TUESDAY, 9 JULY 2024

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

NEW DELHI
~13.00
VOLUME XXXI NUMBER 71

THE MARKETS ON MONDAY chg#

Sensex 79,960.4  36.2

Nifty 24,320.6  3.3
Nifty Futures* 24375.6 p 55.0 COMPANIES P2 WORLD P8
Dollar
Euro
Brent crude ($/bbl)
~83.5
~90.5
86.9##
~83.5 **
~90.4 **
87.5 **
OLA MAPS NAVIGATING FRANCE IN TURMOIL: LEFT,
Gold (10 gm)### ~72,455.0 p
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~106.0
BEYOND ‘WESTERN APPS’ FAR-RIGHT, AND CENTRE
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E

India Inc’s Q1 show Draft tax law likely in Budget

for minimum levy on MNEs
may remain muted SHRIMI CHOUDHARY
New Delhi, 8 July
upon by the 140 member far incorporated the changes in
countries of the Organisation
for Economic Co-operation
their domestic laws.
An email sent to
Top line, bottom line growth may be at multi-quarter low India is preparing a draft legislation and Development the finance ministry
on the global minimum tax for mul- (OECD). India has remained unanswered
KRISHNA KANT tinational enterprises (MNEs) been an OECD Key at the time of going
PM Narendra Modi inspects guard of Mumbai, 8 July which could be proposed in the Partner since 2007, to press.
Union Budget, to be presented on alongside Brazil, China, By incorporating

honour in Moscow on Monday PHOTO: PTI
STRONGER TIES WILL
BENEFIT OUR PEOPLE:
PM MODI IN MOSCOW
In his first trip since the start of
Russia- Ukraine war, Prime Minister
Narendra Modi on Monday travelled to
Russia to hold summit talks with President
Vladimir Putin. Shortly after landing in
Moscow, the PM said he is looking
forward to deepening bilateral
partnership in futuristic areas and that
stronger ties between India and Russia
will “greatly benefit our people”.
BACK PAGE 16
Retest to be ordered if exam
sanctity ‘lost’: SC on NEET
Observing that a re-test has to be ordered
if sanctity of the NEET-UG 2024 is “lost”,
the Supreme Court on Monday sought
information from the NTA and the CBI
about timing of question paper leak and
duration between leak and actual test.
TAKE TWO: COMING CLEAN ON NEET P15 >
ECONOMY & PUBLIC AFFAIRS P4
Agri input firms see up
to 20% demand surge
The sowing of kharif crops till last week
continued to be better than what it was
last year as the monsoon picked up pace in
July. Firms manufacturing agricultural
inputs are expecting 10-20 per cent growth
in sales this season. The biggest jump in
acreage has been in pulses and oilseeds.
I
ndia’s corporate sector could be staring at July 23, and pave the way for Indonesia and South the Pillar Two regime
a deceleration in revenue and profit
growth in the first quarter (Q1) of 2024-25
changes to the country’s tax laws,
said two people with direct knowl-
Africa.
“The draft legisla-
in their domestic
laws, developing
(FY25), with brokerages tempering their
growth projections compared to the previous
edge of the matter.
The global minimum tax, also
tion could provide a
roadmap on possible
The global
minimum tax aims
countries, including
India, can “tax back”
financial year.
Estimates for Q1FY25 suggest a further slow-
known as the Pillar Two regime,
aims to prevent MNEs from shifting
changes in the domes-
tic tax laws and adjust-
to prevent MNEs
from shifting
when certain intra-
group payments are
down in revenue growth and flat-to-marginal their profits to low-tax nations by ments in the existing their profits to subject to nominal
growth in overall corporate earnings. ensuring that they maintain an tax avoidance agree- low-tax nations corporate income tax
According to brokerages, the combined net effective tax rate of 15 per cent across ment for cross-border rates below 9 per cent.
profit of Nifty 50 companies could have grown all jurisdictions where they operate. transactions,” said one So, it is up to the low-
by 1.6 per cent year-on-year (Y-o-Y) in the April- This is in line with the multilat- of the two officials mentioned tax jurisdiction to collect the “top-
June 2024 period – the slowest in seven quarters. REVENUE: NET EARNINGS: eral convention framework agreed above. About 27 countries have so up tax” of 6 per cent. Turn to Page 6 >
The index companies’ net profit grew by 15.2 per
cent Y-o-Y in Q4FY24 and by 38.9 per cent Y-o-Y
IN THE LOSING
in Q1FY24. SLOW LANE MOMENTUM
7> Similarly, the combined net sales (or net HEAVY RAIN PARALYSES MUMBAI, 51 FLIGHTS CANCELLED
interest income for lenders)
of these companies are
expected to have risen by
just 4.4 per cent Y-o-Y in
Q1FY25, the slowest pace in
14 quarters. The index com-
panies’ net sales had
increased by 8.4 per cent Y-
o-Y in Q4FY24 and 7.1 per
RESULTS cent in Q1FY24.
Excluding banking,
PREVIEW financial services, and
insurance (BFSI) firms, the
combined net profit of
Nifty 50 companies is projected to have grown
by 1.5 per cent YoY in Q1FY25, the slowest since Note: Brokerage estimates for June 2024 quarter; actuals for previous
the December 2022 quarter. Turn to Page 6 >
quarters; Source: Brokerage estimates, Bloomberg, and Capitaline
Compiled by BS Research Bureau
Profit, mcap moved in lockstep in 5 years FMCG FIRMS
Heavy rainfall disrupted air, road, and railway traffic in Mumbai on Monday. Over 430 flights were delayed
LIKELY TO
As benchmark indices continue to reach new highs almost every other day, a HITCH A RIDE and 51 cancelled as planes sat on the wet tarmac at Chhatrapati Shivaji Maharaj International Airport.
heated debate rages on: Have stocks outpaced their fundamentals, and can ON RURAL The Colaba weather station, which records weather parameters for the island city, registered 101.8 mm
earnings keep up with these valuations? In the past five years, the rise in profit UPTICK IN Q1 P2 > of rainfall from 8.30 am to 5.30 pm — nearly seven times more
and stock price growth for India Inc have moved in tandem. PAGE 10 than its suburbs PHOTO: PTI REPORT INSIDE PAGE 16

ECONOMY & PUBLIC AFFAIRS P4

Application window for
white goods PLI reopens
The Centre will reopen the application
window forthe production-linked
incentive (PLI) scheme for white goods —
ACs and LEDlights — for 90 days, starting
July 15, said the Department for Promotion
Zero registration fee for hybrid cars in UP raises the bar in NCR
Sales of hybrid cars picking up faster than petrol/diesel and strong hybrid vehicles
DEEPAK PATEL & VIRENDRA SINGH RAWAT
New Delhi/Lucknow, 8 July TIGHT RACE electric. Their share in sales attracted 8-10 per cent fees based on their
PAGE 3
volumes at level, too cost (below and above ~10 lakh, respecti- Guidelines for Centre’s
The on-road prices of strong hybrid cars Sales: nElectric car nHybrid car* vely). This policy change slashes on-road
have decreased by up to ~4 lakh in prices of strong hybrids by roughly 10 per EV policy by Sept-end
Uttar Pradesh after the state government cent, said industry sources. Policy guidelines on the Centre’s “Scheme
22,285

of Industry and Internal Trade (DPIIT) . decided to waive registration fee on “The UP government’s direction has to Promote Manufacturing of Electric
60,888

104,301
41,568

them in a bid to promote green led to significant price drops,” noted an

91,425

Passenger Cars in India” (SPMEPCI), which

1,284

ECONOMY & PUBLIC AFFAIRS P4
168 mn workforce added
since FY18: RBI database
The total number of employed people as
a ratio of the total population has
increased to 44.2 per cent in FY24 from
34.7 per cent in FY18, with the workforce
growing by 168 million during the period
at 643.3 million, according to the
Reserve Bank of India’s KLEMS database.
technology, according to automobile
industry sources.
Around 100 strong hybrid cars were
sold per month in Uttar Pradesh in FY24.
With the new directive effective from
July 1, hybrid vehicles are now grouped
with electric vehicles (EVs) for
registration fee exemptions. This move is
anticipated to invigorate sales of these
vehicles in the state, which is among the
largest EV markets in India.
Unlike mild hybrids, which
industry insider. “For instance, Maruti include provisions for reduced customs
Suzuki’s Grand Vitara is now cheaper by duties on imported cars if there is a
FY22 FY23 FY24
0.72 1.55 2.45
about ~2 lakh in UP, and the Invicto’s on- concomitant investment commitment in
road price has reduced by about ~3 lakh.” India, are expected to come by September,
0.04 1.06 2.15 The strong hybrid models of these according to officials. “We are finalising
Share in sales volume (%) cars, priced at ~18.43 lakh and ~25.21 lakh, the guidelines, which will take around two
* includes plug-in hybrids Source: JATO Dynamics respectively, are now more accessible. months,” a government official told
Maruti Suzuki India and Toyota Business Standard.
Kirloskar are the leading players in the
constantly need the engine, strong their appeal. Indian hybrid market. They did not MERCEDES BETS ON EVs: 60%
hybrids can run solely on the electric Previously, EVs enjoyed a registration respond to Business Standard’s queries. GROWTH IN SALES IN H1CY24
motor for short distances, enhancing fee exemption in the state, while Turn to Page 6 >
2 COMPANIES NEW DELHI | TUESDAY, 9 JULY 2024

STOCKS > Ajmera Realty & Infra

Reports sales of ~306 cr
> Larsen & Toubro
Wins order to build
> GE Power
Secures order from
> Man Industries
Bags order for supply
> NLC India
Snaps up rights to
IN THE NEWS for Q1FY25 with growth 2 Gw solar plants NTPC for supplying of API 5L grade line pipes develop the Machhakata
of 36 per cent Y-o-Y in West Asia main turbine spares for offshore project coal mine in Odisha
~746.3 CLOSE ~3,630.6 CLOSE ~517.6 CLOSE ~484.2 CLOSE ~269.0 CLOSE
p3.3% UP* p0.1% UP* p7.8% UP* p4.5% UP* p2.8% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF

Adi-Nadir family buys 13% in

Ola Maps navigating beyond ‘western apps’
Godrej Industries for ~3.8k cr Bhavish Aggarwal urges developers to shift from Google Maps, offers ~100 crore in credits tencies. Frequent changes to
streets, potholes, and road quality
As part of the family settlement, the Godrej family has acquired a PEERZADA ABRAR source (5 million+ edits just last issues further complicate mapping
12.65 per cent stake worth ~3,803 crore from RKN Enterprises in WE NEEDED A TRUE Bengaluru, 8 July
MAPPING UNIQUE year!),” he added. and impact travel time and safety.
Godrej Industries. According to the data from the exchanges, Nadir ALTERNATIVE TO GLOBAL In a company blog post, Ola said Providing accurate, up-to-date
Godrej acquired 7.57 per cent stake worth ~2,277 crore at a price of
~893 a share. The Group’s patriarch Adi Godrej acquired 1.69 per MAPPING GIANTS — ONE BETTER Bhavish Aggarwal, founder and
chief executive officer of Ola, is
CHALLENGES that in 2021, as the world began to
emerge from the pandemic era, the
maps can enhance navigation,
travel planning, and user satisfac-
nExisting mapping providers
cent worth ~509 crore each in the company. RKN Industries is SUITED TO THE INDIAN MARKET AND encouraging developers to switch
do not fully address unique
firm planned to develop first-to- tion. Ola Maps aims to include fea-
owned by Rishad Naroaji, a cousin of Adi Godrej. Godrej Industries from Google Maps to Ola Maps. Ola world features on customer and tures tailored to local needs, such
shares closed at ~899 a share as on Monday. In May 2 this year, the MORE RESPONSIVE TO OUR UNIQUE is offering developers a year of free challenges for a seamless partner apps in Ola Mobility. as multi-language support, local
Godrej family had announced an amicable settlement under NEEDS. THIS REALISATION SPARKED access to Ola Maps on the compa- experience in India However, dependence on business listings, and culturally rel-
which the Adi-Nadir and Jamshyd-Smita families bought each ny’s Krutrim Cloud and over ~100 nMany streets and rural Western mapping providers, which evant landmarks, while ensuring
other’s stakes for zero consideration in each other’s companies. THE INCEPTION OF OLA MAPS” crore in free credits. This initiative areas are unmapped or did not prioritise India, hindered critical data-like location intelli-
While the Adi-Nadir Godrej faction controls Godrej Industries, OLA BLOG POST comes after Ola replaced Google poorly mapped these plans. gence never leaves Indian soil.
Godrej Properties and Godrej Consumer Products, the Jamshyd Maps with its own Ola Maps, lead- “Our reliance on Western map- Ola Maps is built to utilise a
Godrej family controls Godrej and Boyce Mfg. BS REPORTER ing to annual savings of around nStreet names show ping providers, for whom India diverse set of data sources, sending
~100 crore. Aggarwal also recently variations and wasn't a priority, severely limited updates in near real-time for the
migrated Ola’s workload from inconsistencies, our ability to implement these fea- most accurate mapping data pos-
Roshni Nadar gets France’s Microsoft Azure to Krutrim Cloud.
“After #ExitAzure, it’s time
causing confusion
nFrequent creation and
tures. To truly serve our users and
push the boundaries of mobility,
sible. The firm’s AI-first data sys-
tems use real-time data from mil-
highest civilian award for Indian developers
#ExitGoogleMaps! One-year free
to closure of streets lead to
outdated maps
we needed a true alternative to
global mapping giants — one better
lions of vehicles using Ola Maps, a
fleet of Ola S1 scooters with 360
HCLTech Chairperson Roshni Nadar access to all developers to Ola Maps suited to the Indian market and cameras, open-source government
Malhotra was on Monday conferred with on @Krutrim, more than ~100 crore nPotholes and road more responsive to our unique data repositories, OpenStreetMap,
the “Chevalier de la Légion d’Honneur” in free credits,” Aggarwal quality issues impact needs. This realisation sparked the partnerships, and proprietary
(Knight of the Legion of Honour), the announced on X on Monday. travel time and safety inception of Ola Maps,” said the sources.
ILLUSTRATION: BINAY SINHA

highest civilian award of France. “It is my “We’ve been using western blog post. These systems help build essen-
privilege to receive this honour, and it apps to map India for too tial map features such as roads,
underscores the strategic relationship long and they don’t get roads, etc. Ola Maps tackles these Challenge maze points of interest, street furniture,
between India and France. HCLTech has a our unique challenges: with AI-powered India-specific Many streets and rural areas are building geometry, and traffic sig-
longstanding presence in France, which street names, urban algorithms, real-time data from either unmapped or poorly nals. Over the past year, Ola has
is a strategic market for us,” she said in a changes, complex millions of vehicles, leveraging and mapped, with street names often contributed 5.43 million edits to
statement. BS REPORTER traffic, non-standard contributing massively to open showing variations and inconsis- OpenStreetMap.

Welspun One raises ~2,275 cr

to build warehouses
Welspun One has raised ~2,275 crore from investors for its second
fund and would use the capital to develop warehousing
FMCG firms likely to hitch Sun Pharma open
to acquisition in
a ride on rural uptick in Q1
properties. Welspun One, an integrated fund and development
management platform, on Monday announced the successful
closure of its second fund totalling ~2,275 crores, inclusive of co-
investment commitments.This marks the largest domestic
fundraise in this space, the company claimed. The capital was
specialty drugs
sourced from a pool of about 800 investors. PTI Volume growth expected to witness a sequential recovery SOHINI DAS
Mumbai, 8 July
SHARLEEN D’SOUZA profit is expected to grow mar-
Amar Kaul appointed Mumbai, 8 July ginally ahead of revenue,” it
said. Marico said it expected
Sun Pharmaceutical Industries, country’s largest drugmaker by
market share, said it is open to exploring acquisitions in the
MD & CEO of CG Power
F
ast-moving consumer gross margins to expand over global specialty portfolio as it closed financial year 2023-24
goods (FMCG) com- last year due to a favourable (FY24) with a strong net cash position of $2.4 billion.
The Board of Directors of CG Power and panies are expected to portfolio mix. In the 2023-24 annual report, Chairman and Managing
Industrial Solutions has selected Amar Kaul as see better results for the April- “We continued to adequ- Director Dilip Shanghvi said: “Sun Pharma had a strong net
next Managing Director (MD) and Chief June quarter on the back of ately invest in brand building cash position of approximately $2.4 billion, which enables us
Executive Officer (CEO) for a period of five rural recovery, coupled with in line with our strategic to explore inorganic opportunities, including but not limited
years, beginning July 25 this year. The board higher demand for summer intent to continually to strengthening our global specialty portfolio.”
was engaged for the last several months in products owing to unprece- strengthen the long-term He added that the firm made critical hires in several func-
finding a successor for the incumbent MD N dented heat. equity of both the core and tions, and the focus has been to improve in-house clinical devel-
Srinivasan. Kaul has over 30 plus years of work Growth in volumes is new franchises,” it added in opment capabilities for which the firm is building a clinical
experience, 12 years of which has been expected to witness sequen- its update. Godrej Consumer organisation, globalising specialty assets beyond the US, and
overseas experience. He was in the executive tial recovery. Brokerages esti- Products said, despite operat- deepening business development capabilities.
leadership position leading EMEIA region
for compression systems & services in
mate top line
growth will BRIGHT OUTLOOK ing conditions in India con-
tinuing to remain soft in this
The specialty research and development (R&D) spend has
continued to increase to strengthen the innovation pipeline,
Ingersoll Rand. BS REPORTER show an Higher demand Net sales PAT quarter, its India business per- rising to $148 million in FY24 compared to $65 million in FY20.
increase for summer Q1FY25E Y-o-Y Q1FY25E Y-o-Y formed well with high-single It accounted for 78 per cent of the total R&D increase during
owing to products helped (in ~ cr) (% chg) (in ~ cr) (% chg) digit organic volume, and the period. The contribution of global specialty increased from
Accenture acquires recovery in
RESULTS volumes. ITC 17,370 2.0 5,817 13.9
mid-single digit value growth.
Motilal Oswal said it
7 per cent of consolidated revenues in FY19 to 18 per cent in
FY24. In FY24, the firm’s R&D spend stood at $32 billion or 6.7
Excelmax Technologies PREVIEW Domestic
brokerage
Hindustan Unilever 15,483 1.4 2,549 -1.2 expected marginal improve-
ments in growth in volumes
percent of overall sales.
“During the year, we filed approximately 250 formulation
In its first acquisition in India in the silicon design space, Motilal Oswal Nestlé India 5,048 9.3 823 17.9 quarter-on-quarter in the first dossiers globally. In FY24, the company took steps to improve
Accenture on Monday announced the acquisition of Bengaluru- said in its pre-earnings report: Britannia Industries 4,212 6.1 515 12.6 quarter this financial year. study enrolment for our global specialty pipeline candidates,
based Excelmax Technologies. The financial details of the “Rural markets have seen a “Considering steady macro, including creating a clinical organisation within Sun and hiring
acquisition were not disclosed. Excelmax provides custom silicon gradual recovery (rural growth
Tata Consumer 4,182 11.8 332 3.8 price cuts and consumer key talent to lead the same. Sun Pharma also continues to scout
solutions used in consumer devices, data centers, artificial was better than urban) during Godrej Consumer 3,610 5.6 493 54.5 offers by companies, we for external R&D assets to strengthen the pipeline. R&D spend-
intelligence (AI) and computational platforms that enable edge AI the quarter.” Dabur India 3,344 6.8 506 9.1 expect that our FMCG uni- ing is expected to increase as clinical trials for
eployments, to clients in the automotive, telecommunications In its pre-earnings update verse is likely to post mid to specialty products gain traction,” Shanghvi
and high-tech industries. BS REPORTER on exchanges, Dabur India Marico 2,640 6.6 464 8.8 high single-digit volume said. Some of the key products in Sun
said: “The quarter saw Note: Filtered for Nifty FMCG index; PAT: profit after tax; E: Estimates growth in FY25,” it added. Pharma’s specialty portfolio include
sequential improvement in Compiled by BS Research Bureau Source: Bloomberg Kotak Institutional Ilumya (psoriasis drug), Winlevi (acne

MobiKwik sees uptick demand trends with rural

growth picking up. With fore-
casts of a normal monsoon
India business was expected
to record mid-single-digit vol-
ing the quarter, due to which
its gross margins were likely
Equities expects stable to
improving volumes and value
growth trends for most FMCG
drug), Cequa (ophthalmic drug for dry
eye disease), Odomzo (locally advanced
basal cell carcinoma) and Levulan (ker-

in May wallet numbers and continued focus by the

government on macro-eco-
nomic growth, we expect the
ume growth.
Marico, the maker of
Parachute hair oils, said in its
to witness expansion on
account of rollover price
increases and cost-saving ini-
companies. The brokerage
said it expected an improving
growth trend from Marico and
atosis of face and scalp).
Sun Pharma’s specialty R&D
pipeline has six candidates
CASHING IN (Wallet accounts in mn) improvement to accelerate in
the coming months.” The
pre-earnings update its
domestic business posted a
tiatives.
“The business continued
Britannia Industries and a
mixed performance from
undergoing clinical trials.

company said its consolidated modest uptick in underlying to invest strongly behind the Godrej Consumer Products. It Sun Pharma CMD
PPI wallet January May % change
revenue was expected to ring volumes growth on a sequen- brands with A&P (advertising expects Tata Consumer Dilip Shanghvi
PhonePe 189.60 199.30 5.12 up mid to high single-digit tial basis in the quarter ended and promotion) spends grow- Products also to post a strong said the firm had net
One MobiKwik Systems 134.13 136.88 2.05 growth during the first June. Dabur pointed out com- ing ahead of revenue. set of numbers in the April- cash position of
Ola Financial Services 79.59 79.65 0.07 quarter of 2024-25 and its modity prices were stable dur- Consequently, the operating June quarter. $2.4 bn at FY24 end
Amazon Pay (India) 66.07 67.54 2.22
Transerv 31.00 31.06 0.17

Nestlé India continues to face food inflation bogey

TOTAL* 1,439.69 1,130.21
Note: *inclusive of wallets from banks, non-banks; PPI: Prepaid payment
instrument Source: RBI

AJINKYA KAWALE
Mumbai, 8 July
Fintech major MobiKwik's PPI
(prepaid payment instru-
ment) wallets have seen their
market share expand to about
12.11 per cent in May, up from
9.3 per cent in January, in
terms of total number wallets.
The company saw this surge
and expanded its presence
into tier-II and -III cities as
other major players in the
banking space went
through a downturn.
MobiKwik also attributes the
growth in its numbers to its
expansion drive.
MobiKwik saw its overall
Gross Transaction Value
share — in terms of purchase
of goods and services, and
fund transfers — almost dou-
ble from 11 per cent in March
to 23 per cent in May on the
back of growth in its Pocket AKSHARA SRIVASTAVA India, addressing HUGE VOLATILITY IN COMMODITY PRICES and honey to its infant milk
UPI service. Among the non- New Delhi, 8 July shareholders. and cereal range sold in low-
bank players, MobiKwik had “The huge volatility in INFLUENCES OUR PLANS AS IT DIRECTLY and middle-income
about 134.1 million wallets in Food inflation, coupled with commodity prices also AFFECTS THE COST-REVENUE EQUATION countries, alleged by Swiss
January, which rose by 2 per volatile commodity prices, influences our plans as it non-governmental
cent to 136.8 million in May, remains a major challenge directly affects the cost- organisation Public Eye.
ranking the company second facing Nestlé India, the revenue equation. However, CAPACITY CREATION, DISTRIBUTION, AND NEW The company’s e-
only to PhonePe in terms of packaged food major said our focus has been on commerce business has been
wallet numbers. PhonePe during its 65th annual penetration-led volume
PORTFOLIO EXPANSION WILL BE THE PRIMARY a fast-growing segment,
had about 199.3 million wal- general meeting held growth, which will be a long- DRIVERS OF ASSET INTENSITY, AND THE OVERALL contributing 6.8 per cent to
lets as of May. on Monday. term driver for the core GROWTH AND PROFITABILITY OF THE COMPANY total sales, with quick-
“Banking on wallet inter- “Food inflation continues categories of the company,” commerce now accounting
operability, we built a feature to remain fairly high — he added. SURESH NARAYANAN, for 2.1 per cent, the fastest-
called Pocket UPI where users almost double the overall Looking ahead, Chairman & Managing Director, Nestlé India growing component
can use their wallet over the headline inflation in the Narayanan highlighted the within e-commerce,
UPI ecosystem. Another large country. This leads to company’s focus areas outpacing traditional
wallet player went through increased spending on including its joint venture Currently, the company’s remaining ~3,537 crore by toddler segment, which saw mainstream players.
their own regulatory decline staples like rice, wheat, oil, with Dr Reddy’s Laboratories, pet care business holds less June 30, 2026. the introduction of the Nestlé India remains a
due to which their users were and other commodities, its pet care business, and the than 5 per cent market share. “Capacity creation, Gerber brand, Narayanan leader in its market, holding
looking for another product of leaving little money for launch of its premium coffee Having announced an distribution, and new noted strong double-digit either the no. 1 or no. 2
good quality serving their pur- discretionary expenses. This brand Nespresso, which are investment of ~7,500 crore portfolio expansion will be growth in this extension of position across most
pose,” said Upasana Taku, is a challenge we also face in set to become new pillars of from 2020-2025, Nestlé India primary drivers of asset the baby food and categories, including
co-founder and chief financial the context of fairly rampant growth for Nestlé India, reported spending ~3,963 intensity and overall growth formula segment. instant noodles, instant
officer (CFO), MobiKwik, unemployment,” said Suresh known for products like crore from this earmarked and profitability,” These developments coffee, white wafer
in an interaction with Narayanan, chairman and KitKat chocolates and fund until March 31, 2024, Narayanan added. come amid allegations chocolates, infant formula,
Business Standard. managing director of Nestlé Maggi noodles. with plans to utilise the Speaking about the against Nestlé adding sugar and cereal products.

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.
NEW DELHI | TUESDAY, 9 JULY 2024
Centre likely to roll out EV policy
guidelines by September-end
Plan includes provisions for reduced duties on imported cars contingent on committed funding
NITIN KUMAR
New Delhi, 8 July
P
olicy guidelines on the Centre’s
“Scheme to Promote
Manufacturing of Electric
Passenger Cars in India” (SPMEPCI),
which include provisions for reduced
customs duties on imported cars if there
is a concomitant investment commit-
ment in India, are expected to come by
September, according to officials.
According to government officials
working on the scheme, the portal for
original equipment manufacturers
(OEMs) to submit applications will open
only after the guidelines are released.
“We are finalising the guidelines,
which will take around two months,” an
official told Business Standard.
The scheme provides a window of
120 days or more from the date of its
notification to receive applications.
The notification for the scheme was
issued on March 15, 2024. “Applications
will be invited within 120 days (or more)
of notification of this scheme,” the
scheme notification said.
Officials say the delay in releasing
the guidelines is because of the Lok
Sabha elections and Budget prepara-
tions. “The policy guidelines do not
Merc looks to charge up India play
Posts 60% rise in
battery EV sales
SOHINI DAS
Mumbai, 8 July
German luxury car maker
Mercedes-Benz India is betting on its
battery electric vehicle (BEV) range
now as it posts 60 per cent year-on-year
(Y-o-Y) rise in BEV sales, resulting in a
penetration of 5 per cent in overall sales
in the first half of the calendar year
(H1CY24), doubling from 2.5 per cent
last year.
The company launched the EQA
250+ on Monday priced at ~66 lakh,
ILLUSTRATION: AJAY MOHANTY
have a deadline,” an official said.
However, industry executives sug-
gest the delay is because of a lacklustre
response to the scheme from auto-
makers. “Tesla ghosting the govern-
ment is the reason for this delay. The
government will release the guidelines
only after getting the nod from Elon
Musk (Tesla chief),” an industry execu-
tive said.
Top government officials say Tesla
is silent on its proposed participation in
the flagship scheme. Department for
Promotion of Industry and Internal
Trade Secretary Rajesh Kumar Singh on
Thursday said “the tweet after the elec-
tion is the last we have heard from
Tesla”.
which comes with a range of 497-560
km for a single charge. At the same
time, it also launched a facelift version
of the EQB 350 (5-seater version) priced
at ~77.5 lakh. The company also started
bookings for the upcoming electrified
G-Wagon from Monday, which is
expected to be launched in the second
half of the year. In the second half,
Mercedes-Benz plans to launch two
WE ARE CONFIDENT OF OUR PRODUCT AND
TECHNOLOGY, AND THEREFORE, WE ARE OFFERING A
SIMILAR RESIDUAL VALUE LIKE OUR INTERNAL
COMBUSTION ENGINE CARS”
SANTOSH IYER, MD & CEO, Mercedes-Benz India
THE BLUEPRINT
 Seeks to enhance  Aims to provide a
electric vehicle window of 120 days or
manufacturing more from date of the
by enticing scheme’s notification
investment from to receiving
global players applications
 Allows reduced import duties on interested EV makers to
15 per cent from the current 70 per cent
The scheme allows reduced import
duty for interested electric-vehicle
makers to 15 per cent from 70 per cent
now, or 100 per cent on vehicles having
a CIF (cost, insurance, and freight) value
of $35,000 (~29 lakh) and above for five
years from the date of issuing the
approval letter by the government.
According to the scheme’s notifica-
tion, all original equipment manufac-
turers (OEMs) will qualify for reduced
import duty on certain electric vehicles
if they invest at least $500 million
(~4,150 crore) and establish a manufac-
turing plant within three years.
Though the guidelines are being
finalised, officials said the basic eligi-
bility criteria for the scheme would
new BEVs — the G Wagon electric and
the EQS SUV Maybach — taking its
total EV portfolio in India to six models.
It currently has three models apart
from the launches on
Monday.
What is interest-
ing is that in order
to push the EV off-
take amongst con-
COMPANIES 3 <
Online grocery shopping
permeates Tier-III,-IV
Q-commerce
a GenZ
phenomenon
 2 in 3
Since Covid-19, online grocery delivery has
evolved in Tier-I and -II. This has now reached
Tier-III and -IV. LocalCircles conducted a study to
find how consumers are buying groceries online.
consumers
who use
online grocery
platforms to
How do people buy groceries? (In %) Percentage of
purchase
groceries say
consumers who they prefer a
 All OEMs will
qualify for
 Monthly grocery
 Weekly top-ups
31
26
buy groceries as 3–24 hour
they replenish
reduced import delivery
 Replenish item as and (In %) window with
taxes on certain 57
EVs if they when required no delivery fee
commit to  During special occasions 13 57  17% want
invest ~4,150 cr  Everyday grocery essentials 35
23 their grocery
and more
 Require urgent groceries delivered
26 2023 2024 within 30 mins
delivered at home
Ratings* Amazon Fresh and Zepto lead among online grocery platforms reviewed
remain unchanged.  Amazon Fresh and  BigBasket, Flipkart,  JioMart got Amazon Fresh & Flipkart
Zepto have scored Blinkit, Swiggy Instamart, the lowest received the highest
Eyeing fresh investment
highest with 3.5/5 scored 3/5 score of 2.5/5 rating for value pricing
The scheme seeks to enhance EV man-
ufacturing in the country by attracting
investment from global players such as 24 hrs the new  Blinkit, Swiggy  BigBasket
Instamart, and Zepto delivers in
 Amazon
Fresh in
Note: The
survey was
Tesla and Chinese giant BYD, which do
not have manufacturing plants in India, delivery time for deliver in 8-20 mins 15-30 mins 3-9 hrs conducted
as well as from existing players like online platforms  Flipkart in 16-36 hrs  JioMart in 24-72 hrs
with over
VinFast, Kia, Škoda, BMW, and 70K people
Mercedes-Benz. COMPILED BY SHIVANI SHINDE
Vietnam-based EV player VinFast
showed concern about the investment
criteria during the Ministry of Heavy
Industries’ initial consultations in April.
TaMo sees 2% Tata airlines complete
The company advocates including its
prior investment in India to qualify for rise in global harmonising operating
incentives under the scheme.
wholesales
Tata Motors reported a 2 per
process ahead of merger
cent increase in global DEEPAK PATEL adopt common operating
wholesales for the first New Delhi, 8 July procedures,” A-I said.
quarter of financial year The Air India group had
2024-25 (Q1FY25), when Air India (A-I) on Monday earlier stated that it plans to
sumers, the firm is offering an assured
67 per cent residual value for its cars at
compared to Q1FY24. The
total number of units sold
announced completion of har-
monising operating proce-
complete the entire merger
process by the end of this year.
the end of four years. reached 329,847, which dures across key functions, Campbell Wilson, chief
Speaking to Business Standard, includes sales from Jaguar including alignment of sup- executive officer and manag-
Santosh Iyer, MD and CEO, Mercedes- Land Rover. porting manuals, at the four ing director of A-I said, “This
Benz India, said: “We are confident of The company’s commercial Tata group airlines. This is cru- is an important milestone in
our product and technology, and, vehicle sales, including Tata cial for the ongoing merger the merger of the Tata group
therefore, we are offering a similar Motors and the Tata Daewoo process. airlines and we are grateful for
residual value like our internal com- range — a commercial Vistara is being integrated the support received from the
bustion engine (ICE) cars.” He added vehicle manufacturer into A-I to create a single, full- Ministry of Civil Aviation in
that the BEV game is not a sprint but a headquartered in South service carrier. Concurrently, terms of timely clearances for
marathon. The government too has a Korea and a wholly-owned A-I’s subsidiaries AIX Connect the merger process. We are
significant role to play in this in terms subsidiary of Tata Motors— and Air India Express are also grateful to the Directorate
of central and state taxations in experienced a rise in merging to form a unified low- General of Civil Aviation
the form of GST and road demand. This contributed to cost airline. “Over the last 18 (DGCA) for their continuous
taxes. Around 60-70 per a 6 per cent year-on-year (Y- months, a team of more than guidance, systematic review
cent cities do not have o-Y) increase, totalling 100 members have worked to and approval of the harmo-
road tax for BEVs. 93,410 units. ANJALI SINGH align on the best practices and nized operating manuals.”
We at ICRA take pride in being a
part of Moody’s brand evolution journey.
ICRA will now go to the market as
an ailiate of Moody’s.
ICRA Group Companies
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 9 JULY 2024

Agri input firms see demand Govt to push for more RE

connectivity at state level
surge as sowing gathers pace SHREYA JAI
New Delhi, 8 July

The power ministry is plan-

were coming in Western
region, the transmission
capacity there has become
constrained. New lines need to
Kharif plantation till July 5 over 14% higher than area covered during the same period last year ning to push states to connect be built in other regions too,”
the upcoming renewable ener- said a senior official requesting
SANJEEB MUKHERJEE
New Delhi, 8 July
acreage, particularly for crops such as
rice, soybean, and cotton,” Tirth Shah,
THE FARM STORY gy (RE) projects to the state’s
grid and not with the national
anonymity.
A lot of upcoming projects
executive director of GSP Crop Sowing of kharif crops as on July 5, 2024 grid, a move aimed to improve in the Western Region are fac-

T
he sowing of kharif crops till
last week continued to be better
than what it was last year as the
monsoon picked up pace in July.
Companies manufacturing agricul-
tural inputs are expecting 10-20 per
cent growth in sales this season.
According to the latest data, till
July 5, sowing was completed in
around 38 million hectares, which is
over 14 per cent more than the area
covered during the same period last
year. The biggest jump in acreage so
far has been in pulses (arhar or tur)
and oilseeds (soybean).
If this sustains through the season
and if other varieties of pulses and
oilseeds, such as urad and groundnut,
show a better performance, final pro-
duction should get a boost.
Healthy output in pulses and
oilseeds in the kharif season should
lower import dependence and control
food inflation. A big variable here is
the weather, particularly in the period
the crops grow.
Good rain has filled the dry reser-
voirs.
“This kharif season, the early onset
of the monsoon, coupled with the fore-
cast of good rain, is expected to boost
the sales and demand for plant chem-
icals. Farmers are likely to increase
Science, told Business Standard.
He said industry projections sug-
gested the overall market for agro-
chemicals could see a growth rate of
15-20 per cent this season (kharif) over
the previous year.
Last year, according to Shah, the
domestic agrochemicals sector record-
ed sales of about ~30,000 crore, and
this year, the segment is expected to
touch around ~35,000 crore.
Ankur Aggarwal, managing direc-
tor, Crystal Crop Protection, said given
the signals in the season, he expected
a 10-11 per cent increase in demand
due to the surge in demand for seeds
and crop-protection products.
Analysts tracking the fertiliser sec-
tor say sales this year will clock a
robust growth rate of 1-3 per cent as
was the trend in FY24 as well.
In FY24, 60-61 million tonnes of
fertilisers are estimated to have been
used in the country.
The monsoon in the country till
July 8 was 2 per cent more than nor-
mal. Rain in North-West India was 11
per cent more than normal while it
was 13 per cent more in the southern
peninsula.
Of the 36 subdivisions, 21 received
normal rainfall and seven states were
in the deficient zone.
(in million hectares) state-level power transmission ing a crunch of sub-stations to
2023 2024 % change
infrastructure and facilitate the
integration of RE capacities
GREEN BET connect to the national grid.
This also delays their waiver
Paddy 5.02 5.99 19.32 across all the regions. > Cost of connecting to state compensation factoring which
Pulses 2.37 3.68 55.27 Senior government officials grids lower than connecting they had decided the tariff of
Coarse cereals 8.2 5.84 -28.78 have indicated that the current to the national grid the said project, said an indus-
inter-state transmission sys- try executive.
Oilseeds 5.19 8.03 54.72 > Move may bring down the
tem (ISTS) waiver given to RE Sector observers said the
Sugarcane 5.54 5.68 2.53 projects when they connect to cost of green energy cost of connecting to the
Jute 0.6 0.56 -6.67 the national grid might be national grid comes to
> May bolster private
Cotton 6.23 8.06 29.37 “relooked” at in the next finan- upwards of ~1.5 crore per unit
investment in state
TOTAL* 33.19 37.87 14.10 cial year. As the cost of con- while for connecting to the
necting to the state’s grid is
power infrastructure state grid ~80-90 lakh.
Note: Total might not match as it is only of broad
lower than connecting to the According to industry esti-
categories like pulses, coarse cereals, etc national grid, this would be mates, there are around 20
Source: Ministry of Agriculture beneficial for RE project devel- ~1 to ~2.5 per unit. projects planned under the
opers and bring down the cost Since 2019, the tariff of RE ISTS network worth ~80,000
MONSOON Region Actual* Departure from normal (%) of green energy in the country, projects has fallen sub ~2, par- crore. Officials citing the
PROGRESS East & NE India 433.9 -1 the officials said. tially because of the waiver. National Electricity Plan said
North-West India 132.6 11 As more transmission proj- The Centre has extended that ~4.7 trillion worth of trans-
June 1 to July 8, 2024
ects come at intra-state level, the waiver till June 2025. mission projects are required
Note: Decimals have been Central India 232.6 5
rounded off the government is hoping it It has also included other by 2027, which would include
*In millimeters South Peninsula 235.7 13 will bolster private investment RE sources such as pumped ~3.1 trillion investment at
Source: India Meteorological
Department All India 234.6 2 in state power infrastructure. hydro, battery storage, green national (inter-state level) and
In 2019, the ministry of hydrogen, offshore wind etc. to balance at intra-state level.
Centre to review FPOs’ performance power had announced a waiv-
er for solar and wind power
the list of the waived projects.
“States will be pushed to
According to official and
industry estimates, there is a
The government will conduct a thorough review of the performance of farmer producer projects on ISTS charges. ISTS connect new RE projects to requirement of 35-gigawatt
organisations (FPOs) as the three-year support period for these entities coming to an is levied on a project when it is their own grid, rather than the (Gw) transmission capacity
end, Agriculture Minister Shivraj Singh Chauhan announced on Monday. Chauhan connected to the national pow- national grid. There is a need enhancement between West
made the statement after visiting 55 FPOs who displayed their products at a fair er grid of India to supply elec- for transmission capacity and North, 20 Gw each
organised at Dilli Haat INA in Delhi. The FPO Scheme, launched in 2020, is aimed to form tricity anywhere in India. The enhancement at the end of between West and South and
and promote 10,000 new FPOs by 2024 with a budgetary provision of ~6,865 crore. PTI ISTS charges could range from states. As most RE projects West and East.

Four soldiers killed in 168 mn workforce added since FY18, 46.6 mn in FY24
J&K terrorist ambush RBI data shows services sector absorbing India's job additions & total employment (in mn) Labour ministry
PRESS TRUST OF INDIA exchange of firing was going those moving out of agriculture AT WORK rebuts Citigroup’s
Kathua/Jammu, 8 July on between the terrorists and

Four army persons were killed

and six others injured on
Monday when terrorists
ambushed their vehicle in the
remote Machedi area of
Jammu and Kashmir’s
Kathua district, offi-
cials said. The terror-
ists hurled a grenade
and opened fire tar-
geting Army vehicles
which were on a routine
patrol on the Machedi-
Kindli-Malhar road at around
3.30 pm near Badnota village
in Lohai Malhar, 150 km from
Kathua town.
Security forces retaliated
but the terrorists fled into the
nearby forest, the officials said,
adding an intermittent
security forces when the last
reports were received.
They said reinforcements
have been rushed to the area
to neutralise the terrorists,
who are believed to have
recently infiltrated from
across the border and
were moving to the
higher reaches.
“A total of 10
troopers were injured
and four of them later
succumbed to their
injuries,” an official said.
This was the second major
incident in Kathua district in
the past four weeks. On June
12 and 13, two terrorists and a
CRPF jawan were killed in a
fierce gunfight during a search
and cordon operation.
MANOJIT SAHA
Mumbai, 8 July
The total number of employed people
as a ratio of the total population has
increased to 44.2 per cent in FY24
from 34.7 per cent in FY18, with the
workforce growing by 168 million dur-
ing the period at 643.3 million, accord-
ing to the Reserve Bank of India’s
KLEMS database.
Total employment was 596.7 mil-
lion in FY23, thereby adding 46.6 mil-
lion in FY24.
The KLEMS data provides insights
into five key inputs in production –
Capital (K), Labour (L), Energy (E),
Materials (M), and Services (S). The
database is created for 27 industries
aggregated to form six sectors. While
releasing the data, the RBI said a ‘pro-
visional’ estimate of productivity for
the total economy had been attempt-
ed for the first time in FY24 based on
the available information.
According to the data, the increase
in employment is across education
levels and age groups. The unemploy-
ment ratio has gone down to 1.4 per
cent in FY24 from 2.2 per cent in FY18.
The services sector, excluding con-
struction, is absorbing most of the
workforce moving out of agriculture,
a sharp contrast from the 2000-2011
decade when construction was the pri-
mary absorber.
The data also shows that high-
skilled activities, such as financial and
business services, education, and
health care, are seeing an increase in
*Provisional data
the share of educated workers.
Educated is classified as secondary or
higher education. The government
has also released a statement to show
the increasing employment opportu-
nities in the country.
“According to the Periodic Labour
Source: RBI KLEMS database
Force Survey (PLFS) and RBI’s
KLEMS data, India has generated
more than 80 million employment
opportunities between FY18 and
FY22, in an average of over 20 million
jobs a year, despite the Covid-19 pan-
demic during 2020-21,” the govern-
employment report
The labour ministry on Monday rebutted
a recent report by Citigroup, which
forecast that India will struggle to create
sufficient employment opportunities
even with a 7 per cent growth rate. The
ministry in a statement said the report
“fails to account for the comprehensive
and positive employment data
available from official sources, such as
PLFS and the RBI’s KLEMS data.” PTI
ment said in a statement.
Additionally, National Pension
System (NPS) data showed over
775,000 new subscribers in FY24
under the central and state govern-
ments, a 30 per cent increase from the
594,000 new subscribers in FY23.

IN BRIEF
Economic vision, not stimulus, in
Centre likely to relax export Modi 3.0 Budget: Goldman Sachs
limits on select rice varieties PUNEET WADHWA change income tax policy,

The Centre may relax restrictions on exports of some varieties of

New Delhi, 8 July
rice to avoid a glut in the country before the new crop arrives in
the market in October, according to people familiar with the
The upcoming Union Budget
is likely to stick to the path of
fiscal consolidation, said ana-
matter. The government is considering allowing white rice
shipments with a fixed duty, said the people, who asked not to lysts at Goldman Sachs in a
be identified as the talks are confidential. The authorities may recent note, who expect
also scrap a 20 per cent tax on parboiled rice exports. BLOOMBERG Finance Minister Nirmala
Sitharaman to focus on the
broad economic agenda rather
HDFC Bank raises MCLR by up than doling out minor stimulus
measures.
to 10 bps on some tenures There is limited fiscal space,
the note said, to stimulate the
HDFC Bank has revised its marginal cost of funds-based lending economy given high public
rate (MCLR) upward by up to 10 basis points on some tenures, debt. That apart, India’s infra-
according to the bank’s website. The new rates are effective July structure upgrades have creat-
8. The bank’s MCLR now ranges from 9.05 per cent to 9.40 per ed long-term positive growth
cent. The one-year, two-year, and three-year MCLR stand at spillovers, which they believe
9.40 per cent. BS REPORTER policymakers may not be will-
ing to give up.
“The Centre will use the
Registration of 2 NBFCs nixed Budget as an opportunity to
make a big-picture statement
for irregular credit practices about the long-term economic
policy vision over the next sev-
The Reserve Bank of India (RBI) has cancelled registration of two eral years, rather than minor
non-banking finance companies (NBFCs) — Hyderabad-based stimulus announcements,”
Star Finserv India and Mumbai-based Polytex India — over wrote Andrew Tilton, chief
irregular lending practices. The NBFCs violated norms on code of Asia-Pacific economist and
conduct in outsourcing of financial services by outsourcing its core head of EM economic research
decision-making functions, such as credit appraisal as well as KYC
verification process, the RBI said in a statement. BS REPORTER
PLI FOR WHITE GOODS
SBI invites EoIs for stressed
exposure in Amul industries Application window to be open for 3rd time
Set up credit guarantee fund based on our assessment of
hypothetical scenarios, the rev-
for agri loans: SBI report enue loss of the government is
likely to be around 5-15 basis
points (bps) of GDP with the fis-
A research report by State Bank of India (SBI) has called for cal impulse being meager
setting up of a comprehensive credit guarantee fund for around 2-7 bps in FY25.”
agriculture and allied sectors to ensure coverage of all fresh
farm loans with a capital outlay of ~11,320 crore over five
Job creation through
labour-intensive manufactur-
RENEWABLE ENERGY
years. Run by a trust, the guarantee fund should cover ing, credit for MSMEs, contin-
agriculture value chain financing to work as credit ued focus on services exports Key challenges
accelerator, the SBI report said ahead of the tabling of Union by expanding global capability  RBI’s stipulation of Industry ask
Budget 2024-25. BS REPORTER centres, and a thrust on domes-
tic food supply chain and
priority sector lending
which is restricted to
 Encourage green
financing to enable
inventory management to con- loans up to ~30 cr isn’t sustainability linked funds
at Goldman Sachs in a note co- domestic product (or even trol price volatility are some of helping RE firms
authored with Santanu slightly lower) and announce the areas, the research and  Support collaboration
 Faster closure of academia-industry on
Sengupta and Arjun Varma. further consolidation to a broking house said, that the
bidding process till power cleantech manufacturing
“The announcements deficit of below 4.5 per Modi 3.0 Budget is likely to
purchase agreement is
are likely going to align RUNUP cent of GDP by FY26. focus on. The Budget,  Assist enablement of
signed with selected
with the government’s TO THE “Even if we see Goldman Sachs said, was also world quality products
developers
development agenda some expenditure likely to lay out a path for the through periodic updates to
for 2047 (coinciding
with centennial of
allocation towards
welfare spending, it
future of public finance in
India, entailing a roadmap for
 Adherence to
renewable purchase
standards, testing and
certifications of new products
Indian independ-
ence),” Tilton said.
BUDGET
may not require a
reduction in capex
public debt sustainability and
green finance.
obligations across states
are lacking  Review intra-sectoral
budgetary allocation in light
The analysts said given the higher than A reduced political man-  Local manufacturing of growing need for state
the government was 2024-25 expected dividend date for the BJP, the analysts (wind, solar) to be scaled support towards pumped
likely to stick to the transfer from the said, would require more polit- up to compete with global storage projects
announced fiscal deficit target Reserve Bank of India (RBI). If ical capital to be spent behind majors on quality, price
of 5.1 per cent of FY25 gross the government chooses to passing structural reforms.
Snapshot
Y-o-Y RE generation (billion units) Mar ‘23 Mar ‘24
12.2
10.2
8.4
4.1 4.6
7.6

State Bank of India (SBI) on Monday invited expressions of 2.2

interest (EoIs) from entities to acquire its stressed loan exposure SHREYA NANDI
of ~14.97 crore in Amul-based industries through an e-auction New Delhi, 8 July
on August 7. SBI holds primary security of ~43.49 crore and
collateral security of ~55.78 crore against its exposure, as well as The government will reopen
a third-party guarantee of ~52.77 crore. BS REPORTER the application window for
the production-linked incen-
tive (PLI) scheme for white
Will add pressure on govt goods (ACs and LED lights) for
90 days starting July 15, the
to act: Rahul in Manipur Department for Promotion of
Industry and Internal Trade
Leader of the Opposition in Lok Sabha Rahul Gandhi on Monday (DPIIT) said on Monday.
requested Prime Minister Narendra Modi to visit the ethnic The window would remain
violence-affected Manipur to give solace to the people. During his open till October 12 to give one
day-long visit to Manipur, Gandhi visited several relief camps more chance to prospective
where people displaced by the ethnic violence in the northeastern investors to take benefits of
state are staying. He said he would pressure the Centre to act. PTI the scheme, DPIIT said in a
statement.
“The application window
is being reopened based on
the appetite of the indus-
try to invest more
under the scheme,
which is an outcome
of the growing mar-
ket and confidence
generated due to
manufacturing of key
components of ACs and
LED lights in India under the
PLI WG (white goods)
scheme,” it said.
This is the third time that
the industry department has
reopened the application win-
dow. The first round of appli-
cations was invited in 2021,
followed by another a
year later as the allo-
cated fund was not
utilised entirely.
To avoid any dis-
crimination, new
applicants as well as
existing beneficiaries
of the scheme — who pro-
pose to invest more by way of
switching over to higher target
segments — are eligible to
apply.
“The applicant approved
in the proposed third round
2.0
would be eligible for PLI for a
maximum of three years only Wind Solar Hydro Other RE sources
in the case of new applicants Source: PwC
and existing beneficiaries opt-
ing for investment period up
to March 2023 seeking to FOR THE NEXT WAVE OF GROWTH,
move to higher investment
category,” the statement said.
THE INDIAN RENEWABLE ENERGY
INDUSTRY IS KEEN TO SERVE GLOBAL
Existing beneficiaries who
opted for the investment peri- MARKETS AND NOT BE CONTENT TO MEET
od up to March 2022 and seek- THE COUNTRY’S GROWING ENERGY NEEDS”
ing to move to a higher invest-
ment category in the SAMBITOSH MOHAPATRA
proposed third round will be Partner and leader, ESG, Climate and
eligible for PLI for a maximum
Energy, PwC India
of two years.
.
NEW DELHI | TUESDAY, 9 JULY 2024 5
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POSSESSION NOTICE
(for immovable property)   ;wdks cSad
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UCO Bank
(Honours Your Trust)
Whereas, ''(''& "&(
The undersigned being the Authorized Officer of INDIABULLS HOUSING                       
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation           !   " #  $%&  '((')  
and Reconstruction of Financial Assets and Enforcement of Security Interest Act, *   +,     -.$-')  ,   .    " # 
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3 $! )   '(('   !    , !      + 
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated , $,/  0,/ )  +"  ! !      
19.04.2024 calling upon the Borrower(s) JOGENDRA SINGH, RUPA DEVI AND    ,    ! ,       ! ,   1( " !    
SURENDRA SINGH ALIAS SORENDER SINGH PARIHAR(GUARANTOR) to  +       ,  0, 2     +"  !   
repay the amount mentioned in the Notice being Rs.13,30,703.75 (Rupees  " 2   , 0,   +         
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to the Borrower (s) and the public in general that the undersigned has taken  7             + 2 !  !   ,
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Symbolic possession of the property described herein below in exercise of
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assets.
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Date : 03.07.2024
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EMPOWER INDIA LIMITED

CIN: L51900MH1981PLC023931
Regd Office: 25 /25A, 2nd Floor, 327, Nawab Building, D. N. Road, Fort,
Mumbai - 400 001. Mobile/Helpdesk No.: +91 97020 03139
Email: info@empowerindia.in; Website: www.empowerindia.in
Notice of Postal Ballot/E-voting HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT
NOTICE is hereby given that the Company is seeking approval of its members by way
INVITATION FOR BIDS (IFB)
of Special Resolution in respect of the following matters:
The Executive Engineer, Bilaspur Division No.2, HP.PWD., Bilaspur on behalf of Governor of H.P invites the item rate
• To regularize appointment of Mr. Rajesh Chavan (DIN: 07011994) as a Non-Executive
bids, in electronic tendering system, from the eligible class of contractors registered with HP.PWD., for the works as detailed
Non-Independent director of the Company.
in the table.
• To regularize appointment of Ms. Fatima Razvi (DIN: 10665340) Non-Executive
Sr. Name of Work Estimated Starting Date for Earnest Deadline for Time
Independent Director of the Company.
No cost downloading Bid money submission of Bid Period
a) In this regard, the Company has set out notice to its members for aforesaid resolutions 1 Periodic Maintenance on Dhalet to Jhandori Rs, 08.07.2024 3,03,000/- 15.07.2024 One
to be transacted through postal ballot by voting through remote e-voting platform
road Km. 0/0 to 11/515 (L-112) PMGSY road 1,51,31,894/- year
provided by National Securities Depository Limited (NSDL) or by Postal Ballot Form. under performance incentive (SH:- Rectification
b) The Postal Ballot Notice has been dispatched to members by permitted mode. The of existing damaged paved surface, providing
dispatch of Postal Ballot Notice has been completed on Monday, July 8, 2024. V-shape drain, U-shape drain and providing
c) The remote e-voting period commences on Thursday, July 11, 2024 (9:00 A.M) and and laying periodic renewal using mix seal
ends on Friday, August 9, 2024 (5:00 P.M). The remote e-voting facility shall be surfacing and including five years routine
forthwith disabled after expiry of the said period. maintenance in Km. 0/0 to 10/300)
d) Postal Ballot Form received after Friday, August 9, 2024 will be strictly treated as The bidders are advised to note other details of tenders from the department website www.hptenders.gov.in
if the reply from the member has not been received. Executive Engineer
e) During this period, only those Members whose names appear in the Register of Bilaspur Divn.No.II, HP-PWD, Bilaspur
Members maintained by the Depositories, as on the Cut-off Date i.e. Friday, June Tel; 01978-222551 e-mail:-ee-bil2-hp@nic.in
28, 2024 shall be entitled to cast their votes. 0608/2024-2025 On behalf of Governor of Himachal Pradesh
f) In case you have any queries or issues regarding e-voting, you may refer to the
Frequently Asked Questions (‘FAQs’) available at the Downloads sections of https:/
/www.evoting.nsdl.com. or write an email to evoting@nsdl.co.in. The helpdesk
can also be contacted at 1800-1020-990. The notice is available on the Company’s
website and BSE Limited.
g) The Result(s) in respect of the resolutions as set out in the Notice, so declared,
along with the Scrutinizer’s report will be communicated to the stock exchange, on
or before Saturday, August 10, 2024 and will be uploaded on the website of the
company. The said results will also be displayed at the Registered office of the
Company.
By Order of the Board GOVERNMENT OF MEGHALAYA
For Empower India Limited
Sd/- DIRECTORATE OF SCHOOL EDUCATION & LITERACY
Rajgopalan Iyenger KENNELWORTH ROAD, LAITUMKHRAH
Date: 08.07.2024 Managing Director
MEGHALAYA, SHILLONG – 793003
Place: Mumbai DIN: 00016496
Email – pmudsel@gmail.com : piu1shcdm@gmail.com
PIU-1/18/ADB/CW-SHCDM-II/2024/Phase-2/02 Dated Shillong the 05th July, 2024
Open Competitive Bidding (OCB) through E-Tendering Mode
Invitation for Bids
Invitation for Bids No SHCDM-II/CW/OCB/01
Project No. and Title : 46166-003 IND – Supporting Human Capital Development in
Meghalaya – Phase II (SHCDM – II).
Contract No. and Title : CW-02 (Package-01) : Construction of additional facilities at
Public Schools (Shillong and Jowai)
Deadline for Submission of Bids – 8th August 2024, 03:00 P.M.
1. The Department of Education through the Director of School Education & Literacy,
Government of Meghalaya, on behalf of the Department of Planning, Investment
Promotion and Sustainable Development, Government of Meghalaya, invites bids
through e-tendering from eligible bidders for Construction of additional facilities at
Public Schools (Shillong and Jowai) (“The Works”).
2. Open competitive bidding will be conducted in accordance with ADB’s Single Stage –
Two Envelope procedure and is open to all Bidders from eligible countries as described
in the Bidding Document.
3. To participate in the e-bid, bidders must register with the e-Procurement System of the
Government of Meghalaya at https://meghalayatenders.gov.in.
The detailed tender document can be viewed, downloaded, and purchased from the
website (https://meghalayatenders.gov.in) after 10th July 2024.
4. To obtain further information and inspect the bidding documents, Bidders should visit an
https://meghalayatenders.gov.in or contact : Department of Education, Government of
Meghalaya through Director of School Education & Literacy, Kennelworth Road,
Laitumkhrah, Shillong – 793003, Meghalaya, India.
Sd/-
( Swapnil Tembe, IAS )
M.I.P.R. No : 419 Director of School Education & Literacy
Dated : 08-07-2024 Meghalaya, Shillong
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 9 JULY 2024 1

Q1FY25 BUSINESS UPDATE OF BANKS Higher share of Ulips

Deposits grew slower than loans likely to weigh on life
AATHIRA VARIER
Mumbai, 8 July
Bank of Baroda also saw faster growth in
advances than in deposits, with a loan book
STATUS CHECK (in %)
insurers’ profit margin
growth of 1.73 per cent compared to a 1.59 per Advances Deposits CASA CASA

M
ost lenders that have reported their cent improvement in deposits sequentially. (Q-o-Q) (Q-o-Q) ratio Ratio AATHIRA VARIER robust growth. Margins, though, shall dip given
April-June business update posted In a research note, analysts at Axis Securities Q4FY24 Q1FY25 Mumbai, 8 July the mix change and lower product-level mar-
slower growth in deposits sequentially attributed the slowdown in deposit growth to gins. Strong APE growth shall drive up aggregate
as compared to the loan growth in the seasonal weakness typically observed in the HDFC Bank -0.80 0 38.18 36.29 Increased sale of Unit-Linked Insurance Plans VNB 10.8 per cent Y-o-Y,” analysts at Nuvama
April-June quarter of 2024-25 (FY25). first quarter (Q1), saying, “Following a Federal Bank 5.40 5.40 29.38 29.28 (Ulips) is set to weigh on the margins of listed Institutional Equities said.
Current and savings account (CASA) strong showing in deposits in the pre- Bandhan Bank 0.70 -1.50 37.10 33.40 life insurance companies in June quarter of Life insurers’ guidance on sales and margins
deposits continue to face pressure. vious quarter (Q4 of 2023-24/FY24), FY25 (Q1FY25) despite higher premium for non-linked savings products, whose surren-
Private-sector lenders YES Bank, the pace of deposit accretion at a sys- YES Bank 0.90 -0.50 30.90 30.70 accumulation on a favourable base. der values are expected to increase in the second
Bandhan Bank, and RBL Bank saw temic level has decelerated. Deposit RBL Bank 3.00 -2.00 35.20 32.60 A buoyant equity market has led to an half of FY25, will be a key focus point during
their deposit growth contract by 0.5 growth continues to lag credit South Indian Bank 2.59 1.58 32.08 31.87 increase in sales of Ulips, driving the the earnings update, Nuvama ana-
per cent, 1.5 per cent, and 2 per cent, growth, with systemic deposit growth in Annualised Premium lysts said. The insurance regulator
respectively. growth at 12.6 per cent year-on- IndusInd Bank 1.00 4.00 37.90 36.70 Equivalent (APE) of life insurers. APE revised the surrender value norms,
Meanwhile, Bandhan Bank and year/Y-o-Y (12 per cent Y-o-Y, excluding Bank of India 2.46 2.96 — — is the sum of regular premiums plus which will be effective from October
YES Bank’s advances increased by 0.7 per HDFC). However, a part of this growth PNB 5.00 2.80 — — 10 per cent of new single premiums 2024.
cent and 0.9 per cent each, while RBL Bank momentum coming off could be attributed to in a particular period. According to Emkay Global, LIC
posted a 3 per cent growth. Among public-sector the seasonal weakness generally seen in Q1.” Union Bank 0.59 -0.25 — — According to analysts at Emkay is anticipated to defy the trend of
banks, Bank of Maharashtra and Punjab National Meanwhile, HDFC Bank, the largest private Bank of Maharashtra 2.65 -1.22 52.73 49.86 Global Financial Services, Value of VNB margin contraction. LIC’s VNB
Bank (PNB) reported advances growth of 2.65 per
cent and 5.1 per cent, respectively. However, Bank
sector lender, reported a 0.8 per cent drop in loan
growth for the quarter ending June 2024, with
UCO Bank 3.74 1.90 39.25 38.62 New Business (VNB) margins for pri-
vate sector life insurers will contract
RESULTS margin is expected to inch up to 14.7
per cent in Q1FY25, while SBI Life’s
of Maharashtra’s deposits contracted by 1.22 per deposit growth remaining flat compared to the Bank of Baroda 1.73 1.59 — — in Q1FY25, given higher share of unit- PREVIEW VNB margin is set to drop to 27.2 per
cent, while PNB’s rose by 2.8 per cent. previous quarter. Source: Exchange filing ed linked products in the product mix cent; HDFC Life’s margin is likely to
and some pressure on group term pol- dip to 25.6 per cent and ICICI
icy pricing. VNB margin is the measure of prof- Prudential Life’s margin to 23.1 per cent from
itability of life insurers. 30 per cent last year. Similarly, Max Life’s VNB

NBFCs seek revisit Final call soon for states, UTs to “…life insurers would post strong APE
growth of 20.3% year-on-year (Y-o-Y) in Q1FY25
on a soft base. Given the strong equity markets,
margin is projected to be at 20 per cent.
On the other hand, non-life insurers are
expected to see an improvement in combined

of membership avail of MSME scheme benefits linked products are particularly likely to post ratio in Q1FY25, due to lower claims ratio.

guidelines for SROs New biz premium rises 23% in Q1

RAGHU MOHAN
New Delhi, 8 July
The Finance Industry
Development Council (FIDC)
has requested the central bank
to reconsider the membership
guidelines for self-regulatory
organisations (SROs) for non-
banking financial companies
(NBFCs). The industry associa-
tion wants the stipulation that
10 per cent of the membership
be drawn from the base-layer of
NBFCs to be narrowed only to
firms that provide loans and
have direct customer interface.
Additionally, a clarification has
been sought as to whether an
NBFC can be a member of more
than a single SRO.
FIDC has sought a meeting
with the Reserve Bank of India
(RBI) on these issues.
In its communication to the
central bank on July 3, FIDC –
which is also an SRO aspirant
– said that 8,793 NBFCs are reg-
istered in the base-layer as of
March 31, 2024. Many of these
NBFCs operate solely as invest-
ment companies without
direct customer interaction. Its
view is that since the intent
behind setting up SROs is to
promote innovation, trans-
parency, and customer protec-
tion among NBFCs, “the mem-
bership criteria should
specifically target NBFCs that
provide loans and have direct
customer interfaces.”
Base-layer NBFCs are those
with assets of less than Rs 1,000
crore and reside in the lowest
rung of the central bank’s scale-
based regulations framework.
FIDC has a membership of
160-odd NBFCs and to abide by
the RBI stipulation issued last
month (June 19), it has to broad-
en this to 979. It is speculated
that given the nature of the
NBFC space, which has firms
with businesses ranging from
home loan players to full-ser-
WHAT'S ON
THE TABLE
 Relook into norm
that states 10% of
membership be
drawn from the
base layer of NBFCs
 Whether only NBFCs
that provide loans
and have direct
customer interface in
base layer are to be
considered
 Exclusion of entities
operating solely as
investment
companies
 Clarification on
whether an NBFC
can be a member of
more than one SRO
vice providers (deposit and
non-deposit taking), a case of
more than two SROs for the sec-
tor may also be taken up with
the banking regulator. The cen-
tral bank’s stance is that “a max-
imum of two SROs for the NBFC
sector will be recognised”.
On dual membership, FIDC
has pointed out that if a regu-
lated entity (RE) is permitted to
have voluntary memberships
with two SROs, its level of inter-
face with each such SRO would
be highly fragmented.
HARSH KUMAR
New Delhi, 8 July
The government is planning to issue a final
call to four states and seven Union Territories
(UTs) that are yet to submit their strategic
investment plan (SIP) required to avail of funds
to revitalise the micro, small, and medium
enterprises (MSMEs), a senior government
official said.
In her 2022 Budget speech, Finance
Minister Nirmala Sitharaman had announced
the Raising and Accelerating MSME
Performance (RAMP) scheme as part of the
government’s effort to revive the MSME sector
after the pandemic shock.
So far, 24 states and one UT, Chandigarh,
have submitted their SIPs. “The MSME min-
istry is planning to issue a final call to four
states, Chhattisgarh, Jharkhand, Manipur, and
Arunachal Pradesh, and seven Union
Territories, Andaman and Nicobar Islands,
Dadra and Nagar Haveli and Daman and Diu,
Delhi (NCT), Jammu and Kashmir, Ladakh,
Lakshadweep, and Puducherry, that have not
yet submitted their project plans to benefit
Rural banks shift focus to product diversification
GAINING STRENGTH
Net profit (~ cr) > 3,219
FY22
Profit-making RRBs 34
Net interest margin (%) 3.5
Capital adequacy ratio (%) 12.7
Gross NPA (%) 9.1
Net NPAs (%) 4.7
Provision coverage ratio (%) 52
Advances (~ trn) 3.62
Deposits (~ trn) 5.62
Credit-to-deposit ratio (%) 64.5
Note: Total 43 RRBs in country under supervision of Nabard
Source: Nabard database
from the RAMP scheme,” the official said. The
scheme, launched in collaboration with the
World Bank in 2022, aims at strengthening
institutions and governance at the Centre and
State, improving Centre-state linkages and
partnerships and improving access of MSMEs
to market and credit, technology upgradation
and addressing issues of delayed payments
and greening of MSMEs.
An email query sent to the ministry did not
elicit any response by the press deadline.
Of the total outlay of ~6,062.45 crore of the
scheme, the World Bank is contributing ~3,750
crore while the remaining ~2,312.45 crore will
be funded by the Indian government. The offi-
cial said that the government has approved
283 projects amounting to ~2,500 crore with
~1,100 crore already disbursed.
The SIP includes an outreach plan for the
identification and mobilisation of MSMEs
under RAMP, identifying key constraints and
gaps, setting milestones, and projecting the
required budgets for interventions in priority
sectors.
More on business-standard.com
ABHIJIT LELE
Mumbai, 8 July
After consolidating capital adequacy,
improving profitability and asset quality,
regional rural banks (RRBs) will now focus
on diversification of lending products to
small and medium enterprises (SMEs)
for value addition in agriculture chain and
allied sectors.
The top priority will be upgrading the
4,974 7,571 technology platform for digital banking for
retaining existing customers and attracting
new ones in rural areas.
FY23 FY24 Goverdhan S. Rawat, deputy managing
37 40 director, National Bank for Agriculture and
3.8 3.6 Rural Development (Nabard) told Business
13.4 14.2 Standard that with fund infusion and prof-
itability, the capital adequacy has improved
7.3 6.1
substantially and asset quality is robust.
3.2 2.4 Now, they will intensify efforts on sus-
59.2 62.6 taining efficiency and productivity for which
4.10 4.70 boards of banks will prepare a five-year road
6.08 6.59 map for standing on their own feet.
67.50 71.20 The consolidated capital adequacy of
RRBs was 10.16 per cent as on March 31, 2021,
before beginning of the recapitalisation
Insurance companies reported nearly 23 per
cent growth in first year premium in the first
quarter of financial year 2024-25, when
compared to the same period last year, with
market leader LIC leading the charge with 28
per cent growth.
According to the data released by the Life
Insurance Council, the new business premium
(NBP) increased by 22.91 per cent year-on-year
(Y-o-Y) to ~89,726.7 crore in Q1FY25 from
~73,004.87 crore in Q1 FY24, reflecting a robust
demand for insurance policies in the country.
GROWING BOOK
June 2024 Y-o-Y change
(~ cr) in %
LIC 28,366.87 13.60
Private insurers 14,066.82 17.31
Total new business premium 42,433.69 14.80
Source: Life Insurance Council
process in FY22. It steadily increased to 12.7
per cent in FY22, 13.4 per cent in FY23 and
finally to 14.2 per cent in FY24, Nabard data
showed.
The stakeholders, including the govern-
ment, have infused about ~10,000 crore as
capital in the three-year period ended FY24.
All the stakeholders had infused ~8,393 crore
as capital into RRBs from 1975 till FY21.
Loan portfolio of RRBs expanded by 14.5
per cent year-on-year (Y-o-Y) to ~4.7 trillion
and deposits by 8.4 per cent to ~6.59 trillion
in FY24. The credit deposit ratio rose to 71.2
per cent.
Given the rural credit under-penetration,
there is scope to increase book and expect
advances to maintain 14-15 per cent Y-o-Y
growth in FY25 also.
The lending diversification would involve
a shift from predominantly crop loans, which
are short term in nature, to lending to micro
small medium enterprises (MSMEs) and
post-harvesting activities to help in invest-
ment and capital formation, Rawat said.
As for profitability of RRBs, their net prof-
it rose by 52.2 per cent Y-o-Y to ~7,571 crore
in FY24. However, net interest margins
Life Insurance Corporation of India (LIC)
clocked 28.11 per cent growth to ~57,440.9 crore
in three- month period ended June 30, 2024
aided by growth in group premium. LIC
recorded a 33.49 per cent rise in its Group Single
premium to ~44,671.86 crore in April-June
quarter of FY25 from the same period last year.
On the other hand, private life insurers
clocked 14.62 per cent Y-o-Y improvement in
their premium to ~32,285.8 crore from
~28,167.66 crore supported by healthy growth in
the individual segment. AATHIRA VARIER
Q1FY25 Q1FY24 Y-o-Y change
(~ cr) (~ cr) in %
57,440.9 44,837.2 28.11
32,285.8 28,167.66 14.62
89,726.7 73,004.87 22.91
showed moderation at 3.6 per cent for FY24
against 3.8 per cent for FY23, according to
the Nabard data.
Asset quality profile improved with gross
non-performing assets (gross NPAs) declin-
ing from 7.3 per cent in FY23 to 6.1 per cent.
Net NPAs also declined from 3.2 per cent to
2.4 per cent.
Overall provision coverage ratio (PCA)
moved up to 62.6 per cent in FY24 from 59.2
per cent in FY23.
Subrat Kumar Nanda, chief general man-
ager, Nabard, said besides loan diversifica-
tion, RRBs would scale up digital banking
with emphasis on 14 customer-centric digital
services like mobile banking, KYC, UPI and
Bharat Bill Payment Service.
There are also eight bank-centric digital
upgradations like core banking solution (CBS)
upgradation, loan origination system and
NPA management module, among others.
RRBs have already invested about ~1,000
crore in upgrading technology backbone for
digital banking in the last three years.
Expenditure for digital banking over the
next three years is pegged at ~1,000 crore,
Nanda added.

> FROM PAGE 1 Margin contraction may weigh on corporate showing

UP’s move makes hybrid
cars attractive for buyers
In Noida alone, 2023 saw the sale of 900
electric cars, making it a top 20 market in
India. The registration fee waiver for
hybrids in UP may impact EV sales, accord-
ing to the sources.
The percentage volume growth in the
hybrid car segment was stronger than that
of the electric car segment in FY24. Amid
concerns about charging points, the
growth of electric car sales in India has
been slowing down, of late.
As India targets carbon neutrality by
2070, automakers are split on the best
approach. Japanese firms like Maruti
Suzuki and Toyota advocate for cuts in tax-
es on hybrid cars, while local manufactur-
ers like Tata Motors and Mahindra &
Mahindra push for full EV adoption. The
central government is currently consider-
ing the Japanese companies’ proposal.
Saket Mehra, partner at Grant Thornton
Bharat, believes the policy will significantly
boost hybrid sales in UP and NCR by mak-
ing these vehicles more affordable “By
reducing costs by ~2-4 lakh, the policy
makes hybrid vehicles attractive for price-
sensitive consumers, promoting eco-
friendly transportation.” “Additionally, this
step highlights the importance of adopting
alternative fuel technologies, not just EVs,
for sustainable transportation,” Mehra said.
Delhi, contrastingly, continues to
charge a 10 per cent registration fee on ex-
showroom prices of strong hybrid cars.
UP’s June 28 notification aligns it with
states like Haryana and Rajasthan, which
offer partial or full registration fee waivers
for hybrid cars. A senior executive with a
leading carmaker noted that the waiver of
registration fee in UP was implemented for
the first 25,000 EVs registered in the state
and therefore, hybrid cars would plausibly
share the same pool. However, he
expressed concerns that hybrids, still
reliant on fossil fuels, might undermine
net-zero goals.
However, Rimali Batra, partner, DSK
Legal, said: “The reduction (in registration
charges) notionally increases the buying
capacity, making it attractive to purchase
hybrid vehicles in UP.” This will push over-
all green mobility in the state, she added.
Deven Choksey, managing director,
DRChoksey FinServ told Business
Standard that UP waiving the registration
cost for strong hybrids does not necessarily
mean all other states will rush to replicate.
He also felt that while registration costs
have been waived, the taxation (GST) arbi-
trage is in favour of the EVs. “What the cus-
tomer will choose to buy will depend on
his use-case. The operating cost and the
acquisition cost of ICE, EV, hybrids and
CNG are quite different,” Choksey added.
With inputs from Sohini Das)
Their combined net sales are also
expected to have witnessed an
uptick of 4.4 per cent Y-o-Y, the
least in three quarters.
The combined net profit,
excluding both BFSI and oil & gas
sectors, is expected to have risen
by 10.6 per cent Y-o-Y in the June
2024 quarter, down from 21.8 per
cent in Q4FY24 and 19.3 per cent
in Q1FY24. This relatively strong
earnings growth is largely attrib-
uted to higher margins, as their
combined net sales are projected
to have grown by only 3.9 per cent
Y-o-Y, the slowest since Q2FY21.
This analysis is based on the
quarterly financials of 49 Nifty 50
firms, excluding Adani Enter-
prises. For previous quarters, com-
bined figures include HDFC,
which merged with HDFC Bank
Enforcing global digital tax: Wait may get longer
“The draft in the works would also
provide a comprehensive idea on
reporting and compliance for
MNEs and how that will be coor-
dinated with the foreign counter-
parts,” said one of the officials.
India may have to amend
some of its tax laws, such as
Qualified Domestic Minimum
Top-up Tax (QDMTT), Income
Inclusion Rule, and Undertaxed
Profit Rule, in order to exercise its
right to collect taxes in those juris-
dictions who signed the frame-
last July. HDFC’s Q1FY24 earnings
estimates are incorporated into
HDFC Bank’s numbers.
The numbers suggest a broad-
based slowdown in corporate earn-
ings, with the exception of auto-
mobile makers, which are likely to
report double-digit profit growth,
even as they, too, face sluggish rev-
enue growth. The combined net
profit of the top six automakers in
the Nifty 50 index is projected to
have increased by 29.1 per cent Y-
o-Y in Q1FY25, driven by margin
expansion. However, they are
expected to report a combined net
sales uptick of only 6.7 per cent Y-
o-Y in the quarter under review,
down from 14.4 per cent in Q4FY24
and 30.5 per cent in Q1FY24.
Firms in other major sectors,
including BFSI, oil & gas (including
work. The country may also need
to modify the Double Taxation
Avoidance Agreements to suit
Pillar Two, given the cross-border
transactions.
“India needs to provide local
legislation for implementation of
Pillar Two. This is needed to fulfil
the reporting of India-headquar-
tered MNCs that will be covered
by Pillar Two, as well as legislating
a QDMTT to protect tax revenues
in India,” said Rohinton Sidhwa,
Tax Partner, Deloitte India.
RIL), IT services, FMCG, and min- > BS SUDOKU #4328
ing and metals, are likely to report
low single-digit revenue and profit
growth or even an earnings con-
traction on a Y-o-Y basis.
Brokerages attribute this to the
anticipated poor performance by
OMCs and margin contraction.
Analysts at Motilal Oswal estimate
the MOFSL Universe earnings to
remain flat and Nifty earnings to
grow 4 per cent Y-o-Y in Q1.
Excluding OMCs, the MOFSL
Universe and Nifty earnings are
expected to grow by 11 per cent Y-
o-Y and 8 per cent Y-o-Y, respec-
tively. Analysts at Elara Securities
note that while the surface-level
earnings performance largecap
and midcap stocks appear “lack-
lustre”, smallcap stocks are expect-
ed to “outperform” significantly.
Officials are of the view that the SOLUTION TO #4327
global minimum tax is an anti-
base erosion rule to prevent profit Easy: ««
erosion so its impact on the overall Solution tomorrow
revenue would depend on how it
is being implemented by MNEs.
This, they say, will not have any
significant impact on revenue
HOW TO PLAY
augmentation. Meanwhile, sever- Fill in the grid so that
al firms are learnt to be assessing every row, every
how this could impact their con- column and every 3x3
solidated group financials. box contains
the digits 1 to 9
More on business-standard.com
.
NEW DELHI | TUESDAY, 9 JULY 2024 POLITICS & PUBLIC AFFAIRS 7

Stronger ties will greatly

benefit us: PM in Russia
Kremlin says Modi, Putin will hold both private, extended talks today
PHOTO: PTI
PRESS TRUST OF INDIA
Moscow, 8 July

I
n his first trip since the start of
Moscow's invasion of Ukraine, Prime
Minister Narendra Modi on Monday
travelled to Russia to hold summit talks
with President Vladimir Putin — a visit
that is being seen as having a wider geopo-
litical context and signalling.
Shortly after landing in Moscow, Modi
said he is looking forward to deepening
bilateral partnership in futuristic areas and
that stronger ties between India and
Russia will “greatly benefit our people”.
India seeks to play a “supportive role”
for a peaceful and stable region, the prime
minister said in his departure statement.
President Vladimir Putin will hold
extensive talks with Prime Minister
Narendra Modi on Tuesday, both
one-on-one and with delegations, a top
Russian official said on Monday.
“Around noon, Putin and Modi will Prime Minister Narendra Modi meets Indian diaspora in Moscow on Monday
start talking. We expect that there will be
a private conversation, as well as Russian- Manturov had received Chinese the Russian side to end recruitment of
Indian talks over an official breakfast,” President Xi Jinping during his visit to Indians as support staff to the Russian mil-
Kremlin spokesman Dmitry Peskov was Russia as well. On Tuesday, Modi will co- itary and ensure the return of those still
quoted as saying by the state-owned TASS chair the 22nd India-Russia annual sum- operating in the force.
news agency. mit with President Putin, interact with the “Landed in Moscow. Looking forward
“No joint communication with the members of the Indian community and to further deepening the Special and
media is foreseen,” he said. “But we expect visit the Rosatom pavilion at an exhibition. Privileged Strategic Partnership between
an extended exchange of views at both the The prime minister is also scheduled to our nations, especially in futuristic areas
private and extended sessions, which will lay a wreath at the ‘Tomb of the Unknown of cooperation,” Modi said on X. Modi was
largely compensate for the lack of state- Soldier’. accorded a guard of honour at the airport.
ments to the media.” The focus of the 22nd India-Russia He was given a warm welcome outside The
Modi was received at the Vnukovo-II annual summit is likely to be boosting Carlton Hotel in Moscow by members of
airport by Russia's First Deputy Prime bilateral cooperation in the areas of energy, the Indian diaspora and a group of Russian
Minister Denis Manturov. The Russian security, trade, investment and people-to- artists who danced to the tune of Hindi
first deputy minister also accompanied people exchanges. The Ukraine conflict is songs. “A memorable welcome in Moscow!
the Indian prime minister to his hotel from set to figure in the discussions. I thank the Indian community for their
the airport, officials said. In the talks, Modi is expected to urge affection,” Modi said in another post.

10th round of OALP N IN THE SC N

bidding for oil & gas National-level builder-buyer

pacts for realty likely soon
assets likely in Aug Hinting that uniform national-level builder-buyer
agreements in India may be made public soon, the
SUBHAYAN CHAKRABORTY 410,000 sq km is in the shallow Centre on Monday said it had submitted a model to
New Delhi, 8 July offshore area up to 400 metres the Supreme Court for approval. In a hearing in the
from the coast, and 1.32 mil- apex court, a Bench presided by Chief Justice D Y
The 10th round of bidding for lion sq km in the deepwater Chandrachud said buyers were being “defrauded” by
oil and gas assets under the area beyond 400 metres. the builders and that there had to be some “uniformity” in these
Centre’s Open Acreage Currently, an estimated 10 per agreements. The Centre said it has developed a model agreement
Licensing Policy (OALP) is cent of the sedimentary basins with the Confederation of Real Estate Developers’ Associations of
expected to commence next are under exploration. India and various state governments and has submitted that for
month, petroleum and natural The ninth round com- approval. RAGHAV AGGARWAL
gas ministry officials said. prised 28 blocks with an area
OALP-X may be one of the of approximately 136,000 sq
biggest so far in terms
of area covered and
km. This includes 23
blocks based on
Centre to frame Sandeshkhali:
the number of expressions of model policy on State plea against
blocks on offer,
and is expected to
interest (EoIs)
received from menstrual leave CBI probe rejected
double the area companies The Supreme Court on Monday The Supreme Court on Monday
under exploration. between April directed the Centre to frame a dismissed a plea filed by the
The winning 2022 and March model policy on menstrual West Bengal government
bids for OALP-IX, 2023 and five leave for women employees challenging the Calcutta High
the final deadline blocks carved out by holding consultations with Court’s order which directed a
for which had been The Centre by the Directorate states and other stakeholders. CBI investigation into the
extended to May, is planning General of A Bench comprising Chief allegations of crimes against
will also be concur- to bring Hydrocarbons. Justice D Y Chandrachud and women and land grabbing in
rently announced, 560,000 sq km The 28 blocks Justices J B Pardiwala and Sandeshkhali. “Why should
they said. under oil under the round Manoj Misra said the issue the state be interested in
“The govern- exploration are spread across related to policy and was protecting someone?” a Bench
ment wants to by the end eight sedimentary not an issue for the courts of Justices B R Gavai and K V
expand the area of 2024 basins and include to look into. PTI Viswanathan observed. PTI
under exploration nine onland
fast. After the blocks, eight shal-
OALP-IX and X bid rounds are low water blocks, and 11 ultra- ‘Sharing live location of accused
successfully completed, about deep-water blocks. To date, 134
560,000 sq km area is expect- exploration and production in return for bail violates privacy’
ed to come under exploration blocks comprising an area of The Supreme Court on Monday said bail condition requiring an
by the end of the year,” an offi- 207,000 sq km across 19 sedi- accused to share Google Maps pin location for the investigating
cial said. mentary basins have been officer to access their location violated the person’s right to privacy.
India has an estimated sed- awarded by the government. A Bench of Justice Abhay S Oka and Justice Ujjal Bhuyan said there
imentary area of 3.36 million It has been difficult to get cannot be a bail condition that enables the police to constantly
sq km comprising 26 sedimen- foreign players to participate track movements of the accused and ‘peep into their privacy. This
tary basins, of which 1.63 mil- till now. OALP-VIII ran for a comes following the Delhi HC’s conditions for granting interim bail
lion sq km area is on land, year till July 5, 2023. to a Nigerian national accused in a drugs case. BHAVINI MISHRA

Remittances below $25K also need Form A2 now

CHATROOM
T N C RAJAGOPALAN
I have been making outward
remittances to my son
studying abroad for his
maintenance through my
bank. They used to only ask
for a simple request letter
stating the purpose of
remittance. Now, I am told
that I have to submit a form
A2 every time I want to make
a remittance. Is this correct?
Yes. The RBI had allowed the
banks to release foreign
exchange for any current
account transaction, on the
basis of a simple letter contain-
ing basic information and sub-
ject to an upper limit of
$25,000 or its equivalent.
Banks were not required to
obtain any other documents,
including Form A2. The latest
AP (DIR) Circular no.13 dated
July 5, 2024 says that the banks
must obtain Form A2 in phys-
ical or digital form for all cross-
border remittances irrespec-
tive of the value of transaction.
We refer to the draft
directions to Authorised
Dealers on export and import
of goods and services put up
by the RBI on its website on
July 2, 2024. I do not see any
specific instructions for
grant of write-off in those
instructions, whereas in the
current Master Direction
no.16/2015-16 dated January
1, 2016 (as amended), there
are detailed instructions of
grant of write-off. In fact, the
draft directions do not deal
with export claims, refund of
export proceeds, agency
commission on exports or
even surrender of
proportionate export
incentives when there is
shortfall in realisation of
export proceeds. As
exporters, we need clarity on
all these matters and so
would appreciate your views
on the same.
The RBI has only put up the
draft directions on exports and
imports of goods and services
for public response. The direc-
tions would be finalised only
after receiving feedback from
exporters, importers, banks
and other stakeholders. So,
you can also give your feed-
back via email to RBI by
September 01, 2024, with the
subject line “Feedback on draft
regulations and directions on
export and import under
FEMA”. Now, at Para 3.5 of the
draft directions, the RBI does
say that AD banks, on request
of the exporter, may permit
reduction in the full export val-
ue after satisfying themselves
of the bona fides of such
requests. And at Para 4.1 of the
draft directions, the RBI does
say that AD banks shall put in
place a comprehensive, well-
documented policy as
approved by their Board of
Directors within six months of
issuance of this circular for
handling payment transac-
tions related to export/import
of goods and services and mer-
chanting trade. So, it appears
the RBI has left it to the judg-
ment of the banks on how to
deal with requests for write-
offs, export claims etc. For
banks, so used to only imple-
menting RBI directions on
exports and imports, it is
unchartered territory. So, we
have to wait and see how they
respond. For exporters and
importers also, a situation
where different banks act dif-
ferently, instead of everyone
following the same RBI
instructions will be a new
experience. We have to wait
and see.

Business Standard invites readers' SME queries related to GST, export and import matters. You can write to us at smechat@bsmail.in
8 WORLD
>
NEW DELHI | TUESDAY, 9 JULY 2024

I am not going France in turmoil: Left, 737 MAX CRASHES

anywhere, Biden Boeing to plead

tells Democrats Far-Right, and Centre guilty to criminal
REUTERS
Paris, 8 July
wants him to step aside to
“challenge me” when the
Democratic National
LEFT-WING BLOC COMES FIRST
BUT NO MAJORITY IN PARLIAMENT
ATTAL TO STAY PM FOR NOW
TO ENSURE COUNTRY’S STABILITY
fraud charge
US President Joe Biden vowed Convention meets in August. AP/PTI
to stay in the presidential race The interview was another Washington, 8 July TURBULENT PAST
on Monday, saying he is con- example of Biden trying to REUTERS October 2018: A Lion Air
fident the average
voter still wants Biden said average
recover from a
shaky debate
Paris, 8 July
WHATNEXT? Boeing will plead guilty to a
criminal fraud charge stem-
MAX plane crashes in

F
him on the Democrats want outing against rench President A hung parliament? ming from two crashes of 737
Indonesia, killing all 189
Democratic him to stay and Republican Emmanuel Macron on Three major political Max jetliners that killed 346 people on board
ticket. only party elites Donald Trump Monday asked his blocs emerged from the people after the government
are forcing him out April 2019: FAA forms an
“I am not on June 27 that prime minister to stay in the elections — yet none of determined the company vio- international team to review
going anywhere,” of the prez race raised ques- role for now, pending what them is close to the lated an agreement that had the safety of 737 MAX
Biden told tions about his will be difficult negotiations majority of at least 289 protected it from prosecution
MSNBC after calling into the mental fitness. to form a new government seats out of 577. Modern for more than three years, the January 2020: Boeing
network's Morning Joe pro- Biden expressed frustra- after a surprise Left-wing France has never Justice Department said suspends 737production, its
gram. He urged anyone who tion with what he called an surge in elections that deliv- experienced a Sunday night. biggest assembly-line halt in
effort by “elites” to force him ered a hung parliament. parliament with no Federal prosecutors gave more than 20 years
out of the presidential race The leftist New Popular dominant party Boeing the choice this week
against Trump, whom he Front (NFP) emerged as the of entering a guilty plea and November 2021: Current
defeated in 2020, with the dominant force in the National Can Macron make paying a fine as part of its sen- and former Boeing directors
election coming up on Assembly after Sunday’s elec- a deal? tence or facing a trial on the reach a $237.5 mn settlement
November 5. When Morning tion, thwarting Marine Le Jean-Luc Melenchon, leader of French Far-Left opposition Macron may seek a deal felony criminal charge of con- to settle lawsuits over safety
Joe cohost Mika Brzezinski Pen's quest to bring the far party France Unbowed, at the party headquarters in Paris, with the moderate Left spiracy to defraud the United oversight of the 737 MAX
ticked off a list of major news right to power. on Monday PHOTO: REUTERS to create a joint States.
organisations and pundits However, with no single government. Such Prosecutors accused the January 2024: A mid-air
who have called on him to
step aside, Biden brushed off
group securing a working
majority, the outcome her-
CLIFFHANGER France election 2024 negotiations could be
very difficult because
American aerospace giant of
deceiving regulators who
cabin blowout compels
Alaska Air to perform an
the question. “I don’t care alded a period of political vol- Total: 577 | Majority mark: 289 Seats won France has no tradition approved the airplane and emergency landing of its 737
what those big names atility just before the Paris of this kind of pilot-training requirements MAX 9 aircraft
New Popular Front Ensemble (Macron National Rally+ Others
think,” Biden said. Olympics and raised uncer- arrangement. The deal for it.
tainty among investors about
(Leftist coalition) : and allies): (Le Pen and allies): could take the form of a The plea deal, which still March 2024: FAA's 737 MAX
who would run the euro zone’s loose, informal alliance must receive the approval of a production audit found
second largest economy. The 182 168 143 84 federal judge to take effect, Boeing allegedly failed to
IN BRIEF range of possibilities include
the NFP forming a minority Source: Agencies
A temporary govt?
PM Gabriel Attal offered
calls for Boeing to pay an
additional $243.6 million fine.
comply with manufacturing
quality control requirements
government or the cobbling his resignation on That was the same amount it
July 7, 2024: Boeing agrees
Carlsberg to buy UK Pepsi together of an unwieldy coali-
tion of parties with almost no
being in order to ensure the
country’s stability,” Macron’s
Macron’s centrist alliance 168
and Le Pen’s National Rally
Monday but Macron
asked him to remain
paid under the 2021 settle-
ment that the Justice to plead guilty
bottler Britvic for £3.3 bn common ground.
Prime Minister Gabriel
office said in a statement.
A fragmented parliament
(RN) and allies 143, Interior
Ministry data cited by Le
“temporarily” as head of
the government. Attal
Department said the company
breached. An independent safety programs.
Carlsberg AS agreed to buy Britvic for £3.3 billion in a move that Attal, a centrist and close ally will make it hard for anyone to Monde newspaper showed. has said he is ready to monitor would be named to The plea deal covers only
increases the Danish brewer’s presence beyond beer, combining of Macron, tendered his resig- push through a domestic Other media had slightly dif- remain in the post oversee Boeing's safety and wrongdoing by Boeing before
two major bottlers of PepsiCo soft drinks. The company is offering nation but the head of state agenda and is likely to weaken ferent counts, and final during the upcoming quality procedures for three the crashes, which killed all
1,315 pence a share, a 36 per cent premium to the share price rejected it. “The President has France’s role in the European numbers will depend partly on Paris Olympics and for as years. The deal also requires 346 passengers and crew
before news of the takeover interest was revealed. Britvic’s asked Gabriel Attal to remain Union and further afield. individual MPs joining differ- long as needed Boeing to invest at least $455 members aboard two new
board is supporting the deal.Carlsberg already made two prime minister for the time The left won 182 seats, ent groupings. million in its compliance and Max jets.
previous bids — at 1,200 pence and 1,250 pence a share — that
were rejected by the Britvic board. Britvic’s shares rose as much
as 5.3 per cent in early London trading to 1,274 pence. Carlsberg,
whose shares had fallen more than 10 per cent was up as much
as 4 per cent in early trading in Copenhagen. BLOOMBERG THOUSANDS OF SAMSUNG WORKERS Xi urges world powers to facilitate
Paramount, Skydance WALK OUT IN HISTORIC STRIKE Russia-Ukraine direct dialogue
merger ends Redstone era AP/PTI
Skydance Media and Paramount Global agreed to merge, the
companies announced late on Sunday, scripting a new
Taiwan, 8 July
RUSSIAN MISSILE ATTACK ON CHILDREN’S
chapter for one of Hollywood's oldest studios. The companies
agreed to a two-step process in which Skydance and its deal
Chinese President Xi Jinping called
on world powers to help Russia and
HOSPITAL IN UKRAINE KILLS OVER 20
partners will acquire National Amusements, which holds the Ukraine resume direct dialogue dur-
Redstone family's controlling stake in Paramount, for $2.4 ing a meeting on Monday with
billion in cash. Skydance will subsequently merge with Hungary’s Prime Minister Viktor
Paramount, offering $4.5 billion in cash or stock to Orban, state broadcaster CCTV
shareholders and providing an additional $1.5 billion for reported.
Paramount's balance sheet. REUTERS Orban made a surprise visit to
China after similar trips last week to
Russia and Ukraine to discuss pro-
Japan, Philippines sign spects for a peaceful settlement of
more than the two-year war.
landmark defence pact Hungary assumed the rotating
presidency of the European Union
Japan and the Philippines on Monday signed a key agreement this month and Orbán has since
that would facilitate mutual military visits, as the US allies embarked on a peace mission,
deepen their defence ties amid lingering tensions with China. which, however, lacks the endorse-
Philippine President Ferdinand Marcos Jr witnessed the signing ment of other European leaders.
of the Reciprocal Access Agreement, which he previously hailed “China is a key power in creating
as a boost to his country’s security. The agreement was signed by the conditions for peace in the
Japan Foreign Minister Yoko Kamikawa and Philippine Defence Russia-Ukraine war,” Orban wrote on
Children near the site of Okhmatdyt children hospital, which was
Secretary Gilberto Teodoro. “The RAA brings our defence partne- the social media platform X. “This is
hit by Russian missiles, in Kyiv on Monday PHOTO: AP/PTI
rship to an unprecedented height,” Philippine Foreign Affairs why I came to meet with President
Secretary Enrique Manalo said in a joint briefing following the Xi in Beijing, just two months after
2+2 meeting with Japanese counterparts in Manila. BLOOMBERG National Samsung Electronics Union (NSEU) workers during a general strike in his official visit to Budapest.” Orban A major Russian missile attack Strikes in Kryvyi Rih, in central
front of the Samsung Electronics Nano City Hwaseong Campus in Hwaseong, is widely seen as having the warmest across Ukraine killed at least 20 Ukraine, killed 10 people and
South Korea on Monday PHOTO: REUTERS relations with Xi and Russian people and injured more than injured 37, in what the head of
Fire breaks out at Pak stock Thousands of Samsung Electronics thoroughfare, chanting slogans and
President Vladimir Putin among
European leaders. His visit to
50 on Monday, officials said.
One missile struck a large
city administration, Oleksandr
Vilkul, said was a massive
exchange; no loss of life workers walked off the job Monday to
stage a rally demanding better pay,
singing in unison with raised fists.
Union leaders, who said more
Moscow last week drew condemna-
tion from Kyiv and EU officials, who
children's hospital in the
capital, Kyiv, where emergency
missile attack. "It is very
important that the world should
A fire broke out at the Pakistan Stock Exchange building in beginning the biggest organized than 6,500 signed up for the action, insisted Orbán was not acting on crews searched rubble for not be silent about it now and
Karachi city of Sindh province on Monday, leading to the labor action in the South Korean hope the highly publicized protest behalf of the whole European bloc. casualties. The Russian barrage that everyone should see what
suspension of operations at PSX, police said. No casualties were conglomerate’s half-century history. galvanizes a three-day walkout that Their rebuke failed to deter Orban targeted five Ukrainian cities Russia is and what it is doing,”
reported in the fire on the fourth floor of the building, a police Disgruntled employees and union will send a message to Korea’s from extending a similar visit to with more than 40 missiles of Zelenskyy said.
official said. The stock exchange was opened for the public in the supporters gathered in the pouring biggest company. Police later put Beijing, which he called “Peace mis- different types, hitting The attack comes on the eve
afternoon after the fire brigade brought the douse under control rain outside one of Samsung’s biggest the turnout at closer to half that, at sion 3.0” in a picture posted on X.
apartment buildings and public of a three-day Nato summit in
and began the cooling process. “It is hereby informed to all chipmaking complexes south of about 3,100. Samsung’s largest During his meeting with Xi,
infrastructure, Ukrainian Washington, which will look at
Certificate Holders and concerned that the trading in all Seoul. Wearing red headbands union spent weeks preparing for the Orban described China as a stabilis-
securities has been temporarily suspended from 10.25 am to 11.25 proclaiming “total strike” and black walkout, after negotiations over pay ing force amid global turbulence and President Volodymyr Zelenskyy how to reassure Ukraine of allia-
am today (Monday),” PSX's General Manager and Chief Market raincoats, they formed neatly and vacation time collapsed last praised its “constructive and impor- said in a social media post. nce's unwavering support. AP
Operations Officer Jawad H Hashmi said in a statement. PTI organized ranks along a broad month. BLOOMBERG tant” peace initiatives.

‘Get Britain building again’: Reeves unveils Labour govt’s growth plan
BLOOMBERG
8 July
Chancellor of the Exchequer
Rachel Reeves, in her first major
speech on Monday, vowed to “get
Britain building again,” as she
unveiled a slew of planning
reforms including restoring
mandatory local housing targets
ditched by the previous
Conservative government and
ending an effective ban on
onshore wind farms.
As the party tries to ride the
momentum of its landslide UK
election win last week in a dash
for economic growth, Reeves also
vowed to overhaul the National
Planning Policy Framework by
the end of the month, and a
relaxation of planning
restrictions on less attractive
parts of the so-called green belt,
as part of a housebuilding
overhaul overseen by Deputy
Prime Minister and Housing
Secretary Angela Rayner.
“What we want is for
infrastructure to be built, housing
to be built, the energy system to be
more sustainable,” Reeves’s
deputy, Darren Jones, said on BBC
TV on Monday. “Our key focus is
on speeding up the planning
system.” Reeves’s plan is based on
crowding in billions of pounds of
private investment by creating
new financial instruments to
stimulate demand from
institutional investors, Bloomberg
reported before the election.
The focus on private funds
harks back to the last Labour
government in the late 1990s and
early 2000s, when private finance
IN THE WORKS
n To create a task force to accelerate
stalled housing projects
n Will announce plans for a national
wealth fund “in short order”
n Labour to stick to its campaign
pledge to not raise income tax,
national insurance or value added tax
n To unveil a treasury report on the
state of public spending by end of July
n Will announce date of first budget by
the end of the month
initiatives and public-private
partnerships were expanded
under Tony Blair and Gordon
Brown.
“We said we would grasp the
nettle of planning reform and
we’re doing so,” Reeves said in her
speech in London. “Be in no doubt
we are going to get Britain
building again, we are going to get
Britain’s economy growing again
and there is no time to waste.”
WE SAID WE able to do it quickly enough to
avoid difficult decisions on tax
WOULD GRASP and spending in their first budget
THE NETTLE in the autumn, where they’re
forecast to face a £20 billion ($26
OF PLANNING billion) fiscal hole.
REFORM AND Labour’s core promise was to
WE’RE stimulate growth and investment
in order to ease the strain on the
DOING SO
country’s tightened public
RACHEL finances. “We want investors to
REEVES, come alongside that government
UK CHANCELLOR money,” Starmer had said before
the July 4 election.
Former governor of the Bank
of England Mark Carney has been
leading a task force advising
Labour leader Keir Starmer has Reeves on the creation of a
said lifting growth would mean national wealth fund. The group
his government wouldn’t have to includes Aviva CEO Amanda
hike taxes or cut public spending Blanc and Barclays chief
to balance the books. To be sure, executive CS Venkatakrishnan,
economists doubt Labour will be and will report its findings on
Tuesday, according to a person
familiar with the matter. Carney
is the chair of Bloomberg ’s
board.Some developers say the
only solution to Britain’s housing
shortage is to build homes on the
green belt, strips of countryside
surrounding villages, towns and
cities where building is
prohibited.
The concept was first
introduced in London in 1938,
before later expanding across the
UK in a bid to contain urban
sprawl after a postwar
development boom. The green
belt now covers 13 per cent of
England's land, according to
Centre for Cities.
“Nowhere is decisive reform
needed more urgently than in the
case of our planning system,”
said Reeves.

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 >
OPINION 9
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VOLUME XXXI NUMBER 71

NEW DELHI | TUESDAY, 9 JULY 2024

MNC selldowns
the ability for venture capital (VC) to exit via the
capital markets is not questioned.
Empowering consumers India is one of the few places in the world where
a conventional car company can list at double-digit
multiples and raise billions of dollars. Likewise, try
The proposed food regulation will help them raising 500 million dollars for a white goods com-
As multinational corporations capitalise on India’s valuation

I
n a welcome development last week, the Food Safety and Standards Authority pany or auto ancillary in the West at anything higher
of India (FSSAI) approved an amendment to the Food Safety and Standards premium, there are reasons for caution as well than single-digit multiples. For older business mod-
els, India may be one of the few places you can list
(Labelling and Display) Regulations, 2020. Accordingly, packaged food items ILLUSTRATION: BINAY SINHA
at reasonable valuations. Indian assets across sectors
will display information regarding salt, total sugar, and saturated fat in a bold trade at significant valuation premiums to global
and relatively big font. It’s not that the bits of information are not available in peers. MNCs see the valuation arbitrage and are now
packaged food, but they are often in small fonts, and hence easy to miss. The move, beginning to take advantage of the differing growth
predictably, is to empower consumers to make informed decisions. The draft noti- and valuation expectations. They are using the India
fication for the amendment would be put in the public domain for suggestions and premium to their advantage.
comments from stakeholders. While the FSSAI would want to see what other stake- Given the large flows coming into equities, which
holders such as companies involved in the business have to say, the proposed most expect to continue and further accelerate, the
amendments are worth implementing. large IPO pipeline is actually a positive. It will ensure
that the demand for equities is met with an adequate
This is critical because of several reasons. As India grows at a rapid pace and
supply of, hopefully, quality paper. Otherwise, we
gets urbanised, more and more people are likely to consume packaged food because
would run the genuine risk of a potential bubble, as
of a variety of reasons. Given the easy availability of packaged food, more children demand for equities swamps the supply of paper. A
seem to be consuming packaged snacks and other such food items, which can sig- robust IPO market ensures that the money coming

I
nificantly increase health risks. For instance, according to the United Nations have been investing in the Indian markets for pared to a price-to-earnings (PE) multiple of five in into equities can be used to finance business expan-
International Children’s Emergency Fund’s “World Obesity Atlas” (2022), India is multiple decades. Throughout this time, we have your home market, and you need equity capital, the sion rather than just driving secondary prices con-
expected to have over 27 million obese children by 2030, making for 10 per cent of consistently seen global companies continuously temptation is obvious. You can raise a large amount tinuously higher. The regulator must ensure the
such children globally. While India has a large number of malnourished children, increase their stakes in their Indian operation. of capital while still maintaining control of the local quality and genuineness of the supply. Bubbles lead
the proportion of overweight children is also beginning to climb. The FSSAI thus Multinational corporations (MNCs) have consistently business by retaining majority ownership. to capital misallocation and will eventually cause
rightly expects the proposed changes to improve public health and well-being, and looked for opportunities to increase their economic What should one make of this trend? Good? Shall large retail losses.
ownership or take their Indian subsidiaries fully pri- we worry? Is it a sign of a top in the markets? First Just as global companies are taking advantage
help combat non-communicable diseases.
vate, either through mergers with private companies, of all, this is a clear sign of the maturation and size of the premium multiples in India to monetise,
Although the FSSAI must be commended for being proactive in this regard, stock buybacks, or preferential allotments. The higher of the Indian capital markets. India has a market Indian companies can also leverage these multiples
just mentioning the nutritional information in a relatively big font would be of the stakes, the better, with full ownership of the Indian capitalisation of over $5 trillion, the fourth-largest for strategic purposes. They could create a secondary
limited use if consumers don’t understand what they mean and when things start business as the ultimate goal. Many increased their in the world. Average daily trading volumes have listing overseas, which trades off the local prices,
becoming unsafe. To be fair, while per-serve percentage contribution to the recom- stakes at a premium to the then-pre- now surpassed those of Hong and use that as currency for acquiring global assets
mended dietary allowances would be available in bold for total saturated fat, sodium vailing market price, implicitly sig- Kong. Less than five years ago, or talent. With these multiples in India almost any
content, and sugar, it will be important to increase mass awareness. Departments nalling that markets were underesti- India had a weighting of only 10 acquisition anywhere else will be accretive.
dealing with public health at both the Centre and in states would be well advised to mating the long-term prospects of their per cent in the MSCI emerging One must, however, admit to some cause for pause
run public campaigns to spread awareness. Better food choices will also help reduce Indian business. market index, while China was as well. If the largest shareholder is selling, and by
In the last 12 months, this pattern near 40 per cent. Today, India is choice, why are we buying? Is this not similar to insider
the pressure on health systems.
has changed. We now have numerous close to a 20 per cent weighting selling? What do I know about the long-term prospects
The other issue is to tightly regulate what goes into packaged food. This is MNCs monetising their stakes and list- in the indices (second-highest), of the company that the MNC seller does not?
where the food regulator needs to be more active. For instance, Indians got to know ing or selling part stakes in their Indian with China just ahead at 24 per Normally, no one has a longer-term horizon or better
that popular spice brands had harmful substances only when they were tested in operations. Whirlpool, Timken, and cent. Any global equity mandate understanding of prospects than the principal share-
foreign countries. It was exposed by a foreign non-governmental organisation that ZF are examples of global MNCs selling excluding the US has a 5 per cent holder who also runs the company on a day-to-day
a popular brand of baby food was using extra sugar in developing countries like down stakes and monetising their high AKASH PRAKASH India weighting. The country is basis. MNCs have historically always tried to increase
India. It was only after an internet influencer’s revelation that e-commerce websites valuations. Hyundai Motors is the no longer marginal. Our capital stakes. Why the change today? Are valuations totally
were advised not to list certain brands in the health drink category. Thus, it is critical most visible example of a global MNC markets are one of a handful that out of sync? Is this monetisation event their cheapest
that the food regulator not only make it clear as to what is permissible but also playing valuation arbitrage and listing its Indian can support a multibillion-dollar issuance. source of capital? Is it that the size of Indian businesses
ensure that all companies in the food business follow the guidelines. The regulator subsidiary. The sums being talked of are large even Given that we have a $4 trillion gross domestic today is such that globally relevant monetisation
by global standards. Hyundai may raise over $3 bil- product (GDP) and a household savings rate of 20 per events can occur in India? Is the market too optimistic
needs to ensure all companies play by the rules of the game. This is not only critical
lion, the largest initial public offering (IPO) in Indian cent, these savings, restricted to Indian assets, are about longer-term growth prospects? Whatever the
for public health in India, but processed food and related items can be a big export history. Whirlpool raised nearly $500 million, selling increasingly going into equities, making India a very reason, it is one more piece of data pointing to just
opportunity, which will benefit the entire value chain and help create employment. down from 75 per cent to 51 per cent. The money is favourable place to list. Even on an absolute basis, how high valuations are in India today.
The percentage share of processed food in total agriculture food exports nearly dou- being raised to deleverage global balance sheets or to this is a very attractive and growing savings pool. We are in a bull market, that much is clear. How
bled between 2014-15 and 2022-23 to about 26 per cent. Following global standards raise capital for investments into new areas like elec- In a world where investors complain of closed long it lasts is anyone’s guess. What is apparent is
in food regulation will increase opportunities. tric vehicles. According to bankers, this trend seems IPO markets and a lack of listings, the Indian markets that our markets are not going to correct in any seri-
to be just beginning, and we may see many more stand out in terms of receptivity to new listings. All ous way until domestic investors lose confidence.
MNC monetisation events over the coming months. types of companies across industries, business mod- At the moment, there is absolutely no sign of that

French revolution Many more companies with large Indian businesses els and of differing maturity can list. We are seeing
may follow Hyundai’s example. When you can list multiple IPOs and secondary sales every day. This
for a multiple of 20-25 times earnings in India com- vibrancy also strengthens the startup ecosystem as
happening.

The writer is with Amansa Capital

Hung Parliament points to turmoil ahead

F
rench President Emmanuel Macron’s gamble to call snap elections fol-

Data analysis and GST policy

lowing the far-right National Rally Alliance’s strong showing in the
European parliamentary elections last month has thrown France into
turmoil. In a record turnout for a runoff election, French voters unex-
pectedly relegated Marine Le Pen’s far-right National Rally Alliance, or RN, to

D
third place, instead of the majority it had anticipated after the first round of ata, it is said, is the new oil. One can argue
voting. The RN’s predicament was courtesy a pre-electoral arrangement of con- that data is the nectar that policymakers must
drink and digest to make good policy. The
venience between Mr Macron’s centrist Ensemble coalition and the left alliance,
recent magisterial study by Arvind Subramanian and
the Nouveau Front Populaire (NFP). To stop the RN in its tracks, the centrists
his team has brought out the veracity of this assertion
and leftists withdrew some 200 candidates in seats where both were competing on the seventh anniversary of the introduction of
to give their rivals a better chance of beating the RN candidate. But the upshot is the goods and services tax (GST).
a hung Parliament with no bloc passing the 289-seat mark in the 577-seat One of the findings is that GST revenue perfor-
Assemblee Nationale, although the RN has emerged as the biggest single party mance has been overstated because of considering
in its own right. With all the key coalitions falling short of the majority by about gross revenues instead of net revenues, given the sig-
200 seats, the final tally points to political turmoil in the European Union’s sec- nificant proportion of integrated GST (IGST) refunds
ond-largest economy. paid to exporters (0.7 per cent to 0.8 per cent of gross
The New Popular Front (NFP), a coalition of the radical France Unbowed, domestic product, or GDP). Therefore, the GST-to-
GDP ratio reached the pre-GST level of 6.1 per cent
Greens, Socialists, Communists, and Trotskyists won the highest number of seats
only in 2023-24. This is a sobering truth. If this had
at 182, followed by the Ensemble alliance at 168, and RN at 143. The NFP is led by been known earlier, perhaps the GST
Jean-Luc Melenchon, 71, a fiery tax-and-spend leader of France Unbowed who rate reduction exercise in 2017-2018
has spooked investors in the past with his anti-market rhetoric, penchant for Latin and 2018-2019 would have been more
American dictators, and anti-Semitism. A three-time presidential candidate, his tempered, with rate cuts balanced by
alliance has promised an expansion of public spending, higher minimum wages, increases in certain items to maintain
and a cut in the retirement age, measures antithetical to Mr Macron’s agenda so revenue neutrality.
far. Problems in this disparate grouping of centrists and leftists are already evident. The study results bring out one
Mr Melenchon has declared that President Macron had to call on the NFP to govern, important fact: We have not utilised
the rich vein of GST data. It is time
though France Unbowed has said it would not work with the President’s liberals in
now to open this up to all private
“any arrangement of convenience”; Mr Macron’s Prime Minister and the leader of research outfits and public finance
his party have both declined to work with Mr Melenchon. groups in our universities. What are V S KRISHNAN
The constitution of the Fifth Republic says the President gets to pick the the important areas of research with
Prime Minister. But whoever he chooses as Prime Minister needs to win parlia- implications for policymaking?
mentary approval, a tough proposition given the widely varying agendas of the First, there is the important area of inter-state
non-right parties in the Assemblee. Meanwhile, Mr Macron has asked incumbent trade. When GST implementation was debated, it
Gabriel Attal, who resigned on Sunday evening, to remain in office temporarily was claimed that by the abolition of entry tax and
to ensure stability, with the Paris Olympics scheduled later this month. Although octroi, the so-called “border taxes”, inter-state trade
there is no constitutional deadline for forming a government, all legislative and would increase. The Economist in a recent special
report said that inter-state trade as a proportion of
regulatory initiatives will be stuck in an institutional deadlock until the major
GDP rose from 23 per cent to 31 per cent between
players agree to a governing mechanism. It is possible for a government to func- 2017 and 2021. We need to dive deep into this claim
tion without the explicit support of an absolute majority in Parliament, but this using IGST data and other proxy datasets. It is impor-
requires passing legislation on a case-by-case basis, which has happened in the tant to know whether the Indian market has expand-
past two years. The other option is to trigger an article in the Constitution that ed post-GST, and which states have gained.
allows the government to force passage of a law without a vote. The latter proce- Another crucial area is the impact of GST on
dure, however, allows members of Parliament to table a motion of no-confidence small businesses and the whole process of formal-
within 24 hours, a bet that Mr Macron will certainly hesitate to take now. ising the economy. Small businesses are not one
uniform category, as it is often made out to be. In
fact, GST reforms should have boosted the fortunes
of all small services companies that would have had
the opportunity to utilise blocked credits on taxes
paid on capital goods.
While policymakers await this analysis, the
question is: How do we bring this “happy ending”
to fruition?
First, there is an urgent need for rate rationali-
sation to improve the buoyancy of GST. The GST
study suggests the retention of the cess on “sin
goods” by incorporating them within the GST rate
structure. The government has constituted a Group
of Ministers (GoM) Committee, now headed by Bihar
finance minister. The Committee has a difficult task
ahead, for it has to balance the twin objectives of
maintaining “revenue neutrality” and avoiding
“inflationary pressures”. Here are
some concrete ideas for the
Committee’s consideration.
First, the standard GST rate must
be brought down from 18 per cent
to 16 per cent. This will be an impor-
tant signal that the government
seeks to bring down the cost for both
the manufacturing and services sec-
tors. It is important to recognise that
in order to reduce the standard rate,
the rate on products at both ends of
the spectrum must be enhanced.
For example, the rate on sin goods,
which contribute 16 per cent of GST revenue, must go
up from 28 per cent to 40 per cent after absorbing the
cess. The 12 per cent rate may have to be merged with
the 16 per cent slab with certain exceptions for textiles
and pharmaceuticals. In the case of pharmaceuticals,
the rate can be brought down from 12 per cent to 8 per
cent, and for textiles, from 5/12 per cent to a uniform
rate of 8 per cent. The special rate on gold and jewellery
could go up from 3 per cent to 6 per cent to offset
losses from reducing the standard rate.
All exemptions have to be phased out and these
goods will have to be placed in the 8 per cent rate
slab, except for those goods that were value-added
tax exempt in the pre-GST era.
Finally, there is a case for reducing the exemption
limit for all units under GST. This may sound coun-
terintuitive, but it needs to be understood that exemp-
tions are “poison not panacea” in the GST universe
because they deprive businesses of input tax credits.
One other benefit would be the reduction in eva-
sion, for it has been found that fake invoices are
often issued in the name of exempted units. Thus,
a three-tier GST structure with 8 per cent, 16 per
cent, and 40 per cent slabs with fewer exemptions
would boost GST revenues and stimulate manufac-
turing on the demand side through the reduction
in the standard rate.
This rate rationalisation exercise would need to
be complemented on the supply side by a restruc-
tured tariff policy. It is imperative, as mentioned by
all leading economists, that the incidence of
Customs duty must be brought down from the pre-
sent level of 18 per cent to 10 per cent or below.
Within this, we could have a three-tier structure
with the lowest rate on raw materials/components,
a slightly higher rate on intermediates, and the high-
est for finished goods. This will rectify the inverted
duty structure and make available critical raw mate-
rials and components to our manufacturing indus-
tries. These customs tariff changes can be made in
the upcoming Union Budget itself.
The GST rate reforms, if done accordingly, can
boost the tax-to-GDP ratio from the present level of
18 per cent to 20 per cent (through a combination of
rate increase, better compliance and expanded base).
The improved tax-to-GDP ratio will help the gov-
ernment boost its expenditure on priority sectors
like health and education.
In conclusion, the GST’s “happy ending” would
be possible if appropriate policy reforms are put in
place. It would also spark a manufacturing renais-
sance, especially in labour-intensive manufacturing,
provided that foreign direct investment is encour-
aged to flow into areas like textiles, footwear, light
engineering, and food processing. This could create
the Maruti moment in these sectors. Only then can
we reap the demographic dividend. Our policymak-
ers owe this to the youth of this country.
The writer is former member, CBIC. The views expressed
are personal

The Nagarwala scandal, unreconstructed
Gandhi. He then realised he had been
duped and registered a complaint with
the Parliament Street police station.
The police followed the information
Malhotra had provided and apprehended
Nagarwala later in the day at the Delhi
BOOK REVIEW Parsi dharamshala in Daryaganj. By late
evening, they recovered all but ~6,000 of
SHREEKANT SAMBRANI the amount taken out of the bank, and
arrested Nagarwala. Three days later, in
but the two never trusted each other.
Kashyap died in a road accident in
November 1971. Nagarwala suffered a
cardiac infarction in early 1972 and was in
and out of Lord Irwin hospital. He died on
March 22, 1972, his fiftieth birthday.
A host of conspiracy theories
followed, involving Gandhi, her younger
son Sanjay, his favourite small car project,
secret funding of the Bangladesh Mukti
Union as “a riddle wrapped in a mystery
inside an enigma.”
That is where the matter remains
today. Now journalists Prakash Patra and
Rasheed Kidwai have made bold to write
the book under review, The Scam That
Shook India (Scam hereafter) on this
long-forgotten affair,
after studying the
declassified files of
wiser for it. The authors try to create
atmospherics by mentioning even the
most irrelevant details (the rift between
Kashyap’s family and the in-laws), names
and places that have only the remotest
connections to the case, long asides on the
political situation from 1947 to 1980 (and
beyond, at times) in language that can
only be called police procedure prose.
Scam places remarks of long-dead people
within quotation marks, giving the
impression that the
THE SCAM THAT authors have
SHOOK INDIA: The interviewed the
interchangeably; the wife of the Parsi
dharamshala’s manager “feels a tingle” of
alarm. This is but a tiny sampler.
Over the last 70-odd years, I have read
countless books in different languages.
Choosing the best among them would be
an impossible task. But I can say with
certainty that Scam is the worst of the lot.
I have taught courses on written
communication at premier institutions.
Should I ever have another opportunity
to do so, Scam would be required reading
to demonstrate how not to write.
The author duo, however, are not the

O
n 24 May 1971, Ved Prakash
Malhotra, then the chief cashier
at the Parliament Street, New
Delhi, branch of State Bank of India,
took out ~60 lakh from the cash vault to
deliver it to a courier on the basis of what
he claimed were instructions from the
then Prime Minister of India, Indira
Gandhi and her secretary, P N Haksar.
He believed both of them had talked
directly to him. He delivered the money
to someone later identified as Rustam
Sohrab Nagarwala and went to the
Prime Minister’s residence to collect the
cheque for the money taken out. He
could not meet either Haksar or Mrs
what has been claimed as a lightning
quick trial based on Nagarwala’s
voluntary but unverified confession, he
was convicted and sentenced to four
years of imprisonment. Assistant
Superintendent D K Kashyap, an officer of
the Indian Police Service, led the
investigation.
Nagarwala then recanted the
confession and appealed his conviction.
He remained in Tihar Jail, refusing offers
of friends to bail him out. A lawyer
connected with the Samajwadi leader Raj
Narain (who was to successfully challenge
Gandhi’s election from Raebareli in 1971),
R C Maheshwari, represented Nagarwala,
Bahini and even the Central Intelligence the Reddy
Nagarwala people being cited. only ones responsible for foisting this
Scandal
Agency of the United States. The Morarji Commission and But all that they have book on us. Anyone with pretensions to
Desai government, which assumed office other documents.
Author: Prakash done is paraphrase writing (this reviewer included) believes
Patra & Rasheed
in 1977, appointed several commissions A reader would be the Reddy that every pearl of his wisdom must see
Kidwai
of inquiry to investigate the affairs of the justified in thinking Commission report. the light of the day in the form of a book.
Gandhi government and the Emergency that such an effort
Publisher: Shoddy editing, Presumably, publishers, especially
HarperCollins
(1975-77). Retired Supreme Court Justice would be based on evident throughout reputed ones such as HarperCollins,
P Jaganmohan Reddy looked into the the discovery of
Pages: xii+264 the book, further have mechanisms in place to weed out
Nagarwala case. His voluminous report some hitherto Price: ~399 mars it: Delhi has a sub-standard material from all the
found fault with many aspects of the unknown or ignored powerful Parsi lobby; manuscripts they are offered. In this
investigation and court proceedings, clue or a new hypothesis. Scam, however, Nagarwala was in college for four years, case, that mechanism is prominent by
State Bank procedures, official replies, would be a disappointment for such a and left it when he was 18; he was a its absence. One mourns the felling of all
but never could find whodunit nor reader, for it does neither. It is, instead, a collegemate of the late Brigadier N B the trees to enable the publication of
whydunit. Justice Reddy even likened tiresome regurgitation, and repetitive at Grant, who was an engineer (but this book.
the case to Winston Churchill’s oft- that, of what we already know about the Nagarwala was not); Poona/Pune and
quoted 1939 description of the Soviet murky affair and have been none the Bombay/Mumbai appear The reviewer is an economist based in Baroda
 QUICK TAKE: VOLUME, MARGIN GAINS FOR INDIAN HOTELS “When we look at recent jobs and inflation data,

The Smart we do not see the case for a lot of cuts this cycle.

Investor
(Share price in ~) There’s certainly a risk that this Fed will continue
The stock of Indian Hotels was up 15% from its lows last to hold rates at a restrictive level
month. PhillipCapital Research has a ‘buy’ rating on it. well into 2025. So the risk is that
“While we expect its existing portfolio to drive high we don’t get that aggressive bull
NEW DELHI | operating leverage, the firm’s incremental focus on asset- steepening any time soon”
TUESDAY, 9 JULY 2024 light expansion through management contracts will bring BAYLOR LANCASTER-SAMUEL
resilience to its business model,” says the brokerage CIO, Amerant Investments

MFs ride high: NFOs pick up on 85% of SMID stocks on

market rally, economic hope bull run: Trend or blip?
29 launches since June 1, nearly half of previous five months’ total
REX CANO & PUNEET WADHWA
New Delhi, 8 July ANALYSING THE UPSWING
Nifty Midcap 150 200-DMA Nifty Smallcap 250 - Last price
ABHISHEK KUMAR
Mumbai, 8 July
EYEING LARGER SHARE After a brief lull in February
and March due to the
24,000 200-DMA 19,000
Active equity NFOs Passive NFOs 17,666
Securities and Exchange 21,289
130

A
mid market buoyancy, the ~60
trillion mutual fund (MF) indus-
try is rolling out new fund offers
(NFOs) to capture a larger share of incre-
mental investor flows.
Since the start of June, MFs have
launched 29 new products in the active
equity and passive spaces alone. This
tally is nearly half of the total launches
in these two categories in the previous
five months of 2024.
MF executives say that while equity
market sentiment has been positive for
several months now, the launches have
gathered pace recently with the resolu-
tion of election uncertainty and recent
high-frequency indicators cementing a
strong economic growth outlook.
While the launches in the active
space mostly revolve around themes
such as the business cycle, manufactur-
ing, and special opportunities, offerings
in the passive space have mostly been
in new themes.
On Monday, Tata MF and ICICI
Prudential MF launched the first pas-
sive thematic schemes focused on the
tourism and oil and gas sectors.
Franklin Templeton MF’s active
equity NFO for a multicap fund also
opened for subscription on Monday.
According to MF executives, NFOs
in the passive space have gained
H1CY24 SCORECARD
momentum in recent years as most
fund houses have already completed
their active equity product bouquet.
They say the scope to launch differen-
tiated offerings is higher on the passive
side. Tata MF’s Tourism Index Fund will
track the National Stock Exchange Nifty
India Tourism Index, which comprises
companies in the travel, tourism, and
hospitality businesses.
“The companies forming the index
are leaders in their respective segments
and have benefited from rising dispos-
able income levels, evolving tastes of
the Indian consumer, and sustained
higher discretionary spending," the
fund house said.
BIG GETS BIGGER
90
61
51
43
31 27
19
2021 2022 2023 Till May 31
present
117 179 168 74
TOTAL
*Includes debt, hybrid, closed ended, solution oriented
categories as well Source: Amfi/Value Research
The fund house had launched six
index funds in April, three of which
Anand Vardarajan, chief business
officer at Tata Asset Management.
were industry firsts.
“Up until the past couple of years,
ICICI Prudential MF, which recently
launched an active fund in the energy
we were quite aggressively filling up the space, has also launched the first oil and
product gaps on the active side. Now gas exchange-traded fund, which will
our focus is on the passive side. We have track the Nifty Oil & Gas index.
tried to launch differentiated products While passive launches have out-
in this space. For example, instead of numbered active equity scheme NFOs
going for a simple infrastructure or by a wide margin in recent years, the
manufacturing index fund, we took a difference in the number of launches is
multicap approach to these themes. We much lower in 2024 so far.
have been sharing ideas with the index This is because the sectoral and the-
providers, and they have created the matic fund category, which is the only
index for the passive funds to take off. space that allows MFs to launch multi-
There is potential for a lot more inno- ple offerings, has seen a spurt in new
vative funds in the passive space,” said offerings this year.
LIC MF appoints
Nikhil Rungta
Board of India’s directive for
asset management com-
panies to conduct stress tests,
small and midcap (SMID)
stocks have surged.
Currently, about 85 per
cent of the broader indices’
15 14 constituents are trading above
their respective long-term
Jun 1 - moving averages.
Specifically, 131 of the 150
stocks in the National Stock
NA Exchange’s Nifty Midcap 150
are above their 200-day mov-
ing average (200-DMA).
Similarly, 211 stocks in the
Nifty Smallcap 250 are trading
above the long-term moving
average as of now.
The Nifty Midcap 150 has
rallied 43.7 per cent in 2023,
having galloped 171.8 per cent
since the start of 2021, hitting
a lifetime high of 21,369 on
July 5.
Likewise, the Nifty
Smallcap 250 has risen 26.1
per cent so far in 2024, up 48.1
per cent in 2023, and zoomed
191.5 per cent since 2021. It
reached a new peak of 17,749
last Friday.
Since March 2024, the
Nifty Midcap 150 has gained
over 20 per cent, and the Nifty
Smallcap 250 has increased
by more than 24 per cent, out-
20,000
17,077
16,000
17,501
13,902
12,000
Dec 29,’23 July 8,’24
Note: DMA refers to day moving average
Markets end
flat amid
muted trade
Stock market benchmark
indices Sensex and Nifty
ended almost on a flat
note on Monday amid a
lackluster trade as
investors preferred to
stay on the sidelines in
the absence of any fresh
trigger. Weak cues from
Asian markets also added
to the muted trend in
domestic equities.After
beginning the trade on a
weak note, the 30-share
BSE Sensex declined 36.22
points or 0.05 per cent to
settle at 79,960.38.
14,041 16,000
13,000
14,413
11,185
10,000
Dec 29,’23 July 8,’24
Source: Bloomberg
Alternate Asset Managers.
Key levels to watch
The Nifty Midcap is currently
treading along the higher end
of the Bollinger Bands (antic-
ipated trading range) on daily,
weekly, and monthly scales.
A breakout and sustained
trade above 21,430 could
trigger a surge towards the
21,800 level. Conversely, fai-
lure to sustain above 21,300
may see the index retest last
week’s low of 20,500; below
that, key support stands at the
20,000 mark. The Nifty
Smallcap has given a breakout
on the weekly scale. The near-
term bias remains upbeat as
long as it sustains above
17,570. On the upside, the
index could rise to the 18,200-
18,400 levels. Failure to hold

NIPPON INDIA MF GROWS Fastest-growing MFs among the top 10 Growth

FASTEST AMONG TOP 10
The mutual fund industry's near
double-digit asset growth in the
past two quarters was
supported by a sharp rise in
the assets under
management (AUM) of
select mutual funds
across the size
spectrum.
Among the top 10 fund
houses by AUM, Nippon India
Mutual Fund registered the
highest AUM growth at 28 per
cent in the past two quarters. Its
average AUMs in the quarter
ending June stood at ~4.8
trillion compared to ~3.8 trillion
in the quarter ending
December 2023,
according to data from
the Association of
Mutual Funds in India
(Amfi). HDFC and ICICI
Prudential were the other
two fund houses in the top 10
that registered over 20 per cent
growth during the same period.
ABHISHEK KUMAR
pacing the Nifty 50, which has
risen 8.9 per cent, according
During the day, it went
lower by 264.77 points or
support could see it drift to
16,900 levels.
Co-CIO equity
Mutual fund Average AUM* (~ trn)
Nippon India 4.8
(%)**
28
LIC Mutual Fund appointed
to data. Technical charts show
the Nifty Midcap 150 is trad-
ing 22.3 per cent higher than
0.33 per cent to 79,731.83.
PTI
“The front-line indices are
now unable to maintain
higher levels, and a similar
HDFC 6.7 22
Nikhil Rungta as Co-Chief its 200-DMA of 17,455. trend is visible in the SMID
ICICI Prudential 7.5 22 Investment Officer – Equity Meanwhile, the Nifty India’s macroeconomic envi- segment, which saw strong
Kotak Mahindra 4.2 19 (Co-CIO) of the fund Smallcap 250 is 23.2 per cent ronment and believes robust traction last week. The
Mirae Asset 1.7 16 house. Rungta, who has above its 200-DMA of 14,371. economic growth fundamen- upcoming results season and
over 16 years of experience In recent months, analysts tals should support corporate the Budget will drive stock-
Fastest growing funds among in the equity market, was have advised caution in the earnings. specific moves. There may be
large-mid sized MFs*** previously equity fund man- SMID segment due to lofty That said, largecaps offer some cooling off after the
Quant 0.8 100 ager at SBI Pension Funds, valuations and suggest focus- a more attractive risk/reward Budget announcement.
PPFAS 0.7 41 LIC MF said in a release. ing on largecaps. While mar- proposition compared to the Caution is advised in SMIDs.
Motilal Oswal 41 The fund house managed kets are expected to perform overvalued SMID space. The Nifty Midcap 100 could
0.5
an average of ~31,761 crore in well amid a supportive econ- We remain highly selective in drop to the 55,800-56,000
Invesco 0.8 31 the June quarter across omy, analysts believe corpo- this area and recommend levels, with further breach
Nippon India 4.8 28 14 equity, 9 debt and 16 rate earnings need to catch up further weight reduction in possible,” said Osho
Note: AUM refers to asset under management hybrid, solution oriented to justify the valuations. favour of largecaps,” said Krishan, senior analyst —
*of quarter ended June; **in comparison to quarter ended December and passive funds. “Our investment commit- Jitendra Gohil, chief invest- technical and derivatives at
2023; ***AMCs with over ~50,000 crore AUM Source: Amfi
BS REPORTER tee remains constructive on ment strategist at Kotak Angel One.

Sebi allows passive

funds 35% group-level
exposure in 21 indices
Passive funds benchmarked to 21 indices
will be allowed a higher 35 per cent group-level
exposure, Sebi said in a circular on Monday. For
other indices, the group-level exposure will be
capped at 25 per cent. The regulator said the higher
cap will be applicable only on passive funds or
primary benchmarks for actively managed funds
with collective assets under management (AUM) of
~20,000 crore. Industry body Amfi will publish the
list of indices that meet this threshold on a half
yearly basis –ending March and September. “The
list of such indices shall be updated by AMFI and
published on its website by April 15 and October 15
respectively every year, after seeking Sebi’s
approval,” the circular said. ABHISHEK KUMAR
IPO CORNER
Sebi approves Akums,
Ceigall public offerings
Valuations frothy? Profit, mcap moved in sync in 5 yrs
SUNDAR SETHURAMAN & SAMIE MODAK
Mumbai, 8 July
As benchmark indices continue
to reach new highs almost every
other day, a heated debate rages on:
Have stocks outpaced their funda-
mentals, and can earnings keep up
with these valuations?
Only time will tell if the earnings
growth potential justifies the Nifty
50’s current valuation, which hovers
at nearly 25 times its FY24 earnings.
In the past five years, however, the
rise in profit and stock price growth
for India Inc have moved in tandem,
lending credence to the notion
that the markets are slaves to earn-
ings growth.
Consider this: Earnings for Nifty
50 companies increased at a com-
pound annual growth rate (CAGR)
of 18 per cent between FY19 and
FY24, almost mirroring the growth
in market capitalisation during
this period.
“This shows that the market is
trading at a fair valuation,” says Stanley, in a recent interview with growth, while others, particularly PERFORMANCE REPORT
Gautam Duggad, head of research Business Standard. “Earnings could financials, have seen earnings
of institutional equities at Motilal continue to compound at a rate of growth far outpace their market cap Financial sector firms have witnessed a sharp uptick
Oswal Financial Services. “The 10- 20 per cent over the next four-five growth over the past five years. in earnings, but their mcap growth has lagged
year average price-to-earnings (P/E) years. Some stocks may be a bit Kotak Institutional Equities (KIE) FY19-24 CAGR GROWTH (%)
multiple is about 20.2x on a one-year ahead of their earnings outlook, but recently noted that tracking index-
forward basis, similar to current val- others are lagging.” level valuations can be misleading.
Profit Mcap
uations.” He expects Nifty 50 earn- Deepak Jasani, head of retail “A superficial view of the Indian BFSI 35.6 15.2
ings growth to compound at a 15 per research at HDFC Securities, notes market is typically based on the val- Automotive 23.7 22.5
cent CAGR over FY25 and FY26. that both profits and earnings don’t uations of the Nifty 50 index. Healthcare 21.1 24.5
In FY24, the Nifty logged earn- grow linearly. “Nifty profits grew The index may be reasonably valued Retail 20.2 27.3
ings per share of ~989. If earnings well in FY23 and FY24, but in earlier in the context of historical val-
Logistics 15.2 29.9
compound at 15 per cent and val- years, profit growth was not very uations and bond yields, but most
uations remain at current levels, the sharp. Similarly, there is no linearity other parts of the market are trading Cement 14.3 21.2
index could trade at 26,000 by in the growth of market cap. India’s at full-to-frothy valuations after a Oil & gas 13.2 16.6
March 2025. However, projections (real) GDP would grow at 6.5-7 per massive rerating in their multiples Consumer 12.8 11.2
for earnings growth and valuations cent, nominal GDP at 10-11 per cent, in the past 2-3 years,” the Utilities 9.4 19.7
vary among analysts. Some are com- and corporate profitability could report states. Capital goods 8.5 21.7
fortable with near-term valuations grow at 13-16 per cent. An overall KIE, in the report, highlights
of the markets or a stock overshoot- CAGR of 13-14 per cent in market cap that the 50 companies comprising Metals 8.0 19.7
ing long-term averages if the poten- over the next three to four years is the Nifty 50 have diverse valuations Technology 7.0 14.9
tial for earnings growth is robust. possible. If GDP growth remains ranging from 7x to 100x. Stocks Telecom NA 40.4
“On the aggregate market level, steady, there won’t be much to currently trading below 20x val- Others 34.1 86.3
the India story is still priced in about
halfway through this earnings
cycle,” says Ridham Desai, chief
worry about regarding corporate
profitability growth,” he explains.
At a more granular level, some
uation have accounted for 67 per
cent of the incremental profit
growth over the past five
Nifty 50
Nifty 50 ex-BFSI
17.7
12.8
17.8
18.7
equity strategist-India, Morgan sectors have lagged in their earnings financial years. Note: Universe comprises NSE Nifty 50 firms Source: Motilal Oswal

The Securities and Exchange

Board of India has approved
four initial public offerings
(IPOs), a mix of fresh issue
and offer for sale, of Akums
Drugs and Pharmaceuticals,
Ceigall India, Orient
Technologies, and Gold Plus Glass Industry.The
market regulator has, however, kept the ~2,200
crore public offer by non-banking financial
company SK Finance in abeyance. The regulator
puts any IPO on hold if information sought from
the company or other regulatory bodies is not
received on time or if there is pending
regulatory investigation. BS REPORTER
Ambey gets 173.18 times
subscription on last day
The IPO of Ambey Laboratories received more than
173.18 times subscription on the final day of the
offer on Monday amid encouraging participation
from institutional investors.The initial share sale
received bids for 69,99,86,000 shares against
40,42,001 shares on offer, as per NSE SME data.The
category for non-institutional investors received
324.22 times while the Retail Individual Investors
quota was subscribed 195.06 times, and the
portion meant for Qualified Institutional Buyers
received 61.90 times subscription.
Downgrades may keep Titan under pressure
DEVANGSHU DATTA
Titan Company released a
disappointing pre-quarter
Q1FY25 business update which
has led to downgrades. Kalyan
Jewellers, a key rival of Titan,
did better going by its business
update for Q1FY25. Analysts
also pointed out that there will
be increased competition in the
space with the advent of Aditya
Birla Group.
Titan reported sales growth
of about 9 per cent Y-o-Y in
Q1FY25. It added 61 stores
during the quarter and its total
retail presence (including
CaratLane) stood at 3,096 stores
at the end of Q1FY25. The
domestic jewellery division
grew 8 per cent Y-o-Y (ex-
bullion) in Q1FY25 versus 19 per
PTI
cent each in Q4FY24 and
Q1FY24, with an increase in
average selling prices. Buyer
growth was in the low-single-
digit. During Akshaya Tritiya,
Tanishq's secondary sales saw
double-digit growth Y-o-Y. Plain
gold clocked high single-digit
growth, while growth in
studded jewellery was lower.
Gold prices rose 20 per cent Y-o-
Y, which hurt demand.
Tanishq opened a new store
in Muscat (Oman). Domestic
store additions stood at 33 with
11 stores for Tanishq, 19 stores
for Mia by Tanishq and 3 stores
for Zoya. The watches &
wearables division grew 14 per
cent Y-o-Y, driven by a 17 per
cent increase in the analogue
segment, despite a 6 per cent Y-
o-Y decline in wearables.
THE COMPASS
Comparatively higher growth
was seen in Titan, Helios
channel, and premium brands
like Nebula, Edge, and Xylys.
Store additions included 17 new
stores (5 Titan World, 5 Helios
and 7 Fastrack).
In the eye care division,
growth in the domestic business
came in at 3 per cent Y-o-Y. Titan
Eye+ closed 3 stores during the
quarter and opened a ‘Runway'.
The premium sunglasses retail
offering; launched its first store
in Bengaluru in June '24.
In emerging businesses
(fragrances and fashion
Accessories or F&FA and Indian
dress wear), Taneira's sales grew
by 4 per cent Y-o-Y. It opened 4
new stores, including in the new
cities of Jodhpur and Nashik.
The overall F&FA revenue
increased by 4 per cent Y-o-Y
with fragrances higher by 13 per
cent and fashion accessories
rising by 15 per cent. CaratLane
grew by 18 per cent Y-o-Y in
Q1FY25 and added 3 new
domestic stores during the
quarter, taking the total count to
275 stores.
Kalyan Jewellers' pre-
quarterly update for Q1FY25
reported consolidated sales
growth of 27 per cent Y-o-Y with
momentum across India and
West Asia. The total store count
was 277 with 217 Kalyan India
stores, 36 Kalyan West Asia
stores, and 24 Candere stores.
The company plans to launch
another 40 Kalyan showrooms
in India, ~30 Candere
showrooms, and its first
showroom in the US by Diwali.
The India business grew 29
per cent Y-o-Y during the
quarter, compared to 38 per cent
in Q4FY24 and 34 per cent in
Q1FY24. This was driven by
single-store sales growth of 12
per cent despite demand being
hit by gold inflation. Domestic
store additions were at 24.
Guidance is for a strong launch
pipeline of showrooms. In West
Asia, revenue grew 16 per cent Y-
o-Y in Q1FY25, and West Asia
contributed 15 per cent of
consolidated revenue in
Q1FY25. The digital platform-
Candere recorded revenue
growth of 13 per cent Y-o-Y in
Q1FY25. The management says
it will convert Enovate Lifestyles
(Candere) into a wholly-owned
subsidiary.
The industry will see
higher competitive intensity
with the launch of Aditya
Birla’s Novel Jewels and Titan’s
high valuations and
disappointing business update
could see the stock correcting
with several analysts
downgrading earnings.
>
NEW DELHI | TUESDAY, 9 JULY 2024 THE SMART INVESTOR 11

Adoption worry looms YOUR

Spend wisely
Control your spending to avoid
falling into a debt spiral. “Lack
of self-control over spending
end up accruing higher
interest overall,” says Satish
Mehta, founder of Athena
CredXpert.

for Bajaj Auto CNG bike MONEY leads to a credit card debt trap.
People think they have money
and spend using a credit card,
but when it’s time to pay, they
If crisis looms
If you are already facing a
payment crisis, stop using your

Gas infra needs to be ramped up for wider acceptance: Analysts Replace credit realise they don’t have the
money,” says Mandal.
To escape a debt trap, do not
increase your existing debt.
credit cards. “Stop taking any
new debt. The aim is to get out
of the debt trap, so
accumulating more debt can
SHIFTING GEAR
Brokerage
UBS
Recommendation
Sell
Target price (~)
6,250
card dues with “Don’t make new purchases
using your card until you have
paid off your outstanding debt.
be highly counterproductive,”
says Mehta.
While personal loans are
Nomura
Jefferies
Motilal Oswal Financial Services
Buy
Buy
Neutral
10,207
11,640
8,660
lower-cost debt If you have multiple credit
cards, prioritise your debts and
pay off the ones attracting the
highest interest,” says Shetty.
also costly, they are
significantly cheaper (10.5 to
20.6 per cent) than credit card
dues. “Take a personal loan to
Kotak Institutional Equities Sell 6,200 Personal loan, conversion to EMIs Avoid paying minimum
clear your card dues. Also,
consider borrowing from
Nuvama Institutional Equities
Source: Brokerage reports on Bajaj Auto
Buy 12,000
and secured loans are alternatives dues family and paying dues,” says
If you tend to make minimum Mandal.
due payments, curb this habit. Consider juggling your dues
NIKITA VASHISHT to be ramped up to drive adoption around 8.7 years for consumers to SARBAJEET K SEN the money you have. If you The interest will continue to between cards. “If you are
New Delhi, 8 July of CNG motorcycles. recover the higher upfront cost of don’t pay back your card dues accrue on the outstanding using a high-interest credit
CNG penetration, analysts the CNG bike. Credit cards have become the on time, you could be charged balance, adding to your debt. card, explore balance transfer

B
ajaj Auto’s foray into the CNG
two-wheeler segment,
though “bold”, may take
time to reap benefits, analysts said
on Monday. While they did note
that the Freedom 125, the world's
first CNG-integrated motorcycle by
Bajaj Auto, marks a “significant
milestone in the two-wheeler indus-
try”, they remained watchful of cus-
tomer adoption.
"The adoption of CNG technol-
ogy for personal use in passenger
vehicles has, so far, been limited.
We need to see whether 2W cus-
tomers are willing to make this shift
now that a good product is in the
market," noted an analyst at Motilal
Oswal Financial Services, with a
“neutral” rating on the stock and a
target price of ~8,660.
On the bourses, shares of Bajaj
Auto slipped 1,7 per cent intraday
before ending 1.12 per cent lower at
~9,528 per share. By comparison, the
benchmark Sensex ended 36 points
(0.05 per cent) below.
On Friday (July 5), Bajaj Auto
launched the Freedom 125, with
three variants, and ex-showroom
prices ranging from ~95,000 to ~1.1
lakh. While the bike's CNG tank pro-
vides a range of over 200 km on 2
kg of CNG, the 2-litre petrol tank
offers another 130 km range, giving
a total range of 330 km, claims the
management.
CNG pump network concerns
One of the key concerns for analysts
is the lack of CNG infrastructure
across India, which, they said, needs
noted, is relatively higher in metro
and tier-1 cities as compared to
smaller towns, where the commuter
segment is bigger.
Queues for CNG refuelling are
long for passenger vehicles and
three-wheelers. A two-wheeler cus-
tomer will find this inconvenient,
and investors need to see how Bajaj
Auto will address it, they said.
“The company will be launching
Freedom 125 in Gujarat and
Maharashtra, where there is a rel-
atively higher CNG network touch-
point. However, apart from Uttar
Pradesh, besides Gujarat and
Maharashtra, there is a lack of CNG
infrastructure elsewhere in India.
Customer demand trends in Gujarat
and Maharashtra will, therefore, set
the tone for the product's success in
other markets,” said an analyst at
Kotak Institutional Equities, with a
“sell” rating on the stock and a tar-
get price of ~6,200.
At present, CNG is available in
335 towns, covering 70 per cent of
the target market. Going ahead, the
management expects nationwide
CNG pumps to increase to 13,000
from 6,000 at present.
Cost conundrum
While the bike boasts of nearly 50
per cent less operating cost than the
internal combustion engine (ICE)
motorcycles, the initial total cost of
ownership (TCO) may be higher.
A TCO analysis between Bajaj
Freedom 125 and Hero HF Deluxe
100 by Kotak Institutional Equities
pointed out that it might take
Within the 125 cc motorcycle
segment, the brokerage believes
Freedom 125 will compete with the
executive segment (Honda Shine,
Hero Super Splendor, Passion and
Glamour) rather than the premium
segment (Bajaj Pulsar 125, TVS
Raider 125, and Hero Xtreme 125).
“This is because consumers of
the premium 125 cc motorcycle seg-
ment will not be mileage conscious
as compared to entry or executive
segment motorcycle buyers,” an
analyst said. The company, on its
part, is targeting consumers of 100
cc and 125 cc motorcycles for
Freedom 125 CNG. The 100-125 cc
segment roughly forms 75 per cent
of the total motorcycle market.
Against this, Kotak Institutional
Equities is baking an incremental
sales of 5,000 units per month.
Global brokerage Nomura,
meanwhile, said Bajaj Auto may sell
5,000-10,000 units per month by
the end of the year, and may break-
even in 13-42 months.
That said, analysts at Nuvama
Institutional Equities have a built-
in sales estimate of 10,000
units/month in H2FY25 and 20,000
units/month in FY26.
“The success of this disruptive
product can provide upside to vol-
ume estimates. We estimate Baja
Auto's revenue/Ebitda CAGR at 12
per cent/15 per cent over FY24-26,
with average return on equity of 35
per cent. We maintain ‘buy’ with a
target of ~12,000 based on 35x
September 2026 core earnings,” the
brokerage said.
quickest means to access an interest rate that could go “Settling the minimum options to transfer your dues to
credit, especially for the up to 40 per cent or above on payment each month might a lower-interest card. You may
younger generation. your due amount. Credit cards feel good, but it could be a also convert your existing
According to the Reserve Bank carry the highest rate among costly mistake. Most of your outstanding credit card
of India data, the total number all credit products. Always use payment will probably be used balance into affordable
of credit cards in circulation your credit card as you would a to cover interest charges, and monthly equated monthly
increased by 18 per cent to debit card,” says Sumanta the principal amount will only instalments (EMIs). However,
103.3 million in May 2024 from Mandal, TechnoFino founder. be partially reduced. You will a processing fee may apply.
87.4 million a year ago. Credit Alternatively, you can
card spending in May 2024 negotiate with your issuer to
increased by 17 per cent year- reduce the fees,” says Shetty.
on-year (Y-o-Y) to ~1.65 trillion. CHOOSING THE n Pick a card that aligns with your
spending habit If your card dues are high,
However, reckless use of BEST CARD FOR n If the primary use is grocery shopping,
take a loan against gold or fixed
credit cards can lead to debt
troubles. “Credit cards
YOUR NEEDS opt for cards that give reward points at
deposits (which are cheaper
than personal loans) to pay off
demand responsible usage. supermarkets; others offer reward points this loan.
Due to high interest rates, late and cash back at restaurants, for
payments on credit card bills frequent flying, and so on Beware of consequences
can snowball, pushing you into n Understand credit limits and Failing to pay on time hurts
a debt trap,” says Adhil Shetty, compare interest rates on your credit score. “A
chief executive officer, default will result in a low
revolving credit
BankBazaar. credit score. You will face
n Understand annual fees, difficulties in availing a new
High-cost borrowing late payment fees, and loan because the lender will
Credit card borrowings come other charges consider you a risky customer,”
at a high cost. “Always spend says Mehta.
Things to What is advance tax? Who can pay advance tax? portal and log in n Fill in the required
Advance tax is the income tax Salaried individuals, n Under the 'e-File' tab, details and the amount you
know you pay in advance instead of freelancers, and select 'e-Pay Tax' wish to pay as advance tax
about a full payment at the end of a businesses, if their total tax n Choose the assessment n You can pay using debit
financial year. You pay at least liability exceeds ~10,000
advance 15 per cent of your advance tax after adjusting for TDS.
year for which you are card, net-banking,
paying advance tax RTGS/NEFT, UPI, and credit
tax filing by June 15, 45 per cent by card
September 15, 75 per cent by How to pay advance tax? n Under the 'Type of
December 15, and 100 per cent Payment' section, select n Once the payment is
n Go to the I-T
by March 15. 'Advance Tax (100)' successful, you receive a
department’s e-filing
confirmation.
Read full report here: mybs.in/2dXLpHS COMPILED BY AYUSH MISHRA

RESONANCE SPECIALTIES LIMITED

Regd. Office: Plot No 54-D Kandivli Industrial Estate,
Kandivli (West), Mumbai 400 067. Phone: 022-62106053
Email Id: investors@resonancesl.com CIN: L25209MH1989PLC051993
NOTICE
Notice is hereby given that the 35th Annual General Meeting (AGM) of the Resonance
Specialties Limited will be held through Video Conferencing / Other Audio Visual Means
(VC/OAVM) on Friday, 2nd August, 2024 at 3.00 p.m. to transact the business as
mentioned in the Notice convening the said meeting, which is e-mailed to the Members
of the Company.
The Annual Repor t for the financial year 2023-24 of which the Notice of 35th AGM is
a par t has been sent in electronic mode to Members whose e-mail IDs are registered
with the Company or with the Depository Participant(s). The requirements of sending
physical copy of the Notice of the AGM and Annual Repor t to the Members have been
dispensed with vide MCA / SEBI Circular(s) issued from time to time.
The Annual Report for the financial year 2023-24 of which the notice of the 35th A G M
is a part is available on the Company’s website www.resonancesl.com. Members
who have not received the Annual Report may download it from the Company’s website
or may request for a electronic copy of the same by writing to the Company
a t investors@resonancesl.com
Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of
the Companies (Management and Administration) Rules, 2014 as amended by the
Companies (Management and Administration) Amendment Rules, 2015 and Regulation
44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Company is pleased to provide its members with the facility to exercise their right to
vote on the agenda items as stated in the notice of the Annual General Meeting by
electronic means and the business will be transacted through the e-voting services
provided by National Securities Depository Limited (NSDL).
The details pursuant to the provisions of Section 108 of the Companies Act, 2013 and
the relevant Rules prescribed thereunder are as follows:
1. The business will be transacted through voting by electronic means.
2. Date and time of commencement of remote e-voting: Tuesday, 30th July, 2024
(9.00 a.m.).
3. Date and time of end of remote e-voting: Thursday, 1st August, 2024 (5.00 p.m.).
4. Cut-off Date: Friday, 26th July, 2024.
Any person, who acquires shares of the Company and becomes member of the
Company after despatch of the notice and holding shares as of the cut-off date
i.e. Friday, 26th July, 2024 may obtain the login ID and password by sending an
request to evoting@nsdl.com by mentioning his/her Folio No. / DP ID and Client
ID No. However, if any shareholder is already registered with NSDL for remote e-
voting, then he can use his existing User ID and password for casting his vote. If
any shareholder forgets his password, he can reset his password by using “Forgot
User Details / Password” or “Physical User / Reset Password” option available
o n www.evoting.nsdl.com or contact NSDL at Toll Free No: 1800 222 990.
5. E-voting by electronic mode shall not be allowed beyond 5.00 p.m. on Thursday,
1st August, 2024.
6. The members who have cast their vote by remote e-voting prior to the AGM
may also attend the AGM thru VC/OAVM but shall not be entitled to cast their
vote again.
7. Members of the Company holding shares either in physical form or in dematerialized
form as on the cut-off date of 26th July, 2024 only shall be entitled to avail the
facility of remote e-voting as well as e-voting at the Annual General Meeting. The
voting rights of the members shall be in proportion to their shares of the paid-up
equity share capital of the Company.
8. The Company is also providing remote e-voting facility during the AGM to its
members in respect of the business to be transacted during the 35th AGM.
Members may follow the same procedure for e-voting during the 35th AGM as
mentioned in the notice for remote e-voting. Only those Members, who will be
present in the 35th AGM through VC/OAVM facility and have not cast their vote on
the resolutions through remote e-voting shall be eligible to vote through e-voting
system in the 35th A G M .
9. The Annual Report for the financial year 2023-24 of which the Notice of the
35 th A G M i s a p a r t is also available on the Company’s
website www.resonancesl.com and on the website of National Securities
Depository Ltd. (NSDL) www.evoting.nsdl.com.
10. The shareholders may contact the Company Secretary for any grievances
connected with electronic voting :
Ms. Vaibhavi Rajeshirke
Company Secretary
Resonance Specialties Limited
54D, Kandivli Industrial Estate, Kandivli (W), Mumbai 400 067.
Tel. No. (022) 6210 6053. E-mail : investors@resonancesl.com
By Order of the Board
Mumbai For Resonance Specialties Limited
9th July, 2024 Sd/-
Vaibhavi Rajeshirke
Company Secretary
ACS72229
12 STOCKS
>
NEW DELHI | TUESDAY, 9 JULY 2024 1
IN THE
> OFSTOCK
> Rail Vikas Nigam > REC > Persistent Systems

NEWS Top gainer among

A-group traded
Hits new all-time
high at ~616
Snaps 7-day
wining THE DAY
companies on BSE streak Indian Railway
~491.5 PREVIOUS CLOSE ~580.4 PREVIOUS CLOSE ~4,774.0 PREVIOUS CLOSE Finance Corp
~565.8 CLOSE ~607.7 CLOSE ~4,582.9 CLOSE Hits new all-time high at
p 15.1% UP p 4.7% UP  4.0% DOWN ~206; Surged 103 per cent YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
8 Jul ’24 Chg (%) Con Std 8 Jul ’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 3113.6 -1.1 0.9 109.5 124.8 ITC 443.6 2.3 5.0 27.1 27.1 price price (%) price price (%)
Adani Ports 1475.3 -1.7 1.0 39.3 183.3 JSW Steel 939.2 -1.6 1.1 26.1 28.6 Rail Vikas Niga 579.0 565.8 15.1 579.0 579.0 Au Small Fin 639.2 642.5 -4.5 598.2 554.0
MOST BULLISH MOST BEARISH
Apollo Hosp 6317.5 -0.2 0.6 101.1 89.9 Kotak Mah Bank 1853.2 0.0 2.4 20.2 26.7 IREDA 248.8 246.3 7.8 248.8 248.8 Bank of Baroda 261.7 262.5 -4.1 236.6 185.8
Asian Paints 2898.2 -1.3 1.2 50.9 52.2 India Cement 284.3 277.0 2.6 Syngene Intl 721.2 731.7 -1.4 IRFC 206.0 202.1 7.3 206.0 206.0 Garden Reach Sh 2581.5 2601.3 -4.0 820.1 565.1
L&T 3632.0 0.1 4.5 38.2 53.7
Axis Bank 1287.9 0.1 3.3 15.1 16.0 Aditya Bir Fa 324.3 322.3 0.6 M & M Fin 299.1 302.8 -1.2 IRCON Intl 334.4 326.9 6.2 334.4 334.4 Persistent S 4563.6 4582.9 -4.0 3232.6 2318.8
LTIMind 5389.7 -0.6 0.4 34.8 35.6
Nat Alum 207.5 206.3 0.6 Abbott India 27587.9 27921.7 -1.2 REC 615.5 607.7 4.7 615.5 615.5 Oberoi Relty 1717.0 1721.8 -3.5 1359.0 1004.9
Bajaj Auto 9529.4 -1.1 1.1 34.5 35.6 Mah & Mah 2851.4 -1.0 2.6 31.5 33.1 Dr Lal PathLabs 2922.8 2906.4 0.6 NIIT Techno 5788.5 5855.5 -1.1 Marico 655.7 641.1 4.2 666.9 666.9 Titan Company 3128.0 3153.7 -3.5 3059.0 2882.6
Bajaj Fin 7098.3 -0.6 1.8 30.4 34.7 Maruti Suzuki 12023.6 -0.7 1.4 28.0 28.6 Indus Tower 387.9 385.8 0.6 Jubilant Fd 568.9 574.2 -0.9 ONGC 303.0 299.3 3.8 303.0 303.0 YES Bank 25.6 25.7 -3.5 21.0 14.1
Bajaj Finsrv 1570.1 -0.6 0.9 30.8 214.3 Nestle India 2603.4 1.1 0.8 - 78.5
Bharti Airtel 1435.2 0.4 3.4 109.4 163.7 BHEL 330.0 328.4 3.8 330.0 330.0 Divis Lab 4445.7 4467.5 -3.5 3640.1 3300.0
NTPC 377.5 -0.6 1.6 17.6 20.2 BSE NSE Godrej Cons 1439.0 1425.8 3.8 1467.3 1467.3 RBL Bank 253.0 253.8 -3.4 222.1 183.5
BPCL
Britannia
299.5
5568.6
-2.3 0.5 4.8 4.9
0.4 0.6 62.7 64.4
ONGC 299.2 3.8 1.4 7.6 9.5 Index Stock Index Stock PUT-CALL RATIO Nat Alum 207.4 206.2 3.6 207.4 207.4 City Union Bk 163.7 164.5 -3.2 130.7 120.2
Power Grid 339.4 0.0 1.4 20.3 20.4 Hind Copper 343.7 342.2 3.4 415.6 415.6 Cummins (I) 3963.4 4001.6 -3.2 2932.1 1590.3
Cipla 1487.1 -1.5 0.7 29.1 29.5
Reliance Ind 3201.8 0.8 9.9 31.1 51.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 493.3 0.4 1.0 9.3 19.3 Contracts 563 224 302905 1509880 GAIL 231.5 230.5 3.4 233.0 233.0 Astral 2305.6 2333.1 -3.1 1924.6 1739.3
SBI 856.3 -0.4 3.0 11.4 12.5 Market 2669.3 4554.9 0.6 Chambal Fert 537.0 534.5 3.3 575.0 575.0 India Cement 276.0 277.2 -2.7 172.6 172.6
Divis Lab 4464.2 -3.6 0.5 74.1 75.2 Open Int.(000) - - 20875 10599823
SBI Life Ins 1515.0 -0.9 0.6 - 80.1 Bharat Elctn 335.9 334.2 3.1 335.9 335.9 Canara Bank 114.6 114.9 -2.5 99.6 63.9
Dr Reddys 6534.2 0.2 0.7 19.5 25.1 Shares(In Mn) 48.06 16.83 20956 120746 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2808.1 -2.0 0.7 14.3 14.7 Alkem Labs 5238.6 5220.4 3.1 5581.2 5581.2 Jindal Steel 1023.4 1024.9 -2.5 876.4 581.9
Eicher Motor 4754.5 0.4 0.6 32.6 34.7 Value(~ crore) - - 20956 120746
Sun Pharma 1556.4 -0.8 1.5 39.0 130.7 Ambuja Cem 1.0 Sun Pharma 0.3
Grasim Ind 2742.2 -0.2 0.9 32.1 191.0 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1150.8 1.2 0.7 95.3 112.0 Samvardhana M 1.0 JK Cement 0.3
HCL Techno 1533.4 0.9 1.5 26.5 35.6 Contracts - - 314484562 5544045
Tata Motors 1002.6 0.9 1.6 10.6 42.2 ICICI Bank 1.0 SBI Life Ins 0.3
HDFC Bank
HDFC Std Life
1635.4
620.9
-0.8 11.2 19.4 20.5
2.2 0.6 84.8 85.1 Tata Steel 172.3 -1.4 1.3 - 48.4
Open Int.(000)
Shares(In Mn)
-
-
- 631000
- 14002.0
6593207
7714.9
Grasim Ind 1.0 Navin Fluo 0.4 MOST TRADED TOP M-CAP TRENDS
TCS 3993.2 -0.5 3.7 31.5 33.2 Persistent S 1.0 Coromndl Int 0.4
Hero MotoCorp 5501.9 -1.0 0.6 29.4 27.7 Value(~ crore) 15829687 - 26075231 447948 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 697.2 -0.3 0.9 15.4 42.4 Tech Mahindra 1467.6 0.4 0.8 60.9 67.4 BSE+NSE BSE+NSE
Titan Company 3156.2 -3.5 1.2 80.2 79.1 (~ crore) (Mn shrs) 1 Reliance Ind 2166480.0 BS200 UP 7 DAYS
HUL 2587.2 1.6 2.1 59.1 60.1
ICICI Bank 1235.1 0.1 7.8 19.6 21.3 UltraTech 11582.9 -0.9 1.2 47.7 48.7 ACTIVE CALLS ACTIVE PUTS Rail Vikas Niga 10692.9 192.6
2
3
TCS
HDFC Bank
1438538.5
1243848.3 UP 7 DAYS Shri Krishna 98.3
IndusInd Bank 1438.1 0.3 0.9 - 12.5 Wipro 541.2 1.1 0.7 25.6 31.0 IRCON Intl 21.3 11Mpr 94.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg IRFC 5895.2 292.4 4 ICICI Bank 868654.1
Infosys 1661.7 0.9 5.4 26.3 25.3 Nifty 50 24320.6 0.0 100.0 25.6 30.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Godrej Ind 3911.4 43.8 5 Bharti Airtel 816584.4 RailTel Corp 15.7
Colinz Lab
Adtech
90.2
61.8
INDEX PE SHRS TRDS 1 YR Index Index HDFC Bank 3451.9 21.0 6 SBI 764168.9 Power Fin 14.5
Milestone Gl 59.0
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap
Nifty Midcap
08/07/24
08/07/24
12375
12400
579.6
514.4
9.815464.5
8.4 1247.9
Nifty Midcap
Nifty Midcap
08/07/24
08/07/24
12350
12300
647.0
544.0
6.8
5.4
589.7
210.5
Cochin Ship 2557.9 8.9 7
8
Infosys
LIC India
689920.4
640627.6
Nat Alum
Aurob Pharma
11.2
9.7
Veefin 57.7
SENSEX 26.6/31.8 14.1 399 14 15 22.5 IREDA 2543.0 105.3 NMS Impex Globa 47.3
Adani Ports 1475.7 -1.6 1.1 39.3 183.4 Mah & Mah 2849.4 -1.2 3.1 31.4 33.1 Nifty Midcap 08/07/24 12350 511.8 4.6 3293.4 Nifty Midcap 08/07/24 12375 414.9 5.1 901.1 9 HUL 607794.5 Coal India 5.6
Asian Paints 2897.3 -1.3 1.4 50.9 52.2 NIFTY 50 25.6/30.2 266.3 5362 22 27 25.8 IRCON Intl 2452.1 75.1 DOWN 7 DAYS
Maruti Suzuki 12026.0 -0.7 1.7 28.0 28.6 C = CONSOLIDATED; S = STANDALONE Nifty Midcap 08/07/24 12500 442.9 6.3 528.6 Nifty Midcap 08/07/24 12325 413.6 3.7 476.2 10 ITC 553900.5 Colgate 3.7
Axis Bank 1287.4 0.0 3.9 15.1 16.0 Nestle India 2603.3 1.1 1.0 - 78.5 Bharat Elctn 2430.9 73.3 Bhaskar Agro -30.0
Nifty Midcap 08/07/24 12450 341.3 5.2 2169.7 Nifty Midcap 08/07/24 12400 319.7 2.0 25.1 11 L&T 499153.0 UP 3 DAYS
Bajaj Fin 7096.8 -0.6 2.1 30.4 34.7 NTPC 377.6 -0.6 1.9 17.6 20.2 CASH DERIVATIVES Stock Stock Mazagon Dock 2166.5 3.8 Pavna Industrie -15.8
12 Bajaj Fin 439288.8 Rail Vikas Niga 35.7
Bajaj Finsrv 1568.2 -0.7 1.0 30.7 214.0 Power Grid 339.5 0.0 1.6 20.3 20.4 TURNOVER BSE NSE BSE NSE Vodafone Idea 25/07/24 18 351.9 346.8 -4.3 Vodafone Idea 25/07/24 16 145.9 143.8 4.9 HAL 2147.2 3.8 13 HCL Techno 416056.8 Sudal Ind -13.2
IRFC 14.5 Binayak Tex -13.2
Bharti Airtel 1434.9 0.3 4.0 109.4 163.7 Reliance Ind 3202.1 0.7 11.6 31.1 51.4 VALUE(IN ~ CRORE) 15326 144383 15829687 26664881 Vodafone Idea 25/07/24 17 278.0 185.3 22.9 Vodafone Idea 25/07/24 17 122.9 160.3 1.0 REC 1899.8 31.5 14 Axis Bank 397855.5
HCL Techno 1533.2 0.9 1.7 26.5 35.6 BEML 14.1 Espire Hospital -13.2
SBI 856.3 -0.4 3.5 11.4 12.5 SHARES(IN MN) 1249.3 5879.0 - 24467.4 Vodafone Idea 25/07/24 19 110.6 205.9 -4.6 Vodafone Idea 25/07/24 15 40.4 148.6 -0.7 YES Bank 1848.0 697.3 15 Maruti Suzuki 378097.4
HDFC Bank 1634.9 -0.8 13.1 19.4 20.5 NBCC 13.1 First Custod -13.2
Sun Pharma 1555.7 -0.8 1.8 39.0 130.6 TRADES(000) 5920 46244 - 96087 Vodafone Idea 25/07/24 20 99.2 305.0 2.6 Vodafone Idea 25/07/24 18 29.8 120.8 -1.4 Liquid Sach 1805.0 18.1 16 HAL 376536.5
HUL 2586.8 1.6 2.4 59.1 60.1 HFCL 11.1 Assoc.Cerami -13.1
Tata Motors 1002.4 0.9 1.9 10.6 42.2 ONGC 25/07/24 300 79.4 10.3 30.8 Tata Steel 25/07/24 170 19.6 7.2 26.5 Titan Company 1736.8 5.5 17 ONGC 376464.9
ICICI Bank 1234.6 0.1 9.1 19.6 21.2 MARKET-CAP (~ CR) TRADED TOTAL HUDCO 10.4 UP 3 DAYS
Tata Steel 172.3 -1.4 1.5 - 48.4 ONGC 1668.1 56.4 18 Sun Pharma 373247.1
IndusInd Bank 1437.3 0.2 1.0 - 12.5 19 Kotak Mah Bank 368160.3 Lupin 9.1 Nile 45.6
TCS 3976.0 -0.9 4.3 31.3 33.0 BSE 44,978,346 45,642,942 Reliance Ind 1579.4 4.9
Infosys 1661.7 0.9 6.3 26.3 25.3 DOWN
ITC 443.5 2.3 5.8 27.1 27.1 Tech Mahindra 1466.8 0.4 1.0 60.8 67.4 NSE 44,506,257 45,204,311 SPURT IN VOLUMES BHEL 1545.5 47.6 20
21
NTPC
Adani Enter
366097.8
354825.0 HDFC Bank -7.5
Hemant Surgical
Trident Lifelin
44.5
40.2
Titan Company 3153.7 -3.5 1.4 80.1 79.0 DERIVATIVES 29,024,711 29,024,711 Tata Motors 1461.8 14.5
JSW Steel 938.7 -1.6 1.3 26.0 28.5 Company Days 2-week Avg Change Close *Price 22 Mah & Mah 354328.6 Titan Company -6.2 Sky Ind 39.8
Kotak Mah Bank 1852.0 0.0 2.9 20.2 26.7 UltraTech 11584.7 -0.9 1.4 47.7 48.8 Volume Volume % price %chg HUDCO 1450.0 42.7 RBL Bank -5.9
23 UltraTech 334448.8 City Puls Mult 33.3
L&T 3630.6 0.1 5.3 38.2 53.6 BSE SENSEX 79960.4 0.0 100.0 26.6 31.8 TRADING ACTIVITY Godrej Ind 43790515.0 589687.8 7326.1 899.9 0.8
RailTel Corp 1263.8 23.3 24 Tata Motors 333181.1 Ramco Cements -5.4 Yamuna Syndicat 33.1
C = Consolidated; S = Standalone (~ crore) FIIs MF RCF 1229.4 55.9 25 Adani Ports 318773.3 Oberoi Relty -4.2
Metro Brands 3050216.0 67222.4 4437.5 1287.1 5.9 Kaya 33.1
Equity Debt Equity Debt Power Fin 1215.5 22.2 26 Power Grid 315708.9 India Cement -3.7 DOWN 3 DAYS
Net Net Net Net Alphageo (I) 933495.0 33557.8 2681.8 478.3 20.0
Garden Reach Sh 1121.6 4.2 27 Avenue Supermar 314872.0
WORLD INDICES On 05 Jul 3169 497 - - Icicipramc - Ic 1040675.0 39555.5 2530.9 115.2 0.4
Vodafone Idea 1013.9 601.9 28 Coal India 303915.0
Adani Energy So
Others
-3.4 ITD Cemnt
Shivagrico
-20.8
-14.3
On 04 Jul 5512 1933 -1300 157 Krebs Bio 514352.0 20819.3 2370.6 87.5 20.0 29 Hind Zinc 289623.2
Indices Close % Chg* Indices Close % Chg* G E Shipping 1011.5 7.4
On 03 Jul 3899 699 -711 4526 Eveready Ind 7927528.0 331379.6 2292.3 404.5 12.3 30 Wipro 283081.9 (T+2) cycleStocks which rose/fell continuously
Americas (Jul 05,24) Asia/Pacific (Jul 08,24) On 02 Jul -2507 302 1287 2212 Kriti Nutrit 1291846.0 55474.0 2228.7 129.8 19.4
Nasdaq Composite 18352.8 0.9 Taiwan Taiex 23878.2 1.4 On 01 Jul -494 1163 3249 2042 Cl Educate 1115476.0 60576.7 1741.4 96.3 10.3
Jul till date 9578 4594 2525 8937
Dow Jones
S&P/ TSX Composite
39375.9
22059.0
0.2
-0.8
Stock Exchange of Thai
Jakarta Composite
1322.5
7251.0
0.8
0.0 2024 till date 15325 75585 193933 -145420
Mos Utility
Shreyans Ind
1685600.0
1109700.0
93760.0
66046.5
1697.8
1580.2
158.6
332.4
2.4
20.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 05,24) Kospi 2857.8 -0.2 Quarterly BS 200 Indo Cotspin Group X BS 200
DAX 18555.4 0.4 Straits Times 3404.5 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results TCS Group XT Tokyo Fin Atul
JULY 09 Group A Kabra Drugs JULY 16 ICICI Lombard
CAC 40 7702.0 0.3 Kuala Lumpur Comp (Jul 05) 1611.0 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Group A Anand Rathi Wea JULY 13 BS 200 JSW Steel
FTSE 100 8224.8 0.3 Shanghai Se Comp 2922.5 -0.9 NET Net Fut OI Opt OI OI Delta Corp Group B BS 200 Bajaj Auto UltraTech
HIGH *Nat Alum . . . . . . . . . . . 207.4 *Poly Medicur . . . . . . 2150.7 LOW
IBEX 35 11047.7 0.2 Volatility (Jul 05,24) BS 200 *IRFC . . . . . . . . . . . . . . . 206.0 *Stylam Inds . . . . . . . 2075.5 BS 200 Group B GTPL Hthwa Avenue Supermar Group A Wipro
On 05 Jul 34126 -464 0.6 5.5 4.6
Asia/Pacific (Jul 08,24) CBOE S&P 500 12.7 1.8 On 04 Jul -17360 -1577 0.6 3.8 4.5 *Dr Reddys . . . . . . . . . 6575.0 *NBCC . . . . . . . . . . . . 197.2 *Advait Infra . . . . . . . 2031.7 NONE GM Breweries NELCO Group B CRISIL Group A
Nikkei 225 40780.7 -0.3 CBOE Dow Jones 11.4 0.4 On 03 Jul -1366 3834 0.6 4.7 4.4 *Trent . . . . . . . . . . . . . 5662.8 *Federal Bank . . . . . . . 189.3 *Sky Gold . . . . . . . . . . 1938.5 Others Rajnish Welines RO Jewels Bhansli Engg JULY 17 Aether Inds
On 02 Jul -28010 -6021 0.5 5.5 4.3 *HAL . . . . . . . . . . . . 5661.0 *HFCL . . . . . . . . . . . . . . 135.4 *Dhanuka Agri . . . . . . 1803.1 Abslliquid . . . . . . . . . 1000.0 Group T Group MT Geojit Financia BS 200 Blue Dart E
Hang Seng 17524.1 -1.6 * Change over previous close
On 01 Jul -24669 -1303 0.5 5.3 4.2 *Reliance Ind . . . . . . . 3217.9 Others *Cosmic CRF . . . . . . . 1750.0 Ovobel Foods . . . . . . . . 192.6 Jyoti Stru SM Auto Stampin Plastiblends Asian Paints Nippon Life Ind
*Jamshri Raelty . . . . 12904.2 Privi sp chem . . . . . . . 1679.0 RS Software Group T Group T LTIMind Group B
MAJOR INDICES Jul till date
2024 till date
-37278
-1284136
-5532
20801
-
-
-
-
-
-
*Cochin Ship . . . . . . . 2977.1
*Dr Lal PathLabs . . . . 2937.7 *Sarasw.Comm. . . . 10011.7 *Aurionpro Sl . . . . . . . 1650.0
*Flomic Global . . . . . . . . 65.5
*SEL Mfg . . . . . . . . . . . . . 57.0 VL E-Governance Akme Fintrade Excel Re Group A Ponni Sugar
*Lupin . . . . . . . . . . . . . 1785.1 *Apar Ind . . . . . . . . . . 8969.4 *Signatureglobal . . . 1559.2 Aroma Ent . . . . . . . . . . . . 30.0 Group X DRC Systems Group X Elecon Engin Group T
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Glenmark . . . . . . . . . 1366.4 Blue Dart E . . . . . . . . . 8476.0 *SEAMEC . . . . . . . . . . 1542.6 *Sagar Diamonds . . . . . 23.8 Ventura Textile Group X Hathway Bhaw JULY 18 Mahindra EPC
BSE Sensex 79,996.6 79,915.0 80,067.5 79,731.8 79,960.4 -36.2 0.0 *Aurob Pharma . . . . . 1327.0 *Inox Wind Energ . . . 8220.0 *INOX India . . . . . . . . 1507.2 APIL . . . . . . . . . . . . . . 21.2 Group XT Amal Group XT BS 200 JULY 20
*Zydus Lifescien . . . . 1184.0 *BASF India . . . . . . . . 5880.0 *Dredgng Corp . . . . . 1455.0 Globe Comm . . . . . . . . . 19.9 Eraaya Lifespac Group XT Space Incubatri Havells I BS 200
BSE Sensex 50 25,593.0 25,582.2 25,627.3 25,513.8 25,593.6 0.6 0.0 BSE SECTORAL INDICES *CG Power . . . . . . . . . . 783.6 *Thermax . . . . . . . . . . 5835.0 *G E Shipping . . . . . . 1449.9 *Vijay Text . . . . . . . . . . . 11.8 Richfield Fin Marble City Spright Agr Infosys HDFC Bank
*REC . . . . . . . . . . . . . . . 615.5 Fine Organic In . . . . . 5495.0 *Sansera Enginee . . . 1429.0 *Dhruv Wellness . . . . . . 10.1 JULY 10 PMC Fincorp JULY 15 L&T Tech Ser JK Cement JULY 23 Petronet LNG Mphasis Group XT Bharat Elctn
BSE-100 25,797.4 25,802.3 25,825.8 25,707.2 25,783.2 -14.2 -0.1 Prev cls Close % Chng
*MOIL . . . . . . . . . . . . . . 588.4 *Shakti Pumps . . . . . . 4650.0 *Affle I . . . . . . . . . . 1426.3 *CRP Risk mg . . . . . . . . . . 9.2 Group A Sree Jaya A BS 200 Persistent S YES Bank BS 200 Syngene Intl Nestle India Yash Trading Group A
BSE-200 11,296.2 11,304.5 11,315.5 11,255.3 11,288.4 -7.8 -0.1 Auto 57,826.2 57,459.8 -0.6 *Rail Vikas Niga . . . . . . 579.0 *Kaynes T . . . . . . . . 4566.0 *Elecon Engin . . . . . . 1415.0 *BCG . . . . . . . . . . . . . . 8.5 JTL Industries JULY 12 HDFC AMC Polycab India Group A Bajaj Fin Group A Ramco Cements JULY 27 CSB Bank
Bankex 60,332.2 60,089.9 -0.4 *Power Fin . . . . . . . . . . 559.6 *Foseco . . . . . . . . . . . 4399.0 *Kaycee Ind . . . . . . . . 1392.8 *Wardwizard Food . . . . . 8.2 Kesoram Ind BS 200 HDFC Std Life Tata Comm Poonawalla Finc ICICI Prud Life Bajaj Hold Group A BS 200 Kansai Nerol
BSE-500 36,315.8 36,363.4 36,394.1 36,176.6 36,281.8 -34.0 -0.1
Cons. Durables 58,700.3 57,842.4 -1.5 *RailTel Corp . . . . . . . . 559.4 *Raymond . . . . . . . . . 3493.0 *Systematix . . . . . . . 1390.0 *Vitesse . . . . . . . . . . . . 8.0 Tata Elxsi HCL Techno Group A Group A Group X Torrent Phar Bikaji Foods Cyient Dr Reddys Group B
BSE IPO 16,116.0 16,227.9 16,245.2 16,056.7 16,182.4 66.4 0.4 Cap. Goods 75,131.4 75,620.1 0.7 *Oil India . . . . . . . . . . . 517.0 *V-Mart Ret . . . . . . . . 3312.9 *ISGEC Heavy Eng . . 1385.5 *MEP Infra Dev . . . . . . . . 7.3 Group B IREDA Hatsun Agro Bharat Bijle High Energy Group A Craftsman Auto Mah Holidays ICICI Bank Consoildtd C
FMCG 20,926.8 21,232.7 1.5 Laurus Labs . . . . . . . . . 485.0 *Hind Urban . . . . . . . . 3200.0 *Mallcom (I) . . . . . . . 1384.4 *Integra Tele . . . . . . . . . . 6.5 Hexa Tradex Group B Group B CIE Automotive JULY 22 ICICI Securitie KPIT Techno UTI AMC MCX JULY 30
Dollex-30 7,866.0 - - - 7,864.3 -1.7 0.0 KCP Sugar Oriental Htl Benares Htl Mastek BS 200
Healthcare 38,246.5 38,068.0 -0.5 *Biocon . . . . . . . . . . . . 374.4 *Lumax Ind . . . . . . . . 3045.0 *Meson . . . . . . . . . 1374.2 *Mayukh Dealtrad . . . . . . 6.3 ICRA Mahi Lifespc Group B Group A BS 200
Nifty 50 24,323.9 24,329.5 24,344.6 24,240.6 24,320.6 -3.3 0.0 Infra 690.9 707.1 2.3 *HUDCO . . . . . . . . . . . . 349.8 *Kir’skar Bro . . . . . . . 2684.7 *Pitti Engg . . . . . . . . . 1195.5 IEL . . . . . . . . . . . . . . . . . . . 6.2 Lancor Hold Teamo Productio Ganesh Hsg Group B Coforge Zensar Tech Thirumala Ch Foseco Anant Raj Exide Ind
IT 38,483.3 38,501.0 0.0 *Bharat Elctn . . . . . . . . 335.9 *Tide Water . . . . . . . . 2463.0 *Ganesh Hsg . . . . . . . 1110.0 *Taaza Intern . . . . . . . . . 4.9 Group X Vipul Ltd Styrenix Perfor Dpabhushan Group A Group B Trident JULY 26 Sumitomo Che Navin Fluo
Nifty next50 73,426.6 73,693.8 73,812.2 73,232.4 73,508.8 82.3 0.1 Sybly Inds Group T Vishal Bearings Swaraj Engin Maha Scoot
Metal 33,739.4 33,471.1 -0.8 *IRCON Intl . . . . . . . . . 334.4 *DOMS Inds . . . . . . . . 2367.5 *UTI AMC . . . . . . . . . . 1070.6 *CMI . . . . . . . . . . . . . . . . . 4.2 Rane Eng Val Group B BS 200 Transport Co Group A
Nifty 500 22,987.7 23,029.4 23,040.8 22,898.0 22,971.2 -16.5 -0.1 Oil & Gas 30,152.3 30,452.5 1.0 *BHEL . . . . . . . . . . . . . . 330.0 *ADC India . . . . . . . . . 2309.7 *IDFC-Sen MF . . . . . . . 990.0 *Premier Auto . . . . . . . . . 4.1 Group XT Infomedia Press Group MT Tata Techno Group B JULY 24 Butterf Gandh Chola Inv Group B Castrol
Power 8,095.2 8,056.5 -0.5 *ONGC . . . . . . . . . . . . . 303.0 *NIBE . . . . . . . . . . . . . 2245.4 *Manbro Inds . . . . . . . . 981.3 *Niehspj . . . . . . . . . . . . 3.4 Kretto Syscon Group X MRP Agro Group T Cyient DLM BS 200 Rane Madras Cipla SBFC Finance JULY 31
India VIX 12.7 12.7 13.8 12.7 13.6 0.9 7.1 *Nile . . . . . . . . . . . . . . 2237.2 *Aegis Log . . . . . . . . . . 938.0 Vashu Bhagnani Atharv Enter Group T Ashapuri Gold Jana SFB Axis Bank JULY 25 Group T JULY 29 BS 200
PSU 22,040.8 22,242.0 0.9 *IREDA . . . . . . . . . . . . . 248.8 *Fut Sup Chain . . . . . . . . 2.9
Nifty CPSE 7,090.0 7,132.9 7,203.2 7,089.3 7,169.1 79.1 1.1 Realty 8,740.7 8,695.1 -0.5 JULY 11 Golkonda Alumin Atam Valves JULY 19 Rane Brake Bajaj Finsrv BS 200 Latent View Ana BS 200 Maruti Suzuki
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 (721.6) (721.9) (8680.8) (8679.4)
m ~50 H ~2 Open 729.7 721.9 8682.1 8700.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 729.7 725.8 8688.4 8700.0
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 704.6 703.8 8494.2 8492.0
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 709.0 708.4 8558.9 8559.6
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 22336 816K 7430 161K
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 61.5 61.4 150.0 150.1
company name is followed by shares traded, and also the 52 Wk H/L 770/438 769/438 9200/3848 9150/3850
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 25699 25680 181362 181377
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 Adani Power Aditya Bir Fa m H m « m mH H  « « « « m m «
(27840.6) (27823.4) (2669.1) (2669.5) (3147.6) (3147.9) (1500.4) (1500.4) (708.8) (708.9) (327.8) (327.6)
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570 6982 7606 359K 64530 1155K 124K 2178K 241K 3315K 3722K 3706K
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M 59274 59334 50230 50197 354825 354950 318773 318687 269195 269234 32749 32744 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch
(1287.3) (1287.1) (9636.3) (9635.8) (7138.4) (7138.0) (1579.8) (1579.6) (3178.8) (3177.5) (426.3) (426.6) (204.3) (204.3) (273.7) (273.8) (1507.3) (1507.7) (514.0) (514.4) (1731.5) (1731.8) (324.0) (324.0) (1672.8) (1672.3) (1430.0) (1429.7) (316.4) (316.4) (370.3) (370.2) (714.5) (714.7) (35134.4) (35074.0)
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w 1279.6 1279.6 9470.0 9470.0 7050.0 7047.0 1562.4 1562.0 3110.3 3110.0 422.2 422.0 w 201.0 201.1 261.7 261.6 1489.3 1490.0 508.0 507.5 1670.3 1670.0 325.8 325.6 w 1647.0 1646.3 1423.1 1423.2 315.7 315.6 365.6 365.4 702.1 702.0 34324.0 34342.5
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16.0 16.0 34.5 34.5 34.7 34.7 30.7 30.8 42.6 42.6 19.7 19.7 14.8 14.8 7.6 7.6 75.8 75.7 58.5 58.5 101.5 101.5 60.8 60.8 54.7 54.7 109.4 109.4 - - 43.1 43.1 31.3 31.3 40.9 40.7
W 1309/921 1310/927 10037/4544 10039/4541 8190/6190 8192/6188 1742/1419 1741/1419 3378/2194 3364/2194 486/343 486/344 W 263/169 263/169 298/186 300/186 1770/1269 1771/1269 679/440 680/439 1795/451 1795/450 336/123 336/123 W 1826/840 1805/840 1539/848 1536/847 330/90 330/90 374/218 374/218 862/344 862/344 36578/17925 36678/17931
M 397856 398010 266000 266042 439289 439382 250387 250698 61210 61196 8549 8547 M 32936 32940 135722 135670 19714 19688 59392 59398 62211 62203 244257 244586 M 77965 77946 816584 816727 114351 114333 44026 44020 19534 19541 101764 101482

BPCL Britannia« Can Fin HomeH Canara BankH CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH
(306.4) (306.6) (5547.3) (5546.8) (886.7) (886.9) (117.8) (117.8) (409.3) (409.7) (517.4) (517.7) (1431.6) (1431.6) (1509.4) (1509.9) (169.9) (170.0) (491.6) (491.5) (2835.4) (2837.6) (5862.8) (5870.1) (2908.4) (2910.5) (1059.2) (1057.9) (1592.3) (1592.8) (4132.5) (4134.0) (606.4) (606.5) (1858.3) (1858.2)
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w 298.8 298.8 5535.6 5534.1 875.0 875.0 114.6 114.7 409.6 409.5 519.1 519.0 w 1394.8 1395.0 1484.0 1483.2 163.7 163.6 487.1 487.2 2750.0 2750.0 5757.9 5752.7 w 2908.4 2906.5 1034.0 1033.8 1582.1 1582.3 3963.4 3960.8 610.5 610.4 1845.0 1843.6
299.6 299.5 5567.5 5568.6 887.3 886.9 114.9 114.9 420.7 420.6 534.5 534.3 1414.2 1412.2 1487.0 1487.1 164.5 164.6 493.2 493.3 2806.4 2804.4 5849.4 5855.5 2946.6 2946.4 1043.1 1043.2 1614.3 1615.8 4001.6 4000.9 623.3 623.5 1856.5 1855.9
596K 11489K 10188 171K 11879 404K 2046K 34033K 230K 2231K 349K 7868K 24001 572K 37461 1524K 96854 4441K 632K 7477K 502K 8355K 15450 750K 5341 284K 87506 2605K 19617 582K 81677 938K 826K 7280K 9738 169K
4.9 4.9 62.7 62.7 15.7 15.7 7.2 7.2 58.0 58.0 16.1 16.1 34.7 34.7 29.1 29.1 12.0 12.0 9.3 9.3 90.8 90.7 48.3 48.3 60.5 60.5 51.6 51.6 28.9 29.0 66.8 66.8 59.9 60.0 42.2 42.1
W 344/166 344/166 5726/4350 5725/4348 937/680 938/680 129/64 129/64 437/262 437/261 575/250 574/250 W 1476/997 1476/997 1582/1013 1582/1013 175/120 175/120 527/226 527/227 2977/285 2979/285 6840/4291 6847/4287 W 3069/1753 3069/1752 1194/647 1180/646 1689/921 1688/921 4170/1590 4172/1653 634/489 633/489 2429/1664 2431/1651
M 129960 129938 134121 134146 11814 11808 104222 104213 27058 27055 21415 21407 M 118821 118649 120071 120079 12185 12190 303915 304007 73831 73778 39010 39050 M 80146 80142 63556 63559 47540 47584 110923 110904 110467 110494 34819 34806

N H H H H  Eicher Motor« « H Glenmark« GMR Airports« GNFC Godrej Cons« Godrej Prpty Granules«
(4737.0) (4737.3) (1338.2) (1338.2) (96.3) (96.2) (714.0) (714.1) (1374.2) (1373.8) (3280.9) (3281.7) (525.5) (526.0)
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4775.0 4775.0 1366.4 1367.0 99.4 99.4 722.5 722.4 1439.0 1439.7 3323.5 3325.0 529.0 528.7
w w 4718.0 47 w 1337.0 1335.3 95.0 95.0 706.7 706.5 1371.7 1372.3 3255.4 3254.8 517.9 517.0
1356.5 1356.4 98.9 98.9 714.1 714.0 1425.8 1426.0 3312.2 3312.0 519.2 518.6
16712 916K 2843K 24269K 57243 1635K 73719 2471K 4252 680K 24325 1031K
- - - - 21.6 21.6 - - 127.0 127.0 31.0 31.0
W W W 1366/661 1367/661 101/44 101/44 815/532 815/532 1467/960 1467/960 3360/1496 3358/1495 530/288 531/288
M M M 38280 38276 59701 59695 10492 10491 145831 145851 92098 92093 12584 12571

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.
NEW DELHI | TUESDAY, 9 JULY 2024
— TENDER CARE —
‘TARANG CELEBRATING
COLLECTIVISATION’ (FPO MELA) IN LUCKNOW
NABARD, Uttar Pradesh Regional office organized ‘Tarang -
Celebrating Collectivisation (FPO Mela)” in association with
Small Farmers’ Agribusiness Consortium (SFAC), and Open
Network for Digital Commerce (ONDC), at Emerald Mall,
Lucknow from 05th July 2024 to 07th July 2024. The FPO
Mela was inaugurated by Shri S.K. Dora, CGM, NABARD,
Uttar Pradesh Regional Office, Lucknow on 5th July 2024. Sh.
Nirupam Mehrotra, Director BIRD, Lucknow, Sh. M S Rao,
principal, NBSC, Lucknow, ONDC, SFAC, Radio Mirchi & My-
store were present in the opening ceremony.
Shri M S Rao, principal, NBSC, Lucknow congratulated
NABARD for organising such a grand event in Lucknow and
welcomed participants in the mela. He encouraged FPO to
have uniqueness in the products and also suggested the FPOs
to focus on the branding and packaging of the products along
with the quality aspect as per the customer requirement.
Shri Shri S.K. Dora, CGM, NABARD, Uttar Pradesh Regional
Office, Lucknow during the inaugural address welcomed all the
participants to the FPO Mela and highlighted that the objective
of “Tarang – Celebrating Collectivisation” is to demonstrate the
product of the FPOs, to enable the offline & online marketing
and brand building of the FPO products and uplift their sales
across the country with help of onboarding on ONDC network.
CGM and other officials visited the stalls and interacted with
farmers and artisans. The officials encouraged all the partici-
pants for grand sale, business avenues and future endeavours.
40 FPOs from 16 districts of Uttar Pradesh promoted by
NABARD & SFAC participated in the mela.
11-DAY COACHES DEVELOPMENT
PROGRAM BY BY B.A.I. IN
COLLABORATION WITH REC LTD,
CONCLUDES
The 11-day residential Coaches Development Program, organ-
ised by Badminton Association of India (BAI) in collaboration
with REC
Limited and
the Sports
Authority of
India (SAI)
simultane-
ously at the
National
Centre of Excellence (NCE), Guwahati and Raipur, concluded
last week with a total of 53 participants from 22 states of India
being trained in grassroots coaching methodologies.
After the conclusion of this program, these coaches will further
train grass-root level players of various age groups across sev-
eral badminton academies across the country and help iden-
tify and hone new talents for the country.
Commenting on the occasion, Ms. Taruna Gupta, ED (CSR),
REC Limited said, "We are immensely proud to be part of this
significant initiative. Our association with the Badminton
Association of India and the Sports Authority of India in con-
ducting the Coaches Development Program is a testament to
our commitment towards the development of sports in
India.Sanjay Mishra, Secretary General, BAI, said, “Grassroots
coaches play a pivotal role in identifying and nurturing talent at
an early stage. This program equips them with the tools to iden-
tify potential stars and lay the foundation for their development.
We thank REC and SAI for this collaboration with BAI and sup-
porting us in this initiative.”
13 <
— Advertorial
LIC UNDERTAKES AGENCY
TRANSFORMATION INITIATIVE
“JEEVAN SAMARTH” FOR HIGHER
EMPOWERMENT OF AGENTS
To continue its proud legacy of agency-led growth, LIC has
embarked on anambitious mission “Jeevan Samarth” that aims
on future-proofing its entire ~14 Lakh agent workforce to meet
the rapidly evolving needs of customers. To achieve this, LIC
has partnered with globally renowned strategy consulting firm
M/s. A. T. Kearney which will undertake this agency transfor-
mation project by reviewing the existing agency framework of
LIC on an end-to-end basis. It will also entail revamping the
agency operations at the Branch, Division and Zonal level
directed towards establishing global best practices in the wake
of fast-changing industry and regulatory landscape of the
insurance sector in India.
Speaking on this occasion, CEO & MD of LIC, Shri S. Mohanty
said, “Through the ‘Jeevan Samarth’ project, we aim to trans-
form our agency ecosystem to align with the rapidly evolving
needs of millions of Indian families and providing them suitable
long-term savings, protection, health insurance, ULIP and
pension solutions.”
INTERNAL COMPLAINTS COMMITTEE
MEMBERS AND STAKEHOLDERS AT STATE
TRADING ENTERPRISES CONDUCT A DAY
LONG WORKSHOP ON SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
In compliance to the
provisions of the
Sexual Harassment
of Women at
Workplace
(Prevention,
Prohibition &
Redress) Act ‘2013
for creating wide-
spread awareness
among the employees, Internal Complaints Committee
Members and stakeholders at State Trading Enterprises
(MMTC Ltd., STC Ltd., PEC Ltd. and Export Inspection
Council) falling under the administrative purview of Ministry of
Commerce & Industry, a day-long workshop was conducted
at the premises of MMTC Corporate Office, New Delhi on 5th
July, 2024. Dr. Praveen Kumari Singh, ex-Addl. Secretary,
CVC was invited for disseminating the knowledge and aware-
ness on the various facets of the Act.
Shri Anurag Prasad, IRS, CVO delivered the welcome address
and underlined the importance of the Act as well as the need
for safe work environment for all employees. During the day-
long session, various important topics like gender sensitiza-
tion, definitions, formation of Internal Complaints Committee
(ICC), LCC, Complaint and appeal provisions, duties of
employers & employees etc were taken up in an interactive
manner and the session was well received by the
participants.
14
>
NEW DELHI | TUESDAY, 9 JULY 2024 1

Regd, office: PSEB Head Office, The Mall, Patiala-147001

Corporate Identity Number: U40109PB2010SGC033813
Website: www.pspcl.in (Contact no. 96461-20640)
Tender Enquiry no.1675/Th.Op/O&M/PC-2560 Dated: 05-07-2024
Chief Engineer / O&M (P&P Cell-1), GHTP, Lehra Mohabbat, invites E-tender for
the Procurement of Hydrochloric Acid for the year 2024-25. Quantity as per NIT
For detailed NIT and tender specifications please refer to hups://eproc.punjab.gov.in
from 05-07-2024, 17:00 AM onwards.

Note:- Corrigendum & addendum, if any will be published online at

https://eproc.punjab.gov.in only.

76155/12/3074/2023/35424 GHTP-51/24

BAJAJ FINANCE LIMITED

Corporate Office: 3rd Floor, Panchshil Tech Park, Viman Nagar, Pune-411014, Maharashtra. Branch
Office: 5th Floor, Mangalam's Ambition Tower D-46-B, Malan Ka Chauraha, Agrasen Circle, Subhash
Marg, C Scheme, Jaipur, Rajasthan 302001
THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED
(A Government of India Enterprise) Regd. Ofce: Eloor, Corporate Materials, PD Administration Building
Udyogamandal, Kochi, Kerala, India - 683 501,TEL: 91 484 2568633 / 2568345
Email: deepakvs@factltd.com; deepu.cn@factltd.com, http://www.fact.co.in
E-Tender for Clearing, Handling & Transportation of Bagged Products
at Parli Vaijnath and Osmanabad Rail Heads in Maharashtra
[Tender. NO. MM/182/E29719 dated 08.07.2024]

Udyogamandal Sd/-
09-07-2024 Senior Manager (Materials)-T&S

PUBLIC NOTICE
This is to inform public at large that some original chain documents have been
misplaced/lost somewhere w.r.t Land measuring 17 Kanal 7 Marla out of Khasra no.
21/4(4-10), 21/5(8-0), 22/1/1(4-17) situated at the revenue estate of Village Sarai Khawaja
Tehsil and District Faridabad, Haryana presently known as 20 miles stone, Delhi
Mathura Road Faridabad. Detail of lost documents:-
1. Original sale deed duly registered as no. 1018 dated 24.08.1960.
2. Original certified copy of decree/judgement dated 05.01.1979 passed by
Sh. S N Chadha, Sub Judge, First Class Civil Judge Ballabahgarh, Haryana in
favour of Sh. Dharam Bir.
All people are hereby informed not to deal or carry out any transaction with anyone on
the basis of the said missing document. And if someone found please return to
mentioned below address.
Jagsonpal Pharmaceuticals Limited
Corporate Office: Plot No. 412-415,
3rd Floor, Nimai Tower, Phase - IV, Udyog Vihar, Sector - 18
Gurugram - 122 015 Haryana
.
NEW DELHI | TUESDAY, 9 JULY 2024 TAKE TWO 15 <

PHOTO: SHUTTERSTOCK

COMING CLEAN
ON NEET
As the Supreme Court begins to hear petitions on
NEET-UG, here is a look at the ecosystem it has
spawned, and the controversy
ASHISH TIWARI cation in the country. The tally of Central,
New Delhi, 8 July state government, private, and deemed col-

F
leges stands at 7, 382, 264, and 51, respectively.
or a year, Tathagat Awatar woke up at An estimated 2.4 million aspirants took the
dawn and spent the next six hours NEET-UG this year.
confined to his room looking at his Wherever there is so much at stake, an
laptop screen. After a quick lunch, he industry usually grows around it. And so it has
would get back to his screen for around NEET-UG, catering to the likes of
another six to seven hours. The day ended with Awatar, who seek their goal through test-prepa-
a brief chat with his parents, dinner, and bed. ration institutes. Allen Career Institute,
This routine did not do much for his social Resonance, Bansal, Aakash, Career Point,
life, but it got him 720 out of 720 in the Physics Wallah, and Unacademy are some of
National Eligibility Cum Entrance Test the big fish in the pond. And there are too
(Undergraduate), or NEET-UG of 2024. many small fish to name.
Awatar attributes his success to an edtech
company in the country’s burgeoning test-prep Big fish, small fish
market. "I don't think I would have achieved Take, for example, the Delhi-based Study Point,
this without them," he tells Business Standard. housed in a 20x20 feet room atop a noisy mar-
On Monday, the Supreme Court started to ket in Laxmi Nagar, a bustling locality across
hear petitions about alleged irregularities and the Yamuna in East Delhi. A five-minute stroll
paper leaks in this year’s NEET-UG test, con- around the nearest Delhi Metro station will
ducted on May 5. This concerns no less than 38 show you many such rooms housing coaching vate college in India would cost ~70 lakh to ~75 around 20 per cent, as opposed to a 704 medical colleges Not so smooth
petitions. Rahul Gandhi, Leader of the classes announced by hoardings and posters. lakh, according to a data analysis by general pass percentage of 35 per in India offer a Dravida Munnetra Kazhagam has
Opposition in the new Lok Sabha, has been A year’s NEET preparation at such an insti- Careers360, an information provider on higher cent, raises its own issues. combined 109,170 been vocal against the exam since
raising the issue and expressing concern for tute would cost around ~80,000 to ~1 lakh. But education. The same degree would cost around This year, 1,316,268 students seats. Central, state its inception. The party's Tamil
the aspirants. there are discounts, packaged as “scholar- ~6 lakh in a government college. qualified for seats in medical government, publication, Murasoli, in an edito-
Conducted by the National Testing Agency, ships”. Says a person from one of these insti- colleges. private, and deemed rial earlier this year, said 26 aspi-
an autonomous government body, NEET-UG is tutes: “If the aspirant has scored well above 80 The cost factor There are only 56,405 seats in college seats are 7, rants had lost their lives due to
now the sole test for admissions to medical col- per cent in his class 12th, they would get a 25 A 2023 report on the Indian Coaching Classes central and government colleges. 382, 264, and 51, NEET in Tamil Nadu alone.
leges in the country, marking a shift from a per cent discount on the fees. And this can be Market by Infinium Global Research LLP, a Those who do not get into these respectively. 2.4 Allegations of anomalies —
two-tier selection process to a common exami- negotiated further.” consultancy firm based in Pune, says that for colleges, either join a private col- million aspirants leakage of question papers, allo-
nation. Until NEET came into the picture, aspi- Apparently, there is market research and numerous students and families, especially lege or try again next year. took the NEET-UG cation of compensatory marks —
rants appeared in the All India Pre-Medical internal calculations deciding the quantum those with a low income, coaching expenses Not everyone can afford a seat this year in the exam paper surfaced this
Test and multiple state-level exams. of discounts. are prohibitive. Average preparation cost in a private college, as seen in the year. Many aspirants urged the
In 2013, the apex court suspended NEET's Albert P'Rayan, an industry expert, says ranges from ~70,000 to ~2 lakh. The smaller, fee structure mentioned earlier. government to conduct a retest. In an affidavit
implementation, reacting to petitions filed by NEET has led to the proliferation of several single-centre institutes are cheaper and dole Maheshwer Peri, founder of Careers360, filed before the Supreme Court on Friday, the
private colleges which feared a loss of institu- coaching institutes. Several schools tie up with out “scholarships”. says this is what reservation for the rich looks education ministry said holding fresh exams
tional autonomy. Later in 2016, it was restored coaching institutes to start an integrated pro- “The exam prep market is very competitive, like. Having more government seats could would not be rational. “In the absence of any
after a five-judge Constitution Bench recalled gramme. "These institutes favour the urban and in front of these giants we have no choice solve the problem. proof of any large-scale breach of confidential-
the earlier verdict and allowed the government and rich. Institutes charge fees up to lakhs. And but to reduce the fees,” says a person working Medical college admissions are based on the ity in a pan-India examination, it would not be
to implement the common test. From the end- ultimately the whole debate boils down to with one of the smaller institutes. percentile calculated through the marks scored rational to scrap the entire examination and
less lists of exam applications to running from affordability versus meritocracy," he says. According to Infinium, the coaching market in the NEET, rather than the state board exams the results already declared,” the affidavit said.
one teacher to another for selective tutoring, Ritika's (she does not want to divulge her was valued at ~58,089 crore in 2021 and is marks. To be fair, the intention behind NEET was
medical preparations were an adventure until second name) parents had to take a loan to pay expected to reach ~1,79,527 crore by the end of S Anitha, daughter of a daily wager from clean. The government was of the view that
this centralised test came along. her coaching fees. But with her current score, this decade. Tamil Nadu, scored 98 per cent in her class 12th bringing in a common medical exam would
There are 704 medical colleges in India, she fears that she might have to opt for a pri- The firm projects the industry's growth at a state board exams, but, due to a low score in provide a level playing field, put an end to cap-
offering a combined 109,170 seats, according to vate college. compound annual growth rate of 14.07 per cent the common medical exam, she could not itation fees levied by private colleges, and fun-
the National Medical Commission, a statutory The fear is genuine. A Bachelor of Medicine, during 2023-30. secure an MBBS seat. She died by suicide in nel more than 40 exams into one.
government body that regulates medical edu- Bachelor of Surgery (MBBS) degree from a pri- NEET's cut-off for medical seats hovering 2017, at the age of 17. Is it about to turn a corner?

KHOOBSURAT LIMITED
CIN: L23209WB1982PLC034793
Regd. Oice: 7A, Bentinck Street, 3rd Floor, Room No. 310, Kolkata-700 001
Tel: +91 33 4061 7068, Email: khoobsurat.kolkata@gmail.com; Website: www.khoobsuratltd.co.in
PUBLIC NOTICE FOR PROPOSED VOLUNTARY DELISTING OF
EQUITY SHARES FROM THE METROPOLITAN STOCK EXCHANGE (MSEIL)
Notice is hereby given that pursuant to Regulation 5 and 6 of the Securities and Exchange
Board of India (Delisting of Equity Shares) Regulations, 2021 (“SEBI Delising Regulaions”),
the Board of Directors of KHOOBSURAT LIMITED (“Company”) at its meeting held on
July 8, 2024 approved inter alia, a proposal for voluntary delisting of Equity Shares from the
Metropolitan Stock Exchange of India Limited (“MSEIL”) only.
Presently, the Equity Shares of the Company are listed on BSE Limited (BSE) and
Metropolitan Stock Exchange of India Ltd. (MSEIL). Since there has been occasional or Nil
trading in the Equity Shares of the Company at the MSEIL for the last many years and the
Company also incurs extra operational costs of being listed on the MSEIL, therefore, it
is being proposed to delist the Equity Shares of the Company from the MSEIL only. The
delisting from MSEIL will not be prejudicial to or afect the interest of the investors.
In terms of Regulation 6 of SEBI Delisting Regulations the Company has proposed the
delisting of its Equity Shares from the MSEIL only without giving any exit opportunity to
the Equity shareholders of the Company, as the Equity Shares of the Company will remain ZEE MEDIA CORPORATION LIMITED
to be listed on the BSE Limited, having nationwide trading terminal. Subsequently, all the Registered Office: 135, Continental Building, 2nd Floor,
shareholders of the Company shall continue to avail the beneits of listing and trading at Dr. Annie Besant Road, Worli, Mumbai, - 400018, Maharashtra
the BSE Limited.
Corporate Office: FC-9, Sector 16A, Noida – 201301, U.P.
For KHOOBSURAT LIMITED
Sd/-
E-mail: complianceofficer@zeemedia.com, CIN:
Place : Kolkata Neha Agarwal L92100MH1999PLC121506
Date: July 8, 2024 Company Secretary & Compliance Oicer Website: www.zeemedia.in, Tel: 0120-2511064-73
INFORMATION REGARDING POSTAL BALLOT/
REMOTE E-VOTING
Pursuant to Section(s) 108 and 110 and all other applicable provisions,
TELANGANA POWER if any, of the Companies Act, 2013 and Rules made thereunder, read
GENERATION CORPORATION LIMITED
VIDYUT SOUDHA :: HYDERABAD - 82. with applicable guidelines/circulars issued by Ministry of Corporate
T.No.e-05/CE/HPC & HP/SOLAR/TGGENCO/2024-25 Affairs (‘MCA Circulars’) and Securities and Exchange Board of India
Design, Engineering, Supply, Installation and Commissioning & testing of 210KWp (‘SEBI’), the Members of the Company, may kindly note that Zee
Grid connected Roof Top Mono Crystalline Solar PV system with 5 years of Media Corporation Limited (the ‘Company’) is proposing to seek
Comprehensive Maintenance Contract (CMC) at Shakthi Building, Erragadda, उोग यापार मेला consent of the Members by way of Postal Ballot process / Voting by
Hyderabad. Value of the works ₹.95,83,913/- Scheduled Open & Closing Date: EXHIBIT - SPONSOR - VISIT Ministry of Micro, Small and Medium Enterprises Electronics means (‘Remote E-Voting’), to transact the business set
12.07.2024 at 17:00 Hrs & 08.08.2024 at 15:00 Hrs. Government of India

Limited MSME Stalls at 80/100% Subsidy out in the Postal Ballot Notice (‘Notice’), which will be sent to the
T.No.e-15/CE/O&M/KTPP/BMD-II/TGGENCO/2024-25
members in due course.
2024

INDIA INTERNATIONAL
KTPP Procurement of Journal Head Liner Assembly and Seal Wear Ring suitable
for XRP 1043 Bowl mill at Kakatiya Thermal Power Project, Chelpur, Jayashankar
Bhupalpally Dist. Value of the works ₹.16,49,550/- Scheduled Open & Closing Date:
04.07.2024 at 10:30 Hrs. & 22.07.2024 at 10:30 Hrs.
T.No.e-02/CE(C&C)/SE(C&C)/DE(C)/A3/TGGENCO/2024-25
Scan for 10th
MSME Brochure
10 Trade fair &

summits
Scan for Space
Booking Form
In accordance with the MCA Circulars and other applicable regulatory
provisions, electronic copy/version of the Notice along with procedure
& instructions for Remote E-Voting will be sent to only those members
whose email IDs are registered with the Company/ Depository
RTS-B - Purchase, Collection & Removal of 10,000 MT of Coal Mill Rejects Participants /Registrar and Share Transfer Agent. To enable
available at Ramagundam Thermal Station for the FY 2023-24 for a contract period participation in the Remote E-Voting process by those members to
of twelve (12) Months from the date of issue of orders on "As is where is basis".
Inspection Starts & Closing Date: 10.07.2024 at 10:30 Hrs. & 20.07.2024 at 17:00 whom the Notice could not be dispatched, the company has made
Hrs. Date of Auction: 21.08.2024 from 12:00 Hrs to 15:00 Hrs. proper arrangements with their Registrar and Transfer Agent of the
T.No.e-02/CE/Civil/Hydel&GS/TGGENCO/2024-25 Company for registration of e-mail addresses, in terms of relevant
Running and Maintenance of Canteen for the period from 01.08.2024 to 31.03.2025 MCA Circulars. The process for registration of e-mail addresses is as
at Shakthi Building, Erragadda, Hyderabad. Value of the works ₹.45,99,560/- Scheduled under:-
Open & Closing Date: 05.07.2024 at 17:00 Hrs & 12.07.2024 at 15:00 Hrs. (i) For Temporary Registration:
For further Details: "www.tggenco.co.in, https://tender.telangana.gov.in, https://auction.telangana.gov.in.
DIPR RO. No. : 163-PP/CL-AGENCY/ADVT/1/2024-25 ,Date: 08-07-2024. Pursuant to relevant circulars the shareholders including physical
shareholders who have not registered their e-mail address and in
consequence the notice could not be serviced, May temporarily
get their e-mail registered with the company’s Registrar and
Transfer Agents viz. Link Intime India Private Limited by writing to
rnt.helpdesk@linkintime.co.in and follow the registration process
as guided thereafter. Post successful registration of the e-mail,
the shareholder would get the soft copy of the Postal Ballot notice
and procedure for e-voting along with User ID and password to
enable e-voting for the Postal Ballot from NSDL. In case of
queries relating to the registration of e-mail addresses,
shareholders, may write to rnt.helpdesk@linkintime.co.in and for
e-voting related queries you may write to NSDL at
“ In pursuit of Excellence and Quality in Shipbuilding” evoting@nsdl.com.
Visit us at : www.grse.in (ii) For Permanent Registration for Demat Shareholders:
For permanent registration of e-mail addresses, the Members are
requested to register their e-mail address, in respect of Demat
holdings with the respective Depository Participants by following
the procedures prescribed by the Depository Participant.
The Company will provide facility to its Members to exercise their
right to vote by electronic means only. The manner, instructions &
other information relating to Remote E-Voting process (including the
manner in which Members holding shares in physical form or who
have not registered their e-mail address can cast their vote through
Remote E-Voting), will form part of the Postal Ballot Notice. The said
Notice will also be available at the ‘Investor Section’ on the website of
the Company viz. https://www.zeemedia.in and also on the Website
of the Stock Exchange(s) i.e. BSE Limited and National Stock Exchange
of India Limited at www.bseindia.com and www.nseindia.com,
respectively. The said Notice will also be available on the website of
NSDL at www.evoting.nsdl.com.
For Zee Media Corporation Limited
Sd/-
Ranjit Srivastava
Place: Noida Company Secretary & Compliance Officer
Date : July 08, 2024 Membership No: A18577
16
>
NEW DELHI | TUESDAY, 9 JULY 2024 1

NEET-UG EXAM ROW [ TECH DIGEST ]

mybs.in/tech

Retest if leak widespread: SC NOTHING DEBUTS

Make full paper leak disclosure by July 11, apex court directs National Testing Agency CMF PHONE 1
Nothing said that the CMF Phone 1 offers personalisation
SANKET KOUL & BHAVINI MISHRA would like to know the entire process. with accessories such as interchangeable back panel
New Delhi, 8 July WHAT n Govt to set up a multi-disciplinary Second, the nature of FIRs. Third, the cases that are offered in different colours and textures.
COURT SAID team of experts to ensure that due point of time when the leak took place Nothing is also offering accessories that can be attached

T
he Supreme Court on Monday
directed the National Testing
Agency (NTA) to make a full dis-
closure before it by July 11 on the nature
of the National Eligibility-cum-
Entrance Test-Undergraduate (NEET-
UG) paper leak, the places where the
leak took place and the lag of time
between the occurrence of the leak and
the conduct of the exam.
In its short order dictated after the
hearing, the apex court added that it
will have to scrutinise whether the
alleged breach has taken place at a sys-
temic level, whether the breach has
affected the integrity of the entire
examination process, and if it is possible
to segregate the beneficiaries of fraud
from the untainted students.
The court opined that a retest will
measures are taken to obviate any and how the leak disseminated,” Chief directly to the smartphone using the rotatable dial and
n NTA to make a further breach in future exams Justice DY Chandrachud said. screws on the device. Priced at ~15,999 onwards, the
disclosure on the The court ordered both the central smartphone will be available on Flipkart from July 12.
nature of the leak, n CBI to n Central govt and government and the NTA to respond to
places where it specific queries raised in its order and
submit a NTA to submit
posted the matters for further hearing
took place and
time lag between
status report responses to
on July 11. The queries include when WhatsApp: Soon, you Apple Watch Series 10 could
on the queries related to
occurrence of leak investigation the manner of leak
the leak had first taken place, the
manner in which the leaked question
could send images to Meta be anniversary special
and conduct
of the exam
into the
paper leak
before next
hearing scheduled
papers were disseminated and the time
duration between occurrence of the leak
AI for questions and edits Apple Watch Series 10 is reportedly set to
feature a larger display and a sleek design.
cases for July 11 and the exam on May 5, 2024. WhatsApp is reportedly exploring a new According to a Bloomberg report, Apple plans
The apex court also asked the govern- feature that will allow users to send images to introduce significant changes to the
ment to set up a multi-disciplinary team to Meta AI for questions or edits using standard Apple Watch in the
have to be ordered if the sanctity of the tained if the nature of the leak was wide- of experts to ensure that due measures prompts. According to WhatsApp update next generation series to
NEET-UG, 2024 exam is lost and the spread or isolated to decide on ordering are taken to obviate any further breach tracker WABetaInfo, this feature was commemorate its tenth
leak has been propagated through social a retest. “Before we decide to order a in NEET-UG exam. The top court also identified in the WhatsApp beta version anniversary. The next-
media. Stating that the fact of the paper retest, we must understand what is the asked the Central Bureau of 2.24.14.20 for Android. With this feature, generation Apple Watch could
leak in the NEET-UG exam cannot be nature of leak. Asking 23 lakh students Investigation to submit a status report Meta AI will respond after users upload sport a display size similar to
denied, the court said it has to be ascer- to appear for a retest is tough. First we on the probe into the paper leak cases. images and can also edit them if requested. the Apple Watch Ultra models.

MONSOON FURY

51 flights cancelled, train

services hit in Mumbai
City records heaviest single-day July rainfall since 2019
DEEPAK PATEL
New Delhi, 8 July
At least 27 flights were diverted and 51 services
were cancelled at the Mumbai airport on
Monday after heavy rain battered the city,
sources said.
The rain water flooded the roads and railway
lines, disrupting train services and forcing clo-
sure of school and colleges.
Mumbai city recorded 101.8 mm of rainfall
in nine hours on Monday, nearly seven times
more than its suburbs in the same period, the
weather office said.
The Santacruz weather station recorded 27
centimeters (10.6 inches) of precipitation in the
24-hour period that ended at 8:30 a.m. on
Monday, the heaviest rainfall for a single day in
July since 2019, according to the India
Meteorological Department.
"Heavy rain and low visibility led to the sus-
pension of runway operations from 2:22 AM to
3:40 AM on Monday," a source said, adding that
27 flights were diverted to cities such as
Ahmedabad, Hyderabad, and Indore.
"Currently, priority is being given to arrivals,
delaying departures, and consequential changes
are being made to accommodate diverted
flights," another source said.
Presently, the Mumbai airport handles about
870 daily scheduled flights, according to aviation
analytics firm Cirium. Flightaware.com stated
that a total of 306 flights (departures plus arri-
vals) were delayed at the Mumbai airport on
Tuesday. About 42 IndiGo flights, six Air India
flights, two Alliance Air flights, and one Qatar
Airways flight were cancelled at the Mumbai air-
port until 11 AM on Monday, sources mentioned.
The Qatar Airways flight's departure was can-
celled as the crew had exceeded their FDTL
(flight duty time limitations), they added.
Adani Group-led Mumbai International
Airport Limited (MIAL), which runs the Mumbai
airport, said that it has arranged additional seats
Passengers wait for trains at a waterlogged railway station in Mumbai on Monday
and water for passengers affected due to
"inclement weather". The airport has also
deployed airport personnel across the terminals
to support passengers and provide them with
necessary assistance, it added.
"We request passengers to connect with their
respective airlines and check the schedule before
arrival at the Airport. The safety and well-being
of our passengers, employees, and partners
remains our top priority," it stated.
"There is heavy traffic on the roads and rail
lines too have been affected," Maharashtra Chief
Minister Eknath Shinde said on X.
PHOTO: PTI
Floods in UP
Release of water from dams in Uttarakhand
and widespread rainfall in river catchment areas
caused severe flooding in several districts in the
Terai region and the plains of Uttar Pradesh, an
official report said on Monday.
Many villages in Pilibhit, Lakhimpur,
Kushinagar, Balrampur, Shravasti and Gond dis-
tricts have been affected by floods. Separate cas-
es of lightning strikes killed 12 people in Bihar, a
state government official said.
With agency inputs