority (NTA) did not Interestingly, none of this flip- any such idea or committee. A mat change from CBT to OMR
the injured. elicit any response. flop seems to have been taken UGC judgement is usually ma- seems to have come at UGC’s
The UGC-NET, which was up in the UGC Commission de after expert committees and behest rather than the NTA
conducted in a paper-based for- through its time-tested process. the commission deliberate. “No which conducts the exam. Ha-

State Hits a New Milestone with 10m

mat by the UGC since 1989, such proposal came in until Ju- ving experienced technical
transitioned to a computer-ba- MINUTE BY MINUTE ly 2023,” a former member told glitches with the first rounds
sed test (CBT) format in 2018 Due process at the UGC entails ET on condition of anonymity. of CBT-based CUET, the logis-
when the NTA assumed respon- an expert committee that ex- In the 576th commission mee- tical difficulty in finding ade-

Litres of Daily Milk Procurement sibility for the testing process.

In April 2024, the UGC and
NTA abruptly announced that
amines all aspects of the sub-
ject and makes its recommen-
dation to the whole commis-
ting on January 16, 2024, the mi-
nutes mention the CUET & NET
exam but do not indicate a for-
quately equipped exam cent-
res and conducting exam thro-
ugh multiple question papers
the UAE and the US. The CM recalled the the 2024 edition of UGC-NET sion for debate and approval. mat change. and shifts over days, the UGC is
Our Bureau growth of the dairy sector and said as ani- will only be held in OMR (pen ET reviewed all commission said to have frequently pitched
mal husbandry minister in the 1980s he and paper-based) format. Howe- minutes since 2022 and found TRUNCATED COMMISSION a return to the single-day OMR
Bengaluru: Karnataka has hit a record of brought milk unions and primary milk co- ver, a day later, the education no reference of a committee or The truncated commission in format exam for UGC-NET.
10 million litres of daily milk procurement operatives together as they functioned in-
on the back of a healthy spurt in milk pro- dependently.
duction, surpassing all previous records. Today, there were about 16,000 primary SHELLING KILLS 8, INJURES MORE THAN 30
The daily procurement by the Karnataka
Cooperative Milk Federation (KMF) from
milk cooperatives functioning under 15 co-
operative milk unions. They were nurtu- Eurozone’s
Israeli Forces Strike
ISTOCK

dairy farmers in June last year was nine red by farmers and when they were offe-
million litres, chief minister Siddaramai-
ah announced on Tuesday after perfor-
ming a Gou Pooja (cow worship).
means a subsidy outgo of `5 crore per day,
translating into `150 crore per month and
ring more milk now, the government can-
not decline to buy them. It was to protect
the interest of dairy farmers the govern-
Inflation Eases
The increase in milk procurement meant
an additional subsidy burden to the go-
vernment, the chief minister said. It was
the previous Congress regime that increa-
`1,800 crore annually.
KMF sells its milk under the Nandini
brand and had sponsored the Scotland and
Ireland cricket teams in the just-concluded
ment was charging `2 more per packet of
milk with 50 ml of additional milk supply
to consumers.
The Opposition BJP was running a misin-
Southern Gaza After to 2.5% in June
sed the incentive (subsidy) payable to dairy
farmers from `2 per litre to `5 per litre. Ten
million litres of milk procurement daily
ICC Men’s T20 World Cup. The brand is av-
ailable in parts of India and the world, in-
cluding in Malaysia, Vietnam, Singapore,
formation campaign saying the govern-
ment had hiked the milk prices, which was
not a fact, he said.
Ordering Evacuations AFP

Brussels: Eurozone inflation cooled in June, offi-

cial data showed Tuesday but experts say it will
not be enough to convince the European Central
AMID CHILL IN TIES UN says more than Bank to accelerate its rate-cutting cycle despite

All Eyes on Allotment of MUDA Plots 250,000 Palestinians

sluggish economic growth.
Consumer prices have remained stubbornly
above the ECB’s two-percent target, although the

Possible Wang will be impacted return to easing inflation will no doubt be wel-

& Jaishankar to Wife Lawful, says Siddu Gaza: Israeli forces carried out
deadly strikes Tuesday on sout-
comed by officials.
Consumer price inflation in the single curren-
cy area came in at 2.5% in June, down from a 2.6%
was bound to give compensatory plots as per rate in May, the EU’s statistics agency said. The
Meet in Astana However, minister Byrathi the law, and hence allotted on a 50:50 basis, the
chief minister told media persons.
hern Gaza and battled militants
after issuing an evacuation order
May reading had been
higher than expected,
The plots were allotted during the erstwhi- which a UN agency said would ticking above the 2.4%
DipanjanRoy.Chaudhury Suresh has put on hold 50:50 le BJP regime, Siddaramaiah said. On Mon- impact 250,000 Palestinians. rate registered in April.
@timesofindia.com Witnesses reported intense
allotments, asked probe team day, urban development minister Byrathi
Suresh ordered the transfer of MUDA com- bombing and shelling around
Economists surveyed
by FactSet and Bloom-
REUTERS

Khan Yunis, southern Gaza's ma-

Astana, Kazakhstan: External
Affairs Minister S Jaishankar
will host a series of meetings with
his counterparts here between
Tuesday to Thursday as part of In-
dia's Eurasian outreach on the si-
delines of the Shanghai Coopera-
tion Organisation (SCO) Summit.
After arriving in Astana, Jais-
hankar met his Kazakh counter-
part here.
All eyes will be on a possible me-
eting between Jaishankar and
Chinese foreign minister Wang
Yi here on
Thursday, their
Recently, the first bilateral
Chinese meeting in near-
Ambassador ly a year as India
to India had and China rela-
called on tions have been
Jaishankar in fraught after a
New Delhi standoff in La-
dakh with Be-
ijing showing no signs of diseng-
agement at Depsang yet.
The two briefly met at the Mu-
nich Security Conference earlier
this year. Recently, the Chinese
Ambassador to India had called
on Jaishankar in New Delhi.
Deputy NSA
Rajinder Khanna
is Addl NSA Now
New Delhi: Former R&AW
Chief Rajinder Khanna has
been promoted to the post of
an Additional National Secu-
rity Advisor. Khanna has
been a Deputy NSA since
2018, after his two year tenu-
re leading the external in-
telligence agency ended in
2016. —OPB
to submit report in 2 weeks
Our Bureau
Bengaluru: Chief minister Siddaramaiah
on Tuesday maintained that the allotment of
plots to his wife Parvathamma by the My-
sore Urban Development Authority
(MUDA) was lawful and done in return
for acquisition of her land.
The authority had allotted plots to the
CM’s wife in a 50:50 ratio, whereby
she received half the land back in
the form of developed plots. The
CM said his wife had 3 acre 16
guntas of land at Kesare village
near Ring Road in Mysuru. The
land came to her as a gift from
her brother.
The MUDA, however, took
over the land in 1997 and car-
ved out residential plots
without acquiring them.
After that, the authority
ALLAYING CONCERNS ABOUT NEW LAWS
‘MHA Adopted 72% of 111 Suggestions on Criminal Laws by House Panel’
Rahul.Tripathi@timesofindia.com
New Delhi: Amid concerns over the
three new criminal laws, home mini-
stry officials said that MHA has in-
corporated 72% of 111 suggestions
made by the Department-related Par-
liamentary Standing Committee
(PSC) which examined the draft laws
in August 2023.
“The PSC forwarded its recommen-
dations to the MHA on November 10,
2023. MHA has incorporated most of
the suggestions given by PSC and out
of 111 observations, MHA has incor-
porated around 72% of them,” the of-
missioner, secretary and other officials,
pending a detailed investigation by a team
of senior officials into all allotments of
plots made on a 50:50 basis.
He put on hold all the allotments while as-
king the investigators to submit their re-
port in two weeks. The MUDA will release
the plots, the allotment of which is
found to be in order by the probe
committee, the minister said.
Suresh said that though the go-
vernment had launched a sche-
me in 2020 to compensate landow-
ners on a 50:50 allotment basis in
exceptional cases, there had
been no cabinet decision.
He said that the go-
vernment had written
to the MUDA in Octo-
ber last year not to al-
lot plots on a 50:50 ba-
sis without the appro-
val of the Cabinet and
that the authority had
violated the rules.
ficials said. The remaining sugges-
tions were either in terms of obser-
vations of the Committee or the exis-
ting provisions in the Bills were
already meeting the suggestions of
PSC. The old set of three Bills was
subsequently recalled and, after in-
corporating suggestions and feed-
back, the current three Bills were
tabled, they added.
MHA has initiated steps towards
preparing the existing organs of the
Criminal Justice System to success- of forensic capabilities at all levels,
fully adapt themselves to these new evolving best practices for adopting
laws. As per officials, “these measu- technological solutions at police sta-
res would require training at all le- tion and court levels, preparing va-
vels in the police, vast improvement rious guidelines on initiatives like
in city, from which Israeli troops
berg had forecast that
June inflation would
withdrew in early April after a Palestinians flee eastern part of ease to 2.5%.
devastating months-long battle. Core inflation, which
Khan Younis after they were
A hospital source in the city sa- ordered by Israeli army to evac- strips out volatile ener-
id shelling killed eight people uate their neighbourhoods gy, food, alcohol and to-
and wounded more than 30 bacco prices and is a
others. The bombardment came Najjar, a resident of the town of key indicator for the
after a rocket barrage at sout- Bani Suhaila, said the Israeli eva- bank, was flat at 2.9% in
hern Israel on Monday morning cuation order had caused "a large June. Experts had ex-
claimed by the militant group Is- displacement of residents" and pected it to cool to 2.8%.
lamic Jihad, which has fought spurred “fear and extreme anxie- Inflation has slowly fallen since reaching a 10.6%
alongside Hamas. ty”. The United Nations agency peak in October 2022 following the outbreak of
This was followed by an order to for Palestinian refugees estima- war in Ukraine, which forced the ECB to launch an
evacuate most areas east of Khan tes that "around 250,000 people unprecedented streak of interest rate hikes.
Yunis and in Rafah along the bor- have been impacted by these or- The ECB cut rates for the first time since 2019 on
ders with Israel and Egypt. ders", said UNRWA spokeswo- June 6, but officials have tried to temper expecta-
An AFP photographer saw Pa- man Louise Wateridge. tions of another cut to borrowing costs at their Ju-
lestinians leave eastern Khan “We expect that almost all of ly meeting.
Yunis on foot, in cars and on hor- these people will move from this “Our work is not done, and we need to remain vig-
se or donkey carts, carrying their area,” she said. Six consecutive ilant,” warned ECB president Christine Lagarde
belongings with them. days of intense battles followed a on Monday. “We will not rest until the match is won
Some displaced people with no- similar evacuation order issued and inflation is back at 2%,” she added in a speech
where to go were sleeping on the last week for the Gaza City dis- in Portugal. Experts said Tuesday's data would
streets, witnesses said. Ahmad trict of Shujaiya. —AFP bolster the ECB's cautious approach.
CHANGING TIMES providing for a Directorate of Prose-
cution in each state with offices in
that there shall be one designated po-
lice officer in every district and at
MHA has initiated steps each district, the officials said, “A Di-
rectorate of Prosecution, headed by
every police station, not below the
rank of ASI, who shall be responsible
towards preparing the Director Prosecution under the ad- for maintaining and giving informa-
ministrative control of the home de- tion to the public about details of the
existing organs to suc- partment in the state, has been presc- persons arrested.”
ribed.” According to the Bharatiya To ensure the use of technology and
cessfully adapt them- Nagarik Suraksha Sanhita, “it has that proper procedures are followed
been provided that no arrest shall be during search and seizure of proper-
selves to these new laws made in case of an offence punishab- ty, a new section has been added ma-
le for a term of less than three years king it mandatory that the process of
Witness Protection Scheme, etc. and if the person is infirm or above search and seizure, including prepa-
Further, commensurate capacity bu- 60 years, without prior permission ration of the list of seized items and
ilding steps have to be undertaken by of the officer not below the rank of its signing by the witnesses, shall be
all states and UTs.” deputy superintendent of police.” videographed, including on mobile
On strengthening prosecution and Further, a provision has been made phone, explained another official.

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4  Companies: Pursuit of Profit
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PubDate: 03-07-2024 Zone: Bangalore Edition: 1 Page: ETCECO1 User: sam.jose Time: 07-02-2024 23:54 Color:
THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM
FMCG Q1 Check: Some
Hot, Some Wilt in Heat
Weather and polls play key roles; clear green shoots in rural markets
Writankar Mukherjee & Sagar Malviya
Kolkata | Mumbai: Scorching summer
heat and general elections made the April-
June period a mixed-bag quarter for consu-
mer goods, even as top industry executives
said green shoots are now becoming cons-
picuous in rural consumption.
Sales volumes in categories like cold be-
verages, ice-creams, talcum powder, coo-
ling hair oils, deodorants and sunscreens
rose up to 15% from a year earlier in the
past quarter amid severe heatwave condi-
tions in most parts of the country, accor-
ding to companies and analyst reports. Ho-
wever, sales of impulse packaged snacks
and single-serve packs of beverages took a
hit, as harsh weather caused a fall in out-of-
home consumption.
Sales of household insecticides too was
impacted due to delayed onset of monsoon.
Election-related restrictions on sales and
supply-side constraints limited sales of al-
cohol beverages such as beer from rea-
ching their full peak, though there was still
a high-single digit volume expansion, ex-
ecutives said. Consumer companies said
last-mile servicing was an issue, especially
in rural areas.
“It was extremely hot and wholesalers
complained that many sales staff don’t co-
me out to service retailers due to sheer heat.
Also, with elections, cash buying was redu-
ced at the retailer level due to checking,
etc,” Wipro Consumer Care & Lighting chi-
ef executive Vineet Agrawal told ET. This
hurt demand at the wholesale level but sales
have still been better than what we expec-
ted, he added.
At apparel and grocery retail chain V-
Mart, which focuses on small towns and ru-
ral markets, April-June same store sales ro-
se 11%, the fastest in at least nine quarters,
the company said Tuesday. Same store sa-
les, which capture sales at stores that were
open at least for a year, is a crucial indicator
of demand.
WANTED Candidates PUC
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SUMMER-SPECIFIC FMCG
The nationwide heatwave conditions this
year pushed sales of summer-specific fast
moving consumer goods (FMCG) to a new
high. Nuvama Institutional Equities in a
report released on Monday said companies
with greater salience on summer portfolio
will post strong volumes for April-June qu-
arter.
“Sales of cold beverages and ice-cream
zoomed in Q1 (April-June) as consumers
tried to stay cool. The personal care seg-
ment thrived with talcum powder, deodo-
rants and sunscreens experiencing good
growth. Even cooling hair oils logged 5%
growth (despite overall ca-
tegory slowdown),” it sa-
Good id.
monsoon and The report estimated
higher rural PepsiCo’s soft drink bott-
outlay in the ler and distributor Varun
upcoming Beverages’ India volume to
budget would have grown around 25%
be the key year-on-year in the last qu-
drivers for arter, and Emami to have
the FMCG made strong double-digit
sector this growth in talcum powder.
fiscal year FMCG market leader Hin-
dustan Unilever may re-
port strong double-digit growth in ice-cre-
ams, it said. Industry executives said a go-
od monsoon and possible higher rural out-
lay in the upcoming budget would be the
key drivers for the FMCG sector this fiscal
year, with rural consumption expected to
recover from October.
RURAL DEMAND TO RECOVER
Research firm Kantar, which tracks hou-
sehold consumption, said there could be a
rural-led recovery in the second half of
FY25 for FMCG even though urban con-
sumption could remain a relative stragg-
ler. The research firm said with continuity
in the government, it expects greater stabi-
lity in the market and fewer changes to the
interim budget proposed at the beginning
of the year, which had good rural focus.
 CCING3.17 Product: ETBangaloreBS PubDate: 03-07-2024
THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM
For comprehensive and
insightful stories about all
India’s Bid to Make GPAI as AI Infosys Likely to
Regulator Gets Global Support Lead IT Sector’s
things startups and technology,
log on to www.ettech.com
ET Ecommerce Tracker
Returns Comparison (%)
40
ET Ecommerce Index
ET Ecommerce Profitable Index
ET Ecommerce Non-Profitable Index
Nifty 50
India seeks stronger participation of the Global South in AI policy making , say officials
Surabhi.Agarwal
35
Compiled by ETIG Database
@timesofindia.com
30
25 New Delhi: India has found success
20 in winning over major countries in
15
10
its attempt to make the Global Part-
nership on Artificial Intelligence
5 Canada, the UK, Japan, Korea,
(GPAI) the apex authority for all
0
matters related to AI including is-
-5
sues pertaining to AI regulations
1 Day 1 Month 3 Months 6 Months
and drawing up a common global
framework for AI.
Tweet OF THE DAY Countries including the US,
France, Canada, the UK, Japan, Ko-
rea, Brazil, and Argentina have
come to an agreement on the issue
with a ministerial sign-off and the fi-
nal negotiation will take place on Ju-
ly 3, government insiders told ET. A
ASHWINI VAISHNAW
Union IT minister
There is con-
vergence on
BRYCE ROBERTS how AI should
@BRYCE be treated
The number of going forward
people i know
who got rich
Global Firms Buy Zomato’s All-new
joining something
that was already
working wildly
outnumbers the
few who started
PB Fintech Stakes Esop Proposal Gets
something of their
own that ended
up working
from Early Backers Shareholders’ Nod
CHECKING IN FPIs, mutual funds and insurance cos
Tech Buzz buy stakes as founders, early investors sell shares
iOS 18 Adding Pratik.Bhakta
@timesinternet.in
‘India-centric’
Bengaluru: American financial
Features, Tools services major Capital Group, and
asset management companies T
Rowe Price, Fidelity and Van-
guard have all acquired stakes in
PB Fintech, which runs insurance
marketplace Policybazaar and
ANIMISHA
credit marketplace Paisabazaar,
people in the know said.
“Capital Group through vari-
NEW DELHI: To woo users ous of its investment vehi-
in India, Apple has brought cles now owns around 10%
in the company,” said a per-
additional features via its son with knowledge of the
iOS update with support
matter.
for new Indian fronts and These transactions have
numerals, language and happened through multi-
ple bulk deals as several
input with multilingual
keyboard, enhanced lan-
guage search and multilin-
early-stage investors of the
Gurugram-based company
have exited the firm fully or
partly since 2021 when it
gual Siri support. “It’s a
major release that fea-
tures more customisation
options, the biggest rede-
went public. Its founders
have also sold some shares earlier
this year.
This comes at a time when India
sign ever of the Photos
app, new ways for users to
manage their inbox in
received record inflow of foreign
portfolio investments (FPI) into
its equities markets, buoyed by a
Mail, and so much more,”
steady macroeconomic environ-
ment and a booming stock market.
Apple said. The users can
now customise the time on
More than `2 lakh crore worth of
Indian equities have been bought
the lock screen with Indian by FPIs in FY24, the highest since
2021, according to National Securi-
numerals from 12 lan-
guages and adjust the font
ties Depository data.
Besides global investors, domes-
colour and weight to cre- tic institutional players have also
bought stakes in PB Fintech. Data
ate exactly the look they
want for their Contact from BSE as of March 2024 show
that mutual funds own 10% of PB
Posters. —Agencies Fintech, compared with 7.4% in
June last year. At the time of the
IPO, their stake was 2.5%.
$6 billion Interestingly, insurance compa-
nies have purchased stakes in the
India’s projected spend-
ing on GenAI by 2027, ac-
The State of the Gender Gap Edtech Co Unacademy Fires
cording to an IDC report
Google Adds FEMALE SHARE OF BOARDROOM SEATS OF THE LARGEST PUBLIC-
LY LISTED COMPANIES IN 2022 (IN%)
AI Rules for 46 45.2 44.8 37.2
40.9
Political Ads
ANIMISHA
NZ FR IS GB DE
Base: OECD countries plus Brazil, Bulgaria, China, Croatia, India, Indonesia, Romania, Russia and
South Africa. Source: Statista, OECD
Google said it would make
Ukraine Brings AI Weapons to Front Lines
it mandatory for advertis-
ers to disclose election ads
that use digitally-altered
content to depict real or
realistic-looking people or Ukrainian cos are working on a major leap forward in weaponisation of consumer tech
events, its latest step to
battle election misinfor- Paul Mozur and Adam Satariano
mation. The update to the
disclosure requirements In a field on the outskirts of Kyiv,
under the political content the founders of Vyriy, a Ukrainian
drone company, were recently at
policy requires marketers work on a weapon of the future.
to select a checkbox in the To demonstrate it, Oleksii Baben-
“altered or synthetic con- ko, 25, Vyriy’s chief executive,
hopped on his motorcycle and rode
tent” section of their cam-
down a dirt path. Behind him, a
paign settings. Google said
drone followed, as a colleague
it will generate an in-ad
disclosure for feeds and
tracked the movements from a
briefcase-size computer.
shorts on mobile phones Until recently, a human would
and in-streams on com- have piloted the quadcopter. No
longer. Instead, after the drone
puters and television. For
locked onto its target — Mr. Baben-
other formats, advertisers ko — it flew itself, guided by soft-
will be required to provide ware that used the machine’s cam-
a noticeable “prominent era to track him.
The motorcycle’s growling engine
disclosure” for users. The
was no match for the silent drone as it
“acceptable disclosure lan- stalked Mr. Babenko. “Push, push
guage” will vary according more. Pedal to the metal, man,” his
to the ad context. —Reuters colleagues called out over a walkie-
talkie as the drone swooped toward
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Zone: Bangalore Edition: 1
On the Table
India is the current chair of Global
Partnership on Artificial Intelli-
gence (GPAI)
Countries including the US, France,
Brazil and Argentina have come
to an agreement making GPAI the
apex body with a ministerial sign-
off and the final negotiation set to
take place on July 3
final announcement may follow soon
after, they added.
“India’s thought process is that
GPAI should become a much larger
alliance with a much stronger partic-
ipation of the Global South,” one of
the officials said.
India is the current chair of GPAI, a
major international initiative fo-
cused on responsible development
and use of artificial intelligence.
By expanding GPAI to more coun-
tries and having it as an apex body,
the attempt is to have their greater
say in global policy making on AI,
In Numbers
Data from the BSE as of March
2024 shows mutual funds own
10% of PB Fintech, compared
to 7.4% in June last year
Overall investments made by
life insurance majors like SBI
Life, Bajaj Life and many oth-
ers stood at
`2,900 cr
parent of Policybazaar, the largest
online insurance marketplace in
the country. Life insurance firms
like SBI Life, Max Life Insurance
and Bajaj Life have cumulatively
invested `2,900 crore in the compa-
ny, according to the person cited
earlier. The market capitalisation
of the firm as of July 2 was `67,686
crore.
PB Fintech did not respond to
emailed queries.
It is not only PB Fintech which
has attracted investments from In-
dian and global institutional in-
vestors. One 97 Communications,
which runs Paytm, had around
6.2% of its stake held by mutual
funds as of March 2024 compared
with 2.5% in June 2023.
46 COUNTREY
AVERAGE 29.6%
31.3
19.1 18.2
14.8 12.8
10.3
US BR IN CN KR
him. “You’re screwed, screwed!”
If the drone had been armed with
explosives, and if his colleagues
hadn’t disengaged the autonomous
tracking, Mr. Babenko would have
been a goner.
Vyriy is just one of many Ukrainian
companies working on a major leap
forward in the weaponization of con-
Page: ETBGECO2 User: shruti.pathak
Govt of India is keen
to turn GPAI into a
much larger body
with participa-
tion of close to
44 countries
The body is
currently dom-
inated by na-
tions from the
European Union
SIDDHARTH
which is transforming every
sphere of life and enterprise.
Union electronics and informa-
tion technology minister Ashwi-
ni Vaishnaw had in December
said New Delhi is negotiating
with the 29 member countries of
GPAI to come to a consensus on a
declaration statement on the proper
use of AI, the guardrails for the tech-
nology and how it should be treated.
“The world’s thinking on AI is con-
verging. People understand the po-
tential, look to the benefits which can
come, and understand the dangers
CHANGE OF PLANS Firm’s financial services unit
gives up pursuit of NBFC licence from the RBI
Our Bureau
Bengaluru: Zomato has received
approval to expand its employee
stock option plan (Esop) and given
up its pursuit of a non-banking fi-
nancial company (NBFC) licence,
the firm said in two separate filings
with stock exchanges.
The food delivery and quick com-
merce major saw over 75% of the
shareholders participating in the
vote approving the new Esop plan,
the firm said in its public disclo-
sure Monday evening.
On May 13, the firm had pro-
SIDDHARTH
posed a new Esop pool for 2024
that would see the issue of 183
million shares. The shares would
be worth `3,742 crore as per the
stock’s closing price of `204.05 on
the BSE on Monday.
On Tuesday, Zomato said its finan-
cial services unit, Zomato Finan-
cial Services, was withdrawing its
application to register as an NBFC
with the Reserve Bank of India.
The firm withdrew its appli-
cation as it did “not wish to
pursue the lending/ cred-
it business anymore”.
“There is no materi-
al impact on the rev-
enue/ operations
of the company,” Zo-
mato added in the fil-
ing.
ET had reported on
May 13 that Zomato had
surrendered its payment
aggregator (PA) licence and
its application for the mobile
wallet licence. The company
had received the PA licence in
January.
NEW ESOP PLAN TO LAST
FIVE YRS
Meanwhile, the Esop plan
approved by sharehol-
250 Staffers in New Round
New Delhi: SoftBank-
backed edtech startup Un-
academy has dismissed
250 employees in fresh lay-
offs across the company.
These include around 100 people
from core functions like business de-
velopment and marketing while the
rest are from the sales department,
EE people aware of the development
said. Unacademy confirmed the lay-
offs. “As part of our ongoing efforts to
VALLEY OF DEATH
The pressure to outthink
the enemy, along with
huge investments turn-
ing Ukraine into a Silicon
Valley for weaponry
sumer technology, driven by the war
with Russia. The pressure to out-
think the enemy, along with huge fl-
ows of investment, donations and go-
vernment contracts, has turned Uk-
raine into a Silicon Valley for autono-
mous drones and other weaponry.
What the companies are creating is
technology that makes human judg-
ment about targeting and firing in-
creasingly tangential. The wide-
spread availability of off-the-shelf
devices, easy-to-design software,
powerful automation algorithms
and specialized artificial intelli-
gence microchips has pushed a
Time: 07-02-2024 23:22 Color:
Disruption: Startups & Tech  5
and put certain
guardrails.
There is con-
vergence
on how AI
should be
treated
going
for-
ward,”
Vaish-
naw had
said at the
curtain
raiser GPAI
2023 Summit in
New Delhi in De-
cember. The earlier
three GPAI summits
were held in Mon-
treal, Paris, and To-
kyo.
The electronics and IT
ministry (MeitY) has held
intense negotiations over the last six
months with its counterparts on in-
clusion of OECD nations in GPAI
along with greater partnership of
the Global South in matters related
to AI regulation, officials said.
ders would lead to a 2% stake dilu-
tion for its existing shareholders,
founder and chief executive Dee-
pinder Goyal said in a letter to sha-
reholders in May, adding that the
new pool would be sufficient for
the next five years.
“Esops are important to help
build a culture of long-term think-
ing and innovation and create a
‘founder mindset’ amongst senior
employees, which ultimately
drives the right outcomes for long-
term shareholder value creation,”
Goyal had said in the letter propos-
ing the Esop plan in May.
Among institutional investors
in Zomato, over 67% voted in fa-
vour of the new Esop plan,
though it also saw some opposi-
tion. Nearly 100% of non-institu-
tional investors, who hold 28%
and include early backer
Sanjeev Bikhchandani’s In-
fo Edge, Goyal and retail in-
vestors, favoured the plan.
Keeping
Count
Among institutional
investors, over 67%
voted in favour of the
new Esop plan
Nearly 100% of non-
institutional inves-
tors, who hold
28% and include
early backer
Sanjeev Bikh-
chandani’s Info
Edge, Deepinder
SIDDHARTH
Goyal and retail in-
vestors favoured
the plan
streamline operations and enhance
business efficiency, we have recently
undergone a restructuring exercise.
This was necessary keeping in mind
the company’s goals and vision for
the year, as we focus all our efforts on
sustainable growth and profitability.
Consequently, some roles have been
impacted,” the company, which co-
unts Peak XV Partners and General
Atlantic among its investors, said.
—Jessica Rajan
deadly innovation race into un-
charted territory, fueling a potential
new era of killer robots.
The most advanced versions of the
technology that allows drones and
other machines to act autonomously
have been made possible by deep
learning, a form of A.I. that uses
large amounts of data to identify
patterns and make decisions. Deep
learning has helped generate pop-
ular large language models, like
OpenAI’s GPT-4, but it also helps
make models interpret and respond
in real time to video and camera foot-
age. That means software that once
helped a drone follow a snowboarder
down a mountain can now become a
deadly tool.
In more than a dozen interviews
with Ukrainian entrepreneurs, engi-
neers and military units, a picture
emerged of a near future when
swarms of self-guided drones can co-
ordinate attacks and machine guns
with computer vision can automati-
cally shoot down soldiers. NYTNS
Modest Q1 Growth
Analysts see no fireworks with IT cos maintaining
guidance even as some green shoots are appearing
IT Preview TOP VIEW
Beena.Parmar
@timesofindia.com
Bengaluru: India’s top software
service providers are set to report
a modest uptick in average growth
in the first quarter, with Infosys
and LTIMindtree leading the pack
in a minor reshuffle of the per-
formance leader-board.
Analyst reports reviewed by ET
showed growth might range from
0.8% to 2.4% quarter on quarter
(QoQ), with erstwhile outper-
formers Tata Consultancy Servic-
es (TCS) and HCLTech expected to
report a circumspect quarter.
Analysts expect no major fire-
works in the April-to-June quarter
financials with IT majors largely
maintaining the guidance even as Jefferies report on IT sector
some green shoots are appearing estimates aggregate revenue
in AI, consulting, engineering, re-
growth in 1QFY25 to pick up to
search & development (ER&D),
0.8% QoQ and 1.9% YoY in con-
healthcare and banking, financial
stant currency terms
services, insurance (BFSI) space.
The sector’s financial earnings CHARLES SHEELER, Skyscrapers
season will kick off with bellweth-
er TCS announcing results on July
11 followed by third larger player
HCLTech a day later. Infosys and
+2.5% QoQ constant currency rev-
enue growth,” it said.
An ICICI Securities preview report
Wipro are scheduled to announce
their results in the following week.
A Jefferies report on IT sector es-
timates aggregate revenue growth
said, “For our coverage universe, we
see average QoQ cc growth at 2.4% in
Q1FY25E…AI-related activity saw
an accelerated pace in Q1 with most
in 1QFY25 to pick up to 0.8% QoQ
and 1.9% year-on-year (YoY) in con-
companies announcing separate
business units and partnerships to
stant currency (cc) terms, led by
LTIMindtree and Infosys and
get the competitive edge. Wipro
clearly stands out in terms of AI-led
dragged by HCLTech going by con-
tinued pressure on discretionary
activities.” “AI-related spend is
coming at the expense of IT budget
IT spends impact growth. “Among
our coverage, we expect diver-
thinning in other areas. We intro-
duce our FY27 estimates and envi-
gence in growth to be high, as we sage FY25 to be more palatable
expect HCLTech to witness a -2.0%
QoQcc decline in revenues, but ex-
than FY24,” it added.
pect LTIMindtree to deliver a PERSISTENT'S PERSISTENCE
Among mid-tier firms, ICICI Secu-
ICICI SECURITIES rities expects Persistent Systems
to not only lead the pack, but also
PREVIEW REPORT be head and shoulders above the
AI-related rest with 5% organic growth. Be-
sides Persistent, analysts expect
spend is coming KPIT Technologies and Happiest
at the expense Minds Technologies to report
healthy numbers.
of IT budget
FOR FULL REPORT, GO TO
thinning in other areas www.economictimes.com
EV Cos Seek Stability
in Incentives Ahead
of FAME-III Roll Out
Seek subsidy policy with a definite timeline,
rather than one that would be abruptly cut off
MOVING IN
Mrunmayee.Kulkarni
@timesofindia.com
Today, around 21% of
Bengaluru: With expectations of
the union budget unveiling the
cargo vehicles and 9%
third edition of the government to 10% of passenger
scheme to promote adoption of
electric vehicles, sections of EV vehicles are electric
makers said this time they wanted
a subsidy policy with a definite The second edition, FAME-II, was
timeline, rather than one that
would be abruptly cut off like the
previous one.
introduced in 2019 and went on till
March 2024 when it was scrapped.
There has since been a steep
“New changes are too sud-
den, especially for the auto-
mobile industry with its
long lead times. We would
want the new subsidy regime to
last for at least two to three years to slow-
truly benefit the industry,” Ami-
tabh Saran, chief executive of
down in EV
sales, accord-
electric three-wheeler maker Alti- ing to a report
green, told ET.
The Faster Adoption and Manu-
by the Federation
of Automobile Dealers
facturing of Electric Vehicles Associations.
(FAME) scheme was originally India’s EV sector still needed sub-
launched in 2015 to encourage the sidies to survive, said Saran. “To-
adoption of electric and hybrid ve- day, around 21% of cargo vehicles
hicles. Under it, a subsidy was pro- and 9-10% of passenger vehicles
vided to EV makers who used it to are electric. The market will need
lower the prices of their products. around two to three more years to
come to a point where it can sur-
AMITABH SARAN
vive without subsidies,” he added.
CEO, Altigreen The government in March intro-
duced the Electric Mobility Pro-
We would want motion Scheme (EMPS) to help
the new subsidy boost the adoption of electric two-
regime to last wheelers and three-wheelers and
support the development of an EV
for at least two manufacturing ecosystem in the
country. However, subsidy under
to three years to truly ben-
the new scheme was effectively
efit the industry half that of FAME-II.
Tech Trotter Meanwhile in tech...
Bridgewater Launches $2-billion
Fund Run by Machine Learning
Bridgewater Associates The hedge fund giant, led by Chief
launched a fund that uses Executive Officer Nir Bar Dea, told
machine learning as the investors that it’s leaning on its own
primary basis of its proprietary technology that it’s been
decision-making. building for more than a decade. It’s an
The vehicle debuted with almost $2 outcome of a broader venture spea-
billion of capital from more than a rheaded by co-chief investment offi-
half-dozen clients and began trading cer Greg Jensen, and the new fund will
on Monday, according to people fami- also broaden to include models devel-
liar with the matter, who asked not to oped by OpenAI, Anthropic and Perp-
be identified discussing the strategy. lexity, among others. —Bloomberg
 CCING3.17 Product: ETBangaloreBS PubDate: 03-07-2024 Zone: Bangalore Edition: 1 Page: ETCEDIT User: tejas.v Time: 07-02-2024 22:45 Color:

6 THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM

A Woman’s Place is SWAMISPEAK Capitalism hasn’t failed — we’ve actually greatly benefited from freer markets

In the Boardroom
But it’s crucial to expand female managerial pool
Women are growing their representation faster in Indi-
Blow That Old Schumpeter! The US Left, exemplified by Bernie
Sanders and Elizabeth Warren, has
an boardrooms than in corner suites, broadly in line long complained that the excesses of
with the relative time and effort that goes into directorial
and managerial roles. Although India ranks low on both
neoliberalism, hyper-globalisation and
neglect of the working man explain Faith Fuels
what has gone wrong with capitalism.
parameters by international comparison, placing wo-
men on company boards is easier to push through by fiat
Schumpeterians say the problem is the
other way round — of more and more
Cricket Win
than placing them in senior management positions. The Swaminathan S state spending and regulation, less and
ULLHAS PAGEY
less free markets.
gap in the middle order of women executives leads to a Anklesaria Aiyar Welfare spending in the US, taking India’s recent T20 cricket victory
thinning out at the top, and companies need to be more all sorts of assistance into account, has serves as a compelling testament
zillion criticisms of capital- soared to 30% of GDP. Not so long ago, to the power of the human spirit.

proactive to prevent this. In contrast, directors can move
in laterally, avoiding the trade-off between professional
and family responsibilities women face as they work the-
ir way up the corporate ladder. It also helps that business
in India is driven by families, which makes it easier for
women family members to find a place in boardrooms.
The corporate benefits of gender diversity, though, are
derived when women’s representation
improves at all levels. Despite its faster
growth, women’s boardroom represen-
tation still trails that in senior manage-
ment, and it is in the interests of corpo-
rate governance that the female mana-
gerial pool is widened to feed the needs
of company boards. At the end of the
A
ism have come from the Left. this would have been viewed as manic This triumph resonates deeply
But an increasing number are socialism. The register of US federal with the lessons found in Rosa-
now coming from the Right. regulations rose eightfold since 1960 to beth Moss Kanter, a Harvard Busi-
They come out with a ring- 180,000 pages. This is the very opposite ness School professor and an ex-
ing cry, ‘Joseph Schumpeter, where are of supposed neoliberalism. pert in leadership, in her book,
you? We need you.’ Europe has gone the same way. Eu- ‘Confidence: How Winning Stre-
Schumpeterians long for the churn ropean tax collection rose from 10% aks and Losing Streaks Begin and
of companies, with older, less produc- of GDP in1910 to 47% by1980, and is End’, underscoring the spiritual
tive ones dying, and being replaced by still there. and emotional dimensions of
newer, more productive ones. This is John Maynard Keynes advoca- winning.
the ‘creative destruction’ that the 20th- ted high fiscal deficits in recessi- The team’s unwavering self-be-
century Austrian political economist ons and then fiscal surpluses in lief and trust in their collective
saw as the heart and soul of successful good times. This was supposed to abilities were palpable through-
capitalism. That, says critics, has been be virtuous anti-cyclical macroeco- out the tournament. Such confi-
nomics. What supposed dence is nurtured through consis-
Growth Rates Across Percentiles Keynesians are doing to- tent practice, mindfulness and a
day would have horrified positive mindset, sustained by a
of The Global Income Distribution, Keynes. Today, govern- deep-seated belief in success.
1998-2008 (%) ments want to keep stimu- The toot is out there The Indian cricket team’s suc-
6

day, directors’ quality is related to the quality of managers lating the economy, whate- cess was a collective effort, a har-
Real per-capita GDP growth rate

5 ver its position in the busi- He claimed that government attempts mparisons of how individuals across monious blend of individual tal-
a company produces. Improved choice among candidates ness cycle. to help were the greatest long-term the world have fared in recent times. ents working towards a common
4
for women directors would require a broader dissemina- The biggest deficits sin- threat to progress. But while he And it is a heartening story of the glo- goal. Each player’s performance
tion of managerial skills across the corporate sector. 3 ce World War 2 were run shrank some parts of the state, he allo- bal poor getting better off and global was amplified by their connec-
during the Covid pande- wed others to expand. inequality falling. tion to the team, much like how
The rule on women’s board representation should have 2
mic. This is defensible in a Schumpeterians believe that gov- NCAER economist Shekhar Aiyar individual energies are magnifi-
knock-on effects on managerial gender parity. Yet, this is a 1 medical crisis. But ever sin- ernment attempts to help, help and has written a paper on this — ‘Income ed within a community.
relatively weak force. HR policies to encourage women to ce the Great Recession of help again are the root cause of all that Inequality and the Liberal Economic The team’s connection to a high-
0 2008, Western governmen- has gone wrong. They link this to decli- Order: A Not Entirely Western Pers- er purpose was evident when
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
96-99
Top 1%

find a better work-family balance and to sensitise male col- Percentile of global income distribution ts have been on a non-stop ning GDP growth, angst among work- pective’. He elucidates Milanovic’s fam- players spoke about their moti-
leagues remain the predominant managerial interven- Source: Lakner and Milanovich (2013) stimulus spree, both fiscal ers that ‘decent jobs’ are disappearing, ous ‘elephant’ chart (see graph) show- vations beyond personal glories,
tion. To the extent that boardroom representation affects and monetary. In theory, go- rising inequalities, a soaring number ing income changes during 1988-2008 such as bringing joy to their na-
Branko Milanovic’s ‘elephant’ chart shows vernments were frantical- of billionaires, rising inflation, crazy for individuals across the world. This tion. This exemplifies that a pur-
HR strategy, the top-down approach can considerably im-
stagnation of income changes in 75th-95th ly combating deflation. This stock market valuations, Trumpist po- shows stagnation from the 75th to 95th pose greater than oneself can
prove outcomes. Since the approach is also bottoms up, percentiles, the resentful Westerners was tilting at windmills. pulism, protectionism and soaring fi- percentiles, the resentful Westerners. inspire extraordinary achieve-
It took the crazy form of scal deficits. But there is huge improvement from ments.
with affirmative action in college and entry-level corpora- In 2022, the Bureau of Indian Stand- the 10th to 70th percentiles, the vast
thwarted by a constant expansion of negative interest rates, robbing savers As motivational speaker Zig Zig-
te hiring, India Inc could attain acceptable levels of gen- the state, through regulatory overkill, of any return on savings. Cheap money ards (BIS) found that since 1990, zom- bulk of the global population living in lar succinctly points out, ‘You
der parity if it pays more attention to its middle managers. non-stop stimulus and rescues in times fuelled stock market and real estate bie companies, narrowly defined, rose developing countries — not just in Chi- were born to win, but to be a win-
of trouble. The result is mollycoddled bubbles, not the real economy. So, billio- from 4% of all companies to 15% in a na and India but also countries ner, you must plan to win, prepa-
corporations that are not allowed to fa- naires grew ever richer, while workers sample of 15 advanced countri- in Africa. The trend strengthen- re to win, and expect to win.’
il, zombie banks keeping zombie com- wondered why their share of the pie es, and to 20% in the US. ed in a later update to 2018.
panies alive and, hence, misallocation was falling. Indeed, one wag declared However, the Western nar- So, far from widening,

Have It on Record, of capital that hits productivity. that the Fed’s policy really was ‘Pru- rative of rising inequality is
In the long run, as Paul Krugman fa- dent investing will not be tolerated!’
mously said, productivity is not every-
contested by economist
It was the ideological intention of Branko Milanovic. He has
thing, but is almost everything. If pro- Ronald Reagan and Margaret Thatch- pioneered international co-
inequalities at the global
level have shrunk. The
West may not be inter-
ested in this good news.
Chat Room

Even If Expunged ductivity goes, so does everything else. er to shrink the state. Alas, it actually The ideological intention
That, say the Schumpeterians, is what expanded under them, and has conti- of Reagan and Thatcher
has gone wrong with capitalism. A good nued to expand since. Reagan had a was to shrink the state.
example of this line of argument com- great campaign line, that the nine Alas, it actually expanded
But let us in India celebra-
te. Capitalism has not fail-
ed at all from our viewpo-
int. We have greatly benefi-
FM’s Policy on
Right Frequency
Never a dull moment in Parliament. The ongoing session, the
es from Ruchir Sharma’s new book, most-dreaded words were, ‘I’m from ted from globalisation and ‘Now to Craft the Politics in Po-
first after Lok Sabha elections, was expected to be stormy. It li- under them
What Went Wrong with Capitalism. the government and I’m here to help.’ freer markets. Hurrah! licy’ by Mythili Bhusnurmath
ved up to the billing. On Monday, Speaker Om Birla expunged (Jul 2) is right in expecting the
several parts of the speech made by Rahul Gandhi, the new FM to ensure policy continuity
leader of opposition in Lok Sabha. Later, Gandhi wrote to Birla, and continued harmony betwe-
Bell Curves „ R Prasad en monetary and fiscal policies.
saying whatever he said was ‘ground reality and the factual po-
The stated reality that ‘a fall in
sition’, adding that while the chair has the power to expunge ChatGPT Food Loss and Waste the inflation rate only means a
remarks from the proceedings, the stipulation is that only tho-
se kinds of words the nature of which has been specified in SHAIRI Between 2021 and 2023, fruit and vegetables accounted for more than
half of the lost and wasted food given their extremely perishable nature
reduction in the rate of increase
in prices’ is followed by almost
actionable prescriptions about
Rule 380 of the Rules of Procedure and Conduct of Business in OF THE DAY and relatively short shelf life, according to OECD-FAO Agricultural Outlook.
possible fiscal measures that sh-
If food loss and waste shares are converted in terms of calories or protein,
Lok Sabha can be expunged. There once was a trend cereals, pulses, roots and tubers* account for almost two-thirds of the lost ould find a place in policy formu-
Considering that parliamentary proceedings are telecast live quite absurd, and wasted calories, with cereals alone contributing 53%. lation. The ball is in GoI’s court
and clips are shared across social media, Commodity-wise shares of food loss and waste, 2021-2023 as far as inflation management
Where folks longed to be and employment generation are
does it make sense to expunge proceedings? caged like a bird. Shares as quantity Shares as calories
concerned. Budget 2024 will tell
Vegetables
It does, once seen through a different lens. The new criminal laws Cereals 2% 1% 1% 6% us the FM’s best, notwithstand-
In the pre-digital age, expunging records were so cool, 2% ing the coalition pressures.
Fruit
meant blacking out comments. However, 3% 33%
That in jail they wanted Pulses, roots
11% M G WARRIER
and tubers
in a hyper-digital age, expunging comme- a room, 5% Mumbai
Dairy
6% 6% 53%
nts, like recording them, are part of a fact- ‘Arrest me!’ were the most Meat
gathering-cum-checking process. Since com-
ments have already been shared, expunging them neither cur-
popular words. Sweeteners
Oilseed products
20% 23% 3%
11% Good Morning,
3% 6%
Parliament
SANJEEV RAJ JAIN

Other animal
tails the MP’s right to make allegations (he or she needs to give food products^ The Buddha taught that
AFP
prior notice) nor does it bar him or her from referring to the in- This refers to the news report,
formation. As due diligence, however, presiding officers can ask *These four are primary source of calories in most of the world’s poorest populations carrot is the root of ‘Sparks Fly in LS Over LoP Sp-
MPs to provide supporting documents underpinning their claims.
Note: Loss refers to all losses within the food value chain from post-harvest,
slaughter or catch, right through to the retail stage. Food waste is waste in retail
all suffering. eech’ (Jul 2). It was a pleasant re-
velation for democratic Indians
Instead of using the threat of expunging as a whip, let parlia- and final consumption; ^Other animal food products include egg and fish
to see such poise and forbearan-
mentary expunction be used as a transparency tool. Proceed- ce in our legislators, from both
ings can be marked as ‘expunged’. However, at the same time, sides of the aisle, in the parliame-
nt on Monday. A stronger Oppo-
reasons and rules under which such an action has been taken

Them Dems Look Lost

sition having found its lost voice,
must be provided. Old tools and provisions must be repurpos-
ed for this effort, so that Parliament can keep functioning in a
PEAS IN A however, kept the decorum, as
did the treasu-
transparent and ethical manner. PODCAST ry benches. In
a welcome twi-
for Trump.
Voters have been telling pollsters
introspect if risking the election is
worth the vanity because that’s what Dive Into the st of listening
to alternate vi-

JUST IN JEST
South Korean parents are opting for
‘imprisonment’ to ‘grasp’ their wards
for a year they think Biden is too
old for a second term. Last Aug-
ust, 77% of all surveyed and 69%
of the Democrats said so in an
AP poll. In February, an ABC
News/Ipsos poll showed 86%.
Seema Sirohi
People can see what the Biden
campaign and his surrogates won’t —
it boils down to — the belief that he
can defy nature. Blind loyalty is not Antarctic ews, the fami-
liar disruption
smart politics, nor a winning stra- Fed up with city life but don’t from either side
tegy. Biden threatens not only his have the option to explore The was absent. GoI
path to victory but the party’s ch- Great Outdoors? Hang on, the- perhaps discovered the value of
LETTER FROM ances to win back the House and re is a way out: listen to ‘Safari debate, which it had mislaid in a
WASHINGTON retain the Senate. Unsurprising-
Stories’ podcast, where Hadley hubris of its majority numbers.
ly, Democratic candidates in key races Pierce and Jomi Krobb, co-fou- The Speakers in both Houses, too,

In Solidarity With There are times when politics demands

radical thinking and a change of tactics,
cumbersome and painful as they might
that he struggles and mightily so. They either stayed mum or said little about the
sense imminent danger the spin machi- debate, hoping they would be immune
ne desperately tries to obscure. from what happened.
nders of South Africa-based
guided wildlife and conservati-
on tours company Trunks and
in a significant departure, show-
cased their real role as a moder-
ator to further the essence of par-

Their Solitary Kids

be. Anything short brings defeat closer, But warnings have been ignored by an They have good reason to worry. They Tracks, share their wild tales. liamentary democracy — a pro-
to say nothing of the burden of history insular inner circle and a complacent hope that enough independent and swing In the episode, Action of the ductive debate and willingness
to follow. party, especially after a better-than-exp- voters would want to keep a check on a Antarctic Peninsula, they to listen. Is it too good to last?
The Democratic Party faces such a ected showing in the midterms. Aggres- Trump presidency by giving Democrats plunge into those frigid waters
Parents routinely upgrade their parenting skills to deal time after Joe Biden’s alarming presi- sive spokespersons declared all imagery the House and the Senate. But what if and recount some epic sight- R NARAYANAN
with their children’s various rites of passage, including dential debate performance last week. of Biden’s fumbles as doctored by Right- voters feel that a choice is being foisted ings, in- Navi Mumbai
The question is no longer about one bad wing outlets. Mainstream media, which upon them in the shape of Biden and cluding
strange ones. But, sometimes, this trial-and-error method
touches an altogether new dimension. In South Korea, ma-
day vs many good days, or 90 minutes vs
3½ years, but about the next four years
can be quite obedient to ‘national inter- feel less inclined to split their vote bet-
est’, played along. Biden defeated Trump ween the two parties?
watch-
ing hu- Governance 3.0
ny parents are signing up for the rather ironically named and 1,461 consecutive days riddled with
domestic and international crises.
four years ago, and he could do it again,
so the story went.
Will the party do the painful and persu-
ade Biden to step aside? Democrats have
mpback
whales
Hits a New Law
‘Happiness Factory’. This features tiny rooms, with just a
With two wars raging, a world without Until cruel reality showed up. a deep bench of good candidates, and feed, a Apropos the news report, ‘Ea-
feeding hole in the door. Yes, hmm-inducing, indeed. Com- order, a deeply contested geopolitical land- As American novelist Sinclair Lewis there’s still time for them to throw their large pod of killer whales bow- sier Reporting, Faster Justice
munication devices are prohibited. Their only company is scape and extreme polarisation at home, once said, ‘Whatever poet, orator or sage hat in the ring, compete for delegates at riding a ship, and leopard seals Now: Shah’ (Jul 2), the introduc-
bare white walls for a ‘confinement experience’. South Ko- the 2024 US presidential election is more may say of it, old age is still old age.’ You the convention and energise the race. hunting penguins. tion of the new criminal laws
reans are opting to go through this sanyas to ‘understand’ consequential than usual. If ‘democracy’ can highlight the dangers of a second Yes, it will be risky, but would it be risk- In the 40-min podcast, Had- seems hasty and misplaced. The
is at stake, as Democrats have been tell- Trump presidency, but in the end, Biden ier than the current scenario? ley’s narration is so vivid that outgoing system was already
their children who have retreated from society. A recent ing the world, they need an able defender. must energise voters to come to the polls. Here’s what will likely happen: every- it makes us feel as if we are sit- reeling under immense pressu-
government survey revealed that over 5% of 19-34-yr-olds The Europeans are especially worried The young are livid and sulking over Bi- one will go into their corner, pretend all ting in the boat, watching ma- re and lack of implementation.
are isolating themselves in Japanese ‘hikikomori’ — ‘pul- for obvious reasons: a second Donald den’s adamant support to Israel. is well and hope for the best. Recent his- rine life unfold its minutest sec- GoI ought to have reinforced the
ling inward, being confined’ — style. That’s some 5.4 lakh Trump presidency scares them for what Biden’s family and advisers must tory is a valuable guide to how the party rets. ‘There is ice everywhere, existing criminal system before
it might do to Nato and the status quo. can read the room wrong. In 2016, it did lots and lots of icebergs, some embarking on supplanting it.
young folks choosing solitude over socialising for reasons It’s time for the Democratic Party es- so most glaringly when Barack Obama of which are many times bigger Further, the naming of the laws
ranging from the personal to professional. tablishment to acknowledge the unspeak- told Biden to stand down because it was than the ship… they are very in Hindi and Sanskrit with no
While their children’s voluntary solitary confinement is able. A more vigorous candidate could Hillary Clinton’s turn. Out of touch impressive,’ recounts Hadley. English counterpart makes the-
befuddling, one also wonders why parents need to go thro- turn the race around more definitively, with the country’s mood and limited by Is it too difficult to imagine ir interpretation difficult for
especially with all the help Trump is arrogance, the establishment bombed. the place? In another segment, the non-Hindi-speaking states.
ugh the same gig. They could try and ‘understand’ their getting from the US Supreme Court. A Ironically, Biden, with his working- he vividly describes the differ- The matter needed to be thoug-
state of mind, not the reaction to it. But on the bright side, 6-3 ruling on Monday said that Trump class credentials and scrappy ways, had ent kinds of whales and their ht through in a better manner.
this self-induced ‘akela’ rite may take the sting out of soli- had substantial immunity from prose- a better chance of beating Trump in 2016 characteristics, the ‘smiling
cution on charges of trying to overturn and might have been ending his second faces’ of orcas, and intelligent AANYA SINGHAL
tary confinement in prisons anywhere in the world. Espe-
the 2020 results and sent the case back to term now. He was a different man eight penguins, all living their lives Noida
cially when someone starts recounting similar experien- the lower court for review. This means years ago — a lot younger and feistier. to the fullest in one of nature’s
Letters to the editor may be addressed to
ces with the ominous opening line: ‘During Emergency….’ the case won’t come to trial before the But the party got the politics all wrong. most breathtaking settings.
election. No gain for Dems and no pain That didn’t go according to script It might be doing so again. editet@timesofindia.com

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THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM
Even 9-carat Gold to India Inc’s Demand for Flexible
be Hallmarked Now Workspaces to See Robust Surge
New Standards
Currently WHY HALLMARK 9 CARATS? CURRENT
hallmarking PRICE
is done for Increased Decreasing trend
gold in purchase of Nine-carat
prices 22 carat and 23 gold costs
14 carats
18 carats Youth
carat jewellery 27,740
YOGEESH
preferring It will help diver- per 10 gm
(excluding
22 carats affordable sify affordable
jewellery range of jewellery GST)
said “Making hallmarking
Sutanuka.Ghosal@timesofindia.com mandatory for 9-carat jewellery,
silver jewellery and others are un-
Kolkata: The Bureau of Indian der discussion.”
Standards (BIS) is coming out At present, hallmarking is done
with hallmarking and Hallmar- for 14 carat, 18 carat and 22 carat
king Unique Identification (HU- gold jewellery.
ID) numbers for 9-carat gold je- With the increase in gold prices
wellery, silver jewellery, polki je- and with the young generation
wellery and gold jewellery items now mostly preferring affordable
mortgaged with banks to ensure fashion jewellery, there is a
the real valuation of gold in their growth of 14 carat jewellery in the
stock. domestic market, while there is a
The move comes following a me- decreasing trend in the purchase
eting of the India Bullion & Jewel- of 22 carat and 23 carat jewellery.
lers Association (IBJA) and Ca- That’s why the proposed inclu-
ratlane representatives with sion of 9 carat jewellery as a cate-
BIS’s director general. The De- gory will help to diversify the af-
partment of Consumer Affairs of- fordable range of jewellery and
ficials were also present at the me- increase the customer-base of the
eting. retail jewellers, IBJA had told the
A detailed email was sent to BIS BIS.
but the agency did not reply.
However, senior officials of BIS, FOR FULL REPORT, GO TO
who are involved in the process, www.economictimes.com
Nine-carat gold currently costs
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Zone: Bangalore Edition: 1 Page: ETCOPED User: anusuya.som
Expanding commercial spaces, pent-up demand set to increase companies’
allocation to flexible workspaces to 58% by FY26, finds report
Sobia.Khan@timesofindia.com
Bengaluru: India Inc is increa-
singly embracing flexibility, spur-
ring demand for flexible workspa-
ces. The current trend is expected
to boost the share of companies
allocating over 10% of their office
portfolio to flexible workspaces to
58% by 2026 from 42% in the March
quarter, said CBRE South Asia, a
real estate consulting firm.
About 30% of occupiers are ex-
pected to expand their use of flex-
ible office space over the next 12
months, while 17% are likely to
consolidate their offices into fewer
locations, CBRE said in its ‘2024
India Office Occupier Survey’.
Also, domestic occupiers have
shown a greater liking for flexible
office space than US corporates.
This is influenced by factors such
as availability of skilled workers,
improving infrastructure, cost
efficiencies, go-
vernment support
and advantages of
entering new mar-
kets. “The robust
surge in occupier
activity within
the Indian office
sector, highligh-
ted by 2023’s
Time: 07-02-2024
absorption figures, the second
highest ever recorded, underscores
a remarkable trend. This upsurge
reflects heightened occupier con-
fidence driven by an expanding
commercial office footprint and a
growing demand for high-quality
spaces. Moreover, the market has
been buoyed by pent-up demand
from businesses that postponed
leasing decisions during the pan-
demic, further fuelling the current
momentum,” said Anshuman
Magazine, chairman & CEO, India,
South-East Asia, Middle East &
Africa, CBRE.
Over the past five years, flexible
space operators have gained pro-
minence in the Indian office lea-
sing ecosystem, garnering more
than 15% share of quarterly lea-
sing. CBRE expects flexible space
stock to touch 80 million sq ft by
2024-end.
“Managed work- spaces
have become the
23:53 Color:
Companies & Economy  7
go-to partner for business enterpri-
ses for all their office infrastruc-
ture needs. They are increasingly
leasing spaces for a long term
against a pit-stop arrangement
earlier. Domestic companies conti-
nue to lead absorption of managed
workspaces and are aggressively
strengthening their presence, in a
testament to the pivotal role In-
dia’s new-age workspaces are
playing in the growth of the count-
ry’s economy,” said Shesh Rao
Paplikar, CEO, Bhive, a flexible
managed office company based out
of Bengaluru.
As per CBRE, office occupiers are
considering decentralising offices
by combining traditional and
flexible spaces in line with chang-
ing business needs. About 17% of
occupiers are focused on optimi-
sing their office portfolios to achie-
ve greater efficiencies.
Many Indian office market occu-
piers are showing strong con-
fidence in the market’s potenti-
al as they pursue long-
term portfolio expan-
sion. Many Indian office
market occupiers are
showing strong con-
fidence in the market’s
potential as they pursue
long-term portfolio
expansion.
Puravankara Buys 7.2 acres in
Hebbagodi for Luxury Project
Our Bureau
Bengaluru: Real estate deve-
and is well-connected to other
parts of the city, making it a de-
sirable residential location for
IT professionals. “In the pre-
loper Puravankara has acqui-
red a 7.26-acre land parcel in
vious financial year, we sold
7.35 million sq ft. Our focus
Hebbagodi, Bengaluru, to de- continues to be on business de-
velop a high-end luxury pro- velopment to replenish our
ject, said its managing direc- land bank, keeping in mind fu-
tor Ashish Puravankara. ture growth plans of the gro-
The saleable area of the pro- up,” Puravankara said. The ac-
ject will be about 750,000 sq ft,
with a potential gross develop-
quisition comes after the com-
pany stated that it plans to ac-
ment value (GDV) of more quire 20 million sq ft by the end
than `900 crore, he said, witho- of this financial year, explo-
ut disclosing the purchase pri- ring purchases and redevelop-
ce. “It is a mature market with ment to boost growth, with
a limited residential real esta- plans to increase project laun-
te and land supply,” Puravan- ches in Mumbai, Bengaluru
kara told ET. “With the acqui- and Delhi-NCR.
sition of landowner
share of 820,661 sq ft
in Provident Adora
De Goa, Provident
Botanico and Provi-
dent Capella, along
with the 7.26 acres
of land in Hebbago-
di, the group has ad-
ded a potential total
GDV of `1,550 crore
in addition to the re-
cent acquisitions in
Mumbai.”
Hebbagodi is stra-
tegically located ne-
ar Electronics City
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8  Companies & Economy THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM

AT WTO, US ASKS INDIA TO...

Wipro Seeks Dismissal
of Ivalua’s Insolvency
Plea from NCLT
Suryash. Kumar
@timesofindia.com
New Delhi: Wipro, Tuesday
sought dismissal of Ivalua’s insol-
vency plea before the National
Company Law Tribunal (NCLT).
Wipro’s counsel contended that
the company was not under any
obligation to clear the invoices as
the service provided never went
beyond the proof of concept stage.
A proof of concept is a testing pe-
riod of the services by the service
recipient before the recipient
adopts it in a full-fledged
way.
Wipro’s counsel in-
formed the tribunal that
it had already paid Ivalua for the
proof of concept stage and since
no service was provided beyond it,
these invoices were unreasonable.
The company said dispute exist-
ed between the parties over the un-
paid payment amounting to about
` 2.81 crore.
Ivalua, a California-based cloud
service provider, had filed an ini-
tiation of corporate insolvency
resolution process (CIRP) petition
against Wipro for unpaid dues
stemming from cloud services it
provided to the Indian software gi-
ant.
Trade Reliance on EU, China
Grows in ’24; Falls for Saudi
UNCTAD REPORT Global trade trends have turned positive; on export side,
China & India exhibited strong quarter-over-quarter export performance
Our Bureau
Global Trade
New Delhi: India’s trade depend- 2024 Q1 growth in %
ence on China and the European
Union (EU) increased in the first Imports Exports
quarter of 2024 while it reduced on Goods Services
Saudi Arabia, the United Nations 6 4
Trade and Development (Unctad) Brazil -2 -2
said in a report on Tuesday.
0 6
In its Global Trade Update, Unctad
China 9 2
said the global trade trends have
turned positive and the trade growth
-1 -2
in the quarter ended March was dri- India
7 3
ven by increased exports from China,
-5 -2
India, and the US, while Europe and Japan
Africa disappointed. -5
As per the report, India’s trade de- 2 -1
pendence on the EU and China in- US
3 -1
creased 1% and 1.2%, respectively,
while that on Saudi Arabia fell 0.5% EU -2 -1
in the quarter. 0 -1
“Global trade growth in the first Source: Unctad
quarter of 2024 was primarily driven
by increased exports from China side, China and India exhibited
(9%), India (7%) and the US (3%),” it strong quarter-over-quarter export
said. Conversely, Europe’s exports performance, the organisation said.
showed no growth and Africa’s ex- During the first quarter of 2024,
ports decreased by 5%. On the export trade growth in developing countries
Delay Need for Health Certificate
with Milk, Pork and Fish Imports
Kirtika.Suneja@timesofindia.com
Certification Concern
New Delhi: The US has asked India to delay by US says health certificate Seeks 6
six months the requirement of a health cer- with milk, fish imports months
trade restrictive delay or find
South-South trade outpaced 2024 tificate accompanied with imported food
developed countries’ in Q1 outlook consignment of milk, pork and fish. At
mutually
agreed
the World Trade Organization
Higher exports from China, positive (WTO) last week, Washington also
solution
India, US drive growth suggested that the certificate requ-
Strong Geopolitical issues, irement be deferred till the two si- EU, Australia,
increases industrial policies to con- des can reach a mutually agreed Japan raise
in green solution. similar
tinue to reshape global
The EU, Australia and Japan also concerns
energy, trade patterns
raised concerns on the issue.
AI-related
India now requires all milk and
products milk products, pork and pork products, India wants health
trade certificate to
and fish and fish products imported into
avoid TB, Q fever
the country to be accompanied with a he-
causing bacteria
alth certificate issued by the competent
12 authority of the exporting country.
The requirement is crucial to confirm US wants
that the milk had been processed to a India to
temperature, which ensures destruction imple-
of organisms causing tuberculosis, listerio- ment
sis, paratuberculosis, Q fever and brucellosis. science,
Also, the imports should not contain drugs, an- risk-based
tibiotics, pesticides or heavy metal residues. measures
and South-South trade outpaced that The US has alleged that this measure is trade YOGEESH
in developed countries. Trade restrictive specifically requiring duplication expedited bilateral engagement between the
growth varied across sectors, with of certificates. competent technical authorities on the import
green energy and AI-related prod- Washington said it “greatly values” the mar- certificate requirements with the goal of mini-
ucts seeing stronger increases. ket opportunities in India and looks forward to mising trade disruptions.

Auto Cos Log Double-Digit Salary Growth Last Fiscal
Prachi Verma &
Sharmistha Mukherjee
New Delhi: Automakers have taken
the lead in salary increases among all
sectors in India, handing out double-
digit hikes to their employees for fi-
scal 2024 amid a robust growth in sa-
les, a Deloitte survey shows.
“Automotive OEMs are projecting
the highest salary increments across
all sectors in 2024, which is 100-140 ba-
sis points (or, 1-1.4 percentage points)
above India average of 9.0%-9.5%,” sa-
id Neelesh Gupta, partner at Deloitte
India.
Most organisations that follow the
April to March fiscal cycle hand out sa-
lary increments during April to July.
ro MotoCorp stood at about 13-14% and
Race to the Top AVG HIKE BY MAJOR COs
MARUTI
10-11%, respectively. Hyundai Motor
India, too, gave annual increments in
Top performers increments early double-digits, they said.
SUZUKI Maruti Suzuki, Hero MotoCorp and
averaged 16.5% in 2024, up
from 15.9% in 2023 13-14% Hyundai Motor declined to comment
on queries sent by ET.
Bonuses averaged HERO MOTOCORP As per Deloitte, the average salary hi-
ke in the auto sector this year is 10.4%.
up to 108% of target,
driven by top-line
10-11% Hyundai The increments for top performers in
Motor India the sector are higher than 2023. “We
growth and
also issued are seeing sharper differentiation as
EBITDA
early double- the top performers’ hikes have been
increase
digit raises on an average 16.5% in 2024 versus
15.9% in 2023, which is 1.7x to that of an
BHAVIN G
average performer,” Gupta said.
About 84% of the companies surve- the development, av-
yed by Deloitte have already doled erage increment for FY FOR FULL REPORT, GO TO
out this year’s increment. 2024 at top carmaker Maruti Suzu- www.economictimes.com
According to sources familiar with ki and leading motorcycle maker He-

Siemens Healthineers Power Min may

to Hire 2k Tech Pros
for Bengaluru Campus
Vishwanath.pilla
@timesofindia.com
Mumbai: Siemens Healt-
hineers, the German me-
dical equipment major,
will be hiring 2,000 softwa-
re and data scientists at its
upcoming campus in
Bengaluru in the next five
years, the company’s top
executive said. Siemens
has committed an invest-
ment of ¤200 million on a
new campus that integra-
tes R&D, manufacturing,
and innovation hub.
“It’s a huge commitment,
it shows how important di-
gital (is) for healthcare,”
Dr Bernd Montag, CEO
of Siemens Healthineers
said at the company’s me-
dia roundtable on Tues-
day.
Siemens Healthineers,
employs about 7,000 peo-
ple in India, of which aro-
und 3,000 people work at
the company’s R&D and
innovation hub. The rest
of the workforce are in
manufacturing, sales, ser-
vice support and other ad-
ministrative functions.
Siemens is a global mar-
ket leader in devices such
as MRI, CT, X-Ray and cath
lab machines.
Through acquisition of
US-based Varian, it beca-
me the market leader in li-
Raise FY32 Peak
Demand Forecast
after Review
near acce-
lerator ma- Our Bureau
chines
used in ra- New Delhi: The power mini-
diotherapy stry is reassessing its forecast
for cancer of peak demand for 2031-32 and
patients. may revise it upwards on the
The com- back of rapidly increasing elec-
pany is al- tricity consumption, which
so into radiopharmaceuti- may have rendered the current
cals and lab diagnostic so- projection of 384 GW impro-
lutions. bably low.
Siemens Healthineers is “We are now working on and
betting on digital techno- updating our projections. We
logies like artificial intel- have been working with the sta-
ligence and machine lear- tes. Some of these states have
ning to improve image qu- already updated their demand
ality, image analysis to ac- and very shortly we will be up-
curately diagnose cancers dating our national
and other diseases, auto- electricity plan al-
mate rou- so,” power secretary
tine tasks, Pankaj Agarwal said
Co has and make on the sidelines of the Confede-
invested ¤200 it easier to ration of India Industry’s Con-
mi on the new operate ference on Smart Metering.
campus that machines Speaking at the event, Agar-
integrates in low re- wal said the feedback amid in-
R&D, source set- creasing consumption was that
manufacturing tings. the peak demand might cross
and Along 400 GW in 2031-32, as against the
innovation with tech- ministry’s assessment of 384
nology ta- GW. India’s peak demand tou-
lent, Montag says India ched a record 250 GW in May
has emerged as one of the amid heatwaves and higher-
fastest growing markets than-normal temperatures.
globally for Siemens He- The projection for this financi-
althineers, faster than al year is that the demand could
even China. go up to 260 GW. Talking about fi-
“India is an important nancial viability, the power se-
market, it is a growth ac- cretary said the sector was still
cretive, we aim for a doub- sitting on accumulated losses of
le digit target, there is mo- more than `6.5 lakh crore.
mentum,” Montag said. which was a big challenge.

Rural Job Demand Under

NREGS Falls 22.5% in June
Drop may be due to economic activity, heat wave
Banikinkar.Pattanayak
@timesofindia.com
Welcome Drop
(Work demand from
New Delhi: Demand for work individuals, %
under the government’s flags- change, y-o-y)
hip rural job guarantee pro- Jun-23 2.3
gramme moderated at the
sharpest pace in over a year in Jul 15.3
June, possibly reflecting Aug 19.5
strong economic activity and
the impact of intense heat wa- Sep 9.5
ves.
Oct 17.6
Work demand under the Ma-
hatma Gandhi National Rural Nov -6.9
Employment Guarantee
Dec -7.3
Scheme (MGNREGS) usually
drops when better-paying Jan-24 -7.7
employment opportunities
are available with strong eco- Feb -0.2
nomic growth. Mar -18.1
According to the prelimina-
ry data compiled by the rural Apr -5
development ministry, about May -12.1
34.25 million individuals so-
ught work in June under the Jun-24 -22.5
scheme, down 22.5% from a ye- Source: Rural development
ar earlier. ministry
With this, the work demand YOGEESH
contracted for an eighth stra-
ight month through June, sho- before and 2.8% from the pre-
wed the data. vious month. Sequentially, fe-
The individuals represented wer individuals sought work
26.42 million households in (down 8.5% in June from the
June, down 21.6% from a year previous month).

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The US-based short-seller says Kotak Bank created and managed offshore fund
used by one of its partners for Adani stock trades; Kotak says neither the fund nor
KMIL were aware that Kingdon entities had any association with Hindenburg
Kotak Bank Created Fund Used
to Bet against Adani: Hindenburg
Our Bureau
Mumbai: Hindenburg on Monday said
that Kotak Mahindra Bank, founded by
Uday Kotak, created and managed the off-
shore fund structure used by one of its in-
vestor partners for Adani stock trades ahe-
ad of the Hindenburg report last January.
The Kotak stock was among the top five Nif-
ty losers Tuesday.
The allegations come after the market re-
gulator, Securities and Exchange Board of
India (Sebi), issued a show-cause notice on
June 27 to six entities, including K India Op-
portunities Fund (KIOF), a Sebi-registered
foreign portfolio investor (FPI) managed by
Kotak Mahindra International.
The Sebi showcase notice said Hinden-
burg allegedly enabled Kingdon Capital to
set up a fund, K Indian Opportunities Fund,
to create short positions in Adani stocks
ahead of the Hindenburg report. On Janua-
ry 9, 2023, Master Fund owned by Mark
Kingdon transferred $40 million to KIOF, of
which $15 million was converted into rupe-
es and used as margin to take short posi-
tions on Adani Enterprises futures.
According to Sebi, these positions were
squared off in February 2023, leading to a
gain of $22.25 million.
Kotak Mahindra Bank did not respond
to ET’s specific queries. However, in an
exchange filing the lender said that
KMIL was informed by Kingdon that the
transactions were made on a principal
basis, i.e. for themselves. “Kingdon never
disclosed that they had any relationship
with Hindenburg nor that they were ac-
ting on the basis of any price sensitive in-
formation,” Kotak said.
According to the show-cause notice, Se-
bi said a short position of 850,000 shares
were built in the futures of Adani Enter-
prises by KIOF on January 20, 2023. Bet-
ween February 1 and 22, 2023, these sha-
res were squared off, resulting in a profit
Adani Saga Heads for a Messy Closure
ANALYSIS
Sugata.Ghosh@timesofindia.com
Mumbai: A scurrilous story that was
slowly fizzling out, has made a messy
reappearance. An unhindered Wall
Street player that thrives on blemishes
of others and is seemingly answerable
to no one, has cast aspersions on an
overbearing regulator which is used to
dealing with timid fund managers and
brokers.
The Adani story has moved beyond
Adani: it’s now turning into a skir-
mish, playing out in full public glare,
between Hindenburg — the American
researcher and short-seller — and capi-
tal market regulator SEBI which was
possibly hoping for a quiet end to a sor-
did chapter.
Hindenburg, emboldened by the beli-
ef that it is beyond SEBI’s jurisdiction,
did what Indian regulated entities wo-
uld never dare to do: it posted the show
cause notice from SEBI while mincing
no words in accusing the regulator of
treating local corporate biggies with
kid gloves, training its guns on the mes-
senger instead of going to the bottom of
the message, and even threatening to
invoke the RTI law to fish out details of
what transpired in the multiple mee-
tings between the capital market regu-
lator and Adani officials.
Much of this could simply be for ef-
fect. Just as SEBI knows it can do very
little besides slapping a notice on Hin-
denburg, the latter is aware that it can
never lay its hands on the minutes of
SEBI meetings. Amid this shadow box-
UNDER FEMA
RBI Issues Draft to Rationalise
Export-Import Regulations
Our Bureau
Mumbai: The Reserve Bank of India on
Tuesday released draft regulations to
rationalise norms for export-import
transactions, proposing discretionary
powers for banks when it comes to a ‘cau-
tion list’ for exporters who fail to bring in
foreign exchange on time.
“Where an export amount is outstanding
in EDPMS (export data processing and
monitoring system) for a period of more
than two years from the due date of realiza-
tion (including extension of the period
granted by authorised dealer bank, if any),
AD banks shall ensure that exporter is
flagged as ‘caution listed’ in the EDPMS,”
the RBI said in the draft regulations and
directions.
The draft regulations, which are under
the Foreign Exchange Management Act
(FEMA), are available for public respon-
se and feedback may be forwarded to the
RBI via email by September 1, the central
bank said.
The RBI said that the proposed regula-
tions are intended to promote ease of doing
business, especially for small exporters
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Hope
Beating Volatility
Adani Group Stocks
LTP % Chg over Mcap Chg over
Stock
(`) Jan 24 ’23 Jan 24 ’23 (`Cr)
Adani Power 710.80
Adani Ports & SEZ 1,474.10
Sanghi Industries 101.92
691.75
Ambuja Cements
2,770.30
ACC
Adani Green Energy 1,773.15
Adani Enterprises 3,150.60
New Delhi Television 223.85
Adani Wilmar 335.85
Adani Energy Solutions 1,023.80
Adani Total Gas 904.40
Compiled by: ETIG Database
of `183 crore. After the release of the re-
port, Adani Enterprises lost 59% betwe-
en January 24 and February 22, 2023.
Sebi said that KIOF was aware of the time
when the Hindenburg report would be dis-
seminated to the public and planned the
short sale accordingly.
“By effecting a scheme to share with Hin-
denburg the profit from the trade in Indian
listed companies based on an overall nega-
tive draft of Hindenburg report whose ti-
ming of publication was known to KIOF
through Kingdom Capital, and by failing to
ensure that the research report was used in
compliance with RA Regulations, KIOF fai-
led to exercise due diligence, engaged in
fraudulent transactions, which is in viola-
tions of the Sebi FPI regulations,” the Sebi
show case notice said.
In response, Kotak said “Neither the
Fund nor KMIL were aware that Kingdon
entities, which include a US SEC registe-
red investment advisor, in respect of
ing, the Adani group, the original prota-
gonist of the story, may be having the
last laugh: the stocks prices of Adani
companies have roared back since Hin-
denburg’s damaging report in January
2023; the floating stock of these listed
entities has increased following invest-
ments by global investors; and, now the
spotlight has suddenly shifted to an
unexpected, even if a short-lived, tussle
between Hindenburg, its bête noire,
and the regulator.
KINGDON, KOTAK & NPI
No one, maybe not even Hindenburg,
can deny that rules were twisted, if not
outright broken. The offshore firm did
not tie up with any SEBI regulated local
research analysts in putting out a detai-
led, riveting report on Adani, accusing
it of price manipulation and accoun-
ting fraud, even though most of the con-
tent was culled out from publicly avai-
lable information. Instead of charging
a plain fee for its research, it cut a profit-
sharing deal with Kingdon, a curiously
named Cayman investor, which took
short futures positions in the Adani
flagship stock.
The trades by Kingdon brought to the fo-
and importers, while empowering authori-
sed dealer banks to provide quicker and
more efficient services to foreign exchange
customers.
It said while flagging an exporter as
‘caution listed’, banks must duly inform
exporters and that they must be given the
opportunity to be heard.
“When caution listed exporters submit
export documents for negotiation/pur-
chase/discount/collection, etc., AD banks
may accept export documents only if the
exporter concerned produces evidence of
having received advance payment or
receiving the payment under an irrevo-
cable letter of credit,” the RBI said.
ET had reported in August 2023 that an
Greed
Fear
WWW.ETMARKETS.COM
BENGALURU, WEDNESDAY, 3 JULY 2024
158.66 1,68,163
93.74 1,54,074
43.75 801
71,391
38.75
8,153
18.58
-7.34 -22,240
-8.49 -33,305
-21.17 -388
-41.40 -30,841
-62.85 -1,93,243
-76.72 -3,27,860
whom KYC as per law was duly perfor-
med, had any association with Hinden-
burg. The Fund and KMIL had no prior
knowledge of the publication of the afo-
resaid Hindenburg report.”
Share of Kotak Mahindra Bank which fell
as much as 4% intraday Tuesday ended
2.16% lower at `1,769.60.
Hindenburg in its blog criticised the mar-
ket regulator for failing to name the Kotak
Mahindra Bank in the show cause notice.
“While Sebi seemingly tied itself in
knots to claim jurisdiction over us, its no-
tice conspicuously failed to name the par-
ty that has an actual tie to India: Kotak
Bank, one of India’s largest banks and
brokerage firms founded by Uday Kotak,
which created and oversaw the offshore
fund structure used by our investor part-
ner to bet against Adani. Instead, it simp-
ly named the K-India Opportunities fund
and masked the “Kotak” name with the
acronym “KMIL”.
re the role played by Kotak — an interes-
ting revelation from Hindenburg’s out-
burst on Tuesday. Since Kingdon is an
overseas firm not regulated in India, it
used a Kotak entity, a Mauritius-incorpo-
rated foreign portfolio investor (FPI) re-
gistered with SEBI, to do the trades. SEBI
suspects that Kotak, which handled the
hurriedly organised trades, was privy to
the contents of the Hindenburg report
(which was yet to be published), the ti-
ming of its release, and the possible ha-
voc it would cause. These are 'non-public
information’ (NPI) as opposed to ‘unpub-
lished price sensitive information’ (UP-
SI), a more familiar term in equity mar-
ket stories on price manipulation and in-
sider trading. Technically, an FPI does
not question the trades of its investors.
However, if Kotak, as a fund vehicle and
custodian, had consciously facilitated
these Kingdon trades, it (according to SE-
BI) was a violation of fund regulations
and code of conduct. But was Kotak in
possession of the NPI? That’s for SEBI to
prove, though Kotak denied it was aware
of Hinderburg’s deal with Kingdon.
The Kotak element in the Adani story,
which perhaps would have surfaced la-
ter, boiled over with Hindenburg trying
to buttress its allegation that the regu-
lator was soft on Indian companies — a
rather sweeping insinuation as the Ko-
tak fund was also showcaused, along
with Hindenburg.
Based on its findings, SEBI had ques-
tioned Adani about related party
transactions and inadequate disclo-
sures though many would think it’s a
mere rap on the knuckle. However,
Hindenburg’s surprise counterattack
could make the closure of the Adani
saga messier than what SEBI had bar-
gained for.
internal working group of the RBI had
recommended rationalisation of the
caution listing process, which poses
significant hurdles for exporters who
are on the list.
When all the outstanding export proceeds
are realised, including by way of setting
off or reduction in realisable value, banks
shall remove exporters from the caution
list and update the status or remove the
caution flag from the EDMPS.
The RBI said banks may allow the
set-off of export receivables against
import payables for the same counter-
parties only if they are satisfied that the
grounds for such requests are legitimate
and justifiable.
Further, banks shall not allow the set-off
of export receivables for goods against
import payables for services and vice-
versa, the RBI said.
Banks shall put in place a comprehensive
and well-documented policy as approved
by their boards within six months of the
issuance of the RBI’s circular for the
management of payment transactions
related to export or import of goods and
services and merchanting trade, the cen-
tral bank said.
Time: 07-02-2024 23:51 Color:
Panic
UP TO $4 BILLION PASSIVE FUND INFLOWS LIKELY
FII Stake in HDFC Bank
Falls Below 55%, ADRs
Rally on Likely Inflows
Lender’s weightage in
MSCI Standard could
double in August index rejig
Our Bureau
Mumbai: American Depository Rece-
ipts (ADRs) of HDFC Bank rallied more
than 4.37% in early trading on the New
York Stock Exchange Tuesday driven by
expectations that its weighting on the
MSCI Standard Index could double in the
August reshuffle.
This anticipation follows a decline in
foreign investors’ stakes to below 55% in
the June 2024 quarter. The change in
MSCI weighting could potentially lead to
an inflow of up to $4 billion from passive
funds, analysts' estimates showed.
Legroom for foreign holding in the
bank has now gone up to 25.9%, against
the MSCI requirement of 25% for increa-
sing the weighting.
“Currently, HDFC Bank's weighting in
the MSCI EM Index is around 3.8%. After
the rejig, this could jump to 7.2-7.5%, po-
tentially bringing in $3.2 billion to $4 bil-
lion in inflows,” said Abhilash Pagaria,
head - Nuvama Alternative & Quantitati-
ve Research.
On the NSE, shares of the bank had clo-
sed at `1,728 after a gain of 1.34% on Tues-
day. The shares have returned 10% in the
past one month.
Allied Blenders Shares List at
13.8% Premium over Offer Price
Our Bureau
Mumbai: Shares of Allied Blenders and
Distillers listed on Tuesday at `320
apiece, a premium of 13.8% over its issue
price of `281. The stock recorded a high of
`324.8 and closed at `317. The market capi-
talisation of the company stood at `8,891
crore at Tuesday’s close.
The `1,500-crore public issue was sub-
scribed 23.55 times last week, with inves-
Hope
THE ECONOMIC TIMES
A 50 bps decline in FIIs stake in the June 2024 quarter could double HDFC Bank’s
weight in the MSCI Standard Index, potentially leading to large passive fund inflows
HDFC’s Potential Weight Gain in
MSCI Index may Bring $4-b Inflows
Our Bureau
Mumbai: HDFC Bank shares are
likely to remain in the spotlight in
the near term due to a potential
weight change in the MSCI Stan-
dard Index. A 50 bps decline in fo-
reign institutional investors’ (FI-
Is) stake in the June 2024 quarter
could double its weight in the
MSCI Standard Index, potentially
leading to inflows of up to $4 bil-
lion from passive funds, accor-
ding to analyst estimates.
As of March 2024, FIIs held a
55.54% stake in India's most valu-
able bank. If the FII shareholding
falls below 55%, it will necessitate
an FII headroom of 25%, causing
the half-factor to move to full, ac-
cording to Nuvama Alternative &
Quantitative Research.
“If FIIs reduce their holding
from 55.50% to below 55%, there
could be a significant weight
change from 3.8% to 7.2% to
7.5%, potentially leading to in-
flows of $3.2 billion to $4 bil-
lion,” said Abhilash Pagaria, he-
ad – Nuvama Alternative & Qu-
antitative Research.
HDFC Bank’s shareholding pat-
ET reported on July 1 that a 50-bps
decline in FII stake could double
HDFC Bank’s weight in the MSCI
Standard Index
As of March-end, FIIs held a 55.54% in
HDFC Bank, and a fall below 55% would
allow an FII headroom of 25%, causing
the half-factor to move to full, according
to Nuvama Alternative & Quantitative
Research. The MSCI August review will
be announced on August 13, and the ad-
justment will take place on August 30.
HDFC Bank missed out on the prospect
of doubling the MSCI weight by a whis-
ker in the March quarter. Overseas inves-
tors’ stake in HDFC Bank fell in the
March quarter, but just short of index
provider MSCI’s requirements to increa-
se the stock’s weight on the index.
HDFC Bank shares have rallied nearly
16% in the last three months.
tors bidding for 92.71 crore shares against
the offer size of 3.93 crore shares. The IPO
consisted of a fresh issue of `1,000 crore
and an offer for sale of `500 crore.
The company plans to use the proceeds
from the fresh issue worth `720 crore for
repayment of outstanding borrowings
and general corporate purposes.
IPO WATCH
SMART
INVESTING
ET in The
Classroom:
Managers
of Your
Money
Market Trends
STOCK INDICES
Nifty 50 24124
% CHANGE
0.07
S&P Sensex
MSCI India
79441
1735
0.04
0.32
MSCI EM 2831 0.57
MSCI BRIC 617 3.90
MSCI World 16341 0.05
WWW.ECONOMICTIMES.COM Nikkei 40075 1.12
Hang Seng 17769 0.29
Kospi(S.Korea) 2781 0.84
Straits Times 3368 0.88
OIL ($/BRL)
DUBAI CRUDE
88.72
tern for the quarter ended June Overseas investors’ stake in HDFC factor of 1 will allow foreign in
2024 is expected this week. The
forthcoming MSCI EM Index re-
balancing will be in August, with
Bank fell in the March quarter, but
just short of index provider MSCI’s
requirements to increase the
vestors headroom to buy at least a
25% stake in the bank.
In the March quarter of the pre-
0.64
the official announcement on Au- stock’s weight on the index. vious year, the foreign holding of
gust 13. However, price action is Following the merger of HDFC Kotak Mahindra Bank experien-
likely to occur pre-emptively as
speculation builds ahead of the
release of the shareholding data.
Bank and HDFC last year, the
combined entity's total weight in
the MSCI index should have been
ced a decline of 1.47%, leading to an
increase in foreign headroom from
22.38% to 25.05%. Subsequently,
Absolute Change
HDFC Bank shares have rallied higher, considering the total free MSCI adjusted its factor from 0.50
nearly 16% in the last three
months compared to a 7.5% rise in
the benchmark Sensex.
HDFC Bank missed out on the pro-
float capitalisation. HDFC had a
weight of 6.74% in the MSCI in-
dex while HDFC Bank had aro-
und 3-5%. However, MSCI opted to
to 1, resulting in an inflow of over
$700 million. After declining 2% in
the year until April 2023, the stock
witnessed a robust rally of over GOLD RATE
spect of doubling the MSCI weight maintain an adjustment factor of 12% within a month following the
by a whisker in the March quarter. 0.5 instead of 1. An adjustment adjustment factor change.
US ($/Oz) India (`/10Gm)
OPEN 2330.70 71684.00
LAST* 2326.90 71595.00
Prev chg (%) -0.03 -0.08
FOREX RATE (`-$ Exchange Rate)
OPEN LAST*
83.44 83.48
*At 6 pm IST Source: Bloomberg, MCX, ETIG
Market on Twitter@ETMarkets
CLOSES AT 83.48
Rupee Weakens
4 Paise Vs Dollar
Mumbai: The rupee
depreciated 4 paise to
settle at 83.48 against
the US dollar on Tues-
day, weighed down by
a strong greenback in the over-
seas market and elevated global
crude oil prices.
Besides, a muted trend in domes-
tic equities and foreign fund out-
flows dented investor sentiments,
forex traders said.
The local unit opened at 83.51 and
hit the intraday high of 83.47 and a
low of 83.56 against the American
currency during the session.
It finally settled at 83.48 against
the dollar, 4 paise lower than its
previous close.
On Monday, the rupee depreciat-
Bansal Wire Industries, ed 10 paise to settle at 83.44 against
Emcure Pharma
On Smart Investing
the US dollar. – PTI
 CCI NG 3.17 Product: ETBangaloreBS PubDate: 03-07-2024 Zone: Bangalore Edition: 1 Page: ETBGNP10 User: raghav.jindal Time: 07-02-2024 23:56 Color:

10 Smart Investing THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM

CAPACITY EXPANSION and financial strength serve well;
unorganised nature of steel wire market poses risks
Bansal Wire Needs Long Emcure Pharma has
View, High-risk Appetite Many Better Options
Ashutosh.Shyam@timesofindia.com
ET Intelligence Group: Bansal Wire Indu-
stries (BWI), a manufacturer of industrial
steel wires, plans to raise `745 crore through
a fresh issue of shares.
Of this, `452 crore will be used to reduce
debt and the rest will be used towards mee-
ting working capital needs. The promoter
stake will decrease to 77% after the IPO from
95.7%. Recently, the company doubled its in-
stalled capacity with an investment of `500
crore. The full benefits of the new plant,
which was commissioned towards the end
of FY24, are expected to be reflected in the
current fiscal year. Additionally, long-term
debt will be reduced by two-thirds following
the IPO, leading to lower interest expenses.
However, the steel wires segment is highly
fragmented, with the top 10 companies hol-
ding just over 22% market share.
Given these factors and a rich valuation,
the stock looks suitable for long-term inves-
tors with a high risk appetite.
Business: Incorporated in 1985 and Delhi-
based, BWI manufactures high-carbon, low-
carbon, and stainless steel (SS) wires. The
high-carbon wire finds applications in
springs, cutting tools, and industrial com-
ponents while the low-carbon wire is used in
power transmission, agriculture, poultry,
fencing, and construction. SS wires, the
company’s highest-volume product, are
used in consumer durables, hardware, auto-
motive, agriculture, and general enginee-
ring products. SS wire contributes nearly
half to the total revenue followed by high
carbon wire at 22% and low carbon wire at
8%. BWI is the country’s largest SS wire ma-
nufacturing company and the second-lar-
gest steel wire company in India with capa-
cities of 72,176 metric tonnes per annum
(MTPA) and 206,466 MTPA, representing
20% and 4% market share, respectively. The
company’s total installed capacity is 600,000
MTPA after the recent capacity expansion.
Financials: Revenue grew at an annual rate
of 19.7% between FY13 and FY23, reaching
`2,422 crore, while operating profit (Ebitda)
increased by 20.9% to `114 crore. However,
due to capacity constraints, revenue grew at
AFTER `896-CR DEAL WITH 7-BANK GROUP LAST YEAR
Calling Investors
ISSUE HIGHLIGHTS
Dates: July 3-5
Size: Up to `745 cr
Price Band: `243-256 per share
Lot Size: 58 shares
Face value: `5
Implied market cap: `4,000 cr
Retail portion: 35% of net issue
HEMANT L
a slower annual rate of 6.2% between FY22
and FY24 reaching ` 2,466 crore while net
profit rose by 17% to ` 78.7 crore, mainly dri-
ven by a superior product mix. The Ebitda
margin expanded by 130 basis points year-
on-year to 6% in FY24. The company’s bor-
rowings rose to `681 crore in FY24 from `422
crore in the previous year, resulting in a
debt-to-equity ratio of 1.5. BWI’s return on
equity (RoE) of 21.19% and return
on capital employed (RoCE) of
18.46% are above the industry av-
erage.
IPO WATCH
Risks: The steel wire industry is highly frag-
mented, with more than three-fourths of the
market held by unbranded players. Increased
competitive pressure may impact margins.
The company’s top five suppliers account for
50% of total purchases. Any shortage, delay, or
disruption in the raw materials supply may ad-
versely affect financial performance.
Valuation: BWI demands a price-earnings
(P/E) multiple of 50 based on FY24 ear-
nings. Its peers who earn lower revenues,
trade at P/Es between 42 and 48.
LEADERSHIP IN NICHE SEGMENTS with widening footprint
are positives, but profitability record and debt costs weigh
Dull Show
Consolidated Financial Highlights (`cr)
Indicator FY24 FY23 FY22
Net Sales 6,658 5,986 5,855
Raw Material Cost 2,475 2,260 2,233
Finance Cost 237 214 176
Ebitda Margin (%) 19 20.2 23.5
Net Profit 527 562 702
Kiran.Somvanshi@timesofindia.com
ET Intelligence Group: Promoted by the
family of Namita Thapar of the ‘Shark
Tank’ fame, Emcure Pharma is the 13th lar-
gest player in the Indian pharmaceutical
market. The Pune-based company is rol-
ling out a `1,952 crore initial public offe-
ring comprising a fresh issue of `800 crore
and an offer of sale (OFS) of `1,152 crore.
The IPO represents 10.2% of the post-paid-
up capital of the company. The proceeds of
the issue are going to be used to repay debt
to the tune of `600 crore.
Among the promoters selling in the OFS,
the chief executive Satish Mehta is selling
420,000 shares amounting to `42.3 crore at
the upper price band, while executive direc-
tor Namita Thapar is selling 1,268,600 sha-
res amounting to `127.8 crore.
Business: Set up in 1981 by Satish
Mehta, Emcure Pharma today
has grown to be the largest phar-
ma company in the gynaecology
and HIV therapeutic areas in In-
dia. Sixteen of its top 20 brands are ranked
among the top three highest-selling brands
in their respective categories. Emcure has
grown faster than the market across both
acute and chronic portfolios. It earns 48%
of its revenues from the domestic market.
Outside India, Europe and Canada are its
primary international markets. It has ma-
de acquisitions to enter and expand in new
markets. The company has 13 manufactu-
ring facilities across India and five R&D fa-
cilities. It spent 4.7% of its revenues to-
wards R&D in FY24.
Managers
IN THE
CLASSROOM
of Your
Money
A fund manager is a part of the in-
vestment team at a fund house and
one of the most important persons
responsible for building the portfo-
lio, monitoring it, generating returns
ISSUE
HIGHLIGHTS and ensuring it runs in line with the
objectives and mandate of the fund.
Dates: July 3-5
Size: `1,952 cr
WHO IS A FUND WHAT ARE THE ROLES AND
Fresh Issue: `800 cr
MANAGER? RESPONSIBILITIES?
Offer for Sale:
A fund manager is an The major role of a fund manager is
`1,152 cr
investment expert building the portfolio, making buy
Price Band:
`960-1,008
responsible for man- and sell decisions, and analysing the
aging the mutual fund markets, companies and sectors that he
scheme’s investment tracks. The fund manager is tasked with
strategy. Fund man- generating optimal returns, deploying
CORE MARKET agers choose equity/ money as and when inflows come into
debt instruments for the scheme and managing redemptions
Emcure is the largest the schemes. Every with the help of the investment team.
scheme is usually Since fund managers are responsible for
player in gynaecol- managed by one or the success of the fund, they also meet
two fund managers. company managements and study the
ogy and HIV ther- If a scheme is huge financial industry and the economy.
or has more than one Another crucial role is managing the
apeutic areas with 16 brands asset class, it would overall risk in the portfolio. They also
have more than two track the performance of their schemes
ranked among the top three managers. The fund and decide to exit underperforming
manager is a key stocks or add those that can generate
Financials & Growth Prospects: The com- employee of the fund higher returns than the benchmark and
pany’s revenues have grown at a CAGR of house and many beat their peer funds. Finally, they need
6.6% to `6,658 crore in FY23. The net profit de- investors consider and to ensure compliance with regulato-
clined from `702 crore in FY22 to `562 crore in check his credentials ry guidelines. A fund manager is also
FY23 and fell further to `527 crore in FY24. before allocating mon- responsible for managing and guiding a
The Ebitda margin decreased from 23.5% in ey to a scheme. team of analysts.
FY22 to 20.2% in FY23 and stood at 19% in
FY24. Emcure has incurred capex of `1,148
crore in the past three fiscal years. Invest-
ments toward marketing, manufacturing
and R&D capabilities have put pressure on
the overall cash flows and return ratios. The
finance cost has also steadily risen over the
past three years. Repaying a part of this debt
should reduce the finance cost going ahead.
Valuations: At an implied market cap of
over `19,000 crore, the IPO values the compa-
ny at 36 times its FY24 net profit. This is pre-
mium pricing for the mid-sized company at a
time when investor interest in the pharma
sector remains high.
While the valuations will rationalise mar-
ginally due to the improvement of the bot-
tom line after debt repayment, there are seve-
ral more promising and profitable listed pla-
yers in the pharma space. Investors may av-
oid subscribing to the IPO. HOW IS AN ACTIVE WHAT IS A FUND MANAGER
FUND MANAGER PAID AND WHAT IS THE
DIFFERENT FROM A CAREER PATH?

Acre Sells Nagarjuna Debt

PJTL Lenders
Accept One-time
Amaravati Revival may PASSIVE ONE?
Active fund managers aim
to outperform peers and
Given the high growth in the mutual
fund industry today, a fund manage-
ment role is a sought-after job. Most
of them hold educational qualifica-

Boost NCC’s Appeal

the benchmark indexes.
Promoter Offer They analyse companies tions such as engineering plus MBA,

to AM Green for `1,685 cr Joel.Rebello@timesofindia.com

ARC recovers 88% of
its cost; Greenko arm
to take control of
fertiliser co’s assets
Joel.Rebello@timesofindia.com
Mumbai: Bad loan aggregator
Acre ARC has completed the sale
of `3,857 crore debt of Nagarjuna
Fertilizers and Chemicals to AM
Green Ammonia for a cash consi-
deration of `1,685 crore recove-
ring more than 88% of the `896
crore it paid to a seven-bank con-
sortium in March last year.
With this deal, AM Green, an arm
of Hyderabad-based renewable
energy company Greenko will ta-
Adi- Nadir Group Buys out 12.5% in
Godrej Industries from Rishad Naoroji
Mumbai: The Adi-Nadir Godrej
faction has agreed to buy out the
12.65 percent stake estimated at Rs
3;858 crore in Godrej Industries
via block deals from RKN Enter-
prises which is owned by Rishad
Naoroji, a cousin of Adi Godrej.
The move is part of a family set-
tlement agreement announced by
the Godrej family in early May
this year.Godrej Industries closed
marginally up around 1.6% at Rs
900.55 on the BSE on Tuesday.
In a statement to the stock ex-
change, the group said the trans-
action will be completed through
ke control of the assets of the com-
pany. Acre ARC declined to com-
ment when reached.
The company will sign a commer-
cial agreement with Nagarjuna to
use its brand, network and resour-
ces in exchange for a royalty, people
familiar with the deal said.
“The deal is such that the assets
will now be controlled by Greenko
but there is currently no change in
Nagarjuna’s shareholding. There
is likely to be an agreement betwe-
en the two parties through which
AM Green will use Nagarjuna's
brand, network, resources and pe-
ople in exchange for a royalty,” sa-
id a person familiar with the
transaction.
For Acre, the deal is significant
since the ARC had consolidated
the debt from a seven-bank consor-
tium as recently as March 2023.
block deals and the 12.65 percent
stake is worth Rs 3,858 crore.
The Godrej family announced a
settlement—according to which
the Adi-Nadir and Jamshyd-Smita
families would buy out each oth-
er’s stakes for zero consideration
in each other’s companies.
While the Adi and Nadir Godrej
faction now known as Godrej In-
dustries Group (GIG) controls Go-
drej Industries , Godrej Properties
and Godrej Consumer Products,
the Jamshyd Godrej family now
Godrej Enterprises Group (GEG)
controls unlisted Godrej and
Boyce Mfg . —Our Bureau
Mumbai: Lenders to the debt-la-
den Panipat Jalandhar NH 1 Toll-
way (PJTL) have agreed to comple-
te a one-time settlement (OTS) on
their `3,400 crore dues accepting a
`1,020 crore all-cash offer from pro-
moters Canada-based Roadis Gro-
up and Hyderabad-based Soma
Enterprises for a recovery of abo-
ut 30% of their claims, two people
familiar with the deal said.
“This account was impacted by
the farmers’ agitation
in that stretch a few
years and was subse-
quently declared a
NPA. A few months
ago the National As-
set Reconstruction Co (NARCL)
had also given an offer to take over
the debt but the promoters have co-
me back and offered more which is
broadly accepted by all lenders,”
said a person familiar with the
process.
Government-backed bad loan
aggregator NARCL had offered
`1,000 crore to banks to take over
the debt. But unlike the OTS from
the promoters, this offer included
85% security receipts which had
to be encashed post-recovery.
To be sure, the settlement offer
from the Roadies-Soma consorti-
um has to be approved by all 10
lenders in the consortium, accor-
ding to Reserve Bank of India re-
gulations. “Almost all lenders are
on board but to complete the whole
process including getting appro-
vals from all banks will take some
time. Lenders are hopeful that they
can close this transaction this quar-
ter,” said a second person aware of
the details.
Execution record, orders and finances make
firm a strong contender for state govt projects
Rajesh.Naidu@timesofindia.com
ET Intelligence Group: The stock
of NCC, an Andhra Pradesh-based
construction company, has gained
32% over the past three months com-
pared with the 4% drop in the ET
Construction index.
The company is expected to benefit
from the newly-elected govern-
ment’s infrastructure push and the
building of Amaravati as the new
capital. Given its strong execution
record, NCC is expected to gain in-
frastructure projects awarded by
states including Andhra Pradesh.
A key factor which gives NCC an
edge over peers is its well-diversified
order book. At present, on a consoli-
dated basis, the company has an or-
der book of `57,536 crore, offering re-
venue visibility for at least two-and-
a-half years. It is spread across buil-
ding, mining, railways, electricity,
water and environment.
The company has a pan-India pre-
sence covering 13 cities across states
such as Maharashtra, Andhra Pra-
desh, Telangana, Karnataka, Guja-
rat, Uttar Pradesh, West Bengal and
Tamil Nadu. NCC has also focused
on improving the balance sheet
strength by reducing debt over the
past few years. The debt has remai-
ned closer to `1,000 crore in FY23 and
FY24, which is the lowest in 15 years,
according to a report by HDFC Secu-
rities. As of FY24, the company’s
debt-to-equity ratio was 0.14.
Following the results of the gene-
ral elections on June 4, NCC’s stock
has gained 19.8%. Expectations are
Street Outlook
NCC: Financial Estimates
Indicator FY25E FY26E
Net Sales
21,053 24,209
(` cr)
Ebitda (` cr) 2,105 2,547
Ebitda
10.0 10.5
Margin (%)
Adj. Net
Profit (` cr)
Adjusted
1,048 1,370
16.7 21.8
EPS (`)
RoNW (%) 13.6 15.4
RoCE (%) 23.1 26.2
SOURCE: Company, ICICI Direct Research
high that the company may win
strong orders from the Andhra Pra-
desh government spanning roads,
highways and irrigation segments
as it brings the Amaravati project
back on track.
NCC’s revenue grew by 34% year-
on-year to `20,845 crore in FY24 whi-
le net profit rose by 14.5% to `740 cro-
re. The company has guided for an
order book inflow of `20,000 crore to
`22,000 crore and revenue growth of
15% for FY25. On average, analysts
expect 60-65% year-on-year growth
in earnings per share (EPS) for
FY25. ICICI Securities estimates re-
venue to grow by 15% annually bet-
ween FY24 and FY26 to `24,209 crore.
Considering FY25 estimates,
NCC’s enterprise value is 9.2 times
Ebitda compared with the three-ye-
ar average valuation of 15.4.
and change portfolios dy-
namically based on funda-
chartered accountant or chartered
financial analyst. While they earn a
fixed salary, they are also com-
mental parameters. They
generally charge higher pensated based on the scheme’s
fees because they take on performance and earn a perfor-
a more proactive role and mance bonus — typically a function
use more organisational of the assets under management
and returns earned by the schemes.
resources. Passive fund
managers, on the other Some fund houses also award their
hand, trade securities that managers stock options. A fund
are held in a benchmark manager can progress to a chief
index and mirror its investment officer or even the chief
executive officer of a fund house.
returns. Fees for passive
funds are much lower than
for active funds. PRASHANT MAHESH
Volume-based Discounts
am vanishes with the new Sebi
From Page 1
order, said the founder of the le-
“Under the previous practice bet- ading discount brokerage.
ween MIIs and brokerages, the “With the new circular, we will,
brokers would be charged a flat ra- in all likelihood, have to let go of
te based on turnover of brokera- the zero-brokerage structure,
ges, at Rs 3.25 per lakh of trades up and/or increase brokerage for
to Rs 1,250 crore of turnover in F&O trades. Brokers across the
cash markets. The charges would
decrease each slab,” said Jimeet
industry will also have to tweak
their pricing,” Kamath said.
Modi, CEO at Samco Securities.
“These volume-based discounts
Zerodha does not
charge for delive-
Zerodha does
benefitted large brokers, as this ry-based transac-
not charge for
was their additional income, since tions but charges
delivery based
investors would be charged a flat a flat Rs 20 per fu-
transactions
base rate of Rs 3.25 per lakh.” An- tures and options
but charges a
gel One, the biggest loser among (F&O) trade.
flat `20 per
listed broking firms, fell 8.6%. Groww charges
futures and
Shares of IIFL Securities, Moti- Rs 20, or 0.05%,
options trade
lal Oswal Financial Services, Em- per order, whiche-
kay Global Financial Services and ver is lower, for cash market
Geojit Financial Services fell bet- transactions and a flat Rs 20 per
ween 3% and 7%. Financial inter- order for F&O trades.
mediary Samco’s estimates sho- The National Stock Exchange
wed the Sebi move could cause an (NSE) levies transaction char-
industry-wide revenue loss of abo- ges of Rs 3-3.25 per lakh, depen-
ut `2,000 crore. ding on the turnover. In the futu-
res segment, the bourse charges
REVENUE STREAM DRIES UP Rs 1.75-1.9 for trades worth Rs 1
Nithin Kamath, founder and chi- lakh, depending on various
ef executive of Zerodha, said on slabs. In the case of options, this

Sebi’s Contention Brands Anxious After Checks

From Page 1
In an exchange filing late eve-
ning, Kotak Mahindra Bank said
Kotak Mahindra International
(KMIL) was informed by King-
don the transactions were made
on a principal basis, i.e. for them-
selves. “Kingdon never disclosed
that they had any relationship
with Hindenburg, nor that they
were acting on the basis of any
price sensitive information,” Ko-
tak Mahindra Bank said.
The lender's stock featured in the
list of top five losers on the Nifty
Tuesday.
Sebi observed that prior to the
publication of the report, there
was concentration in short-selling
activity in the derivatives of Ada-
ni Enterprises.
After the report was published,
the price of Adani Enterprises fell
about 60% between January 24,
2023 and February 22, 2023.
Sebi alleged that KIOF- Class F, a
foreign portfolio investor, opened
a trading account and started trad-
ing in the shares of Adani Enter-
prises just a few days prior to the
publication of the Hindenburg re-
port and then squared off its en-
tire short positions after the re-
port was published, making prof-
its of Rs 183.24 crore.
It traded only in the futures of
Adani Enterprises.
The regulator alleged that on No-
vember 30, 2022, Mark Kingdon,
chief executive of Kingdon Capi-
tal, received a copy of the draft of
the Hindenburg report on the Ada-
ni Group from Nathan Anderson
as part of an agreement between
Kingdon Capital and Hindenburg.
They were informed by the re-
search firm that the report was ex-
clusively shared with them, Sebi
said.
After trades were executed, King-
don Capital informed Hindenburg
that they had a short position in
Adani.
The agreement also stipulated a
profit-sharing of 30% that King-
don Capital had agreed with Hin-
denburg in the case of any profits
made by them on the short sale in
Adani.
However, Hindenburg orally
agreed to 25% profit-sharing with
Kingdon Capital.
From Page 1
The FSSAI official said, “These au-
dits are being done to ensure quali-
ty control at all dark stores.”
A senior quick commerce execu-
tive, on condition of anonymity, sa-
id that when multiple violations
were found by Telangana’s Com-
missioner of Food Safety at Blinkit
warehouses near Hyderabad,
other companies’ dark stores were
checked too. “Yes, ours too was
checked, along with all other top
names one can
think of,” the execu-
Large food tive said.
manufactu The founder of a
-rers express mid-scale consu-
concerns mer staple brand
over storage confirmed a surpri-
and handling se check at its facili-
of packages ties the previous
at dark stores week, adding that
several other brands, too, faced si-
milar unannounced visits.
Another person said, “It is speci-
fically more in food and FMCG
(fast-moving consumer goods). I
know at least three brands whose
warehouses were checked too.
While there were no serious viola-
tions, it has alarmed them.”
From another perspective, tho-
ugh, another quick commerce ex-
ecutive said, “It’s good regulators
are taking stock. As a platform, we
are consistently trying to work
with brands on hygiene and quali-
ty issues.”
TALK OF THE TOWN
Fast delivery startups are watchful
about taking on smaller brands,
despite the higher margins, said
people in the know, after incidents
such as the reported discovery of a
human finger in an ice-cream cone
— ordered via an app — in Mum-
bai.
The quick commerce ex-
ecutive quoted earlier, ho-
wever, said, “What happe-
ned with the ice-cre-
am was at the manu-
facturing level.
Platforms really
can’t do much.
We don’t open
food packets
to see what’s
inside.”
On the
other hand, large food manufactu-
rers express concerns over storage
and handling of packages at dark
stores.
“We cannot afford to have mis-
handling of packages,” said a se-
nior executive at a large, packaged
foods maker. “The consumer will
not differentiate between the deli-
very platform and brand if she re-
ceives a damaged product. Ultima-
tely, the brand image suffers.”
He also acknowledged that the
worry stemmed from the fact that
quick commerce was core to their
business and growing month-on-
month.
Industry executives said the situ-
ation is akin to that several years
ago, when horizontal ecommerce
platforms were expanding into
new categories and took time to
stay compliant.
It is a major area for quick
commerce platforms to add-
ress, as they get ready for
the next round of battle
with infusion of new
capital, they sa-
id.
“Complian-
ce is critical,
especially when
you shift ge-
ars and mo-
ve into a big-
ger scale of operations,” said a se-
nior ecommerce executive. “There
are several rules to follow even
while operating a warehouse or
dark stores, let alone the products
residing there.”
ET on June 24 reported about an
impending price war following
Zepto’s $665 million funding.
X that the rebates account for
about 10% of Zerodha’s revenu-
es, and anywhere between 10%
and 50% for other brokers across
the industry. This revenue stre-
Co Seeks RBI Intervention
From Page 1
The senior management of
One97 Communications is see-
king Reserve Bank of India
(RBI) intervention, one of the
three people cited above said.
It is, however, unlikely that the
central bank will intervene until
the annual report is filed since
the matter is between the mana-
gement and the auditor.
“RBI has not given any indica-
tion to the PPBL that it would be
allowed to resume operations
(such as mobilise deposits and
onboard new customers) nor has
it set conditions such as comple-
ting KYC of accounts to restore
permissions,” the person cited
above said. “In fact, the opportu-
nity to rectify compliance mat-
ters has passed and now it is di-
rected to wind down operations
and transfer all businesses to
One97 Communications.”
The RBI did not respond to ET's
email seeking comments.
The central bank banned Pa-
ytm Payments Bank Ltd (PPBL)
from accepting new deposits
fee is Rs 33-53 per lakh of the pre-
mium value.
While a broking firm's monthly
turnover value determines the
fee, these are based on slabs.
starting March 15. Since then,
net worth has eroded, no inco-
me has been generated and it do-
esn’t appear to have any pro-
spects of being able to do so.
The RBI's restrictions, which
are still in place, stemmed from
the company's failure to comply
with know your customer (KYC)
guidelines.
These guidelines require face-
to-face verification and the col-
lection of officially valid docu-
ments.
SR Batliboi & Co. had
cited the central bank
curbs in a January 19
independent auditor's review re-
port to the One 97 Communica-
tions board.
“We draw attention to Note 7(b)
to the financial results regar-
ding progress on the Compre-
hensive Systems IT Audit (RBI)
report received during the year
ended March 31, 2023, recom-
mending strengthening of KYC/
AML (anti-money laundering)
at the Paytm Payments Bank Li-
mited, an associate of the com-
pany,” it had said in the report.

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 CCI NG 3.17 Product: ETBangaloreBS
Sound off
Singer Usher’s 15-minute
speech as he accepted
a lifetime achievement
prize at the BET Awards
was muted ‘due to an
audio malfunction’, the
network has said
Napoleon
pistols up
for auction
Two pistols that Napoleon
Bonaparte once intended
to use to kill himself are up
for auction this weekend,
expected to reach up to
1.5 million euros. The
richly decorated g uns
inlaid with gold and silver
fe at u r e t he en g r ave d
image of Napoleon in full
imperial pomp.
They are said to have
almost been used to end
the French ruler’s life in
1814 when he was forced to
give up power after foreign
forces defeated his army
and occupied Paris. “After
the defeat of the French
campaign, he was totally
depressed and wanted
to commit suicide with
these weapons, but his
grand squire removed the
powder,” said auctioneer
Jean-Pierre Osenat.
Napoleon instead took
poison but vomited and
survived. He later gave
the pistols to his squire to
thank him for his loyalty,
Osenat said. The pistols
a re ex p ec ted to fetch
1.2-1.5 million euros at an
auction in Fontainebleau,
south of Paris, France.
M e m o r a bi l i a o f t h e
emperor is ext remely
sought-a f ter a mong
collectors. His famous
black cocked hat with
its blue, white and red
trimmings sold for
November .
1 . 9 m i l l io n e u r o s i n
— AFP
VITALS
WIMBLEDON
Defending Champion
Vondrousova Loses
Defending champion Marketa
Vondrousova was knocked out in
the first round of Wimbledon on
Tuesday, the first female holder
to fall at the opening hurdle since
Steffi Graf 30 years ago. Czech
Vondrousova, who became the first
unseeded woman to lift the title
last year, earned a far less welcome
accolade after a 6-4, 6-2 defeat by
Spain’s Jessica Bouzas Maneiro.
Ranked world number 83, Bouzas
Maneiro had won only one tour-
level match all year heading into
Wimbledon, but secured her first
win across all Grand Slams when
she slapped a backhand down the
line. Sixth-seed Vondrousova has
been struggling with a hip injury
which derailed her preparation.
Reuters
Ro, thank you very
much for making
that call to me November
and asking to continue
Outgoing India coach RAHUL
DRAVID THANKS INDIA’S
EX-T20 CAPTAIN ROHIT
SHARMA in his farewell speech.
He said that Sharma’s requested
him to continue after the ODI World
Cup final defeat against Australia
last year
Tough Pill to Swallow:
Miller on T20 WC Loss
A “gutted” David Miller said
the T20 World Cup final loss to
India was a tough blow, but the
swashbuckling batter expressed
confidence that despite enduring
pain the resilient South African
team would continue pushing
boundaries. "I am gutted!! Really
tough pill to swalllow after what
transpired 2 days ago. Words
don't explain how I am feeling.
One thing I do know is how proud
I am of this unit," Miller posted an
Instagram story late on Monday.
"This journey was an incredible
one, with highs and lows
throughout the entire month. We
have endured pain, but I know this
team has the resilience and will
keep raising the bar," he wrote.
South Africa had looked on course
to a memorable win needing 30
runs in as many balls before the
heroic Indian fightback.
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PubDate: 03-07-2024Zone: Bangalore Edition: 1 Page: ETBGNP11 User: tejas.v Time: 07-03-2024
How Chris Evert
beat cancer... twice
After a second
course of treatment,
the tennis Hall of
PIC: AFP
Famer is optimistic
about life, and not
living in fear
C
hris Evert’s schedule is
packed again. Six months
after announcing for
the second time that
she had cancer, Evert,
one of the greatest champions in
sports history, is back to work as
a tennis commentator, coach and
charitable fundraiser. She seems
to have beaten cancer again.
Work, travel and especially family
take up her time now, instead of
chemotherapy. She recently
visited her son’s new baby
boy. “I’m in love with this
little baby already,” she said
in a video call. “It makes me
want to live even more.”
Record-setting
fundraiser
Two years ago, Evert
publicly detailed her
first cancer diagnosis
to raise awareness
about ovarian
cancer, which had
killed her younger
sister, also a tennis
professional,
in 2020.
Because of her
sister’s diagnosis,
Evert got tested and
soon discovered that
she had stage 1
ovarian cancer.
She had surgery,
underwent difficult
chemo treatments and
lost her hair. But her hair
How Ronaldo almost knocked Portugal out of Euro 2024
T
he Cristiano Ronaldo show
rumbled into Frankfurt, and it
didn’t disappoint. Well, unless
you are a selfie-hunting, “si-
uuuu” screaming fanboy that is.
Portugal progressing via penalty
shootout success over Slovenia to book
a quarter-final date with France will be
billed as a Ronaldo redemption story,
but after a night where he did his utmost
to make an entire match about himself,
the veteran superstar, in tears mid-
match, frankly doesn’t deserve it.
Instead, Diogo Costa must em-
brace all the acclaim after three
other-worldly saves in the shoot-
out to send a Portugal through.
But let’s talk about Ronaldo.
The first half was especially em-
barrassing from the player who
doesn’t think twice about putting per-
sonal gain over the collective.
The Frankfurt Arena was perfect for
the Cristiano ITV audience. One par-
ticular first-half free-kick was especial-
ly cringeworthy. Ronaldo summoned
Ruben Dias and Pepe over to relay his
plan, before heading over to designated
set-piece taker Bernardo Silva and pull-
ing rank. He then lined it up in his trade-
mark manner, with a multitude of red
shirts to aim at in the middle and pro-
ceeded to hammer the ball high, wide
and not-so handsome.
One set-piece Ronaldo took did come
close to breaking the deadlock, but
fizzed over the top. He finished the half
having taken his tournament shot tally
to 15 do far, without finding the net from
any of them. The waterworks almost
started there and then.
A remarkable sight greeted the start of
the first half, as Bruno Fernandes ap-
peared set to take a free-kick from a
goalscoring position, only for him to
throw a dummy and allow Ronaldo to
fire a ferocious strike straight at Jan
Oblak in the Slovenia goal.
The main act in the performance,
Ronaldo’s gunslinger bit, rumbled on as
another set piece, his 60th at a major
tournament, flew into a familiar row
behind the goal. From those 60 at-
PTI
tempts, only one has gone in.
‘Queen of Clay’ Chris Evert
holds the record for the most
women’s singles titles won
at the French Open: 7
grew back, along with her positive
outlook. The cancer was in remission
and doctors said she had a 94 per cent
chance of a complete recovery.
Evert returned to work giving
on-air analysis at tournaments
and helping to run her
tennis academy and the
charitable arm of the United
States Tennis Association,
where she has proved a
record-setting fundraiser.
“She’s our
superpower,” said
Ginny Ehrlich, the
Chris Evert foundation’s CEO.
Precautionary scans
A little more than
a year after she
was in remission, a
precautionary CT scan
in December revealed a
cancerous mass. Evert
went through the entire
process a second time,
and is happy to report
that the cancer is once
again gone. She is also
very honest with herself.
“Doctors are always
hopeful,” she said.
“Obviously, if something
PICS: NYT, GETTY IMAGES
EGOING,
EGOING,
ALMOST
GONE
It is, without doubt,
my last European
Championship. But I’m not
emotional about that
CRISTIANO RONALDO Portugal
Captain
And the unravelling of sport’s most
petulant diva took on all new levels of
hilarity in the first period of extra time,
after Diogo Jota was fouled in the pen-
alty area. Only one man was go-
ing to take it. The penalty was
struck well enough, but Oblak
sprang to his left to make a sensa-
tional stop.
Then came the tears, as CR7’s
teammates rallied around him.
His record from the penalty spot is only
slightly better than his free-kick re-
turn. Ronaldo has now failed to convert
three of the nine penalties he’s taken at
major international tournaments.
3-1=Mask-Goal
Mbappé’s goal-scoring problems persist in Germany
Kylian Mbappé has had more
masks than goals at Euro 2024.
The France captain is struggling
with his peripheral vision in the
masks that were fitted to protect
his broken nose from his country’s
opening game at Euro 2024.
He wore a third different mask
on Monday in the 1-0 win against
Belgium in the round of 16. The
striker failed to hit
the target in five
attempts on
goal against
Belgium. He
has only one
goal in the
tournament.
Mbappé has
described the
mask-wearing
experience as
“an absolute
00:12Color:
BENGALURU
WEDNESDAY
3 JULY 2024
www.etpanache.com
ADVERTORIAL &
PROMOTIONAL FEATURE
The ex-billionaire who sold
a ‘dizzying array of lies’
PIC: GETTY IMAGES
A former jet-setting Chicago billionaire
has been sentenced to seven and a half
years in prison for a $1-billion fraud at an
advertising start-up that included investors
returned the second time, there’s
more of a chance that it’s going to
such as Goldman Sachs and Google parent,
Alphabet.
return. Some people have cancer once
and it goes away, and they live for 30
Rishi Shah, the co-founder of Outcome
Health, which provided ads on TVs in
or 40 more years. That’s a wonderful doctors’ offices, was convicted
story. It’s not always like that. But my of more than a dozen fraud and
doctor told me I won’t die from this.”
The cancer was again stage 1,
money laundering charges by
a federal jury last year. He and
meaning it had not spread. As with
her original diagnosis, early testing
two other Outcome executives
were sentenced last week. the company’s rapid rise over
was critical — a message Evert shares P rosecutors had sought a the next decade boosted his
zealously. She said that since she was 15-year sentence, describing public profile.
first diagnosed and began talking Shah as the “driving force B ut O ut c ome’s cl a i m s of
about genetic testing, five women behind a dizzying array of lies exponential revenue growth
close to her have also had surgeries. to clients, lenders, investors and were driven by fraud, as the
Evert underwent her second an audit firm”. He and the other Prosecutors allege company sold more ads than
surgery in December and endured executives were accused of lying that Rishi Shah used it could broadcast and lied to
more chemotherapy, which she to pharmaceutical company
the money from the clients like pharmaceutical
played down, mostly because clients and taking money for ads giant Novo Nordisk about the
she knew what to expect. that were never placed, and then
oversold ads to fund size of its network.
“The first four or five days, I feel misrepresenting the health of his lavish lifestyle, The company’s surge in cash
like crap and I’m nauseous and the company to investors. with weekend trips from ad sales allowed Shah to
weak and I have bone aches,” she In a prepared statement last on private yachts extract hundreds of millions of
said. “But after four or five days we ek, Sh a h told t he jud ge and jets as well as a dollars from Outcome to live a
it goes away, and then I have 2 ½ t hat he was “asha med a nd $10-million home lavish lifestyle, with weekend
weeks to feel OK before my next one. embarrassed” by his failure to trips on private yachts and jets
With the improvements they’ve properly manage the company’s aggressive as well as a $10-million home, prosecutors
made with chemo over the past 25 push for growth, which led to “a number said. In 2016, Shah’s net worth was reported
to 30 years, I can’t complain.” of fatal mistakes”. “The culture I created at more than $4 billion, prosecutors said.
She was scheduled for six rounds permissioned people on my team to think it “Outcome’s former executives deceived
of chemo but developed an allergic was okay to create false data in response to their clients, their auditor, their lenders,
reaction. She had difficulty client questions,” he said. a nd t hei r i nvestors for yea rs,” said
breathing and her tongue swelled, so Nicole M Argentieri, head of the Justice
she stopped at four. But tests showed Fall from grace Department’s criminal division. “Their
she was cancer-free again. The Before the fraud was revealed in a 2017 Wall sentences should serve as yet another
remaining treatment is a regimen of Street Journal article, Shah was a budding reminder that ‘faking it until you make
four daily pills for the next two years.
Fighting fit
star in Democratic circles. Shah got the
idea for Outcome in 2006, while he was a
student at Northwestern University, and
any business.” .
it ’ is not a n accept able practice for
— Bloomberg
The physical drain of the treatments
and the side effects of the medication
have left her energy and vitality
at 80 per cent of what they were
before cancer intruded in her
life, she says. But she is strong
$157.2 billion
The net worth of former Microsoft CEO Steve Ballmer,
enough to work out, to hold her new who this week passed the company’s co-founder Bill
grandson, to travel and work. Gates to become the sixth-richest person in the world.
“You can’t live in fear,” she said. This is the first time that a former CEO of Microsoft
“I just have to keep exercising, has overtaken Gates’s fortune. Over 90 per cent of
try and be as healthy as I can, and Ballmer’s fortune comes from Microsoft’s shares, which Bill Gates
be up on all my CT scans and my
appointments with the doctor.” .
— The New York Times
been reducing his fortune through philanthropy .
have risen 21 per cent this year. Meanwhile, Gates has
PICS: GETTY IMAGES
£365,000 McGregor Bets Big on
Messi Lifting Copa America Trophy
Lionel Messi and Argentina have
the full support of Conor McGregor Berhalter on Thin Ice
at the 2024 Copa America, with
the UFC icon placing a
After Hosts US are
£365,000 bet. Eliminated
The Irishman is partial
to splashing the cash,
with celebrities such as
rap star Drake having
led the way when it
comes to elabo- Conor McGregor
rate wagers on
sporting events. Albiceleste going all the
McGregor has way – which could Gregg Berhalter gave a single-
Cristiano Ronaldo already put land him over £1 mil- word answer after the United
TEAM: Portugal AGE: 39 yrs 146 £60,000 on lion in winnings. States was eliminated from the
days DEBUT: August 20, 2003 Cristiano Argentina are Copa America with a loss to
Ronaldo to win favourites to Uruguay when asked whether
TOTAL MATCHES GOALS ASSISTS the Euro 2024 defend their
he was the right man to lead the
211 130 47 Golden Boot. Copa crown,
AT EURO Americans into the 2026 World
He appears destined with talismanic
Cup. “Yes,” Berhalter said.
29 14 10 to miss out there, with captain Messi leading
the Portuguese super- from the front, and they Plenty of others are sure to
With his penalty conversion against have plenty more to say
Slovenia in Rd of 16, CR7 has now star scoring one goal will face Ecuador
so far from four in the last eight about his future with the
scored in 6 Euros – once each in
matches. McGregor is on Thursday. national team. After a
2004, 2008 and 2024, thrice each in
now siding with CR7’s In Europe, disastrous loss to Panama
2012 and 2016, and 5 times in 2020
eternal rival Messi. Ronaldo will put the US in a dire
(played in 2021)
World Cup winners need a flurry of predicament, Berhalter’s
Josip Ilicic, saw his first spot kick Argentina have eased goals from the lineup of players from European
saved, and Slovenia never recovered. into the Copa America quarterfinal stage clubs created precious few
Ronaldo looked hesitant as he placed his quarterfinals after win- to deliver for opportunities against Uruguay.
shootout spot kick down, but this time ning all three of their McGregor – who he And when Mathías Olivera
he found the net. The celebrations were matches at the group stage. has mingled with found the back of the net for a
wild, with one man more reserved than McGregor has revealed that he of late when attend- questionable second-half goal, La
the rest. Cristiano, if you want to make has a £365k stake on the ing high-profile box- Celeste walked out with a 1-0win
everything about you, there may not al- ing events in on Monday night and the US were
ways be a happy ending. The Independent Argentina captain Lionel Messi Saudi left wondering how everything
returned to training late on Monday Arabia. had gone so wrong. AP
Photo courtesy X Goal.com
horror.”
Oranje Shoot 3 Past Romania to Enter Quarters
His only score so far was a penalty The Netherlands reached its first forward before finding Gakpo on
European Championship quar- the left. The Liverpool forward cut
against Poland.
Mbappé was initially fitted with terfinal in 16 years with a 3-0 win inside the blue-haired Andrei
over Romania on Tuesday. Ratiu and fired into the near bot-
a custom-made mask that was
designed in the colours of the French Cody Gakpo broke the deadlock tom corner.
in the 20th minute and Donyell The goal seemed to give the
flag. But UEFA rules state protective
equipment has to be a single colour, Malen scored two late goals to Dutch confidence and they had
and he switched to an all black send the Dutch to their first quar- several chances to extend their
version against Poland. He changed terfinal in the tournament since lead. Gakpo had a second-half
it again for the Belgium game with 2008. goal chalked off for offside, but
a version that appeared to be more The Dutch had missed a plethora turned provider seven minutes
custom-cut to the contours of of earlier opportunities to add to from time as he managed to just
his face. It also had more the lead and captain Virgil van keep the ball in play and proded it
Dutch players celebrate their 2nd
ventilation than his previous Dijk also hit the woodwork. It was back from the byline for Malen to
goal on Tuesday AFP poke home.
masks and was held on with nevertheless a much-improved
one strap, rather than display compared to their disap- Mikautadze of Georgia and And the Dutch
two. But it didn’t pointing group stage perfor- Ivan Schranz of Slovakia. SCORELINE capped a dominant
NETHERLANDS 3
make a lot of mance, which ended in a 3-2 loss to Romania had dominated Gakpo 20’, Malen 83’, 90+3’ p e r f o r m a n c e i n
difference. Austria. possession until Gakpo’s ROMANIA 0 stoppage time when
AP It was Gakpo’s third goal of the goal, but never really tested Simons released
tournament, making him joint Netherlands goalkeeper Bart Malen for a surging run from the
top scorer along with Germany’s Verbruggen. Instead the opener halfway line before slotting past
Jamal Musiala, Georges came when Xavi Simons surged the goalkeeper. AP
 CCI NG 3.17 Product: ETBangaloreBS PubDate: 03-07-2024 Zone: Bangalore Edition: 1 Page: ETBGBP2 User: zayan.asif Time: 07-02-2024 23:37 Color:

12  Brands & Companies THE ECONOMIC TIMES | BENGALURU | WEDNESDAY | 3 JULY 2024 | WWW.ECONOMICTIMES.COM

‘Anti-Ayurveda Cartel Trying to HC Notice to SpiceJet

for Not Returning
Planes, Engines

Damage Patanjali’s Reputation’ NEW DELHI: The Delhi HC on

Co focused on adding investor value, innovation and premiumisation, says Baba Ramdev
Ratna Bhushan
& Chaitali Chakravarty
New Delhi: There is a narrative
against Patanjali Ayurved built by
an anti-ayurveda cartel of corpo-
rates, pharmaceutical companies,
intellectuals and politicians, Baba
Ramdev, founder of the ayurveda-
based consumer goods company,
has alleged. “Patanjali denotes na-
tionalism and self-pride which this
group wants to destroy,” he told ET
in an interview. The yoga guru clai-
networks, contracts, licences, per-
Despite hur- mits, consents and approvals es-
sential for its operation, which will
dles...we have
be acquired by the listed company.
reached where we Patanjali Ayurved owned 32.4%
are. We didn’t reach stake in Patanjali Foods as of
March 31, 2024. The home and per-
here because of fa- sonal care business of Patanjali
vours...We are here Ayurved currently operates in fo-
because of India’s ur key segments — dental care,
skin care, home care and hair care.
consumers In addition, a 20-year licensing ar-
BABA RAMDEV rangement for a 3% turnover-ba-
Founder, Patanjali sed fee along with other conditions
has been agreed between the two
Tuesday issued a contempt
notice to SpiceJet, its direc-
tors and other officers for failing to
comply with its May 27 order to return
two Boeing aircraft and three aircraft
engines to its lessor TWC Aviation
Capital by Jun 17. However, the HC said
it would drop the contempt proceed-
ings if the airline complied with its
order by July 8. A division bench fur-
ther warned that in case of failure to
comply, it would proceed with the
contempt and ground the aircraft using
the three engines. - Our Bureau

VinFast Set to Drive into India

med people are spreading rumours
about the brand because Patanjali
is not just a product but has become
an ideology for millions of consu-
mers.
There’s also a narrative against
its research and development set-
up, which is bigger and better
than Hindustan Unilever, the co-
untry’s largest consumer goods
maker, or even the government’s
ayurvedic facility, he claimed.
“People try to damage the reputa-
tion of Patanjali, about ayurveda
and natural products,” Ramdev sa-
id. “But we are focused on our
objectives of adding investor va-
lue, ramping up distribution and
sales, research, innovation and
ecommerce. Premiumisation will
also be a core focus area for us
now.” The ayurveda products ma-
ker — which had forced global and
local players including HUL, L’O-
réal, Colgate Palmolive and Dabur
to step up their own ayurveda port-
folios about a decade back with its
phenomenal growth and populari-
ty — has been facing several chal-
lenges including tough competi-
SUITS &
SAYINGS
tion from both global and local pla-
yers, regulatory compliance issu-
es, and criticism over its product
quality claims, among others.
The company has also been trying
to shed its image as an organisa-
tion led by Baba and his close aides
in Haridwar by bringing in profes-
sionals to manage key roles.
For the full year FY24, Patanjali
reported total revenue of `31,721.35
crore from its operations, with sa-
les from the food and FMCG busi-
ness contributing to `9,643.32 cro-
re. The contribution share of reve-
nues by the food and FMCG seg-
ment to the total revenue from
operations rose to 30.06% in FY24
from 19.49% in FY23.
“Despite all hurdles and strugg-
les, we have reached where we are.
We didn’t reach here because of
any favours... We are here because
of India’s consumers,” Ramdev sa-
id.
On the listed Patanjali Foods an-
nouncing the acquisition of group
firm Patanjali Ayurved’s home
Govt may be on Target on Telecom
COMPANY PHOTO
TOUGH TIMES
The co has been facing
tough competition from
both global and local
players, regulatory
compliance issues, and
criticism over its product
quality claims
and personal care business for
`1,100 crore on Monday, he said:
“We have to make the company
bigger; and help our investors, as-
sociates and retailer partners
grow. There are a lot of synergies,
cost-savings and efficiencies to be
drawn from the acquisition.”
The transaction includes all as-
sets and liabilities related to the ho-
me and personal care business, as
well as employees, distribution
entities. Patanjali Foods’ portfolio
includes edible oils under the ac-
quired Ruchi Soya franchise, bi-
scuits, cookies, breakfast cereals
and noodles. The non-foods busi-
ness includes toothpaste, sham-
poo, and soaps.
Refuting that Patanjali’s market
share and brand image have dimi-
with Locally Assembled Cars
nished over the past two years Vietnamese EV maker’s move follows quick opening of its new plant in TN
amid scrutiny on quality and he-
ightened competition, the compa-
VINFAST PLANS...
Shally.Mohile@timesofindia.com
ny’s chief executive Sanjeev Ast-
hana said Patanjali has two-thirds Hot Wheels To invest over
share within herbal toothpastes, is Mumbai: Vietnamese electric ve- VinFast likely to Move to help co save $500 m in five years
the country's fourth largest biscu- hicle maker VinFast will enter the sell vehicles in on high import duties,
its player having achieved `1,600- Indian market with locally assem- To build a 150,000-
crore in sales last year, and has a bled models, marking a shift from
`25-30L offer products at
unit-a-year factory
range competitive prices
dominant share in herbal skincare its earlier strategy of initially sel- at Thoothukudi,
and homecare. “We have 10 brands ling only imported EVs in the near Chennai
that have leadership level in busi- world’s third-largest automobile Models
ness,” he said. At an overall level, market, said a person with know- could have To employ 3,000-
the company’s packaged consu- ledge of the plans. a range of 3,500 workers
mer business has been growing The revised approach follows a 300-500 in the facility in
15-20%, while revenues doubled fast-tracked opening of the compa- kilometres the first phase
over the past 3.5 years to ` 31,000 ny's new factory in Tamil Nadu.
crore, Asthana said. “Our growth The plant is likely to become opera- ties and offer its pro- plant is expec-
rate has been scorching, whether tional by March 2025, three months ducts at competitive ted to be ready in
it’s market share or distribu- ahead of schedule, the person said, prices. India levies an import duty the first quarter of next calendar
tion.” asking not to be named. of 100% on impor- year, it makes sense to take the
VinFast, the EV arm of Viet- ted car models ha- CKD instead of CBU route,” said
nam’s biggest conglomerate Ving- VinFast is ving a CIF (cost, in- the person cited above. A spoke-
roup, is expected to launch its first expected to surance, freight) sperson at VinFast did not imme-
locally assembled car during the launch first value of more diately respond to ET’s queries.
2025 festive season. It is likely to locally than $40,000 and Though VinFast’s Indian venture
sell its vehicles in the `25-30 lakh assembled 70% on imported is currently not reliant on the In-

Revenues Despite Weak Auction

ET’s roundup of the
wackiest whispers in
corporate corridors
Ringing in Riches
After recently selling a stake in a
prominent Indian telecom
company, this Asian telecom
major is at it once again. The
buzz is that this time it has
instructed bankers to offload $3
billion worth of stake in the
same company to institutional
investors. A small twist is that
the Indian group has stepped in
and showed willingness to buy
the stake. This has opened up
back-door negotiations but
things may slow down by a few
weeks since the trading window
of the company is currently
closed and will open only after
it declares the June quarter
result.
Budget Season
The Union
government has
discontinued
formal monthly
release of some
key data sets,
making many
wonder if it has anything to
hide. But we learn the reason
could be the exact opposite.
Apparently, the data paints a
rosy outlook. But the govern-
ment is worried that indicators
to a robust economy might
prompt stakeholders to put
pressure for more tax conces-
sions ahead of the budget.
Past auctions and regulatory levies set to drive revenue receipts in FY25
Kiran.Rathee@timesofindia.com
New Delhi: Despite a tepid respon-
se to the recent spectrum sale, the
department of telecommunica-
tions (DoT) is still likely to earn
around `1.20 lakh crore as revenue
receipts this fiscal on the back of
past auctions and regulatory levi-
es with state-run BSNL alone ac-
counting for half of it.
The government had targeted re-
venue receipts of `1.20 lakh crore
from the telecom sector in the inte-
rim budget presented in February.
The figure is likely to be retained in
the full budget to be presented later
this month, officials said, asking
not to be named. “We only targeted
`500 crore from the auction but we
will get over `1,100 crore in case tel-
cos choose to pay in instalments. In
case of full payment by one or more
operators, the amount will be hig-
her,” one official privy to the deta-
Abu Dhabi Group to Invest $200m in Prime Focus Co
Javed.Farooqui@timesofindia.com
Mumbai: DNEG S.a.r.l. Luxembo-
urg, an indirect subsidiary of
Mumbai-based Prime Focus, has
secured $200 million in funding
from Abu Dhabi-based investor
United Al Saqer Group in excess
of $2 billion.
In a regulatory filing, Prime Fo-
Big Pay Day
`16,000-20,000 cr
Past auction dues
`40,000-50,000 cr
Spectrum usage charges
(SUC) & licence fee
BSNL could
pay around
`60,000 cr as
spectrum dues
for 5G airwaves
ils told ET. Another official said
the auction has no impact on the re-
venue receipts of the telecom sec-
tor. As per estimates, `16,000-20,000
crore is expected to come from past
auction dues and another `40,000-
50,000 crore from spectrum usage
charges (SUC) and licence fee.
BSNL is likely to pay around
cus said the funding will come in
three tranches.
The first tranche of $100 million
is expected to happen by July 7, fol-
lowed by the second
tranche of $10 million,
as per timelines in the
agreement. The remai-
ning fund infusion of $90 million
will be done over 24 months. Uni-
ted Al Saqer Group will make the
NORM
10% Increase in
licence fee & spectrum
charges annually
8% Telcos’
share of their
adjusted gross
revenue as
licence fees
and around
0.5% as SUC
`60,000 crore as spectrum dues for
5G airwaves in 700 MHz and 3300
MHz band. Usually, there is around
a 10% increase in licence fee and
spectrum charges annually as the
revenue of the sector is increasing.
Telcos pay around 8% of their ad-
justed gross revenue as licence fees
and around 0.5% as SUC.
investment through its Abu Dha-
bi-based subsidiary, Indivisual In-
vestment. DNEG, which has been
a pure-play visual effects service
provider to Hollywood, will use
the funding to pivot to being an en-
tertainment-tech company with a
presence in visual effects, tech,
and content development, said
DNEG chairman and CEO Namit
Malhotra.
range, placing them in the premi-
um affordable segment of India’s
burgeoning market for EVs. The
models are likely to have a range
of 300-500 kilometres.
VinFast’s move to enter the Indi-
an market through the completely
knocked down (CKD) route will
help the maker of VFe-34, VF6, VF7
car models save on high import du-
‘BARRIERS HINDER FULL REALISATION OF PLI PLAN’
Electronics Firms Seek Lower Input
Tariffs to Boost Mobile Exports
Our Bureau
New Delhi: The electronics in-
dustry has asked the government
to reduce input tariffs in the upco-
ming Union budget for FY25, argu-
ing that high tariffs on inputs and
barriers to entry for leading firms
in global value chains have kept
India from increasing its share in
smartphone exports with the help
of the production-linked incenti-
ve (PLI) scheme. The scheme pro-
pelled smartphone production to
exceed domestic demand and be-
come the third largest exported
commodity from India in 2024, ac-
cording to government data.
However, India’s input tariffs of
around 7.4% on average, as aga-
inst 0% in China’s bonded zones,
did not allow the country to reap
potential benefits of the PLI sche-
me, according to the industry.
The industry has also sought a
relaxation in the government’s
car during models with a CIF
2025 festive value of less than
season $40,000. CKD kits
attract 15% duty.
“The local assembly of models
gives greater confidence to supp-
liers, dealers, and the buyers.
The company will rather use
what it saves on duties in brand
building and marketing. As the
Not a Match
Tariff Distribution
0% 0-5% 5-7.5% 7.5-10% 10-15% 15-20% 20%
India 20 10 1 3
China 36 3 7 24
Tariff slabs in % for input parts which are required for mobile production
Source: ICEA
Press Note 3, which mandates in-
vestments from bordering count-
ries to require government appro-
val, to attract lead firms in global
value chains to India. These lead
firms in the global electronics
component and sub-assembly eco-
system primarily look at countri-
es which have low tariffs, high sca-
lability and higher ease of doing
business to set up shop, said India
Cellular and Electronics Associa-
tion (ICEA). The association said
that while high tariffs helped in-
crease mobile phone production,
dian government’s new EV policy
announced on March 15, the com-
pany is keenly awaiting guideli-
nes of the policy to decide on
whether to avail the incentives,
said the person cited earlier. The
first meeting between EV compa-
nies and government officials to
discuss the new EV policy took
place on April 19.
27 6 —
Nil Nil Nil
it was a deterrent in increasing
domestic value addition or setting
up a component ecosystem.
Another industry body, Electro-
nics Industries Association of In-
dia (ELCINA), said the rates offe-
red under the government’s re-
mission of duties and taxes on ex-
port products scheme were
discouraging and far below the
previous benefits given to expor-
ters, stating that electronics ma-
nufacturers were suffering a dis-
ability of 8-10% as compared to
their international counterparts.

India may Soon

have Weekly-once
Insulin Injection
Teena.Thacker
@timesofindia.com

New Delhi: In what could

be a respite for people who
need insulin jabs every
day, a new weekly insulin
dosage by Danish drug ma-
ker Novo Nordisk has got
closer to approval in India.
The Subject Expert com-
mittee (SEC) under India's
drug controller has advi-
sed the drug regulator to
permit the import and sale
of Novo Nordisk’s first we-
ekly insulin-Insulin Ico-
dec.The launch of Insulin
Icodec is touted to be anot-
her game changer that is
expected to ensure the
company’s lead in the in-
sulin market.
The drug maker had app-
roached the drug regulato-
ry authority presenting
the product approval from
National Regulatory Aut-
hority (NRA) of country
of origin i.e European Me-
dicines Agency (EMA) for
grant of permission to im-
port and market Insulin
Icodec 700 U/ml, 1050 U/1.5
ml, 2100 U/3ml.
The matter was delibera-
ted in the SEC meeting last
month, which recommen-
ded grant of permission
for import and market of
the Insulin Icodec 700 U/
ml, 1050 U/1.5 ml, 2100
U/3ml for the indication of
treatment of diabetes mel-
litus in adults.
However, the SEC has as-
ked the company to con-
duct an active Post Marke-
ting Surveillance (PMS)
study. It also said that the
drug should be prescribed
only by the registered en-
docrinologist or physician
having post graduate qua-
lification in medicine.
Accordingly, it has asked
the company to submit ac-
tive PMS study protocol
within three months of
grant of marketing autho-
risation permission and
revised Package Insert of
the product to CDSCO for
approval. Doctors are also
hopeful that the new week-
ly insulin shot will help in
patients' compliance. The
company had got a go ahe-
ad from the DCGI to con-
duct studies.

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