WEDNESDAY, 17 APRIL 2024
16 pages in 1 section
MUMBAI
~13.00
VOLUME XXVIII NUMBER 209
THE MARKETS ON TUESDAY
Sensex 72,943.7
Nifty 22,147.9
Nifty Futures* 22,200.8
Dollar
Euro
Brent crude ($/bbl)
~83.5
~88.8
90.5##
Gold (10 gm)### ~73,008.0
*(April) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
INDIA-UK TALKS FOR
‘AMBITIOUS’ TRADE
AGREEMENT RESUME
The UK government on
Tuesday said that it
continues to work
towards striking an
“ambitious” trade deal
with India as a
negotiating team from Delhi
resumed talks with their British
counterparts in London this week. The
Department for Business and Trade (DBT)
reiterated its stance of only signing a free
trade agreement that was in the best
interests of the British economy. Last
month, DBT officials indicated that formal
trade talks were being paused for the course
of India's phased general election. PTI
ECONOMY & PUBLIC AFFAIRS P7
29 Naxals killed in Bastar
encounter, 3 jawans hurt
At least 29 Naxalites were killed in an
encounter with security personnel in
Chhattisgarh’s Kanker district on Tuesday,
police officials said.Three security personnel
suffered injuries in the fierce gun-battle
and a large quantity of weapons was
recovered from the spot, they said. Bastar
will go to polls on April 19 in the first phase,
while the Kanker constituency, part of the
Bastar region, will vote in the second round
of general elections on April 26.
COMPANIES P3
Tender public apology:
SC to Ramdev, Balkrishna
The Supreme Court Tuesday granted one-
week time to Ramdev, his aide Balkrishna,
and Patanjali Ayurved to issue a public
apology in the misleading advertisements
case, but said it was not letting them “off
the hook” now. “We are not saying we will
forgive you. We cannot be blind to your
earlier history, we will think about your
apology,” the court said. It told Balkrishna:
“You are doing good work but you can’t
degrade allopathy.”
PAGE 6
Indebted to Constitution:
PM counters Oppn claims
A day ahead of Ram Navami, in his public
meetings in West Bengal on Tuesday, Prime
Minister Narendra Modi accused the ruling
Trinamool Congress
government of
stopping people from
celebrating the festival.
In his public rallies in
Bihar, Modi said he was
indebted to
B R Ambedkar’s
BATTLEGROUND Constitution that
2024 enabled a person from
humble origins like him
to become the country’s Prime Minister. The
PM’s comments on the Constitution come
in the wake of the Opposition’s attack on
him on the issue.
GST SCORES BIG FOR SPORTS GOODS
MAKERS; PHARMA FEELS THE PAIN
BJP’S 2024 APPROACH: POLITICAL
MERIT OVER CACHET
PHASE 2: 33% IN THE
FRAY ARE CROREPATIS
MARKETS CLOSED TODAY
Stock, currency and commodities
markets will remain closed on
Wednesday on account of Ram Navami
Musk’s Starlink may still take time to enter India orbit
SURAJEET DAS GUPTA
New Delhi, 16 April
Elon Musk, who will be coming to India
next week, might have to wait a while
before his company, Starlink, can provide
satellite communication services in the
country.
Starlink is a constellation of over 5400
low earth orbit (LEO) satellites which offer
communication services like mobile
broadband across 70 countries around the
world. But in India the Department of
Telecommunications (DoT) has still not
issued the global mobile personal
communication (GMPCS) licence to
Starlink, which is the basic prerequisite
for it to be allowed to kick off commercial
services in the country. The company had
applied for the licence in November 2022.
The DoT is planning to ask the
Telecom Regulatory Authority of India
(Trai) for its recommendation on the
administrative price of spectrum, which
satellite communication players need for
providing mobile broadband services.
chg#
 456.1
 124.6
p 52.8
~83.5 **
~88.9 **
90.9**
p
~487.0
P U B L I S H E D S I MU L T A N E OU SL Y F RO M AHM ED AB AD , BE NGA LU RU, BH OPAL , BH UB ANES W AR, CHAND I G ARH , CH ENNAI , HY D E R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU M BA I , N E W D E L H I AN D P U N E
Traders, shippers brace
for fresh price shocks
IRAN-ISRAEL FLARE-UP: Freight costs, war risk premia on marine insurance rise
DHRUVAKSH SAHA &
SUBHAYAN CHAKRABORTY
New Delhi, 16 April
T
he shipping industry,
still recuperating
from the Red Sea cri-
sis' unprecedented
price shocks earlier this year,
is now bracing itself for a
further surge in ocean freight
rates and insurance premia
amid the risk of a wider war in
West Asia following Iran’s
drone and missile attack on
Israel last weekend.
“Regardless of immediate
outcomes, we anticipate
heightened uncertainty in
shipping markets,” said
Christian Roeloffs, co-founder
and CEO of Container
xChange, an online platform
for global container trading
and leasing. “This comes at a
time when tensions have
already been simmering since
the end of November, particu-
larly in the Bab-al-Mandab
strait and the Red Sea. Now,
the Strait of Hormuz emerges
as a new focal point, with sig-
nificant implications for
Dubai, specifically Jebel Ali, a
core transshipment hub in the
region.”
Experts warned that any
disruptions in the region can
have immediate implications
Now, IMF upgrades India’s
FY25 growth forecast to 6.8%
Also sees world economy growing faster at 3.2% in 2024
RUCHIKA CHITRAVANSHI
New Delhi, 16 April
The International Monetary Fund (IMF) on
Tuesday raised India’s GDP growth projection
for 2024-25 by 30 basis points to 6.8 per cent
in its update to the World Economic Outlook
(WEO), citing buoyant domestic demand.
However, the fund’s estimate is below the 7
per cent growth projection by the government.
“Growth in India is projected to remain
strong at 6.8 per cent in 2024 (FY25) and 6.5
per cent in 2025 (FY26), with the robustness
reflecting continuing strength in domestic
demand and a rising working-age population,”
the IMF said in its report. For India, according
to the report, data and forecasts are presented
on a financial year basis.
For FY24, the IMF raised India’s GDP
growth projection to 7.8 per cent, compared to
6.7 per cent in its January report. For FY26,
the IMF expects the country’s economic
growth to slow down slightly to 6.5 per cent --
the same as projected in its January update.
According to the second advance estimates
by the National Statistical Office, the growth
rate of GDP during 2023-24 was estimated at
7.6 per cent, compared to a growth rate of 7 per
cent in 2022-23.
Rating agencies, including Fitch and
Barclays, recently revised India’s GDP growth
projection for FY24 to 7.8 per cent due to strong
domestic demand and persistent growth in
business and consumer confidence levels.
The DoT will take a final call on the matter
only after Trai’s recommendations are in.
The regulator is also likely to look at the
modalities of allocating spectrum to the
www.business-standard.com
BACK PAGE P16 WORLD P8
SEPARATE RULES FOR CIVIL AND HIDDEN BILLIONS IN TOKYO
DEFENCE USE OF DRONES ON CARDS REALTY LURE HEDGE FUNDS
46 FDI proposals
pending: DPIIT
writes to 17 depts
SHREYA NANDI
PAGE 4 New Delhi, 16 April FDI LANDSCAPE
SHORT-LIVED West Asia tensions The
> Proposals have
BREATHER exceeded the 12-week
stall India’s plans to Department
timeline for processing
import Iran oil for
Promotion of foreign direct
The latest flashpoint in West Asia Industry and investment (FDI)
has derailed India’s preliminary Internal proposals
plans to resume crude oil Trade (DPIIT)
imports from Iran, officials said. has written to 17 gov- > Gross FDI inflows
In January, officials of the ernment departments to expe- totalled $71 billion during 2022-23
Ministry of Petroleum and dite decision-making on foreign direct
Natural Gas said the investment (FDI) proposals awaiting > The government aims to achieve an
Date Container price government had been studying government clearance. As many as 46 average annual gross FDI inflow of
(in $, per 40-ft
proposals for the same, given FDI proposals are awaiting government $100 billion over the next five years
that India was trying to expand decision and have breached the gov-
container) sources of imports.
ernment-mandated 12-week time limit
Before Red Sea crisis
1,661 for grant of approval, according to a nications, satellite, defence, and civil
(Dec 2023) >US WON’T HESITATE TO
person familiar with the matter. aviation, among others. They also
January 25 3,964 SLAP NEW SANCTIONS ON DPIIT, in a letter, pointed out that include FDI proposals from countries
February 29 3,493 IRAN, SAYS YELLEN 8> government departments often do not sharing land borders, such as China.
March 28 2,929 adhere to the timeline, in keeping with A spokesperson for DPIIT said that
April 11* 2,795 further impact, sparking fears the standard operating procedure for the department oversees FDI applica-
*Two days before Iran’s attack on Israel of inflation. “The entire logis- processing FDI proposals, the source tions received on the Foreign
Source: Drewry tics sector is on tenterhooks told Business Standard. Investment Facilitation Portal through
right now. West Asia remains a The department sought immediate the National Single Window System
CURRENT SCENARIO highly vulnerable zone,” said
Dushyant Mulani, chairman of
intervention from relevant govern-
ment departments, including the
portal and forwards them to the admin-
istrative ministry concerned for deci-
Indian freight forwarders have Sector experts expect
the Federation of Freight Ministry of Finance’s Department of sion. “As a routine exercise, communi-
witnessed a rise of 5-20% prices and war risk premia
across segments in shipping on marine insurance to go
Forwarders Association of Economic Affairs (DEA), to ensure a cations are sent to the relevant
India. “The situation has de- time-bound green signal for these administrative ministries/depart-
rates since the Iran-Israel up further, sparking escalated, but one never knows. pending proposals. Of these 46 propo- ments, from time to time, to ensure that
flare-up over the weekend inflationary concerns Consequently, insurance costs sals, 27 have also received comments the proposals are disposed of in a time-
have gone up. Depending on from the Ministry of Home Affairs bound manner. Accordingly, a com-
for global oil markets, affecting forwarders, traders have categories and destinations, regarding security clearance. The deci- munication was sent by DPIIT to all rel-
oil prices, shipping routes, and already witnessed a price rise overall freight costs have gone sion is now pending with the respec- evant administrative
energy security worldwide. of nearly 20 per cent in some up by 5-20 per cent and tive government department. ministries/departments of the
According to Indian freight categories and are bracing for further.” Turn to Page 7 > While the details of the FDI propo- Government of India for expeditious
sals were not available, applications disposal of the 46 pending proposals
requiring security clearance from the beyond the timeline,” the spokesper-
home ministry include any investment son said in response to a query from
4 STATES: A
proposal in broadcasting, telecommu- Business Standard. Turn to Page 7 >
TRILLION DREAM
While the Centre has a target to ~ sinks below 83.5/$
make India a $5 trillion economy
amid global worries
by FY28, delayed by two years
from the original plan of getting
there by FY26 due to Covid-
BRIGHTER OUTLOOK related disruptions, four states
FY25 GDP
have jumped on to the ANJALI KUMARI RUPEE UNDERPERFORMS
bandwagon by announcing Mumbai, 16 April
growth targets to become $1 trillion
forecasts economies, albeit with different The rupee plunged to a fresh low of
(in %) timelines. But is this realistic, or 83.54 against the US dollar on Tuesday
are they chasing a chimera? 15 > amid continuous foreign fund out-
flows in the equity market and
strengthening of the greenback.
Earlier Revised ‘ABOVE-NORMAL The resurgent dollar weighed on
global emerging-market currencies
IMF 6.5 6.8 RAINS MAY FLOOD amid heightened tensions in West Asia
after Iran launched a drone and mis-
World Bank
Fitch
6.4
6.5
6.6
7.0
SOME AREAS’ sile attack on Israel over the weekend.
ADB 6.7 7.0
The India Meteorological
Department came out with an
Investors exhibited a tepid appetite for
riskier assets, according to market par-
BONDS WEAKEN
Citibank 6.4 6.8 ‘above-normal’ forecast for the ticipants, who also said that the Yield on 10-year G-sec (in %)
Compiled by BS Research 2024 monsoons, at 106 per cent of Reserve Bank of India (RBI) inter-
the long period average. It is in vened in the foreign exchange market
CHINA GROWS 5.3% IN MARCH QTR BUT more than a decade that IMD has and sold dollars to state-owned banks,
DOUBTS REMAIN OVER SUSTAINABILITY P8 > predicted ‘above-normal’ rains. stemming the rupee’s depreciation.
In a interview with The Indian currency touched an
The finance ministry in its last monthly Sanjeeb Mukherjee, intraday low of 83.55 per dollar,
economic report (for February) said that strong IMD Director General breaching the previous record intra-
growth accompanied by stable inflation and MRUTYUNJAY day low of 83.48 — a level hit on
external account, and progressive employ- MOHAPATRA spells out November 10, 2023. The rupee had set-
ment outlook would help the Indian economy the details. tled at a closing low of 83.45 per dollar
close FY24 on a positive note. “There are head- on Monday.
winds like indications of hardening crude oil INTERVIEW ON P4 Turn to Page 4 > Source: Bloomberg
prices and global supply chain bottlenecks to
trade. Nonetheless, India, on the whole, looks EDIT P9 > SMALLCAPS BREAK FREE FROM RUPEE & RESERVES: RBI’S
forward to a bright outlook for FY25,” it said. MONSOON RELIEF
Turn to Page 7 > GRIP OF WEST ASIA FLARE-UP P10 > CALIBRATED APPROACH P4 >
not issued Starlink a GMPCS licence and constellation of LEO satellites for
their proposal is under process. There is providing satellite broadband services
PAGE 2
no question of giving a conditional and Reliance-SES will offer mobile
licence.” broadband on medium earth orbit and a Tesla’s $1 bn India
The company’s application for GMPCS geostationary satellite constellation. connection that powers
has to be cleared by the ministry of home While One Web has also got the
as well. authorisation of space regulator Indian
its auto ecosystem
“It will take more than National Space promotion An increasing number of Tesla cars are
three months for the and Authorisation Centre, now using components made in India,
process to be completed. We The telecom dept Reliance-SES is yet to get it. which was a favoured import
are planning to refer to the hasn’t issued a The Indian Space destination for the firm much before it
Trai to determine the global mobile Association (ISpA), the decided to set up a plant in the country.
administered price of personal association of satellite SHINE JACOB & SOHINI DAS report
spectrum and other communication operators which includes
modalities. The regulator licence to Starlink, among its members One
will have a consultation a prerequisite for it Web, the Tatas and many Rajasthan enters fray to
process with all key to start commercial others, has, however, raised
stakeholders, after which, it services in India some concerns. Lt General
attract Tesla India plant
will give its A K Bhatt (Retd), director With Tesla scouting a suitable location for
recommendations,’’ the general of ISPA, said: “Even its India foray, Rajasthan has entered the
official said. during the earlier consultation there was a shortlist along with Gujarat, Tamil Nadu
Of the three contenders for providing discussion on how the administered price and Maharashtra. Sources close to the
various players, what services will be mobile broadband services in the country, will be determined. Any delay in development said, a meeting between
permitted, the period of the licence, and Sunil Mittal’s One Web and the Reliance- deciding on this is an opportunity lost. We executives of Tesla and Rajasthan
so on. SES joint venture have already received hope the recommendations of the government was held last week which
A senior official in DoT said: “We have the GMPCS license. One Web runs a global regulator comes soon.” Turn to Page 7 > was “quite positive.” SHREYA JAI reports
2 COMPANIES MUMBAI | WEDNESDAY, 17 APRIL 2024

STOCKS > Happy Forgings

Bags ~500 crore global
> Ugro Capital
Q4FY24 AUM at
> SOM Distilleries And Breweries
Commissions
> ABB India
Launches two energy
> Caplin Point Laboratories
Gets approval from
IN THE NEWS contract for supply of ~9,000 crore, up packaging equipment efficient motor ranges for USFDA ANDA Ofloxacin
brake flanges 48 per cent Y-o-Y at Bhopal facility sustainable growth ophthalmic solution USP
~942.5 CLOSE ~264.4 CLOSE ~307.8 CLOSE ~6,647.2 CLOSE ~1,316.8 CLOSE
p4.2% UP* p2.9% UP* p3.2% UP* p1.3% UP* p1.5% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Zee withdraws merger plea
AHEAD OF MUSK’S INDIA VISIT… O2C may be a
from NCLT against Sony
The board of ZEE Entertainment Enterprises has decided to
Rajasthan enters fray to dampener on
attract Tesla India plant RIL earnings
withdraw the merger implementation application filed before the
National Company Law Tribunal’s (NCLT’s) Mumbai Bench. On
January 24, Zee had filed the merger agreement seeking directions
on the implementation of merger between Zee and Sony India
units – Culver Max Entertainment Pvt, and Bangla Entertainment Street will look for updates on new
Pvt. In a statement, Zee said the decision to withdraw the
application will enable it to aggressively pursue all its claims against Preliminary talks on with automaker; proximity to NCR seen as an advantage energy biz commissioning schedule
Sony in the ongoing arbitration in Singapore. DEV CHATTERJEE
SHREYA JAI in the Tapurana zone.
Bhiwadi/Jaipur, 16 April Apart from this, sources said, the
BharatPe appoints Nalin Negi investment promotion bureau is “sweet-

full-time chief executive
BharatPe on Tuesday said it had elevated its
interim chief executive officer (CEO) and
chief financial officer Nalin Negi (pictured)
as full-time CEO. Negi took charge as
interim CEO in January 2023 after Suhail
Sameer stepped down from the post.
"We look forward to supporting Nalin Negi
in his new role. His extensive experience in
the fintech industry and the growth
witnessed for BharatPe under his
leadership, makes him a natural choice to
lead the company," BharatPe Chairman
Rajnish Kumar said.
TCS has one of world’s largest
W
ith US-based electric vehicle ening the deal” for Tesla and will custom-
(EV) maker Tesla scouting for a
suitable location for its foray in
ise the offerings.
“Usually the land is e-auctioned in
India, Rajasthan has joined the fray with a these zones. But we can allot as well if there
host of offers to woo the Elon Musk-led is a big-ticket investment. Also, we are
company. Other challengers include competing with states which are industrial
Gujarat, Tamil Nadu, and Maharashtra. majors, we are pitching our benefits
Sources privy to the development said against their drawbacks,” said the source
that an initial meeting between the senior cited above.
executives of Tesla and the government of Officials said the landlocked state will
Rajasthan, which was held last week,
turned out to be “quite positive.”
pitch its proximity with the national cap-
ital region, the seamless connectivity with
RETAIL UNIT MAY SHOW GAINS
Tesla would now carry out a survey and Delhi and Mumbai through road and rail, % change Y-o-Y
is expected to share the survey details with cheap labour cost, and huge land banks. n Revenue/sales nEbitda nPAT
the state’s investment promotion depart- The state government is also planning to
PTI ment soon. On its part, Rajasthan has add the proposed airport near Bhiwadi and
23.0
already marked a couple of land parcels a railway cargo terminal. 12.2 13.7
10.1 10.5 11.0
and conveyed it to the EV major. The hustle among the states comes 7.9
The Bureau of Investment Promotion
is learnt to have suggested the Bhiwadi
close on the heels of the visit of Elon Musk,
CEO, Tesla to India and his meeting with
5.1

AI-ready workforce, says CEO industrial town as the location to Tesla.

Tata Consultancy Services (TCS) has one of the
world’s largest workforces prepared for
artificial intelligence (AI) thanks to employees
learning new skills and a “culture of
engineering”, Managing director and
Chief Executive Officer K Krithivasan
(pictured) said in an email to employees at
the end of financial year ended March 31,
2024 (FY24). The firm has trained 300,000
employees in basic foundational
AI skills. SHIVANI SHINDE
“Among the various industrial zones in
and around Bhiwadi, we feel the Salarpur
or Khushkhera Industrial area would be
most compatible to the needs of the com-
pany. The area was designed to become
an auto hub and already has a presence of
auto majors, ancillary industries. These
zones are very well connected to the Delhi-
Jaipur expressway and have seamless
infrastructure support,” said an official
requesting anonymity.
Tesla CEO Elon Musk is likely to visit
Prime Minister Narendra Modi, according
to global reports. -8.1
-5.0 -10.7 -5.0
India this month, and a team is A Tesla team from the US is reported
reportedly scouting for potential sites to be scouting for potential sites for the Centrum Prabhudas ICICI Nuvama
company’s planned $2-3 billion electric Lilladher Securities
These two zones are part of the upcom- vehicle plant in India.
ing Phase-II of the industrial area of The news about Tesla’s plan to set up a RIL Q4FY24 estimates
Rajasthan State Industrial Development plant in India comes after the Centre’s
Ebitda refers to earnings before interest, tax, depreciation, and amortisation; PAT
and Investment Corporation Ltd (RIICO). decision to cut import taxes on some EVs refers to profit after tax Source: Analyst reports
This includes Tapukara, Khushkhera, for companies that pledge at least $500
Karoli and Salapur. million (~4,150 crore) in investment and a
Honda already has a 400-acre facility manufacturing plant within three years. AMRITHA PILLAY ment Ebitda to rise 28 per cent
Mumbai, 16 April and telecom 13 per cent.
On a sequential basis,

HPE starts rolling out Tesla’s $1 bn India connection The consolidated profits of
Mukesh Ambani-run Reliance
Industries Ltd (RIL) for the
however, the O2C segment is
expected to report a sharp
jump in earnings owing
made-in-India servers March 2024 quarter (Q4FY24) improvement in gross refining

Hewlett Packard Enterprise (HPE) on Tuesday announced that it

had started the deployment of its made-in-India servers at scale
that powers its auto ecosystem are estimated to decline from
a year ago.
The company’s oil to
margins (GRMs), better pet-
chem spreads, and higher
refining throughput, as the
across the country. Manufactured in VVDN Technologies' facility at chemicals (O2C) business is December 2023 quarter saw
Manesar — which is now fully operational — the HPE servers will SHINE JACOB & SOHINI DAS expected to offset retail and planned shutdowns at some
cater to a wide range of applications and workloads across the Chennai/Mumbai, 16 April consumer gains, while regis- refinery units, analysts with
industry, the company said. Original design manufacturer VVDN TESLA'S COMPONENT tering a sequential rise in its ICICI Securities noted.
has set up a full-scale surface-mount technology line to build
server motherboards for HPE in India. The surface mount
An increasing number of Tesla
cars are now using components
PARTNERS FROM INDIA segment profits.
In a Bloomberg poll, 12
Earnings for the company’s
oil and gas business in the
technology is required by printed circuit board assembly to made in India, which was a Samvardhana differential case analysts estimated quarter under
manufacture server motherboards with high-value components favoured import destination for Motherson: Tier-I assemblies RIL’s consolidated review are expected
like processors, memories, discs, and drives. ASHUTOSH MISHRA the Elon Musk-run company supplier of auto Varroc Engineering: revenue at ~2.35 tril- to moderate
much before it decided to set parts like rear-view Tier-I automotive lion and six analysts sequentially due to
up a plant in the country. mirrors to component maker estimated net largely stable vol-
Sterlite Technologies raises At least eight Indian sup-
pliers are already working with
global OEMs and supplier of income adjusted at
~19,873 crore.
umes and pricing,
analysts with
Suprajit Engineering: exterior lighting
~1,000 crore through QIP the US electric vehicle giant,
according to data from
One of the largest systems, plastic
Analysts with
ICICI Securities
Centrum noted.
For RIL’s non-
Sterlite Technologies has raised ~1,000 crore by issuing equity to Bloomberg Suppliers database.
light-duty control
cablemakers
and polymer
components
noted: “Reliance (is) RESULT O2C business, ana-
qualified institutional investors including HDFC Mutual Fund,
Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, the
The global major is believed to
be sourcing anywhere between globally; largest Bosch group:
likely to show
mixed performance PREVIEW lysts
Prabhudas
with

company said. After the allotment, the paid-up equity share $1-2 billion worth of auto parts
capital of Sterlite increased to ~97.5 crore comprising 485 million from India now.
equity shares."Sterlite has raised ~1,000 crore through a qualified Union commerce minister
institutional placement (QIP) route," the company said in a Piyush Goyal had said in
regulatory filing.The company approved the issue and allotment September last year, “Tesla
of 88.4 million equity shares to qualified institutional investors, sourced nearly $1 billion worth
including HDFC Mutual Fund, Nippon Life India, Goldman Sachs, of auto parts from India in 2022,
and Bandhan Mutual Fund, aggregating to ~1,000 crore. PTI with plans to double it in 2023.”
According to the
Bloomberg supplier list, there
Indians would prefer super are five-six automotive sup-
pliers to the company including
app to access digital services Samvardhana
International,
Motherson
Suprajit
Almost 90 per cent of consumers in India would prefer a single or Engineering, Sona Blw
super app to access digital services in media and non-media Precision Forgings, Varroc
categories, according to a report titled ‘Media Thrive Index’ by Engineering, and Bosch Ltd.
Accenture. Consumer spending on lifestyle services and products is Apart from that, Hindalco
set to be worth $3.5 trillion by 2030 in ten countries, including Industries (for metals and
India. That is an opportunity for international companies like mining), Goodluck India (for
Amazon, Walmart, and Apple that already offer multiple services steel), and Valiant
like streaming, travel, gaming, storage and shopping under a Communication (for technol-
single app or bundle. In India, the Tata group is attempting ogy hardware) are also part of
bundled services through its super app Tata Neu. Meanwhile, Tesla’s global ecosystem.
Reliance has been experimenting with bundling multiple services There are other suppliers
under its Jio brand. ASHUTOSH MISHRA too who are not part of the
automotive halogen Operates in India
bulb manufacturer through 12 firms and
in India makes chassis
Sona BLW Precision systems, electrical
Forgings: Makes drive, and
precision forged automotive
bevel gears and electronics
Source: Bloomberg supplier database
Bloomberg list. They include
groups with whom Tesla is
already in talks before its India
entry.
Business Standard con-
tacted all these companies for
their response. But no reply was
received by the time of filing of
this report. An email sent to
Tesla also went unanswered.
“Whoever is supplying has
a non-disclosure agreement.
From ACMA’s perspective, we
welcome any new investments
coming into the country from
existing OEMs. The govern-
OTHER SUPPLIERS
Hindalco Goodluck
Industries: India:
Metals and Steel
mining
ment of India, in its new policy,
is giving guidance on localisa-
tion,” said Vinnie Mehta, direc-
tor-general of the Automotive
Component Manufacturers
Association (ACMA) of India.
“Any customer coming to
India is good news for all the
automotive suppliers. In
addition to that, more jobs will
be created,” said a source from
one of the above-mentioned
companies. He did not wish to
reveal if his firm was supplying
components to Tesla.
At present, states like
Valiant
Communication:
Technology
hardware
Gujarat, Tamil
Maharashtra, Rajasthan and
Nadu,
Telangana are in talks with
Tesla for its manufacturing
unit. “Nothing is finalised. For
a global major like Tesla, a lot
of factors like logistics will play
a major role,” said a source
aware of the development.
Since the company is
dependent on the Far East and
Western Europe for its imports
and exports, port access time
also plays a major role, where
Maharashtra and Tamil Nadu
have a natural advantage.
during the quarter,
with strong operational
improvement, but net income
may dip on higher deprecia-
tion/high tax rate.”
Brokerage firms
Nuvama, Centrum, Prabhudas
Lilladher, and ICICI Securities
-- on a year-on-year (Y-o-Y)
basis estimated a 5-10 per cent
dip in net profits/profits after
tax for the company.
Earnings before interest,
tax, depreciation and amorti-
sation (Ebitda), these firms
expect, will rise 7-9 per cent.
Analysts with Nuvama
attributed the anticipated rise
in Ebitda to likely strong per-
formance across all verticals
except O2C. The firm said it
expected O2C Ebitda to fall 8
per cent Y-o-Y on weakness in
refining and petrochemicals.
For the same period,
Nuvama expects the retail seg-
Lilladher expect
telecom to show steady per-
formance with 2 per cent
sequential subscriber growth
and flat average revenue per
-- user (ARPU).
The retail segment, the
analysts stated, should show
resilient profitability sequen-
tially as well.
In management commen-
tary, the street will look for
updates on the company’s
new energy business commis-
sioning schedule and further
guidance on capital expendi-
ture spend and the debt pro-
file. Net debt as of December
2023 was at ~1.19 trillion and
consolidated gross debt ~3.11
trillion.Srikanth Venkatachari,
chief financial officer, RIL,
said: “The company is on track
to commence new energy
facilities in phases by the end
of this year.”

‘We have a dedicated team that innovates with data science and AI’
Daimler Truck Innovation Centre of India (DTICI) in Bengaluru is the engineering dedicated team that innovates with utilisation of intelligent major contributions in the entire like AI to drive tangible business
and software hub for Germany-based Daimler Truck, the world’s largest data science and AI… India boasts technologies. Secondly, “power to value chain of engineering. value in the CV industry. One of the
commercial vehicles (CV) maker. RAGHVENDRA VAIDYA, managing director (MD) and an incredible talent pool and a drive” connotes our evolution from key ways we are doing this is
chief executive officer (CEO), DTICI, talks about how the centre is driving innovation rapidly growing innovation diesel-powered engines to zero- What are some of the new-age through predictive maintenance.
for the firm in an email interview with Ayushman Baruah. Edited excerpts: ecosystem. We have hired data emission technologies. In software, technologies like AI that DTICI is Traditionally, addressing warranty
scientists, data analytics experts, we have extreme depth in the areas leveraging to solve the problems claims and part failures had been a
What is the role of DTICI in driving into two main areas. The first and data engineers to further of connectivity and active safety. stated above? costly and reactive process.
innovation for the company? category is product engineering, strengthen our team. We The most dynamic one is on the With data availability, AI and However, by harnessing the power
DTICI serves as the backbone for all encompassing traditional constantly invest in connectivity side, what we analytics have proven a game- of AI, we are shifting our approach
innovation and technology mechanical and electrical upskilling our current call “onboard” and changer in garnering actionable to focus on predictive
developments for Daimler trucks engineering disciplines. The talent pool to align them to “offboard”. Onboard is insights, predictive maintenance, maintenance.
and buses globally. It’s a dedicated second involves the integration of technology shifts and the what we do for connectivity and superior customer experience.
product engineering and IT centre software and electronic evolving market landscape inside the truck. Offboard At DTICI, we are committed to More on business-
that focuses on future innovations. components into our trucks. to future-proof them. is once the truck is on the leveraging new-age technologies standard.com
It provides a competitive move — where it gets connected to
advantage by developing How is DTICI addressing the Can you give examples of the Cloud. We do deep work in
innovative solutions to make growing importance of data and innovation from DTICI? computer science in writing the Traditionally, addressing warranty claims and
products better, especially in the artificial intelligence (AI) in the As a centre committed to algorithms for trucks. On the safety part failures had been a costly and reactive
zero-emission and software and automotive industry? innovation, our strategy revolves side, it is about creating new process. However, by harnessing the power of
electronics areas. Our primary At DTICI, we recognise the around two fundamental pillars. algorithms to come out with new AI, we are shifting our approach to focus on
focus revolves around engineering transformative potential of data Firstly, the concept of “intelligence features like cross-traffic assist, predictive maintenance"
and IT. We can categorise our work analytics and AI in the automotive to drive” underscores the which helps in avoiding collisions. RAGHVENDRA VAIDYA, MD & CEO, DTICI
within the engineering domain industry. We have established a development of software and the So, the teams in Bengaluru make

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.
Birla targets top 3
spot in MF, lending,
and life insurance
Aims to add 30 mn users in 3 years on back of new platform
ABHIJIT LELE
Mumbai, 16 April
T
he Aditya Birla group
(ABG) is looking to be
among the top three
players in the financial servic-
es business like lending, asset
management (mutual funds),
and life insurance. The
cements-to-fashion conglom-
erate launched an omnichan-
nel digital platform on
Tuesday and is betting on it to
add 30 million customers in
three years, said Chairman
Kumar Mangalam Birla.
Speaking at the launch of
Aditya Birla Digital Capital
(ABCD), Birla said the new
direct-to-consumer platform
will further help the group's
financial services arm Aditya
Birla Capital Ltd (ABCL) to
acquire customers, especially
from the younger generation,
adding to its current 35 mil-
lion user base.
“It will acquire customers
digitally at scale, cross-sell and
up-sell in a frictionless
manner and become a full-
stack financial services pro-
vider,” Birla said, talking about
the platform, which was built
at a cost of about ~100 crore
and has over 400 team
members from disciplines like
technology, data analytics and
distribution.
Aditya Birla Capital's
shares closed at ~203 a share
on BSE on Tuesday.
Growing competition
Apart from ABCL, Bajaj
Finance and Tata Capital
have launched an app to sell
financial products and scaled
up investments, while the
latest entrant Mukesh
MUMBAI | WEDNESDAY, 17 APRIL 2024
IT (THE PLATFORM)
WILL ACQUIRE
CUSTOMERS DIGITALLY
AT SCALE, CROSS-SELL
AND UP-SELL IN A
FRICTIONLESS MANNER
AND BECOME A FULL-
STACK FINANCIAL
SERVICES PROVIDER”
KUMAR
MANGALAM BIRLA
Chairman,
Aditya Birla group
Ambani-backed Jio Financial
Services (JFS) is also planning
to use Jio's digital infrastruc-
ture to sell financial products
to investors. JFS's entry into
mutual funds, wealth man-
agement, and stock broking
has also led to the competi-
tion in the financial services
space becoming intense. The
Hinduja group is also betting
on financial services with the
acquisition of Reliance
Capital, which had filed for
bankruptcy.
Going forward, Birla said
the financial services sector is
expected to outpace India's
gross domestic product (GDP)
growth by two times in five
years, and the three key com-
ponents of financial services
model – credit, investments,
and insurance — are expected
to grow at a compound annual
growth rate (CAGR) of 19-21 per
cent over three to five years.
“This performance will
mirror the explosive growth
potential expected in the
PHOTO: KAMLESH PEDNEKAR
financial services sector over
the next few years,” Birla said.
The assets under manage-
ment (AUM) of ABG's lending
unit Aditya Birla Capital
Finance has grown by about
two times to over ~1 trillion,
propelling it to become the
fourth largest diversified non-
banking financial company
(NBFC) in the country. Its
housing finance loan portfolio
has also witnessed growth of
27 per cent year-on-year (Y-o-
Y), as on December 31, 2023.
The total premium of life
insurance business stood at
~11,101 crore in the first 9
months of the financial year
ended March 31, 2024 (FY24).
The average AUM of the asset
management company (AMC)
unit was ~3.11 trillion as of
December quarter of FY24.
ABCD could tap into the
ecosystem of businesses like
cement with 150,000 dealers
and retailers and the recently
launched paints business with
over 50,000 channel partners.
COMPANIES 3 <
Cipla to acquire Cipla Health Limited (CHL), Astaberry, Ikin and Bhimsaini,
MISLEADING AD CASE the wholly-owned subsidiary on a worldwide basis for ~130
Ivia Beaute's and consumer healthcare arm crore, according to a regulatory
Ramdev not off
of Cipla, will acquire the cos- filing by the company.
portfolio for metics and personal care dis- CHL has signed a business
tribution and marketing busi- transfer agreement (BTA) for
~130 crore ness of Ivia Beaute Pvt Ltd, the purchase of Ivia Beaute.
the hook: SC including the latter’s brands BS REPORTER
BHAVINI MISHRA they are off the hook,” Justice
New Delhi, 16 April Kohli said.
The court said it will take
The Supreme Court on up the matter again on April
Tuesday said it will deliber- 23, after recording an under-
ate whether it will accept taking by Patanjali’s counsel
the apology of Patanjali Mukul Rohatgi that they
Ayurved’s founder Baba (Ramdev and Balkrishna)
Ramdev and its managing will take some steps to
director Acharya Balkrishna redeem themselves.
for running misleading “You cannot degrade allo-
advertisements disparaging pathy. You do your own work.
allopathy. You should not
The court has The apex court point fingers at
given them a has asked others… Law is
week’s time to issue Patanjali founder equal for every-
a public statement. Baba Ramdev to one,” said Justice
PUBLIC NOTICE
APPOINTMENTS
“We are not say- issue a public Amanullah.
ing we will forgive statement “You were in the CORRIGENDUM
you. We cannot be within a week know that your Public Notice given on 01/04/2024
on behalf our client LIC Housing
blind to your ear-
lier history, we will
lawyers gave an
undertaking in
Finance Ltd for lost original property
documents of Mrs. Ashwini M. Bile &
Mr.Mukundth P.Bile in respect of Flat
think about your apology,” court (to not make state- No.903, 9 Floor, Dream Annex,
the bench of Justices Hima ments against other forms of Plot No.13, Sector-20, Ulwe, Taluka
– Panvel, District-Raigad.
Kohli and Ahsanuddin medicine). Tomorrow you Name of the customer is mentioned
Amanullah said. “You are not will say you were not aware as “Mrs. Ashwini M. Bhile &
so innocent that you were of it. You are a multi-crore Mr.Mukund P.Bhile” , instead of
correct name as “Mrs. Ashwini M.
completely unaware of what company and you have a Bile &Mr.Mukund P.Bile” , other
was going on in court. At this legal team. You are not so details remained unchanged.
Sd/-
moment, we are not saying innocent,” Justice Kohli said.
Advocate Sachin Kamble
Date : 17/04/2024 Place : Panvel
Max Health to invest
~2,500 cr in Lucknow
SOHINI DAS & SANKET KOUL Sahara Hospital, which is
Mumbai/New Delhi, 16 April spread over a 27-acre land in
Gomti Nagar in the heart of
Max Healthcare Institute has Lucknow, has 285 opera-
said its plans to invest ~2500 tional beds. Max Healthcare
crore for developing hospitals acquired it on a slump sale
in Lucknow where it earlier basis from Sahara India
acquired the 550-bed Sahara Medical Institute Limited.
Hospital for ~940 crore, This acquisition marked the
aiming to become “largest beginning of Max
private sector player” in Uttar Healthcare’s plans to scale up
Pradesh in its field. its presence and investments
The new investment will in the region. The hospital
be part of the Delhi-based has been renamed as Max
group’s plan to double capac- Super Specialty Hospital.
ity by adding 4,200 beds in ~150-200 crore will be
the next four to five years for invested to upgrade the
an investment of more than Gomti Nagar hospital’s med-
~5,000 crore. The group has ical facilities, add 265 more
4,000 beds now and in five beds and renovate civil
years the count will be 8,200. infrastructure.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 1

IN BRIEF
Need a reformed UNSC that ‘Above-normal rains may flood some areas’
better reflects diversity: India The India Meteorological Department (IMD) came out with an ‘above-normal’
forecast for the 2024 monsoon season, at 106 per cent of the long period average IF THE RAINFALL IS MORE,
India has underscored the need for a reformed UN Security
Council (UNSC) that better reflects the geographical and
(LPA). It is in more than a decade that IMD has — in its initial April forecast — predicted
‘above-normal’ rains in the country. IMD Director General MRUTYUNJAY MOHAPATRA,
ONE CAN EXPECT THE
developmental diversity of the United Nations today, in a telephonic interview with Sanjeeb Mukherjee, spells out the details. PROBABILITY OF FLOODING
emphasising that the majority of the world body's membership
supports calls for expanding permanent seats in the powerful
Edited excerpts: TO BE MORE. BUT, WHEN
organ. India has been at the forefront, especially leading the The Met department has forecast a floods. Then, there are the WE ARE TALKING ABOUT
Global South, demanding reforms in the United Nations and
seeking a place as a permanent member of the 15-member
monsoon at a hefty 106 per cent of
the LPA. Is there a higher chance of
Himalayan rivers. From the western
Himalayas… in Jammu and
FLOODS, WE NEED TO
UNSC. “India is in favour of expansion of UN Security Council flooding given that rains could be Kashmir and Ladakh, we are CONSIDER IF IT IS RIVERINE
membership in both the permanent and non-permanent
categories, as this is the only way to achieve genuine reform of
heavy this year?
Yes, that’s the usual inference you
expecting below normal rains. But
in Himachal Pradesh and
OR URBAN FLOODS”
the UNSC and make it legitimate, representative, responsive and can draw. If the rainfall is more, Uttarakhand, ‘above normal’
MRUTYUNJAY MOHAPATRA
effective,” India's Permanent Representative to the UN one can expect the probability rainfall activity is predicted.
Ambassador Ruchira Kamboj said on Monday. Kamboj noted that of flooding to be more. But, So, accordingly, you can infer IMD’s Director General
expansion in the permanent categories is a position supported by when we are talking about that there could be chances of
the majority of Member States. PTI floods, we need to consider floods but not in all the rivers. India could get ‘below-normal’ there will be ‘below-normal’, ‘above- gives confidence on the monsoon,
whether it is riverine or urban rains. What does this mean? normal’ or ‘normal’. There is no which is crucial for agriculture and
floods. If you talk of riverine So basically, what you are saying We have said that there is possibility prediction by the model in the white water resources. But, for any
India's outward FDI rises to floods, then in the Northeast, we
have the major flooding system of
is that the threat of flooding is more
in Himachal and Uttarakhand?
of ‘below-normal’ rains in Odisha
and adjoining areas of Gangetic
areas, which are more in Odisha
and Chhattisgarh.
monsoon we need to remain vigilant
because there will be large-scale
$3.91 bn in March: RBI data the Brahmaputra and its tributaries.
But, we are expecting ‘below-
You can say that and also in the
Godavari river systems, there could
West Bengal and Jharkhand. But, if
you see the prediction map closely, Also, with this kind of forecast,
variation in day-to-day rainfall
activity. Even if the overall monsoon
India’s outward foreign direct investment (FDI) commitments normal’ rains there. Therefore, be ‘above normal’ rains. But, it is there are many areas in Odisha, what should the government’s is ‘above normal’, there could be
rose significantly to $3.91 billion in March, compared to $2.63 floods won’t be frequent in those very difficult to say now whether Chhattisgarh and other parts which preparations be? Can it afford to some areas where there will be
billion in the same month a year ago. Sequentially, they were parts at least. In Odisha, too, we have floods will actually happen or not. are marked white. This means that be ‘complacent’? floods. And, there will be other areas
also higher than $3.67 billion in February, according to the predicted ‘below-normal’ rains. So, the forecast model was not able to I think from the meteorological where the rains will be
Reserve Bank of India (RBI) data. Outbound FDI, expressed as a the Mahanadi river system won’t see IMD has said East and Northeast give any signal whether the rains point of view, it is good news and ‘below normal’.
financial commitment, comprises three components: equity,
loans, and guarantees. The equity commitments grow more
than twofold to $2.03 billion in March from $758.22 million a

West Asia tensions RBI conducts 2-day VRRR as

year ago. It was also higher than the $ 616.46 million recorded
in February 2024.Debt commitments almost doubled to $1.04
billion in March, from $517.98 million a year ago, much higher

liquidity surplus nears ~1 trn

than $254.24 million in February 2023. BS REPORTER

India rate cuts ‘off the table’

in FY25: Morgan Stanley stall India’s plans ANJALI KUMARI
Mumbai, 16 April
RBI AT WORK
Net liquidity injected by central bank (~ cr)

to import Iran oil

Interest rate cuts in India are “off the table” in 2024-25 (FY25)
given the change in the Federal Reserve's policy path and strong
growth in the South Asian nation, analysts at Morgan Stanley said
on Tuesday. “We believe that improving productivity growth,
rising investment rate, and inflation tracking above the target of
4 per cent, alongside a higher terminal Fed funds rate, warrant
higher real rates,” economists Upasana Chachra and Bani
Gambhir wrote. With India's key policy rate expected to be steady
at 6.5 per cent in the financial year ending March 31, real rates
should average 200 basis points (bps), they added. REUTERS
The Reserve Bank of India (RBI) conducted a
two-day variable rate reverse repo (VRRR) auc-
tion on Tuesday as the liquidity surplus in the
banking system neared ~1 trillion.
The liquidity in the system was in a surplus
of ~98,920 crore on Monday, according to the
Iran was India’s third-largest source of crude oil until 2019 latest data by the central bank. Consequently,
the weighted average overnight money market
SUBHAYAN CHAKRABORTY rates fell to 6.34 per cent on Tuesday, against
New Delhi, 16 April 6.42 per cent on Monday. The weighted aver-
age overnight call rate fell below the repo rate

Sanction procured to prosecute
NewsClick founder: Delhi Police
Requisite sanction has been procured to prosecute NewsClick
founder and Editor-in-Chief Prabir Purkayastha under anti-
terror law UAPA in a case where the news portal has been accused
of having received money to spread pro-China propaganda,
Delhi police told a court here on Tuesday. The prosecution told
Additional Sessions Judge Hardeep Kaur that the sanction
documents have been filed as a part of a supplementary charge
sheet in the case. The judge posted the matter for further hearing
on April 30. PTI
India aims to achieve debris-free
space missions by 2030: Isro chief
Indian Space Research Organisation (Isro)
Chairman S Somanath on Tuesday
announced that India aims to achieve
debris-free space missions by 2030.
Addressing the 42nd Inter-Agency Space
T
he latest flashpoint in West Asia to 6.48 per cent, against 6.51 per cent on
has derailed India’s preliminary plans to
resume crude oil imports from Iran,
Monday. The repo rate currently stands at 6.50
per cent.
officials said.
In January, officials of the Ministry of
“Banks were parking funds in the standing
deposit facility (SDF), and the call rate had fallen
Petroleum and Natural Gas had told Business below the repo rate, which is the reason why
Standard that the government had been studying the RBI came up with the auction,” said a dealer Source: Bloomberg
proposals for the same, given that India was try- at a state-owned bank. “They have said numer-
ing to expand sources of imports. ous times that they want to keep the overnight
“We are always monitoring the situation when rates near the repo rate,” he added. should remain in the surplus at least in this
it comes to crude flows. There had been proposals Banks parked ~32,576 crore, against the noti- month,” said a money market dealer at a state-
to resume crude oil imports from Iran. But given fied amount of ~50,000 crore at a weighted aver- owned bank. “There might be some crunch
the current state of affairs, that plan has now age rate of 6.49 per cent at the because of the elections,” he said.
been put aside,” a Petroleum Ministry official auction. Market participants see the liquidity to The liquidity has largely remained in sur-
said on Monday. prevail in a surplus mode in the current month. plus in April, as compared to the previous
India has so far refrained from purchasing “There is ample liquidity in the system, it months in the current calendar year.
crude oil from any country facing global sanc-
tions. The government considered importing
Venezuelan oil once the US lifted sanctions on
CASTING A SHADOW
the South American nation.
The issue may have been discussed during
recent bilateral meetings during External Affairs
n Shipments from Iran better shielded from
regional instability
UCB advances to priority
Minister S Jaishankar’s visit to Iran in January.

New partnerships
n After more than a year of securing major
shipments of Russian crude, India looking
to re-establish supplies from West Asia
sector jump 27% in FY23
Debris Coordination Committee annual One of the motivations behind the move was that
meet here, he said Isro has a very clearly shipments from Iran would be better shielded n Indian refiners yet to negotiate spot HARSH KUMAR MSMEs in FY23 compared to achieved 66.88 per cent
laid out plan as far as space exploration from regional instability. “Shipments from Iran purchases from the country New Delhi, 16 April 34.27 per cent last year. Within in FY23.
and space utilisation are concerned for the coming days. “I would take place through the Persian Gulf and Gulf of n However, Iranian crude increasingly MSMEs, micro enterprises At the same time, sched-
like to make this initiative a declaration today, possibly this can be Oman, where the Houthi militias have limited being offered by traders under the The advances of urban had the highest share at 17.23 uled commercial banks'
discussed and debated in the coming days," he said. PTI presence,” an official said. Given that the Houthis garb of Malaysian oil co-operative banks (UCBs) to per cent. “This surge has hap- achievement under the prior-
are also allies of the Iranian regime, they were the priority sector surged pened because there are now ity sector lending as on March
also not expected to go against trade deemed more than 27 per cent in the simpler credit rules for 31, 2023, stood at 44.7 per cent.
Isro makes light-weight, important by Tehran.
After more than a year of securing major ship-
$12.1 billion. In June 2019, the US Presidential
administration under Donald Trump placed
financial year 2023, compared MSMEs. And we have seen a
to the previous huge increase in
Both public and private sector
banks, including foreign
nozzle for rocket engines ments of Russian crude, India is increasingly
looking to re-establish supplies from its tradi-
fresh sanctions on the country due to its nuclear
programme. With Washington removing an
year, the Reserve
Bank of India's A majority of
the
demand post
credit banks, have also achieved the
prescribed 40 per cent overall
The Indian Space Research Organisation (Isro) said it has achieved tional partners in West Asia. As of January, Iraq exception for countries like India to source oil recent report — the advances Covid,” said priority sector lending (PSL)
a breakthrough in rocket engine technology with the and Saudi Arabia were the second and third- from Iran, the trade was cut off from accessing Primary (Urban) of UCBs was Jyotindra M target during 2022-23.
development of a lightweight Carbon-Carbon (C-C) nozzle for largest sources of crude for India according to US dollars. As a result, Iran went from becoming Co-operative given to MSMEs, Mehta, presi- “MSMEs resuming normal
rocket engines, enhancing payload capacity. This innovation official data. The plan to test whether imports the ninth largest crude oil exporter in 2018 to the Banks’ Outlook amounting to dent, National operations after Covid pan-
accomplished by the space agency's Vikram Sarabhai Space from Iran can begin was part of this larger effort, 71st as of 2021, OPEC figures show. 2022-23 — showed. ~1.3 trillion Federation of demic has led to significant
Centre (VSSC) promises to enhance the vital parameters of rocket another official said. While Indian refiners are yet to negotiate spot The RBI report in FY23 Urban growth in their business, lead-
engines, including thrust levels, specific impulse, and thrust-to- Yet, imports from Russia have increasingly purchases from the country, Iranian crude is put the advances Cooperative ing to increase in priority sec-
weight ratios, thereby boosting the payload capacity of launch faced tighter restrictions, due to the US imposing increasingly being offered by traders under the for UCBs in FY23 at Banks and tor lending,” said Sanjay
vehicles, it said. PTI fresh sanctions against Russia’s prominent garb of Malaysian oil, Business Standard has ear- ~2.2 trillion, up from ~1.73 tril- Credit Societies Ltd (Nafcub). Agarwal, senior director at
tanker group, Sovcomflot, in February, and facing lier reported. lion in FY22. A majority of the Mehta added that since CARE Ratings.
growing challenges in processing payments. Crude oil currently makes up a staggering per advances of UCBs was given to most UCBs have limited loan As on March 31, there were
UPA seized RBI to paint picture The discounts received by India had also
come down to their lowest since the invasion of
cent of Iranian exports, according to the Atlas of
Economic Complexity, a repository of trade data
MSMEs (micro, small & medi- books, they mainly lend to
um enterprises), amounting to micro lenders and avoid large
1,502 UCBs in India, with 10,117
branches across the country.
of rosy economy, says Thakur Ukraine in late-2023 to $3-4 per barrel. maintained by Harvard University. In the
absence of buyers, an increasing share of Iranian
~1.3 trillion in FY23 against ~1 corporates.
trillion in FY22. The RBI has set a target of
It has total deposits of ~5.3 tril-
lion and total advances of ~3.3
Union Minister Anurag Thakur on Tuesday alleged that the Bypassing sanctions crude has diverted towards China, feeding nearly Of the total lending by 60 per cent for priority sector trillion. Maharashtra has the
Congress-led UPA government “seized” the RBI to Iran was the third-largest source of crude oil for 10 per cent of China’s gigantic crude require- UCBs to the priority sector, lending by UCBs till FY24. highest number of UCBs with
paint an illusion of economic growth during its India till 2018-19, when imports had topped at ments, Reuters has reported. almost 40 per cent was to the However, UCBs had already a total of 475.
tenure in office. Referring to the revelations
made by former RBI Governor D Subbarao in his
memoirs, Thakur said:”From 2004-2014, the
Congress-led UPA orchestrated a grand
illusion, turning Atal Bihari Vajpayee Ji's
thriving economy into a theater of
economic despair.” PTI
Rupee & reserves: RBI’s calibrated approach
MANOJIT SAHA
> FROM PAGE 1
MAPPING Indian rupee
Mumbai, 16 April
FY change (%)
EPFO increases auto claims 3.44

processing limit to ~1 lakh

The rupee has depreciated 28.3 per cent in
the past 10 years, but on average it has THE JOURNEY 2.15
till
FY25 ~... the market, and they could
have sold around $100 mil-
fallen around 3 per cent a year, indicating FY15 FY16 FY18 FY19 FY20 FY22 FY23 FY24 date Indian government bonds, lion-$200 million,” said
The retirement fund body EPFO has increased the auto claims a calibrated approach taken by the FY17 -0.50 FY21 -0.16 too, weakened and the Anindya Banerjee, vice
processing limit under section 68J of the EPF Scheme 1952 to Reserve Bank of India (RBI) in managing benchmark 10-year bond president- currency deriva-
~1 lakh from the current limit of ~50,000 to improve the ease of the exchange rate. The central bank has
-1.47 yield touched a near three- tives & interest rate deriva-
living for its nearly 70 million subscribers. Under Para 68J of the maintained that it intervenes only to curb month peak on worries over tives, Kotak Securities. “The
-3.53
scheme, the amount advanced shall not exceed the member's the volatility and not come in the way of -4.17 the heightened conflict in rupee should trade in the
basic wages and dearness allowance for six months or his own the currency movement. The maximum West Asia and receding bets range of 83.40 per dollar to
share of contributions with interest thereon or the cost of the depreciation in a year was in FY20, during
-5.66 -5.76 of an early rate cut by the 83.75 per dollar, as there is
equipment, whichever is lower. BS REPORTER the Covid-19 pandemic and in FY23 – Federal Reserve. In the US, resistance around 83.75
-7.77
a year of heightened geopolitical tensions -8.55 too, the benchmark bond a dollar.”
following Russian invasion of Ukraine in yield climbed further The Indian unit, on
Rlys doesn’t keep separate profit February 2022.
The RBI stepped up its intervention in
India’s forex 103.72 change ($ bn) The yield on the bench-
mark Indian 10-year note
Friday, was the fifth most
stable currency among its
record of Vande Bharat: RTI reply the foreign exchange market in reserves ended at 7.187 per cent, its Asian peers. Asian curren-
2022, resulting in a sharp fall in 63.66 67.13 highest since January 25, cies experienced declines
The Railway Ministry doesn't maintain any separate revenue foreign exchange reserves. The
54.41 after closing at 7.178 per cent against the US dollar in a
37.70 38.36
generation records of Vande Bharat trains, revealed the
ministry's response to an application under RTI Act. Madhya
situation changed completely in FY24 as
the Indian unit turned out to be one of the
-3.18 -28.3 14.18
14.40
in the previous session. As
the Indian currency slipped
range of 0.1 per cent to 2 per
cent. The Indonesian rupi-
Pradesh-based Chandra Shekhar Gaur sought to know how most stable currencies depreciating only
10-year Rupee FY19 FY23 2.98 past the psychological level ah fell the most with 2 per
much revenue the Railway Ministry has generated from Vande 1.45 per cent. Robust inflows also helped
average depreciation of 83.50 per dollar, traders cent depreciation versus the
(FY15-FY24) since FY14 FY15 FY16 FY17 FY18 FY20 FY21 FY22 FY24 FY25
Bharat trains in the past two years and if it made any profit or loss the central bank spruce up its foreign -12.46 till expected the next resistance dollar.
on their operation “Train-wise portability is not maintained,” exchange reserves which is at an Compiled by BS Research Bureau; Sources: Bloomberg, RBI
date at 83.75.
-39.20
the Railway Ministry said in its response. PTI all-time high. “The RBI was there in More on business-standard.com
.
MUMBAI | WEDNESDAY, 17 APRIL 2024 5 <

PUBLIC NOTICE UNITY SMALL FINANCE BANK LIMITED

Notice is hereby given to the public in Registered Office: Basant Lok,Vasant Vihar ,New Delhi- DEMAND
general that on behalf of Kotak Mahindra 110057. Corporate Office :Centrum House, Vidyanagari NOTICE
Prime Limited, through its authorized Marg, Kalina, Santacruz (E), Mumbai – 400 098
representative Mr. Raj Shekhar Roy. We UNDER THE PROVISIONS OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT
state that original title deeds namely OF SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the
Original Sale deed dated 22.01.2010 Rules”)
executed by M/s Gautam Iron Mills Pvt. The undersigned being the Authorized Officer of Unity Small Finance Bank Limited (“Bank”) under the Act and in exercise of
powers conferred under Section 13 (12) of the Act read with the Rule 3, issued Demand Notice (s) under Section 13(2) of the
Ltd in favour of Mrs. Kirandeep Lally and
Act, calling upon the following Borrower(s) to repay the amount mentioned in the respective notice(s) within 60 days from the
Puneet Lally for area admeasuring date of receipt of the said notice. As some of the notice(s) are not served as per postal remarks, hence said notice(s) are being
2680.38 Sq.yard duly registered with served upon the Borrower(s) by way of alternative mode of service i.e. through publication in News Papers.:
office of Sub Registrar at serial no 16003
S.No. Loan Account Details Secured Assets
and Original Sale Deed dated 10.04.2003
bearing Vasika No. 639 executed in 1 1.Borrower / Mortgagor Name : Mr.Sunil Pralhadrao Pete All that part and parcel of the property bearing Shop
2. Co-Borrower / Mortgagor Name : Mrs.Yogini Sunil Pete No. 5, Ground Floor, Sai Niwas Building, Nutan Sai
favour of M/s. Gautam Iron Mills Pvt. Ltd. 3. Guarantor Name : Mr. Mukesh Suresh Rathi Niwas Co-op. Housing Society Ltd., constructed
deposited with as a security to avail the loan 4. Guarantor Name : Mr.Omprakash Devnarayan Chaudhary on Gaothan Plot of Land admeasuring 925.88
facility are inadvertently lost/ not traceable at Loan Account No: 075303100000001 Sq.Mtr. lying being and situated at Village Virar
Mumbai even after due diligence. We have Loan Amount : Rs. 9,17,000.00 (Manvelpada Gaothan), Virar (East), Taluka Vasai,
NPA Date : 17.10.2023 Dist. Thane – 401 305, Maharashtra, admeasuring
given the information to the police authorities Demand Notice Date : 28.03.2024 176 Sq.Fts. i.e. 16.36 Sq.Mtr. Built Up Area, owned
also vide Loss report No. 44046-2024. If any Demand Notice Amount : Rs. 5,16,393.48 (as on 26.03.2024) by Mr.Sunil Pralhad Pete and Mrs.Yogini Sunil Pate.
person found or has claim or has objection or and interest & other charges
right in any manner whatsoever are hereby 2 1.Borrower / Mortgagor Name : Mr.Shivaji Balasaheb Mokashe All that part and parcel of the property bearing Flat
requested to make the same known to the 2. Guarantor Name : Mrs.Kamal Shivaji Mokashe No. B-13, 1st Floor, Building 3, Vasant Nagar Co-
3. Guarantor Name : Mr.Pritam Shivaji Mokashe op. Housing Society Ltd., Survey No. 1, Hissa
authorized representative of Kotak Loan Account No: 026330800000004 and 026305100000002 1+2+3A / 2, Village Nevali, Post Adai, Taluka
Mahindra Prime Limited, Mr. Raj Shekhar Loan Amount : Rs. 20,00,000.00 and Rs.7,00,000.00 Panvel, Dist. Raigad - 410 206, Maharashtra,
Roy (Vice President - Legal) having contact NPA Date : 02.10.2023 admeasuring 442.40 Sq.Fts. Carpet Area, owned
no. + 91 2266056238 and Mr. Vikas Sood Demand Notice Date : 16.03.2024 by Mr.Shivaji Balasaheb Mokashe.
Demand Notice Amount : Rs.4,31,624.00 and Rs.6,66,480.80
(Advocate) having Mob No. 9814094356 (as on 06.03.2024) and interest & other charges
within 15 days from today. Thereafter no
In case of failure to repay the aforesaid dues within a period of 60 (sixty) days the undersigned shall be constrained to enforce
claim will be entertained. Sd/- the above Secured Assets under the provisions of the Act. Please note that as per section 13(13) of the Act, you are restrained
Kotak Mahindra Prime Limited from dealing with or transferring any of the secured assets referred to herewith, whether by way of sale, lease or otherwise. Any
contravention of this provision is an offence and punishable under the Act.
Please note that erstwhile Punjab and Maharashtra Co-operative Bank Limited, stands amalgamated and named as Unity Small
Finance Bank Limited with effect from January 25, 2022.
Place: Mumbai Date :17.04.2024 Sd/- Authorized Officer, Unity Small Finance Bank Limited

UTKAMAL CO-OPERATIVE HOUSING SOC. LTD.

Reg. No. BOM/WN/HSG(TC)/3751/88-89, Dated: 21/10/1988
S. No. 249, Hiss No. 3, CTS No. 195/78, Plot No. 58, Garodia Ngar, Ghatkopar
(East), Mumbai - 400 077
DEEMED CONVEYANCE PUBLIC NOTICE
(Application No. 31/2024)
Notice is hereby given that the above Society has applied to this office under Section
11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale,
management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance
PUBLIC NOTICE COURT ROOM NO. 83 (MAZGAON) of the following properties. The next hearing in this matter has been kept before me on
This is to certify that No IN THE BOMBAY CITY CIVIL COURT AT MUMBAI 29/04/2024 at 3:00 pm at the office of this authority.
Claim of whatsoever nature is Chamber Summons No. 894/2023 Respondent No. - (1) Uttamcand D. Dadia, Builders, (2) Uttamchand Dosabhai
In Dadia, (3) Smt. Kamal Uttamchand Dadia, (4) Satishchand Uttamcahnd Dadia, (5)
Sterlite Power Transmission Limited raised by any person or party SUMMARY CIVIL SUIT NO. 642 OF 2022
Dhiren Uttamchand Dadia, (6) Shri Rajesh Uttamchand Dadia and those, whose
Registered Oice: 4th Floor, Godrej Millennium, pertaining to Flat No. 1706, 17th (UNDER ORDER XXXVII, RULE 2 OF THE CODE OF CIVIL
PROCEDURE, 1908) interests have been vested in the said property may submit their say at the time of hearing
9, Koregaon Road, Pune, Maharashtra – 411001, India Floor, H wing, Casa Fontana, [ Order V Rule 20 ( I - A) OF CPC FOR PAPER PUBLICATION] at the venue mentioned below. Failure to submit any say shall be presumed that nobody
CIN: U74120PN2015PLC156643 | Phone: +91- 124 -4562 000 | Fax: 0124- 4562075
Email: secretarial.grid@sterlite.com | www.sterlitepower.com
Village Khoni, Palava, Dombivali, Plaint lodged on: 27/ 05/2022 Plaint admitted on - 28/07/2022 has any objection in this regard and further action will be taken accordingly.
Maharashtra 421204, adm. 454 RULE 51, SUMMONS to answer plaint Under Order XXXVII, Rule 2, of the Code DESCRIPTION OF THE PROPERTY :-
FORM NO. CAA. 2 of Civil Procedure. Building of Utkamal Co-Operative Housing Society Ltd. along with land as
Sq. Ft. which was owned by Mr. BANK OF INDIA, a body Corporate, Constituted under the Banking Companies
[Pursuant to Section 230(3) of Companies Act, 2013 and Rules mention below.
6 and 7 of the Companies (Compromises, Arrangements, and Sunil Sheth & Ms. Kavisha Sheth, (Acquisition and Transfer of Undertakings) Act-1970, having their Head Office
at Star House, Plot No. C/5, ‘G’ Block Bandra Kurla Complex, Bandra (E), Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area
Amalgamations) Rules, 2016] which was purchased from Mumbai 400 051 and Branch Office known as Churchgate Branch situated at
IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH Samara Buildtech Pvt. Ltd. Mr. Ground Floor, Near Eros Theatre Building Jamshedji Tata Road, Church Gate, 249 3 58
195/78
709.50 Sq.mtr.
CA(CAA)/03/MB-IV/2024 Sunil Sheth passed away on Mumbai – 400 020 through its Authorised Representative Mr. Rizwan Alam Village Ghatkopar, Kurla
IN THE MATTER OF SECTIONS 230 TO 232 READ WITH SECTION 52 Chief Manager of the Plaintiff . ) … Plaintiff
11.07.2022, leaving behind him Versus Ref. No. MUM/DDR(2)/Notice/805/2024
AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013 Place : Konkan Bhavan,
(1) Smt. Arti Sunil Sheth (wife), 1. MR. SHASHANK SHARAD KAWLE
READ WITH THE COMPANIES (COMPROMISES, ARRANGEMENTS Adult, Indian Inhabitant, having address at A-709, Mitratva Society, Tata Power, Competent Authority & District Dy. Registrar,
AND AMALGAMATIONS) RULES, 2016 (2) Ms. Kavisha Sunil Sheth and Sd/-
Gulmohar, Borivali (East), Mumbai - 400 066. Room No. 201, Konkan Bhavan,
AND (3) Mr. Aman Sunil Sheth, as his 2. MR. SHATRUGHAN SHANKAR BIRJE C.B.D. Belapur,
(Nitin Dahibhate)
SEAL Competent Authority & District
IN THE MATTER OF SCHEME OF ARRANGEMENT BETWEEN STERLITE only heirs and next of kin Adult, Indian Inhabitant, having address at 3-112, Mint Colony, Saibaba Marg, Navi Mumbai-400614.
POWER TRANSMISSION LIMITED AND STERLITE GRID 5 LIMITED according to the provisions of the BMC School Parel, Mumbai - 400 012. ...Defendants Dy. Registrar Co.op. Societies (2),
To, Date : 16/04/2024 Tel.: 022-27574965
AND THEIR RESPECTIVE SHAREHOLDERS AND CREDITORS Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai
Hindu Succession Act, 1956 by MR. SHATRUGHAN SHANKAR BIRJE
STERLITE POWER TRANSMISSION LIMITED, which he was governed at the time Defendant No. 2 abovenamed.
a company incorporated under the provisions of the (As per order dated on 03.04.2024 in presiding in Court Room No. 83, H.H.J. UNITY SMALL FINANCE BANK LIMITED
Companies Act, 2013, having Corporate Identiication of their death. Shri. V. S. Khot) Registered Office: Basant Lok,Vasant Vihar ,New Delhi- DEMAND
Number U74120PN2015PLC156643 and its registered That vide Relinquishment GREETINGS; WHEREAS the above named Plaintiff/s has/have instituted a suit 110057. Corporate Office :Centrum House, Vidyanagari NOTICE
oice situated at 4th Floor, Godrej Millennium, .... Company / in this Honourable Court against you the abovenamed Defendant/s under rule 2 Marg, Kalina, Santacruz (E), Mumbai – 400 098
9 Koregaon Road, Pune, Maharashtra – 411 001 Demerged Company Deed dated 20/06/2023, duly of Order XXXVII of the Code of Civil Procedure, 1908.
registered vide doc. No. KLN- THE PLAINTIFF THEREFORE PRAY : UNDER THE PROVISIONS OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT
NOTICE AND ADVERTISEMENT OF NOTICE OF THE MEETING OF THE OF SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the
a. The Defendants be ordered and decreed to pay to the Plaintiffs jointly and
EQUITY SHAREHOLDERS OF THE DEMERGED COMPANY 5/8968/2023 Said Ms. Kavisha severally a sum of Rs. 67,399.29 (Rupees Sixty Seven Thousand Three
Rules”)
Sunil Sheth (releasee) holds The undersigned being the Authorized Officer of Unity Small Finance Bank Limited (“Bank”) under the Act and in exercise of
NOTICE is hereby given that by an order dated March 28, 2024 (“Tribunal Hundred and Ninety Nine and Paise Twenty Nine Only) due under Personal powers conferred under Section 13 (12) of the Act read with the Rule 3, issued Demand Notice (s) under Section 13(2) of the
Order”), the Mumbai Bench of the National Company Law Tribunal 66.66% share (i.e. 50% self + Loan Account No. 001060110000176 with further interest at the rate of 13.80 % Act, calling upon the following Borrower(s) to repay the amount mentioned in the respective notice(s) within 60 days from the
(“Tribunal”) has directed the meeting to be held of the Equity Shareholders of p.a. with monthly rest from the date of filing of the Suit till the date of payment date of receipt of the said notice. As some of the notice(s) are not served as per postal remarks, hence said notice(s) are being
16.666% in succession of Sunil and/or realisation as per the Particulars of the Plaintiff’s Claim being Exhibit “K”
the Demerged Company (“Meeting”), for the purpose of considering, and if served upon the Borrower(s) by way of alternative mode of service i.e. through publication in News Papers.:
thought it, approving with or without modiication(s), the proposed Scheme Sheth), & Arti Sunil Sheth to the Plaint. S.No. Loan Account Details Secured Assets
of Arrangement between Sterlite Power Transmission Limited (“Demerged (Releasor 1) holding 16.666% b. That the Defendant be ordered and decreed to pay to the Plaintiffs costs of the
Company” or “Company”) and Sterlite Grid 5 Limited (“Resulting Company”) suit. You are hereby summoned to cause an appearance to be entered for you, 1 1.Borrower / Mortgagor Name : Mrs.Sarika Sachin Sathe All that part and parcel of the property bearing Flat 302,
and their respective shareholders and creditors (“Scheme”) under Sections 230 joint & undivided share, and Aman within ten days from the service published Summons hereof, in default where of 2. Co-Borrower / Mortgagor Name : Mr.Sachin Tukaram 3rd Floor, Aditi Apartment, Aditi Co-op. Housing Society
Sathe Ltd., Gut No. 61, H.No. 2, CTS 9008, Near MIDC
to 232 read with Section 52 and other applicable provisions of the Companies Sunil Sheth (Releasor 2) holding the Plaintiff/s will be entitled at any time after the expiration of such ten days to Loan Account No: 005330700000001and Building, Mouje Morivali, Nr.Bhawani Chowk,
Act, 2013 (“Act”). 16.666% joint & undivided share obtain a decree for the sum of Rs. 67,399.29 (Rupees Sixty Seven Thousand 005305100000010 Ambernath (East), Taluka Ambernath, Dist.Thane – 421
In pursuance of the Tribunal Order and as directed therein, and in compliance Three Hundred and Ninety Nine and Paise Twenty Nine Only) and such sum Loan Amount : Rs. 11,00,000.00 and Rs.5,00,000.00
in the said premises. And whereas 501, Maharashtra, admeasuring 493 Sq.Fts. Built Up
with the applicable provisions of the Act, further notice is hereby given that as prayed for and for costs, together with such interest, if any, as the Honourable NPA Date : 13.10.2023 Demand Notice Date : 30.03.2024 Area i.e. 580 Sq.Fts. Super Built Up Area, owned by
meeting of the Equity Shareholders of the Demerged Company will be held the releasee is the daughter of Court may order. Demand Notice Amount : Rs. 5,52,340.82 and Mrs.Sarika Sachin Sathe and Mr.Sachin Tukaram Sathe
If you cause an appearance to be entered for you, The Plaintiff/s will thereafter Rs.3,29,453.88 (as on 26.03.2024) and interest & other
through video conferencing (“VC”) / other audio visual (“OAVM”) means as Releasor 1 and sister of Releasor 2 serve upon you a summons for judgment at the hearing of which you will be charges
under: and therefore the releasors hereby entitled to ask the Honourable Court for leave to defend the Suit. Leave to 2 1.Borrower / Mortgagor Name : Mr.Ravindra Tulsidas All that part and parcel of the property bearing Flat No.
Sr. No. Class of meeting Date of meeting Time of meeting declare & confirm that they do not defend may be obtained if you satisfy the Honourable Court by affidavit or Baisware 101, 1st Floor, Building A-3 Aster, Empress Park Co-op.
otherwise that there is a defence to the suit on the merits or that it is reasonable 2. Co-Borrower / Mortgagor Name : Mrs.Sheetal Ravindra Housing Society Ltd., Survey No. 7, Hissa No. 13, Village
1. Equity Shareholders Monday, 20th May, 2024 11.00 a.m. IST desire to claim any right, title and that you should be allowed to defend the Suit. Baisware Vadavali, Anand Nagar, Kasarwadavali, Ghodbunder
interest in the premises, which Given under my hand and the seal of this Hon’ble Court. Loan Account No: 044331000000002 Road, Taluka & Dist. Thane – 400 615, Maharashtra,
In terms of the Tribunal Order, the individual notices of the aforesaid meeting Loan Amount : Rs. 45,00,000.00 admeasuring 64.96 Sq.Mtr., Carpet Area , owned by
together with the copy of the Scheme, statements pursuant to Sections 230 to 232, they inherited in succession to the Dated this 12th day of April, 2024.
NPA Date : 19.11.2023 Demand Notice Date : 28.03.2024 Mr.Ravindra Tulsidas Baisware and Mrs.Sheetal
Section 52 read with Section 102 and other applicable provisions of the Act and said Late Sunil Sheth, and Sd/- Demand Notice Amount : Rs.37,80,935.02 (as on Ravindra Baisware.
Rule 6 of the Companies (Compromises, Arrangements and Amalgamations) Sd/- Seal For Registrar. 26.03.2024) and interest & other charges
Rules, 2016 (“CAA Rules”) and accompanying documents have already been therefore they have voluntarily Sealer City Civil Court, Gr. Bombay 3 1.Borrower / Mortgagor Name : Mrs. Deepika Dattatray All that piece and parcel of the property bearing Flat
sent through electronic mode to the Equity Shareholders at their registered renounced their collectively Dated this 12th day of March, 2024. ANANT B. SHINDE & CO. Pednekar No.401, 4th Floor, C Wing, Windsor Plaza Building,
email IDs and through speed post/registered post to the Equity Shareholders 2. Guarantor Name : Mr. Dattatray Amrut Pednekar Windsor Plaza Co-op.Housing Ltd., S.No. 7, Hissa 2,
33.333% joint & undivided share ADVOCATE FOR PLAINTIFF,
Loan Account No: 020301100000023 and Village Ayre, Near Diva-Vasai Bridge, New Ayre Road,
whose email addresses are not available with the Demerged Company. 311, VARMA CHAMBERS,3RD FLOOR, 11, HOMJI STREET, FORT,
in the said premises, without any BOMBAY – 400 001 Mobile No. : 9820700198
020301100000025 Dombivali (East), Taluka Kalyan Dist. Thane - 421 201,
he notice of the aforesaid meeting together with the copy of the Scheme, Loan Amount : Rs. 20,00,000.00 and Rs.7,00,000.00 Maharashtra, admeasuring 520 Sq.Fts., i.e. 48.32
explanatory statement pursuant to Sections 230 to 232, Section 52 read with
monetary consideration, in favour Email : anantshinde.advocate@gmail.com NPA Date : 23.10.2023 Demand Notice Date : 18.03.2024 Sq.Mtr Built Up Area owned by Mrs. Deepika Dattratray
Section 102 and other applicable provisions of the Act and Rule 6 of the CAA of Ms. Kavisha Sunil Sheth. NOTE: Next date in this Suit is 09.07.2024 Please check the status and next/further Demand Notice Amount : Rs. 14,04,464.93 and Rs. Pednekar.
Rules are also placed on the website of the Demerged Company viz. https:// date of this Suit on the official web- site of the City Civil & Sessions Court, Gr. Bombay. 6,60,886.00 (as on 12.03.2024) and interest & other charges
Place: Mumbai 4 1.Borrower / Mortgagor Name : Mr.Swapnil Prakash All that part and parcel of the property bearing Flat 504, A
www.sterlitepower.com/investors and can be accessed on the website of KFIN Date : 10.04.2024
Technologies Limited, Registrar and Transfer Agent (“KFintech”): https:// Rajmane Wing, 5th Floor, Archduke, Vedant Nakshatra Complex,
AMRUTA SUBA 2. Co-Borrower / Mortgagor Name : Mr. Prakash Sadashiv S.No. 70/1(Pt) & 70/5(Pt), Village Kulgaon, Ramesh
evoting.kintech.com/public/Downloads.aspx., being the agency appointed (Advocate High Court) Rajmane Wadi, Badlapur (West), Taluka Ambernath, Dist.Thane –
by the Demerged Company to provide the e-voting and other facilities for Loan Account No: 027331000000001 421 503, Maharashtra, admeasuring Flat area 697.42
convening the aforesaid Meeting. Loan Amount : Rs. 40,31,000.00 Sq.Fts Carpet Area plus A.C.P. / Terrace 93 Sq.Fts. Carpet
If so desired, Equity Shareholders may obtain a physical copy of the Notice, NPA Date : 22.11.2023 Demand Notice Date : 30.03.2024 Area, owned by Mr. Swapnil Prakash Rajmane and
Scheme, the explanatory statement required to be furnished pursuant to Section Demand Notice Amount : Rs.40,82,047.79 (as on Mr.Prakash Sadashiv Rajmane.
230(3) of the Act, and the accompanying documents free of charge, between 26.03.2024) and interest & other charges
10:00 a.m. to 3:00 p.m. on any day (except Saturday, Sunday and public holidays) 5 1.Borrower / Mortgagor Name : Mr.Sandip Ratnakar Bagul All that part and parcel of the property bearing Flat 301,
up to one day prior to the date of the Meeting from the Registered Oice of the 2. Co-Borrower / Mortgagor Name : Mr. Ratnakar Namdev 3rd Floor, Type B, Building 11, Grampanchayat House
Company, or by email sent to the Company at secretarial.grid@sterlite.com . A Bagul 571/9, Ambalika Avantika Co-op.Housing.Society Ltd.,
written request in this regard may also be addressed to the Company Secretary at Loan Account No: 066330800000002 Durgesh Park, S.No.1 H.No. 1 to 3, 4A, 4B, 5 to 11, 12A,
Loan Amount : Rs.20,00,000.00 13 to 17, S.No. 2 H.No. 4, 5, S.No. 3 H.No.2, S.No. 6
DLF Cyber Park, 9th Floor, Tower B, Udyog Vihar Phase III, Sector 20, Gurgaon, NPA Date : 31.10.2023 Demand Notice Date : 30.03.2024
Haryana – 122 008 H.No. 1 to 3, Village Kalher, Taluka Bhiwandi, Dist. Thane
Demand Notice Amount : Rs. 17,78,469.64 (as on – 421 302, Maharashtra, admeasuring 700 Sq.Fts., Built
he Tribunal has appointed Mr. Manmohan Juneja, DG, Corporate Afairs, 26.03.2024) and interest & other charges up Area i.e. 65.05 Sq.Mtr. , owned by Mr.Sandip
(DGCoA) (Rtd.) to be the Chairperson for the Meeting of the Equity Ratnakar Bagul and Mr.Ratnakar Namdev Bagul.
Shareholders, including for any adjournment or adjournments thereof and In case of failure to repay the aforesaid dues within a period of 60 (sixty) days the undersigned shall be constrained to enforce
Ms. Mehak Gupta, Practicing Company Secretary, of M/s. Mehak Gupta the above Secured Assets under the provisions of the Act. Please note that as per section 13(13) of the Act, you are restrained
& Associates, (having Membership no - F10703 and Certiicate of Practice from dealing with or transferring any of the secured assets referred to herewith, whether by way of sale, lease or otherwise. Any
no. 15013) failing her, Mr. Akhil Chadha, Practicing Company Secretary, of contravention of this provision is an offence and punishable under the Act.
M/s. Akhil Chadha & Associates, (having Membership no - F10637 and Please note that erstwhile Punjab and Maharashtra Co-operative Bank Limited, stands amalgamated and named as Unity Small
Certiicate of Practice no. 23407) to be the Scrutinizer for the Meeting. Finance Bank Limited with effect from January 25, 2022.
Since the meeting of the Equity Shareholders of the Demerged Company are Place: Mumbai Date :17.04.2024 Authorized Officer, Unity Small Finance Bank Limited
being held through VC / OAVM, physical attendance of Equity Shareholders
has been dispensed with. Accordingly, the facility of appointment of proxies by
the Equity Shareholders of the Demerged Company will not be available for the
Meeting.
he Equity Shareholders, whose name appears in the Register of Members or
in the Register of Beneicial Owners maintained by the Depositories as on the
cut-of date, i.e., Monday, 13th Day of May 2024 (“Cut-Of Date”) only shall be
entitled to exercise his / her / its voting rights on the resolution proposed in the
Notice and attend the Meeting. A person who is not an Equity Shareholder as on
the cut-of date i.e. Monday, 13th Day of May 2024, should treat the Notice for
information purpose only.
he Equity Shareholders of the Demerged Company shall have the facility
and option of voting on the resolution for approval of the Scheme by casting
their votes: (a) by remote electronic voting during the period as stated below
(“remote e-voting”); or (b) through e-voting system available at the meeting to
be held virtually (“e-Voting at the Meeting”):
he cut-of date for e-voting and time period for the remote e-voting of the
aforesaid meeting is as under:
Equity Shareholders Meeting
Cut-of date for e-voting Monday, 13th Day of May 2024
Remote e-voting start date and time hursday 16th Day of May 2024 at 9:00 a.m. (IST)
Remote e-voting end date and time Sunday 19th Day of May 2024 at 5:00 p.m. (IST)
he facility of casting votes by an Equity Shareholder using electronic means,
i.e. (i) remote e-voting; and (ii) e-voting during the Meeting is being provided
by KFIN Technologies Limited, Registrar and Transfer Agent (“KFintech”). At
the end of the remote e-voting period (as mentioned above), the remote e-voting
module shall be disabled by KFintech for voting thereater. Equity Shareholders
of the Demerged Company attending the Meeting who have not already cast
their vote by remote e-voting shall be able to exercise their vote at the Meeting.
he Equity Shareholders are requested to carefully read all the notes set out in
the notices.
he Equity Shareholders of the Demerged Company who need assistance before
or during the Meeting, can contact KFintech on https://evoting.kintech.com
contact toll-free number of KFIN 1800-309-4001 (from 9:00 a.m. to 6:00 p.m.).
he abovementioned Scheme, if approved by the Equity Shareholders at the
Meeting, will be subject to the subsequent sanction of the Tribunal and such
other approvals, permissions and sanctions of regulatory or other authorities,
as may be necessary.
he Equity Shareholders of the Demerged Company seeking any information
with regard to the Scheme or the matter proposed to be considered at
the aforesaid Meeting, are requested to write to the Demerged Company
at least 7 days before the date of the aforesaid meeting through email on
secretarial.grid@sterlite.com.
April 16, 2024 Sd/-
Manmohan Juneja, DG, Corporate Afairs, (DGCoA) (Rtd.)
Chairperson appointed by Tribunal
for the meeting of the Equity Shareholders
6 >
BATTLEGROUND 2024 MUMBAI | WEDNESDAY, 17 APRIL 2024 1
In 2019, top five Lok Sabha seats with the The BJP won these five seats.
highest percentage of votes polled for the
BATTLEGROUND 2024
The party has replaced the
winners were Navsari and Surat (74%), Kangra incumbent MPs on the other
and Bhilwara (72%), and Mumbai North (71%) four for the 2024 LS polls

Indebted to Constitution: GST scores big for sports goods

PM counters Oppn claims makers; pharma feels the pain
PHOTO: ANOUSHKA SAWHNEY
ANOUSHKA SAWHNEY
Rahul says key issue of LS polls is RSS-BJP’s intent to change Constitution Meerut/Moradabad/Muzaffarnagar,
16 April
ARCHIS MOHAN & PTI I also feel indebted to the
New Delhi, 16 April Constitution framed by On the outskirts of Meerut
Babasaheb Ambedkar which thrives the sports goods manu-

A
day ahead of Ram
Navami, in his public
meetings in West
Bengal on Tuesday, Prime
Minister Narendra Modi
accused the ruling Trinamool
Congress government of stop-
ping people from celebrating
the festival.
In his public rallies in
Bihar, Modi said he was
indebted to B R Ambekdar’s
Constitution that enabled a
person from humble origins
like him to become the coun-
try’s Prime Minister.
The PM’s comments on
the Constitution come in the
wake of the Opposition’s
attack on him on the issue.
The Opposition has
accused the Bharatiya Janata
Party (BJP) of intending to
change the Constitution if it
were to get an absolute major-
ity in the Lok Sabha polls.
Addressing public meetings in
Kerala’s Kozhikode and
Wayanad, Congress leader
Rahul Gandhi said the princi-
pal issue in the 2024 Lok
Sabha elections was that the
Rashtriya Swayamsevak
Sangh (RSS) and the BJP are
trying to change and destroy
the Constitution. “The
Constitution gives equal rights
to everyone irrespective of
“OUR INTENT IS TO REACH
OUT TO EVERY NOOK AND
CRANNY OF THE COUNTRY
WHERE YOUNGSTERS
WILL BE TOLD HOW OUR
GLORIOUS CONSTITUTION
WAS DRAFTED AND WHAT
ITS SIGNIFICANCE IS”
NARENDRA MODI
Prime Minister
their language, religion, region
or gender, and this is what the
BJP and RSS are allegedly try-
ing to destroy,” he said.
On the electoral bonds
scheme, Gandhi said the
bonds were a form of extor-
tion carried out by the PM.
In his public meetings in
Bihar’s Gaya and Purnea, the
PM spoke at length about the
high esteem in which he held
“THE CONSTITUTION
GIVES EQUAL RIGHTS,
IRRESPECTIVE OF THEIR
LANGUAGE, RELIGION,
REGION OR GENDER, AND
THIS IS WHAT THE BJP
AND RSS ARE ALLEGEDLY
TRYING TO DESTROY”
RAHUL GANDHI
Congress leader
the Constitution. “Our intent
is to reach out to every nook
and cranny of the country
where youngsters will be told
how our glorious Constitution
was drafted and what its sig-
nificance is,” the PM said.
“People ask me why I care
so much for the poor, the
Dalits. I do so because I have
risen from among them. I feel
indebted to the social class.
helped me reach where I am,”
the PM said.
On Monday, Rashtriya
Janata Dal president Lalu
Prasad had referred to state-
ments by BJP leaders who
have said the “Constitution
will be changed if we get two-
thirds majority in Parliament'”.
“Whoever will make an
attempt to change the
Constitution, the poor back-
ward and Dalits will gouge out
their eyes,” Prasad told
reporters in Patna. BJP leaders,
such as its Uttar Kannada MP
Anantkumar Hegde and
Faizabad MP Lallu Singh have
purportedly said that the gov-
ernment needed a two-thirds
majority in Parliament to
change the Constitution.
Last week, the PM had said
the Constitution was as sacred
to him as Ramayana, Bible,
and Koran. He said that even
Ambedkar, if were to come
now, would not be able to
change the Constitution. “Our
opponents are those who had
held the Constitution hostage
and tried to tamper with it
during the Emergency. Those
who want power to remain
confined within the hands of
a family always treat the
Constitution as an eyesore,”
he had said.
facturing hub where work is in
full swing.
While testing a leather cricket
ball, Lokesh Kumar Sharma, a
senior partner of VATS Sports,
praises the goods and services STATE TO PAY THE HIGHEST CENTRAL PSU SETTLES THE MOST
tax (GST) regime brought in by Applications Amt payable* Amt payable* Amt settled by
the Bharatiya Janata Party (BJP) filed by MSEs (~ cr) (~ cr) MSEFC Council (~ cr)
government at the Centre. “It
has worked as an accelerator in
State government 10,829 5,886.9 Central PSU 1,407.79 1,075.2
our nation’s progress and Central PSU 6,454 5,074.4 State government 1,495.97 786.5
streamlined the operations.” Properietorship 44,880 3,747.7 Properietorship 683.1 407.7
The view of Sharma is shared
by the owners of other micro, State PSU 3,477 2,769.6 MSME unit 464.47 350.8
small, and medium enterprises MSME unit 14,730 2,472.0 State PSU 595.6 243.2
(MSMEs) dealing with sports Central department 2,516 924.7 Central department 278.96 156.2
goods manufacturing in the area.
“A 5 per cent GST is now Individual 8,159 621.0 Individual 102.15 61.7
levied on clothes. It is helping us Central ministeries 1,265 575.8 Central ministeries 174.12 59.8
since we had to bear the expense
of buying untaxed fabric,” says
Data as of March 31 for micro and small enterprises (MSEs)
Data for top 8 respondent categories based on amount
Data as of March 31 for Micro and Small Enterprises Facilitation Council
(MSEFC); data for top 8 respondent categories based on amount settled
Shivinder Sharma, chief execu-
payable as per applications filed
*according to applications filed Source: MSME Samadhaan
by MSEFC
*in disposed application Source: MSME Samadhaan
tive officer of Acctive Sports.
The BJP’s manifesto, titled
Modi ki Guarantee 2024, prom- distributors, it is different. to pay MSMEs within 45 days of Exports, a mint essential oils
ises to simplify GST compliances Pharma distributors in the agreement. More than manufacturer in Moradabad, is
and laws, provide digital credit, Muzaffarnagar and Meerut are 182,000 complaints were filed by waiting for a payment whose
and streamline the tax portal for concerned about disrupted local small businesses to claim over deadline was extended to 90
MSMEs. Aditya Jain (name trade and unexpected tax notices. ~42,000 crore, according to data days from 45 earlier.
changed) from GEM, another “We are being sent notices for from the MSME Samadhaan A brass and iron manufactur-
sports goods MSME in the area, an error of ~2 from four years Portal as on March 31. er flags the rising cost of raw
praises the reduced paperwork back, which was not the case ear- While Shivinder Sharma materials. “We are now thinking
and travel for business processes lier,” rues a small pharma dis- praises the government for time- of alternative work,” he says.
thanks to GST. “Previously, even tributor with the condition of ly payments, Lokesh claims oth- Lokesh highlights the govern-
to submit a paper, we had to trav- anonymity. erwise. “We haven’t received ment’s protection of MSMEs in
el 15 km and give money to get According to Section 43B(h) payment from a state PSU for their tenders and improved
the work done. Now, it’s better.” of the Income Tax Act, effective seven years.” Santosh (name access to bank loans. However,
However, for pharmaceutical April 1, companies are supposed changed) from Quality Flavours the GeM is a concern.

Different party, but same Phase 2: 33% in the fray are crorepatis N ALL IN A DAY N

Dibrugarh seat for Sonowal THE RICH CLUB

Political Total Crorepati Average assets
SC pans EVM critics: Don’t
bring down the system
ARCHIS MOHAN formed in the wake of the anti-CAA
New Delhi, 16 April protests and has an alliance with the party candidates candidates of total candidates The Supreme Court (SC) on Tuesday
Congress in the state. The Aam Aadmi (% of total (in ~ crore) deprecated criticism of Electronic
Union Minister Sarabananda Party has fielded Manoj Dhanowar candidates) Voting Machines (EVMs) and calls
Sonowal last represented the from the seat, whose father, the late BJP 69 64 (93%) 24.68 for reverting to ballot papers,
Dibrugarh Lok Sabha constituency Rameshwar Dhonowar, was an eight- saying the electoral process in
from 2004 to 2009, winning the elec- term Congress legislator from the Congress 68 62 (91%) 39.7 India is a “humongous task" and
tions on a Asom Gana Parishad ticket. Digboi Assembly seat, which is part CPI(M) 18 12 (67%) 2.29 attempts should not be made to “bring down
He lost the elections in 2009, joined of the Dibrugarh Lok Sabha seat. Like the system”. It also recalled how polling booths
the Bharatiya Janata Party (BJP) two Sonowal, Gogoi was also a member of JD(U) 5 05 (100% 3.31 were captured in the era of ballot papers to
years later, and became Assam’s first the All Assam Students’ Union Shiv Sena (UBT) 4 04 (100% 12.81 manipulate election results. The top court was
BJP chief minister in 2016. (AASU). hearing a batch of pleas seeking complete
However, when the BJP won the Dibrugarh has the most number AITC 4 04 (100%) 4.16 cross-verification of the votes cast using EVMs
Assembly elections again in 2021, of tea gardens in Assam, and a hub Samajwadi Party 4 04 (100%) 17.34 with Voter Verifiable Paper Audit Trail (VVPAT). The
Himanta Biswa of oil and gas public- Bench said there were roughly 980 million
Sarma succeeded sector undertakings, Shiv Sena 3 03 (100%) 7.54 registered voters in India. PTI
Sonowal, who was CONSTITUENCY petrochemicals, and a ILLUSTRATION: AJAY MOHANTY Source: Association for Democratic Reforms
sent to the Rajya WATCH gas cracker plant. Its
Sabha and inducted
in the Union Cabinet.
Dibrugarh 1.65 million electorate
is diverse, comprising ARCHIS MOHAN assets worth more than ~1 crore. The has declared assets worth ~278 crore.
‘Electoral bond scheme was
For the 2024 Lok Ahoms, Muttocks, New Delhi, 16 April average asset per candidate contesting According to the ADR analysis, 574 better than earlier system’
Sabha polls, Sonowal is back contest- Sonowal-Kacharis, tea tribes, Hindu in the Lok Sabha phase 2 is ~5.17 crore. (48 per cent) candidates have declared
ing from Dibrugarh with the BJP dis- Bengalis, and Assamese Muslims. According to the analysis by Association The top three candidates with highest having an educational qualification of Union Finance Minister
carding its two-term incumbent MP Gogoi has flagged the concerns for Democratic Reforms (ADR) of the declared assets in the phase two are graduate or above, 363 (30 per cent) can- Nirmala Sitharaman on
from the seat, Rameswar Teli. among indigenous tribes about the self-sworn affidavits of 1,192 (of a total Congress’ Mandya (Karnataka) candidate didates have announced their age to be Tuesday targeted the
Sonowal faces Assam Jatiya CAA leading to an influx of “foreign- 1,198) candidates contesting in the sec- Venkataramane Gowda with ~622 crore between 25 and 40 years while 578 (48 Congress for dropping the
Parishad’s Lurinjyoti Gogoi, one of the ers”, while Sonowal has showcased ond phase of the Lok Sabha polls, 250, or worth of assets, followed by Congress’ per cent) have declared their age to be restoration of the old
leaders of the anti-Citizenship the development that has taken place 21 per cent, have declared criminal cases Bangalore Rural candidate D K Suresh between 41 and 60 years. There are 100 pension scheme that it
Amendment Act (CAA) protests in the during the BJP rule in the state and against themselves. There are 390 (33 per with ~593 crore worth of assets and BJP’s (8 per cent) female candidates who are promised in many states
state. The Assam Jatiya Parishad was at the Centre. cent) candidates who have declared Mathura candidate Hema Malini, who contesting in the second phase polls. from its manifesto, saying
the party is an expert in misleading people for
votes. She also defended the electoral bond
scheme, saying it was introduced through a law

BJP’s 2024 approach: Political merit over cachet
RADHIKA RAMASESHAN
New Delhi, 16 April
From the Bharatiya Janata Party’s
(BJP’s) perspective, in the past, the
marquee seats that commanded the
party’s time, energy, and resources
were those contested by its cherished
leaders — Lucknow (Atal Bihari
Vajpayee), Gandhinagar (L K Advani),
Vidisha (Sushma Swaraj), Varanasi
(Narendra Modi), and Gorakhpur (Yogi
Adityanath). Or seats which the BJP
was determined to wrest from the
Opposition —Amethi (Rahul Gandhi),
Chhindwara (Kamal Nath), and
Azamgarh (Akhilesh Yadav).
In the 2024 elections, it is not
necessarily about investing in high-
profile candidates — at least
candidates who have not acquired the
cachet so far — but rather about
making a politically significant point to
the Opposition wherever a non-BJP
entity has had an advantage so far.
Of course, not all seats fall into this
category. Some have been cherry-
picked to assert the BJP’s supremacy
over its allies or, significantly, its
leaders who charted an independent
course in the recent past.
What are some of these
constituencies, and who are the
candidates?
REKHA PATRA
At 31, Rekha Patra is the BJP’s nominee
from Basirhat in West Bengal, pitted
against Haji Nurul Islam of the
Trinamool Congress Party (TMC), who
replaced actor Nusrat Jahan. The BJP
imbued Rekha with high symbolism
because she was among the women of
Sandeshkhali village who led the
protests against the sexual harassment
of women and land usurpation by TMC
muscleman Sheikh Shahjahan, who is
now suspended from the party.
Prime Minister (PM) Narendra Modi
phoned her to say she was “Shakti
Swaroopa” (manifestation of power),
invoking images associated with
Goddess Durga.
AMRITA ROY
At the other end of the social spectrum
stands Amrita Roy, the BJP’s candidate
from Krishnanagar, which was won in
2019 by the TMC Member of
Parliament (MP) Mahua Moitra.
Amrita traced her lineage to Krishna
Chandra Roy’s family of social
reformers who, she revealed, had
worked in the 18th century to “save
Sanatana Dharma”. In a call to her,
Modi emphasised the centrality of
fighting corruption, an issue that the
BJP hoped would resonate with
Krishnanagar’s voters after Mahua was
accused of transacting an unlawful
quid pro quo with a businessman.
KOMPELLA MADHAVI LATHA
She described herself as a “daughter of
Rashtriya Swayamsevak Sangh”, a
“typical Indian woman”, an
entrepreneur, a hospital administrator,
and a trained Bharatanatyam dancer,
but the multi-faceted Latha faces her
first electoral test.
passed in Parliament and was a better system as
the transfer of money was visible in accounts
instead of the earlier practice when cash-filled
“sacks” and “suitcases” were given to parties.
Modi’s principal secretary and now “Whether the system is perfect is a different
chairs the construction committee of matter, but it is a better system than what was
the Shri Ram Janmabhoomi Teerth there earlier because money will be visible in the
Kshetra Trust, Saket earned his political accounts on both sides,” she said. PTI
spurs as a nominee to the Uttar Pradesh
(UP) legislative council. He is the BJP’s
candidate from Shravasti, a seat once First we need to win polls,
held by UP veteran Kalraj Mishra.
Saket, an IIM Calcutta graduate, was says Kharge on PM choice
an investment banker abroad. He
moved to India in 2016 and made Congress President Mallikarjun Kharge on
Eastern UP his “karmabhoomi”, Tuesday said Prime Minister Narendra Modi was
focusing on “sustainable poverty already charting programmes for next five years
alleviation”. calling all secretaries, and “this kind of
Poorvanchal is his maternal overconfidence and arrogance is not good for the
(From left) NAVNEET KAUR RANA, an Independent MP from Amravati, is grandmother’s birthplace, and his country and democracy.” He said, who will be the
contesting on a BJP ticket this time. She was in the news in 2022 for reciting grandfather Badlu Ram Shukla was INDIA bloc’s Prime Ministerial face is a matter to
the Hanuman Chalisa in front of Matoshree; described herself as a “daughter once elected from Bahraich, Shravasti’s be settled only after the results. “First we need to
of RSS’, multi-faceted KOMPELLA MADHAVI LATHA, 49, faces her first neighbour, in 1971 from the Congress. win the elections.” In an interview to PTI, the
electoral test against Asaduddin Owaisi from Hyderabad; the BJP hasn’t Knowing Misra Senior’s exalted Rajya Sabha MP from Karnataka said after
repeated VARUN GANDHI from Pilibhit, a seat held interchangeably by his place among the BJP’s apparatchiks, Congress won Assembly elections in Karnataka,
mother, Maneka Gandhi, and him since 1989 FILE PHOTOS: PTI the party is expected to go the whole Telangana, and Himachal Pradesh things are
hog to ensure victory for his son. looking “positive and good.” PTI
The BJP put her up against of Matoshree, the residence of Uddhav
Asaduddin Owaisi from Hyderabad, a Thackeray, who was then the VARUN GANDHI
seat held either by Asaduddin or his
father since 1984. The 49-year-old was
Maharashtra chief minister. Navneet
was arrested and released.
He expectedly lost his chance at
being nominated again from Pilibhit,
One month of MCC: Of 200
chosen over BJP veteran Bhagavanth In 2019, she won the reserved a constituency held interchangeably complaints, 169 resolved
Rao Pawar, who lost the 2014 and 2019 Amravati parliamentary seat as an by his mother, Maneka Gandhi, and
elections to Asaduddin. Independent candidate. Although him since 1989. Varun criticised The Election Commission (EC) on Tuesday said it had
Latha hit the ground running with a initially aligned with the undivided the Modi government albeit subtly, received 200 complaints from political parties since
dare to Asaduddin. “I will campaign in Nationalist Congress Party, she joined but he regarded himself as a March 16, when the model code of conduct (MCC)
each bylane of the Old City. If a single the BJP in 2023. Despite being a late “conscience keeper”. was enforced. Of the 200 complaints received,
stone is hurled at me, Asaduddin will entrant, the BJP overruled the claim of Maneka has got a ticket again action had been taken on 169. The EC received 51
be answerable.” the Shiv Sena (Eknath Shinde) from Sultanpur but mother and son complaints from the Bharatiya Janata Party, took
candidate Anandrao Adsul, a former indicated their unhappiness with action on 38, 59 from the Congress with action
NAVNEET KAUR RANA MP, and fielded Navneet. the BJP by staying away from a taken on 51, and 90 from other parties of which
She and her husband, Ravi Rana, a BJP meeting addressed recently by Modi. action was taken in 80 cases. According to the EC,
politician, were in the news in 2022 for SAKET MISRA The seat is a test for the new BJP 268,080 complaints have been filed and action
reciting the Hanuman Chalisa in front The son of Nripendra Misra, who was candidate, Jitin Prasada. had been taken in 267,762 cases. BS REPORTER
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 ECONOMY & PUBLIC AFFAIRS 7

29 Naxals killed in Bastar

encounter, 3 jawans hurt
PRESS TRUST OF INDIA Border Security Force (BSF) senior IPS officer said. intermittent firing between
Kanker, 16 April and the state police's District “Bodies of 29 Maoists along security personnel and
Reserve Guard (DRG) was out with a huge cache of weapons, Naxalites, said Sundarraj.

A
t least 29 Naxalites
were killed in an
encounter with securi-
ty personnel in Chhattisgarh’s
Kanker district on Tuesday,
police officials said.
Three security personnel
suffered injuries in the fierce
gun-battle and a large quantity
of weapons was also recovered
from the spot, they said.
The gunfight took place at
around 2 pm in Hapatola for-
est between Binagunda and
Koronar villages under
Chhotebethiya police station
limits, when a joint team of the
on an anti-Naxal operation, including AK-47, SLR, Insas "Three security personnel
Inspector General of Police and .303 rifles, were recovered sustained injuries in the gun-
(Bastar Range) Sundarraj P from the spot,” the IG said. fight and their condition was
said. The opera- Polling in stated to be out of danger," he
tion was Polling in the Bastar the Naxalite-hit said, adding they were referred
launched based Lok Sabha seat will Bastar Lok Sabha to hospital for treatment.
on inputs about take place on April 19 seat will take After the latest encounter,
the presence of in the first phase, place on April 19 79 Naxalites have been killed
senior cadres of while the Kanker in the first phase, in separate gun-battles with
north Bastar constituency goes while the Kanker security forces in the Bastar
division of the to polls on April 26 constituency, part region, comprising seven dis-
outlawed CPI of the Bastar tricts, including Kanker, so far
(Maoist) Shankar, Lalita, Raju region, will vote in the second this year.
and others, he said. round of general elections on On April 2, as many as 13
During patrolling in the April 26. Naxalites were killed in an
area, a fierce gun-battle broke The search operation was encounter with security forces
out between the two sides, the still underway in the area amid in Bijapur district.

Paytm denies deferral of nod or

fine on payments services arm
AJINKYA KAWALE
Mumbai, 16 April
Financial technology giant
Paytm refuted media reports
on Tuesday claiming that the
company had not received any
communication regarding the
deferral of its subsidiary
Paytm Payment Services’
(PPSL’s) licence application
and any associated penalties.
This clarification follows
reports suggesting that the
government deferred the
approval of Paytm’s ~50 crore
investment in PPSL due to
concerns about Chinese share-
holding in the parent compa-
ny. PPSL, a wholly owned sub-
sidiary of One97
Communications (OCL), oper-
ates under the Paytm brand.
“To clarify, the investment
of ~50 crore was made from
OCL’s existing cash reserves,
and no Chinese capital was
raised by OCL after the intro-
duction of Press Note 3 of
2020,” the company stated in
a blog post. “Furthermore, ~50
crore was the capital required
to comply with the Reserve
Bank of India’s (RBI’s) mini-
mum networth rules and fund
the cash requirements of
PPSL,” it said.
The company also empha-
sised that investor Ant
Financial (Antfin) had no
board representation or spe-
cial rights.
“Paytm, an Indian compa-
ny founded by an Indian citi-
zen, with our founder chief
executive officer as the largest
shareholder and sole signifi-
cant beneficial owner of OCL,
underscores its commitment
to indigenous entrepreneur-
ship and innovation. All key
managerial personnel and
board members of OCL are of
Indian origin, with Antfin hav-
ing no board representation or
special rights,” it added.
Paytm founder Vijay
Shekhar Sharma holds the
largest stake in OCL, with an
aggregate shareholding of 19.4
per cent, including shares held
by his wholly-owned compa-
nies. Antfin reduced its stake
in OCL to 9.88 per cent in
August last year.
PPSL had previously
applied for an online payment
aggregator (PA) licence for
online merchants.
“The ongoing application
process has seen us promptly
provide the requested infor-
mation, with no indication of
rejection or penalties
involved,” the company said.
It further said that the for-
mation of PPSL, transfer of
online payments business
from OCL to PPSL, and invest-
ment of capital in PPSL were
required by RBI’s guidelines,
which mandated that the PA
business should be housed in
an independent legal entity.

government now targets annual per cent in FY25, and further to to ensure a “level playing field”.
> FROM PAGE 1 FDI inflows worth $100 billion, 4.2 per cent in FY26. However, One Web, Starlink
on average, for the next five The IMF also raised its glob- and the Tatas favoured an

FDI... years. In the past five years, the

A spokesperson for the finance
ministry mentioned that DPI-
IT, as the nodal ministry for
FDI proposals, periodically
reviews them and shares the
status with the ministries
/departments in question.
“The DPIIT letter mentions
46 pending proposals across
all ministries/departments. Of
them, only two proposals per-
tain to DEA, and they are
being processed on priority,
including through interminis-
terial/stakeholder consulta-
tion,” the ministry said in
response to the query.
To turn India into a global
investment hotspot, the
National Democratic Alliance-
led government has been tak-
ing steps over the past decade
to remove procedural delays,
promote ease of doing busi-
ness, and cut red tape.
Speedy clearance of foreign
investment proposals assumes
even more significance as the
> BS SUDOKU
SOLUTION TO #4257
annual average was $70 billion.
Although the pendency is
currently much lower than a
few years ago, delays in
approval continue. The
government abolished the
Foreign Investment Promotion
Board (FIPB) in May 2017 to
simplify the approval process
of foreign investment.
A new system for granting
FDI approvals was put in place
in lieu of FIPB. As a result, the
work relating to the processing
of FDI applications was dele-
gated to the relevant ministries
and departments.
Under the FDI policy,
except for certain strategically
important sectors, most sectors
are open for 100 per cent FDI
under the automatic route.
IMF...
On inflation, the fund project-
ed India’s consumer price infla-
tion declining from an average
of 5.4 per cent in FY24 to 4.6
# 4258
Easy:

Solution tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every
column and every
3x3 box contains
the digits 1 to 9
al growth projection for 2024
by 10 basis points to 3.2 per
cent, saying that advanced
economies are expected to see
slightly faster growth, whereas
emerging market and develop-
ing economies are expected to
experience stable growth
through 2024 and 2025, with
regional differences.
“Despite many gloomy pre-
dictions, the world avoided a
recession, the banking system
proved largely resilient, and
major emerging market
economies did not suffer sud-
den stops,” the IMF said.
For China, it has projected
GDP growth to slow from 5.2
per cent in 2023 to 4.6 per cent
in 2024, and 4.1 per cent in
2025 as the positive effects of
one-off factors –– including
the post-pandemic boost to
consumption and fiscal stim-
ulus –– ease and weakness in
the property sector persists.
IMF Chief Economist Pierre-
Olivier Gourinchas, however,
later said that the fund may
revise China’s full-year GDP
growth forecast upwards,
after the country reported
stronger-than-expected 5.3
per cent growth for the first
quarter of 2024.
Gourinchas also said the
global economy remains
remarkably resilient, with
steady growth and inflation
slowing almost as quickly as it
rose. “Most indicators contin-
ue to point to a soft landing.
We also project less economic
scarring from the crises of the
past four years… But we now
estimate that there will be
more scarring for low-income
developing countries, many of
which are still struggling to
turn the page from the pan-
demic and cost-of-living cri-
sis,” the IMF chief economist
said. The report also warned
that while inflation trends are
encouraging, “we are not there
yet” and that medium-term
growth prospects remained
historically weak. It also
stressed the need for huge
global investments for a green
and climate-resilient future.
Starlink...
Last year Trai came out with a
consultation process on
whether the spectrum
required by satellite operators
should be auctioned or offered
administratively or offered in
any other way. Reliance Jio
had opposed administrative
price allocation and demand-
ed the auctioning of spectrum
administered price allocation.
The government had earlier
pushed for the auctioning of
spectrum for satellite commu-
nication players. But the final
Telecom Bill which was cleared
by Parliament and has now
become law, incorporated a
clause permitting spectrum to
be offered for satellite commu-
nication through the adminis-
trative price mechanism rather
than through auction.
Government officials have
confirmed that like One Web
and Reliance-SES, Starlink has
also applied only to offer B2B Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati
services. This is an about-face Bapat Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811
of sorts as Musk’s earlier strat-
egy was to offer satellite broad-
band through a B2C model,
Record Date for Distribution
which simply means connect-
ing the satellite to homes. NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have approved Friday, April 19,
Starlink offers this service
in the US and in India it had
taken pre-bookings from cus-
2024*, as the Record Date for declaration of distribution under the Income Distribution cum Capital Withdrawal
(IDCW) option in the following schemes, subject to availability of distributable surplus on the Record Date:
tomers even before getting a
Quantum of Distribution NAV as on
licence. After a DoT warning
they returned the deposits to Name of the Scheme Plans/Option per unit# on face value of April 15,
the customers. Rs. 10/- per unit 2024 (Rs.)
Traders... Aditya Birla Sun Life Arbitrage Fund Regular Plan –
0.065 11.2495
IDCW
Mulani said that the immedi- (An open ended scheme investing in
ate impact of this would be arbitrage opportunities) Direct Plan –
faced by smaller exporters.
0.067 11.5072
IDCW
“Top Indian exports have the
wherewithal to negotiate Aditya Birla Sun Life Balanced Regular Plan –
0.146 25.20
through various channels, but Advantage Fund IDCW
it is the smaller exporters who
face the huge costs.” According (An open ended Dynamic Asset Direct Plan –
to Drewry’s World Container Allocation fund) 0.164 28.25
IDCW
Index (WCI), container prices
had peaked on January 25, Aditya Birla Sun Life International
2024, at nearly $4,000 per 40- Equity Fund
foot container in the wake of
the Red Sea crisis. By April 11, (An open ended equity scheme Regular Plan –
1.175 16.7894
container prices eased to following international theme by IDCW
$2,800 per container.
investing predominantly in Global
Roeloffs emphasised the
strategic importance of the Equities)
Strait of Hormuz, coupled
with its role as a key transit The NAV of the schemes, pursuant to pay out of distribution would fall to the extent of payout and
point for maritime traffic. statutory levy (if applicable).
“The significance of this latest
escalation is underscored. #As reduced by the amount of applicable statutory levy. *or the immediately following Business Day if that day
Furthermore, the implications
is a non-business day.
extend to major transship-
ment hubs like Jebel Ali in All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the IDCW option of
Dubai, amplifying the poten-
the said schemes as at the close of business hours on the Record Date shall be eligible to receive the distribution
tial impact on regional trade
and shipping operations.” so declared.
Experts suggested that
while diversion risks exist, the
status quo may not pose those
risks due to the importance of For Aditya Birla Sun Life AMC Limited
ports like the Jebel Ali port in (Investment Manager for Aditya Birla Sun Life Mutual Fund)
global shipping networks.
Sd/- Date : April 16, 2024
The Strait of Hormuz, one
of the most strategically sig- Authorised Signatory Place : Mumbai
nificant chokepoints globally,
connects the Persian Gulf Mutual Fund investments are subject to market risks, read all scheme
with the Gulf of Oman and the related documents carefully.
Arabian Sea, making it vital
for global energy security.
8 WORLD
>
MUMBAI | WEDNESDAY, 17 APRIL 2024

IN BRIEF
UK to criminalise creation of China grows 5.3% in March qtr but
intimate deepfake images
The UK will criminalise the creation of sexually explicit deepfake
images as part of plans to tackle violence against women.
People convicted of creating such deepfakes without consent,
doubts remain over sustainability
even if they don’t intend to share the images, will face Economists say more BEATING ESTIMATES
prosecution and an unlimited fine under a new law, the
Ministry of Justice said in a statement. Sharing the images could stimulus needed China GDP growth (in % Y-o-Y) Xi rebuffs pressure from
also result in jail. Rapid developments in artificial intelligence
have led to the rise of the creation and dissemination of BLOOMBERG
Scholz to rein in manufacturing
deepfake images and videos. The UK has classified violence 16 April
against women and girls as a national threat, which means the

C
police must prioritise tackling it, and this law is designed to help hina reported faster-than-
them clamp down on a practice that is increasingly being used expected economic growth in
to humiliate or distress victims. BLOOMBERG the first quarter — along with
some numbers that suggest things are
set to get tougher in the rest of the year. Source: Bloomberg
Japan’s Yen hits three-decade Gross domestic product climbed 5.3
per cent in the period, accelerating
low of 154 against dollar slightly from the previous quarter and
beating estimates. But much of the
Beijing’s focus on developing advanced
technologies at home. But a prolonged Intel to launch 2 AI
Japan’s yen set a fresh 34-year low of 154.45 following stronger
than expected US retail sales figures.apan’s finance minister
bounce came in the first two months
of the year. In March, growth in retail
real estate crisis is weighing on confi-
dence, factory prices have been in chips for China mkt German Chancellor Olaf Scholz and Chinese Premier
stopped short of issuing his strongest warning on possible market sales slumped and industrial output decline for more than a year and a Li Qiang, in Beijing on Tuesday PHOTO: REUTERS
intervention in comments that fuelled renewed yen weakness fell short of forecasts, suggesting chal- broad measure based on Tuesday’s Intel will release two AI chips with reduced
after the currency slumped to a fresh 34-year low overnight.“We lenges on the horizon. data showed the economy slipping capabilities for the Chinese market, in order to Chinese leader Xi Jinping told his German counterpart
are closely monitoring the latest developments,” Shunichi Suzuki “Markets may find it hard to be con- deeper into deflation — all reflecting comply with US export controls and sanctions. that a surge in Chinese clean-technology exports has
said Tuesday in Tokyo before his departure to Washington for vinced by the strong GDP growth print anemic domestic demand, as well as The two chips, HL-328 and HL-388, are helped the world tackle inflation, as he pushed back
annual International Monetary Fund events and meetings of and difficult to reconcile with the excess capacity in some industries. scheduled for launch in June and September, against European and US pressure to rein in the
finance chiefs of the Group of Seven and Group of Twenty nations. mixed March data,” said Xiaojia Zhi, The surprise acceleration in China’s respectively, according to a white paper on the country’s powerhouse industries.
“We are prepared to take all possible measures to respond to the chief China economist at Credit first-quarter growth puts GDP on an early company's website dated April 12. Tech outlet Xi’s comments to Chancellor Olaf Scholz during
situation if it is necessary.” BLOOMBERG Agricole. “There could be also concerns track for this year’s 5 per cent target. The Register first reported the plans from the talks in Beijing suggest China may not be swayed in any
that if GDP growth remains above 5 per “The details, though, raise serious white paper. Rival Nvidia also has plans for meaningful way by the German leader’s push for a
cent as data suggest, policymakers doubts about sustainability. The three China-specific chips after the United reduction in what Western officials see as excess
Morgan Stanley first-quarter would be quite comfortable and see no
pressure to further ease their policies.”
pickup was almost entirely driven by
public investment. Under-perform-
States late last year tightened a rule capping
the capabilities of AI chips that can be shipped
manufacturing capacity in the Asian nation.
Tensions between China and the European Union
profit beats estimates The world’s second-largest econ-
omy has struggled to find a firm footing
ance in production and private
demand suggest the recovery is on thin
to China. Intel's China-specific AI chips are
based on the company's latest Gaudi 3 product
and US are mounting over trade, leading to threats of
new barriers to commerce. The EU has launched
Morgan Stanley's first-quarter profit beat estimates on Tuesday, post-pandemic. Manufacturing is hold- ice Chang Shu, Chief Asia line, which was unveiled on April 9, with probes into Chinese subsidies for electric vehicles and
fuelled by a resurgence in investment banking and growth in ing up, thanks to overseas demand and Economist said. similar hardware features. REUTERS support for windparks. REUTERS
wealth management, sending shares up 1.8 per cent. Morgan
Stanley reported profit of $2.02 per share, sailing past analysts'
average estimate of $1.66, according to LSEG data. Investment
banking revenue climbed 16 per cent from a year earlier. Fixed-
income underwriting did well for a second quarter in row, driven
by higher bond issuance. BLOOMBERG
Tesla’s global job cuts include US won’t hesitate to
BofA profit drops as provisions leading markets US, China slap new sanctions
rise, but beats estimates
on Iran, says Yellen
REUTERS
16 April New X users may have
Bank of America (BofA) reported a drop in first-quarter profit as
the lender set aside more money to cover souring loans, but still
beat estimates on surging investment banking fees. A resilient
Tesla’s global job cuts include reducing staff in the US
and China, the automakers’ two biggest markets, across
to pay to like, post
US economy, buoyant equities and a flurry of large deals have sales, tech, and engineering, five sources briefed on the In a bid to restrict the onrush of bots and fake accounts,
reignited hopes of a nascent recovery in dealmaking, matter said. new users on social media platform X (formerly known as
although industry executives have expressed guarded The Chief Executive Officer Elon Musk on Monday Twitter) may now be required to pay a small annual fee to
optimism. Investment banking fees jumped 35 per cent to $1.6 told staff in an internal memo seen by Reuters that the be able to like, post, bookmark, and reply. Users can still
billion in the reported quarter from a year earlier, partially company is laying off more than 10 per cent of its global follow accounts and browse X for free, the company
offsetting a decline in interest payments due to slow demand workforce, as it grapples with falling sales and an inten- said.After an upgrade on Monday, the website said new
from borrowers. REUTERS sifying price war for electric vehicles. accounts are required to pay a small annual fee before
Several US-based service centres saw heavy layoffs they are able to post, like, bookmark, and reply. “This is to
effective immediately, primarily of sales staff and tech- reduce spam and to create a better experience for
Boeing defends 787 safety, nicians, one source said. Another
location laid off all front-of-house
everyone,” it said. The new users, however, will be able to
use all usual features for free after three months, Elon
seeks new check after review staff, the source said.
A Tesla programme manager
Musk, the owner of American technology company X
Corp, which owns X, said. PTI
Boeing is recommending that operators of its 787 Dreamliner in California posted a spread-
inspect a nose component that helps maintain cabin pressure, a sheet on LinkedIn of over 140
consequence of the plane’s tip-to-tail review in recent years that staff, mostly engineers, who had A third source said that in Shanghai, where Tesla’s
gained urgency amid fresh allegations it cut corners.Boeing engin- been laid off and were seeking largest plant is located, the company will only lay off a Pro-Palestinian demonstrators march through streets during a ‘Strike for
eers said they’re discussing the visual inspection of the part with new jobs. small proportion of staff, amounting to “several dozen” Gaza’ protest, in Los Angeles on Tuesday PHOTO: REUTERS
US regulators following a multiyear study of the structural integrity Two sources said members of people.
of the US planemaker’s marquee wide-body plane. Speaking to Tesla’s China sales team were Tesla’s US headquarters and its China unit did not REUTERS deadly strike against Iran’s consulate
reporters at the company’s 787 factory in North Charleston, South being notified they were immediately respond to requests for comment. All the Washington, 16 April in Syria on April 1 that Tehran has
Carolina, Monday, engineering officials said they’ve found no risk being made redundant, sources declined to be named as they were not per- blamed on Israel.
of premature failure in the carbon-composite body for the roughly with one saying more mitted to speak to media.The Shanghai and Beijing local US Treasury Secretary Janet Yellen European Union officials are also
1,100 Dreamliners flying commercially. BLOOMBERG than 10 per cent were governments did not immediately respond to requests warned that her department is pre- contemplating fresh sanctions on
losing their jobs. for comment. pared to use its economic tools Iran over the attack.
against Iran in response to its recent Western allies are expected to dis-
HSBC cuts dozen investment attack on Israel.
“Treasury will not hesitate to
cuss the situation in Ukraine this
week and seek to rally fresh financ-
bankers in Asia on deals slump
HSBC is laying off more than a dozen of its investment banking
Microsoft invests $1.5 bn in UAE’s G42 work with our allies to use our sanc-
tions authority to continue disrupt-
ing the Iranian regime’s malign and
ing against a backdrop of deepening
concerns over the possible collapse
of Ukrainian defences.
staff in Asia as dealmaking in the region slows, three people with REUTERS destabilising activity,” Yellen said Finance ministers from the
knowledge of the matter told Reuters on Tuesday. Bankers in 16 April Google to spend Tuesday in remarks she’s scheduled Group of Seven will meet on
Hong Kong and Singapore will be affected as the lender cuts costs,
two of the people said. The cuts mainly affect associates and vice Microsoft is investing $1.5 billion in $100 bn on AI: to deliver Tuesday before a press con-
ference in Washington.
Wednesday on the sidelines of the
IMF gatherings and are expected to
presidents, according one of the two people and a third source. All
sources declined to be named as they are not authorised to speak
United Arab Emirates (UAE)-based
artificial intelligence firm G42, giving
DeepMind CEO Her comments come as finance
ministers and central bank governors
discuss ways to tap the value of more
than $280 billion of Russian central
to the media. REUTERS the US giant a minority stake and a The chief of Google’s AI business from across the world gather in bank assets that have been immobil-
board seat, allowing the two to said that over time the Washington for the International ised as a way to raise much-needed
deepen ties amid the global battle for company will spend more than Monetary Fund’s spring meetings. funds for Ukraine.
Will make next-generation tech dominance.
As part of the deal, which the two itary. The US has also been concerned
$100 billion developing artificial
intelligence technology —
Geopolitical developments are set to
once again dominate the discussions, EU aims for new Iran sanctions

EV batteries by 2028: Nissan companies said was backed by assur-

ances to the US and UAE govern-
over deepening ties between China
and the Gulf states, including
another sign of the investing
arms race that has gripped
with conflicts in Ukraine and the West
Asia continuing to pose a threat to the
The European Union (EU) aims to
propose fresh sanctions on Iran over
Nissan expects to mass produce electric vehicles powered by ments over security, G42 would use the UAE. Silicon Valley. Google global economy. its strike on Israel as early as next
advanced next-generation batteries by early 2029, the company Microsoft cloud services to run its AI Amid US concerns over its rela- DeepMind Chief Executive “From this weekend’s attack to week when the bloc’s top diplomats
said Tuesday during a media tour of an unfinished pilot plant. applications. tionship with Chinese businesses, Officer Demis Hassabis was the Houthi attacks in the Red Sea, meet to discuss the limited options
Japan's legacy automakers have fallen behind newer rivals like The partnership comes amid G42 had divested its investments in asked at a TED conference in Iran’s actions threaten the region’s they have for constraining both
America's Tesla and China's BYD in the emerging all-electric auto Washington's efforts to hobble China and began the lengthy task of Vancouver on Monday about a stability and could cause economic nations’ activity. The EU is explori-
sector. But Nissan, like other companies, sees a chance to catch up Beijing's technological advances, with pulling out Chinese hardware, accept- potential $100 billion super- spillovers,” Yellen said. ng how to expand sanctions it’s
and perhaps leap ahead with a new kind of battery that promises the US adding four Chinese com- ing constraints imposed on it by the computer dubbed “Stargate,” Over the weekend, Iran launched already imposed on Iran for supp-
to be more powerful, cheaper, safer and faster to charge than the panies to an export blacklist for seek- United States to work with US com- being planned by Microsoft more than 300 drones and missile lying Russia with unmanned aerial
lithium-ion batteries in use today. AP ing to acquire AI chips for China’s mil- panies, it said in February. and OpenAI. BLOOMBERG against Israel in retaliation for a vehicles being used against Ukraine.

Hidden billions in Tokyo real estate lure activist hedge funds

LISA DU & YASUTAKA TAMURA
16 April
The long-concealed market value of
Tokyo’s largest skyscrapers is being
unveiled by activist investors.
In Japan, there’s a huge gap — 22
trillion yen ($143 billion) by one
estimate — between how companies
value their real estate assets on their
books, versus what those same
properties would fetch if sold in the
current market. That comes from two
factors: First, many of the island
nation’s firms have held onto properties
for decades, each year writing down the
cost of fixed assets due to annual
depreciation, a common accounting
practice. But at the same time, property
prices have soared.
The result is that billions in value
can be unlocked by pressuring
companies to sell off these holdings, a
tactic that activist funds are now
employing. This was illustrated last
week when Japan developer Mitsui
Fudosan Co. announced it would aim to
sell off 2 trillion yen in real estate assets
over the next three years as part of a new
business plan — just two months after
news that New York-based activist
hedge fund Elliott Management had
built a stake in the company.
Elliott’s campaign is partly focused
on realising the value of Mitsui’s
properties — including prized
skyscrapers across Tokyo — by selling
them off, a point the investment firm
has discussed with the developer,
according to a person familiar with
the matter.
It’s a strategy that more activist
funds could turn to this year, as they
work with Japanese corporations under
pressure to change and increase value.
Japan is now one of the world’s hottest
REAL ESTATE: A NEW HUNTING GROUND
n In Japan, billions in value can be
unlocked by pressuring companies to
sell off their holdings
n Last week, Japan developer Mitsui
Fudosan announced it would aim to
sell off 2 trillion yen in real estate
assets over the next three years
nNew York-based activist hedge fund
markets for activist investing, with
government agencies and institutions
like the Tokyo Stock Exchange asking
companies to better manage their
balance sheets and focus their business
strategies to boost returns for
shareholders.
“I expect this year we will see more
Elliott Management had also built
stake in the company
n Singapore-based 3D Investment
Partners has also been calling for
change at the companies — including
selling off real estate holdings
nJapan is now one of the world’s
hottest markets for activist investing
and more examples of activists and
engagement funds wrestling with
companies over not just excess
financial assets but redundant real
estate holdings,” said John Seagrim, a
broker at CLSA.
In aggregate, those real estate assets
are carried on balance sheets at 44
trillion yen in book value, but together
have an estimated market value that’s
50% higher — around 66 trillion yen,
according to Seagrim’s calculations.
Consider the large difference
between book value and market value
in Mitsui’s Tokyo Midtown building — a
54-story skyscraper in the heart of the
city’s buzzy Roppongi area that
includes offices, a Ritz-Carlton hotel,
and retail and dining facilities. Mitsui
developed and opened the property
in 2007.
This building is currently valued at
190 billion yen on Mitsui’s balance
sheet — a book value figure that
accounts for the cost of land and
construction, minus depreciation over
the last 17 years. If it were sold, the
property would likely be worth more
than 500 billion yen, according to a
recent market assessment.
Another example is the properties
held by Mitsubishi Estate Co., although
the firm is not currently the target of
activists. This top Japanese developer
bought land in the Marunouchi
neighbourhood between the Imperial
Palace and Tokyo Station — now the
most prominent business district in the
city — more than a century ago. Its
Marunouchi Building is worth 100
billion yen on the company’s books, but
analysts expect it could fetch more than
fives times that amount — 570 billion
yen — if sold.
A Mitsui spokesperson declined to
comment on individual shareholders,
and said the company would look to sell
properties including prime office
towers. Elliott said in a statement after
Mitsui’s business plan announcement
that it was “a positive step forward,” and
the firm declined to comment further.
Representatives from Mitsubishi Estate
declined to comment. BLOOMBERG

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

VOLUME XXVIII NUMBER 209 ILLUSTRATION: BINAY SINHA democratic opposition to the Tatmadaw. Since 1991 it
has been represented by the NLD, led by ASSK. The
MUMBAI | WEDNESDAY, 17 APRIL 2024 Burman majority has also been opposed to the sepa-
ratist activities of the various ethnic groups though it
has been ready to accept some form of a federal polity.
Monsoon relief The ethnic groups have remained suspicious of the
NLD and the Burman majority.
Clearly in a tri-polar situation prevailing in
Policy must focus on long-term management issues Myanmar, if two of the key entities reach an under-

A
fter the monsoon in India culminated with a rain deficit of 5.6 per standing with one another, the third will be isolated
cent in 2023, the level of precipitation this year became extremely and lose out. This is what happened after the 1991 elec-
important. Fortunately, the India Meteorological Department’s tions, when the Tatmadaw, with some help from the
monsoon forecast this week came as a harbinger of good news, with Chinese, managed to reach arms-for-peace agreements
or cease-fire agreements with most of the ethnic
the prediction of an above-normal southwest monsoon rainfall in 2024,
groups. This freed its hands to deal with the civilian
estimated at 106 per cent of the long-period average. With the weakening of El
Opposition with brutal force. The Tatmadaw is under
Nino conditions and the emergence of La Nina, a stronger monsoon circulation threat today because of two factors. The NLD, under
is expected over the subcontinent. Coupled with this, positive Indian Ocean ASSK, was committed to non-violent means to oppose
Dipole conditions and below-normal snow cover over the northern hemisphere the Tatmadaw but this time round it has adopted

are also expected to be favourable for rainfall. The spatial distribution of monsoon
is not expected to be uniform, however. A few areas in the Northeast, Northwest,
and eastern regions are expected to receive below-normal rainfall.
Precipitation during the southwest monsoon remains critical for agriculture
production during the kharif season, despite improving irrigation coverage.
The second advance estimates of gross domestic product, released by the
National Statistical Office, expect growth in agriculture and allied activities to
remain subdued at 0.7 per cent in 2023-24 compared to 4.7 per cent in the
previous year. This is not surprising because of the irregular monsoon and the
El Nino spell last year. Erratic rainfall patterns and drought-like conditions
can break routine crop-growing cycles and promote the emergence of new
pests and plant diseases. In contrast, a spell of good rain can go a long way in
raising crop output and farm productivity.
There is an established relationship between annual rainfall and growth in
Myanmar and
armed resistance instead. It has set up a parallel
National Unity Government (NUG) and has its own
armed forces known as the People’s Defense Force
(PDF). The PDF has been fighting together with the
armed forces of the various ethnic groups. These
regional security include the Kachin Independence Organisation, the
Karen National Union, the Karenni Progressive Party,
and the Chin National Front. Some other ethnic groups
have also joined hands. This includes the Triple
Brotherhood Alliance of the Myanmar National
The civil war in the country has spilled over into India and Democratic Alliance Army, the Ta’ang National Army,
and the Arakan Army. This alliance has been respon-
the time may have come to review our tacit support to the junta sible for a string of successes in Myanmar’s northern
Shan state, bordering China. On April 11, the Thai

agriculture gross value added. A good monsoon is also conducive for rabi crops
due to higher moisture and augmented reservoir levels. Higher agricultural
productivity will help contain food prices, which have kept the overall inflation
rate elevated for some time even as the core rate has moderated below the target
of 4 per cent. Improvement in agriculture prospects will also help push overall
growth both through higher output and increased rural demand. Higher
production and lower food inflation will also hopefully prompt the government
to remove export curbs on food items. Frequent export bans can affect India’s
credibility as a global supplier of agricultural commodities.
Expected above-average rainfall, however, should not distract policy-
makers from long-term challenges emerging from climate change. Incidents
of extreme weather events are increasing. In 2023, the country experienced
extreme weather events on 318 of the 365 days, affecting 2.21 million hectares
of crop area, claiming lives and damaging property. In the absence of any
multi-pronged strategy, the impact of such events will only increase. The
impact of heat waves and floods arising from deficient and erratic rainfall
patterns is not limited to the agriculture sector alone. It affects productivity
and life in general. Owing to a deficient monsoon last year, for instance, water
levels in reservoirs receded below the levels seen in 2022 by 19 per cent, about
8 per cent below the 10-year average. The data from the Central Water
Commission also suggests that the current water level in half of India’s major
reservoirs is less than 40 per cent of the capacity. A supportive monsoon this
year thus must be fully utilised to recharge the underground aquifers and
replenish key reservoirs in the country. However, the long-term policy focus
must be to preserve more water and reduce its usage in the agriculture sector,
which takes away the bulk of this essential resource.
M
yanmar is an important neighbour, critically
important for India’s security and well-being.
The two countries share a 1,400-km-long
border and four of India’s sensitive north-eastern states
— Arunachal Pradesh, Nagaland, Manipur, and
Mizoram — are ranged on this border
north to south. There are ethnic
spillovers across this border. The
Nagas, Kukis, and Mizos (known as
the Chins in Myanmar) are settled on
either side. During the long years of
insurgency afflicting India’s
Northeast, several insurgent groups
such as the National Socialist Council
of Nagaland (Khaplang) or NSCN-K,
the United Liberal Front of Asom
(ULFA), and the Kuki National SHYAM SARAN
Council maintained sanctuaries
across the border in Myanmar.
Until the 1980s, Myanmar was also the route
through which Indian insurgent groups would travel
to Yunnan in southern China to acquire arms and
military training. One of the reasons for India to
reach out and engage with the military junta, known
as the Tatmadaw, in the 1990s was to seek support
in dealing with Northeast insurgency and to provide
some countervailing presence to the expanding
Chinese influence in the country. This meant that
the earlier Indian policy of extending sympathy and
support to the civilian democratic Opposition led by
in 2016 and ASSK emerged as its political leader (she
held office as state counsellor), India continued to
maintain strong links with the junta, recognising its
role as the de facto power in the country. It helped
that ASSK herself accepted the military’s powerful
role behind-the-scenes. When the
NLD won an overwhelming vote in
the elections in 2021 and there were
prospects for the democratic transi-
tion being carried forward, the
Tatmadaw under its Army chief, Min
Aung Hlaing, decided to launch a
coup, declaring the elections results
“invalid” and arresting civilian polit-
ical leaders, including ASSK. She was
later charged with sedition. But
unlike in 1991, when the military had
similarly trashed the election results,
which were overwhelmingly in
favour of the NLD, its rule is now under serious chal-
lenge. A virtual civil war is raging in the country and
for the first time in its history, the junta is in danger
of being overthrown. How has this happened?
In Myanmar’s complicated politics, there are three
major players. The Tatmadaw is the most powerful
and organised force. The ethnic groups, of which 17
are the major ones, are the second key player. They
are ranged across the country’s periphery and have
been engaged in armed resistance against the
Tatmadaw since the country’s independence from the
authorities confirmed that the key border crossing
between the two countries at Myawaddy, opposite Mae
Sot, had fallen to forces led by the Karen National
Union. The resistance forces have used armed drones
to attack military facilities in the capital Naypyidaw
itself. The Tatmadaw is under siege, with low morale
among soldiers, who are deserting in large numbers.
If the entire periphery, including the key crossing
points into India, China, and Thailand are controlled
by the resistance, this would become an economic
choke on the junta. China has begun to play a double
game, supporting the junta but at the same time mak-
ing local deals with the ethnic groups controlling some
of the border outposts.
The civil war in Myanmar has already spilled over
into India with both Myanmar civilians and soldiers
crossing over to escape the fighting. The Mizoram gov-
ernment has been providing shelter to their ethnic
cousins from across the border. The Government of
India’s decisions to fence part of the border and to sus-
pend the free-entry regime between the two countries
are unlikely to stanch this spillover. The border is long
and porous. There are heavily forested areas and
streams. The time may have come to review our tacit
support to the junta. Perhaps there should be discreet
engagement with the resistance forces and with the
NUG. The latter enjoys legitimacy since it is composed
of representatives elected in a free and fair election.
Failure to stay ahead of the curve may have conse-
quences for the peace and stability of our Northeast.

Delhi’s government gap the iconic Aung San Suu Kyi (ASSK) and her National
League of Democracy (NLD) had to be muted. This
basic posture has not been altered since then. Even
British in 1948. Some groups are secessionist. Others
demand a high degree of regional autonomy. The third
key player is the Burman majority, which occupies the
The continuing conflict in Manipur is a warning sign.

The writer, who was foreign secretary, is a former Indian

Mr Kejriwal would do well to step down when democracy was partially restored in the country country’s heartland and has constituted the civilian ambassador to Myanmar

T
he National Capital Territory of Delhi is in a strange position of
being headed by a chief executive who has been in custody since

The entertainment consumption story

March 21. He is likely to be there for several more weeks after the
Supreme Court issued notices to the Enforcement Directorate (ED)
on Arvind Kejriwal’s plea challenging his arrest in connection with alleged
irregularities in the state’s liquor policy. The court has set the next hearing in

A
this case beginning April 29. Irrespective of this judgment and the merits of re Indians spending more on entertainment within that, possibly, to TV, films, and streaming. 50 million homes (240 million people) in poorer,
the case, Mr Kejriwal’s continuance as chief minister appears untenable. A or less? The short answer — entertainment TV is by far the biggest media in India. It reaches Hindi-speaking states. The kits for DD Freedish
spend in rural India continues to rise (a bit) about 900 million people and made (ad plus pay) involve a one-time cost of ~1,000-1,200 and there is
day after the bail hearing, the Aam Aadmi Party (AAP) said he would meet
while that in urban India has fallen. revenues of ~69,600 crore in 2023. This decade (and no recurring cost. This money probably shows up in
two ministers each week in Tihar jail, review the progress of work in their
That is the somewhat disappointing picture given the one before that too) has been marked by tight rural spend on entertainment.
departments, and issue guidelines and directions. He is, in short, exploiting by the Household Consumption Expenditure Survey price controls on TV by the Telecom Regulatory Going by the Comscore data, the bulk of the 510
a gap in the jail manual on provisions for serving chief ministers in judicial for 2022-23, released earlier this year by the Ministry Authority of India (Trai). This control means that million unique visitors to the internet in 2023 were
custody. Still, even assuming the prison authorities permit it, this modus of Statistics and Programme Implementation. It even normal inflation cannot touch cable or DTH consumers of YouTube, a (largely) free streaming
operandi is not quite the same as functioning as a chief minister, which also tracks consumption on both food (direct to home) prices and that service. Since it is an ad-supported service, the only
entails consultation through Cabinet meetings and viewing files. and non-food items. shows in the consumption data. money spent is on data and that will not show up in
Though Mr Kejriwal’s legal status allows him to continue as chief minister, The share of entertainment in Most TV broadcasters push up pay the line item on entertainment.
the prison guidelines make it difficult for him to function as one. In fact, the monthly per capita consumption revenues by negotiating better rev- The poor rates of growth and the fact that a large
jail manual is fairly constrictive in terms of a prisoner’s rights in this respect. expenditure (MPCE) in rural India enue share from DTH and cable chunk of poor urban and rural India is switching to
For one, an under-trial prisoner is permitted only to write to his or her family has been rising consistently, going operators. In the last three years, pay free TV are indicative of something. If one was to
members, close relatives and friends and counsel from prison. The only legal up from 0.42 per cent in 1999-2000 TV homes are estimated to have fall- use device penetration as a measure for reach then
documents he can sign can pertain to property matters. Inmates are debarred to 0.99 per cent in 2011-12. Over the en from 165 million to 90 million. much of poor, small-town and rural India was in
from signing any documents pertaining to any subject with political implica- next decade it went up to 1.09 per This naturally pushes down pay rev- deep distress for more than two years beginning
tions. This considerably narrows the scope for any chief minister to function cent in 2022-23. That is a rise of just enue growth. The FICCI-EY 2020. That is when internet penetration stagnated
effectively in that role. This is why the Jharkhand Mukti Morcha (JMM) appoint- about 10 per cent in as many years. (Federation of Indian Chambers of and fell as this paper has reported earlier.
ed a successor after Hemant Soren, then chief minister of Jharkhand, was
The proportion of entertainment
in urban MPCE rose from 1.16 per
MEDIASCOPE Commerce and Industry-Ernst &
Young) report’s contention that tele-
This was because during and after the pandemic,
prices of smartphones — the primary mode of entry
arrested by the ED in February in connection with an alleged money-laundering cent in 1999-2000 to 1.61 per cent in VANITA KOHLI-KHANDEKAR vision revenues shrank by 1.8 per into the internet for a large section of Indians — con-
case linked to land transactions. Two days later, JMM leader Champai Soren 2011-12. Since then it has fallen to cent in 2023 over 2022 then is totally tinued to rise on the back of a chip shortage. An aver-
took oath as chief minister. Moreover, the jail manual says a member of the 1.58 per cent in 2022-23. The survey states rural India in line with the MPCE data. age feature phone is less than ~1,200. The cheapest
Legislative Assembly (MLA) can communicate only with the Speaker of the spent an average of ~234 a month on miscellaneous For context, look at cinema. The ability of multi- smartphone is ~5,500 and above. The gap of ~4,000
House from prison. Mr Kejriwal has, however, not appointed a successor. goods, including entertainment: Urban India spent plexes to vary prices by days, time, film, etc has meant was too wide for many parts of India. That is why
Instead he has sent messages through his wife, Sunita, who has no formal ~424 a month. average ticket prices have risen in tandem with infla- organic growth (from feature phones to smartphones)
position in AAP, to party leaders, MLAs, and workers. Ms Kejriwal and Punjab tion, unlike TV. has slowed for almost three years. Even while Apple’s
Chief Minister Bhagwant Maan are among a list of six people Mr Kejriwal has What does it all mean? Why has industry-choking price regulation in TV iPhone continued to do well, brands like Realme and
said he wants to communicate with while in prison. A few explanatory notes here. The survey, done across not affected rural India? That is because pay TV pen- Xiaomi that offer phones at the mid and lower end
Given the multiple anomalies embedded in this situation, it may be 261,746 homes by the National Sample Survey Office, etration (through cable or DTH) has been terrible in of the market have seen sales fall.
possible to argue that the constitutional machinery in Delhi has broken down. doesn’t state clearly what is included in “entertain- most parts of rural India — especially the populous Going by the IDC data in a country of 1.4 billion
The lieutenant governor (LG) should advise AAP to change the chief minister ment”. Most entertainment businesses such as films, North. Kerala, Andhra Pradesh, and Tamil Nadu have people, roughly 650 million, or only half, have a
with a warning that President’s Rule could be imposed. The LG can invoke television, or streaming have two revenue streams. some of the highest levels of cable penetration across smartphone — read that as access to the internet. In
Article 239 AB of the Constitution, inserted in 1991, and recommend imposition Advertising is earned by selling the audience’s time rural and urban areas. This has already been factored the last part of 2023, the action in the second-hand
to advertisers: Pay or subscription revenue is earned into the data for 1999-2000 and the later years. market for smartphones has revived it somewhat.
of President’s Rule on the pretext that the administration of the National
by directly charging audiences. The figures in the What has risen in reach and consumption is According to the Trai’s last available numbers for
Capital Territory cannot be carried out under the laws governing the special
survey obviously do not factor in the consumption free video. And the two biggest platforms that September 2023, broadband subscribers have risen
status conferred on Delhi. By choosing to govern in an unorthodox manner, of free-to-air or free-to-view entertainment that is offer it — DD Freedish and YouTube — have seen at a healthier pace.
Mr Kejriwal is leaving himself and his party vulnerable to the imposition of ad-supported. Advertising revenue brings in 49 per phenomenal growth. The consumption story on entertainment will
President’s Rule just as his party should be focusing on the upcoming cent of the ~2.3 trillion that Indian media and enter- Over the last decade the state-owned free DTH take some time to reach a happy ending.
parliamentary elections, due in just over a month in Delhi. tainment (M&E) businesses made last year. The sur- service, DD Freedish, has emerged as the biggest
vey then is, arguably, limited to pay revenue and, force in linear television. It now reaches an estimated http://twitter.com/vanitakohlik

Afghanistan: Reports from the wreckage
believes in timelessness. But her book
is very much a chronicle of the
moment. India’s announcement in
2021 of the “temporary closure” of its
consulate in Kandahar— for long
described by New Delhi as a post
BOOK REVIEW occupied by nothing more than a man
and his dog but always viewed by
ADITI PHADNIS Pakistan as a hub of spying and other
such nefarious activities— spurred her
including India— when Ashraf Ghani’s
regime was toppled by the Taliban and
American forces left the country?
Who/what would emerge from the
ruins? What would the region look like?
Ms Basu describes with aplomb the
sense of urgency and fear of life that
every decision would entail. To opt for a
room in the legendary Hotel Serena
facing the street that would be a better
why the Taliban will be the best thing to
happen to Afghanistan. “Who is the
foreigner?” the Imam asks her. “Taliban
is our own. What have the Russians
given us? What have the Britishers
given us, what has Karzai or Ghani
given us? What have the Americans
given us? Let them [the Taliban] also
have their chance”.
Ms Basu is one
Before Mr Basu can ask him more
questions, the Taliban
has entered the city, her taxi driver
is racing to save his own life, and
she is “abandoned” in the middle
of a war zone.
August 16, 2021 is the day Ms Basu
asks herself: “Will I die today”? The
Taliban has entered Kabul, her efforts to
reach the airport are fruitless, all phone
communication has broken down and
“we are sitting with our luggage at the
edge of the pavement on the airport road,
hiding behind the
What follows is pure trauma.
She and others from the embassy are
driven to the airport. Everywhere,
all she can see is desperate Afghans
trying to flee their country. The scenes
are heartrending.
Ms Basu writes about the
friends she has made during her stay
and describes how she is in touch with
them. Afghanistan is the world’s
favourite battlefield, she writes.
After the Taliban, it continues to
be a geostrategic nightmare for the
world. As other problems grip the

W
hile writing, reporters are
taught always to be conscious
of four things: That “short
term” is 12 hours and “long term”, 24
hours, for that is the lifecycle of a
newspaper; never to use polysyllabic
words; never write a report beyond 800
words; and never, ever reveal sources,
at the pain of death or worse.
There is another suggestion by
British essayist Samuel Johnson: “Read
over your compositions, and wherever
you meet with a passage which you
think is particularly fine, strike it out.”
Nayanima Basu’s book honours
most of these injunctions. She is a
digital reporter. So like India, she
to travel to Afghanistan to find out what
was happening there.
For a woman, a wife and a mother, it
cannot have been an easy decision to
take. But Ms Basu pressed on as only a
driven reporter can. The closure,
however temporary, of the consulate
meant leaving the field free for Pakistan
and China to step in. It was speculated
that the fall of Kabul to the Taliban was
barely six months away. India was
invested heavily in Afghanistan where
in a war-torn country it had as many as
four consulates, all opened in 2001
when the first Taliban regime had
ended. What would happen to
Afghanistan— and its neighbours,
target for sniper and rocket fire? Or the of the few Indian THE FALL OF KABUL: rose bushes that world, today, Afghanistan is just a
garden wing, which meant forking out journalists to have Despatches From lined the alley”. memory. She quotes a former
a fortune? She reports on the mood on the chance to Chaos Air India flights Indian ambassador to the country:
the streets: Everyone is angry and interview Author: Nayanima have been “What can one really say about the
impatient, she says, whether they are Gulbuddin Basu cancelled. Ms Taliban and Afghanistan? It is so
the well-heeled at airports to kabab- Hekmatyar, Publisher: Basu has no jaded and no one has any answer
sellers on the roads. The women founder of the Bloomsbury choice but to to the problem there”.
activists she meets tell her impassively Hezb-i-Islami Pages: 216 make her way to What Ms Basu really needs to do is
of the restrictions they anticipate the party, once one of Price: ~599 the Indian make a similar trip across Pakistan
Taliban will place on women once they Afghanistan’s most Embassy in Kabul. and analyse Afghanistan from the
come to power. This is to prove powerful jihadi She encounters lens of India’s “friendly western
depressingly prophetic. groups. He is the Taliban, neighbour”. Given the current climate,
She also reports on the courtesy known as the “butcher of Kabul” and armed to the teeth with Kalashnikovs this seems well-nigh impossible. But
accorded to her when she visits one of the most ruthless anti-Soviet and grenade launchers. She is allowed to given the wonderfully descriptive
mosques and the support for the militia leaders. Mr Hekmatyar tells her walk to the embassy. There the Indian account she has given of Afghanistan,
Taliban. She quotes a head imam of the the US invested in the “wrong” people, officials do something the Taliban never for Ms Basu, this might not be an
Blue Shrine of Hazrat Ali who explains which led to the rise of the Taliban. did: They seize her phone. impossible exercise.
 QUICK TAKE: MORE UPSIDE IN ENTERO HEALTHCARE “We had a phenomenal rally. If you look

The Smart at positioning and sentiment

Investor
indicators, they were elevated.
(Share price in ~)
1,250 Shares of Entero Healthcare have corrected 6 per cent this Investors were squeezed a
1,099.5 week. The stock had jumped 17 per cent on Friday after
1,150 bit into the market, so you
Jefferies initiated coverage with a ‘buy’ recommendation have a bit of a setback”
MUMBAI | 984.9 1,050 and target price of ~1,510. Jefferies expects the health care
WEDNESDAY, 17 APRIL 2024 CHRISTIAN MUELLER-
products distributor’s revenue to grow at a 20 per cent GLISSMANN, Head, Asset
950 annualised rate over the next two financial years
Mar 28,’24 Apr 16,’24 Allocation, Goldman Sachs
<

Smallcaps break free from Take a call: Analysts

dial into Vi FPO
grip of West Asia flare-up TANMAY TIWARY
New Delhi, 16 April

Defy the odds, with down 2.4 per cent. HCLTech went Cash-strapped Vodafone
down 1.9 per cent. Idea’s (Vi) ~18,000 crore follow-
Nifty Smallcap 100 Amid global headwinds, FPIs have on public offering (FPO) is
gaining 0.75% stepped up their selling. On Tuesday,
they sold shares worth ~4,468 crore,
scheduled to open for sub-
scription on April 18. Its
ABHISHEK KUMAR extending their three-day selling to anchor book, however, will
Mumbai, 16 April nearly ~18,000 crore. open on April 16, 2024.
The continued selloff by FPIs The primary objectives of

T
he Indian equity benchmarks
extended losses for the third
straight day on Tuesday as ten-
sions in West Asia continued to weigh
on investor sentiment.
After declining by more than 1 per
cent each in the previous two sessions,
the S&P BSE Sensex and National
Stock Exchange Nifty 50 declined by
0.6 per cent on Wednesday. While the
Sensex lost 456 points to end the ses-
sion at 72,944, the Nifty 50 slumped
125 points to 22,148. However, small-
cap indices bucked the trend with the
Nifty Smallcap 100 gaining 0.75 per
cent on Tuesday. The Nifty Midcap
100 closed almost flat.
The West Asia flare-up remains an
overhang for the market as Israel has
said it will retaliate to Iran’s weekend
drone and missile attack, even as offi-
cials in the US and Europe push to
avoid a tit-for-tat escalation.
Since closing at their record high
levels on Thursday, the Nifty 50 has
corrected 2.7 per cent in the past three
sessions, while the Sensex is down 2.8
per cent.
The drop in the probability of rate
cuts in the near term and continued
selloff by foreign portfolio investors
pushed the rupee to a record low of Vi FPO include boosting
83.54 against the US dollar on Tuesday. existing 4G infrastructure,
Industry experts say the rising establishing new 4G and 5G
bond yields in the US are currently the sites, and settling certain
main pain point for the equity and cur- deferred payments for spec-
rency market and are the reason trum to the Department of
behind the FPI selloff. Telecommunications (DoT)
Following the recent hotter-than- along with associated GST SIGNAL STRENGTH decisions,” said an analyst.
Vodafone Idea Sensex
SENSEX INTRADAY TOP LOSERS expected US inflation data, the first rate-
cut expectations from the Fed have
obligations.
But, should you subscribe 350
Thus far in calendar year
2024 (CY24), Vi stock has
Change 73,600 As on April 16 Price (~) 1-day change (%) been pushed to December from June. to Vi FPO given the growth of 223 300 dropped 24.1 per cent as com-
73,399.8 -0.6% This has led to the repricing of assets, its counterparts, Reliance Jio Base = 100 250 pared to over 1 per cent rise in
73,400 Infosys 1,414.8 -3.6 with the 10-year US bond yield harden- and Bharti Airtel, who have the S&P BSE Sensex.
IndusInd Bank 1,490.8 -3.1 200
73,200 ing from 4.2 per cent at the start of the seen consistent rise in cus- 124 150 Bharti Airtel stock, its peer
72,943.7 Bajaj Finserv 1,618.6 -2.3 month to nearly 4.7 per cent at present. tomer addition, and speedy in the telecom sector,
73,000 100
Typically, US bond yields and risky rollout of 5G? meanwhile, has gained 20.90
72,800 Wipro 448.6 -2.3 assets move in opposite directions. Analysts say while the Mar 31,’23 Apr 16,’24 per cent during the same
72,600 HCLTech 1,476.3 -1.9 “The acceleration of inflation this fundraising could strengthen period.
Apr 15,’24 Apr 16,’24 Compiled by BS Research Bureau Source: Bloomberg, BSE year makes a cut prior to December Vi’s infrastructure, the com- Analysts at CLSA, mean-
challenging in our view,” said econ- pany faces challenges on the better return. That said, the while, suggest shares of Vi
(FPIs) also compounded the woes for of earnings being affected by weak dis- omists at Bank of America in a note. financial front. Unlike its com- government will never sell its could drop as much as 61 per
the Indian equity market, said experts. cretionary spending in the US and “More upside surprises to inflation petitors, Vodafone Idea has stake easily. Also, the fact to be cent to ~5, if the beleaguered
“Concerns arose following muted domestic fourth-quarter could push out Fed easing into 2025, experienced a consistent kept in mind is that once its telecom company continues to
stronger-than-anticipated US retail results,” said Vinod Nair, head of removing cuts from 2024 altogether. decline in its user base. promoters had said that they see subscriber churn.
sales, amplifying the assumption that research at Geojit Financial Services. A key issue in this regard is whether “A potential financial do not have money and prefer Those at Nomura, too,
the US Federal Reserve (Fed) might In the Nifty 50 pack, three of the housing inflation will slow as expected crunch looms in 2026 when to shut the company. Such expect Vi stock price to drop
delay rate cuts, leading to a notable five stocks that corrected the most or remain extremely sticky. We see significant spectrum and comments clearly are against to ~6.5 levels and maintain a
uptick in the dollar index and US bond were IT shares. Infosys and risks to the timing of cuts as skewed adjusted gross revenue (AGR) the interest of the shareholders ‘reduce’ rating on the stock.
yields. The information technology LTIMindtree declined by 3.7 per cent towards a later start, even if the Fed is dues of up to $4 billion become and shows low integrity. My Despite the fundraise, Vi,
(IT) sector saw the most significant and 3.2 per cent, respectively, on eager to cut rates this year,” the note payable for Vi. Despite the dis- suggestion is to avoid the FPO,” they said, will still not be fully
decline, primarily due to expectations Tuesday. Wipro ended the session added. count of 15-17 per cent, Vi’s Ostwal said. out of the woods. Repair,
path to a near-term revival recovery and rollout of 5G for
seems uncertain,” said Shivani On a slippery slope Vi will take
Nyati, head of wealth at On the operational front, Vi time to fructify and will be

Jio Fin shares rally after broking foray
KHUSHBOO TIWARI
Mumbai, 16 April
Jio Financial Services’ plan to
step into wealth management
and stock broking business, in
partnership with global asset
manager BlackRock, got a
thumbs up from investors,
with its stock rallying as much
as 5 per cent on Tuesday. After
pairing some gains, the stock
ended at ~362.7, up 2.4 per cent
over its previous day’s close.
Billionaire Mukesh Am-
bani’s Jio Financial’s foray into
the two new segments comes
at a time when the industry is
adding nearly 3 million new
demat accounts every month.
The Reliance spinoff and
the US-based asset manager
have already announced a
lion mutual fund (MF) busi-
ness, which is currently await-
ing regulatory approvals.
The incorporation of a bro-
kerage firm by the JV will fol-
low the launch of its wealth
management company.
Institutional platforms
manage over 50 per cent of the
$1-1.2 trillion of financial assets
owned by India’s high net-
worth individuals (HNIs), as
per a report by Jefferies.
Industry experts said that
Jio Financial’s efforts would be
to capture new customers in
the rising HNI class in India.
However, some are of the opin-
ion that the new venture may
not bring any price disruption
— a strategy used during
Reliance Industries’ (RIL’s)
foray into the telecom space.
PAIRING GAINS
(Share price in ~)
361.9
354.4 2.1%
Change
Apr 15,’24 Apr 16,’24
Source: Bloomberg
Compiled by BS Research Bureau
itiveness, ultra-low pricing
models and strict regulatory
architecture in both the two
new business segments pro-
vide little scope for further dis-
ruption, industry players add.
However, Jio Financial will
be able to leverage the parent
across the country and Black-
Rock’s expertise in the invest-
ment management space.
BlackRock, the world’s lar-
370 gest asset manager overseeing
assets worth over $10 trillion,
365
has a strong brand pull and
360 digital prowess in the invest-
ment management space. The
355 newly formed JV may compete
350 with well-established private
wealth management firms
such as 360One, Nuvama,
Kotak Wealth and Avendus.
In the stock broking busi-
ness, the JV may face compe-
tition from the discount bro-
kers which account for nearly
two-thirds of active clients.
Jio Financial Services,
demerged from RIL last year,
currently offers personal loans,
insurance broking, and bill
Gold, silver
prices hit
fresh peaks
Extending gains for the sec-
ond day in a row, gold and
silver prices hit fresh all-time
high levels on Tuesday, amid
escalating tensions in West
Asia. According to HDFC Sec-
urities, gold prices zoomed
~700 to hit its lifetime high of
~73,750 per 10 grams on
Tuesday. Similarly, silver
price jumped ~800 to hit a
record high of ~86,500 per kg.
Oil dips
Oil turned lower amid a sell-
off across global markets,
with traders waiting for clues
on how Israel will respond to
the attack by Iran. Global
benchmark Brent was trad-
Swastika Investmart.
For investors looking to
subscribe to the Vodafone IPO,
she suggests they carefully
consider the above-mentioned
factors before putting in their
money.
Kishor Ostwal, managing
director at CNI Research, too,
was sceptical on the returns
that the investors will be able
to generate in the Vi stock
going ahead. Vodafone Idea’s
business model, he said, is not
worth appreciating consider-
ing the fact the company will
always be short of funds for 5G
and 6G technology.
“This share is highly spec-
ulative hence one can enter
with high risk for 20-30 per
cent kind of returns. But on
fundamentals, my call is to
avoid. There are better options
where one can get a much
has already seen a loss of 17
million wireless subscribers
over the past one year, of
which 1 million were lost in
the month of January 2024
alone. In contrast, Reliance
Jio added about 4.2 million
wireless subscribers in
January 2024, while Bharti
Airtel added 0.75 million sub-
scribers, according to the
latest data released by the
Telecom Regulatory
Authority of India (Trai).
“Market scepticism per-
sists regarding Vi’s ability to
gain significant market share
going ahead. In the worst-
case scenario, minority inves-
tors may face limited upside
potential as government own-
ership could surpass 80 per
cent in a fully diluted sce-
nario. Diligence is paramount
for informed investment
crucial to an improvement in
its outlook.
“Vi also faces significant
government dues pertaining to
adjusted gross revenue and
spectrum liabilities, albeit
some leeway from the govern-
ment in the form of extended
timelines for payments can be
a possibility, the government
has repeatedly clarified its
intention of maintaining a
three-private-player market,”
wrote Hemang Khanna of
Nomura in a recent report.
Some analysts, however,
were optimistic.
Utkarsh Sinha, managing
director at Bexley Advisors, a
boutique stock advisory firm,
for instance, believes that Vi is
here to stay and will find its
niche between volume-driven
Jio and Arpu-oriented Bharti
Airtel.

RBI, Sebi plan panel to

joint foray in the over ~50-tril- Already intense compet- company’s extensive reach payment services. ing near $90 a barrel. AGENCIES

Insurance, telecom offer multi-yr FPIs up holdings in 7 Adani firms

N IN BRIEF N
Nephro Care weigh derivatives risk
growth opportunity: ITI MF Foreign portfolio investors (FPIs) have upped their stakes in seven
out of 10 listed firms of the Adani group during the quarter ended
India files REUTERS
16 April
Financial Stability Develop-
ment Council, which includes
queries about the plan.
The committee will assess
ITI Mutual Fund on Tuesday said that sectors like insurance, March 2024. Adani Ports & SEZ has seen the highest increase at papers to raise the finance minister, the cen- potential systemic risks
telecom, domestic and global pharmaceuticals, power finance 26 basis points (bps) to 14.98 per cent followed by Adani Wilmar
companies and defence have a multi-year growth opportunity in and Adani Green at 12 bps each. Shares of Adani Ports rallied funds via IPO Top financial regulators will
form a committee to assess sta-
tral bank governor and the
markets regulator, the
emerging from the surge in
derivatives trading, the need
front of them, adding that food delivery and quick commerce 31 per cent during the three-month period ended March 2023. Nephro Care India (NCIL), a bility risks emerging from a sources said. for investor protection meas-
companies may do well as they are an emerging business. In its Adani Green rose 15 per cent and Adani Wilmar fell 10 per cent. Kolkata-based multi- surge in derivatives markets Its members and reporting ures and for increased regu-
equity market outlook for the financial year (FY) 2024, the fund BS REPORTER specialty healthcare provider, and suggest policy changes if timeline will be finalised in latory monitoring, the two
house noted that the market's future course will be determined by has filed a draft red herring required, two sources familiar coming months, added the sources said. It will also check
the earnings growth trajectory, capex, policy initiatives like PLI, Lok
Sabha election outcome, and the timing and quantum of interest
Zee removed from F&O prospectus (DRHP) with NSE
Emerge to raise funds through
with the matter said.
Options trading in India
sources, who spoke on con-
dition of anonymity, as they
for a correlation between the
rise in small unsecured loans
rate easing globally. "We are at an early stage of the economic The National Stock Exchange (NSE) has excluded Zee Entertainm- an initial public offering. The has soared in the last five were not authorised to speak and options trading, said one
cycle unlike in 2003-07 wherein markets were in the late stage of ent Enterprises (Zee) from the derivatives segment. Following the IPO comprises a fresh issuance years, fuelled mainly by retail to media. The plan to set up a of the two sources.
the valuation cycle and economic cycle and they corrected sharply. move, fresh contracts Zee for new expiry months will not be iss- of 4,584,000 equity shares, investors. The notional value panel has not been previously “Checks would be made on
We continue to believe that the investment environment going ued. “However, the existing unexpired contracts of expiry mon- each with a face value of ~10. of index options traded more reported. end-use of funds lent by non-
forward will be a stock picker’s market. There could be instances ths April 2024, May 2024 and June 2024 would continue to be ava- NCIL posted a revenue of than doubled in 2023-24 to The finance ministry, the banking finance companies
where companies operating in the same sector may end up ilable for trading till their respective expiry and new strikes would ~19.90 crore and earned a $907.09 trillion from $447.69 Reserve Bank of India and the which have a broking arm and
reporting a diverse set of financial results," said Rajesh Bhatia, also be introduced in the existing contract months,” NSE said in a profit of ~3.4 crore in the first trillion a year ago, exchange Securities and Exchange whether those funds led to
Chief Investment Officer, ITI MF. According to the fund house, the circular. Shares of Zee have nearly halved since January after its nine months of financial year operator NSE says. The Board of India (Sebi) did not capital market exposure,” the
weak rural demand may remain a headwind this year. BS REPORTER merger with Sony Pictures Networks India collapsed. BS REPORTER 2023-24. SANKET KOUL panel will be set up by the immediately respond to source added.

THE COMPASS

Oil & gas: Investors must brace for negative impact in Q1 FY25
DEVANGSHU DATTA
Escalation of the conflict in
West Asia between Israel and
Iran has had a direct impact on
the energy markets, and more
broadly on the financial mar-
kets as well as the global econ-
omy.
There are fears of supply dis-
ruption. These are very signifi-
cant for India since it is not just
a net importer. The greater pro-
portion of Indian gas and oil
supplies comes out of West
Asia, via routes which could be
under threat of blockade.
Moreover, there are specific
factors to cause concerns for
Indian investors in the energy
sector. Given the elections,
refiners and oil marketers can-
not pass on the increased prices
of crude and gas at the retail
level.
This implies losses for
downstream companies like
Bharat Petroleum (BPCL),
Hindustan Petroleum (HPCL)
and Indian Oil (IOC). And, also
gas players, especially those
which are dependent on
imported liquefied natural gas
(LNG) supplies. At the same
time, the windfall tax has been
hiked twice, limiting upside
gains for producers such as Oil
and Natural Gas Corporation
(ONGC) and Oil India (OIL).
Net-net, the Indian energy
sector could come under pres-
sure.
At the macro level, any up-
move in crude and gas prices
also puts pressure on the cur-
rent account (and the rupee)
since it skews the trade bal-
ance. It can also upset Budget
assumptions. It has an infla-
tionary effect that feeds
through the entire economy.
Investors have to consider var-
ious geopolitical scenarios.
In one, there’s quick resolu-
tion and in others, there are
varying levels of continuing
tensions and conflicts.
There are various levels of
disruption of fuel supplies
through the Red Sea (already
under threat from Houthi
attacks) and the Straits of
Hormuz, which Iran could
blockade.
Around 15 per cent of the
global crude supply and 20 per
cent of the gas moves through
the Straits of Hormuz.
Even if alternative routes are
used for crude, freight costs will
spike. In addition, no alter-
native routes are available for
LNG, currently evacuated via
the Straits, and India is highly
dependent on these LNG
supplies.
Iran’s entire production (or a
large chunk) could be at risk, as
well as gas out of Qatar and
UAE. Crude oil out of Iraq,
Saudi Arabia, and other coun-
tries could also be interdicted.
OPEC or OPEC–plus (includ-
ing Russia) could hike produc-
tion but it isn’t only a question
of production — oil or gas from
alternative sources will lead to
additional freight costs.
Higher crude and gas prices
would be a negative for the
margins of oil marketing com-
panies such as HPCL, BPCL and
IOC.
Every ~1 change in gross
marketing margin impacts the
consolidated earnings before
interest, taxes, depreciation
and amortisation (Ebitda) esti-
mates of HPCL, BPCL and IOC
by 25 per cent, 22 per cent and
23 per cent, respectively, for
FY25. Higher spot LNG prices
could also hurt volume offtake
and lead to lower margins for
gas players like GAIL and
Petronet LNG and city gas dis-
tribution (CGD) companies like
Gujarat Gas, Indraprastha Gas
(IGL) and Mahanagar Gas.
There’s a ceiling on profit
margins in the event of high
crude prices for ONGC and
OIL, given net realisation is
capped at around $75 per
barrel by windfall taxes. The
market is adjusting for these
scenarios, which have been dis-
cussed earlier.
The stock market has fallen
as it has discounted the neg-
ative implications. There could
be a relief rally across the mar-
kets if the conflict is de-esca-
lated soon. If it doesn’t, infla-
tion expectations would have to
be revised upwards. And, in any
case, the energy sector has to
brace for a negative impact on
Q1 FY25.
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 THE SMART INVESTOR 11

SFB stocks on upswing, Invest in silver gradually or

rally likely to continue on pullbacks after rally
Opt for a silver ETF or a FoF having low expense ratio and tracking error
Analysts see growth potential and advise investors to retain their holdings BINDISHA SARANG
SILVER’S RECENT SURGE MIRRORS GOLD’S
NIKITA VASHISHT From a low of ~69,150 per kilogram n Gold n Silver (returns in %)

20.4
New Delhi, 16 April GAINING MOMENTUM on February 14, silver closed at

18.2
24.0
~83,213 on Tuesday, a rise of

17.4

17.5
17.1

15.8
15.9
16.1
Trailing 12-month P/E (x)

S
hares of small finance 20.3 per cent. It is up 13.4 per cent

13.4
banks (SFBs) flexed mus- 5-year year-to-date. Silver scaled a fresh

12.1
11.8
Small Finance Bank Current average
cles in April, after March peak of ~83,819 on April 12.

9.4
9.7
quarter results showed they had AU SFB 28.9 37.5 A recent report from Motilal

6.5

double-digit growth in advances
and deposits.
Suryoday Small Finance Bank
stock price has jumped 20.4 per
cent so far this month, while that
of Ujjivan SFB has surged 18.3 per
cent. ESAF Small Finance Bank,
Jana Small Finance Bank, AU
Small Finance Bank, Utkarsh
Small Finance Bank, and Equitas
Small Finance Bank have moved
up in the range of 6.4 per cent to
10.2 per cent. By comparison, the
Nifty 50 has slipped 0.8 per cent,
while the Nifty 500 has added 0.8
per cent, ACE Equity data shows.
Analysts see growth potential in
SFB stock prices, but advise
investors to retain their holdings.
New investors may wait for a
better entry point, they said.
“India has strong catalysts for
economic growth, thereby sup-
porting credit demand outlook
in the foreseeable future. We
believe that small finance banks
have a much bigger role to play
in the overall banking sector,”
said Mohit Khanna, fund man-
ager at Purnartha One Strategy.
“At the current juncture, we
remain invested in small finance
bank stocks and would add to our
positions in the pack if we get a
better entry point due to market
volatility,” he said.
Growth in Q4
Analysts said SFBs are gaining
market share in the overall lend-
ing space by focusing on mobil-
ising deposits. Such lenders offer
term deposits at nearly 250 basis
points higher than large banks.
Premium rates, coupled with
accelerated investment towards
liability-focused branches, led to
steady build-up of the deposit
MAKING A MARK
Small Finance Bank
Suryoday SFB
Ujjivan SFB
ESAF SFB
Jana SFB
AU SFB
Utkarsh SFB
Equitas SFB
Capital SFB
NSE Nifty 500
NSE Nifty 50
Source: ACE Equity
base and gradual improvement
in credit-deposit (CD) ratio.
Preliminary updates showed
that AU Small Finance Bank
reported a 25 per cent year-on-
year (Y-o-Y) and a 9 per cent
quarter-on-quarter (Q-o-Q)
growth in gross advances in Q4
FY24. Deposits grew 26 per cent
Y-o-Y and 9 per cent Q-o-Q.
Equitas Small Finance Bank’s
advances grew 23 per cent Y-o-Y
and 5 per cent Q-o-Q, while
deposits jumped 43 per cent Y-
o-Y and 12 per cent Q-o-Q.
Suryoday Small Finance Bank
reported advances grew 41 per
cent Y-o-Y and 14 per cent Q-o-
Equitas SFB 19.2
Suryoday SFB 26.4
Ujjivan SFB 8.7
Utkarsh SFB 76.4
ESAF SFB 9.0
NSE Nifty 50 23.3
P/E (x): Price-to-earnings (ratio) Source: Bloomberg
stabilise in the next couple of
Month-to-date change (%) quarters. Investors can buy small
finance bank stocks where the
20.4 risk-reward is favourable,” said
18.3 Vaidya of Axis Securities. She pr-
efers Equitas among the SFB lot.
10.2
The price to earnings (P/E)
9.4 multiple of all SFBs stocks but
9.2 Suryoday and Utkarsh are in line
with their five-year historical ave-
7.7 rage. For FY24, CareEdge Ratings
6.4 expects SFB advances and depo-
2.4 sits to grow at 22-25 per cent and
report stable profitability with
0.8 return on total assets in the range
-0.8 of 2.1 per cent to 2.4 per cent.
No blanket benefit
That said, small finance banks’
Q. Deposits grew 50 per cent Y-o- CD ratio remained elevated at 89
Y and 20 per cent Q-o-Q. per cent on average at the end of
“Apart from comparatively
better deposit rates than other
the December quarter (Q3 FY24).
Certain financiers had an ele-
private and PSU banks, the regu- vated ratio: Suryoday at 111 per
lator's mandate to maintain a bal- cent, Utkarsh 99 per cent, and
anced CD ratio has prompted Equitas 90 per cent. ICICI Secu-
SFBs to aggressively ramp up rities said asset under manage-
deposits,” said Dnyanada Vaidya, ment growth could slow down for
research analyst — BFSI at Axis small finance banks that have a
Securities. Analysts expected CD ratio of 100 per cent.
deposit growth momentum to “Overall, assuming 25 per
continue as long as credit dem- cent loan CAGR between
and continues. An inability to do FY23-25E and CD ratio at 85 per
so could either restrict growth or cent by March, 2025, we expect
weigh on margins, they said. the sector to clock 31 per cent
“We believe cost of funds is deposit CAGR for between
near its peak, and margins could FY23-25,” said the brokerage.
19.3 Oswal strikes a bullish note on its
prospects. The brokerage house
21.9 expects silver, which has the
150.1 dual characteristics of a precious
74.9 metal and an industrial metal, to
rise to ~1-1.2 lakh per kilogram in
9.8 the medium term. It, however,
24.7 warns that the journey may
be accompanied by intermittent
volatility.
Most investors would gain by
diversifying the commodity basket
within their portfolios further with
the addition of silver.
Positive outlook
Experts believe silver may sustain its
strong performance in the near term.
“We expect silver to continue its
upward trend, especially with
increasing geopolitical tensions. Our
near-term target is ~86,600. If the
current strength persists, we
could see silver reach even
higher levels, possibly hit-
ting ~92,000 in the near
future,” says Vaishali
Parekh, vice president-tech-
nical research, Prabhudas
Lilladher.
Positive drivers
Silver is used heavily in
new-age, green technol-
ogies, such as solar panels
and electric vehicles. “Greentech
will be the main driver of incremen-
tal silver demand. A firmer commit-
ment by larger economies like the
US, China, the European Union,
India, Brazil, etc. (to greentech)
would be positive for silver,” says
Vikram Dhawan, head commodities
& fund manager, Nippon India
Mutual Fund.
Naveen Mathur, director, com-
modities and currencies, Anand
Rathi Shares and Stock Brokers,
1-mth 3-mth Yr-to-date 6-mth
Returns above one year are in CAGR; Compiled by BS Research Bureau
explains that the record high struc-
tural supply deficit is expected to
persist in 2024 and keep the
outlook for silver bullish over
the next six months.
If the global economy grows
robustly, silver will continue to per-
form. “Silver is used for a wide
range of industrial and medical
applications. While only 10 per cent
of gold produced is used for indus-
trial applications, 50 per cent of
silver production is used for indus-
trial applications. As a result,
silver’s performance is closely cor-
related to worldwide eco-
nomic activity. Stronger
industrial demand could
translate into higher prices
for silver,” says Vishal
Dhawan, board member,
the Association of
Registered Investment
YOUR Advisors (ARIA).
MONEY Negative drivers
Several factors have the
potential to play spoilsport. “The US’
resilient macroeconomic data could
result in a higher-for-longer interest-
rate scenario. This could drive the
dollar index up in the near term,
which would in turn exert downward
pressure on silver prices,” says
Mathur.
“Currently, China’s property
market has turned sluggish and its
macroeconomic environment is
weak. This could affect demand
and hence the prices of silver,” says
6.7
1-year 3-year 5-year 10-year
Source: IBJA, Zaveri Bazaar
ARIA’s Dhawan.
What should you do
After the recent run-up, investors
should accumulate silver in a stag-
gered manner, or when prices cor-
rect by 10-15 per cent from current
levels. According to Nippon’s
Dhawan, investors who cannot fol-
low prices regularly should invest in
a silver savings fund or a multi-asset
allocation fund (having allocation to
silver) in a systematic manner.
As for how much to allocate to
silver, Jinal Mehta, a certified
financial planner and founder of
Beyond Learning Finance, says:
“Around 10-15 per cent would be an
ideal allocation to metals like gold
and silver combined.”
Investors should avoid getting
carried away by the current momen-
tum in silver. “The best time to buy
silver is when no one is talking
about it,” says Nippon’s Dhawan.
Dhawan of ARIA recommends
selecting an exchange-traded fund
(ETF) or a fund-of-fund (FoF). “It
must have a low expense ratio and
a low tracking error,” he says.
Parekh recommends investors
buy some amount of physical
silver. However, keep in mind that
an investment in physical silver
would be subject to additional costs
in the form of making charges,
taxes, etc. Storing physical silver
can also cause hassles due to its
bulky nature. In addition, there is
the risk of theft.

Notice-cum-Addendum to the Scheme Information Document (SID) and Key CAUTION NOTICE VSF PROJECTS LIMITED
(CIN: L05005AP1992PLC014326)
Information Memorandum (KIM) of Schemes of Sundaram Mutual Fund (‘Fund’) SECURITAS® Registered Office: Sy.No.782 to 1236, Ankulapatur Village, Chillakur Mandal,
Tirupati District, Andhra Pradesh, 524 412,
Change in the addresses of Customer Care Centers: Website: www.vsfproject.com email: vsfprojectsltd91@gmail.com
Our client, Securitas A.B, of Lindhagensplan 7010228 Stockholm, Contact Number: + 040 - 23548694
Investors / Unit holders are advised to take a note of the addresses of the Customer Care Centre of KFIN Technologies Limited as stated Sweden, is the right holder and registered proprietor of the SECURITAS PUBLIC ANNOUNCEMENT
below, which is an official point of acceptance of transactions for the Schemes of Sundaram Mutual Fund: trademark in India. Founded in 1934, our client is one of the largest FOR KIND ATTENTION OF PHYSICAL SHAREHOLDERS
providers of Security Services in the world, offering specialized guarding,
This Public announcement is being given by VSF Projects Limited (“the
Existing Address New Address Effective Date mobile services, monitoring, consulting and investigations, and technology Company”) to inform the Physical shareholders of the Company, that the Board
solutions. In India, the SECURITAS brand has been present since 1989,
KFIN Technologies Limited KFin Technologies Limited. 18-April-2024 initially through Group 4 Securitas (now G4S Plc.) and then as Securitas
of Directors of the Company has approved a Rights Issue of upto Rs. 4,950.00
Lakhs to all the existing shareholders of the Company and in this regard an
Shop No 1, Plot No 281, Ground Floor, Office No 103, 1st Floor, MTR Cabin-1, Vertex , India. application for obtaining in principle approval for the proposed Rights Issue has
In India, our client is a registered proprietor of the SECURITAS trademark been made to BSE Limited, where the shares of the Company are listed.
Dipti Jyot CHS LTS , Near MTNL Navkar Complex M .V .Road, Andheri East , since 3rd October 2005. In accordance with Regulation 77A of the SEBI( ICDR) Regulations, 2018 read
P M Road , Vile Parle East, Mumbai - 400 057 Opp Andheri Court, Mumbai – 400069 Our client has diligently protected the reputation of its SECURITAS brand with SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21,
and enforced its trademark rights at all times and has taken actions against 2023, the credit of Rights Entitlements and Allotment of Rights Equity Shares
Landline: 022- 26130708 Landline: 022 - 46733669 infringement and misuse of its SECURITAS trademark before appropriate shall be made in dematerialized form only and Investors will not have the
fora. option of getting the allotment of Equity Shares in physical form.
All other terms and conditions of the Scheme Information Document(s) / Key Information Memorandum(s) / Statement of Additional
All concerned are hereby alerted that certain entities are using our client's PLEASE NOTE THAT SHAREHOLDERS WHO HAVE NOT DEMATTED THEIR
Information will remain unchanged. registered SECURITAS trademark in respect of security and allied services, SHARES WILL BE DEPRIVED FROM EXERCISING THEIR RIGHTS
ENTITLEMENT OR CREDIT OF SHARES IN DEMATERIALISED FORM.
This addendum forms an integral part of the Scheme Information Document (SID) / Key Information Memorandum (KIM) / Statement of without our client's authorization. Such unauthorized and misleading use of
'SECURITAS' as a trade name and / or trademark by these entities Accordingly, we request all the shareholders holding shares in Physical form
Additional Information (SAI) of the schemes of Sundaram Mutual Fund as amended from time to time. wrongfully suggests their association with our client. These companies are
to get their shares dematerialised at the earliest but not later than 21 days
from the date of this announcement to ensure credit of Rights Entitlement in
infringing and misappropriating our client's SECURITAS trademark, and
For Sundaram Asset Management Company Ltd wrongfully representing and passing-off their business, products and
the demat account.
For more details on Rights Issue refer to Chapter titled “Terms of Issue” on page
Place: Chennai R Ajith Kumar services as that of our client. Our client proclaims that it has no connection 152 of the Draft Letter of Offer available on the following websites:
Date: April 17, 2024 Company Secretary & Compliance Officer whatsoever with these concerns and must not be held liable for any irregular (a) Our Company - www.vsfproject.com; and
and illegal acts or damage / loss caused by these concerns. All are
HY1-24-25-5 (16x10cms)

Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road, (b) The Stock Exchange – www.bseindia.com
For more information please contact: requested to bring to the notice of our client such illegal acts and
Sundaram Asset Management Company Ltd Royapettah, Chennai-14. inducement of which they are aware. By
For any assistance in this regard, the Shareholders can contact our RTA,Aarthi
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215 Consultants Private Limited 1-2-285, Domalguda Hyderabad – 500029, email:
(Investment Manager to Sundaram Mutual Fund) Fidus Law Chambers info@aarthiconsultants.com, Tel: 040-27638111 or visit our website:
Fax: +91 44 2841 8108. www.sundarammutual.com SECURITAS AB Noida www.vsfproject.com For VSF Projects Limited
CIN: U93090TN1996PLC034615 Regd. Office: No. 21, Patullos Road, Chennai 600 002. Sd/-
B N Murthy
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Place: Hyderabad Managing Director
Date :16-04-2024 (DIN: 00073068)

BEFORE THE HON'BLE NATIONAL COMPANY

LAW TRIBUNAL :: AT HYDERABAD
I.A. No.1591/2023
IN
CP IB NO. 458/7/HDB/2018
Between:
KONASEEMA GAS POWER LIMITED Represented by its Liquidator Mr. Sai Ramesh
UNITED SPIRITS LIMITED Kanuparthi
AND
....Applicant
Regd. Office: ‘UB Tower’, # 24, Vittal Mallya Road, Bengaluru-560 001. M/s Peninsular Power Ventures Private Limited & 6 Ors. ....Respondents
Tel: +91 80 3985 6500; Fax: +91 80 3985 6862 ATTENTION:
Email: investor.india@diageo.com Website: www.diageoindia.com 1. M/s Peninsular Power Ventures Private Limited ....Respondent No.1
Corporate Identity Number: L01551KA1999PLC024991 2. M/s. BSCPL Infrastructure Limited ....Respondent No.3
3. M/s. VBC Ferro Alloys Limited ....Respondent No.6
NOTICE OF LOSS OF SHARE CERTIFICATES 4. M/s. OPL Renewable Energy Private Limited ....Respondent No.7
Notice is hereby given that the Company has received requests from the following shareholders for issue of Duplicate Share Whereas the Applicant has filed an application under Section 60(5) of the Insolvency
Certificate(s) in lieu of the Original Share Certificate(s) reported to have been lost / misplaced. The share certificate(s) mentioned and Bankruptcy Code, 2016 vide I.A. No. IA(IBC)/1591/2023 in CP IB NO.
458/7/HDB/2018 before the National Company Law Tribunal, Hyderabad Bench. While
hereunder are therefore deemed to be cancelled and no transactions thereon would be recognized by the Company.
it is so, the Hon'ble Tribunal has vide its order dated 21.02.2024 directed the Applicant
to issue notice upon the Respondent No.1, 3, 6 & 7 through publication.
Sl. No. of Certificate Distinctive Nos Accordingly, Notice is hereby given to the Respondents Nos.1, 3, 6 & 7 to appear
No Folio No. Name of the Shareholder Shares Virtually/ Physically before the Hon'ble National Company Law Tribunal, Hyderabad
Number From To
Bench having its address at Corporate Bhavan, RoC Hyderabad, Ground Floor,
01 MS095674 MEHUL URESHBHAI JHAVERI 500 3955 721900336 721900835 Bandlaguda, Nagole, Tirumala Residency Colony, R.Krishnaiah Nagar,
Hyderabad, Telangana-500068 in the next hearing to be held on 29th April 2024 either
personally or by a pleader/advocate duly instructed as to why the relief prayed for
The public are hereby advised against dealing in any way with the above share certificates. Any person(s) who has / have any
should not be granted.
claims(s) in respect of the said share certificates should lodge such claim(s) along with all documentary evidences with the
Company at its Registered Office within 7 days of the publication of this notice, after which no claim(s) will be entertained, Take notice that in the case of non-appearance the application will be heard and
and the Company will proceed to issue duplicate share certificates. determined in your absence. Sd/-
CA. Sai Ramesh Kanuparthi
Liquidator, Konaseema Gas Power Limited (In Liquidation)
For UNITED SPIRITS LIMITED IBBI/IPA-001/IP-P00910/201718/11510
Sd/- AFAvalid up to 07-12-2024.
Place : Mumbai Mital Sanghvi Plot No.6-B, Beside TDP Office, Road No.2,
Dated : 16.04.2024 (Company Secretary) Place: Hyderabad Banjara Hills, Hyderabad-500034. Mobile: +91 9849039674.
Date: 17.04.2024 e-Mail: info@ksrfms.com / liqkgp@gmail.com
12 STOCKS
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 1
IN THE
> STOCK
> Ex de ndustr es > T tagarh Ra System > GA L nd a o B +N H 0000 P on B n ~ RH

NEWS 459 4
480 Top ga ner
amongst BSE 500 955 9
978 5
1 000 Trad ngvo ume
surged7xover2-
205 8 206 H ts new a
t me h gh on BSE OF THE DAY
600

400
1 200

900
440 970 204
377 0
compan es weekaverageonBSE at ~2 0 VA Tech Wabag
400 940 202 200 600
~409 2 PR V OU O ~9 5 2 PR V OU O ~203 8 PR V OU O H ts 9-year h gh at ~945
360 ~459 4 O 910 ~978 5 O 200 8 200 ~205 8 O Surged 32 per cent n 0 300
Ap 8 2024 Ap 16 p 2 3% UP Ap 8 2024 Ap 16 p 6 9% UP Ap 8 2024 Ap 16 p 0% UP one month Ma 31 23 Ap 16 24

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
16 Apr ’24 Chg (%) Con Std 16 Apr ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3106.4 -1.3 1.0 100.8 141.2 ITC 425.9 0.0 5.2 27.7 26.0 price price (%) price price (%)
Adani Ports 1304.4 -0.9 0.9 39.0 215.5 JSW Steel 845.3 -1.8 1.1 18.5 20.9 Exide Ind 470.6 459.4 12.3 470.6 470.6 Infosys 1413.1 1414.8 -3.6 1413.1 1215.5
MOST BULLISH MOST BEARISH
Apollo Hosp 6334.8 0.5 0.6 111.2 91.2 Kotak Mah Bank 1792.6 -0.3 2.6 20.4 27.1 Cochin Ship 1114.1 1103.9 4.4 1170.1 1170.1 Mphasis 2302.0 2308.5 -3.6 2302.0 1660.7
Asian Paints 2830.0 -0.5 1.3 49.9 50.8 India Cement 228.2 227.0 0.6 Metropolis Heal 1653.8 1746.5 -5.3 Zee Enter 148.8 147.7 4.1 263.9 299.5 PNB 126.5 128.2 -3.5 94.3 47.4
L&T 3543.5 -1.6 4.8 38.5 50.5
Axis Bank 1051.9 -0.6 2.9 30.0 27.1 Godrej Prpty 2617.8 2606.9 0.4 Exide Ind 449.1 459.8 -2.3 Eicher Motor 4406.0 4360.0 3.4 4406.0 4406.0 Gujarat Gas 552.0 553.3 -3.5 498.3 397.2
LTIMind 4662.9 -3.2 0.4 30.1 30.8
1Mothersons S 124.8 124.3 0.4 Vodafone Idea 12.8 13.0 -1.5 Mazagon Dock 2246.9 2213.5 3.1 2475.0 2490.0 Coforge 5191.0 5212.2 -3.4 5191.0 3753.9
Bajaj Auto 8919.2 -0.9 1.1 33.6 35.7 Mah & Mah 2031.3 -1.1 2.0 24.6 24.7 ICICI Lombard 1655.3 1648.7 0.4 Page Inds 35419.4 35675.5 -0.7 Laurus Labs 445.1 442.9 3.0 470.9 470.9 IndusInd Bank 1488.0 1490.8 -3.1 1423.4 1065.5
Bajaj Fin 6954.3 -1.7 1.9 37.4 35.6 Maruti Suzuki 12502.7 0.6 1.6 47.9 32.9 Cadila Healt 948.6 944.9 0.4 IndiaMART Int 2560.9 2576.1 -0.6 Samvardhana Mot 125.7 124.3 2.9 126.6 126.6 LTIMind 4651.0 4663.3 -3.1 4651.0 4130.3
Bajaj Finsrv 1618.5 -2.3 1.0 33.1 220.4 Nestle India 2546.1 -0.3 0.9 - 81.9
Bharti Airtel 1216.5 -0.7 3.1 81.9 152.2 Rail Vikas Niga 261.1 257.9 2.7 345.6 345.6 Au Small Fin 608.7 613.1 -3.0 554.0 554.0
NTPC 359.3 -0.5 1.7 20.6 19.1 BSE NSE Cummins (I) 3134.0 3121.7 2.6 3134.0 3134.0 Chola Inv 1127.0 1129.2 -2.8 1011.5 819.0
BPCL
Britannia
592.3
4740.7
0.5 0.6 60.3 4.4
-0.4 0.6 52.9 54.1
ONGC 283.2 1.2 1.4 10.1 12.1 Index Stock Index Stock PUT-CALL RATIO HAL 3737.0 3721.3 2.5 3737.0 3737.0 RBL Bank 242.0 244.3 -2.7 220.5 138.9
Power Grid 274.3 0.1 1.2 16.5 16.4 NHPC 91.8 91.2 2.5 115.8 115.8 Berger Paints 530.0 531.9 -2.6 530.0 475.9
Cipla 1375.2 -0.4 0.7 29.9 32.7
Reliance Ind 2931.5 0.1 9.9 28.3 44.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 453.2 0.5 1.0 9.5 17.9 Contracts 1108 - 336291 1309504 LIC Hsg Fin 661.5 653.9 2.5 671.8 671.8 Bank of Baroda 254.1 254.7 -2.5 219.7 169.2
SBI 751.7 -0.8 2.8 10.5 11.8 Market 2789.8 4711.5 0.6 SJVN 128.4 127.4 2.5 170.5 170.5 L&T Finance Hol 160.3 161.6 -2.5 144.6 86.5
Divis Lab 3764.2 1.3 0.5 54.8 73.3 Open Int.(000) 7 0 18119 10260556
SBI Life Ins 1462.8 -0.3 0.6 - 78.8 HDFC AMC 3775.0 3730.5 2.4 4066.1 4066.1 Oracle Fin 7832.8 7857.6 -2.5 4829.1 3225.7
Dr Reddys 6050.4 0.7 0.7 19.3 25.4 Shares(In Mn) - - 12.0 7305.9 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2400.8 -0.6 0.7 15.0 13.8 Easy Trip Plann 45.1 44.6 2.2 54.0 54.0 L&T Tech Ser 5310.9 5317.5 -2.5 5102.1 3308.3
Eicher Motor 4355.7 3.2 0.6 31.1 33.9 Value(~ crore) 84 - 31324 115207
Sun Pharma 1537.6 -0.2 1.7 41.4 380.4 Exide Ind 1.3 Ramco Cements 0.2
Grasim Ind 2243.0 0.2 0.8 21.6 99.8 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1135.7 0.4 0.7 90.0 99.8 Vedanta 1.2 Shree Cement 0.2
HCL Techno 1477.3 -1.8 1.5 25.5 34.1 Contracts 2625260 - 662354883 5826177
Tata Motors 992.8 -0.6 1.7 17.0 39.0 Eicher Motor 1.0 Atul 0.2
HDFC Bank
HDFC Std Life
1509.3
604.6
1.0 11.3 24.9 20.3
-1.4 0.6 95.0 85.8 Tata Steel 160.1 -0.5 1.3 - 45.3
Open Int.(000)
Shares(In Mn)
3027
-
- 618457
- 16206.7
6882843
10530.9
Hind Copper 1.0 Abbott India 0.2 MOST TRADED TOP M-CAP TRENDS
TCS 3872.8 -1.7 3.8 31.2 33.4 Jindal Steel 0.9 Coromndl Int 0.2
Hero MotoCorp 4322.9 -1.3 0.6 30.8 22.7 Value(~ crore) 193701 - 51960590 526530 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 608.9 -0.6 0.9 13.6 43.9 Tech Mahindra 1195.8 -1.9 0.7 41.5 51.3 BSE+NSE BSE+NSE
Titan Company 3645.9 1.3 1.5 99.6 92.7 1 Reliance Ind 1985357.9 BS200 DOWN 7 DAYS
HUL 2220.8 1.2 2.0 51.6 50.9 (~ crore) (Mn shrs)
ICICI Bank 1067.1 -1.0 7.4 22.0 19.1 UltraTech 9463.8 -0.4 1.1 42.6 43.7 ACTIVE CALLS ACTIVE PUTS Exide Ind 3468.8 78.9
2
3
TCS
HDFC Bank
1401036.9
1146676.1 UP 7 DAYS Assoc.Cerami -30.1
IndusInd Bank 1491.0 -3.2 1.0 - 13.4 Wipro 448.4 -2.4 0.6 20.8 26.2 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Exide Ind 43.8 Capfin India -30.1
Infosys 2464.5 17.3 4 ICICI Bank 749745.7
Infosys 1414.5 -3.7 5.0 24.1 23.8 Nifty 50 22147.9 -0.6 100.0 25.2 29.5 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ONGC 2340.4 81.6 5 Bharti Airtel 688053.6 DOWN Peeti Sec -20.0
INDEX PE SHRS TRDS 1 YR Index Index 6 SBI 671040.7 Oracle Fin -10.7 Tirth Plast -18.4
Jio Financial 1968.5 53.9
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Bank
16/04/24
16/04/24
21100
47500
931.2
897.9
8.6
8.2
2726.7
1534.9
Nifty Bank
Nifty Finance
16/04/24
16/04/24
47400
21050
757.1
592.1
6.5
4.2
878.1
712.9
Vodafone Idea 1760.9 1369.0
7
8
LIC India
Infosys
617541.4
587242.9
Mphasis
UP 3 DAYS
-8.2 Constronics -13.2
SENSEX 25.9/30.4 9.2 314 7 23 20.7 HDFC Bank 1625.8 10.8 Veer Energy -13.0
Asian Paints 2830.6 -0.5 1.5 49.9 50.8 Maruti Suzuki 12503.5 0.6 1.9 47.9 32.9 Nifty Bank 16/04/24 47600 435.1 4.7 1374.7 Nifty Bank 16/04/24 47500 573.0 3.8 116.8 9 ITC 531785.8 Samvardhana Mot 4.5
Axis Bank 1052.8 -0.5 3.5 30.0 27.1 NIFTY 50 25.2/29.5 317.3 6692 15 34 24.2 Reliance Ind 1414.7 4.8 Shukr Bullions -13.0
Nestle India 2547.2 -0.2 1.1 - 81.9 C = CONSOLIDATED; S = STANDALONE Nifty Finance 16/04/24 21050 427.7 2.0 2182.0 Nifty Finance 16/04/24 21000 482.4 3.9 88.6 10 HUL 521822.7 Colgate 1.8
Bajaj Fin 6947.4 -1.8 2.3 37.4 35.6 NTPC 359.3 -0.6 2.0 20.6 19.1 Nifty Bank 16/04/24 47400 380.0 2.8 1669.1 Nifty Bank 16/04/24 47300 390.4 3.1 230.4 ICICI Bank 1252.5 11.7 UP 3 DAYS
11 L&T 487334.0 DOWN
Bajaj Finsrv 1618.6 -2.3 1.2 33.1 220.4 Power Grid 274.4 0.1 1.4 16.6 16.4 CASH DERIVATIVES Stock Stock TCS 1250.3 3.2 12 Bajaj Fin 430041.0 Deco-Mica 56.9
Coforge -8.5
Bharti Airtel 1216.7 -0.7 3.6 81.9 152.3 Reliance Ind 2934.5 0.1 11.7 28.4 44.4 TURNOVER BSE NSE BSE NSE Vodafone Idea 25/04/24 13 521.8 139.0 115.8 Vodafone Idea 25/04/24 12 330.1 176.6 89.3 13 HCL Techno 400616.1 Fortis Malar 45.1
Bharti hexa 1180.5 13.5 NBCC -8.0
HCL Techno 1476.3 -1.9 1.8 25.5 34.1 SBI 751.9 -0.7 3.4 10.5 11.8 VALUE(IN ~ CRORE) 6282 95334 193785 52633650 Vodafone Idea 25/04/24 14 519.8 223.3 -5.7 Vodafone Idea 25/04/24 13 214.1 105.0 36.8 14 Maruti Suzuki 393108.5 Shree Metal 33.1
Vedanta 1147.1 30.6 HUDCO -7.5
HDFC Bank 1509.4 1.0 13.3 24.9 20.3 SHARES(IN MN) 706.5 4144.1 - 34055.5 Vodafone Idea 30/05/24 14 177.2 92.4 7.6 Vodafone Idea 30/05/24 12 85.9 68.2 149.9 15 Sun Pharma 368760.4
Sun Pharma 1537.0 -0.3 1.9 41.4 380.3 HAL 1134.5 3.1 Infosys -6.1 Prima Ind. 32.9
HUL 2220.9 1.2 2.3 51.6 50.9 TRADES(000) 3378 32160 - 147397 ONGC 25/04/24 290 143.3 12.0 26.3 Vodafone Idea 30/05/24 11 85.3 49.0 956.9 16 Kotak Mah Bank 356911.2
Tata Motors 992.5 -0.6 2.1 17.0 38.9 Amara Raja Ener 1108.7 11.7 InterGlobe Avia -6.1 Lotus Choco 27.5
ICICI Bank 1067.6 -1.0 8.7 22.0 19.1 Vodafone Idea 25/04/24 15 139.9 166.7 9.6 Vodafone Idea 30/05/24 13 63.0 35.8 347.0 17 ONGC 356084.8
Tata Steel 160.1 -0.5 1.5 - 45.3 SBI 1041.0 13.9 Wipro -6.0 Senco Gold 25.8
IndusInd Bank 1490.8 -3.1 1.1 - 13.4 MARKET-CAP (~ CR) TRADED TOTAL 18 Adani Enter 354078.3
Infosys 1414.8 -3.6 5.9 24.1 23.8 TCS 3872.3 -1.8 4.5 31.2 33.4 RBL Bank -6.0
Tata Motors 986.0 9.9 19 NTPC 348352.9 Reetech Int 24.0
Tech Mahindra 1196.0 -1.9 0.9 41.5 51.3 BSE 39,444,632 40,083,220 Others
ITC 426.0 0.0 6.2 27.7 26.0
JSW Steel 845.4 -1.7 1.3 18.5 20.9 Titan Company 3647.1 1.3 1.8 99.6 92.7 NSE 38,989,740 39,680,248 SPURT IN VOLUMES Zomato
L&T
909.8
852.3
48.8
2.4
20
21
Tata Motors
Axis Bank
329865.6
324988.8 UP 7 DAYS
DOWN 3 DAYS
Pearl Green -21.4
UltraTech 9473.4 -0.3 1.3 42.6 43.7 DERIVATIVES 25,965,874 25,965,874
Kotak Mah Bank 1795.4 -0.1 3.1 20.5 27.2 Company Days 2-week Avg Change Close *Price 22 Titan Company 323785.1 Star Delta Tran 61.8
Bharat Elctn 796.4 34.0 Emkay Global -16.1
L&T 3545.2 -1.5 5.7 38.5 50.5 Wipro 448.6 -2.3 0.7 20.8 26.2 Volume Volume % price %chg 23 Avenue Supermar 301805.3 KP Green Engine 61.7
Mah & Mah 2030.9 -0.9 2.4 24.6 24.7 BSE SENSEX 72943.7 -0.6 100.0 25.9 30.4 TRADING ACTIVITY Aaa Techno 1510436.0 31799.4 4649.9 112.3 19.9
Kotak Mah Bank
Axis Bank
761.5
760.0
4.2
7.2
24 Adani Green En 287018.3 Puravankara 61.4
Som Datt Fin -15.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Adani Ports 281521.5 Keltech Enrgy 45.1 Trishakti Inds -14.3
Ram Ratna Wires 1736958.0 39257.4 4324.5 329.9 11.9 Maruti Suzuki 737.7 0.6
Equity Debt Equity Debt 26 Coal India 279233.3 Vruddhi 40.7 Arunis Adobe -14.3
Net Net Net Net Uravi T And Wed 677023.0 30894.1 2091.4 394.6 20.0 Bharat Dyn 727.4 4.0 27 UltraTech 273495.6
WORLD INDICES On 15 Apr -3233 16 - - VA Tech Wbag 4795953.0 326670.4 1368.1 924.8 15.6 Bajaj Fin 715.4 1.0 28 Asian Paints 271506.4
RIR Power
SAB
40.7
40.6
ABC Gas Int
Sun Pharma A
-14.3
-14.3
On 12 Apr -7940 -1766 5285 4523 Bhageria Ind 1584966.0 113938.7 1291.1 186.5 15.6 Tata Steel 709.7 44.1 29 Bajaj Finsrv 258239.7
Indices Close % Chg* Indices Close % Chg*
On 10 Apr 3230 1377 466 6590 Univastu India 135180.0 10220.9 1222.6 152.8 10.0 30 Power Grid 255162.0 (T+2) cycleStocks which rose/fell continuously
GAIL 706.7 34.1
Americas (Apr 15,24) Asia/Pacific (Apr 16,24) On 09 Apr 8527 556 2361 25 Hdfcamc - Hdfcn 2810802.0 213728.3 1215.1 48.1 -0.3
Dow Jones 37735.1 -0.7 Kuala Lumpur Comp 1535.0 -0.5 On 05 Apr 1915 -1626 -3536 3442 Honasa Consumer 3120374.0 247162.4 1162.5 382.9 -3.0
Apr till date 2174 -228 7702 24868
S&P/ TSX Composite
Nasdaq Composite
21740.2
15885.0
-0.7
-1.8
Stock Exchange of Thai (Apr 11)
Straits Times
1396.4
3144.8
-0.8
-1.2 2024 till date 10960 54264 90029 -88881
Global Educatio
Senco Gold
676919.0
6231266.0
60702.2
677910.5
1015.1
819.2
253.4
986.7
4.8
3.7
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 15,24) Shanghai Se Comp 3007.1 -1.7 Quarterly Oriental Htl Sybly Inds Group M Anant Raj
CAC 40 7937.0 -1.3 Jakarta Composite 7164.8 -1.7 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Shish Inds APRIL 20 Trident Lifelin Equitas SFB
APRIL 17 Surana Solar BS 200 Group T Maha Scoot
IBEX 35 10541.9 -1.4 Kospi 2609.6 -2.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Swaraj Engin HDFC Bank Piccadily A Nippon Life Ind
DAX 17762.9 -1.5 Taiwan Taiex 19902.0 -2.7 NET Net Fut OI Opt OI OI ICICI Lombard Group T Group A Group X Supreme Petroch
HIGH *Sharda Motor . . . . . . 1644.0 *B N A . . . . . . . . . . . . . . 598.6 Thirumala Ch . . . . . . . . 288.7
FTSE 100 7843.3 -1.5 Volatility (Apr 15,24) BS 200 *RIR Power . . . . . . 1564.3 *Sayaji Indore . . . . . . . 579.1 *Aayush Food . . . . . . . . 215.3 Tata Comm Eimco Elecon Sterling & Wils Osiajee Texfab Group T
On 15 Apr -35466 1605 0.3 4.6 3.5
Asia/Pacific (Apr 16,24) CBOE Dow Jones 17.3 8.4 On 12 Apr -10948 -7228 0.3 3.5 3.5 *Eicher Motor . . . . . . 4406.0 *Tega Inds . . . . . . . . . 1437.0 *Supershakti Met . . . . 575.0 Group A Network 18 M Group B Group XT Tata Invest
Nikkei 225 38471.2 -1.9 CBOE S&P 500 19.4 0.8 On 10 Apr 14755 2962 0.3 2.0 3.5 *HAL . . . . . . . . . . . . 3737.0 *Indo Tech T . . . . . . . . 1432.7 *Savita Oil . . . . . . . . . . 549.0 LOW IIFL Finance RS Software Ind Bank Hsg IEL APRIL 25
On 09 Apr 28083 617 0.3 4.7 3.5 *Cummins (I) . . . . . . . 3134.0 *Veritas . . . . . . . . . . . 1330.5 *Shilpa Medi . . . . . . . . 544.2 BS 200 Just Dial TV18 Broadcast Group P IGC Inds. BS 200
Hang Seng 16249.0 -2.1 * Change over previous close
On 08 Apr -29263 230 0.2 4.4 3.4 *Ipca Labs . . . . . . . . . 1360.0 *ADC India . . . . . . . . . 1184.5 *Aegis Log . . . . . . . . . . 533.0 HUL . . . . . . . . . . . . . . . 2170.3 Group B Group X NB Foot Wear Piccadly Sug Bajaj Fin
*Star Delta Tran . . . . . 1136.9 *ITL Ind . . . . . . . . . . . . . 510.0 *Bata India . . . . . . . . . 1328.0 Hath Cable Guj Hotels Group T APRIL 23 L&T Tech Ser
MAJOR INDICES Apr till date
2024 till date
100037
-1100913
-25028
-14627
-
-
-
-
-
-
Aarti Inds . . . . . . . . . . . 760.4
*Exide Ind . . . . . . . . . . . 470.6 *Dynacons Sys . . . . . . 1133.4 *Valiant Comm . . . . . . 508.5 Dabur India . . . . . . . . . . 489.0 Group M Group XT Alok Inds BS 200 Tech Mahindra
*Indus Towers . . . . . . . 339.2 *Senco Gold . . . . . . . 1065.7 *Manorama Inds . . . . . 507.4 *Bandhan Bank . . . . . . 172.8 DRA Consultants Sanathnagar Ent Group X ICICI Prud Life Group A
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*ONGC . . . . . . . . . . . . . 292.5 *Infrabees . . . . . . . . 1044.8 *Eraaya Lifespac . . . . . 480.0 Others Group M APRIL 19 Beryl Drugs M & M Fin AAVAS Finan
S&P BSE Sensex 73,399.8 72,892.1 73,135.4 72,685.0 72,943.7 -456.1 -0.6 *Aditya Birla . . . . . . . . . 211.0 *Suratwwala Bus . . . 1015.0 *Lokesh Mach . . . . . . . 472.8 *HDFC Liquid . . . . . . . 1000.0 Gretex Corpor BS 200 Int Travel MCX Cyient
*GAIL . . . . . . . . . . . . . . 210.0 *Mirae -ET . . . . . . . 1000.0 Lotus Choco . . . . . . . . . 470.0 Emami Paper . . . . . . . . 110.7 Group T HDFC AMC PVV Infra Tata Consumer P Som Distill
S&P BSE Sensex 50 23,394.3 23,238.6 23,332.8 23,189.7 23,266.1 -128.1 -0.5 S&P BSE SECTORAL INDICES Others *Amara Raja Ener . . . . 979.1 *Ceenik Exp . . . . . . . . . 463.2 *Riddhi Corp . . . . . . . . . 92.3 Infomedia Press Jio Financial APRIL 21 Group A Tanla Soluts
*Honeywell A . . . . . . 45340.0 *The Hi-Tech Gea . . . . 966.2 *Zodiac Energy . . . . . . 448.7 *HDFC Nifty . . . . . . . . . . 34.2 Group XT Wipro BS 200 360 ONE WAM UTI AMC Shriram TrFn L&T Finance Hol Poonawalla Finc Group X P & G Health
S&P BSE-100 23,334.2 23,191.2 23,296.1 23,149.6 23,221.8 -112.4 -0.5 Prev cls Close % Chng
*Neuland Lab . . . . . . . 7600.0 *Wonder Electric . . . . . 966.1 *SNL Bearings . . . . . . . 444.9 09Agg . . . . . . . . . . . . . 30.7 Hardcast Wud Group A Persistent S Tata Elxsi Zensar Tech Group A YES Bank Group B DHP India Group B
S&P BSE-200 10,150.4 10,088.6 10,142.9 10,070.8 10,109.9 -40.5 -0.4 Auto 49,292.1 49,300.4 0.0 *Nuvama . . . . . . . . 5528.3 *Eyantra Ve . . . . . . . 963.9 *Piccadily A . . . . . . . . . 430.3 SVJ Enterprises . . . . . . . 28.2 KCL Infra Pro Hind Zinc APRIL 22 Group B Group B Bajaj Hold Group A Consoildtd C Group XT Ugro Cap
Bankex 54,033.5 53,763.2 -0.5 *Shilchar Tec . . . . . . . 5370.8 *VA Tech Wbag . . . . . . 945.0 Halder Venture . . . . . . 409.7 *Vijay Text . . . . . . . . . . . 17.0 APRIL 18 Group M Persistent S Aro Granite Avantel CSB Bank Craftsman Auto APRIL 30 Stanpacks I Group T
S&P BSE-500 32,365.1 32,168.8 32,378.5 32,114.1 32,269.6 -95.5 -0.3
Cons. Durables 52,456.6 52,779.9 0.6 *Keltech Enrgy . . . . . 4084.6 *Last Mile Enter . . . . . . 904.7 *Uravi T And Wed . . . . 394.7 *Colab Cloud . . . . . . . . . 16.5 BS 200 KP Green Engine Group A Cyient DLM Group IF KSB Group B BS 200 MAY 01 Omax Autos
S&P BSE IPO 13,531.2 13,413.7 13,732.4 13,413.7 13,679.7 148.5 1.1 Cap. Goods 61,322.4 61,164.6 -0.3 *Ingersoll . . . . . . . . . . 3920.0 *Godawari Pwr . . . . . . 858.6 *Puravankara . . . . . . . 378.8 *Brandbucket Med . . . . 10.1 Bajaj Auto Group T Epigral Huhtamaki India Embassy Office Mah Holidays SBFC Finance Chola Inv Group A Group X
FMCG 19,133.3 19,215.2 0.4 *Semac Consultan . . 3419.0 SMS LifeS . . . . . . . . . . . 750.0 *Zuari Industrie . . . . . . 373.8 *MEP Infra Dev . . . . . . . . 9.4 HDFC Std Life Rajnish Welines Hatsun Agro Mahindra EPC Group XT Paisalo Digital Seshasa Pprs Exide Ind Orient Cement Indus & Prud
S&P Dollex-30 7,223.2 - - - 7,167.1 -56.1 -0.8 Infosys RS Software Kesoram Ind NELCO Bombay Wire Rop
Healthcare 34,882.9 35,006.3 0.4 *Phoenix Mill . . . . . . . 3173.7 *Selan Explor . . . . . . . . 683.0 *Kilburn Engg . . . . . . . 370.0 *Thena Constr . . . . . . . . . 8.6 Supreme Ind APRIL 29 IOC MAY 02 Saven Techno
Nifty 50 22,272.5 22,125.3 22,213.8 22,079.5 22,147.9 -124.6 -0.6 Infra 580.4 581.0 0.1 *Waaree Renewabl . . 2164.3 *Jubilant Pharmo . . . . 676.9 *Mindteck (I) . . . . . . . . 320.0 *Dipna Pharma . . . . . . . 8.0 Group A Sejal Glass Mahindra Log APRIL 24 APRIL 26 Group B BS 200 Group A BS 200 Tradewell Holdi
IT 35,217.1 34,400.2 -2.3 *WAA tech . . . . . . . . . 2004.0 *Electrotherm . . . . . . . 673.0 *Capacite Infra . . . . . . 315.5 *Integra.Hite . . . . . . . . . . 6.4 ICICI Securitie Group X Rajratan Glb BS 200 BS 200 Ponni Sugar UltraTech Castrol Coforge MAY 03
Nifty next50 62,008.2 61,789.8 62,331.6 61,475.4 62,057.5 49.4 0.1 *Taaza Intern . . . . . . . . . 5.7 Mastek Amal Rallis Dalmia Bharat Atul
Metal 30,246.0 30,137.5 -0.4 *TechNVision Ven . . . 1888.1 *Diamond Power . . . . 624.9 *Machhar Inds . . . . . . . 299.2 Shree DigCem Group A Nuvoco Vistas Dabur India Group B
Nifty 500 20,478.8 20,361.3 20,495.2 20,326.3 20,423.0 -55.8 -0.3 Oil & Gas 28,358.6 28,556.1 0.7 *Insolation Ener . . . . 1804.4 *Tulive Develop . . . . . . 616.6 *Suraj Ltd . . . . . . . . . . . 299.0 *Future Lifesty . . . . . . . . 1.9 Rel Ind Infra Benares Htl Tejas Networks HUL Bajaj Finsrv APRIL 27 Gillette I Proct & Gamb Group A Rane Brake
Power 6,926.1 6,951.9 0.4 *DOMS Inds . . . . . . . . 1800.0 *Shaily Engg . . . . . . . . 616.3 *RS Software . . . . . . . . 292.8 *Nouveau Global . . . . . . . 0.5 Group B Group XT Group B LTIMind HCL Techno BS 200 KFin Technologi Star Health Best Agro MAY 04
India VIX 12.5 12.5 12.9 12.3 12.6 0.1 1.2 *Transform . . . . . . . . . 600.5 *Naapbooks . . . . . . . . . 288.7 *Shalimar Prd . . . . . . . . . 0.5 Accelya Sol Rajnish Retail Aarti Surfactan Syngene Intl Maruti Suzuki ICICI Bank LG Balak Group B Blue Star Group A
PSU 18,939.6 18,960.8 0.1 *U.P.Hotels . . . . . . . . 1793.2
Nifty CPSE 6,056.6 6,022.8 6,127.1 5,981.9 6,077.3 20.7 0.3 Realty 7,412.7 7,388.0 -0.3 National Std Roselabs Fin Tanfac Ind Group A SBI Life Ins IDFC First Bank PNB Hou Fin Foseco CIE Automotive Kansai Nerol
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (735.3) (735.3) (6560.0) (6561.0)
m ~50 H ~2 Open 728.3 730.0 6563.1 6569.7
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 760.4 760.4 6666.0 6666.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 726.3 725.1 6522.0 6525.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 749.4 748.9 6647.2 6644.9
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 53663 2289K 7248 269K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in  ~5 ~10 in all PE 62.6 62.5 116.5 116.5
company name is followed by shares traded, and also the 52 Wk H/L 760/438 760/438 6770/3143 6773/3141
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 27164 27146 140854 140804
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Aditya Bir Fa Aditya Birla m H m mH H  « « « « m m « H
(26189.3) (26219.8) (2441.9) (2442.4) (3148.6) (3147.4) (1315.2) (1315.6) (229.6) (229.9) (205.7) (205.6)
O 26102.4 26240.0 2429.2 2422.1 3110.0 3101.0 1301.6 1302.0 228.0 227.8 206.8 206.5 O O
26503.2 26484.5 2457.2 2457.0 3150.0 3149.2 1322.0 1322.0 235.7 235.5 211.0 211.0
w 26053.2 26057.2 2413.7 2414.0 3098.3 3100.0 1294.3 1294.4 227.2 226.6 201.1 201.1 w w
26091.4 26144.8 2443.8 2442.7 3106.0 3106.4 1303.3 1304.4 233.2 233.4 203.2 203.5
288 12154 8621 288K 87573 1134K 81558 2697K 80329 2980K 937K 18096K
48.4 48.5 28.2 28.2 100.8 100.8 38.9 39.0 - - 272.2 272.7
W 29628/20594 29639/20605 2760/1704 2746/1700 3349/1776 3350/1776 1425/651 1425/651 266/184 266/184 211/155 211/155 W W
M 55444 55558 45892 45871 354078 354130 281522 281759 23695 23710 52830 52921 M M

Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL Britannia« Can Fin HomeH
(7075.0) (7076.3) (1657.3) (1656.8) (2386.1) (2387.4) (367.5) (367.3) (175.9) (175.9) (261.4) (261.4) (1341.8) (1342.4) (546.0) (546.0) (234.4) (234.4) (1171.7) (1170.3) (1225.1) (1224.6) (256.4) (256.5) (265.5) (265.3) (707.1) (707.3) (29789.7) (29800.4) (590.0) (589.5) (4764.0) (4761.9) (775.5) (775.8)
O 7001.4 7010.0 1632.4 1640.0 2385.0 2380.0 365.6 366.0 173.4 173.1 259.2 258.8 O 1340.0 1341.0 542.0 542.0 232.8 232.5 1160.9 1165.0 1225.0 1223.9 255.4 255.0 O 265.0 264.8 702.0 701.1 29884.7 29800.4 587.4 585.0 4746.2 4748.0 770.3 776.1
7037.0 7034.3 1647.8 1648.7 2393.9 2395.0 374.4 374.4 175.9 175.8 259.6 259.5 1349.8 1350.0 547.0 547.4 237.0 237.0 1189.0 1189.6 1234.0 1234.0 260.3 260.5 269.0 269.0 713.0 712.9 30116.6 30130.9 599.7 600.0 4770.9 4772.5 775.0 776.1
w 6934.0 6931.0 1611.0 1611.4 2345.0 2345.0 363.9 364.6 172.8 172.8 254.1 254.0 w 1328.0 1326.6 530.0 529.9 230.0 230.0 1160.9 1162.5 1212.1 1212.1 251.4 251.6 w 262.0 262.3 695.5 695.3 29426.4 29570.1 579.0 578.6 4695.0 4691.3 762.7 762.1
6947.4 6954.3 1618.6 1618.5 2352.5 2352.1 373.2 373.4 174.0 173.9 254.7 254.7 1339.2 1339.0 531.9 531.2 233.4 233.5 1182.3 1180.7 1216.7 1216.5 257.4 257.8 263.1 263.8 707.9 708.1 29989.8 29986.5 592.7 592.3 4739.7 4740.7 765.8 765.2
63396 963K 56266 1529K 3223 111K 62318 801K 1357K 14971K 584K 11075K 24076 504K 51810 858K 1451K 32509K 29449 1426K 46540 5236K 1669K 14384K 222K 3484K 81576 1451K 608 25386 215K 5773K 6686 517K 4265 380K
35.6 35.6 33.1 33.1 37.5 37.5 15.5 15.5 9.4 9.4 7.5 7.5 64.9 64.9 60.2 60.1 47.4 47.4 43.0 43.0 81.9 81.9 - - 26.3 26.4 35.1 35.2 38.0 38.0 4.4 4.4 52.9 52.9 14.4 14.4
W 8190/5830 8192/5828 1742/1307 1741/1307 2794/2015 2796/2015 486/343 486/344 272/173 272/173 286/169 286/171 W 1770/1328 1771/1327 679/476 680/478 238/100 238/100 1330/748 1330/748 1245/753 1245/753 272/71 276/71 W 307/218 307/218 862/252 862/252 31375/17925 31400/17931 688/330 688/330 5386/4230 5386/4246 905/550 910/551
M 430041 430468 258240 258232 45474 45466 7526 7530 28023 28007 131714 131714 M 17211 17209 62009 61927 170611 170647 55048 54971 688054 687912 89611 89750 M 31588 31666 19533 19540 88440 88430 128561 128485 114179 114203 10197 10189

Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH Divis LabH Dixon TechH DLFH
(593.6) (593.1) (292.1) (292.2) (365.8) (365.9) (1161.6) (1161.7) (1381.3) (1381.4) (155.0) (155.1) (450.9) (451.0) (5393.7) (5396.2) (2672.1) (2673.3) (927.6) (928.9) (1133.3) (1133.9) (3042.5) (3042.6) (495.3) (495.2) (1934.2) (1934.1) (2300.3) (2298.9) (3715.6) (3716.6) (7633.6) (7633.0) (884.8) (885.0)
O 586.1 588.0 291.3 291.0 364.2 365.7 1155.1 1153.0 1389.8 1385.0 153.6 153.9 O 449.0 449.0 5341.5 5353.0 2670.0 2669.9 921.7 920.0 1132.0 1131.4 3020.0 3020.0 O 495.8 495.2 1934.5 1934.7 2280.4 2288.0 3691.4 3700.0 7625.0 7619.8 874.1 875.0
595.4 595.5 294.5 294.4 376.1 376.2 1162.5 1161.7 1391.6 1392.0 155.1 155.0 456.4 456.4 5350.1 5354.0 2722.0 2721.9 960.0 959.9 1141.0 1141.3 3134.0 3133.2 505.6 505.6 1977.4 1978.9 2354.4 2354.9 3780.0 3781.0 7670.3 7673.9 883.5 883.5
w 580.1 580.2 287.5 287.5 363.4 363.6 1127.0 1126.2 1372.5 1371.6 151.4 151.2 w 446.2 446.4 5191.0 5200.0 2660.0 2651.1 919.0 917.1 1130.0 1120.0 3016.8 3013.5 w 489.0 492.4 1910.1 1909.0 2266.2 2270.3 3691.4 3686.2 7465.6 7461.9 868.4 868.3
583.8 584.1 289.6 289.5 373.6 373.5 1129.2 1130.0 1376.1 1375.2 153.1 153.2 453.1 453.2 5212.2 5209.9 2701.2 2701.8 947.1 946.9 1137.6 1137.1 3121.7 3120.7 503.9 503.9 1968.6 1970.1 2321.3 2321.9 3764.7 3764.2 7560.7 7560.0 876.3 875.6
429K 6329K 50162 2331K 47129 1374K 13153 1236K 18851 1434K 51857 2237K 189K 4997K 14087 592K 10106 402K 58553 2601K 2564 614K 10854 562K 106K 2928K 49769 295K 43091 406K 6300 319K 10524 206K 85076 3398K
7.6 7.6 42.6 42.6 11.1 11.1 29.5 29.5 30.0 29.9 11.6 11.6 9.5 9.5 46.1 46.1 58.3 58.3 47.5 47.5 19.4 19.4 61.0 61.0 49.8 49.8 35.7 35.7 75.7 75.7 73.3 73.3 128.0 128.0 91.3 91.2
W 620/288 619/288 328/251 328/251 402/250 403/250 1310/819 1310/819 1519/891 1519/896 168/120 168/120 W 488/223 488/223 6840/3754 6847/3752 2814/1520 2816/1520 1035/598 1028/598 1288/909 1272/908 3134/1481 3133/1481 W 597/489 597/489 2429/1805 2431/1803 2520/1812 2521/1813 4072/3050 4074/3051 7986/2766 7983/2820 967/402 968/402
M 105900 105954 18621 18618 14968 14964 94853 94920 111095 111027 11340 11348 M 279233 279295 32222 32208 73471 73488 57704 57692 33491 33475 86532 86504 M 89291 89291 36921 36949 31663 31671 99933 99921 45213 45209 216898 216737

 M « « H GAIL Glenmark« GMR Airports« N «  Granules« Grasim IndH Gujarat GasH HAL Havells I« HCL TechnoH
(203.8) (203.7) (1044.3) (1044.0) (80.7) (80.7) (409.2) (409.5) (2240.4) (2237.4) (573.2) (573.0) (3629.4) (3629.3) (1499.7) (1501.6) (1505.4) (1505.1)
O O 203.3 203.0 1044.0 1044.0 80.4 80.5 O 408.5 408.0 2231.6 2229.0 583.0 584.0 3625.7 3626.0 1498.6 1497.0 1487.6 1486.4
210.0 210.1 1064.3 1064.0 81.1 81.1 419.5 419.5 2249.1 2249.3 583.0 584.0 3737.0 3739.0 1506.6 1506.0 1501.0 1501.6
w w 201.1 201.1 1040.3 1040.1 79.5 79.4 w 404.8 404.6 2221.0 2221.1 552.0 551.9 3576.9 3585.4 1473.7 1473.5 1467.7 1467.3
205.8 205.9 1059.6 1060.0 80.5 80.5 415.5 415.8 2243.8 2243.0 553.3 553.5 3721.3 3722.2 1481.8 1482.0 1476.3 1477.3
2506K 31637K 20600 425K 730K 30304 856K 8153 558K 221K 4855K 134K 2940K 9019 1522K 94415 2447K
18.6 18.6 - - 25.5 25.5 99.8 99.8 34.5 34.6 40.5 40.5 78.3 78.3 25.5 25.5
W W 210/103 210/103 1068/481 1070/488 W 481/272 480/272 2318/1649 2324/1649 621/397 620/397 3737/1370 4170/1768 1591/1175 1591/1176 1697/1016 1697/1016
M M 135316 135348 29902 29913 M 10071 10078 147754 147698 38089 38103 248873 248930 92864 92877 400616 400888

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.
MUMBAI | WEDNESDAY, 17 APRIL 2024 13 <

PUBLIC NOTICE PUBLIC NOTICE

IT IS HERE$Y INFORMED TO THE PU$LIC THROUGH THIS NOTICE
It is to inform you by and on behalf of my client, Mr. Aniruddha Anant Railkar, age THAT WE, THE SAMRAKSHANA ELECTRICALS LIMITED,
- 47 years, residing at - 1201, Ascot, Raheja Gardens, Teen Hath Naka, Opp. REGISTERED OFFICE AT 17, HYDERNAGAR KUKATPALLY,
Tiptop Plaza, Thane (West) - 400 604. HYDERABAD – 500 07, TELANGANA, INDIA, ARE THE LEAGALAND
A$SOLUTE OWNERS AND POSSESSORS OF THE LAND SITUATED AT
That while my client was going to market my client lost Original Unregistered SURVEY NO10, 11, 1, 17, 18, 19 and 5 ADMEASURING AN
Agreement for Sale dated 25.02.1991 entered between M/s. P.P. Construction EXTENT OF Ac .31 gtsAT PATI GHANAPUR VILLAGE, PATANCHERU
(Developer) and Mr. Gajanan Bhagwan Dalvi and Mr. Charudatta Gajanan MANDAL, SANGAREDDY DISTRICT REGISTERED INPATANCHERU
SRO WITH PASS$OOK KHATA NO 60854. WE LOST THE FOLLOWING
Dalvi (confirming party and Mrs. Pratibha Vivek Parnandiwar and Mr. Vivek DOCUMENTS WITH REGARD TO THIS LAND: DEED NO’S 177/8, 151/
Anand Parnandiwar (Purchaser/s) with respect to Flat No. 7 on 1st Floor of 8, 73/8, 193/80, 194/80, 31/80, 184/80, 183/80, 181/80, 81/80, 195/80, 144/
Devkinandan Building situated at Plot No. 374A at Panchpakhadi Tal. and Dist. 80, 15/80, 146/80, 143/80, 145/80, 147/80 REGSITERED R.O. AT SANGA
REDDY.
Thane within municipal limit of Thane while going to take photocopies of IFANY$ODY FINDS THE A$OVE SAID DOCUMENTS CAN HAND OVER
document in Naupada, Thane, however if anyone has found this Original THE SAME IN THE A$OVE SAID REGISTERED OFFICE. IF ANY
Document kindly return the same to my client or to the address specified herein. PERSON/S OR FIRM OR COMPANY OR $ODY CORPORATE OR
ORGANISATION OR ALL OR ANY OF THE A$OVE MISUSE OR A$USE
If no said Original document received within period of 14 days from date of this THE A$OVE DOCUMENTS FOR ITS OR THEIR ADVANTAGE OR
notice the photocopy and/or certified copies of the said document with respect PERSONAL GAIN SHALL $E PROSECUTED AND PUNISHED UNDER
to said property shall be treated as valid, legal and bonafide proof of ownership ALL APPLICA$LE LAWS
For .SAMRAKSHANA ELECTRICALS LIMITED
of my client with respect to said property and no claim shall be entertained
REGISTERED OFFICE AT 17, HYDERNAGAR KUKATPALLY,
thereafter and also if any objection, interest, claim, charge, against the said HYDERABAD – 500 07, TELANGANA, INDIA.
property is also to be raised with proper documents on the address given below
within period of 14 days otherwise and no claim shall be entertained thereafter.
Dt. 17.04.2024 Sd/-
NOTICE Adv. Manisha Abhyankar
NOTICE is hereby given that the following Certificate (s) for 1350 Equity Shares Office No. 101, A-Wing, Rajdarshan CHS, C/o. Jankhulasa Newspaper,
Of Larsen & Toubro Ltd. Standing in the name (s) of SHANTILAL MOHANLAL Near TMC Flyover, Opp. Platform No. 1, Dada Patil Wadi, Thane (W.)
SHAH (DECEASED), MALINI SHANTILAL SHAH & NEIL SNEHAL DALAL
has/have been lost or mislaid and the undersigned has/ have applied to the com-
pany to issue duplicate Certificate (s) for the said shares.
Folio Name of securities Security Distinctive Distinctive
No. held Certificate No. Nos. From Nos. To
76288224 1350 390840 582000229 582001578
Total 1350
Any person who has any claim in respect of the said shares should write to our
registrar, Kfin Technologies Limited. Selenium Tower B, Plot 31-32, Gachibowli,
Financial District, Hyderabad – 500 032 within one month from this date else the
company will proceed to issue duplicate Certificate (s).
Name (s) of shareholder(s)
SHANTILAL MOHANLAL SHAH (DECEASED),
MALINI SHANTILAL SHAH &
Date: 10/04/2024 NEIL SNEHAL DALAL

NOTICE
NOTICE is hereby given that the following Certificate (s) for 450 Equity Shares
Of Larsen & Toubro Ltd. Standing in the name (s) of VIJAYKUMAR BUCH & ANI-
LABEN VYAS has/have been lost or mislaid and the undersigned has/ have
applied to the company to issue duplicate Certificate(s) for the said shares.
Folio Name of securities Security Distinctive Distinctive
No. held Certificate No. Nos. From Nos. To
10449618 50 98530 4725697 4725746
50 251412 143128861 143128910
100 368646 578783401 578783500
100 461043 620017696 620017795
150 1334986 1392496942 1392497091
Total 450
Any person who has any claim in respect of the said shares should write to our
registrar, Kfin Technologies Limited. Selenium Tower B, Plot 31-32, Gachibowli,
Financial District, Hyderabad – 500 032 within one month from this date else the
company will proceed to issue duplicate Certificate (s).
Name (s) of shareholder(s)
VIJAYKUMAR SURYAKANT BUCH
Date: 04/04/2024 ANILA GHANSHYAM VYAS
14
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 1
PUBLIC NOTICE
TO WHOMSOEVER IT MAY CONCERN
This is to inform the General Public that following share
certificate of Sumitomo Chemical India Limited having its Registered
office at Building No. 1, Shant Manor Co-Op. Housing Society
Limited, Ground Floor, Chakravarti Ashok X Road, Kandivli
(East), Mumbai, Maharashtra-400 101 registered in the name of
the following shareholder/s have been lost by them.
Sr. Name of the Certificate Dictinctive No.of
Folio No.
No. shareholder/s No(s). No(s). shares
Gopal Govale jointly 275753119 to
1 G00500884 295 1912
with Sulochana Govale 275755030
The public are hereby cautioned against purchasing or dealing
in any way with the above referred share certificates.
Any person who has any claim in respect of the said share
certificate/s should lodge such claim with the Company or its
Registrar & Transfer Agents Link Intime India Private Limited
247 Park, C-101, 1st Floor, L. B. S. Marg, Vikroli, (W) Mumbai-400
083 Tel. No. 02249186270 within 15 days of publication of this
notice after which no claim will be entertained and the company
shall proceed to issue duplicate share certificate/s.
Place: Mumbai Name of the legal Claimant
Date : 17.04.2024 Sulochna Gopal Govale
Rameshwar Media
.
MUMBAI | WEDNESDAY, 17 APRIL 2024 TAKE TWO 15 <

STATES: A TRILLION STATE VIEW

UTTAR PRADESH MAHARASHTRA TAMIL NADU KARNATAKA
GSDP at current prices in ~ trn (LHS)
GSDP current prices growth in %YoY

DREAMS
30 30

25.7
19.8
21.8
16.4

28.1
16.1
20 20
10 10
9.4 0
0 9.2
Four states want to become $1 trillion economies. Is this realistic, or

’24-’25**
’19-’20

’23-’24*
’20-’21

’22-’23
’21-’22
are they chasing a chimera?
Size of the Feasible size of the Size of the economy Feasible size of the Size of the economy Feasible size of the Size of the economy Feasible size of the
ILLUSTRATION: BINAY SINHA
economy in FY28 in 2027-28 in Rs economy in ~ trillion ($ in ~ trillion in case in Rs trillion in order
economy in ~ trn trillion in case economy in ~ trn ($ economy in ~ trn ($
in ~ trn in case it trillion) if it grows by economy becomes $ for it to become $
becomes $ one ($trillion) if it grows economy becomes $ one trillion by 2030- trillion) if it grows at one trillion by 2031- trillion) if it grows at
trillion at exchange by 5.6% CAGR during one trillion at CAGR of 8.2% during 31 at exchange rate CAGR of 10.4% during 2 at market CAGR of 9.7% during
rate of 89.6 2025-26-2027-28 exchange rate of 89.6 2025-26 to 2027-28 of 95.1 2025-26 to 2030-31 exchange rate of 97 2025-26 to 2031-32
89.6 29.3(0.33) 89.6 54.1(0.6) 95.1 57(0.6) 97 53.7 (0.55)
53.2# 5.6*** 28# 8.2*** 20.2# 10.4*** 19.4# 9.7***
# required CAGR during 2025-26 to 2027-28 # required CAGR during 2025-26 to 2031-32 # required CAGR during 2025-26 to 2030-31 # required CAGR during 2025-26 to 2031-32
for the eocnomy to become $ one trillion, for the eocnomy to become $ one trillion, for the eocnomy to become $ one trillion, for the eocnomy to become $ one trillion,
*** CAGR of the GSDP at current prices *** CAGR of the GSDP at current prices ***CAGR of the GSDP at current prices during *** CAGR of the GSDP at current prices
during 2019-20 to 2024-25 during 2019-20 to 2024-25 2019-20 to 2024-25 during 2019-20 to 2024-25

Source: Respective state budgets, PRS Legislative Research, own calculations; Reply to interim budget for 2024-25 by Maharashtra finance minister Ajit Pawar in state assembly

INDIVJAL DHASMANA the dollar), leaving a gap of
New Delhi, 16 April $670 billion for achieving the
task. Rahul Ahluwalia, Co-
economy by FY31. According
to a paper by the Tamil Nadu
Infrastructure Development
agriculture, industry, and
services. It talks of seven tenets
for formulating detailed
ensuring efficient governance,
while ensuring climate
sensitive, and regionally
holistic and socially inclusive
growth, the blueprint says.
The blueprint also talks
about making the state the "go-
to destination" for foreign
direct investment (FDI).
However, Tamil Nadu was
sixth in drawing FDI equity
inflows, at $2.2 billion, during
FY23, behind Maharashtra,
Karnataka, Gujarat, Delhi, and
Haryana. Its position
remained the same during the
first nine months of the current
financial year, when it
attracted $1.8 billion. The only
difference was that Telangana
replaced Haryana in fifth
become ~ 57 trillion, or $ 600
billion, by FY31.
State Finance Minister
Thangam Thenarasu, in his
budget speech, said that in the
years subsequent to FY25, the
nominal GSDP growth was
estimated at 16 per cent per
annum. In case this happens,
the state economy would be
~76.7 trillion, or $806 billion, by
FY31, leaving a shortfall of $194
billion. Former Reserve Bank
of India (RBI) Governor C
Rangarajan, who wrote a
working paper on the subject,
tells Business Standard the
original aim of reaching $1
trillion by FY31 by Tamil Nadu
is not possible. "You have to
postpone it by a few more
the previous government of
the Bharatiya Janata Party did.
However, Chief Minister
Siddaramaiah, in January this
year, while arguing for a fair
deal in tax devolution, said the
state did not have the
resources to become a $1
trillion economy by FY32.
But, last month, Karnataka
large and medium industries
minister M B Patil said the
state had set its eyes on
achieving the $1 trillion task by
FY32 by growing at a sustained
growth rate of 18 per cent.
A report, brought out by the
state government and the
Federation of Indian
Chambers of Commerce &
Industry (FICCI), emphasises
GSDP to grow at a CAGR of 19.4
per cent to become $1 trillion, or
~97 trillion (at market exchange
rate of ~ 97 against the dollar),
over seven years from FY25
onwards. The state economy
grew by 9.7 per cent during the
six years leading up to FY25. If it
continues to grow at this rate,
the state economy would be
~53.7 trillion, or $550 billion, by
FY32 – a shortfall of $450
billion. Bridging this gap would
need the CAGR of the GSDP to
double over seven years.
N R Bhanumurhty, vice-
chancellor of B R Ambedkar
School of Economics,
University Bengaluru, says the
goal to make the state a $1
trillion economy is

W
hile the Centre
has a target to
make India a $5
trillion economy
by 2027-28 (FY28), delayed by
two years from the original
plan of getting there by FY26
due to Covid-related disrup-
tions, four state governments
have jumped on to the band-
wagon by announcing targets
to become $1 trillion econ-
omies, albeit with different
timelines.
Uttar Pradesh and
Maharashtra want to achieve
the feat by FY28, Tamil Nadu
wants to do so by FY31, and
Karnataka by FY32. All four, in
their FY25 budgets, presented
this year, gave assumptions of
their respective gross state
domestic product (GSDP)
growth in nominal terms for
the year. So, on the basis of
their assumptions and record,
how realistic is the $1 trillion
dream?
The exchange rate will play
a crucial role in this
calculation and some
assumptions must be made on
this front. For the purpose of
this analysis, let us assume the
rupee depreciates by 2 per cent
each year against the dollar
from FY25 onwards. The
monthly average of the rupee
stood at 82.77 against the
dollar in FY24.
Now let’s look at one state at
a time.
Uttar Pradesh
“Can Maharashtra and Uttar
Pradesh compete to become a
trillion-dollar economy? Will
the Uttar Pradesh government
compete with other states?
The more the competition, the
more will be the investment.
This will result in the creation
of more jobs and strengthen
the concept of cooperative
federalism,” Prime Minister
Narendra Modi had said at the
Uttar Pradesh Investors
Summit 2018 in Lucknow. The
state signed a memorandum
of understanding with
consultant Deloitte India to
suggest a roadmap to this.
Deloitte submitted a report in
January last year and revised it
in May after suggestions from
stakeholders.
Earlier this year, UP Chief
Minister Yogi Adityanath
expressed confidence that the
state will achieve the $1 trillion
target with the right policy and
precise implementation as its
goals were well defined.
Is the state indeed on track?
UP has assumed that its
gross state domestic product
(GSDP) would grow 5.8 per
cent in nominal terms to ~24.9
trillion during FY25. At ~89.6 a
dollar exchange rate, the state
economy needs to become ~
89.6 trillion by FY28 -- three
years after FY25. This would
require the economy to
register a compound annual
growth rate (CAGR) of 53.2 per
cent in those three years in
rupee terms.
This is a massive task, given
the CAGR of around 5.6 per
cent recorded by the state
during the six years to FY25. At
this CAGR, the state could aim
to become a ~29.3 trillion
economy by the target date or
$330 billion (at ~89.6 against
founder, Foundation for Board (TNIDB), done jointly strategies and an place. The state will need a years," says Rangarajan, who is on the need for a cumulative conditional, because if you do
Economic Development with BCG, a comprehensive implementation roadmap. GSDP growth rate of 20.2 per now the Chairman of the investment of Rs 152.87 trillion policy interventions, you can
(FED), says:" We think a target “Growth Framework” has been These include driving cent to achieve the task by FY31 Madras School of Economics. from the government and the achieve this goal. "You need to
on economic growth is exactly designed to act as a blueprint investments, enhancing (at the market exchange rate of private sector over the next 10 do something, make policy
the right challenge for a state to achieve this goal. human capital, pioneering Rs 95.1 to the dollar) whereas its Karnataka years to make the state interventions to achieve the
like UP to take on, since The blueprint says at the innovation, developing best- CAGR was just 10.4 per cent for The new Congress regime economy $500 billion by FY27 target. No state will achieve the
sustainable improvement in heart of the growth framework in-class infrastructure, driving the six years to FY25. At 10.4 per wants to make the state a $1 and $1 trillion by FY32. target with a business-as-usual
living standards will come are growth vectors in market efficiency, and cent CAGR, its economy would trillion economy by FY32, as The state would require its approach," he says.
only from economic growth.
Given the legacy of low
growth, UP also needs a sense
of urgency, and this bold
commitment provides that."
Those in the know say
when the target was set, the
economy was required to
register 30-34 per cent growth
a year from FY23 to FY28 in
rupee terms. "Those were not
aspirational numbers. The
state is well on the trajectory.
The aspiration was built on
accelerating growth in
primary, secondary, and
tertiary sectors," says one of
those in the know, adding that
the depreciating value of the
rupee against the dollar would
be offset by higher exports
from the state.
Maharashtra
State Governor Ramesh Bais
said in the Assembly in
February this year that the
target of becoming a $1 trillion
economy by FY28 was in line
with the country's goal of
becoming a $5 trillion
economy. State deputy chief
minister and finance minister
Ajit Pawar, too, said the
government was committed to
making Maharashtra a $1
trillion economy.
“The government is
capable of taking bold and
necessary decisions
weathering all challenges so
that the state economy
becomes $1 trillion,” Pawar HDFC ERGO General Insurance Company Limited
said in reply to the debate on CIN: U66030MH2007PLC177117
the interim Budget for 2024-25
IRDAI Registration No.: 146
in the Assembly last month.
In November last year, the Date of Registration with the IRDAI: July 09, 2010
Maharashtra Institution of
Transformation (MITRA) said Financial Results (` in ’000)
the state would require a Three months ended Year ended
cumulative investment of Sr
Particulars March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
No.
$1.53 trillion to become a $1 Audited Audited Audited Audited
trillion economy. 1 Total Income from Operations (Note 1) 52,075,329 47,500,817 188,016,988 168,731,374
MITRA, an economic Net Profit / (loss) for the period (before Tax, Exceptional and /
2 (1,762,464) 2,732,353 5,783,520 8,684,454
advisory council of the state, in or Extraordinary Item)
its vision statement spoke 3
Net Profit / (loss) for the period before tax (after Exceptional
(1,762,464) 2,732,353 5,783,520 8,684,454
about achieving 17 per cent and / or Extraordinary Item)
GSDP growth a year. This task Net Profit / (loss) for the period after tax (after Exceptional and
4 (1,325,261) 2,052,949 4,376,711 6,526,595
/ or Extraordinary Item)
has risen to 28 per cent for Total Comprehensive Income for the period [Comprising Profit
FY26, FY27, and FY28 in rupee 5 / (loss) for the period (after tax) and Other Comprehensive NA NA NA NA
terms after the state economy Income (after tax)] (Note 2)
was projected to expand by 10 6 Paid up Equity Share Capital 7,149,683 7,127,800 7,149,683 7,127,800
per cent each during FY24 and 7 Reserves (exclude Revaluation Reserves)(Note 3) 19,378,803 17,503,593 19,378,803 17,503,593
FY25. However, if the state's 8 Securities Premium Account 14,638,232 14,165,941 14,638,232 14,165,941
GSDP grows by the CAGR of 9 Net Worth 38,520,172 36,159,558 38,520,172 36,159,558
10 Paid up Outstanding Debt 10,750,000 8,290,000 10,750,000 8,290,000
the past six years -- 8.2 per
11 Outstanding Redeemable Preference Shares NA NA NA NA
cent— the economy could
12 Debt Equity Ratio (No. of times) 0.28 0.23 0.28 0.23
become ~ 54.1 trillion, or
Earnings Per share (of ` 10/- each) (for continuing and
around $600 billion (at ~89.6 13
discontinued operations)
exchange rate). This would 1. Basic: (1.85) 2.88 6.12 9.16
require $400 billion more in 2. Diluted: (1.85) 2.87 6.11 9.13
GSDP in order to meet the goal 14 Capital Redemption Reserves NA NA NA NA
by the targeted date. 15 Debenture Redemption Reserves 356,468 356,468 356,468 356,468
Can Maharashtra's 16 Debt Service Coverage Ratio (No. of times) (7.48) 22.62 8.78 21.05
economy grow at a CAGR of 28 17 Interest Service Coverage Ratio (No. of times) (7.48) 22.62 8.78 21.05
per cent in nominal terms for Notes:
three years starting FY25? 1. Total Income from operations represents Gross Written Premium (GWP).
2. The Indian Accounting Standards (IND AS) are currently not applicable to Insurance Companies in India.
"I don't think so. [It is] not 3. Includes Reserve on Amalgamation created on the merger of erstwhile HDFC ERGO Health Insurance Limited (formerly Apollo Munich Health
feasible for a state to Insurance Company Limited) with the Company.
continuously grow by more 4. The above is an extract of the detailed format of quarterly and year to date Financial Results filed with the Stock Exchange under
Regulation 52 of SEBI (Listing Obligations and Disclsoures Requirement) Regulations, 2015. The full format of quarterly and year to date
than 12 per cent," says Bank of Financial Results are available on the website of Stock Exchange (www.bseindia.com) and the Company (www.hdfcergo.com).
Baroda Chief Economist 5. For the other line items referred in Regulation 52(4) of SEBI (Listing Obligations and Disclsoures Requirement) Regulations, 2015, pertinent
Madan Sabnavis. disclosures have been made to Stock Exchange (BSE) and can be accessed on www.bseindia.com.
Place: Mumbai For and on the behalf of Board of Directors
Tamil Nadu Sd/-
Date: April 16, 2024 Ritesh Kumar
Chief Minister M K Stalin Managing Director & CEO
has set a target to achieve the DIN: 02213019
milestone of a $1 trillion Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020.
Trade Logo displayed above belongs to HDFC Bank Ltd and ERGO International AG and used by the Company under license.
16
>
MUMBAI | WEDNESDAY, 17 APRIL 2024 1

Separate rules for civilian and Namma Yatri drives into

Bengaluru with zero
defence use of drones on cards
RAGHAV AGGARWAL some progress has been made on regu-
commission cab service
New Delhi, 16 April WE WILL INTERACT WITH lations, but more needs to be done. PEERZADA ABRAR embrace the latest ‘pricing guidelines’ set forth
DPIIT AND MINISTRY OF “On the rules, progress has been Bengaluru, 16 April by the Karnataka government. The platform

D
ifferent sets of regulations will
soon govern the use of drones
by civilians and security per-
sonnel, Vumlunmang Vualnam, secre-
tary, Ministry of Civil Aviation, said at a
conference in New Delhi on Tuesday.
“Moving forward there will be dif-
ferentiated regulations for drones with
‘civilian, industrial, public use’ and ‘law
and order and defence use’,” Vualnam
said, adding that they would ensure
both are promoted and supported in the
best possible way.
Vualnam was speaking at the CII
National Conference on Drones.
The government is planning to make
India a global drone hub by 2030. In
October, 2023 it came out with amend-
ed rules to create a thriving
drone ecosystem.
Drone (Amendment) Rules 2023,
had done away with several roadblocks,
like stringent requirements for obtain-
ing a Remote Pilot Certificate.
made. The entire geography of our said this commitment ensures fair pricing prac-
FINANCE TO SEE HOW THE country has been mapped, only 10 per Mobility app Namma Yatri on Tuesday tices, eliminating unjustified surge pricing dur-
DRONE MANUFACTURERS cent is in Red Zone and 90 per cent is in announced the launch of its cab services in ing peak hours for the benefit of customers and
AND COMPONENT the Green Zone,” the secretary said. Bengaluru. Addressing the prevalent issues of drivers alike.
MANUFACTURERS ARE The Red Zones are areas where
drone operations are strictly prohibited
high commissions and lack of transparency, “Their community-centric approach and
the company said it is dedicated to a ‘lifetime pioneering efforts in driver welfare set a com-
EQUALLY INCENTIVISED without permission from the Central zero-commission’, ‘direct-to-driver’ model of mendable precedent,” said Ramalinga Reddy,
Government, while Green Zones are operation. The strategic shift will not only Minister of Transport and Muzrai, Govt of
VUMLUNMANG VUALNAM free zones where drones weighing up enhance drivers’ income but also ensure better Karnataka, at the launch event. “I applaud their
Secretary, Ministry of Civil Aviation to 500 kg can operate without seeking vehicle maintenance commitment to
permission with certain specifications. and elevated cus- innovation, trans-
A production-linked incentive (PLI) “We will interact with DPIIT, He also emphasised that the govern- tomer experiences, parency, and inclu-
scheme for drones and drone compo- Ministry of Finance to see how the ment will make efforts to the company said. sivity, and wish
nents was notified in September 2021. drone manufacturers and component promote drones as well as push The platform them success with
An incentive of ~120 crore is being manufacturers are equally incen- advanced air mobility. unveiled subscription the cab service
provided for Indian manufacturers of tivised,” the secretary said, emphasising About the NaMo Drone Didi plans for cab: free launch,” said Reddy.
drone and drone components that India is heavily import-dependent Scheme, he said specifications for the until Oct 1 and there- The platform
based on value addition and certain oth- as far as parts of drones are concerned. drones will be issued soon. The scheme after ~90 daily for said that Namma
er conditions. “The government is supporting seeks to provide agricultural drones to unlimited rides. Yatri’s cabs, like its
Vualnam said that the ministry is indigenous development of critical rural women and 1,000 drones were Namma Yatri already autorickshaws,
exploring ways to collaborate with other items, research and development, cam- acquired a few months ago for this. has 25,000 cab drivers would prioritise
government arms to incentivise the eras, sensors installed in drones and will Now, he said, there is a plan to and aims to onboard transparency and
production of drones as well as sustain the development of the sector,” acquire 15,000 such drones in the over 1 lakh drivers in efficiency. It offers
drone components. he said. The secretary also said that upcoming phase. the next six months. cab services like
“We are dedicated Non-AC Mini, AC
to empowering driv- Mini, Sedan and XL
ers through cutting- Cab, catering to

PORTING REQUESTS AT 8-MONTH LOW Wealth management, edge technology at an

optimal cost, foster- Namma Yatri services will be competing
diverse customer
needs. Non-AC Mini

There was a slowdown in Indians

switching service providers
towards the end of the year, as the
top two telecom operators
consolidated their positions.
In February 2024, subscribers made
nearly 12 million portability
requests, marking the lowest figure
since June 2023. Both Bharti Airtel
and Reliance Jio Infocomm added
millions of customers even as
Vodafone Idea lost over a million a
month during financial year
2023-24 (FY24). Vodafone, which is
said to have lost subscribers amid
limited capital expenditure to
augment its services, announced
fund-raising plans through a
~18,000 crore share sale starting on
Thursday. Some of the money is
said to go towards fresh
investments. In February 2024,
portability requests totalled 11.5
million in the month, an increase
by 3.1 per cent compared to
February 2023, according to data
from the Centre for Monitoring
VODAFONE BIGGEST LOSER
AMONG MAJOR PROVIDERS
Change during 2023-24 (in million)
37
13
-13
Reliance Bharti BSNL
Jio Airtel
Infocomm
-12.7
8.7 3.5
% chg in subscriber base in FY24
Note: Latest data as of February 2024.
Source: Trai, Business Standard calculations
Indian Economy (CMIE). The highest
number of such requests was
observed in October 2023, reaching
12.7 million requests. Reliance Jio
Infocomm added 37 million
subscribers in the financial year
2023-24, shows the latest available
data as of February, a rise of 8.7 per
NEARLY 12 MILLION
entertainment, and health
REQUESTS IN FEB spends grow in FY24
Portability requests Transactions across verticals including wealth
(in million) management and insurance, health, and enter-
tainment surged in the financial year 2024 (FY24)
15 as compared to FY23, data from Razorpay’s annual
11.52
payments report titled ‘Wealth, Wellness and
-16 Wanderlust’ said. The report added that on a year-
10
Vodafone on-year (Y-o-Y) basis, mutual fund investments
Idea 5.28 surged by 86 per cent, insurance payments grew
5 56 per cent, and trading recorded a 62 per cent
jump in value in FY24. Spending on dieticians has
-6.9
more than doubled during the same time, while
0 health coaching recorded a 45 per cent increase
in transactions.
Mar '19 Feb '24
Source: CMIE
Interestingly, on the day of the India-Australia
cricket finale on 19 November last year, the
Bengaluru-based fintech company reported that
cent. Bharti Airtel added 13 million, cab payments dipped 28 per cent as Indians pre-
increasing its subscriber base by 3.5 ferred to stay glued to their screens. The data
per cent. Vodafone lost 16 million added that payments for air travel surged by 2.4
subscribers, a 7 per cent decline- times while spending on travel accommodations
the largest of the top 3. Total increased by 29 per cent in FY24. Closer to the
wireless subscribers grew from 1.14 new year and Christmas in December last year,
billion in March 2023 to 1.16 billion spending related to aviation soared nearly three
in February 2024. ASHLI VARGHESE times on the platform. AJINKYA KAWALE
ing satisfaction
among both drivers
with players such as Uber and Ola, which
levy commissions on their driver partners
Cab, a unique addi-
tion, addresses fre-
and commuters,” said
Magizhan Selvan,
quent misunder-
standings between
chief executive of Namma Yatri. “We have drivers and customers regarding AC usage. It
received strong support from the cab driver sets clear service expectations and competitive
community. Our driver wellness programs, ini- pricing for budget-conscious customers while
tiatives for safety and sakkath-service are promoting eco-friendly rides.
adapted for the cab driver community. The app expects to introduce inter-city,
Ensuring driver satisfaction translates directly rentals, scheduled rides across Karnataka. It
into providing the best service to valued cus- also aims to accommodate special requests like
tomers,” said Selvan. disability-friendly rides, extra luggage, travelling
With this service, Namma Yatri will now with pets, and trips to public transport hubs.
enter into competition with players like Uber Shaik Salauddin, elected national general
and Ola, who levy commissions on their driver- secretary of The Indian Federation of App-
partners. While Namma Yatri follows a zero- Based Transport Workers (IFAT) said Namma
commission model, there could be issues like Yatri has developed a direct-to-driver, open
the platform taking up less responsibility as it mobility platform to empower the community
is a marketplace, compared to Uber and Ola, and offer fair pay and mutual respect. “It will
which are cab aggregators. There are also issues amplify welfare schemes for gig and platform
related to bypassing the local laws including workers,” said Salauddin.
state permits and moving from the organised With its community-led approach, Namma
to unorganised sector. Yatri said it is committed to fast pickups, low
Namma Yatri operates within the govern- cancellations, affordable prices, and reliable
ment-backed Open Network for Digital service. As the platform continues to grow, it
Commerce (ONDC) network, offering 100 per remains focused on fostering a sustainable and
cent open data and open-source code. The com- inclusive transportation ecosystem that benefits
pany said it takes the lead as the first app to all stakeholders.