WEDNESDAY, 29 MAY 2024

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

CHENNAI
~13.00
VOLUME XXVI NUMBER 281

THE MARKETS ON TUESDAY chg#

Sensex 75,170.5 q 220.0

Nifty 22,888.2 q 44.3
Nifty Futures* 23,044.0 p 155.8 COMPANIES P3 TAKE TWO P15
Dollar
Euro
Brent crude ($/bbl)
~83.2
~90.5
83.4##
~83.1 **
~90.3 **
82.3 **
MILLENNIALS, GEN Z DRIVING INSIDE DELHI’S ‘GHOST MALLS’:
Gold (10 gm)### ~72,002.0 p
*(May) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~100.0
LUXURY CAR RENTAL DEMAND A STRUGGLE TO STAY RELEVANT
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O US LY FRO M AH M E D ABA D, B E NGAL U RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HY DE R A B AD , K OC HI , K OL K A TA , L U C K N OW , M U MB A I, N E W D E L H I A N D P U N E

DELHI-NCR BLAZES
AT NEARLY 50°C
Delhi’stemperatureson
Tuesdayrivalledthoseof
ChuruinRajasthan(which
reached50.5°C).The
nationalcapitalrecordedits
all-timehighmaximum
temperatureasittouched
49.9°C,just0.1°Cshyof50°C,accordingtoa
postonXbytheIndiaMeteorological
Department.Severalareas,suchas
MungeshpurandNarela,registered
temperaturesof49.9°C,9°Cabovenormal.
Najafgarhalsorecorded49.8°C.
GST panel may consider
dropping 12% slab
The fitment committee
under the Goods and
Services Tax (GST) Council,
comprising central and state
officials, has begun a rate
rationalisation exercise afresh,
checking the possibility of dropping
some of the rates, particularly the 12 per cent
slab, to achieve a revenue-neutral structure,
a senior official with direct knowledge of the
matter told Business Standard. The GST
regime could see an overhaul in 2024-25 as it
may move to a three-slab structure from the
existing four. SHRIMI CHOUDHARY writes
Hindalco looks to garner
$945 mn via Novelis US IPO
Tooffload45mnshares,or7.5%stake,at$18-21apiece;valuesarmat$12.6bn
AMRITHA PILLAY & SAMEER MULGAONKAR
Mumbai, 28 May GOING PUBLIC
A
Offer
ditya Birla Group’s Hindalco details valuation ($ bn)
Industries is set to list its US
subsidiary Novelis on the New
Shares offered 45 mn
Value at $18 per share $810 mn
York Stock Exchange (NYSE),
offering 45 million shares at $18-21 apiece. Value at $21 per share $945 mn
This represents 7.5 per cent of Hindalco’s
current stake in the company, according to After IPO (in %)
public disclosures made on Tuesday. Public
Novelis’ initial public offering (IPO) could holding 7.5
generate up to $945 million for Hindalco
Industries as proceeds from the offer for sale. Hindalco
At the above mentioned range, Novelis is stake 92.5
valued at up to $12.6 billion. Hindalco
Source: IPO Prospectus
acquired Novelis in 2007 in a deal that
valued it at $6 billion. Top 5 Indian firms listed abroad
If the greenshoe option is exercised, the
proceeds could reach $1.08 billion at the Listing
date
upper end of the price band, according to a — Novelis Inc
source close to the development. Based on
Aug ‘10 Makemytrip
the net debt of $4.35 billion, according to
7> the filing with the US Securities and Aug ‘21 Renew Energy Global PLC 2.41
Exchange Commission (SEC), the enterprise Oct ‘99 Sify Technologies
valuation of the company is estimated Dec ‘16 Yatra Online Inc
between $15.2 billion and $17 billion.
*Offer size calculated at $21 per share (Exchange rate 83.18/$)
Turn to Page 6 > Source: Bloomberg
NEW NON-FARM JOBS IN Q2FY23
HIGHER THAN Q1 BUT BELOW OMICRON-HIT Q4FY22
Fresh job creation in the nine major non-
farm sectors recovered sequentially in the
September quarter of FY23 but remained
below new job additions during the
Omicron-hit March quarter of FY22,
according to latest government data.
However, during the first half of FY23, the
FPIsturnnetdebt
buyersaheadof
indexinclusion
Adani Enterprises 10-year G-sec yield softens 20 bps in May so far
gets board nod to
Total ANJALI KUMARI
Mumbai, 28 May
MAKING A COMEBACK
—
10.8
raise ~16,600 cr In a turnaround from April’s selling FPI investments in debt (~ cr)
DEV CHATTERJEE spree, foreign investors are increasing
12.6 Mumbai, 28 May their holdings in debt securities as the
TheboardofAdaniEnterprises,the
JP Morgan Index inclusion for Indian
government bond approaches.
flagshipfirmoftheconglomerate, In May so far, foreign portfolio
onTuesdayapprovedraising investors (FPIs) have pumped ~7,427
~16,600crorebywayofqualified crore into debt securities on a net basis,
institutionalplacement(QIP)of a significant shift from April when there
sharesoranyotherinstruments,it was net selling of ~11,218 crore.
toldstockexchangesinastatement. “According to the schedule given by
Compiled by BS Research Bureau
Thefirmwillusetheproceedsto JP Morgan, the weighting will be
fundvariousprojects,includingthe increased by 1 per cent every month. So,
expansionofairports.Theapproval passive investors will have to buy to
Currentmcap($bn) cameadayafteritstransmission reduce the tracking error of the index,”
12.60* towerfirm,AdaniEnergySolutions, said Naveen Singh, vice-president of
8.41 clearedplanstoraise~12,500crore ICICI Securities’ primary dealership.
bywayofaQIPoranyotherequity In September 2023, JP Morgan had
instruments. Turn to Page 6 > announced it would include govern- Data up to May 27, 2024
0.27 ment papers, issued by the Reserve Bank Source: NSDL Compiled by BS Research Bureau
0.10 of India under the Fully Accessible
> AI, CLOUD, SUPER APP: ADANI Route, in its widely tracked GBI-EM. The FPIs to be attracted to the market.”
Compiled by BS Reserarch Bureau LOOKS TO BET BIG ON TECH P2 inclusion process will start from June 28 The yield on the benchmark 10-year
and will be phased over a 10-month government bond have fallen by 20 basis
period, with a 1 per cent weighting points (bps) in May so far. It settled at 7
included each month until March 31, per cent on Tuesday. During the last
2025. Indian bonds will have a 10 per quarter of FY24, FPIs infused ~54,492
cent weighting, similar to China.
The FPIs are back in the market
crore into the debt market, which led to
a fall in the yield on the benchmark bond
number of new hirings more than halved to because they see chances of making of 14 bps during the period.
331,221 compared to H2 of FY22 at 740,415. money as yields are expected to cool off The debt market saw a reversal of
The Labour Bureau on Tuesday released during the financial year, said the treas- fortunes in April after a year of
the Quarterly Employment Survey (QES) ury head of a private bank. “They keep consistently robust monthly inflows
results for the fifth and sixth rounds, doing the rebalancing of their invest- from FPIs, due to the surge in US
pertaining to Q1 and Q2 of FY23 after a gap of ments in different markets. The bond Treasury yields amid escalating
nearly 20 months. SHIVA RAJORA writes P6 inclusion was one of the reasons for the geopolitical tensions. Turn to Page 6 >

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2 COMPANIES CHENNAI | WEDNESDAY, 29 MAY 2024

STOCKS > Wipro

Partners with Centre
> VA Tech Wabag
Secures5-yroperation&
> Marksans Pharma
Receives marketing
> 3M India
Q4FY24 net profit
> RITES
Reportes lower profit in
IN THE NEWS for Brain Research maintenancecontractofAl authorisation for oral rises 27 per cent Y-o-Y Q4FY24 at ~126 crore,
at IISc Duqmdesalinationplant solution from UK MHRA to ~173 crore down 5 per cent Y-o-Y
~456.0 CLOSE ~976.0 CLOSE ~165.8 CLOSE ~33,980.7 CLOSE ~711.1 CLOSE
p0.8% UP* p0.9% UP* p0.7% UP* p9.9% UP* q-3.1% DOWN*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Paytm Insider elevates ‘Fortisplanstoadd700bedsinFY25’ ShalimarBaghinDelhi.Ofthese700
beds,weplantooperationaliseclose
to350bedsduringtheyear.However,
iftheramp-upisfaster,wecanopen
Varun Khare to COO position Fortis Healthcare is in an expansion phase, adding 246 beds during
2023-24 (FY24) and aiming to add 700 beds in 2024-25 (FY25). It has also
thebrandnamechangeundertaken
inMay2023.Asmorethan50per
variousotherareas.Oursurgical
volumeswereslightlyhigher,at
uptherestofthebedsaswell.Our
priorityremainsbrownfield
PaytmInsideronTuesdayannouncedtheelevationofVarunKhare divested two underperforming units in Chennai as part of its profitability centofourdiagnosticsbusinessis about58percent,andprocedures expansion,andinthenextfewyears,
tothepositiontothefirm’schiefoperatingofficer(COO).Priortothis, focus. ASHUTOSH RAGHUVANSHI, managing director and chief executive business-to-consumer,comingfrom liketransplants,roboticsurgeries, weplantoincreaseourcapacityto
KharewasonthepositionofBusinessHead-LiveEntertainment officer of Fortis Healthcare, provides an overview of the company’s FY24 customertouchpointsandcollection andradiationtherapiessawvolume around6,000beds.
(IntellectualProperties&Partnerships),inthecompany.Moving performance and expansion plans for FY25 in a telephonic interview with centres,thebrandchangenaturally growthexceeding50percent.These
forward,hewillleadthecompany'soperationalstrategies,andbe Sanket Koul. Edited excerpts: affectedcustomerbusiness. procedureshavehighticketsizes, How do you anticipate the evolving
inchargeofdrivinggrowthandinnovationacrossthebusiness. Provisionsrelatedtobusinesswith resultinginhigherARPOB. valuations in the healthcare
PaytmInsiderclaimstohaverecordedover100percentgrowthin How would you assess the majorunderperformingunitsin thegovernmentinDelhi(Aam mergers and acquisitions space,
grossmerchandisevalue(GMV)forthepasttwoyearsunderKhare's company’s performance in FY24? Chennai.Wealsocompletedthe Aadmimohallaclinic)and What are your expansion plans and what opportunities do you
leadershipasbusinesshead. BS REPORTER Weareverypleasedwiththe acquisitionofapotential450-bed considerableexpensesfor for FY25? foresee for Fortis in this context?
company’sperformance facilityinManesar,which rebrandingaffectedthe InFY25,weplanto Valuation is a function of factors,
inFY24.Wesawalmost wouldfurtherstrengthen business.Lastly,FY23hada addabout700beds, and we are primarily concerned with
SpiceJet says claims of KALAirways, 11.3percentgrowthinour
hospitalbusiness’topline,
ourpresenceinthe
NationalCapitalRegion.
pandemicelementabsentin
FY24.ExcludingCovid,non-
includingthe
commissioningof
the strategic importance of the asset
and how it fits into our framework.
K Maran are ‘legally untenable’ andourmargins
expandedbyalmost170
Weperformedwell
clinically,withkey
Covidrevenuesactuallygrew
by6percentoverFY23.
theManesar
facility.Bedswill
While valuations have become quite
high, some assets may not justify
ASHUTOSH
In an escalation of the ongoing dispute, SpiceJet on Tuesday basispointsto18.6 RAGHUVANSHI procedurevolumesgrow- alsobeaddedto such metrics. We continue to
said the claims made by KAL Airways and Kalanithi Maran for percentforFY24. MD & CEO, ingat8percent.Whilethe What are the reasons behind existingfacilities evaluate assets and valuations
more than ~1,323 crore in damages are baseless and legally Fourth-quarter Fortis Healthcare diagnosticbusinesswas the 10.3 per cent increase in atFaridabad,BG within a framework considering
untenable. On Monday, KAL Airways and Kalanithi Maran said marginsforthehospital muted,itstillachieveda average revenue per occupied Roadin parameters of synergy and return
they will seek more than ~1,323 core in damages from SpiceJet havealsoexceededStreet marginofabout19.5per bed (ARPOB) per day? Bengaluru, metrics for our shareholders, such as
and its chief Ajay Singh as well as challenge the recent expectationsat22.4percent.We cent,betterthan2022-23(FY23). Inourcase,theincreaseismainly Kolkata,and internal rate of return, payback
Delhi High Court order in the ongoing dispute between the expandedourcapacitybyabout246 duetogrowthincore period, and earnings per share
two sides. In a regulatory filing, SpiceJet said it strongly bedsinFY24,includinga70-bed What are the reasons behind specialties, accreditation or dilution. We are
refutes the claims made by KAL Airways and Maran regarding hospitalinLudhiana,thesecond the muted growth in the particularly currently evaluating certain
seeking damages of ~ 1,323 crore. PTI facilityinthatcity. diagnostic business? oncologyandhigh- opportunities that we believe would
Simultaneously,wedivestedtwo Thebusinesswasimpacteddueto endsurgeriesin add value to our company.

Infra.Market raises $50 million

to bolster expansion plans
Infra.Market,astartupthathelpsconstructionandrealestate
AI, Cloud, super app: Adani Marutimayset
up400service
companiesprocurematerials,onTuesdayannouncedthatithas

group to bet big on tech

raised$50millionfromMARSUnicornFund,ajointventurefrom
LiquidityGroupandMUFG.TheroundtakesMARS’investmentinthe
companyupto$100million.Thefundhadpreviouslyinvested$50

outletsinFY25
millioninInfra.Marketin2022.Infra.Marketintendstousethe
proceedsofthelatestraisetocatertonewerglobalmarketsand
increaseitspresenceacrossproductverticals.NorthcoteLuxe
FinBrokersweretheexclusiveadvisorsforthedeal. BS REPORTER Planning to utilise sectoral data and train AI models DEEPAK PATEL points are in smaller pockets—
AJINKYA KAWALE & AMRITHA PILLAY NewDelhi,28May emerging markets and rural
Lava International appoints Mumbai, 28 May
MEGA PLANS Maruti Suzuki India (MSIL)
locations,” he said.
Regarding the company’s
Rajesh Sethi group CFO
C
oal-to-airports conglomerate n Super App combining digital services plans to establish at least 400 expansion strategy for service
Adani group is set to make a such as utility bills, consumer goods, service touchpoints in the 2024- workshops, Akella stated, “Last
Home-grownmobilemakerLavaInternationalLtdhasappointed splash in the tech world. The airport access, among others 25 financial year (FY25) to meet year (FY24), we added 400 serv-
RajeshSethiasthenewgroupchieffinancialofficer(CFO),thefirm group is considering the creation of cus- the needs of various locations ice touchpoints. We plan to
saidonTuesday.Sethihasover27yearsoffinancialmanagement tomised artificial intelligence (AI) n Adani One app is likely in talks to across the country where car maintain at least the same level
andstrategicplanningexperienceandwillberesponsiblefor models for commercial prospects and expand into e-commerce and density is higher, its Executive of network expansion.” Since
overseeingLava'sfinancialoperations,enhancingfinancialsystems consolidating digital services on a super digital payments Officer (Service) Ram Suresh establishing its first service
andprocesses,andsteeringthecompany'sfiscalstrategiesto app, according to people in the know. n Conglomerate looking to offer online Akella told Business touchpoint in 1983, MSIL
supportitsgrowthplans,thestatementsaid.BeforejoiningLava, The Adani One app, part of its con- shopping through the Open Network Standard on Tuesday. has accelerated its pace
SethiwasGroupCFOatIraqbasedconglomerateSterGroup. PTI sumer-facing businesses, is reportedly In the previous significantly. The com-
for Digital Commerce (ONDC)
in talks to expand into e-commerce and financial year, 2023- pany took 14 years to
digital payments, according to a n AI models, capable of being 24 (FY24), India’s set up its first 1,000
Leasing by GCCs up 17% to Financial Times report. The conglomer-
ate is also looking to offer online shop-
commercialised, for industries largest carmaker
added 400 service
service touchpoints.
The next 1,000 were
22.5 mn sq ft in 2023-24: CBRE
Source: FT, industry sources
ping through the Open Network for touchpoints, with 90 in set up in nine years
Digital Commerce (ONDC). the Nexa (premium) for- (1997-2006), followed by
Office space leasing by global capability centres (GCCs) in India “They (Adani group) have started can have the potential to be commer- Sweden’s EQT-owned EdgeConneX with mat and the remaining 310 in the another 1,000 in eight years
increased by 17 per cent year-on-year (Y-o-Y) in the financial year some initial talks of getting on the ONDC cialised at a later stage after testing. a total investment of ~50,000 crore. The Arena (affordable) format. On (2006-2014). The subsequent
2023-24 (FY24) compared to FY23, said a report on Tuesday, citing platform. But it’s still too early,” a source Similarly, the company may offer cloud company aims to develop one gigawatt Tuesday, the company marked 1,000 were established in seven
engineering, manufacturing and financial services among sectors told Business Standard. The group did services which currently support its own (GW) of data centre capacity by 2030. the opening of its 5,000th service years, and the most recent 1,000
that are helping growth. Total leasing by GCCs stood at 22.5 million not respond to an email query until operations. In December, the Adani group touchpoint in Gurugram. service touchpoints were added
square feet in FY24, compared to 19.2 million square feet in FY23, press time. Currently, the Adani group The focus on AI and the larger tech formed a joint venture (JV) with a unit Akella explained the distribu- in just three years (2021-2024).
according to real estate consultancy CBRE South Asia. A GCC supports operates across multiple sectors, such space comes amid intensifying compe- of the UAE’s International Holding Co. tion of these service touchpoints “Establishing the last 1,000
its parent company by handling operations like technology, as energy and utilities, transportation, tition among India’s top conglomerates (IHC) to explore AI and other technol- between main urban centres and service touchpoints took us
customer service, finance, and product development. BS REPORTER and logistics. With its presence across — namely Reliance Industries (RIL) and ogies. The JV, known as Sirius other regions. “Wherever we three years. This is the pace we
these major sectors, the company is the Tata group. Tata and RIL entered International Holding, will explore have main sales outlets, not the have picked up now. We might
planning to utilise sectoral data and into separate partnerships with US tech- Internet of Things (IoT) and blockchain, small compact ones, we have continue at the same pace for the
NCLAT upholds Adani Goodhomes train AI models, said another source.
The plan, source said, is to enable the
nology giant Nvidia to build AI super-
computers in September last year.
besides AI. The company is considering
the consolidation of digital services,
about 2,500 service touchpoints.
The remaining 2,500 touch-
next 1,000 service touchpoints,”
Akella noted.
bid with 93% haircut for Radius company to create targeted industry-
specific AI models and solutions that
Earlier this year, Adani announced
the setting up of a joint venture with
such as electricity and gas bills, airports,
and real estate
InsolvencyAppellateTribunalNCLAThasupheldordersapproving
AdaniGoodhomes’resolutionplanforrealtyfirmRadiusEstatewith
a93percenthaircutforcreditors.Atwo-memberbenchcomprising
Skoda-VW hits 1.5 million
theNCLATChairmanrejectedthepetitionsbytwodissentingfinan-
cialcreditors,sayingitwas“commercialwisdom”oftheCommittee ABFRLQ4netlossat~266cr, Brigade Q4 profit output mark in India
ofCreditors(CoC),whichapprovedthepayouttodifferentcreditors.
rises 234% on
TheMumbaibenchoftheNCLTonJanuary9,2022,approvedthe
resolutionplanofAdaniGoodhomes,apartofAdaniRealty. PTI revenuefromopsat~3,406cr strong demand
ANJALI SINGH
Mumbai, 28 May

Aditya Birla Fashion and Retail Ltd
(ABFRL) has reported a consolidated net
loss of ~266.35 crore for the fourth
quarter ended March 2024.
The company had posted a net loss
of ~194.54 crore during the January-
March quarter a year ago, according to
a regulatory filing from ABFRL.
Its revenue from operations was at
~3,406.65 during the quarter under
review against ~2,879.73 crore in the
year-ago period. According to the Aditya
Birla group firm, the consolidated finan-
cial results for the quarter that ended
FY16-23: INDIAN FIRMS GREW 1.2x
IN R&D COMPARED TO GLOBAL PEERS
ASHUTOSH MISHRA
New Delhi, 28 May
Spectrum auctions: Airtel likely to edge past Jio
Indian enterprises outpaced global companies in terms of SUBHAYAN CHAKRABORTY
research and development (R&D) growth and witnessed New Delhi, 28 May
1.2x growth compared to global counterparts, between the
period of FY16-23, according to an analysis by Foundation Bharti Airtel may end up cumu-
for Advancing Science and Technology (FAST). latively bidding for more spec-
The report, however also found out that in terms of trum than market leader
research and development (R&D) intensity, Indian firms Reliance Jio in the upcoming
under-performed global firms in all sectors studied, auctions. This is owing to its
between the period of FY16-23. R&D intensity is the ratio of a need for spectrum renewal, and
firm’s R&D investment to its revenue. a requirement for 900 MHz in
a few circles, analysts have said.
Despite the muted bidding
SLOW PACE Areas global firms lead in: expected in the upcoming
auctions, Airtel may end up
When compared to Indian firms (x times)
making more bids than Jio,
R&D intensity 2.9 they added.
Patents 13.1 “While Bharti and Vodafone
PhD employees in board 3.7 Idea (Vi) have 900 MHz
renewal in a few circles, Bharti
Publications per billion $ revenue 1.3 may also use the opportunity
to strengthen its sub-1 GHz
Source: Foundation for Advancing Science and Technology research holdings,” a note by IIFL
Securities said.
March 31, 2024, are “not comparable Real estate developer Brigade European auto company, Skoda Auto Volkswagen India (SAVWIPL)
with previous quarters” pursuant to the Enterprises reported a 234 per cent reported on Tuesday that it has manufactured over 1.5 million
acquisition of TCNS Clothing and rise in net profit to ~211 crore for the vehicles at its Chakan (Pune) facility since commencing operations
Styleverse Lifestyle. Its total expenses fourth quarter ended March (Q4FY24). at the Chakan plant in 2009. These include models from
were at ~3,813.87 crore in the March The total revenue stood at ~1,763 crore, Volkswagen and Skoda, such as Skoda Kushaq, Slavia, Volkswagen
quarter. “The established businesses up 102 per cent, on the back of strong Taigun etc.
continue to navigate market head- demand. Ebitda stood at ~493 crore in This aligns with the company’s ‘Make in India’ initiative, with
winds while maintaining a sharp focus Q4FY24 as against ~231 crore in Q4 FY23, over 30 per cent of its car production being exported to nearly 40
on profitability enhancement,” said an increase of 113 per cent. Brigade global markets. The Chakan facility, which started with the pro-
ABFRL in an earning statement. Its approved a final dividend of ~2 per duction of the Skoda Fabia, has since produced an array of models
revenue from the ‘Madura Fashion & equity share (20 per cent) of ~10 each. including the Volkswagen Vento and Polo, and the Skoda Rapid.
Lifestyle’ segment was at ~1,861.75 Brigade achieved presales of ~2,243 The latest additions to its lineup, the INDIA 2.0 range – Volkswagen
crore. Pantaloons’ revenue stood at Rs crore in Q4 FY24 and ~6,013 crore for the Taigun and Virtus, Skoda Kushaq and Slavia – recently crossed
895.03 crore. PTI entire FY24. BS REPORTER the 300,000 units production mark.
The investment advisory is not the case for Jio, a note by
Spectrum
TELE STATS Total spectrum 10,523.20
firm expects Airtel's spectrum Axis Capital pointed out. “With
outlay of ~10,400 crore to dwarf on offer (MHz) Bands low 5G penetration, adequate
the ~900 crore outlay for Jio 5G 118.8 l 800 MHz spectrum supply by the DoT,
and the ~1,200 crore for Vi. In spectrum 118.0 l 900 MHz and periodic auctions, we do
case telcos opt for the most- on offer in not expect the bid intensity to
relaxed payment option, gov- 221.4 l 1,800 MHz be high,” it stressed.
upcoming
ernment receipts in FY25
auction 125.0 l 2,100 MHz
would be ~1,200 crore, it said. Muted expectations
Given that Bharti Airtel has
60.0 l 2,300 MHz The upcoming spectrum auc-
to renew the licence for at least 70.0 l 2,500 MHz tions will be held on June 6.
42 MHz of spectrum in 1800 1,110.0 l 3,300 MHz All unsold spectrum from the
MHz and 900 MHz bands last sale will be up for bidding
across 6 circles, the telco would 8,700.0 l 26 GHz again. Airwaves in the 800,
Source: Department of Telecommunications
be spending ~3,800 crore at 900, 1800, 2100, 2300, 2500,
reserve prices, analysts had bid for the 1800 MHz band only Telcos can bid for spectrum spectrum than the level deter- 3300 MHz and 26 GHz bands,
predicted in March after the in four circles despite having worth up to 12 times their EMD. mined by the EMD as it is covering a large chunk of
auctions were notified. posted the highest earnest “A telco cannot bid for more refundable if a telco bids for at voice and data spectrum, are
Meanwhile, Jio may pick up money deposit (EMD). spectrum than the level deter- least the minimum spectrum up for sale. Jio is widely
much less spectrum than it ini- Reliance Jio has deposited mined by the EMD. However, a in one circle,” IIFL said. expected to give the 800MHz
tially indicated. the most — ~3,000 crore — fol- high EMD can be used to signal Airtel and Vi have some pre- band a miss, given that it is
“With Jio already posses- lowed by ~1,050 crore by Bharti intent. It also gives flexibility to 2010 administered spectrum mostly unsold spectrum from
sing adequate spectrum, it may AIrtel and ~300 crore by Vi. a telco to bid even for far lower coming up for renewal, which 2022, analysts believe.

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.
CHENNAI | WEDNESDAY, 29 MAY 2024 COMPANIES 3 <

Millennials, Gen Z driving P&G Hygiene

appoints

demand for luxury car rentals

Mumbai and Delhi witness fastest growth in demand this year at 35% and 40%, respectively
ANJALI SINGH
Mumbai, 28 May
I
ndia’s luxury car rental market is
experiencing a surge in demand,
particularly in Tier 1 cities such as
Mumbai, Bangalore, and Delhi, with
executive travellers, especially from
the tech sector and younger demo-
ticularly among the younger demo-
graphics who are increasingly opting
for luxury car rentals for special occa-
sions like weddings, birthday parties,
and weekend getaways.
However, the entry of new players
and the resultant competition is driv-
GOING LUXE ing rental rates down.
According to Muzamil Siddiqui, co-
Mrinalini
Srinivasan CFO
Procter & Gamble Hygiene
and Health Care, one of P&G
India’s listed entity that
includes brands like Vicks
and Whisper, announced
the appointment of
Mrinalini Srinivasan as the
Mayo Clinic in Rochester,
company’s chief financial
officer (CFO) effective June Minnesota, is the top-ranked
29. Srinivasan has worked
across various finance roles
hospital in the USA.
in her career spanning 16
years. She joined P&G in U.S. News & World Report 2023-2024

graphics like the millennials and the
Gen Z, increasingly renting high-end
vehicles for special occasions and
domestic travel.
Luxorides, a luxury car rental com-
pany, observed a 40 per cent year-on-
year rise in bookings in 2024 (until
April) on popular routes like Delhi-
Rishikesh, Delhi-Vrindavan, and
Delhi-Jim Corbett National Park, as
well as Chandigarh-Manali and
Chandigarh-Ladakh. This growth has
also been fuelled by foreigners and
NRI travellers seeking ultra luxury
travel experiences.
Mumbai and Delhi are the cities
that have witnessed the highest
growth in demand — 35 per cent and
40 per cent respectively. Other cities
which have shown significant growth
include Bengaluru, which has seen a
40 per cent rise in demand, Pune (10
per cent), and Udaipur (14 per cent). It
was also noted that there were large
surges in demand in Jamnagar
recently due to the pre-wedding events
hosted by the Ambani family as per
Luxorides data.
The demand for luxury vehicle
bookings varies depending on the sea-
son. During the wedding season, book-
ings can surge to lakhs, whereas at
other times, the number can drop to
n Luxury car rental company
Luxorides observed a 40% rise in
bookings for routes like Delhi to
Rishikesh, Vrindavan, and Jim Corbett
n The demand for luxury
vehicle bookings varies depending
on the season
n Rentals for ultra-luxury or sports cars like the Mercedes Maybach and Range
Rover Vogue ranges between ~50,000 and ~5,00,000 for 80-kilometre period
less than 10,000. Corporate bookings
also tend to be high during the busy
season. Luxorides gets around 100-150
bookings per city per month. Delhi
sees about 170-200 bookings, Mumbai
150-170, Bengaluru records 110-125,
while other cities average between 40
and 70 bookings per month.
Aaditya Mishra, co-founder and
director of Luxorides, said, “The lux-
ury travel market in India is expand-
ing, particularly in top-tier cities, and
we ourselves have been experiencing
a 20 per cent surge in demand across
India. This trend is driven by young
professionals and a growing domestic
travel market, and we are responding
by strengthening our technological
infrastructure and creating a more
interactive, user-friendly and
scalable system.”
n The average ticket size for renting
luxury vehicles is between
~10,000 and ~5,00,000
n Rentals for high luxury models like
Mercedes GLE, BMW 5 Series, and
Mercedes S Class start from ~10,000
and can go up to ~50,000
Harman Preet Singh, marketing
director, Pune Travellers & Travel Ease,
stated, “We have seen a rise in the
booking of luxury cars by Gen Z for
events like graduations and birthday
parties. Elections, too, can be good for
business. This year, news channels,
corporations, and everyone else
needed to move around a lot during
the election season. That helped keep
our off-season (which starts in March)
from being a slow period."
The overall Indian car rental mar-
ket was approximately valued at $2.9
billion in 2023, and is expected to
reach $3.8 billion by 2028, projecting
a compounded annual growth rate
(CAGR) of 5.5 per cent during the fore-
cast period (2023-2028) as per industry
peers. It has also been noted that there
has been a rise in domestic travel, par-
owner of Exotic Car, “The luxury car
rental market is becoming more com-
petitive. Price sensitivity among con-
sumers is leading to lower rental rates.
For instance, the rental for a high-end
car like a Mercedes, typically valued
at ~2 crore, has dropped from ~15,000
to as low as ~10,000 to ~11,000, due to
intense market competition. Lower
international tourist arrivals are
also a challenge.”
The cost difference between rent-
ing a luxury vehicle and a standard
one is significant. Standard sedans like
the Swift Dzire, Honda City, or Toyota
Crysta can be rented for less than
~5,000 for an 8-hour, 80-kilometre
period. On the other hand, premium
cars such as the Toyota Camry or Kia
Carnival cost less than ~10,000 for the
same duration, which amounts to a
70-100 per cent increase over
standard sedans. The ticket size for
renting luxury cars can be anywhere
between ~10,000 and ~5 lakh. For those
seeking higher luxury, rentals for
models like the Mercedes GLE, BMW
5 Series, and Mercedes S Class start
from ~10,000 and can go up to ~50,000.
Rentals for ultra-luxury or sports cars
like the Mercedes Maybach, Range
Rover Vogue, and Rolls-Royce range
from ~50,000 to ~5 lakh.
2008 in India, and has
worked across three geogra-
phies — Singapore, India,
and Dubai, leading transfor-
mational projects and deliv-
ering outstanding results for
several important P&G busi-
nesses. BS REPORTER
ReliancetobuyRussianoilinroubles
REUTERS
28 May
Reliance Industries, operator
of the world’s biggest refining
complex, has signed a one-year
deal with Russia’s Rosneft to
buy at least 3 million barrels of
oil a month in roubles, four
sources aware of the matter
told Reuters.
The shift to rouble pay-
ments follows Russian
President Vladimir Putin’s
push for Moscow and its trad-
ing partners to find alternatives
to the Western financial system
to facilitate trade despite
US and European sanctions.
For world-class care start here.
Contact Mayo Clinic’s Representative Oice
in India: +91 99677 01820
A term deal with Rosneft
also helps privately run
Reliance to secure oil at dis-
counted rates at a time when
the OPEC+ group of oil pro-
ducers is expected to extend
voluntary supply cuts beyond
June. The OPEC+ group com-
prising the Organisation of the
Petroleum Exporting
Countries (OPEC) and allies
including Russia is due to dis-
cuss the output cuts in an
online meeting on June 2.
India has become the big-
gest buyer of seaborne Russian
crude since the West halted
purchases and imposed sanc-
tions against Moscow in the
aftermath of Russia’s 2022
invasion of Ukraine. India has
also paid for Russian crude in
rupees, dirhams and Chinese
yuan. State-owned Indian
refiners, meanwhile, have been
tapping spot markets for
Russian oil because they were
unable to finalise term supplies
for this year, Reuters has
reported previously.
“India is a strategic partner
for Rosneft oil company,” the
Russian company said in an
emailed response to questions
from Reuters, adding
that it does not comment on
confidential agreements with
partners.

Licious gears up for IPO with

new CFO, profit pursuit
PEERZADA ABRAR
Bengaluru, 28 May
Fresh meat and seafood deliv-
ery unicorn Licious is inten-
sifying its talent acquisition
endeavours as it pursues prof-
itability and readies for an ini-
tial public offering (IPO)
within the next 24 months.
Delightful Gourmet,
Licious’ parent company, has
named 39-year-old Karishma
Gupta (pictured) as its new
chief financial officer (CFO).
Her appointment aligns with
Licious’ drive for profitable
growth through an omnichan-
nel strategy.
Based in Bengaluru, the
company aims to launch over
500 Licious stores across 20
cities in the next five years,
with the goal of achieving
operating profit by the end of
the current financial year
(2024-25). She will play a piv-
otal role in fostering sustain-
able growth and profitability,
establishing governance
frameworks, and implement-
ing key standard operating
procedures as Licious enters
a pre-IPO phase.
“We plan to open 500 stores
over the next five years. While
it is early to comment on hir-
ing numbers, we will seek indi-
viduals with key skills and spe-
cialised expertise,” said a
company spokesperson.
“These include nuanced
hyperlocal understanding,
keen insights to identify con-
sumer needs in key catch-
ment areas for new
stores, along with a
profound under-
standing of key dif-
ferentiators and syn-
ergies between
online and offline
landscapes,” the
spokesperson added.
A chartered
accountant, she
brings over 18
years of diverse
finance experi-
ence to Licious.
Her expertise
spans business
partnering, supply chain
finance, governance, financial
planning and analysis, audit,
and controllership.
She has held leadership
roles in multinational and
Indian companies, with a
proven track record of revita-
lising business performance,
financial management, and
mergers and acquisitions.
Before joining Licious, she
spearheaded expan-
sion and turn-
around strategies
across multiple
brands and
geographies
for Jubilant
FoodWorks.

360Onebetsbigon
healthcare,tech,
financialservices
DEV CHATTERJEE
Mumbai, 28 May

360 One Asset, the private

equity (PE) and venture
capital (VC) fund, has
launched Secondaries Fund
with a base size of ~4,000
crore and it has crossed the
halfway mark, Sameer
Nath, chief investment
officer & head of PE-VC of
the firm said on Tuesday.
The fund has identified
healthcare, financial serv-
ices, consumer retail and
technology for investments.
“We have already closed
six investments providing
visibility into 20-25 per cent
of the portfolio,” Nath said.
The VC & PE business of
the firm has around ~23,404
crore in assets under man-
agement, extending from
mid-stage to late-stage ven-
ture capital to growth equity
and pre-IPO investments.
The firm has invested in
101 companies so far and of
these 30 have emerged
Unicorns with a valuation
of $1 billion and above. The
firm is an investor in several
firms, including Swiggy,
National Stock Exchange
and PharmEasy.
Nath said its
Secondaries Fund is India’s
CIO & head of PE-VC of the
firm Sameer Nath said that
Secondaries Fund is India’s
first one that is addressing
massive, untapped market
first one that is addressing
a massive, untapped mar-
ket and building on a strong
relevant track record. The
strategy and early-mover
advantage have been appre-
ciated by a range of sophis-
ticated investors, Nath said.
The fund has also launched
India’s first dedicated
healthcare scheme, build-
ing on a strong track record.
It has collaborated with
five healthcare pioneers,
including Ranjan Pai, chair-
man of Manipal Hospitals,
who are anchor investors
in the fund that comprises
a high-powered advisory
board.
4 >
BATTLEGROUND 2024 CHENNAI | WEDNESDAY, 29 MAY 2024 1
FortheOdishaAssemblypolls, Inthe2019Odisha

BATTLEGROUND 2024
178womencandidates—or Assemblypolls,10%
14%ofallcontestants—arein ofthe1,121contestants
thefrayon147seats werewomen

Purvanchal battle isn’t Ludhiana’s textile industry

easy for BJP and allies wants govt to stitch up FTAs
SHREYA NANDI
PHOTO: X/@SAMAJWADIPARTY Ludhiana, 28 May
ARCHIS MOHAN Congress leader
Varanasi, 28 May
Rahul Gandhi
Ludhiana’s textile industry is navigating
through a sea of challenges, adapting to

F
and SP Chief
ive years ago, the Akhilesh Yadav
a new normal of subdued demand,
Bharatiya Janata Party’s with other party
while pinning its hopes on governmental
(BJP’s) creditable per- leaders at a
support for the establishment of a
formance across Uttar public meeting
mega textile park and the signing of
Pradesh and Prime in Varanasi
free trade agreements (FTAs) with devel-
Minister Narendra on Tuesday
oped economies.
Modi’s emphatic vic- The past eight years have been a
tory margin at rollercoaster ride for this labour-inten-
Varanasi concealed a UTTAR PRADESH sive industry. All this began with demon-
series of nail-biting etisation in 2016, followed by the intro-
contests in nearly half a duction of a revamped indirect tax
dozen seats in districts regime – goods and services tax — in
close to this Lok Sabha 2017. The Covid-19 pandemic in 2020
constituency. Fast forward added to the woes, and the geopolitical
to the present, and the
political landscape of
RINGSIDE VIEW tensions since 2022 have led to high
inflation and recessionary trends in the NLUDHIANAN
India has been losing ground
to competitors like Bangladesh
UP’s Purvanchal Following are Varanasi's neighbouring Lok Sabha constituencies West, impacting demand. and Vietnam, which enjoy lower
region is appearing Vinod Thapar, president of Knitwear duty benefits PHOTO: SHINGORA TEXTILES
relatively challeng- CHANDAULI (2) GHAZIPUR (3) Club, an apparel industry association,
ing for the BJP and 2024 contenders 2024 contenders stresses the urgent need for a mega textile underscores the executive cited above.
>Afzal Ansari, SP
its allies – the Apna PURVANCHAL >Mahendra Nath Pandey, BJP park in Ludhiana. He believes that such While some of these issues need to be
Dal and the >Birendra Singh, SP >Paras Nath Rai, BJP a park, akin to those in China, could be a addressed at the Centre’s level,
Suheldev Bharatiya >Satyendra Kumar Maurya, BSP >Umesh Kumar Singh, BSP game-changer, creating thousands of jobs Ludhiana’s textile industry is hopeful that
Samaj Party (SBSP). and reviving the industry. “We need the the state government will consider its
The youth — their 2019 result Votesharein% 2019 result Votesharein% government’s intervention on this at the demand for a mega textile park and an
dreams of government >MahendraNathPandey,BJP 47.02 >Afzal Ansari, BSP 51.11 earliest. Discussions on setting up a tex- PUNJAB exhibition-cum-convention centre.
jobs unfulfilled — are voic- >Sanjay Singh Chauhan, SP 45.74 >Manoj Sinha, BJP 40.33 tile park have been going for the In the political arena, Ludhiana, which
ing their frustration. past two-three years and there has been votes on June 1 in the final phase of the
Meanwhile, certain sections of ROBERTSGANJ (1) GHOSI (4) delay due to unavailability of adequate 2019 result Lok Sabha election, is witnessing a fierce
BALLIA (5)
the Scheduled Castes are view-
2024 contenders 2024 contenders 2024 contenders
land,” Thapar says. 2024 contenders Votesharein% contest between candidates from the
ing the Samajwadi Party (SP)- > >Arvind Rajbhar, SBSP However, the road to recovery won’t Congress, the Aam Aadmi Party, and the
Rinki Singh Kol, Apna Dal (S) >Neeraj Shekhar, BJP >Ravneet Singh Ravneet Singh
Congress alliance as a tempo- >Rajeev Rai, SP
be without obstacles. The Indian textile Bharatiya Janata Party.
>Chhoteylal, SP >Sanatan Pandey, SP
rary refuge from the fading industry faces stiff competition from sev- Bittu (BJP) Bittu, (INC) 36.66 While those in the poll fray in
>Dhaneshwar, BSPM >Balkrishna Chauhan, BSP
influence of the Bahujan Samaj >Lallan Singh Yadav, BSP eral countries in the region, such as Ludhiana haven’t made textile industry-
> Amrinder Singh Maheshinder
Party (BSP). All this, coupled 2019 result Votesharein% 2019 result Votesharein% 2019 result Votesharein% China, Bangladesh, Sri Lanka, Vietnam,
Singh Grewal,
specific promises, BJP candidate
with the close calls of 2019, is >Pakori Lal Kol, Apna Dal (S) 45.3 >Atul Kumar Singh, BSP 50.27 and even Pakistan. Raja Warring (INC) Ravneet Singh Bittu, who won the 2019
>Virendra Singh, BJP 47.36 (SAD) 28.6
making the rank and file the >Bhai lal, SP 39.8 >Harinarayan, BJP 39.53 >Sanatan Pandey, SP 45.79 The industry is eagerly awaiting the > Ranjit Singh polls on a Congress ticket, has promised
BJP and its allies a bit nervous. signing of FTAs with the United Kingdom an exhibition-cum-convention centre in
Dhillon (SAD)
The National Democratic Note: BSP: Bahujan Samaj Party; SP: Samajwadi Party; BJP: Bharatiya Janata Party Source: ECI and the European Union. India has been the city. Amrinder Singh Raja
Alliance’s roster of candidates losing ground to competitors like > Ashok Prashar Simarjeet Warring of the Congress and Ashok
in the vicinity of Varanasi is a Bangladesh and Vietnam, which enjoy Pappi (AAP) Singh Bains, Parashar Pappi of the AAP are the main
formidable one, boasting two candidates from a broad spec- ing the credibility of the Prime Rohit Gupta, a young e-rick- lower duty benefits. (LIP) 29.36 challengers this time.
Union ministers — the BJP's trum of castes, not just Yadavs, Minister's guarantees as a key shaw owner, laments lack of Amit Jain, managing director of > Amritpal Singh Total electors According to industry insiders, Prime
Mahendra Nath Pandey from has sparked speculation of a factor in the party's favour. “He government jobs and the dwin- Shingora Textiles, suggests a shift towards Chhandran (SAD-A) 1,683,325 Minister Narendra Modi remains highly
Chandauli and Apna Dal potential shift in allegiance (Modi) has delivered, while that dling Banarasi saree trade. "The value-added textiles as a potential growth Note: LIP: Lok Insaaf Party; SAD: Shiromani Akali Dal;
popular and the Lok Sabha elections will
(Soneylal)'s Anupriya Patel among smaller Other (credibility of guarantees) of trade has shifted to Gujarat and driver. He warns that relying solely on SAD-A: Shiromani Akali Dal (Amritsar) Source: ECI test the AAP, which swept the Punjab
from Mirzapur. There are also Backward Castes (OBCs). This the Opposition is untested.” elsewhere in the low-cost production may Assembly polls in 2022.
a couple of political scions in is particularly evident in The question of how the SCs country. There not be sustainable in the “The Lok Sabha elections will be a
the mix: the BJP’s Neeraj Robertsganj, a constituency and OBCs will vote — whether were fewer orders long run, as “new-age FTAs “QCOs need to be imposed on prod- reality check for the AAP,” says one of
Shekhar is contesting from reserved for Scheduled Castes, as beneficiaries of government and my commis-
Ballia, his father and former where the SP has fielded welfare schemes, along caste sion from selling
EAR TO THE negotiated with developed
economies require com-
ucts that are equally available in India. them. “Although the BJP is unlikely to
The government cannot stop the import lead in the rural areas because of anger
prime minister late Chandra Chhotelal Kharwar, a BJP can- lines, or as the “four pillars” of sarees had dwin-
Shekhar’s traditional seat, and didate in the 2014 polls. From “youth, women, farmers and dled," Gupta says.
Arvind Rajbhar, son of SBSP Mirzapur, the SP has fielded poor” — remains open. Public “I am a graduate.
GROUND mitments on labour and
sustainability”.
The implementation of
of certain raw materials… (more so when) among farmers, a large chunk of the
the local seller’s quality is not up to mark. urban (non-Hindu) votes in this con-
Such a hasty implementation of QCOs stituency may go to the BJP.”
chief and UP cabinet minister Ramesh Chand Bind, who was rallies in this region have seen It is below my quality control orders end up benefiting large Indian compa- Punjab is witnessing a four-cornered
Om Prakash Rajbhar, is in the a BJP MP from the nearby Congress leader Rahul Gandhi dignity to do this work (plying (QCOs) by the Centre has also raised con- nies,” argues a senior industry executive. battle in the 2024 polls, a first in nearly
fray at Ghosi. Bhadohi in 2019. The BSP’s pledge to fill three million gov- e-rickshaw). I blame the gov- cerns, particularly among smaller players Businesses in Ludhiana, Punjab’s three decades. This election will also
Yet, the 2019 elections saw Ghazipur MP Afzal Ansari is ernment vacancies, provide ernment for not filling govern- in the industry. These non-tariff barriers largest industrial hub, say the city is in mark the first time that the BJP is con-
the BSP, then allied with the SP, now the SP candidate. free ration, and ensure farm ment vacancies.” aim to prevent the import of low-quality dire need of improved connectivity. The testing independently, following the end
clinch victories in Ghosi and “The narrative of this elec- loan waiver, while Prime On the other hand, products and strengthen India’s position nearest airport is in Chandigarh, about of its alliance with the Shiromani Akali
Ghazipur, while the BJP and tion has pivoted from nation- Minister Modi has spoken of autorickshaw driver in the supply chain. However, some 100 km away. Industry insiders also stress Dal (SAD) in 2021 over the now-repealed
Apna Dal (Soneylal) – except for alism to caste, with the his humble beginnings, the Suryakumar Keshri sees a industry executives argue that QCOs the need for a world-class exhibition- farm laws. Similarly, the Congress and the
Varanasi and Mirzapur — had Congress matching the BJP's Centre's Vishwakarma scheme future in self-employment, should be imposed judiciously, after con- cum-convention centre in Ludhiana to AAP are also contesting separately in
to settle for narrower wins in outreach to the so-called 'lab- for OBCs, and the Opposition's crediting improved infrastruc- sultations with stakeholders, and not dis- boost industrial growth. “These things Punjab, despite forming an alliance at the
other constituencies. For exam- harthi varg',” says Aflatoon “designs to take away reserva- ture for increased tourist foot- rupt domestic businesses. are crucial if you want industrial growth,” national level.
ple, in Chandauli, Pandey won Desai, Varanasi-based political tions”. On Tuesday, Rahul fall. “I am not looking for a
by 13,959 votes against the SP worker associated with the claimed GST was “ruinous” for job," says Keshri, who claims
candidate. The BJP’s then Ballia Samajwadi Jan Parishad. Desai weavers and toymakers in to have studied until higher

‘More pvt outlay

candidate, Virendra Singh, had has been canvassing for the Varanasi, a day after BJP Chief secondary. He is “trusting”
won by 15,519 votes against the INDIA bloc among the Dalits J P Nadda addressed weavers Modi’s guarantees. TMC SNATCHED RIGHTS OF OBCs: PM
SP’s Sanatan Pandey. Apna Dal living in villages in Varanasi, of the constituency. As the political drama

will be the focus

(Soneylal) won Robertsganj by Mirzapur, and nearby seats Conversations with the unfolds, one thing is clear —
54,610 votes. Yet, BJP spokesperson K K youth of Varanasi reveal a res- the labyrinthine bylanes of
The SP's strategy of fielding Sharma remains confident, cit- onance with both narratives. Varanasi hold no easy answers.

N ALL IN A DAY N for Patna Sahib’

Senior Bharatiya Janata Party (BJP) leader and former Union Minister
India to stick Kejriwal seeks PM may visit CBI slaps TMC’s RAVI SHANKAR PRASAD said private investment would receive greater
attention in his Patna Sahib constituency if he won in the 2024 general
to policy path urgent listing Vivekananda Sheikh with elections. During an interaction with Harsh Kumar in Patna, he said he
had undertaken a slew of initiatives, which attracted companies like TCS.
even if Modi in SC for bail Rock Memorial attempt to Edited excerpts:

loses: Rajan
India will likely maintain its
economic policy trajectory
whether Prime Minister
Narendra Modi wins a third
term in office or not, former
RBI Governor Raghuram Rajan
said. “There is a lot of
continuity built into Indian
policy,” Rajan said on Tuesday
in an interview to Bloomberg.
“Whatever government comes
in will take a lot of the good
stuff that has been done and
continue it.” BLOOMBERG
extension
Delhi Chief Minister Arvind
Kejriwal on Tuesday sought
urgent listing in the Supreme
Court of his plea seeking
extension of his interim bail by
seven days for undergoing
certain medical tests. A vacation
Bench took note of the
submissions of Abhishek
Singhvi, and said the decision
on the listing can be taken by
the “Honourable CJI” because
the judgement has been
reserved in the main matter. PTI
this week
Prime Minister Narendra Modi
is likely to visit the famous
Vivekananda Rock Memorial
(VRM) in Kanyakumari on May
30 for a spiritual sojourn, a
senior BJP leader said on
Tuesday. The PM is expected
to arrive at the picturesque
VRM situated close to the
statue of saint Tiruvalluvar mid
sea off the coast of
Kanyakumari on Thursday
evening and may leave for
Delhi on June 1, he said. PTI
murder charges
The CBI has filed its first charge
sheet against suspended TMC
leader Shahjahan Sheikh and
six others in connection with
the attack on officials of the
Enforcement Directorate in West
Bengal’s Sandeshkhali in
January. In the more than 100-
page chargesheet filed on
Monday, ED mentioned the
names of Shahjahan Sheikh,
his brother Alamgir,
Shibaprasad Hazra, and Deedar
Baksh as the accused.
What will be the focus for
your constituency?
Ihavealreadyundertaken
initiatives,whichhaveattracted
companieslikeTCStoourarea,
andvariousprivateventuresare
flourishing.Additionally,the
metroprojectisunderway,and
severalGangabridgeshavebeen
initiated.Improvinglivesinmy
Prime Minister Narendra Modi on Tuesday slammed cityandexpandingthehighway
the Trinamool Congress (TMC) government in West networkhavealwaysbeenmy
Bengal for “snatching the rights of OBC youth” for priorities.Wearealsofosteringa
appeasement politics and “vote jihad”, at a rally in favourableenvironmentfor
Barasat, North 24 Parganas PHOTO: PTI privatesectorgrowth.
PTI
Do you think policies made by platformfore-commerce
the Union government have businessestoboosttheindustry.
come on ground and helped

On Nitish’s turf, CPI (ML) eyes an opening Nalanda

2024 contenders
CONSTITUENCY
WATCH
Nalanda
you in this election?
ThePrimeMinisterhaslaidout
acomprehensive
Being a former law minister,
what is your take on Uniform
Civil Code (UCC)?
BS REPORTER from Nalanda. Kurmis, the com- (CPI) had a significant influence n Kaushalendra Kumar, JDU planforthenext100 TheUCCisanintegral
New Delhi, 28 May munity Nitish hails from, is esti- on the seat in the 1980s, winning nSandeep Saurav, CPI (ML) days.Weare partofouragenda.
mated to comprise a fourth of its it in 1980, 1984 and 1991. witnessingapositive Otherpartiesrefrain
In the 2020 Bihar Assembly elec- electorate. For the 2024 However, with the emergence of
2019 result Vote share (in %) impactofthePM’s frompursuingitdueto
tions, the Janata Dal (United) (JD- battle, Kaushalendra faces Nitish as the preemi- nent governanceonissues vote-bankpolitics.I
U) won five of the seven seats that
fall within the Nalanda Lok Sabha
Communist Party of India
(Marxist-Leninist) Liberation)’s
Kurmi leader in
Bihar’s politics, the
Total electorate 2,114,809 suchasgender
justice,theabolition
RAVI SHANKAR appealtothepeopleof
PRASAD thiscountrytoelecta
constituency. Its ally, Bharatiya (CPI-ML’s) Sandeep Saurav. seat has remained with Kaushalendra oftripletalaq,direct BJP’s Patna Sahib governmentcapableof
Janata Party (BJP), also won a seat. As part of the Rashtriya Janata the JDU, and before Kumar, (JDU) benefittransfer(DBT) candidate ensuringstability.
Bihar Chief Minister Nitish Kumar Dal-led alliance in Bihar, Nalanda that with its earlier 52.42 andwomen’s
hails from Nalanda and he had rep- is one of the three seats on which avatar of Samata Party. empowerment.Initiativeslike How do you see your
resented it in the 2004 Lok Sabha the Left party is contesting. Socialist leader BIHAR 'LakhpatiDidi'havebolstered opponent Anshul Kumar
polls. His party’s dominance on the Saurav, 37, is a doctorate from George Ashok Kumar supportfortheBJP. performing?
seat has been a barometer of his the Jawaharlal Nehru University, Fernandes won Azad, (HAMS) Furthermore,theBJP WheneverIfightelections,I
personal popularity. and won the 2020 Bihar Assembly the seat as a 27.6 government'sefforttopromote nevertakemyopponent’sname.
Sandeep Saurav, CPI-ML’s In the last three polls — 2009, poll from Patna’s Paliganj Samata Party can- MadhubanipaintingsinBihar Evenlasttime,whenIdefeated
candidate, won the 2020 Bihar 2014 and 2019 — JDU’s Assembly seat. didate in 1996, 1998 Note: CPIML-L: Communist Party of India (Marxist–Leninist) hasbeenappreciated.AstheIT ShatrughanSinha,Ididnottake
Liberation; JDU: Janata Dal (United); HAMS: Hindustani Awam
Assembly polls from Paliganj Kaushalendra Kumar has won The Communist Party of India and 1999. Morcha Source: ECI minister,Ihadprovideda hisname.Igowithmypolicies.
.
CHENNAI | WEDNESDAY, 29 MAY 2024 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
CHENNAI | WEDNESDAY, 29 MAY 2024

Govt,expertstalkSOPs Discover how HAL races to deliver 180 Mk 1As in under a

forcontemporaryissues
undermodernFTAs
The Department of Commerce
on Tuesday said that the gov-
ernment, along with trade
experts, has discussed stan-
dard operating procedures
NEW NON-FARM JOBS IN Q2FY23
decade, ramping up production to meet rising demand
Tally higher than Q1 HAL Nashik unit cranks
but fell short of up to 24 Tejas jets a year
der in trade agreements, the
issues involved in enforcing
domestic laws and ratifying
international treaties, different
approaches followed by devel- AJAI SHUKLA

(SOPs) for contemporary
issues under modern free
trade agreements (FTA) such
as labour, environment, and
gender, among others.
The discussions took place
at the two-day ‘Chintan Shivir’
spearheaded by commerce
secretary Sunil Barthwal to
oped countries for these areas
(US and EU models), and the
challenges involved in defining
policy space, law enforcement,
and civil society involvement.
“Some of the solutions sug-
gested by participants includ-
ed constructive engagement
with stakeholders, supporting
Omicron-hit Q4FY22
HAL/Bengaluru, 28 May
Hindustan Aeronautics (HAL),
the lead integrator of the
indigenous Tejas light combat
aircraft (LCA), is grappling with
SHIVA RAJORA an unusual predicament: a
New Delhi, 28 May problem of plenty.
Plenty of orders, that is.

F
firm up India’s position and identification of measures and resh job creation in the
strategy for FTA negotiations. possible ways out, and nine major non-farm
The meeting saw intense exploring pilot projects sectors recovered
talks to understand the impli- for implementation of those sequentially in the September
cations of new areas such as commitments,” an official quarter of FY23 but remained
environment, labour, and gen- statement said. SHREYA NANDI below new job additions dur-
ing the Omicron-hit March
quarter of FY22, according to
latest government data.
IN BRIEF However, during the first
half (April-September) of FY23,
RBI launches PRAVAAH portal the number of new hirings
more than halved to 331,221
foronlineapplication,approval compared to H2 of FY22 at
740,415. The Labour Bureau on
TheReserveBankofIndia(RBI)Governor Tuesday released the Quarterly
ShaktikantaDasonTuesdaylaunchedanonline Employment Survey (QES)
portalforregulatoryapplicationsandapprovals, results for the fifth and sixth
amobileappforindividualsfortransactingin rounds, pertaining to Q1 and
governmentsecurities,andtworepositoriesfor Q2 of FY23 after a gap of nearly
informationonfintechandlenders.ThePRAVAAH 20 months.
(PlatformforRegulatoryApplication,Validationand In the Omicron-hit quarter
Authorisation)portalwillenableindividualsandentitiestoapply (Q4 FY22), fresh job creation in
forauthorisationandregulatoryapprovals.Itwillalsoenable these nine non-farm sectors
themtotrackandmonitortheapplicationstatusonthe had dipped to 350,299 from
centralisedPRAVAAHportal,andrespondtoanyclarification 390,116 in Q3 of FY22. Job addi-
orquerysoughtbytheregulator.TheRBIalsolaunchedan tions further fell to 49,197 in Q1
applicationfortheRetailDirectportal,viawhichindividuals of FY23 before recovering to
cantransactingovernmentsecurities. BS REPORTER 282,024 in Q2 of FY23.
The previous QES pertain-
After taking more than two
decades to build and induct
the first 40 Tejas Mark 1 fight-
ers, HAL must now produce
and induct the next 180 Tejas Creating enough production capacity to satisfy IAF’s
Mark 1As — the new, more demand for aircraft is a key challenge identified by HAL
capable variant of the Tejas
Mark 1 — in less than a decade. HAL chief C B This will provide HAL the
This will require HAL to Ananthakrishnan has identi- capacity to build the Tejas LCA
accelerate its production rates, fied his key challenge as cre- at two production rates: 16 air-
dramatically scaling up the ating enough production craft per year in line with the
rate at which it will churn out capacity to satisfy the IAF’s ‘Contracted Schedule’ and 24
the new Tejas Mark 1A fighter. demand for aircraft. If HAL in keeping with the ‘Enhanced
JOB REPORT Quarterly employment figures
AftertheTejasMark1’sinau- fails at that, the IAF is likely Delivery Schedule’.
gural flight in January 2001, to approach global original “If, for any reason, we are
it took the Indian Air Force equipment manufacturers to unable to build these numbers
Round Total workers New jobs created (IAF) another 14 years to meet India’s requirements. in HAL, we have a backup plan
I (Apr-Jun '21) 30,800,000 NA commission the first HALbeganitsTejasproduc- involving the private industry,”
Tejas squadron — Flying tion with limited capacity: an says Ananthakrishnan.
II (Jul-Sep '21) 31,063,938 263,938 Daggers No. 45 Squadron. This assembly line in Bengaluru that The facilities that would be
III (Oct-Dec '21) 31,454,054 390,116 year, it will be another could produce eight set up to build these 220 fight-
10 years before the fighters a year. This ers would be 16 per year in the
IV (Jan- Mar '22) 31,804,353 350,299 secondTejassquadron could be doubled to Bengaluru complex and eight
— Flying Bullets 16 aircraft annually. per year in the MiG Complex
V (Apr- Jun '22) 31,853,550 49,197
No. 18 Squadron — “But that restrict- in Nashik where, for two
VI (Jul-Sep '22) 32,135,574 282,024 is expected to be SOARING ed us to slower deliv- decades, HAL assembled the
operationalised. TEJAS eries and a longer Sukhoi Su-30MKI. HAL can
Sector-wise breakup A fighter squadron
PART-II
delivery period. So increase Nashik’s capacity
normally fields 20-21 we proactively put up from eight to 12, with certain
Round IV (Jan-Mar '22) V (Apr-Jun '22) VI (Jul-Sep '22) single-seat aircraft. a third production incremental infrastructure.

‘FY25 bank credit growth to

ing to Q4 of FY22 was released
in September 2022. The
nine non-farm sectors cov-
ease to 14% on high base’ ered under the survey are
manufacturing, construction,
Bankcreditgrowthmaymoderateto14percentinFY25afteran trade, transport, education,
estimatedgrowthofabout16percentyear-on-year(Y-o-Y)in health, accommodation &
FY23andFY24.ThegrowthinFY25willbetemperedbyahighbase restaurants, information tech-
effect,arevisioninriskweightsandalowerpaceofexpansionin nology (IT)/business process
GDP,accordingtoCRISILRatings.Strongeconomicactivityand outsourcing (BPO) and finan-
retailcreditdemanddroveloangrowthinFY24.StateBankofIndia cial services.
hasguidedfor14-16percentgrowthincreditinFY25.CanaraBank Data showed that manufac-
haspeggedgrowthat10percent. BS REPORTER turing (1.7 million) added the
most number of jobs during
the first half of FY23, compared
I-T: Link PAN with Aadhaar by to the second half of FY22.
During the same period,
May 31 to avoid higher TDS cut while financial services
(355,631), health (151,378) and
Theincometax(I-T)departmentonTuesdayaskedtaxpayersto trade (76,228) sectors added
linkPermanentAccountNumber(PAN)withAadhaarbyMay31to fresh jobs, those like education
avoidtaxdeductionatahigherrate.Accordingtoincometax (-1.57 million), transport (-
rules,ifPANisnotlinkedwithbiometricAadhaar,TDSisrequired 128,099), construction (-
tobedeductedatdoubletheapplicablerate.Inaseparatepost, 118,585), IT/BPOs (-98,957) and
theI-Tdepartmentaskedreportingentities,includingbanks, accommodation & restaurants
forexdealers,tofileSFTbyMay31toavoidpenalties. PTI (-20,262) saw a decline in their
workforce.
The fifth and sixth round
Interstate child-selling racket survey estimated that a total of
462,000 units operated in
busted in Telangana, 11 held these nine sectors in the coun-
try, down from nearly 531,000
An interstate child trafficking gang has been busted, 13 babies total establishments that were
rescued and 11 people have been arrested, police said on Tuesday. estimated in earlier rounds.
Acting on specific information, police busted the racket and The reports showed that
arrested 3 on May 22, and based on their confession 8 others were almost 90 per cent of these
apprehended on May 27, Rachakonda Police Commissioner said. establishments have been
Till now 13 babies aged between one month to two years were found to be operating with less
rescued from the accused, police added. PTI
Manufacturing -144,765 1,677,278 12,698 These include 16 single-seaters line in Nashik, ramping up our “Earlier, we were produc-
and two twin-seat trainer air- capacity to 24 aircraft per year,” ing 12 Sukhoi Su-30MKIs
Construction -8,954 -126,317 7,732 craft. Three more fighters are says Ananthakrishnan. on average each year, with
Trade 17,046 54,063 22,165 held in reserve to make up for
combat losses.
“Consequently, HAL is each aircraft requiring
building eight fighters a year 600,000-800,000 manpower
Transport 6,303 -125,192 -2,907 HAL moved its production at its LCA division in hours in Nashik, in addition
Education -22,204 -1,639,239 67,129 into top gear in February 2021, Bengaluru; eight in the aircraft to outsourcing. LCA’s full
Health 93,701 109,602 41,776 when the Ministry of Defence division in Bengaluru, and capacity will be unleashed, as
(MoD) contracted with it for 83 another eight in the MiG it requires just 175,000
Accommodation* 8,551 -31,203 10,941 Tejas Mark 1A fighters (four Complex in Nashik. Other manpower hours,” says the
IT/ BPOs** 374,613 -170,665 71,708 squadrons). The pressure on HAL divisions, such as the HAL chief.
HAL increased further last Composites, feed into these
Financial services 22,408 304,553 51,078 month when MoD began pro- three main production lines,” Next: Tejas Mark 2: Poster child
*& restaurants; **Information technology/Business process outsourcing cessing a contract for 97 more. says Ananthakrishnan. for indigenisation
Source: Quarterly Employment reports
than 100 workers. (AQEES) and covers those
Financial services and
education sectors had the
units which employ 10 or more
workers. LICeyesdouble-digitFY25premia
growth,healthinsuranceforay
highest percentage of While the periodic labour
establishments operating with force survey (PLFS) by the
100 or less workers. Ministry of Statistics provides
Majority of the establish- the employment scenarios for AATHIRA VARIER business sales in the life The share of non-partici-
ments — almost 96 per cent— the supply-side of the labour Mumbai, 28 May insurance industry. It is cal- pating (non-par) products in
each in manufacturing and market through household culated as annualised regular the APE during FY24 rose to
IT/BPOs sectors were regis- surveys, the QES provides the Life Insurance Corporation of premiums plus 10 per cent of 18.32 per cent year-on-year (Y-
tered under Good and Services demand-side picture of the India (LIC) is aiming for a dou- single premiums. o-Y) from 8.89 per cent. The
Tax Act, 2017. labour market through estab- ble-digit growth in annual pre- Speaking to analysts, share of participating prod-
The Labour Bureau had
launched the QES in April 2021
lishment surveys. For the fifth
and sixth round, a sample size
mium equivalent (APE) in the
current financial year (FY25)
LIC Chairman Siddhartha
Mohanty said that incremen-
ucts dropped to 81.68 per cent
from 91.11 per cent Y-o-Y.
to capture employment data
from the units that were enu-
of about 15,000 units was
selected across the country.
aided by product launches
and strengthening of agency
tal growth in FY25 will be
both on the product and
“In the current year (FY25),
the focus on non-par products
merated in the nine non-farm And, the list of establishments channels. The firm will also channel mix. “Last year, will continue but we will have
sectors in the Sixth Economic included those covered under explore buying a stake in a because of a directional certain products catering to
Census. Annual Survey of Industries standalone health insurance change, we launched some particular segments. So, this
It is part of the All-India (ASI) 2019- 20 as well, along company, the management products in the non-par seg- year we will find different vari-
Quarterly Establishment- with the establishments under said during post-earnings call. ment, and we have got the eties of products to cater to
based Employment Survey the Sixth Economic Census. APE is a measure of new desired result,” he said. various segments,” he said.

9 states, UTs raise ~21,200 cr FROM PAGE 1 FPIs... Depository Limited.

Hindalcolookstogarner
> With $250 billion of assets
atweekly state bond auction During FY24, domestic mar- under management tracking

Adani...
NinestatesandUnionTerritories(UTs)onTuesdayraised~21,200
croreattheweeklystatebondauction.RajasthanandTamilNadu
$945mnviaNovelisUSIPO
raisedthehighestamountat~5,000croreeach.Thecut-offyield With this, the group will be rais-
onthe10-yearstatebondwassetbetween7.37percentand7.38 ing ~29,100 crore by selling
percent,against7.41percentand7.42percentlastweek.Theyield shares to investors by July.
spreadbetween10-yearSDLsandbenchmark10-year Shares of Adani Enterprises
governmentbondwas37bpsand38bps,respectively. BS REPORTER closed at ~3,244 a share, down
1.33percent,whileAdaniEnergy
Solutions ended the day 1.38 per
Manipur stone quarry collapse cent lower at ~1,089 a share.
Adani Enterprises is valued
leaves 17 dead; several missing at ~3.69 trillion, with promoters
holding a 72.61 per cent in the
Atleast17people,includingtwominors,werekilledandsix-seven firm. Adani Energy Solutions,
othersweremissingasastonequarrycollapsedinMizoram’s on the other hand, is valued at
AizawldistrictonTuesdaymorningamidincessantrainasan ~1.21 trillion, with promoter
impactofcycloneRemal,officialssaid.Severalotherpeoplealso stake at 73.22 per cent.
wentmissinginlandslideselsewhereinthestatecapital.Heavy The Adani group shares
rainwasaffectingrescueoperationsatthedisastersite. PTI have made a comeback in the
past year after crashing at the
end of January 2023 following
a report by US-based short-sell-
kets witnessed foreign inflows the index, the market estimates
of ~3.23 trillion, a turnaround
from the ~45,365 crore worth of
that $25 billion inflows are
expected during the period.
outflow recorded in FY23. Of According to the index inclu-
In a statement on Tuesday, KEY INDIA IPOs the total inflows, FPIs injected sion criteria, eligible instru-
Novelis said it has launched Rank Date Name Offer size (~ crore) ~1.2 trillion into the debt seg- ments are required to have a
“a roadshow for the IPO of ment, marking the highest notional outstanding above $1
45 million of its common 1 Feb ’22 Life Insurance Corp of India 20,557 influx since FY15, according to billion (equivalent) and at least
shares held by Novelis’ sole 2 Oct ‘21 One 97 Communications 18,300 data on the National Securities 2.5 years remaining maturity.
shareholder (Hindalco)”.
This will reduce Hindalco’s
3 May ‘10 Coal India
4 Jan ‘08 Reliance Power
15,475
11,700
holding in the company to > BS SUDOKU # 4294
92.5 per cent.
The US subsidiary also
5 Aug ‘17 GeneralInsuranceCorpofIndia 11,373
14 May ‘24 Novelis Inc 7,861
expects the selling share-
#Offer size calculated at $21 per share (Exchange rate 83.18)
holder to grant the under- Source: Bloomberg Compiled by BS Reserarch Bureau
writers an option to purchase
up to an additional 6.7 mil- the utilisation of the expect- the shareholder will not have
lion common shares to cover ed IPO proceeds a curious the same protections afford-
over-allotments, if any, for 30 case. As of March, Hindalco’s ed to shareholders of com-
days after the date of the final net debt was at ~31,536 crore, panies that are subject to
prospectus. If the underwrit- at the consolidated level, such requirements.
ers exercise the full over- with a treasury balance of Morgan Stanley, BofA

CosmosCo-opBank er Hindenburg Research. The

group denied the allegations,
prepaid loans, and sold shares
allotment, Hindalco’s stake ~22,965 crore.
in the company will further
Securities, and Citigroup are
At home, Hindalco plans acting as lead book-running
fall to 91.4 per cent, Novelis to invest ~6,000 crore as managers for the proposed
haltsacquisitions; to global investors, including
GQG Capital, Qatar Investment,
noted in the statement. capex in the current finan- offering, with Wells Fargo
In February, Novelis cial year. The company said Securities, Deutsche Bank

eyesorganicgrowth and IHC of Abu Dhabi to bolster

ABHIJIT LELE
Mumbai, 28 May
After acquiring 18 urban
co-operative banks (UCBs) in
the last 25 years, Pune-based
Cosmos Co-operative Bank is
pausing further buyouts and
will focus on organic growth.
The country’s second-
largest UCB has also ruled out
conversion into a small
finance bank (SFB), as the cur-
rent ethos and structure of the
bank are robust to expand
business further.
“Wearenotgoingtoactively
look for acquisitions. The bank
will first consolidate the setup
and operations and grow the
business,” said Milind Kale,
chairman, Cosmos Bank, in a
post-earnings media call.
So far, the bank has merged
18 small co-operative banks
into itself. Mumbai-based
Maratha Sahakari Bank (with 7
branches) and Sahebrao
Deshmukh Sahakari Bank
(with 11 branches) merged into
Cosmos Bank in FY24. With
these mergers, the bank’s
branch count in Mumbai has
risen to 50.
Kale said there was compe-
tition from SFBs. “The days of
servicing those who come to
branches are over. The focus is
on reaching out to customers,
especially small businesses
(those with loan exposures of
below ~1 crore),” Kale said.
investor confidence.
On May 16, Adani Energy
Solutions acquired a 100 per
cent stake in Essar Transco after
obtaining requisite regulatory
and other approvals for an
enterprise value of ~1,900 crore.
Adani Energy Solutions is the
country’s largest private trans-
mission company, with a pres-
ence across 17 states and a
cumulative transmission net-
work of 21,182 circuit km and
57,011 MVA transformation
capacity. In its electricity distri-
bution business, Adani Energy
Solutions serves around 12 mil-
lion consumers in metropolitan
Mumbai and the industrial hub
of Mundra SEZ.
Adani Energy Solutions is
alsorampingupitssmartmeter-
ing business and is on course to
become India’s leading smart
announced plans to pursue on Friday that FY25’s capex Securities, and BMO Capital
a US market listing, with will be funded entirely Markets acting as additional
Hindalco Industries as the through internal accruals. In book-running managers.
sole promoter offering the the US, Novelis is pursuing a BNP Paribas, Academy
common shares. Currently, $4.1 billion capex for a green- Securities, Credit Agricole
Novelis is a wholly-owned field rolling and recycling CIB, PNC Capital Markets
subsidiary of Hindalco facility at Bay Minette. LLC, and SMBC Nikko are
Industries, and hence will be Novelis’ SEC filing also acting as co-managers for
the sole beneficiary of the up noted that the company will the proposed offering.
to $945 million proceeds. be a “controlled company” The SEC filing also noted
Hindalco’s management within the meaning of the that prior to the completion SOLUTION TO #4293
has not yet disclosed the pur- rules of the NYSE and, as a of this offering, the company Easy:
pose or planned utilisation result, will qualify for, and will adopt an equity incen-
of the expected proceeds. intend to rely on, exemp- tive plan, in which employ-
««
Analysts have noted the tions from certain corporate ees and non-employee direc-
Solution tomorrow
company’s current debt- governance requirements. tors of Novelis are eligible to
light balance sheet makes The document added that participate. HOW TO PLAY
Fill in the grid so that
every row, every
metering integrator with an is centred around the green scope for value unlocking. The column and every
order book of over 22.8 million hydrogen ecosystem, airport flagship company also plans to
3x3 box contains
metres and is planning to management, data centres, participate in the next round
increase its capital expenditure. roads, and primary industries of airport privatisation as and
the digits 1 to 9
Adani Enterprises’ capital like copper and petrochemicals when the government auctions
expenditure, on the other hand, — all of which have significant them for private participation.
>
CHENNAI | WEDNESDAY, 29 MAY 2024 ECONOMY & PUBLIC AFFAIRS 7

GST fitment panel likely to

consider dropping 12% slab
Revamped GST rates may be implemented this financial year
SHRIMI CHOUDHARY
New Delhi, 28 May GST STRUCTURE RATE REJIG ON CARDS
Current >Fitment panel meeting on GST

T
he fitment committee under the
Goods and Services Tax (GST)
Council, comprising central and
state officials, has begun a rate rationali-
sation exercise afresh, checking the pos-
sibility of dropping some of the rates, par-
ticularly the 12 per cent slab, to achieve a
revenue-neutral structure, a senior official
with direct knowledge of the matter told
Business Standard.
The GST regime could see an overhaul
in the current financial year (FY25) as it
may move to a three-slab structure from
the existing four.
The current rate structure comprises
standard rates of 5 per cent, 12 per cent,
18 per cent, and the highest rate of 28 per
cent. Besides, it has zero and special rates
for certain goods and services.
The fitment committee started hold-
ing meetings on the issue and preparing
inputs towards revamping tax rates and
possible implications, which will be sub-
mitted to the Group of Ministers set up by
the GST Council to suggest changes to the
rate structure. The revenue department
expects revamped tax rates to be imple-
mented in FY25.
“Rate rationalisation is a priority as the
current tax structure needs to be stream-
lined to remove certain ambiguity,” an
official said.
He further said that the Council, which
is expected to meet after the July Budget,
is likely to discuss the rate rationalisation
road map.
The move follows the stability in GST
collections, which had crossed the ~2 tril-
lion mark in April. They are expected to
garner ~1.7-1.8 trillion every month dur-
standard
rates:
5%
12%
18%
28%
Special rates:
0.25, 1.5 & 3%
Certain goods attract 0% GST
ing the year. An email to the finance min-
istry seeking comment on the matter
remained unanswered until the time of
going to press.
“Rationalisation could shift goods
across slabs, so any decision on the issue
to be taken after extensive deliberations,”
another official said.
The seven-member rate rationalisa-
tion state ministers panel is being headed
by UP Finance Minister Suresh Khanna.
The panel includes finance ministers
from Goa, Kerala, Karnataka, West Bengal,
Rajasthan, and Bihar. This panel was
reconstituted in November last year, in
light of the state government’s political
shift. The former state panel on the matter
under the chairmanship of Karnataka’s
finance minister and chief minister
Basavaraj Bommai had presented an
interim report in June 2022’s council
meeting and sought more time for the
final recommendations.
The new panel is likely to be rejigged
again because of the necessity to replace
one of its members, Vijay Kumar
Chaudhary, the former finance minister
rate rationalisation
>Panel to submit recommendations to
a group of ministers (GoM) to suggest
changes to the rate structure
> GST Council to reconstitute
the GoM in the next meeting
after July Budget
> Rate rationalisation panel
currently headed by UP FM
of Bihar, following a change in the state
government.
Over 1,200 items and services attract
GST. Other than the standard rates, the
tax structure also has some special rates:
0.25, 1.5, and 3 per cent.
While certain goods fall under zero
rates. The majority of the revenue comes
from the 18 per cent GST slab, followed
by the 28 per cent GST slab which adds 16
per cent of the total GST revenue. The
remaining is from 5 and 12 per cent slabs.
Experts said that it is pertinent to
streamline the tax structure for better rev-
enue augmentation.
“A significant portion of litigation
under GST concerns the classification of
supplies and the applicable GST rates. A
simplified rate structure would automat-
ically reduce potential disputes over taxes
charged, as most similar goods would fall
under the same GST rate,” Abhishek Jain,
indirect tax head and partner, KPMG said,
adding that along with the broader bene-
fits of lower GST rates on consumption,
the industry could also expect to see fewer
GST-related litigation.

CRISIL SME TRACKER

Higher demand, PLI to propel electronics MSMEs in FY25
Domesticconsumptionofelectronics
itemsisestimatedtohavegrown13-15per
centto~14-15trillioninthefinancialyear
endedMarch31,2024(FY24),withmobile
phonesandconsumerandindustrial
electronicsaccountingfor
50-55percentofthepie.
Variousfactorscontributedtothe
growth,suchasincreasingpenetration
ofinternetand5Gservices,rising
consumerincome,shorterreplacement
cycles,easierpaymentterms,and
developmentsintheauto,electric
vehicle,andpowersegments.
InFY25,overallelectronics
consumptiongrowthisexpectedto
moderateto10-12percentasinflation
marginallyaffectssalesofmobilephones
andconsumerdurables,whichaccount
for40percentofelectronicsconsumption
inthecountry.
Electronicsproduction,however,is
expectedtogrow15-20percent,largely
owingtotheproduction-linkedincentive
scheme(PLI)thatisencouraging
manufacturingofmobilephones,white
ELECTRONICS INDUSTRY
goods,informationtechnologyhardware, REVENUE SHARE
andsolarphotovoltaiccellsandmodules. n Non-MSMEs
Thataugurswellforthemicro,small
n MSMEs
andmediumenterprises(MSMEs)that
produceelectronicscomponentsand
25-35% 65-75%
assembleconsumerandindustrial
electronicsproducts.
TheMSMEunitsaccountfor25-35per
centoftheindustry'sconsumptionof
components.Theseunitsareexpectedto
logarevenuegrowthof11-13percent
year-on-year(Y-o-Y) inFY25,drivenby
mobilephones,consumerandindustrial
electronics,computerhardware,and
strategicelectronics.
Asformargins,followingarange-
boundperformanceinFY24,theMSMEs
areexpectedtoexperienceaslightcontr-
actionofupto30basispointsinFY25, Source: CRISIL MI&A Research
primarilybecauseofcommodityprices.

ACCENT REGION
UTTAR PRADESH CHHATTISGARH
State eyes rural push NMDC unveils
state’s Dhokra
through agri tourism art in its logo YEAR MARCH 2024
VIRENDRA SINGH RAWAT ticulture, apiculture, floriculture, and per- R KRISHNA DAS
Lucknow, 28 May fumery give a fillip to the rural economy. Raipur, 28 May
UP Additional Chief Secretary (agricul-
31.03.2024 31.03.2023 31.03.2024 31.03.2024 31.03.2023 31.03.2024
Uttar Pradesh is looking to partner private ture) Devesh Chaturvedi said tourism and State-run NMDC Steel Limited REFER NOTE:3 REFER NOTE:3 AUDITED REFER NOTE:3 REFER NOTE:3 AUDITED
hospitality players in the agri tourism hospitality sectors offered the best ICOR (NSL) has unveiled its logo depict- 7,807 7,584 31,057 28,693 33,759 102,405
sector to boost the rural economy and create (incremental capital output ratio) and ing the Dhokra art of (332)
176 (637) 1,341 1,139 3,340
local jobs. employment generation potential. “We can Chhattisgarh, where the compa-
The government has identified 229 promote tourism and sensitise visitors about ny has major operations. 176 (637) 1,341 1,139 (332) 3,340
agri tourism villages that will offer tourists various agricultural practices in UP. Coming Dhokra is a craft form of the 181 (533) 1,216 1,144 (302) 3,249
an avenue to experience the village lifestyle to these places, visitors can experience rural Harappa and Mohenjo Daro civil-
and celebrate the essence of ethnic culture lifestyle, thus providing a boost to both agri- isation. Bastar Dhokra is a type of 181 (533) 1,216 1,127 (291) 3,240
and tradition. culture and tourism,” he said. metallurgical artwork based on
Principal Secretary (tourism and culture) The state government is focusing on the lost wax method that is used 2,984 2,984 2,984 2,984 2,984 2,984
Mukesh Kumar Meshram said agri tourism designing various schemes that provide sta- throughout the alloy casting. It is
would provide farmers with additional ble tourism infrastructure in the villages. made of 16 intricate steps without 93,256 116,632
income and boost rural tourism. It has partnered the Confederation of making use of any moulds.
Agri tourism encompasses agri accom- Indian Industry (CII) to host a mega farm NSL’s Chairman-Cum-
modation or rural homestays, agri food and summit named Krishi Bharat in November Managing Director (additional (1.79)
0.61 4.08 3.84 (1.01) 10.89
beverages, agri recreation, agri sport, 2024. The summit will include various charge) Amitava Mukherjee said 0.61 (1.79) 4.08 3.84 (1.01) 10.89
agritainment, agri therapy, and cultural agri-startups, foreign companies, and the logo was not just a visual iden-
tourism in partnership with local entrepre- global venture capitalists looking for oppor- tity but a vibrant representation
neurs and hospitality players. The supple- tunities to invest in the domestic agricultural of NSL’s mission to forge the The aforesaid results have been reviewed by the Audit Committee and approved by the Board of Directors for release, at their respective meetings
held on 27th May, 2024.
mentary aspects of agri tourism such as hor- value chain. future of the steel industry.
The above results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act,
2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

RAJASTHAN 2015 and SEBI circular dated 05th July, 2016.

The figures for the last quarter(s) of the current year and of the previous year are the balancing figures between the audited figures in respect of the

Gems & jewellery, textiles sectors seek incentives

full financial year(s) ended 31st March and the unaudited published year to date figures up to the third quarters ended 31st December for the
respective years which were subjected to Limited Review by the Statutory Auditors of the Company.

ANIL SHARMA
Jaipur, 28 May
The Akhil Bhartiya Trade and
Industry Association (Artia),
a Rajasthan-based trade body,
has expressed concern over
the declining exports of gems,
jewellery and textiles.
It has requested the central
and state governments to pay
special attention to the issue.
The jewellers in Jaipur,
which is one of the big markets
for gems and jewellery exports,
have asked the state and Union
governments to provide incen-
tives to boost exports.
Executive president of
Artia Prem Biyani said that
the situation has arisen due to
a decline in demand mainly
from Europe, America and a
few other areas. He urged the
governments to take up the
issue as a priority before the
situation becomes really bad.
“The central and state gov-
ernments should discuss with
the stakeholders and also
take initiatives towards a solu-
tion,” Rahul Rajpurohit, a
jeweller, who is engaged in
exports, said.
He suggested foreign trade
agreements (FTAs) to boost
gems & jewellery exports.
According to a report of the
Artia study group, exports of
gems and jewellery in the
country declined by over 10
per cent during the last finan-
cial year and stood at around
~2.7 trillion. In 2022-23, it was
more than ~3.04 trillion.
According to the trade
body, in April 2024, exports
saw a decline of over 5.3 per
cent to around ~18,832 crore,
while in April last year,
exports were more than
~19,892 crore.
The aforesaid consolidated financial results consist of results of the Company and its Subsidiary Companies KPL Exports Ltd. Kothari Products
Singapore Pte. Ltd. and its Associate Companies - Sankhya Realtors Pvt. Ltd. Haraparvati Realtors Pvt. Ltd. Subhdra Realtors Pvt. Ltd. & SPPL
Hotels Pvt. Ltd.
The Board of Directors of the Company has not recommended any dividend for the financial year 2023-24 to conserve the resources for the future.
The figures of the previous periods have been regrouped/recast wherever considered necessary to make them meaningful and comparable with the
figures of the current periods.
7 The above is an extract of the detailed format of Audited Financial Results filed with the Stock Exchanges under Regulations 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Audited Financial Results are available on the web-sites of the
Stock Exchanges and the Company namely www.bseindia.com, www.nseindia.com and www.kothariproducts.in
27.05.2024 ( DEEPAK KOTHARI )
CHAIRMAN & MANAGING DIRECTOR
EPS is not annualised for the Quarter ended 31st March,2024 & 31st March,2023 00088973
8 WORLD
>
CHENNAI | WEDNESDAY, 29 MAY 2024

IN BRIEF
Saudi maycutJulyoilprices Israeli tanks reach Wall Street shifts to
T+1 after a century
forAsia,afirstin5months
Saudi Arabia, the world’s biggest oil exporter, may cut prices for
most crude grades it sells to Asia in July, the first cut in five
months, as Middle East benchmarks and margins for Asian
the centre of Rafah US trading moved to a shorter settle-
ment on Tuesday, which regulators
Trust and Clearing Corporation
(DTCC) to T+1 will be a central part of
refiners have weakened, refining sources said. The July official Fire that killed 45 was caused by secondary blasts, says Israel hope will reduce risk and improve effi- the shift to faster settlements, as it pro-
selling price (OSP) for flagship Arab Light crude is expected to fall ciency in the world’s largest financial vides clearing and settlement services
by 30 to 50 cents a barrel, a Reuters survey of five refiners BLOOMBERG & ASSOCIATED PRESS market but may temporarily lead to a for Wall Street, but all market partici-
showed, after hitting a five-month high in June. REUTERS 28 May rise in transaction failure for investors. pants will have to adjust, from banks
to asset managers and custodians.

I
Israeli tanks have reached the What is settlement?
T-MobiletobuyUSCellular’s heart of Rafah, according to AFP,
a sign the military could be near-
A trade settlement occurs when the
buyer receives the security and the
Is the US the first country to
move to T+1?

wirelessopsin$4.4bndeal ing its goal of taking full control of

the southern Gazan city.
seller is paid. This final stage is
handled by the Depository
No. Trades in India are being
settled one day after the
T-Mobile will buy almost all of regional carrier United States Residents reported clashes Trust Company, a subsid- trade, after the country's
Cellular's wireless operations including customers, stores and 30 between Israeli and Hamas forces in iary of the Depository Securities and
per cent of its spectrum assets in a deal valued at $4.4 billion, the center of town on Tuesday, AFP Trust and Clearing Exchange Board com-
the telecom giant said on Tuesday. US Cellular’s shares jumped said, suggesting troops have Corporation. pleted its phased-in
more than 10 per cent in trading before the bell and comes advanced beyond their initial incur- transition in January
nearly ten months after the company said it was exploring sions in the outskirts. Whatdoesfast 2023. Now India has
strategic options. BLOOMBERG Israeli Prime Minister Benjamin settlementsmeanfor set its sights on same-
Netanyahu has long said the country themarkets? day settlement, joining
needed to start a ground invasion of Regulators hope a faster set- China where stock settle-
Bridgecollapsesonlandslide Rafah to seek out the thousands of
Hamas fighters and some leaders it
tlement process will reduce risk
and improve efficiency in the world's
ment is T+0 and T+1 for cash
settlement.

aid routeinPapuaNewGuinea says are based in the city — as well as

Abridgehascollapsedonthemainrouteforgettingaidand
equipmenttothesiteofaPapuaNewGuinealandslidethat
buriedatleast2,000people,aUNagencysaidonTuesday,
descibingunstablelandconditionsinareasoftherescue. India
onTuesdayannouncedanimmediatefinancialaidof$1millionto
providereliefandassistance.AmassivelandslidehitEnga
provinceoftheislandnationonMay24.
some hostages. The plan has drawn
international condemnation —
including from the US — even after
Israel insisted it would first allow civ-
ilians to leave.
The United Nations says roughly
one million civilians have fled Rafah,
REUTERS having sought shelter there during
fighting elsewhere in Gaza.
Devastation caused earlier in the near
eight-month war means there are
A damaged UN vehicle in a tent
camp in Rafah, on Tuesday
PHOTO: REUTERS
pound) munitions that targeted two
senior Hamas militants. He said the
munitions would have been too small
to ignite a fire on their own and the
military is looking into the possibility
largest markets, as investors will get
their money and securities sooner.
Canada, Mexico and Argentina
shifted to one-day settlement on
Currently, as trades take two days to Monday, a day before the United
conclude, there can be hiccups before States.
investors receive their money or secu-
Spain, Norway, rities. What are the challenges?
Financial firms will have less time to
and Ireland How is it going to be
implemented?
line up dollars to buy stocks, recall
formally recognise Market participants, such as banks,
shares out on loan, or fix transaction
errors, which could heighten the risk
Palestinian state custodians, asset managers and reg-
ulators were working over the week-
of settlement failures and raise trans-
action costs. The foreign exchange

SAfrica’s surprisepoll limited places for them to go, a pre-

dicament made clear on Sunday
when an Israeli airstrike killed an esti-
that weapons were stored in the area.
Palestinian health officials say at
least 45 people, around half of them
Spain, Norway and Ireland
formally recognised a
Palestinian state on Tuesday in
end to ensure a smooth switch, the
Securities Industry and Financial
Markets Association (Sifma) said.
market, for instance, still settles in two
days. As market participants adjust to
faster settlements, they expect a tem-
challengerevokespast mated 45 Palestinians at a tent camp
northwest of the city.
women and children, were killed in
Sunday’s strike. The fire also could
a coordinated effort by the
three western European
A virtual command center has
been created to monitor the imple-
porary increase in trade fails. This
happened in September 2017 when

anti-apartheidstruggle The Israeli military says an initial

investigation into a strike that
sparked a deadly weekend fire in a
have ignited fuel, cooking gas
canisters or other materials in the
densely populated camp housing dis-
nations to add international
pressure on Israel to soften its
devastating response to last
mentation and communicate poten-
tial issues.
The conversion of the Depositary
the settlement period
reduced from three to two days,
according to Sifma.
was

ASSOCIATED PRESS
28 May
The 59-year-old Dumisani
Ndlovu has voted in every
South Africa national election
since he and the rest of the
Black majority finally won the
right 30 years ago. He has
faithfully supported the liber-
ation party-turned-ruling
party African National
Congress every time.
That ends on Wednesday.
In a way, nostalgia is calling.
Ndlovu in this week’s elec-
tion is turning his support to
the man, Jacob Zuma (pic-
tured), whose career spanned
from the liberation struggle to
the presidency before falling
out with his ANC colleagues
and reemerging last year with
a new political party.
That MK party, named
after the ANC’s old armed
wing, shows how the 82-year-
old Zuma is leveraging the past
to rally South Africans’ sup-
port against the ANC, which
he himself once claimed
would rule until “Jesus comes
back.” Here in the heartland of
Zuma supporters, the eastern
province of KwaZulu-Natal,
cab driver Ndlovu has
embraced the unlikely come-
back of a political survivor
after years of corruption alle-
gations, criminal charges and
prison. Even being barred
from this election as a candi-
date for Parliament over a
recent conviction hasn’t
blunted Zuma’s influence.
It is a rallying cry that
could, for the first time, force
the ANC into a coalition to stay
Jacob Zuma’s career spanned
from the liberation struggle to
the presidency before his
falling out with ANC
colleagues and reemerging last
year with a new political party
in power. The new party is
fielding other candidates for
Parliament and appears likely
to win seats.
Zuma has become the wild
card of the election for Africa’s
most advanced country, six
years after resigning South
Africa’s presidency under a
cloud.HisMKpartywasformed
just over six months ago.
Zuma’s credentials — he
was in prison alongside Nelson
Mandela for his work in the
anti-apartheid movement —
resonate especially in his
home province of KwaZulu-
Natal. Zuma was sent to prison
in 2021 after refusing to testify
at an inquiry looking into
alleged corruption in govern-
ment during the time he was
president from 2009-2018. He
called that sentence an effort
by the ANC to silence him.
Zuma said last week's
Constitutional Court decision
to disqualify him from stand-
ing as a candidate was part of
a grudge against him by the
ruling party and the courts.
tent camp in the southern Gaza city
of Rafah has found the blaze was
caused by a secondary explosion.
Rear Adm Daniel Hagari, the chief
military spokesman, said Tuesday
that the military fired two 17-kg (37-
Taiwan passes
new Bill curbing
Prez’s powers
Taiwan lawmakers passed legislation
that could curb the authority of
newly inaugurated President Lai
Ching-te as thousands of protesters
gathered outside parliament to
oppose the changes.
The legislature passed the contro-
versial measure Tuesday afternoon
following a day of raucous debates
and scuffles between Lai’s ruling
Democratic Progressive Party and
opposition groups, which saw one
lawmaker’s T-shirt ripped. That con-
trasted with demonstrations outside
parliament that remained peaceful,
though lively.
“Even if democracy is dead, we
will not stop fighting,” shouted pro-
testers, dressed in raincoats and
holding umbrellas in the rain.
The bill was backed by the KMT
and the Taiwan People’s Party, both
of which have backed efforts to
improve ties with China. It will allow
lawmakers to summon the president,
companies and even the general pub-
lic for questioning. It also gives them
access to confidential documents.
Critics of the bill have raised concerns
that those power could lead to leaks
of sensitive information. BLOOMBERG
placed people.
The strike caused widespread out-
rage, including from some of Israel’s
closest allies. Prime Minister
Benjamin Netanyahu said it was the
result of a “tragic mishap”.
Apple’s iPhone sales in
China up 52% in April
REUTERS
Beijing, 28 May
Apple’s smartphone shipments in
China rose 52 per cent in April from
a year ago, extending a rebound seen
in March, according to data from a
research firm affiliated the Chinese
government.
The jump follows a weak per-
formance by the US tech giant in the
world's biggest smartphone market
earlier this year amid intensifying
competition in the high-end smart-
phone category from local rivals like
Huawei.
Shipments of foreign-branded
phones in China increased by 52 per
cent in April to 3.495 million units
from 2.301 million a year earlier, data
from the China Academy of
Information and Communications
Technology (CAICT) showed on
Tuesday.
Apple’s shares rose 2.3 per cent
in premarket trading. Although the
data did not explicitly mention
Apple, the company is the dominant
foreign phone maker in China’s
smartphone market. This suggests
that the increase in foreign-branded
shipments can be attributed to
year's Hamas-led attack. Tel
Aviv slammed the diplomatic
move that will have no
immediate impact on its
grinding war in Gaza. AP
GAINING MOMENTUM
Shipments of iPhone in China
(million units)
n 2023 n 2024 %change
9.0
January
5.5
3.6
February
2.4
March 3.3
3.7
2.3
April
3.5
Source: CAICT, Bloomberg
Apple’s performance.
Apple’s shipments in China
increased by 12 per cent in March,
marking a significant improvement
from the first two months of 2024,
when the company experienced a 37
per cemt slump in sales.
Sales may see a further boost in
May as Apple launched an aggres-
sive discounting campaign this
month on its official site in China.
OpenAI forms safety
board led by Altman
BLOOMBERG
28 May
OpenAI has created a board commit-
tee to evaluate the safety and security
of its artificial intelligence models, a
governance change made weeks after
its top executive on the the subject
resigned and the company effectively
disbanded his internal team.
The new committee will spend 90
days evaluating the safeguards in
OpenAI’s technology before giving a
-39
report. “Following the full board’s
review, OpenAI will publicly share an
update on adopted recommendations
-33 in a manner that is consistent with
safety and security,” the company said
in a blog post on Tuesday.
12 OpenAIalsosaidthatithasrecently
started to train its latest AI model.
The private firm’s recent rapid
52 advances in AI have raised concerns
about how it manages the technol-
ogy’s potential dangers. Those worries
intensified last fall when Chief
Executive Officer Sam Altman was
briefly ousted in a boardroom coup
after clashing with co-founder and
chief scientist Ilya Sutskever over how
quickly to develop AI products and
the steps to limit harms.
Those concerns returned this
month after Sutskever and a key dep-
uty, Jan Leike, left the company. The
scientists ran OpenAI’s so-called
superalignment team, which focused
on long-term threats of superhuman
BLOOMBERG
Earlier, Sam Altman was briefly ousted
in a boardroom coup after clashing
with co-founder Ilya Sutskever over
how quickly to develop AI products
and the steps to limit harms
AI. Leike, who resigned, wrote after-
ward that his division was “strug-
gling” for computing resources within
OpenAI. Other departing employees
echoed his criticism.
Following Sutskever’s departure,
OpenAI dissolved his team. The com-
pany said on Tuesday that this par-
ticular work would continue under its
research unit and John Schulman, a
co-founder with the new title of Head
of Alignment Science.
The startup has at times struggled
to manage staff departures. Last week,
OpenAI nixed a policy that canceled
the equity from former staffers if they
spoke out against the company. A
spokesperson said OpenAI was aware
of criticism from ex-employees and
anticipatedmore,addingthatthecom-
pany was working to address concerns.

London moves to revive its reputation as a financial hub

ESHE NELSON & MICHAEL J DE LA MERCED
London, 28 May
Asfearshavegrownthatthecityislosingits
attractivenessforpubliclytradedbusinesses,
Britain’sgovernmentismakingchangestobring
themback.
Shein,theonlineretailgiantfoundedinChina,
hadgrandambitionstogopublicinNewYork.But
asrelationsbetweenWashingtonandBeijing
soured,theultrafastfashioncompanybegan
takingacloserlookatabackupplanacrossthe
Atlantic.
Thecompanyisnowfocusingmoreonthe
LondonStockExchangeforitsinitialpublic
offering,accordingtotwopeoplewithknowledge
ofthematter.Thatmaynothavebeenthe
company’sinitialchoice—butitwouldbeabig
winforBritain,whichhasbeenwaryofitscapital
citylosingitsstatusasaglobalfinancialhub.
Bymanymeasures,Londonisstillacrucial
financialhub,wherepricesarefixedeachdayfor
preciousmetalsandtrillionsofdollarsofforeign
currencyaretraded.Buttheglobalcompetitionfor
investors—amongcitieslikeNewYork,Hong
Kong,DubaiandSingapore—isintense.Stock
listingisaprominentbusiness,andabigIPOlike
Shein’scouldbeseenasaprizethatbolstersthe
localfinancialmarketandsetsthestageforother
companiestofollow.Inanefforttoshoreup
London’sposition,Britishofficialsaretryingto
overhaulthefinancialsectortomakethecity’s
stockmarketmoreattractivetomodernindustries,
particularlytechcompanies,ratherthanrelying
onthesectors,suchasbanking,thathistorically
builtLondon’sfinancialsector.
London’sreputationforfinancialservicesalso
tookahitafterBritain’sexitfromtheEuropean
Union,amidconcernsthatbankswouldmove
moneyandworkerstothecontinent.Someof
thosefearswereoverblown,butBrexithastakena
toll.Amsterdam,forexample,overtookLondonas
Europe’slargestshare-tradingcenteraboutthree
yearsago,accordingtoCboeCapitalMarkets.
Theemphasisonattractingpubliclistingsto
Londonispartlyduetopride,saidGbenga
Ibikunle,aprofessoroffinanceattheUniversityof
EdinburghBusinessSchool.
Asidefrompride,analystssay,therearegood
economicreasonstohaveahealthypipelineof
listings.Forone,theysupportarangeoffinancial
andprofessionalservicejobs,frombankersto
lawyers.Publiccompaniesarealsoopentogreater
SEEKING RESET
>The global competition for investors
— among cities like New York,
Hong Kong, Dubai and Singapore — is
intense
>London’s reputation for financial
services also took a hit after Britain’s
exit from the European Union, amid
concerns that banks would move
money and workers to the continent
>British officials are trying to
overhaul the financial sector to make
the city’s stock market more attractive
to modern industries, particularly
scrutiny,whichcangivemoreinsightintothestate
oftheeconomy.
FearsthatLondonislosingitsattractivenessfor
publiclytradedbusinesseshavegrownoverthe
years,asseveralcompanies,includingthe
constructionmaterialscompanyCRHandthe
bettingoperatorFlutterEntertainment,shifted
theirprimarylistingstoNewYorkfromLondon.
Others,liketheoilgiantShell,haveacknowledged
studyingtheidea.Thosedepartinghavenotbeen
replacedbyawaveofcompaniesgoingpublic,
either.LastyearbroughtasignificantblowasArm,
theBritish-borncomputerchipcompany,listedits
sharesinNewYork.Thatoffering,thelargestin
2023,raisednearly$5billion.
NewYorkhasbeenalong-runningdestination
forIPOs.Manyinthefinancialindustrypointto
concernsthattheLondonmarket,withlesstrading
volume,leadstolowervaluationsthantheNew
Yorkexchangescanprovide.
Thereisanadvantagetobeinglistedalongside
similarcompaniesonthesameexchangebecause
therisingtidepullsinmoreanalystsandinvestors
focusedonthosestocks,saidScottMcCubbin,who
leadsEY’sIPOteamintheUnitedKingdomand
Ireland.Partoftheproblem,analystssay,isthatthe
LondonStockExchangeisdominatedby
companiesfromolderindustries,suchasbanking,
miningandoilandgas.Britainhasstruggledto
attractlistingsoftechcompanies,andprominent
flopshavecompoundedtheproblem.Deliveroo,a
London-basedfooddeliverycompany,went
publicin2021andwascalled“theworstIPOin
London’shistory.”(Itssharesaredown63percent
fromtheirpeak.)
Butadviserscautionthatcompanies
consideringanIPOinNewYorkmusthavesome
naturallinktotheUSmarkettobenefitfromtrading
there.Flutter,forexample,generatesmorethana
thirdofitsrevenueintheUnitedStates.Otherwise,
investmentfundmanagerswouldhavelittle
incentivetofocusonsmallerBritishcompaniesover
biggeronesmorerelevanttoAmericans.
TheslowdowninLondonofferingsispartofan
industrywidepaucitythathasstretchedonfor
morethanayearamidhighinterestrates,conflicts
andgeopoliticaluncertainty.Just16companies
wentpublicinNewYorklastyear,down84percent
from2022,accordingtotheLondonStock
ExchangeGroup;bycomparison,10companies
wentpublicinLondon,down88percent.
©2024 The New York TimesNews Service
Over 100 biz leaders back
Labour Party before polls
Morethan100businessleadershavegiventheir
supporttoBritain’soppositionLabourParty
beforeaJuly4election,sayingthecountryneeds
toendtheinstabilityandstagnationthathas
doggedtheeconomy.RishiSunak’sgoverning
Conservativeshavetypicallybeenthepartyofbig
businessbutLabour’sfinancepolicychiefRachel
Reeveshasspentyearscourtingbusinessowners
inabidtoshowherpartycanbetrustedtorun
theeconomy.
Theletter,signedchiefexecutivesinretail,
advertising,travelandfinance,saidLabourhad
shownithadchangedandshouldbegivena
chancetoshapethecountry’sfuture.
“We,asleadersandinvestorsinBritish
business,believethatitistimeforachange,”the
lettersaid.“Weareinurgentneedofanew
outlooktobreakfreefromthestagnationofthelast
decadeandwehopebytakingthispublicstandwe
mightpersuadeothersofthatneedtoo.”
Labourwillhopetheendorsementshows
thatitisnolongerthepartyofStarmer’s
predecessor,veteranleft-winglawmakerJeremy
Corbyn,whocampaignedatthelastelectionin
2019torenationalisesomekeyassetsandhike
taxesontherich.Leaderswhosignedtheletter
includetheformerCEOofAstonMartinandthe
founderofachildren'scompanythatonce
includedSunak'swifeAkshataMurtyasan
investor. REUTERS

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

Volume XXVI Number 281

FTA benefits elude India

CHENNAI | WEDNESDAY, 29 MAY 2024

Improved prospects
Post-harvest losses must be minimised
The high import and low export trend is likely to continue with

T
he India Meteorological Department has reiterated the country will tries could benefit more from the FTAs with India.
get above-normal rain this year. Since the rainfed regions are also free-trade agreements under negotiation ILLUSTRATION: BINAY SINHA
Negotiatingnewsubjects:New trade agreements
typically include two types of measures. Border
expected to get good rain, this factor will help boost agricultural pro-
measures involve eliminating import tariffs on prod-
duction. Higher production will naturally help contain the food infla-
ucts from partner countries. Behind-the-border
tion rate. It is worth noting, while the core inflation rate, based on the consumer
measures deal with harmonising domestic regula-
price index, is running below 4 per cent, higher food prices are keeping the tions in areas such as the environment, labour, intel-
headline rate above the central bank’s target. The food inflation rate in April, lectual property rights, digital trade, and gender.
for instance, was 8.7 per cent. In the context of inflation management, while Developed countries push for the inclusion of these
improved food production should help contain prices and inflation expectations, subjects in FTA negotiations.
India must also work on augmenting supply chains for perishable items, which While high environmental standards are beneficial,
tend to impart greater volatility to inflation outcomes. Until a few months ago, adopting the US or EU standards in India could raise
for example, vegetable prices pushed up the headline inflation rate. the cost of power and food, halting many economic

This is despite India being the second-largest producer of fruit and veg-
etables globally, having produced 351.92 million tonnes of horticultural products
in 2022-23, surpassing foodgrain production during the same year. But tonnes
of it goes to waste. Around 15 per cent of fruit and vegetables are lost after har-
vesting. Climate change-induced extreme heat may worsen the situation in
the coming years. As things stand, improving infrastructure can help reduce
wastage. Cold-chain storage and refrigeration facilities remain inadequate in
the country, resulting in spoilage across the supply chain. A temperature-con-
trolled supply chain contributes significantly to preserving perishable goods
and ensuring that food reaches consumers in optimal condition. Notably, a
large proportion of India’s current cold chain storage capacity — of around 39
million tonnes — remains unutilised. The available cold-storage units also
have a skewed geographical distribution. For instance, most cold-storage facil-
ities are concentrated in states like Uttar Pradesh, West Bengal, Gujarat, Punjab,
and Andhra Pradesh, while Bihar and Madhya Pradesh have insufficient num-
bers of them. Further, most cold-storage facilities are designed to store a single
commodity at a time. This calls for boosting multi-storage cold chain capacity
in the country.
Since most farmers in India are poor with small and fragmented land-
holdings and earn little profits from cultivation, investing in storage infras-
tructure at the decentralised level is not feasible. While over 92 per cent of
cold-storage units are owned and operated by the private sector, there is scope
for government intervention in addressing shortfalls in storage infrastructure.
Although a subsidy of 35-50 per cent is provided to set up storage facilities,
including pack-houses, the costs are still high. Other problems including the
distance between farms and wholesale markets or mandis, and poor road
infrastructure add to the bottlenecks in the supply chain, leading to spoilage
during transit. Almost 30 per cent of India’s road network is still unpaved,
adding to the distance and time taken for the agricultural produce to reach the
mandis, which pulls down the farmgate prices.
Much of the food wastage can be reduced through the use of technology.
Increasing agricultural mechanisation, adopting precision farming practices,
and developing a climate-resilient agri-food system are the key to mitigating
the losses from spoilage in the country. However, improved capacity in areas
like storage and road network infrastructure, and reducing distance between
farms and mandis must remain a policy priority. Improving supply chains will
help address price volatility, benefitting both producers and consumers.
Pakistan abandoned
Hard economic decisions will help its future
A
free-trade agreement (FTA) is a pact between merchandise trade deficit with these partners activities. Similarly, agreeing to high minimum wages
countries to make trade easier by reducing increased significantly more than its global trade could lead to higher product prices and hurt exports.
tariffs and other barriers on imports from each deficit. Specifically, trade deficits grew by 302.9 per Adoptingmorerestrictivestandardsformedicinesthan
other. Globally, over 350 FTAs are currently in force. cent with Asean, 164.1 per cent with South Korea, and thoseagreeduponattheWTOwillraisemedicineprices.
Over the past four years, India has signed FTAs 138.2 per cent with Japan, compared to an 81.2 per There are other concerns. One, allowing UK or EU
with Mauritius, the UAE, Australia, and the cent increase in the global deficit. This comparison is companies to participate in government procurement
European Free Trade Association, or EFTA, coun- based on pre-FTA (2007-09) data and recent trade through FTAs would create competition for small
tries (Switzerland, Norway, Iceland, and data (2020-22). The trend continued in 2023. domestic firms. In contrast, government procurement
Liechtenstein). Agreements with the UK and Oman Second, India’s exports to these FTA partners have markets in the EU and UK are restrictive and complex
are nearly finalised. increased at a lower rate than its imports. For instance, for Indian firms to access. Also, stricter sustainability
India has a total of 14 trade agreements with 25 with Asean, exports grew by 123.9 per cent and imports standards in the FTA with the UK may prevent Indian
countries and is negotiating new deals with over 50 by 175.7 per cent; with Japan, exports grew by 56.4 apparel from qualifying for tariff concessions.
countries, including the European Union (EU) and per cent and imports by 98.5 per cent; and with South These subjects are new non-trade barriers pushed
the US-led Indo-Pacific Economic Framework. Korea, exports increased by 89.1 per cent and imports by developed countries. India should establish its rules
Additionally, India has six smaller trade agreements by 127.3 per cent. forlabour,gender,environment,anddigitaltradebefore
with 26 other countries. Soon, India will have FTAs India’s high tariffs (most-favoured nation or MFN committing to FTAs. India is not only negotiating new
with all major economies except China. However, tariffs) and the low tariffs in partner countries are key FTAs but also reviewing and expanding existing ones
India and China do have limited tariff concessions reasons for its low exports and high imports with with Sri Lanka, Asean, Japan, Korea, Malaysia, Chile,
on about 25 per cent of tariff lines under these partners. MFN tariffs are the and Mercosur (Argentina, Brazil, Uruguay, Paraguay).
the Asia-Pacific Trade Agreement. regular tariffs a country charges on HighpriorityisgiventothereviewofitsFTAwithAsean.
From financial year (FY) 2019 to imports, often eliminated for part- An important area for renegotiation in the Asean
FY2024, India’s exports to its 21 FTA part- ner countries under FTAs. FTA would be agreement on product-specific rules of
ners grew by 14.48 per cent, from $107.20 Many Indian firms avoid using origin. When the FTA was signed in 2010, detailed rules
billion to $122.72 billion. Imports FTAs because the compliance were not negotiated due to a lack of time, and one com-
increased by 37.97 per cent, from $136.20 costs outweigh the benefits as part- monruleforallproductswasadopted.Thismakestrade
billion to $187.92 billion. These FTA part- ner countries already have low or in many products unviable.
ners include six South Asian Free Trade zero MFN tariffs. The average MFN To achieve better FTA outcomes, the government
Area (Safta) countries (including Sri tariffs on Indian products in part- may consider the following strategies in negotiations:
Lanka), 10 Association of Southeast ner countries are very low: Create a common exclusion list for merchandise trade,
Asian Nations (Asean) countries, and AJAY SRIVASTAVA Singapore (0 per cent), Japan (2.4 focus on sector-specific agreements with smaller
Japan, South Korea, the UAE, Mauritius, per cent), Malaysia (3.5 per cent), economies instead of comprehensive FTAs, prioritise
and Australia. Mauritius (1.1 per cent), the UAE achieving real market access on the ground, negotiate
To understand how FTAs have performed and (3.5 per cent), and Australia (2.6 per cent). This limits new areas like environment, labour, and digital trade
whether they benefit India, we analysed the perfor- the benefits of FTAs for Indian exporters. In contrast, cautiously to maintain domestic regulatory autonomy,
mance of India’s FTAs with Asean, South Korea, and India’s average MFN tariff is high at 18.1 per cent, so and account for the impact of carbon taxes and regula-
Japan. Signed in 2010-11, these agreements are con- eliminating these tariffs under an FTA gives partner tions like the Carbon Border Adjustment Mechanism.
sidered the most critical by Indian industry. We did country exporters a significant price advantage. Despite having zero duty trade on most industrial
not study FTAs with Mauritius, the UAE, Australia, This pattern continues with India’s new FTA part- products with Asean, Japan, and South Korea for over a
and EFTA as these agreements are less than five years ners. Also, a substantial share of imports into these decade,Indiahasn’tbecomeamajorpartofAsiansupply
old and the tariff reduction process for most products countries is already at zero MFN duties: Canada (70.8 chains. The main reasons are the long time it takes to
is ongoing. In the absence of specific preferential trade per cent), Switzerland (61 per cent), USA (58.7 per clear goods at ports and the low ease of doing business.
data, we included all trade from an FTA partner, even cent), UK (52 per cent), and EU (51.8 per cent). In con- Improving these areas will quickly boost India’s exports
though some of it may not have used FTA concessions trast, only 6.1 per cent of India’s global imports are at and the benefits of its FTAs.
Our analysis of India’s FTAs with Asean, South zero MFN duty. Given these factors, India may not
Korea, and Japan reveals two trends. First, India’s see a significant export increase, while partner coun- ThewriteristhefounderofGlobalTradeResearchInitiative

A BharatCompute for AI ascendancy

recent visit to Pakistan by a mission from the International Monetary
Fund (IMF) left without staff-level agreement on a new package for
the troubled economy. Prior briefing from the multilateral agency had

A
stressed the downside risks to the local economy. The IMF staff said
rtificial Intelligence (AI) capability rests on four
that discussion would continue virtually to finalise the financial support consid-
keypillars:Algorithms,data,talent,andAIcom-
ered necessary. Yet there is no question that the deadline that the government in pute, with AI compute often considered the
Islamabad had set for additional financing — early July — is approaching without most crucial. Graphical processing units (GPUs) have
any apparent consensus. The IMF, it appears, is playing hardball with Pakistan. become the standard measure of AI compute, spurring
The sums involved are substantial: Pakistan may request as much as $6 billion, a global race to build massive GPU capacities.
alongside additional financing from the IMF-administered Resilience and In this context, the government’s March decision
Sustainability Trust. to deploy over 10,000 GPUs as part of the India AI
The stumbling block for Pakistan is clearly a general disbelief that the gov- Mission is a significant step forward. This initiative, to
ernment will be able to achieve the political consensus necessary for deep reform. be achieved through public-private partnership (PPP),
Prime Minister Shehbaz Sharif has been quite clearly apprised of the urgency of reflects India’s willingness to leverage the strengths of
the private sector, a departure from past
such change. In some recent statements he has gone as far as to directly compare
practices of confining such capital-inten-
Pakistan to Bangladesh’s success, noting that he felt “ashamed” when he consid-
sivenationalcapacitiestothepublicsector.
ered the comparison. Yet Mr Sharif’s authority is circumscribed. Any civilian India’s AI compute capacities are
leader of Pakistan must of course contend with the fact that the military has the modest compared to leaders like the US
final say on most policy issues. But this government was only just returned to and China. The global GPU market was
office after an election of less than complete credibility. The supporters of former valued at $23 billion in 2022, with an esti-
Prime Minister Imran Khan, who remains in jail, are likely to protest any changes mated 1 to 2 billion GPUs worldwide, pre-
meant to put the economy on a firmer footing. General discontent with inflation dominantly in the US and China. Both
and stagnant living standards is visible — there have been violent protests in countries have aggressively acquired
Pakistan-Occupied Kashmir recently that left one policeman dead. Inflation has GPUs over the past decade and have big-
ger plans to advance their AI compute
slowed somewhat but remained above 17 per cent in April 2024.
The fact that, even faced with these problems, Pakistan has struggled to get
capabilities. The US launched the OFF THE GRID
National AI Research Resource pro-
multilateral assistance is a signifier of the degree to which the West has lost gramme in January, while China aims to AJAY KUMAR
interest in the country after the United States’ ill-advised withdrawal from increase its aggregate compute power by
Afghanistan early in President Joe Biden’s term of office. Pakistan has been forced over 50 per cent, including 10 exascale systems, by
to turn to its traditional patrons in the Gulf and China for assistance — though 2025. India cannot and does not need to mimic their
the latter has also failed to open its purse strings. Whether this is wise on the part strategy. Instead, it should adopt a smart fast-follower’s
of the West is open to question. An unstable Pakistan is, as decades of experience approach, which I term BharatCompute.
have shown, a breeding ground for destabilising forces. Once India’s own general Why is AI compute so important? In AI, “compute”
elections are over, New Delhi will have to re-evaluate its approach to Pakistan, refers to the computational power needed to perform
and consider whether the resumption of trade is in the national interest. But complex operations, like training and running AI
models. It is crucial for optimising deep learning
Pakistan’s fiscal stability is the most urgent requirement, and that will require
models, which often have millions or billions of
buy-in from the West and the IMF. Given the extraordinary measures that the parameters involving large datasets requiring exten-
Fund has approved in the past for European countries like Greece and Ukraine, sive computation. Additionally, compute power is
its failure to do so in Pakistan’s case will only underline the criticism of the Bretton needed for real-time inference, enabling predictions
Woods institutions that they serve broader Western geopolitical aims. This from new data.
criticism can only be answered by a more cooperative approach from the IMF. The global demand for AI compute surged over
However, the government in Islamabad will have to push structural reform. the past decade, driven by the computational needs
Pakistan must realise that it has lost the strategic advantage in geopolitics and its of the large language models (LLMs). However, as
future depends on hard economic decisions. LLMs become widely available, this demand is sta-
bilising, shifting focus to models for image processing,
gaming, multi-modal AI and such other models,
which require less computational power.
BharatCompute could prioritise developing founda-
tional models in economic, social and strategic
domains while leveraging existing open-source LLMs
already developed. This approach promises significant
dividends even with lower compute resources.
BharatCompute should also aim to leverage India’s
existing CPU or central processing unit-based compute
capacities for AI advancements, with India’s robust
information technology (IT) industry
and large user base providing substan-
tial CPU-based compute power, com-
pensating for its lack of GPUs. Despite
CPUs being slower for AI tasks, leverag-
ing this resource can enhance accessi-
bility and reduce costs.
The BharatCompute initiative advo-
cates for government-established AI
compute infrastructure to be accessible
to those unable to afford market rates.
Currently, AI compute costs range from
$1 to $4 per GPU hour, alongside addi-
tional expenses for memory and IT
infrastructure. Government subsidies
could encourage more startups to enter
the AI field with the growth of AI startups serving as a
metric for the initiative’s success. The government
could also prioritise developing foundational models
in domains like agriculture, education, healthcare, and
water, among others, tailored to Indian requirements.
BharatCompute should support India’s sovereign
AI needs, especially in strategic and security domains.
Currently, the AI compute market relies heavily on
cloud infrastructure, controlled by US and Chinese
hyperscalers. A study shows that US-based Amazon
Web Services, Microsoft Azure, and Google Cloud
command about 70 per cent of the global public cloud
market, while Chinese tech giants Alibaba, Huawei,
and Tencent control much of the rest. Public clouds
pose privacy and security concerns. To ensure secu-
rity and sovereignty, BharatCompute should require
that the compute infrastructure be physically located
in India and utilise an Indian cloud platform. The
government could dedicate a portion of the compute
infrastructure in a secure, non-cloud environment
for sensitive or classified applications.
Setting up AI compute in a PPP model is a welcome
step.Thiscanbeoperationalisedbyempanellingasetof
Indianvendorswhocontributetoapoolof10,000GPUs,
which the government underwrites. Such a process
wouldbemuchfasterthansettingupagreenfieldfacility
andensureacompetitiveecosystemprovidingcost-effi-
cient,high-qualityservices.Theprivatesectorwillbring
in resources, skills and innovation. However, the PPP
framework must address potential pitfalls, including
continuity in case of vendor change, avoiding vendor
lock-in, data security and privacy issues, and ensuring
accesstomicro,smallandmediumenterprisesandstar-
tups. Therefore, it is felt that the management of
BharatCompute should be with an autonomous body,
led by industry leaders with professional expertise, and
with participation from government representatives.
The AI compute market in India is still nascent.
While the Indian industry is ramping up AI compute
infrastructure, with some companies developing it for
internal use and others offering it as a service,
BharatCompute should do more than just set up 10,000
GPUs. It should catalyse the larger AI compute market
and encourage industry to scale-up capacities signifi-
cantly. Granting preferential access to domestic players
for the 10,000 GPUs can give industry a much-needed
kick-start. Proposing tax breaks to incentivise private
investment in AI compute infrastructure and support-
ing customised AI chip development for foundational
models is recommended. The booming market for cus-
tomised AI chips, highlighted by Nvidia’s growth,
OpenAI’s Sam Altman’s $ 7 trillion chipmaking venture,
as well as Microsoft and Amazon’s entry into AI chip
design suggests a significant emerging opportunity.
India, with its abundant talent-pool in chip design, is
well-positioned to capitalise on it. It has an abundance
of talent and data. BharatCompute could be its strategy
to leverage these strengths for AI ascendancy.
Thewriterisdistinguishedvisitingprofessor,IITKanpur,anda
formerdefencesecretary

Ideas of India
to discuss the institutional failure of
the legislature and the judiciary. The
author stridently argues that the
autonomy of institutions is
intentionally disregarded to establish
and consolidate political dominance.
Thesecondsetofclaimsrevolves
BOOK REVIEW aroundtheideaofgovernance.Thebook
underlinesacrucialdifferencebetweenthe
HILAL AHMED statedprinciplesofpublicpolicyandtheir
actualpoliticalmanifestations.Thathas
communitiesinthelast10years.These
data-drivenchaptersofferusaninsightful
explanationtomakesenseoftheemerging
class-basedeconomicfaultlines.
Thismultifacetedfactualassessment
leadsustothemainargumentthebook
makes.Theauthorassertsthatthepresent
regimehasfailedtoupholdthepolitical
valuesthathavebeennurturedinthepast
sevendecades.Atthesametime,the
standardproceduresofgovernancehave
beencompletelydestabilisedforevolving
ahighlycentralisedformofpolitics.Inthe
finalchapterofthebook,asetof“ready-
to-usesolutions”areproposedtomake
employmentpolicy,investmentinhuman
capital,democraticaccountabilityofthe
bureaucracy,proactivejudiciaryand
media,andanempoweredcitizenry.
Thisseriousstudyencouragesustoask
afewcriticalquestions.First,isit
appropriatetodescribetheModiregime
simplyasamarkeddeparturefromthe
acceptednormsofpolitics?Orisitan
outcomeofanever-evolvingcrisis?Second,
howtomakesenseofthesuccessful
blendingoftwo
interrelatedpolitical
trajectories—neo-
liberalismandradical
significantway.However,thisclaimneeds
tobefurtherhistoricised.
TheNehruvianconsensushastwo
inseparableelements—stateintervention
intheeconomicsphereforachievingwhat
Nehruhimselfcalledthesocialisticpattern
ofsocietyandanactivepoliticsof
secularismandinclusionfortheprotection
ofminoritiesandotherdeprivedsectionsof
society.ItisworthnotingthattheCongress-
ledIndianpoliticalclassbegantoseparate
ATTACK ON THE
thesetwoelements
fromeachotherin
'IDEA OF INDIA': A theearly1990s.Two
Decade of Social,
significantevents—
TheModiregime,inaway,isan
outcomeofthisprocess.Itwantstogetrid
oftheNehruvianconsensuswithout
deviatingfromthepost-1991political
consensusinfavourofunrestricted
liberalisation. Thishasnotbeenadifficult
taskfortheBJP.Theentirepoliticalclass,
includingtheCongress,doesnotfindthe
Nehruvianconsensuselectorallyviable.
ThishashelpedtheBJPestablishits
dominance.Althoughtheauthorremains
criticalofthenon-BJPparties,hedoesnot
envisageanydirectpolitical-intellectual
connectionbetweentheModiregimeand
itsimmediatepredecessor.Thisanalytical

T
his book makes a serious attempt
to trace the nature of political-eco-
nomic changes that have been
introduced by the Modi-led Bharatiya
Janata Party-National Democratic (BJP-
NDA) alliance in the last 10 years. The
author identifies the “idea of India” as a
vantage point to offer a methodically
organised, factually substantiated and
deeply engaging narrative. Divided in 12
chapters, the book makes three persua-
sive sets of findings.
First, the post-2014 regime has
converted the “rule of law” into what the
author calls “rule by law”. This crucial
transformation is explored analytically
beenthereasonmuch-publicisedpolicy
statements—“SabkaSathSabkaVikas”,
“MinimumGovernment-Maximum
Governance”,and“Cooperative
Federalism”—turnouttobepolitically
meaningless.Thebookarguesthatthese
claimsfunctionmerelyaspopulistmedia-
friendlysloganstorepresentaninclusive,
democraticimageoftheregime.
Thethirdsetoffindingsmakethisbook
veryvaluable.Theauthordevotesthree
longchapterstounderstandthechanging
structuraldynamicsofthecontemporary
Indianeconomy.Thesechaptersshowhow
therecenteconomicchangeshaveaffected
thelivesofthemostpoorandmarginalised
theargumentsmoreconstructiveand
practicallyusable.
Theauthorclaimsthatpolicy-making
shouldnotfollowtheusualtop-down
arbitrarymodel.Instead,theformationof
policymustincludeallstakeholders,
especiallyprofessionalsandexperts.This
proposalisexpandedtomake afew
achievablerecommendationssuchas
encouragingrespectfordissentand
criticism,widerdecentralisationofpolity
andadministration,reassessmentofafew
controversialeconomicpolicies,collection
ofrelevantdataanditswiderpublic
disseminationforinformednational
discussions,introductionofaformal
Political and
Hindutva?Finally, Economic Strife thedemolitionofthe limitationalsoaffectstheflowofthemain
whathavebeenthe
Author: Prasanna BabriMasjidandthe argument.Thebookdoesrecognisethe
reasonsforthe Mohanty liberalisationofthe factthatwelfareschemeshaveemergedas
popularityand Indianeconomy— apowerfultooltogarnerpopularsupport
Publisher:Black
acceptabilityofthe EagleBooks helpedthepolitical forthepresentregime,whichopenly
regime?Whathas classredefinethe adherestoneo-liberalismandHindutva.
Price: ~899
madeHindutvathe Nehruvian Yet,thereisnoexplanationofthisspecific
dominantnarrativeof consensusina formofstatemodel.
politicsinthepast10years? restrictedmanner.Nehru’sall-inclusive Theseinconsistencies,however,should
Thebookgivesustheimpressionthat economicvisionwasabandonedandhe notbeoverstretchedtounderestimatethe
theModiregimedeviatessignificantly waseventuallyreducedtothevalueof seriouscontributionofthisthought-
fromconstitutionalnormsandthegiven secularism.TheCongressregimeunder provokingexplorationofthe
imaginationsofIndiaasanation.This NarasimhaRaointroducedanewsectoral contemporarymomentofourpoliticallife.
impressionisnotentirelyincorrect.Itis approachtowelfarismtoaddresstheneeds
truethatthepost-2014Indianstatehas ofdeprivedsectionswhilefacilitatinga ThereviewerisassociateprofessorattheCentrefor
questionedtheNehruvianconsensusina market-driveneconomyatthesametime. theStudyofDevelopingSocieties,NewDelhi
10
>
CHENNAI | WEDNESDAY, 29 MAY 2024 1

TRIGYN TECHNOLOGIES LTD.

Regd. Office: 27, SDF I, SEEPZ, Andheri (East),
Mumbai – 400096
Tel: +91 22 6140 0909 Fax: +91 22 2829 1418
Website: www.trigyn.com Email : ro@trigyn.com
CIN - L72200MH1986PLC039341
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dated September 28, 2020, 39/2020 dated December 31, 2020, 10/2021
dated June 23, 2021, 20/2021 dated December 08, 2021 and 03/2022
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on Saturday, June 29, 2024 at the Registered Office of the
Company and shall be available on the Company’s website at
https://www.trigyn.com/
For Trigyn Technologies Limited
Sd/-
Place: Mumbai Mukesh Tank
Date: May 29, 2024 Company Secretary & Legal
Membership No.: FCS 9604
.
CHENNAI | WEDNESDAY, 29 MAY 2024 11 <

RAJSHREE POLYPACK LIMITED

Regd Oice: 503-504, Lodha Supremus, Building No.1, 5th Floor, Road No. 22, Near New Passport Oice,
Wagle Estate, Thane (W) – 400 604. India
Corporate Oice: 502, Lodha Supremus, Building No.1, 5th Floor, Road No. 22, Near New Passport Oice,
Wagle Estate,Thane (W) – 400 604. Tel: +91 22 2581 8200
CIN: L25209MH2011PLC223089 Website: www.rajshreepolypack.com
EXTRACT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
(₹ in Lakhs)
SI Pariculars Quarter Ended Year Ended
N0. Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Audited Unaudited Audited Audited Audited
1 Total Income from Operaions 7,035.95 6,549.63 6,571.08 27,729.44 25,429.32
2 Net Proit / (Loss) for the period (before Tax, 302.53 348.08 329.40 1,213.39 1,438.59
Excepional and/or Extraordinary Items)
3 Net Proit / (Loss) for the period before tax 286.10 347.26 327.63 1,192.65 1,434.01
(ater Excepional and/or Extraordinary Items)
4 Net Proit / (Loss) for the period ater tax 202.81 255.35 251.40 864.14 1,065.97
(ater Excepional and/or Extraordinary Items)
5 Total Comprehensive Income for the period 167.80 256.85 260.31 833.61 1,073.19
6 Equity Share Capital 3,665.20 1,222.40 1,144.90 3,665.20 1,144.90
7 Other Equity (Excluding Revaluaion Reserve) - - - 11,510.04 11,862.01
8 Earning Per Share :
Basic 0.55 0.71 0.73 2.39 3.11
Diluted 0.55 0.71 0.73 2.39 3.11
EXTRACT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
(₹ in Lakhs)
SI Pariculars Quarter Ended Year Ended
N0. Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Audited Unaudited Audited Audited Audited
1 Total Income from Operaions 7,054.73 6,567.41 6,576.34 27,794.54 25,446.64
2 Net Proit / (Loss) for the period (before Tax, 321.31 365.86 334.66 1,278.49 1,455.91
Excepional and/or Extraordinary Items)
3 Net Proit / (Loss) for the period before tax 321.31 365.86 334.66 1,278.49 1,455.91
(ater Excepional and/or Extraordinary Items)
4 Net Proit / (Loss) for the period ater tax 238.02 273.95 258.43 949.97 1,087.87
(ater Excepional and/or Extraordinary Items)
5 Total Comprehensive Income for the period 203.01 275.45 267.34 919.45 1,095.09
6 Equity Share Capital 3,665.20 1,222.40 1,144.90 3,665.20 1,144.90
7 Other Equity (Excluding Revaluaion Reserve) - - - 11,617.78 11,883.91
8 Earning Per Share :
Basic 0.65 0.76 0.75 2.63 3.17
Diluted 0.65 0.76 0.75 2.62 3.17
Notes:
1 The above results for the quarter and year ended March 31, 2024 were reviewed by the Audit Commitee and approved by the

2
Board of Directors of the Company at the meeing held on May 28, 2024. The Statutory Auditors of the Company have carried out
Limited Review of the aforesaid results.
The above is an extract of the detailed format of Audited Financial Results iled with the Stock Exchanges under Regulaion 33 of
Sonal Adhesives Limited
Regd Off:- Plot No.28/1A, Village Dheku, Takai Adoshi Road, Off. Khopoli Pen Road,
the SEBI (Lising Obligaions and Disclosure Requirements) Regulaions,2015. Tal. Khalapur, Dist.Raigad - 410203 Maharashtra CIN: L02004MH1991PLC064045
The full format of the Audited Financial Results are available on the websites of the Stock Exchanges i.e. www.nseindia.com and Phone.: 91 2192 262620, Email id: info@sonal.co.in, Website: www.sonal.co.in
on the Company‘s website www.rajshreepolypack.com. EXTRACT OF THE AUDITED STANDALONE FINANCIAL RESULTS FOR
For and on Behalf of the Board of Directors THE QUARTER AND YEAR ENDED 31ST MARCH, 2024
Ramswaroop Radheshyam Thard
Chairman & Managing Director ( ` in Lakhs)
Thane, May 28, 2024 DIN: 02835505 Standalone
Sr.
Quarter Ended Year ended
No. Particulars 31.03.2024 31.12.2023 31.03.2024 31.03.2023
(Audited) (Unaudited) (Audited) (Audited)
1 Total income from operations (net) 2689.06 2572.37 10163.86 8412.85
2 Net Profit/ (Loss) from the Period 36.76 70.17 249.24 302.35
(before Tax, Exceptional and/ or Extraordinary Items)
3 Net Profit/ (Loss) for the period before tax 36.76 70.17 249.24 302.35
(after Exceptional and/ or Extraordinary Items)
4 Net Profit/ (Loss) for the period after tax (after Exceptional 27.09 18.20 185.45 226.58
and/ or Extraordinary Items)
5 Total Comprehensive Income for the period 26.54 18.13 185.58 227.46
[Comprising Profit/(Loss) for the period (after tax) and
Other Comprehensive Income (after tax)]*
6 Paid up Equity Share Capital
(Face value of Rs.10 each fully paid up) 606.10 606.10 606.10 606.10
7 Earnings per share (of Rs.10/- each) (not annualised)
(a) Basic 0.45 0.30 3.06 3.74
(b) Diluted 0.45 0.30 3.06 3.74
* The Ind AS as precribed in Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015
is applicable to the Company w.e.f. financial year 2017-18
Notes :
1 The above standalone financials results for the quarter and for the year ended March 31, 2024 have been reviewed by the Audit
Committee and approved by the Board of Directors on May 28, 2024 and the statutory auditor of the Company have conducted an
audit of the above standalone financial results year ended March 31, 2024.
2 The above standalone financial results have been prepared in accordance with the Indian Accounting Standard (Ind AS) prescribed
under Section 133 of the Companies, 2013 and other recognised accounting practices and polices to the extent applicable.
3 In the opinion of the Board Of Directors, there is only one Major segment, therefore, has only one reportable segment in accordance
with IndAS 108""Operating Segments.
4 The figures for the quarter ended March 31, 2024 and March 31 2023 are arrived at as difference between audited figures in respect of
the full financial year for the year ended March 31, 2024 and March 31, 2023 and reviewed figures upto nine months period ended
December 31, 2023.
5 Previous quarter's / year's figures have been regrouped / reclassified and rearranged necessary to correspond with the quarter's /
year's classification / disclosure.
For Sonal Adhesives Ltd
Sd/-
Sandeep Arora
Place: Khopoli Managing Director
Date : 28th May, 2024 DIN No: 00176939

PRESTIGE PROJECTS PRIVATE LIMITED

CIN: U45201KA2008PTC046784
Registered Of ce: Prestige Falcon Tower, No.19, Brunton Road, Bengaluru - 560025
Tel: +91 80 25591080, Fax: +91 80 25591945
Email: secretarial@prestigeconstructions.com; Website: www.prestigeconstructions.com

Extracts from the Audited Financial Results of Prestige Projects Private Limited for the quarter
and year ended March 31, 2024:

GARMENT MANTRA LIFESTYLE LIMITED

CIN: L18101TZ2011PLC017586
No.15, Murthys Plaza, Kariagounder Street, Khaderpet, Tirupur-641601. E-Mail: companysecretary@junctionfabrics.in
Tel No: +91-0421 2231896, Website : www.garmentmantra.com
st
Extract of Audited financial results for the quarter and year ended 31 March, 2024 ` in Lakhs
Standalone Consolidated
Quarter Ended Year Ended Quarter Ended Year Ended
Particulars 31.03.2024
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.12.2023 31.03.2023 31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited)
1 Total Income from operations 4,164.00 2091.92 4249.69 10499.70 10692.91 7036.48 3345.60 6946.41 16428.45 17222.83
2 Net profit/(Loss) for the period (Before tax,
exceptional and/or Extra-ordinary items) 87.92 36.70 10.88 192.78 99.67 69.69 168.83 18.02 334.51 162.90
3 Net profit/ (Loss) for the period before tax( after
exceptional and/or Extra-ordinary items) 87.92 36.70 11.22 192.78 100.01 70.66 168.83 18.36 335.48 163.24
4 Net profit /(Loss) for the period after tax( after
exceptional and/or Extra-ordinary items) 49.59 43.02 5.76 143.05 43.88 37.02 140.91 11.35 247.40 92.29
5 Total comprehensive income for the period
[Comprising profit/loss for the period (after tax)
Notes:
and Other comprehensive income(after tax)] 160.20 43.02 116.43 253.65 154.55 49.36 140.91 13.33 259.75 94.27
6 Equity Share Capital (Face value of Re.1/-) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 a. The above Audited Results have been reviewed by the Audit Committee and approved by the
7 Reserves(excluding Revaluation Reserve) as Board of Directors at their respective meetings held on May 27, 2024.
shown in the audited balance sheet of the - - - - - - - - - - -
previous year b. The above is an extract of the detailed format of quarterly nancial results led with the Stock
8 Earnings per share(of Re.1/- each) Exchange(s) under regulation 52 of the Listing Regulations. The full format of the Financial Results
for the quarter and year ended March 31, 2024 are available on the Company's website
(for continuing and discontinued operations) www.prestigeconstructions.com and can also be viewed on the stock exchange websites of
- Basic and Diluted 0.05 0.04 0.01 0.14 0.04 0.05 0.14 0.01 0.26 0.09 www.nseindia.com.

Note: b. The results have been prepared in accordance with IND AS prescribed under section 133 of the
1. The above is an extract of the detailed format of quarter and year ended 31st March, 2024 financial results filed with the Stock Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Companies Act, 2013.
Regulations, 2015. The full format of the quarterly financial results are available on the Stock exchange website www.bseindia.com and Company's website www.garmentmantra.com
2. In accordance with regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the consolidated and standalone financial results for the quarter and year ended 31st March, 2024 as reviewed by By order of the Board of
theAudit committee has been approved by the Board of Directors at its meeting held on 28th May, 2024. The statutory auditors have carried out limited review of the above results. Prestige Projects Private Limited
3. Figures for the corresponding quarter/ period ended have been re-grouped wherever necessary. Sd/-
Badrunissa Irfan
By Order of the Board Place: Bengaluru Director
Prem Aggarwal Date: May 27, 2024
Place :Tirupur DIN: 01191458
Managing Director
Date : 28.05.2024 DIN No: 02050297
12
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CHENNAI | WEDNESDAY, 29 MAY 2024 1
.
CHENNAI | WEDNESDAY, 29 MAY 2024 13 <

EXICOM TELE-SYSTEMS LIMITED

Regd. Ofice: 8, Electronics Complex, Chambaghat, Solan 173213, Himachal Pradesh, India
Telephone: +91 124 6615 200, Email: investors@exicom.in, Website: www.exicom.in, CIN: L64203HP1994PLC014541

Statement of Audited Standalone And Consolidated Financial Results For The Fourth Quarter And Year Ended March 31, 2024
(` in lakhs unless otherwise stated)
SEPC Limited
CIN:L74210TN2000PLC045167
S. Particulars Standalone Consolidated Regd Office : 4th Floor, Boscon Futura SV, Door No.10/1, Venkatnarayana Road, T Nagar,Chennai -600017
No. Website: www.sepc.in
Three Preceding Corresponding Current Previous Three Preceding Corresponding Current Previous
months three months three months Financial Financial months three months three months Financial Financial Extract of Consolidated Audited Financial Results for the
ended ended ended in the year ended year ended ended ended ended in the year ended year ended Quarter & Year Ended 31 March 2024
previous year previous year Rs lakhs

March December March March March March December March March March Quarter Ended Year ended
31, 2024 31, 2023 31, 2023 31, 2024 31, 2023 31, 2024 31, 2023 31, 2023 31, 2024 31, 2023 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
S.
Audited Un-Audited Un-Audited Audited Audited Audited Un-Audited Un-Audited Audited Audited No. Particulars Audited Audited
1 Total income from continuing Operations (net) 30,108.03 26,267.92 19,618.29 88,538.22 53,405.69 30,586.10 26,529.27 35,470.42 1,03,850.08 72,339.87 (Refer Unaudited (Refer Audited Audited
note15) note15)
2 Net proit/(Loss) for the period (before tax, 3,972.42 2,648.52 2,078.24 9,640.27 3,656.16 3,512.92 2,216.91 2,635.65 9,321.04 3,230.18
exceptional and /or extra ordinary item), from 1 Total Income from Operations (Net) 16,176.94 16,081.06 15,965.45 60,721.48 39,887.81
continuing operations 2 Profit / (Loss) for the period
3 Net proit/(Loss) for the period before tax (after 3,972.42 2,648.52 2,078.24 9,640.27 3,656.16 3,512.92 2,216.91 2,635.65 9,321.04 3,230.18 (before Tax, Exceptional and/or Extraordinary items) 666.65 553.47 1,007.42 2,278.36 (11,283.56)
exceptional and/or extra ordinary item) from 3 Profit for the period before Tax
continuing operations (after Exceptional and /or Extraordinary items) 666.65 553.47 1,007.42 2,278.36 2,531.57
4 Net proit/(Loss) for the period after tax (after 3,098.75 1,330.62 1,983.27 6,642.92 3,249.76 2,746.53 898.82 2,760.86 6,391.63 3,267.35 4 Profit/ (Loss) for the period after tax
exceptional and/or extra ordinary items), from (after Exceptional and/or Extraordinary items) 666.65 553.47 (2,014.53) 2,278.36 (490.38)
continuing operations 5 Total Comprehensive Income for the period
5 Total Comprehensive income for the period 3,113.62 1,339.35 1,960.40 6,642.50 768.50 2,041.56 1,474.68 2,188.56 6,528.18 1,210.04 [Comprising Profit / (Loss) for the period (after
(comprising proit & loss account for the period tax) and Other Comprehensive Income (after tax)] 40.11 11.21 (70.81) 87.78 (68.17)
after tax and other comprehensive income after 6 Equity Share Capital
tax) (Face value of Rs 10/- each) 140,981.36 140,981.36 132,152.90 140,981.36 132,152.90
6 Paid-up Equity Share capital (Face Value of 12,082.45 9,239.62 723.02 12,082.45 723.02 12,082.45 9,239.62 723.02 12,082.45 723.02 7 Reserves (excluding Revaluation reserve) as shown in
`10/-each) the Audited Balance Sheet of the Previous Year. - - - (19,954.90) (23,503.32)
7 Other Equity - - - 51,185.08 14,337.69 - - - 60,072.42 22,476.85 8 Earnings Per Share (of Rs. 10/- each)
8 Earnings per equity share (for continuing (a) Basic 0.05 0.04 (0.16) 0.17 (0.04)
operations)* (Face Value of `10/-each)
(b) Diluted 0.05 0.04 (0.16) 0.17 (0.04)
Basic (In `) 3.25 1.44 2.16 6.96 3.54 2.88 0.98 3.00 6.70 3.55
Note:
Diluted (In `) 3.25 1.44 2.16 6.96 3.54 2.88 0.98 3.00 6.70 3.55 1. The above audited consolidated financial results for the quarter and year ended March 31,2024 were reviewed by the Audit
Earnings per equity share (for discontinued Committee and approved by the Board of Directors of the Company at their meetings held on May 28, 2024.
operation)* (Face Value of `10/-each) 2. The above is an extract of the detailed results for the quarter and year ended March 31, 2024 filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The detailed results for the quarter
Basic (In `) - - - - (2.68) - - - - (2.68) and year ended March 31, 2024 are available on the Stock Exchanges Website www.bseindia.com and www.nseindia.com and on
Diluted (In `) - - - - (2.68) - - - - (2.68) the website of the Company www.sepc.in
3. The Audited Standalone Results for the quarter and Year ended March 31, 2024 are hereunder : Rs lakhs
Earnings per equity share (for discontinued &
continuing operations)* (Face Value of `10/-each) Quarter Ended Year ended
Basic (In `) 3.25 1.44 2.16 6.96 0.85 2.88 0.98 3.00 6.70 0.87 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
Particulars
Diluted (In `) 3.25 1.44 2.16 6.96 0.85 2.88 0.98 3.00 6.70 0.87
Total Income from Operations 16,176.80 16,081.08 15,986.53 60,655.92 39,093.96
*Basic and Diluted earnings per share has been presented considering the adjustments for issue of bonus shares for comparative period. Profit/ (Loss) for the period
Notes: (before Tax, Exceptional and/or Extraordinary items) 644.94 561.08 1,085.40 2,267.13 1,889.71
The above is an extract of the detailed format of quarterly inancial results for the Fourth Quarter And Year Ended March 31, 2024 iled with Stock exchange under Regulation 33 of SEBI (Listing Obligations and Disclosure Profit/ (Loss) for the period after tax
Requirements) Regulations, 2015. The full format of the inancial result are available on the Company’s website i.e www.exicom.in and Stock exchange website at BSE (www.bseindia.com) and NSE (www.nseindia.com) (after Exceptional and/or Extraordinary items) 644.94 561.08 (1,936.55) 2,267.13 (1,132.24)
By the order of the Board Total Comprehensive Income for the period
[Comprising Profit/(Loss) for the period (after tax)
For Exicom Tele-Systems Limited
and Other Comprehensive Income (after tax)] 685.05 572.29 (2,007.36) 2,354.91 (1,200.41)
Anant Nahata
For SEPC Limited
Place: Gurugram Managing Director Cum CEO Place : Chennai N K Suryanarayanan
Date: May 28, 2024 DIN:02216037 Date : 28th May 2024 Managing Director & CEO
14
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CHENNAI | WEDNESDAY, 29 MAY 2024 1
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CHENNAI | WEDNESDAY, 29 MAY 2024 TAKE TWO 15 <

Inside Delhi’s ghost malls

A shadow of their former selves, these shopping centres are struggling to stay relevant
RISHIKA AGARWAL and 39,000 on weekends.
New Delhi, 28 May The stark contrast in the footfall at

A
Vaishali’s Ansal Plaza, ranging from
midst the bustling urban 300-450 on weekdays and approx-
landscape of South Delhi, imately 500 on weekends, highlights
a once-vibrant shopping the broader trend of consumers
hub now lies desolate, a increasingly seeking luxury brands and
haunting reminder of its experiential retail. “Whatever crowd we
former glory. Spanning 35 acres, Ansal have here is because of Vishal. The
Plaza, one of the oldest malls in the opening of Miraj Cinemas has also
region, today echoes with emptiness. helped,” said Lucky Saxena, depart-
Located in Andrews Ganj, it opened ment manager of the Vishal Mega Mart
in 1999, and for years, it drew hundreds outlet here.
of people to its three-storey Shoppers Consumers and retailers alike are
Stop on weekdays and weekends alike. looking for more than just shopping;
You had to be lucky to find a table at its they seek experiences, which include
McDonald’s outlet. Young couples, entertainment, food, and quality retail
groups of friends, and families with chil- brands, according to Anshuman
dren sitting on the steps of its amphithe- Magazine, Chairman and Chief
atre, with ice-cream cones or crispy corn Executive Officer-India, South-East
cups, were a common sight. Asia, Middle East & Africa, CBRE.
Not anymore. A salesperson for Safari at Ansal
Ansal Plaza’s decline paints a grim Plaza, Vaishali, said that even though
portrait of neglect, and hints at a larger the mall was considered a factory outlet,
trend plaguing several shopping centres offering heavy discounts, there were not
across the country. The plaza shares its many takers.
plight with many other shopping cen- To a question on why they continued
tres across the Delhi National Capital to operate out of such locations, he said,
Region (NCR), which have come to be “Since retailers invest a lot in their
called “ghost malls” — those with more shops, moving to a different location is
than 40 per cent of retail space vacant. Poor management by mall authorities appears to be a significant reason for the decreased footfall difficult.” Big brands, he added, man-
The Grand Venice Mall in Noida, aged to recoup their losses through dif-
with its Italian aesthetic, stands as
another striking example. Its gondola
decreased footfall, which eventually
hurts sales and forces retailers to vacate
5.3 GHOST SHOPPING CENTRES ACROSS TIER-I MARKETS owners, making it difficult to get all
parties to agree on either selling out or
ferent stores and online channels, but
small stores, or pop-up shops, could not
rides, bowling alleys, and snow-themed their shops. n 2022 n 2023 (in msf) Change (%) committing to the operating expenses afford this.
parks are no longer the draw they once The store manager of an eatery in the 3.4 TOTAL 8.4 13.3 59 necessary to run the mall properly. Despite the minimal visitors, shop-
were. Similarly, the JMD Kohinoor Mall quiet alleys of Ansal Plaza noted a dras- Rathi says the sunk cost fallacy also owners complain that rental rates
in Greater Kailash struggles to find its tic reduction in traffic. “We mostly plays a role in prolonging the life of such remain high. Swati Tiwari, a jewellery
2.1 2
place amidst shifting consumer prefer- receive orders through Zomato, from properties that have endemic issues. designer at IAMA Jewels in JMD
ences. According to a recent report by nearby areas. The mall hasn’t been tak- 1.4 (Sunk cost fallacy is wherein investors Kohinoor Mall, said the high rentals per-
1.1 1.1 1.1 1.1
Knight Frank, a real estate consultancy ing any initiatives to attract new 0.9 are reluctant to abandon a project sisted due to its upscale location in
firm, ghost shopping centres increased shoppers,” said the manager, who 0.4 0.3 0.3 0.4 because they have invested heavily Greater Kailash.
by 59 per cent in 2023 compared to the wished to remain anonymous. He esti- in it.)
year before. Delhi NCR has the largest mated the average daily footfall in Ansal Delhi NCR Mumbai Bengaluru Ahmedabad Kolkata Hyderabad Chennai Out of the box
share of such shopping centres among Plaza at 300. Hot hubs With customers spoilt for shopping and
Tier 1 cities, with 5.3 million square feet A spokesperson for Shaw Brothers, 58 86 46 191 237 -19 35 While some malls are struggling, others entertainment avenues, malls are
(msf), up 58 per cent from 3.4 msf in which deals in pashmina and has had a Source: Knight Frank are thriving. employing different strategies to keep
2022. The decline of these malls is a shop at Ansal Plaza since 2000, said BUSTLING CENTRES According to the Shopping Centres them interested. Spectrum Metro High
result of various factors, including over- sales had declined by 80 per cent. Association of India, Saket’s Select Street Mall in Noida, for instance, offers
saturation, changing consumer behav- “There are hardly any buyers. Even if Shopping malls Area Occupancy (in %) Average footfall Citywalk boasts an occupancy rate of parking convenience to its customers.
iour, poor management, strata owner- people visit the mall, it is mostly for its Weekdays Weekends 100 per cent, with an average footfall of “We are constantly organising
ship, and obsolete design or concept. spas and clubs,” he said. “There is only Select Citywalk Saket 100 12,000-14,000 22,000-25,000 12,000 to 14,000 on weekdays and events, deploying effective marketing
“Addressingthesechallenges one functional washroom. Any com- Pacific Mall Tagore Garden 100 35,000 50,000 22,000 to 25,000 on weekends. strategies, and providing entertainment
requiresstrategicplanning,innovation, plaint to the authorities goes unnoticed Vegas Mall Dwarka 98 26,000 50,000 Vegas Mall in Dwarka has an occu- options,” said Ajendra Singh, Vice
andadaptationtoremainrelevantin as long as the rentals are coming.” DLF Promenade Vasant Kunj 97 25,000 39,000 pancy rate of 98 per cent, and houses President-sales and marketing,
today’sretaillandscape,”saidVivek French sporting goods retailer more than 184 national and interna- Spectrum@Metro. The mall receives
Source: Shopping Centres Association of India
Rathi,nationaldirector-Research, Decathlon temporarily boosted the foot- tional brands. It gets around 26,000 vis- 10,000 to 15,000 visitors a day, and has
KnightFrankIndia. fall in Ansal Plaza, but it shut down itors on weekdays and 50,000 on an occupancy rate of 60 per cent.
some months ago. until press time. to the sustained struggle of these malls weekends. Shopping centres such as these know
Mall management Emails sent to Decathlon India, is the challenge of reaching a consensus DLF Promenade in Vasant Kunj that the picture can rapidly turn if con-
Poor management by mall authorities Ansal Group, JMD Group, and Grand Challenges of strata ownership among multiple landlords. Most of enjoys 97 per cent occupancy, with an sumer preference shifts. Malls like Ansal
appears to be a significant reason for the Venice Mall did not elicit a response One of the primary factors contributing these structures are sold to multiple average footfall of 25,000 on weekdays Plaza are a constant reminder.

TARC LIMITED
CIN: L70100DL2016PLC390526
Registered Office: 2nd Floor, C-3, Qutab Institutional Area , Katwaria Sarai, New Delhi (India)-110016
Tel.: 011-41244300, E-mail: tarc@tarc.in, Website: www.tarc.in

EXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANDYAER ENDED ON MARCH 31, 2024
(Rs Lakhs )

SI. Particulars Quarter Ended Year Ended Year Ended

No. 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1 Total Income 1,036.82 1,179.12 13,553.50 12,140.79 37,466.39
2 Net Profit/ (Loss) for the period (before tax, Exceptional and/or (4,702.00) (2,836.98) 835.17 (8,601.29) 4,114.74
Extraordinary items)
3 Net Profit/ (Loss) for the period before tax (after Exceptional and/or (4,702.00) (2,836.98) 835.17 (8,601.29) 4,114.74
Extraordinary items)
4 Net Profit/ (Loss) for the period after tax (after Exceptional and/or (5,173.39) (3,349.00) 152.86 (7,704.48) 2,036.06
Extraordinary items)
5 Total Comprehensive income for the period [Comprising Profit / (Loss) for (5,167.97) (3,348.23) 109.23 (7,707.24) 1,990.76
the period (after tax) and Other Comprehensive Income (after tax)]
6 Paid up equity share capital (face value of Rs 2 each) 5,901.93 5,901.93 5,901.93 5,901.93 5,901.93
7 Other Equity - - - 121,555.38 129,262.72
8 Earning per share (of Rs 2 per share ) (not annualised)
i) Basic EPS (Rs ) (1.75) (1.13) 0.05 (2.61) 0.69
ii) Diluted EPS (Rs) (1.75) (1.13) 0.05 (2.61) 0.69

Key standalone financial information is given below : (Rs Lakhs )

SI. Particulars Quarter Ended Year Ended Year Ended
No. 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1 Total Income 3,600.07 3,507.57 12,773.21 17,717.69 31,942.61

2 Net Profit/ (Loss) for the period (before tax, Exceptional and/or 142.92 390.11 669.90 1,686.14 1,184.03
Extraordinary items)
3 Net Profit/ (Loss) for the period before tax (after Exceptional and/or 142.92 390.11 669.90 1,686.14 1,184.03
Extraordinary items)
4 Net Profit/ (Loss) for the period after tax (after Exceptional and/or 71.78 98.85 761.09 1,365.30 1,437.25
Extraordinary items)
5 Total Comprehensive income for the period [Comprising Profit / (Loss) 77.40 99.62 736.04 1,362.71 1,410.53
for the period (after tax) and Other Comprehensive Income (after tax)]
6 Paid up equity share capital (Face vaue of Rs 2 each ) 5,901.93 5,901.93 5,901.93 5,901.93 5,901.93
7 Other Equity - - - 130,716.99 129,354.27
8 Securities Premium Account - - - - -
9 Net worth 136,618.92 136,541.52 135,256.20 136,618.92 135,256.20
10 Paid up Debt Capital / Outstanding Debt 0.04 0.04 0.04 0.04 0.04
11 Outstanding Redeemable Preference Shares - - - - -
12 Debt Equity ratio (In times ) 1.06 1.05 1.07 1.06 1.07
13 Earning per share (of Rs 2 per share ) (not annualised)
i) Basic EPS (Rs) 0.02 0.03 0.26 0.46 0.49
ii) Diluted EPS (Rs.) 0.02 0.03 0.26 0.46 0.49
14 Capital Redemption Reserve - - - - -
15 Debenture Redemption Reserve - - - - -
16 Debt Service coverage Ratio (In times ) 1.15 0.03 (0.27) 0.04 0.14
17 Interest service coverage ratio (In times ) 1.14 1.25 1.23 1.29 1.10

Notes:
1. The above audited standalone and consolidated financial results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their
respective meetings held on May 27, 2024. The Statutory auditors have audited the above financial results of the Company and have issued unmodified audit report.
2. The above is an extract of the detailed format of Standalone and Consolidated Financial Results for the year ended March 31, 2024 filed with the Stock Exchanges under
Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of Standalone and Consolidated Financial Results
for the year ended March 31, 2024 are available on the Stock Exchange websites, www.bseindia.com, www.nseindia.com and on the company website www.tarc.in.
3. For the other line items referred in Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertinent disclosures have been
made to the BSE Limited and National Stock Exchange of India Limited and can be accessed on www.bseindia.com and www.nseindia.com respectively.

For and on behalf of Board of Directors of TARC Limited

Sd/-
Amar Sarin
Place : Gurugram Managing Director & CEO
Date : May 27, 2024 DIN : 00015937
16
>
CHENNAI | WEDNESDAY, 29 MAY 2024 1

N 3D PRINTING TO WATER STEWARDSHIPN

Indian firms step up for planet’s health

Climate-friendly measures include apps that help employees track and reduce their carbon footprint
AHONA CHAKRAVARTY
New Delhi, 28 May THE CHALLENGES of plastic from its product packag-
ing, equivalent to almost 125 million
half-litre polyethylene terephthalate
in 2021. The app helps employees
track and reduce their carbon foot-
print by helping them calculate their

E
arlier this month, the Council
of Scientific and Industrial
Research (CSIR) launched a
unique initiative with the health of
the planet in mind. It encouraged its
employees across India to forgo iron-
ing on Mondays, and instead turn
up in wrinkled clothes.
The campaign was rooted in the
idea that if millions of Indians
skipped ironing just once a week, a
good deal of energy would be saved,
and it would significantly reduce
carbon emissions.
Across India’s corporate land-
scape, various companies are com-
ing up with offbeat eco-friendly
ideas.
Recently, to build its office in
Khalapur, Maharashtra, Godrej and
Boyce decided to forgo traditional
construction methods altogether.
Instead, the Godrej group’s flagship
company turned to 3D construction
printing. The result was a small, 48-
square-metre office, aptly named
“The Cocoon”, built in 40 hours flat.
“Besides being efficient, 3D print-
ing allows for complex, customised
architectural features at compara-
tively lower costs,” explains
Tejashree Joshi, head of environ-
ment and sustainability at Godrej &
Boyce.
The technology also enables the
use of recycled material. “The recy-
cled concrete aggregates used are
from the construction and demoli-
tion debris recycled at the Godrej
recycled concrete material plant,
which is powered by 100 per cent
Godrej and Boyce built a 48-square-metre office, named “The Cocoon”, in 40
hours using 3D printing
3D construction printing requires
significant initial investment and
skilled operators. “There's broader
industry resistance to adopting new
methods, which can slow down its
integration into mainstream
construction practices,” says
Tejashree Joshi, head of
environment and sustainability,
Godrej & Boyce.
renewable energy,” Joshi says.
This approach diverts waste from
landfills and reduces reliance on vir-
gin construction materials.
Signify, earlier called Philips
Lighting, has also introduced 3D-
printed luminaires made from 100
per cent recyclable polycarbonate
material. The company invested 271
Green initiatives, whether
deploying renewable energy or
implementing water stewardship
projects, face challenges that “span
from technological hurdles to policy
incentives, regulatory compliance,
and economic viability,” notes
Pradeep Singh, chief health, safety,
environment and sustainability
officer, Hindustan Zinc.
million euros – 88 per cent of its R&D
expenses – in sustainable innovation
globally in 2023.
In 2021, the firm launched an A-
class 210 lumens per watt bulb with
a lifespan of up to 50,000 hours –
that is a little over five years and
seven months. The firm also
removed an average of 2,500 tonnes
(PET) bottles. “Our packaging is also
smaller, helping reduce 6,000
tonnes of CO2 emissions per year,”
says Nikhil Gupta, head of market-
ing, strategy, and government affairs
at Signify.
Tech firm Zoho's campus in
Guduvanchery, Chennai, mean-
while, incorporates green design ele-
ments with rainwater management
systems. The 1.5-acre campus can
store over 45 million litres of water,
which helps replenish groundwater
levels and mitigates the impact of
natural calamities.
“During excessive rains, the
infrastructure allows the water from
the terraces and roads across the
campus to be diverted to the under-
ground storage tanks and then to the
pond area,” says Praval Singh, vice
president of marketing and cus-
tomer experience at Zoho Corp.
When the ponds fill up, the over-
flow goes into the main storm-water
drainage.
The campus also uses water from
a well for household needs and for
fire hydrants. Singh says the stored
water can serve more than 12,000
Zoho employees on the campus for
3-4 days in case of emergencies.
During Cyclone Michaung,
which struck Chennai in December
last year, the rainwater management
system helped prevent waterlogging
inside the Guduvanchery campus.
British banking and insurance
firm NatWest Group decided to
make the climate fight personal
when it launched the Giki Zero app
electricity, water and gas usage,
explains Saurabh Gupta, head of
finance and climate champion net-
work sponsor at NatWest Group,
India.
IT major Infosys, too, has imple-
mented a range of sustainability
measures over the past decade,
including innovative cooling sys-
tems, 100 per cent food waste recy-
cling, and ultra-low-flow taps to con-
serve water. "These steps were
pioneering when implemented and
set new benchmarks for sustainabil-
ity," says Guruprakash Sastry, asso-
2nd phase of coastal
ciate vice president and regional
head-infrastructure at Infosys.
Hindustan Zinc, a subsidiary of
road to open by
June 10: Maha CM
Vedanta Ltd, which aims to drasti-
cally reduce its emissions, has set up
a 60 million litres per day sewage
treatment plant in Udaipur,
Rajasthan, through public-private PRESS TRUST OF INDIA sion joints of the coastal road,
partnership. “This plant has so far Mumbai, 28 May and they will be plugged
reduced freshwater dependence by using polymer grouting.
36 per cent,” says Pradeep Singh, Maharashtra Chief Minister Shinde said he has also
chief health, safety, environment Eknath Shinde on Tuesday suggested polymer grouting
and sustainability officer, Hindustan said the second phase of the on all 25 joints on each side
Zinc. The company has also imple- coastal road of the tunnel to
mented zero liquid discharge plants between Worli avoid water
at its smelters and mines, so that and Marine Shinde said seepage even
industrial wastewater is not pumped Drive will be leakages in 2 to 3 during mon-
back into the environment. It also opened by June expansion joints soon.
highlights its use of battery electric 10. will be plugged The repair
vehicles in underground mining at Shinde also work will not
its Rajpura Dariba complex in inspected a leak- impact the
Rajasthan and LNG vehicles for age at the southbound tunnel vehicular movement on the
logistics, besides a dry tailing plant at Marine Drive end, which is coastal road, and motorists
at Zawar Mines near Udaipur that a part of the first phase of the won't be inconvenienced, he
has enabled the reuse of over 80 per coastal road inaugurated in said. The chief minister said
cent of processed water. March. Talking to reporters the second phase of the coas-
after the inspection, the chief tal road from Marine Drive to
minister said there were leak- Worli will be thrown open to
ages in two to three expan- traffic by June 10.

[ TECH DIGEST ]
mybs.in/tech
High vegetable prices raise
XIAOMI 14 CIVI LAUNCHING the ‘heat’ in election season
IN INDIA ON JUNE 12 SANJEEB MUKHERJEE
The Xiaomi 14 Civi would be based on the Civi 4 Pro, which
was launched in China last month. The camera-focused
New Delhi, 28 May NO RESPITE Items May 27, % chg over
2024 March 25,
% chg over
May 27,
smartphone will feature a triple-camera system co- Food inflation has emerged as one of the Wholesale prices of vegetables in 2024 2023
engineered in partnership with German imaging entity main talking points of the ongoing Lok Delhi's Azadpur mandi Onion 1,625 10.6 57.6
Leica. It will be launched in the premium ~40,000- Sabha polls. (~ per quintal) Tomato 2,060 -5.5 356.8
50,000 smartphone segment. Uneven weather coupled with Potato 1,527 63.1 68.7
prolonged heat waves and low
post-2023 monsoon rains in
Bottle gourd 1,500 -28.6 130.8
Pointed gourd 800 -74.6 -70.9
Assassin's Creed Shadows several parts of the country
has impacted supplies of Brinjal 1,150 -36.7 19.8
coming on Nov 15 major vegetables in 2024.
Though, on a week-on-
Tinda
Bitter gourd
1,150
1,700
-42.5
-60
-17.9
88.9
French video game publisher Ubisoft week basis, there has been
Spinach 800 14.3 -27.3
recently unveiled the trailer for the some moderation in prices
Assassin’s Creed Shadows, its next but compared to last year, Ladyfinger 2,200 -51.1 69.2
major title in the Assassin's Creed prices of most major vegetables Note: Data given according to availability
series. Set in 16th century Japan, the have seen a sharp spike. Source: agmarknet.gov.in
video game goes through the Feudal Among vegetables, potato prices
Era of the country where it was have been particularly noteworthy due to
facing a brutal unification attempt. the sharp spike in prices seen since March This is all the truer for India as the
The video game will be released 2024. waves in May 24 looks to be somewhat less country’s storage and transportation
globally on November 15 on Macs, Traders said some damage to the crop than historical trend. As such there is likely infrastructure for fresh fruits and vege-
PCs, and gaming consoles. which has pulled down output and high to be downside risk to our estimate of a tables is grossly inadequate in comparison
storage and transportation costs has severe heat wave adding close to ~200 bps to the volume of production.

WhatsApp doubles duration pushed up prices of potatoes this time.

High vegetable prices are expected to
limit for voice notes status keep food inflation firm in the months to
come. "Heat waves have swept several
Meta’s instant messaging platform WhatsApp has parts of the country over the last few weeks
introduced a new feature that allows users to share with states such as Gujarat and Rajasthan
one-minute long voice notes as status updates, experiencing 9-12 days of heat waves
doubling on the previous limit of 30 seconds. This (higher than normal). This has added to
feature is currently rolling out on WhatsApp for iOS price pressures for vegetables, fruits, milk,
and Android. pulses among others. While significant,
the price pressures due to severity of heat
to perishables inflation and ~25-30 bps to
headline CPI inflation," QuantEco
Research said in a note.
Going forward, the trajectory of south-
west monsoon will determine how veggie
prices fare in the coming months.
A good and early monsoon will help
boost supplies and pull down prices, but a
prolonged dry spell will keep prices on the
boil as vegetables tend to get damaged
quickly in intense heat.
Dr Vishwas Chitale, senior programme
lead, Council on Energy, Environment and
Water (CEEW) suggested in a note that to
build resilience against heat wave, India's
heat action plans must shift from a
response-centric to a preparedness-centric
approach, mapping granular-level heat
risks to help administrators prioritise
health interventions. Delhi's maximum
temperature touched almost 50 degrees
Celsius on Tuesday in some centres.

RISHI TECHTEX LIMITED

CIN : L28129MH1984PLC032008
612, V. K. Industrial Estate, 10-14 Pais Street, Byculla (W), Mumbai 400 011
Tel. No. (022) 23075677 / 23074585, Fax No. (022) 23080022 Email : info@rishitechtex.com Website : www.rishitechtex.com
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2024
(Rs. In Lacs)
Quarter Ended Year Ended
Particulars 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
Audited Unaudited Audited Audited Audited
Total income from operations 2983.29 2778.06 2866.24 11196.16 10725.11
Net Profit / (Loss) for the period
98.54 38.12 48.94 226.60 125.20
(before Tax, Exceptional and / or Extraordinary items)
Net Profit / (Loss) for the period before tax
98.54 38.12 48.94 226.60 125.20
(after Exceptional and/or Extraordinary items)
Net Profit / (Loss) for the period after tax
32.14 32.75 55.40 134.83 111.26
(after Exceptional and / or Extraordinary items)
Total Comprehensive Income for the period
[Comprising Profit / (Loss) for the period (after tax) 32.14 32.75 55.40 134.83 111.26
and other Comprehensive Income (after tax)]
Equity Share Capital 739.10 739.10 739.10 739.10 739.10
Other Equity excluding Revaluation Reserve 2445.41 2310.58 2445.41 2310.58
Earnings Per Share (of ` 10/- each)
(for continuing and discontinued operations)
Basic: 0.43 0.44 0.75 1.82 1.51
Diluted: 0.43 0.44 0.75 1.82 1.51
Notes:
1. The above is an extract of the detailed format of Audited Financial Results for the Quarter and Financial Year
ended 31st March, 2024, filed with the Bombay Stock Exchange under Regulation 33 of the SEBI (Listing and Other
Disclosure Requirements) Regulations, 2015.
2. The above Audited financial results have been reviewed by the Audit Committee and taken on record by the Board of
Directors at their meeting held on 28th May 2024 and the Statutory Auditor has conducted audit of the above financial
results pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.
3. The financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules,
2015 prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian Accouting Standards) Amendment Rules, 2016.
4. The previous period’s figures have been regrouped / rearranged / reclassifed wherever necessary.
5. The full format of the Financial Results are available on the stock exchange website and the website of the company
i. e. www.rishitechtex.com
For RISHI TECHTEX LIMITED
sd/-
Abhishek Patel
Place: Mumbai Managing Director
Date : 28th May, 2024 DIN: 05183410
Rameshwar Media
 The Smart
QUICK TAKE: MULTIPLE GROWTH LEVERS FOR AUROBINDO PHARMA “We're heading into the northern hemisphere

Investor
summer season. Traditionally that's a time when
(Share price in ~) The stock of Aurobindo Pharma is up 10 per cent markets just tend to get in that drift.
1,260 I like the idea of getting back
from its monthly lows. IIFL Research believes
1,220 into that trade on pullbacks
that medium-term growth levers remain intact
1,152 and that's something where
CHENNAI | 1,180
1,220 1,140
with ramp-up in cancer drug Revlimid, 35 to 40
I think it's got further upside”
WEDNESDAY, 29 MAY 2024 new launches targeted in the US, scaling-up
1,100 of Pen-G API facility by September 24 and TONY SYCAMORE
Apr 30,’24 May 28,’24 commercialisation of China plant by Q2FY25 Market Analyst, IG
<

Metal firms yet to deliver on hope A quantum leap: MFs

Though buoyant on bourses, their earnings, sales have lagged overall listed universe in past 2 yrs
KRISHNA KANT quarters, driven by increased industrial
dive into quant theme
Mumbai, 28 May demand from China, Western Europe, 3 fund houses lead the charge with offerings in this space
and North America.

M COUNTING ON
etal and mining companies,
including Tata Steel,
Hindalco, Vedanta, Hindu-
stan Zinc, and Coal India, have
emerged as leading performers on the
stock exchanges over the past year.
The BSE Metal index has surged by
approximately 61 per cent during this
period, outpacing the 16 per cent rally
in the BSE Sensex.
This rally in metal and mining
stocks, however, is driven more by
future expectations than by accelerated
earnings growth in recent quarters.
The combined net profit of these
companies — excluding Tata Steel,
which is yet to announce its Q4FY24
results — remained flat on a year-on-
year (Y-o-Y) basis in the March quarter,
while their net sales declined by
1.3 per cent in the same quarter,
marking their worst performance in
the past 15 quarters.
Metal and mining companies have
outperformed their corporate peers
on the stock exchanges during most
of the post-Covid period but have
underperformed them in terms of
financial performance.
The BSE Metal index has risen by
113 per cent in the past two years, sur-
passing the BSE Sensex, which has
increased by 41.8 per cent in the same
period. However, the combined
quarterly net profit of listed metal and
mining companies has fallen by 26 per
cent during this period, from ~28,720.7
crore in Q4FY22 to ~21,151.7 crore in
Q4FY24. In contrast, the combined net
profit of 1,604 listed companies across
sectors that have reported their March
quarter results, so far, has risen by
38.4 per cent — from ~2.44 trillion in
Q4FY22 to ~3.38 trillion in Q4FY24.
“Metal stocks have benefitted from ABHISHEK KUMAR
a rise in the price of industrial metals Mumbai, 28 May
in recent weeks, driven by an improve-
ment in the Purchasing Managers’ Quantitative (quant) invest-
ALGORITHM
Index (PMI) in major economies,” says ing, which employs math- 8 Number of existing
Dhananjay Sinha, co-head of equities ematical models to make quant investing-based
and head of Research of Strategy and investment decisions, is schemes
Economics at Systematix Group. “The catching the fancy of domes-
global PMI is now in the expansionary tic mutual funds (MFs). 3 Launches expected in
zone of 50.6 from around 48 in Aditya Birla Sun Life coming months
September last year. This has raised (ABSL) MF is set to launch its ~5,472 cr Assets under
the hope of higher demand for indus- fund in this category next
management
trial metals, such as steel, aluminium, month, while SBI MF and
(as of April end)
copper, and zinc.” Motilal Oswal MF have filed
HEAVY METAL The market sentiment around metal papers with the regulator
and mining stocks has also been
boosted by a fiscal stimulus worth
for approval.
The investing style, which
HOW THE EXISTING SCHEMES HAVE FARED
Metal stocks ...but their Revenue bouyancy nearly $700 billion announced by China MFs can offer through the the- Schemes 3-year return* (%)
on top... earnings lag has declined in March this year, along with a $42 bil- matic route, hasn’t gained Quant Quantamental Fund 34.8
Sensex Metal All companies All companies lion rescue package for its beleaguered much traction in India, even
housing sector announced last week. as the majority of the existing Nippon India Quant Fund 23.4
300 Metals & Mining 300 Metals & Mining 180
279.8 286.5 164.4 These measures have raised expecta- schemes have completed three ICICI Prudential Quant Fund 18.1
Base = 100 tions of increased demand for industrial years. There are eight schemes Tata Quant Fund 13.0
200 200 140 metals from the world’s second-largest in the category managing
Base economy and the largest consumer of around ~5,400 crore, which is DSP Quant Fund 11.4
= 100 164.0 industrial metals which accounts for just 0.2 per cent of the total *Annualised Source: Value Research
208.4
100 100 100 50-60 per cent of the overall demand. assets managed by active
172.2 This has fuelled a rally in the London equity schemes.
Metal Exchange Index (LMEX), which “It has been gaining trac- stock selection of the fund companies are well-
Base = 100 0 0 60 tracks the prices of six key base metals tion among investors looking from getting influenced by researched and well-invested.
Dec ‘18 May ‘24 Mar ‘19 Mar ‘24 Mar ‘19 Mar ‘24 and is up 18.6 per cent year-to-date and for data-driven, systematic human biases, thereby operat- Subsequently, to narrow the
Based on quarterly results of 1,604 companies excluding listed subsidiaries 21.2 per cent since the end of June last methods of investing. How- ing in the middle ground universe, the fund will look at
Compiled by BS Research Bureau Source: Capitaline year. In contrast, the LMEX declined by ever, it is yet to achieve mass between active and passive momentum factors and iden-
16.4 per cent between December 2021 adoption. While quant funds investing,” he said. tify stocks based on this fac-
and December 2023. The LMEX is constitute a minuscule portion As the models differ from tor,” said Harish Krishnan, co-
Metal and mining companies have bank & non-banking lenders) of all currently trading at 4,462, up from of Indian equity assets, it’s fund to fund, the portfolios chief investment officer and
also lagged in terms of revenue growth. listed companies in Business 3,762.1 at the end of December 2023. nearly one-third in developed and their performances show head-equity at Aditya Birla
Over the past two years, the combined Standard’s sample have risen by 24 per This is expected to benefit India’s countries like the USA,” said a wide variance. The one-year Sun Life Asset Management
quarterly net sales of metal and mining cent, from ~26.35 trillion in March 2022 leading non-ferrous metal producers, Alok Agarwal, Head — Quant returns delivered by the eight Company.
companies have increased by a mere to ~32.7 trillion in March 2024. such as Hindalco, Vedanta, Hindustan & Portfolio Manager, Alchemy quant funds range from In its draft filed with the
0.81 per cent, from ~2.63 trillion in Analysts attribute the rally in metal Zinc, and National Aluminium. Capital Management. 23 per cent to 74 per cent, Securities and Exchange
Q4FY22 to ~2.66 trillion in Q4FY24. In and mining stocks to investors’ expec- However, a similar buoyancy is mis- Quant funds are a unique according to Value Research Board of India, SBI MF has said
comparison, the combined net sales tations of a sharp upturn in the com- sing in the prices of iron and steel in offering in the MF space as the data. The upcoming offerings that its model will focus on
(gross interest income in the case of panies’ earnings in the upcoming key markets like China. investment decisions are driv- are also taking varied fundamental factors like value,
en by a blend of active and pas- approaches. quality, and growth that pro-
sive strategies. According to ABSL MF, its vide insights into a company’s
In quant funds, the invest- quant scheme will look to har- growth outlook and valuation.

Retail investors make bold India Vix hits ment decisions are driven by
a set of predefined rules, said
Jiral Mehta, senior research
ness “the repeatability and
efficiency of machines and the
deep understanding of the
“The key sub-indicators
may include return on equity
(RoE), sales growth, cash flow,

bets in derivatives markets two-year high

REX CANO & PUNEET WADHWA
Mumbai/New Delhi, 28 May
Retail investors seem to be making
bold bets in derivatives markets a few
days ahead of the Lok Sabha poll out-
come. According to NSE data, they
hold 52.79 per cent long positions in
index futures as of May 27 —
five days ahead of the vote
counting on June 4. The
markets are closed on
Saturday and Sunday.
On the other hand,
their net stock long
position in the futures
and options (F&O) seg-
ment stands at 89.72 per
cent. This is the highest level in
the five days ahead of vote counting
day since 2014 when the Narendra
Modi-led National Democratic
Alliance (NDA) first assumed power.
In contrast, in 2014, retail inves-
tors’ net long in index futures stood
much lower at 35.8 per cent; whereas
in case of stock futures, the longs
were 79.3 per cent as compared to
now. Their net longs in index and
stock futures stood at 48.8 per cent
and 79.5 per cent, five days prior to
counting day in 2019. Nandish Shah,
senior derivatives analyst at HDFC
Securities, said that though retail
INDEX TRACKER
Awaiting results
Election Results
year
Business Standard
looks atwhere the
2004
benchmark indices
were during the 2009
trading sessions in 2014
the week leading 2019
up to the LokSabha
2024
election results since 2004, and *Week prior to election results; 5-day change denotes prior one-week performance; Vix not available in 2004
their performance Compiled by BS Research Bureau
investors have cut their long posi-
tions by half in the last 10 days, they
still remain net long on the markets.
“The probability of the NDA not
forming the government is very low.
Though India VIX has spiked to 26
levels now compared to 10.3 levels
in April 2024, it is still much lower
than the 35-odd levels seen
in 2019. Retail investors
can hedge their posi-
tion by buying ‘puts’.
I expect profit book-
ing to set in after the
Lok Sabha poll out-
come. The Nifty50
index can slip 3–4 per
cent,” he said.
Typically, investors use the
‘put option’ as a hedge to ensure that
losses in the underlying asset do not
exceed a certain amount.
The current bullish sentiment
that took the Sensex past the 76,000
mark earlier this week is partly
because the markets expect the
NDA to return to power for the third
consecutive term. But the victory
margin is still debatable. Retail par-
ticipation in the derivatives markets,
analysts said, also significantly
gained traction in the last 10 years.
This, they believe, is also
reflected in the net long positions in
date
Index levels
as on*
Sensex
Close 5-day
change
May 13 May 06 5,757
May 16 May 08 11,876
May 16 May 09 22,994
May 25 May 17 37,931
Jun 04 May 28 75,170
the F&O segment. Retail index long
positions as on May 27, 2024 — five
days ahead of vote counting — stood
at 313,000 contacts. This compares
to 192,000 contracts and 199,000
contracts during 2019 and 2014,
respectively, NSE data shows.
Meanwhile, foreign institutional
investors (FIIs) have reduced their
short positions in the index futures
from almost 73.8 per cent to 48.2 per
cent in the last two weeks. FII index
futures long-short ratio has imp-
roved notably from 0.38 to 1.08 as
of May 27, 2024, according to data.
Chandan Taparia, head of tech-
nical & derivatives research at
Motilal Oswal, said retail investors
should hedge their index long posi-
tions by buying out of the money
(OTM) puts worth 1 per cent of their
long portfolio.
“This implies that for a portfolio
with Nifty futures up to ~1 crore,
which would be equivalent to 18 lots,
the trader can consider buying 18
puts of 22,600 strike price. This could
be worth ~1.15 lakh at the current
market price,” Taparia said.
Investors, analysts suggest, can
also look to hedge longs in index
stock futures, mainly heavyweights,
through a similar strategy of buying
Nifty puts.
Nifty 50 India Vix
(%)
Close 5-day
change
(%)
Close 5-day
change
1.6 1,833 1.3 NA
4.2 3,621 4.2 50.9 11.1
2.6 6,859 2.5 37.7 14.1
1.3 11,407 1.1 28.1
1.7 22,888 1.6 24.2 10.9
Sources: Bloomberg, exchange
SUNDAR SETHURAMAN
Mumbai, 28 May
Indian equity benchmarks ended with
losses for the third consecutive day amid
elevated volatility ahead of the Lok Sabha
election results on June 4.
The benchmark Sensex ended the ses-
sion at 75,171, with a decline of 220 points
or 0.3 per cent, while the Nifty 50 index
ended the session at 22,888, with a drop of
44 points or 0.2 per cent. The India VIX, a
gauge of market volatility, rose 4.32 per cent
to end at a fresh two-year high of 24.2.
The broader index saw a steeper fall
amid profit booking. The Nifty Midcap
100 snapped its
12-day winning
streak and ended ON AN UPSWING
the session at VIX intraday
52,295, a decline 24.6
of 0.9 per cent. 24.2
During its 12- 24.2
day gaining run,
the index had
gained 7.4 per cent. 23.8
4.3%
The Nifty Smal- Change
lcap 100 index 23.4
closed at 16,876,
declining 0.8 per 23.2
cent. Indian May 27 May 28,’24
23.0
equities have been Source: Bloomberg
jittery amid the
ongoing elections and selling by foreign
portfolio investors (FPIs).
Investors are concerned about the mar-
gin of victory of the ruling national demo-
cratic alliance (NDA) and are booking profits
amidst concerns about policy continuity.
(%)
The lower turnout in the elections had
raised concerns about how voter fatigue
may impact the outcome.
NA Analysts said any outcome, which could
affect the NDA government to continue
with its policies could disappoint markets.
The market breadth was weak, with
6.6 2,594 stocks declining and 1,236 advancing.
FPIs were net buyers of ~65 crore on
Tuesday, while domestic institutions
bought shares worth ~3,232 crore.
analyst at FundsIndia, adding markets of humans”. debt-to-equity ratio, earnings
that the involvement of the “The fund will follow a growth, price-to-book, price-
human element in these funds strategy to identify stocks in to-earnings, dividend yield,
is mostly in the design phase the large and midcap space to and earnings yield,” it said.
and occasional review of the harness the best of active man- Motilal Oswal MF plans to
models. agers — top 75 stocks from the deploy the hockey-stick return
“This actually prevents the top 15 asset managers. These investment strategy.
Plea in Delhi HC for
expediting NSE IPO
KHUSHBOO TIWARI within four weeks and scheduled the matter for
Mumbai, 28 May August 14.
The counsel representing Sebi said the writ
The Delhi High Court has directed the Securities petition was not maintainable with respect to a
and Exchange Board of India (Sebi) and the regulatory procedure. He added that the peti-
National Stock Exchange of India (NSE) to file tion was filed in the nature of a Public Interest
replies to a writ petition filed by People Activism Litigation (PIL) under the garb of a writ petition,
Forum for expediting the initial public offer which is in violation of the rules. Over the years,
(IPO) of NSE. NSE’s IPO has been in limbo due to several
In the petition to the court, People Activism ongoing litigations.
Forum has submitted that there is no hindrance In the colocation matter, the Securities
to ‘enlisting of shares of NSE with Sebi’ as the Appellate Tribunal (SAT) set aside Sebi’s direc-
six-month prohibition imposed by the market tion on disgorgement of ~625 crore and upheld
regulator following the order on colocation ma- on-monetary directives in its final order issued
tter expired in October 2019. in January 2023.
“It is directed that the respondents shall file The tribunal imposed a penalty of ~100 crore
their short note of submissions with respect to on NSE as a deterrent for the lack of due dili-
their objections, along with the documents that gence. The Supreme Court also rejected the
they wish to reply upon,” said Delhi HC in an application for a stay on the SAT order filed by
order dated May 22. The court has sought replies Sebi on the collocation matter.
Sebi specifies norms on N IN BRIEF N
subordinate units in Invits Timken India
divests 6.6%
The Securities and Exchange sponsors or associates upon
Board of India (Sebi) has acquisition of an infrastruc- Timken India’s promoter on
notified changes in ture project. Just like mutual Tuesday offloaded 6.6 per
Infrastructure Investment funds which are pooled cent stake in the company via
Trust (Invit) norms to allow investments, Invits too block deals. Timken Singa-
issuance of subordinate units issue units. Sponsor refers to pore sold 5 million shares at
by private placed Invits. the entity which sets up the ~3,913 apiece to mop up
These units will be issued to Invit. BS REPORTER ~1,957 crore. BS REPORTER

THE COMPASS Tencent sells 1.22%

Q4 showing, valuations to keep Bosch under stress
DEVANGSHU DATTA
Auto component major Bosch
posted a subdued perform-
ance in the March quarter
leading to the selloff. The
Q4FY24 revenue and operat-
ing profit came in at ~4,230
crore and ~560 crore, respec-
tively, while the adjusted net
profit (also ~560 crore) was
boosted by low taxes and high
other income. A weak tractor
demand dented growth, even
as revenue, operating profit,
and adjusted net profit rose 4
per cent, 7 per cent and 42 per
cent year-on-year (Y-o-Y). The
FY24 revenue, operating
profit, and adjusted net profit
grew 13 per cent, 21 per cent,
and 25 per cent respectively
Y-o-Y. The mobility segment
grew 2.7 per cent Y-o-Y in
Q4FY24, due to 9.4 per cent
growth in the aftermarket
division and 17.6 per cent
growth in two-wheelers.
Power segment remained rel-
atively flat. Consumer goods
and building technologies
grew 16 per cent and 17 per
cent Y-o-Y respectively.
The gross margin con-
tracted 150 basis points Y-o-Y
(down 320 basis points Q-o-Q)
to 34.5 per cent and this was
partly offset by lower other
expenses as operating profit
margins grew 30 basis points
Y-o-Y (down 60 basis points
Q-o-Q) to 13.2 per cent.
Operating cash flow and free
cash flow for FY24 grew 3 per
cent and 61 per cent Y-o-Y
respectively. In FY24, mobil-
ity segment grew 11 per cent
Y-o-Y. The aftermarket seg-
ment grew 10.2 per cent Y-o-Y
to record its highest-ever
sales, led by demand for spark
plugs, filters, and lubricants.
The independent after-
market contributes 63 per
cent of business with a foot-
print across 650 districts with
15,000 different parts. This
division has also ventured
into the home segment with
the launch of inverter bat-
teries for power backup. In
FY24, the two-wheeler seg-
ment posted 19.2 per cent Y-o-
Y growth. Consumer goods
business grew 15.8 per cent Y-
o-Y. The building technology
solution posted 17 per cent Y-
o-Y growth due to the installa-
tion of higher numbers of
security systems. Bosch is
looking at cordless tools,
industrial tools, with a focus
on medium and entry-level
segments. The original equip-
ment supplier diagnostics
business is being hived off
and may be sold, as part of a
restructuring exercise under-
taken by the Dutch parent.
The parent may also divest
the building technology busi-
ness in H1 FY25. The manage-
ment expects overall auto
industry growth to moderate
in CY24 due to a high base.
FY25 revenue growth will be
similar to FY24. Q1FY25 is
expected to be slow but
demand will pick up from
Q2FY25. Hydrogen internal
combustion technologies for
commercial vehicles could
catch on with up to 15 per cent
penetration in this category
by 2030. The company is look-
ing at more content localisa-
tion. The management said it
has a good share of orders in
two-wheeler electric vehicles
(EV) and it is in discussions
with multiple OEMs for the
supply of e-axles, and elec-
tronics for EVs. Electrification
of 2Ws/3Ws opens up new
growth avenues. The contrib-
ution of exports stood at 8.1
per cent in FY24 and should
increase in the future. The
capex will sustain at ~400-
600 crore per annum.
stake in PB Fintech
Chinese technology firm
Tencent on Tuesday sold 1.22
per cent stake in PB Fintech
through bulk deals. An
affiliate entity Tencent Cloud
Europe sold 5.5 million shares
at ~1,208 apiece to raise
~664.5 crore. BS REPORTER
Inox Wind
offloads 4.6%
Inox Wind Energy on Tuesday
divested 4.6 per cent stake in
Inox Wind to raise ~905 crore.
It sold shares at ~151 apiece.
Among the buyers were
Morgan Stanley, Okoworld
Okovision and Goldman
Sachs. BS REPORTER
2 THE SMART INVESTOR
>.l
CHENNAI | WEDNESDAY, 29 MAY 2024

˜`ˆ>]Ê6ˆi̘>“Ê̜Ê}>ˆ˜Ê YOUR
tomer must have a valid third-
party policy. If a customer files a
claim without one, it will be
Insurance also does not cover
general maintenance and nor-
mal wear and tear.

vÀœ“ʼ ˆ˜>³£½\Ê œ“ÕÀ>

rejected,” says Sandeep Saraf,
MONEY head-motor insurance renewals,
claims & customer experience,
Policybazaar.com.
Another exclusion relates to
flooding. “If water enters the
engine causing a hydrostatic
lock, this damage is not covered

Using private car

Vehicles must be driven on by a standard policy. It is only
Bets big on RIL, BEL public roads in compliance with covered if you have the engine

and Exide stocks SHIFT IN the Motor Vehicles Act. “Driving

a vehicle without registration,
protect add-on,” says Das.

SUPPLY CHAINS
as cab can lead to
driving under the influence of Precautions to exercise
PUNEET WADHWA alcohol or without a valid licence Avoid violating traffic rules.
New Delhi, 28 May can lead to claim rejection,” says “Ignoring traffic conditions,
Ghosh. over-speeding, over-taking, driv-

I claim rejection
ndia and Vietnam are likely to
be the two biggest beneficiar-
ies in Asia of the ‘China+1’
strategy adopted by international
companies to build new manufac-
turing units outside the People’s
Republic of China, according to a
report by Nomura.
They expect India’s exports to
rise from $431 billion in 2023 to $835
billion by 2030, a compounded
annual rate of growth (CAGR) of 10
per cent. The shift in supply chains
away from China has set in motion
what economist Kaname Akamatsu
called the “wild-geese-flying pat-
tern” of economic growth, where
production shifts from the lead
goose (advanced nation) to the next
flock of geese (developing nations).
China’s role in global value chains
is changing too, said the research
and broking house. It is a lead goose
(investor) and most of its invest-
ments are in Asean countries. Most
investments in India are from the US
and developed Asia.
Benefits are likely to accrue for
Indian companies in the electronics
and solar supply chains and select
auto and auto ancillary sectors,
according to Nomura. Companies in
the electric vehicles (EV) ecosystem,
some pharmaceutical /biotech com-
panies and the defence sector are
likely to gain too.
“Among these sectors and within
the stocks in our coverage universe,
we like Reliance Industries, Bharat
Electronics, Exide Industries, Sona
BLW and Uno Minda,” wrote Saion
Mukherjee, managing director and
head of equity research for India at
Nomura, in a recent coauthored
note. As corporate capital expendi-
ture (capex) picks up, Indian com-
panies are likely to sustain 12-17 per
cent earnings growth in the medium
term. “We expect corporate capex
and domestic manufacturing to be
the key drivers of India’s corporate
earnings. As manufacturing picks
Exports ($ bn) n 2023 n 2030 (forecast) n CAGR (%)
10 11.4
835
431
353
India* Vietnam
*Electronics (smartphones), automobiles, capital goods, semiconductor (assembly, testing),
energy (solar), and pharma are key sectors that are likely to benefit
up, private capex will record a
stronger recovery over the medium-
term. Over long-term, the supply
chain relocation should lead to an
improvement in trade balance and
current account deficit. This implies
higher value add in India supporting
corporate earnings,” said Mukherjee.
Vietnam is the frontrunner in the
Asean region with most investment
originating from Chinese companies
interested in automobiles (EVs),
electronics (personal computers),
energy (solar panels) and other sec-
tors like shipping containers and
chemicals. The investments should
lift its exports from $353 billion in
2023 to $750 billion by 2030, a CAGR
of 11.4 per cent, said Nomura.
Manufacturing-led growth in
India will have a rub-off effect on
consumption, said Mukherjee. As
corporate profitability improves, he
5.4 6.1
751
405 392
280
259
Thailand Indonesia
Source: Nomura
expected a higher dividend payout
that will support consumption and
corporate earnings. Strong and sus-
tained earnings growth, and support
of domestic flows into equity mar-
kets, should keep equity valuation
multiples elevated, Nomura said.
The valuation of stocks that are
direct beneficiaries of India’s capex
and manufacturing themes – for
instance in the industries and elec-
tronic manufacturing services – is
high, factoring in strong growth
narrative. “Exposure to the overall
growth theme can be gained through
domestic-focused companies. Our
key overweight sectors in India are
financials, energy, auto ancillaries,
infrastructure, telecom and health-
care,” said Mukherjee. While there
are benefits from these themes, they
will accrue over time and investors
need to be patient.
SANJAY KUMAR SINGH
Insurance companies are trying
to simplify the motor insurance
claims process. HDFC ERGO
General Insurance recently inte-
grated artificial intelligence-
enabled inspection technology
into its WhatsApp chatbot. This
will allow customers to instantly
settle claims for minor damages
of up to ~20,000. Online plat-
form Policybazaar launched a
Claim Assurance Programme
under which it will provide cus-
tomers with a dedicated claim
manager and vehicle pick-up
and towing to network garages.
On their part, customers should
be mindful of factors that can
lead to motor claim rejections
and take steps to avoid them.
Reasons for claim denial
If a policyholder files a fraudu-
lent claim to get undue benefits
from the policy, the insurer will
reject the claim. “If a claim is
beyond the policy risk period,
the insurer will reject it,” says
Parthanil Ghosh, director and
Howtoclaim
gratuityafterend
ofemployment
You are entitled to gratuity if your
employer is covered under the
Payment of Gratuity Act, 1972, and
you have quit your employment after
at least 5 years of continuous service.
Read full report here: mybs.in/2dVw3Uw
Exclusions to be aware of
If a customer owns only a third-
party policy, damage to their
chief business officer, HDFC own car will not be covered.
ERGO General Insurance. “Only damage to the person or
Motor insurance is sold for property of a third party will be
specific vehicle categories. “If covered,” says Saraf.
you buy insurance for a private Customers with a compre-
car, use this car as a cab and then hensive policy (third party plus
have an accident, your claim will own damage) can also face a few
be rejected,” says Animesh Das, exclusions. “If several parts get
chief underwriting officer, Acko damaged in an accident and you
Insurance. own a standard policy, the
Driving without even a third- insurer will apply depreciation
party policy can lead to claim to the bill, which means you may
rejection. “According to the have to pay 25-30 per cent out of
Motor Vehicles Act, every cus- your own pocket,” says Das.
FACTOR IN CLAIM SETTLEMENT RATIO
WHEN BUYING MOTOR COVER
Claim settlement ratio (%)
99 98.8
98 98
96.7
HDFC United India Bajaj Allianz Kotak ICICI
ERGO Insurance General General Lombard
Insurers with best five claim settlement ratios included Source: Policybazaar.com
CLAIM PROCESS GRATUITY CALCULATION
l A request can be made The formula:
by submitting ‘Form I’ to [Last drawn salary × 15/26 × No. of
the employer. years served]. For example, if your
last-drawn salary (sum of basic pay,
l If you are unable to dearness allowance and any
apply yourself, your commission earned) was ~1,00,000
nominees or legal heirs and you worked for 15 years, your
can do so by submitting gratuity would be: 1,00,000 × 15/26 ×
‘Form J’ or ‘Form K’. 15 = ~8,65,385.
ing on the wrong side, and
exceeding seating capacity must
be avoided,” says Gaurav Arora,
head corporate underwriting &
claims, ICICI Lombard. He adds
that one should be wary of allow-
ing someone, who does not have
a valid licence, to drive your car.
Saraf says customers must notify
the insurer about any incident
within 24 to 72 hours.
If you modify the vehicle by
installing a CNG kit, inform the
insurer. “These modifications
should be reflected in the car’s
registration certificate and
reported to the insurer,” adds
Saraf. Avoid misrepresenting
facts. Also, do not attempt to
pass off older damages as part of
the current claim. Do not get
repair work started without
informing the insurer as the
latter like to carry out end-to-
end verification of damages and
documents before approving a
claim. Das cautions against driv-
ing the car after it has got dam-
aged. He suggests getting it
towed. Arora suggests buying a
comprehensive policy with all
the relevant add-ons such as
road side assistance, return-to-
invoice, engine protect, zero
depreciation, and so on.
PAYMENT
TIMELINE
The payment has to be
made within 30 days
from the date it
became payable. In the
case of a failure, your
employer additionally
pays interest on the
amount.
COMPILED BY AYUSH MISHRA

EPL LIMITED
Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg,
Lower Parel, Mumbai 400013.
Tel: +91 22 2481 9000/9200. Email: complianceofficer@eplglobal.com Website: www.eplglobal.com
Registered Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra
Tel: +91 9673333971 CIN: L74950MH1982PLC028947

EXTRACT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
(` in Million, except per share data)
Sr. Particulars Quarter Quarter Year Year
No. ended ended ended ended
31-Mar-2024 31-Mar-2023 31-Mar-2024 31-Mar-2023
Unaudited Unaudited Audited Audited
1 Revenue from operations 10,292 9,693 39,161 36,941
2 Net Proit before tax and exceptional items 908 824 3,288 2,691
3 Net Proit before tax after exceptional items 303 824 2,683 2,680
4 Net Proit after tax (after exceptional items) attributable to the owners 223 843 2,132 2,267
of the Company
5 Total comprehensive income attributable to the owners of the Company 57 867 2,295 2,653
6 Equity share capital (Face Value ` 2/- each) 637 636 637 636
7 Reserves (excluding Revaluation reserves) - - 20,278 19,256
8 Earnings Per Share (EPS) (in `) ^
Basic 0.70 2.65 6.70 7.15
Diluted 0.70 2.65 6.68 7.15
(^ Quarterly igures are not annualised)

EXTRACT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
(` in Million, except per share data)
Sr. Quarter Quarter Year Year
No. Particulars ended ended ended ended
31-Mar-2024 31-Mar-2023 31-Mar-2024 31-Mar-2023
Unaudited Unaudited Audited Audited
1 Revenue from operations 3,143 2,968 12,805 12,086
2 Net Proit before tax and exceptional items 652 472 1,843 2,002
3 Net Proit before tax after exceptional items 652 472 1,843 2,002
4 Net Proit after tax for the year (after exceptional items) 579 587 1,763 2,059
5 Total comprehensive income for the year 571 585 1,749 2,059
NOTES:
1 The above Audited Financial Results of EPL Limited (“Company”) have been reviewed by the Audit Committee and approved by the Board
of Directors of the Company at their respective meetings held on May 28, 2024.
2 The above is an extract of the detailed format of the Audited Financial Results for the quarter and year ended March 31, 2024 iled
with stock exchange pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as
amended).
3 The full format of the Standalone and Consolidated Audited Financial Results for the quarter and year ended March 31, 2024 are available
on the Stock Exchange websites i.e. www.bseindia.com and www.nseindia.com and on the Company’s website i.e. www.eplglobal.com.
For EPL Limited
Place: Mumbai Anand Kripalu
Date : May 28, 2024 Managing Director and Chief Executive Oicer
DIN: 00118324
l
CHENNAI | WEDNESDAY, 29 MAY 2024 STOCKS 3 <

IN THE
> STOCK
> Hatsun Agro Product > Hero MotoCorp > Bharat Dynamics

NEWS Top gainer among

A-group traded
Hits new all-time
high at ~5,225
Snaps 10-day of
winning streak OF THE DAY
companies on BSE Muthoot Finance
~1,004.2 PREVIOUS CLOSE ~5,080.1 PREVIOUS CLOSE ~1,544.1 PREVIOUS CLOSE Hits new all-time high
~1,119.0 CLOSE ~5,186.9 CLOSE ~1,453.6 CLOSE at ~1,762, Surged
p 11.4% UP p 2.1% UP q -5.9% DOWN 37 per cent in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
28 May ’24 Chg (%) Con Std 28 May ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount
Adani Enter 3244.1 -1.4 1.0 114.1 130.0 ITC 429.0 -0.6 5.1 26.2 26.2 BSE NSE price price (%) price price (%)
Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low

Adani Ports 1400.5 -2.2 1.0 37.3 174.0 JSW Steel 907.4 0.6 1.2 25.2 27.6
2,800 1,800 Sun TV Net 676.0 660.2 3.7 680.7 734.9 Bharat Dyn 1432.4 1453.6 -5.9 776.1 450.5
MOST BULLISH MOST BEARISH
Apollo Hosp 5904.5 -0.6 0.6 103.6 85.0 Kotak Mah Bank 1703.7 -0.4 2.4 18.6 24.6 Glenmark 1176.0 1159.9 3.5 1176.0 1176.0 Ind Ove Bank 69.4 70.6 -5.1 55.1 23.6

1,688
2,100 1,350

2,615
1,293
Asian Paints 2911.2 1.4 1.3 51.1 52.5 Hind Copper 377.1 373.9 0.9 Coromndl Int 1277.1 1291.1 -1.1 Coromndl Int 1299.7 1290.2 3.5 1299.7 1299.7 HUDCO 248.6 250.3 -4.9 152.7 54.4
L&T 3658.2 0.2 4.8 38.5 54.1
Axis Bank 1183.4 -0.3 3.2 13.8 14.7 Piramal Entp 824.0 819.3 0.6 Au Small Fin 633.5 636.4 -0.4 Divis Lab 4402.0 4390.9 3.2 4402.0 4402.0 IREDA 182.5 184.9 -4.3 121.0 50.0
LTIMind 4886.0 -0.1 0.4 31.6 32.3 1,400 900

633
India Cement 214.1 213.0 0.6 Dr Reddys 5950.0 5965.3 -0.3 Torrent Pwer 1457.1 1439.9 3.1 1633.1 1633.1 NBCC 137.4 138.8 -4.3 105.2 38.1
Bajaj Auto 8989.8 -0.1 1.1 32.6 33.6 Mah & Mah 2552.8 0.1 2.5 28.2 29.6 Aditya Bir Fa 287.4 285.8 0.6 HPCL 545.6 546.9 -0.2 Syngene Intl 691.3 689.1 3.1 767.8 860.2 Indiab Real 131.3 131.9 -4.2 95.7 58.0
Bajaj Fin 6873.1 -0.3 1.8 29.4 33.6 Maruti Suzuki 12818.6 -0.7 1.6 29.9 30.5 700 450 L&T Finance Hol 157.6 156.8 0.5 JK Cement 3985.6 3990.9 -0.1 Exide Ind 517.0 509.8 3.1 517.0 517.0 Policy Bazar 1190.1 1199.9 -4.1 1038.0 587.8
Bajaj Finsrv 1599.7 0.2 1.0 31.3 218.1 Nestle India 2451.7 -0.3 0.8 - 74.0
Bharti Airtel 1371.1 -1.0 3.4 104.2 155.9 SBI Life Ins 1454.0 1450.8 2.9 1571.6 1571.6 PAYTM 341.6 342.5 -4.0 310.0 310.0
NTPC 365.4 -1.1 1.6 17.0 19.6 0 0 BSE NSE Indraprst Gs 476.8 472.7 2.5 488.8 501.4 SJVN 137.6 139.1 -3.7 98.1 35.3
BPCL
Britannia
646.5
5250.6
-1.5 0.6 5.2 5.3
0.7 0.6 59.1 60.8
ONGC 274.3 -1.2 1.4 7.0 8.7 Advance Decline Advance Decline
Index Stock Index Stock PUT-CALL RATIO HDFC AMC 4035.4 4015.6 2.5 4035.4 4066.1 Mazagon Dock 3006.8 3037.0 -3.2 1797.1 765.7
Power Grid 312.8 -1.6 1.3 18.7 18.8 HDFC Std Life 579.6 578.3 2.4 642.7 710.6 Cochin Ship 1864.0 1907.6 -3.2 712.9 239.6
Cipla 1479.5 0.1 0.8 29.0 29.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2912.4 -0.7 9.5 28.3 46.8
Coal India 487.7 -1.4 1.1 9.2 19.1
SBI 831.2 -0.3 3.0 11.1 12.1
BSE MIDCAP BSE SMALLCAP Contracts 398 - 576516 3877862
Market 2854.3 4510.4 0.6
United Spirt
Muthoot Finance
1196.0
1762.0
1186.9
1744.8
2.4
2.2
1245.2
1762.0
1245.2
1762.0
RITES
Info Edge
698.7
6037.7
711.1
6072.2
-3.1
-2.9
560.0
4967.1
365.0
3815.1
Divis Lab 4392.1 3.2 0.5 72.9 74.0 72 600 Open Int.(000) 3 - 24220 11141891
SBI Life Ins 1450.8 2.9 0.6 - 76.7 Max Fin Sre 995.9 978.1 2.2 1092.6 1092.6 Suzlon Energy 43.5 44.0 -2.9 35.5 10.1
Dr Reddys 5965.3 1.6 0.7 17.8 22.9 Shares(In Mn) - - 12.8 5277.2 Top 5 PC Ratio Bottom 5 PC Ratio

522
Shriram TrFn 2393.7 0.6 0.6 12.2 12.5 450

68
Eicher Motor 4771.0 -0.5 0.6 32.6 34.8 54 Value(~ crore) 30 - 37119 302161 Grasim Ind 2448.0 2440.8 2.1 2535.1 2535.1 DLF 818.0 820.1 -2.6 805.5 461.6
Sun Pharma 1464.9 -0.1 1.5 36.7 123.0 Mah & Mah 1.1 ONGC 0.3
Grasim Ind 2440.4 2.1 0.9 28.6 170.0 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1095.6 0.7 0.7 90.7 106.6 31 36 300 Cipla 1.1 NTPC 0.3
HCL Techno 1358.4 0.4 1.4 23.5 31.6

158
Contracts 1475181 - 490656439 7596132
Tata Motors 947.6 -1.1 1.6 10.0 39.9 Jindal Steel 1.1 GNFC 0.3
HDFC Bank
HDFC Std Life
1530.5
578.5
0.2 11.1 18.1 19.1
2.5 0.6 79.0 79.3 Tata Steel 174.9 -0.3 1.4 - 49.5 18 150
Open Int.(000)
Shares(In Mn)
1615
-
- 645972
- 15371.8
6718778
9242.0
Dabur India 1.0 Sun TV Net 0.3 MOST TRADED TOP M-CAP TRENDS
TCS 3839.9 -0.2 3.7 30.3 31.9 Ashok Leyland 1.0 Astral 0.3
Hero MotoCorp 5184.0 2.0 0.6 27.7 26.1 Value(~ crore) 112315 - 39241973 647092 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 681.3 0.5 1.0 15.1 41.4 Tech Mahindra 1315.1 -1.1 0.8 54.5 60.4 0 0 BSE+NSE BSE+NSE
Titan Company 3409.4 0.2 1.4 86.6 85.4 Advance Decline Advance Decline 1 Reliance Ind 1969661.5 BS200 Emerald Leisure 40.5
HUL
ICICI Bank
2396.0
1127.0
0.5 2.0 54.8 55.7
-0.3 7.5 17.9 19.4 UltraTech 10178.9 -0.5 1.1 42.0 42.8 ACTIVE CALLS ACTIVE PUTS Timken India
(~ crore)

2460.9
(Mn shrs)

6.2
2
3
TCS
HDFC Bank
1389350.4
1162705.5 UP 7 DAYS Vashu Bhagnani 40.1
IndusInd Bank 1459.4 -0.4 0.9 - 12.7 Wipro 456.1 0.8 0.6 21.6 26.1 Divis Lab 12.2 Ken Fin.Ser. 39.4
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg 4 ICICI Bank 792176.9
Infosys 1467.1 -0.3 5.0 23.2 22.4 Nifty 50 22888.2 â-0.2 100.0 24.2 28.5 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HAL
HDFC Bank
2380.1
2228.5
4.7
14.6 5 Bharti Airtel 777598.0 DOWN
DOWN 7 DAYS
Semac Consultan -33.8
INDEX PE SHRS TRDS 1 YR Index Index 6 SBI 741545.0 UP 3 DAYS
Exide Ind 1673.1 32.9 Swad.Polytex -30.1
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
28/05/24
28/05/24
22000
22050
1539.2
848.3
16.2
5.9
1034.5
896.3
Nifty Finance
Nifty Finance
28/05/24
28/05/24
22000
21950
1221.8
1138.7
10.9
12.0
594.1
967.9
Inox Wind 1640.5 108.9
7
8
LIC India
Infosys
646035.5
608599.1
Glenmark
Power Fin
12.8
10.8
Markobenz -30.1
Asian Paints 2910.5 1.3 1.5 51.1 52.5 Maruti Suzuki 12821.7 -0.6 1.9 29.9 30.5 SENSEX 24.8/29.5 6.9 207 10 20 20.3 IRFC 1627.4 90.1 Abirami Fin -30.1
NIFTY 50 24.2/28.5 217.9 5058 21 29 23.7 Nifty Finance 28/05/24 22100 632.9 5.0 206.8 Nifty Finance 28/05/24 21900 706.4 5.7 370.1 9 HUL 562329.8 Exide Ind 9.6
Axis Bank 1182.4 -0.4 3.8 13.8 14.7 Nestle India 2451.7 -0.3 1.0 - 74.0 Cochin Ship 1586.7 8.2 KP Green Engine -24.2
C = CONSOLIDATED; S = STANDALONE Nifty Finance 28/05/24 22150 415.0 4.0 165.8 Nifty Finance 28/05/24 21850 402.2 2.5 282.0 10 ITC 535468.8 REC 8.0
Bajaj Fin 6874.5 -0.3 2.2 29.4 33.7 NTPC 365.3 -1.2 1.9 17.0 19.6 Nifty Finance 28/05/24 22200 405.3 4.6 113.8 Nifty Finance 28/05/24 21800 398.4 2.8 96.6 Nat Alum 1578.9 79.6 Parag Milk -21.8
11 L&T 502752.9 Indraprst Gs 4.1
Bajaj Finsrv 1600.0 0.3 1.1 31.3 218.2 Power Grid 312.8 -1.6 1.6 18.7 18.8 CASH DERIVATIVES Stock Stock Rail Vikas Niga 1536.0 41.1 12 Bajaj Fin 425531.6 N K Indust. -19.4
TURNOVER BSE NSE BSE NSE
TVS Motor 3.5 UP 3 DAYS
Bharti Airtel 1370.6 -1.0 4.1 104.1 155.9 Reliance Ind 2911.3 -0.7 11.3 28.3 46.7 Ashok Leyland 30/05/24 230 75.2 8.9 6.3 Power Fin 30/05/24 500 29.9 3.2 9.0 13 Maruti Suzuki 403114.2
SBI 1187.5 14.3 Au Small Fin 2.8
HCL Techno 1358.3 0.3 1.6 23.5 31.6 Power Fin 30/05/24 520 66.2 5.4 -8.1 Ashok Leyland 30/05/24 225 27.4 2.7 2.2 14 Adani Enter 369855.9 Odyssey Tech 68.7
SBI 830.9 -0.4 3.6 11.1 12.1 VALUE(IN ~ CRORE) 9024 102630 112345 40228346 Reliance Ind 1180.1 4.0 DOWN
HDFC Bank 1530.5 0.2 13.1 18.1 19.1 Nat Alum 30/05/24 200 65.2 8.4 65.0 Tata Steel 30/05/24 170 25.4 9.0 -28.2 15 HCL Techno 368581.5 Intech Cap 32.9
Sun Pharma 1464.9 -0.1 1.8 36.7 123.0 SHARES(IN MN) 812.2 3934.7 - 29903.8 Vodafone Idea 1155.2 787.4 Suzlon Energy -8.9
HUL 2393.3 0.4 2.4 54.7 55.6 TRADES(000) 3869 33594 - 117020 Nat Alum 30/05/24 205 59.4 6.4 233.3 Nat Alum 30/05/24 190 25.1 3.4 84.0 16 Axis Bank 365060.1 SagarSoft India 30.0
Tata Motors 947.3 -1.1 1.9 10.0 39.8 Power Fin 1147.5 22.4 NLC India -7.3
ICICI Bank 1126.9 -0.3 8.9 17.9 19.4 Exide Ind 30/05/24 510 54.3 1.5 16.9 Tata Steel 30/05/24 175 24.7 9.0 44.7 17 NTPC 354219.4 ZF Commercial 29.1
Tata Steel 174.9 -0.4 1.6 - 49.5 Policy Bazar 1100.4 9.1 NBCC -6.6
IndusInd Bank 1458.6 -0.5 1.1 - 12.7 MARKET-CAP (~ CR) TRADED TOTAL 18 Sun Pharma 351461.5 Brady & Morr 27.0
Infosys 1466.2 -0.4 5.9 23.2 22.3 TCS 3840.0 -0.2 4.4 30.3 31.9 Info Edge -5.7
ICICI Bank 1064.7 9.4 19 ONGC 345140.0 W H Brady 24.0
Tech Mahindra 1316.8 -1.0 0.9 54.6 60.4 BSE 41,692,374 42,369,210 SJVN -5.7
ITC
JSW Steel
428.9
906.9
-0.6
0.6
6.0
1.4
26.2 26.2
25.2 27.6 Titan Company 3409.2 0.2 1.6 86.6 85.4 NSE 41,251,654 41,933,452 SPURT IN VOLUMES REC
Bharat Elctn
1041.5
1028.5
18.1
35.5
20á
21â
Kotak Mah Bank
HAL
338393.7
335633.9 RITES -5.2
G.G.Automati
DOWN 3 DAYS
22.2

UltraTech 10169.0 -0.6 1.3 41.9 42.8 DERIVATIVES 27,286,712 27,286,712

Kotak Mah Bank 1702.3 -0.5 2.8 18.6 24.6 Company Days 2-week Avg Change Close *Price 22á Mah & Mah 317371.2 NHPC -4.8 10Ard -23.7
NHPC 990.6 98.1
L&T 3657.1 0.2 5.6 38.5 54.0 Wipro 456.0 0.8 0.7 21.6 26.1 Volume Volume % price %chg 23â Tata Motors 314858.8 Others
Mah & Mah 2552.2 0.2 2.9 28.2 29.6 BSE SENSEX 75170.5 â-0.3 100.0 24.8 29.5 TRADING ACTIVITY Prudent Corpora 3190179.0 20017.5 15837.0 1658.3 -4.0
Infosys
Divis Lab
964.3
956.9
6.6
2.2
24á Titan Company 302664.3 UP 7 DAYS
Wsfx
Sundaram Brk
-21.1
-20.0
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Adani Ports 302572.2 Gujchem Dist 40.7 Salem Er -18.8
Hatsun Agro 1822410.0 12876.1 14053.4 1118.9 11.4 Hindalco 934.2 13.6
Equity Debt Equity Debt 26á Hind Zinc 302362.5 Ahd Stelcrft 40.7
Net Net Net Net Concord Biotech 5122699.0 66339.8 7621.9 1391.8 -3.5 VSF Projects -18.7
Vedanta 858.4 18.6
WORLD INDICES On 27 May 696 2972 1021 -3054 Varanium Cloud 6974000.0 102727.3 6688.8 20.6 -4.6 Mazagon Dock 798.9 2.6
27â
28â
Coal India
Adani Green En
300433.1
299595.5
Amboagri
Asian
40.6
40.6
Bansal Roof
Nucleus Soft
-17.9
-16.1
On 24 May -937 653 2985 780 Lakshmi Fin 197943.0 3850.0 5041.4 216.9 11.4 IREDA 781.5 41.7 29á UltraTech 293577.6
Indices Close % Chg* Indices Close % Chg*
On 23 May 5892 208 -195 -48 Garware Fibres 269958.0 6622.7 3976.2 3502.4 9.4 30â Power Grid 290922.8 (T+2) cycleStocks which rose/fell continuously
Tata Steel 732.5 41.7
Americas (May 27,24) Asia/Pacific (May 28,24) On 21 May -1877 724 3330 -372 Inox Wind 108924488.0 2755170.0 3853.5 147.6 -10.0
Nasdaq Composite (May 24) 16920.8 1.1 Jakarta Composite 7253.6 1.1 On 17 May 2181 898 802 -1083 Oriental Aromat 533005.0 14344.9 3615.6 370.0 6.8
S&P/ TSX Composite
Dow Jones (May 24)
22373.4
39069.6
0.2
0.0
Straits Times
Taiwan Taiex
3330.1
21858.4
0.4
0.3
May till date
2024 till date
-21038
-19073
7427
50702
35926
150289
-38772
-144061
E Factor Experi
Aarti Drugs
164000.0
1876623.0
6400.0
77084.9
2462.5
2334.5
161.8
494.5
16.4
2.6
BOARD MEETINGS INTRA-DAY
Europe/Africa (May 27,24) Kospi 2722.9 0.0 Quarterly Ent Federal-Mog Liberty Shoe Salona Cots
DAX 18821.0 0.3 Kuala Lumpur Comp 1615.8 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Renuka Sugar Garware HT Loyal Text Samhi
MAY 29 Shivalik Bim Film M M Forgings Sandesh
IBEX 35 11334.4 0.1 Stock Exchange of Thai 1362.7 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Suprajit Eng Gcm Secu Mah.Ras.Apex Shivalik Ra-
FTSE 100 (May 24) 8306.7 -0.1 Shanghai Se Comp 3109.6 -0.5 NET Net Fut OI Opt OI OI Alkem Labs Group B GFL Maithan Ally saya
HIGH *Amara Raja Ener . . . 1277.0 *DJ Mediaprint . . . . . . 348.0 LOW
CAC 40 8108.0 -0.3 Volatility (May 27,24) BS 200 *Tinna Rub & Inf . . . . 1237.2 *Alphalogic Inds . . . . . 345.0 BS 200 Bata India 3i Infotech Global Surfaces Mangalam Shreeji Translo
On 27 May -10120 11328 0.6 6.5 4.7
Asia/Pacific (May 28,24) CBOE Dow Jones (May 24) 10.9 16.3 On 24 May 416 254 0.6 5.6 4.6 *Hero MotoCorp . . . . 5225.0 *Ebbetf0431 . . . . . . . 1225.0 *Naysaa Sec . . . . . . . . . 332.3 NONE Cummins (I) A-1 Acid GRM Overseas Seeds Simbhaoli
Hang Seng 18821.2 0.0 CBOE S&P 500 (May 24) 12.4 0.1 On 23 May -48032 10493 0.6 4.1 4.6 *Divis Lab . . . . . . . . . . 4402.0 *Happy Forgings . . . . 1127.2 *Capacite Infra . . . . . . 330.0 Others GMR Airports Aadhar HF Gufic Bios Maximus Intl Sugar
On 22 May 5303 -3672 0.6 5.2 4.5 *Oberoi Relty . . . . . . . 1849.7 *Natco Pharma . . . . . 1109.0 *JSW Infra . . . . . . . . . . 290.6 Semac Consultan . . . . 855.9 Ipca Labs Aarvee Den Hawkins Cook Mcnally Bh Solara Active
Nikkei 225 38855.4 -0.1 * Change over previous close
On 21 May -28516 2535 0.6 6.1 4.4 *Muthoot Finance . . . 1762.0 *Tulive Develop . . . . . 1051.6 Muller Phip . . . . . . . . . . 272.0 Anupam Rasayan . . . . 759.0 Mazagon Dock AGS Transact Healthcare Medicam Bio P
SJVN Aksharchem Glob MSP Steel Sreeleathers-ff
MAJOR INDICES May till date
2024 till date
-163398
-1148786
10462
15055
-
-
-
-
-
-
*Bharat Forge . . . . . . 1599.0
*Coromndl Int . . . . . . 1299.7
*Eyantra Ve . . . . . . . 963.9
*Autom Stamp . . . . . . . 955.6
*Rajoo Engg . . . . . . . . . 262.0
*SagarSoft India . . . . . 259.4
*Rajratan Glb . . . . . . . . 542.7
Apcotex Ind . . . . . . . . . 398.2 Group A Almondz Glb Heritage Munjal Showa Sri Havisha
*Glenmark . . . . . . . . . 1176.0 *Sayaji Indore . . . . . . . 900.6 *TIL . . . . . . . . . . . . . . . . 259.3 Kaya . . . . . . . . . . . . . . . 302.5 Ahluwalia Co Andrew Yule Foods Murud Cera Hos
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Marico . . . . . . . . . . . . 615.6 *JITF Infra . . . . . . . . . . 894.6 *HDFC Nifty . . . . . . . . . 256.0 KRBL . . . . . . . . . . . . . . . 274.2 D B Realty Aries Agro Heubach Col- Nagreka Cap STL Global
S&P BSE Sensex 75,390.5 75,585.4 75,585.4 75,083.2 75,170.5 -220.0 -0.3 *Power Fin . . . . . . . . . . 521.4 *Vijaya Diagnost . . . . . 844.3 *IRIS Bus Serv . . . . . . . 246.1 *Signpost . . . . . . . . . 260.0 Deepak Fert Ashapura oran Nahar Cap Sukhit Strch
*Exide Ind . . . . . . . . . . . 517.0 *SMS LifeS . . . . . . . . . . 821.2 *Saumya Cons . . . . . . . 243.7 *BLS E-Services . . . . . 255.1 Emami AVT Natl Hind Comp Nahar Poly SW Pinnacle
S&P BSE Sensex 50 24,132.3 24,201.8 24,201.8 24,045.4 24,073.6 -58.7 -0.2 S&P BSE SECTORAL INDICES Aditya Bir Fa . . . . . . . . 297.8 *Aegis Log . . . . . . . . . . 781.5 *Tinna Trade . . . . . . . . 238.7 *Delphi World . . . . . . . 198.2 FDC Banco Prod Indegene Nahar Spg Exp
*Ashok Leyland . . . . . . 230.7 *W H Brady . . . . . . . . . 727.9 Pacific Inds . . . . . . . . . . 237.4 Mitsu Chem Plas . . . . . 143.2 G R Infraprojec Bannr Am Spg Indian Card NINtec Sys Technocraft Cargotrans Resgen Ranjeet Mechatr Shukra Jewl Modison
S&P BSE-100 24,240.5 24,310.3 24,310.3 24,126.4 24,155.7 -84.8 -0.3 Prev cls Close % Chng
*Nat Alum . . . . . . . . . . . 206.3 *Zodiac Energy . . . . . . 693.0 *Vashu Bhagnani . . . . 230.5 Palred Technolo . . . . . . 114.0 Genus Power Bharat Gears Indian Terr Norben Tea Texmo Pipes Mari Sailani Tours SM Auto Stam- Group P Naksh Pre-
S&P BSE-200 10,628.3 10,660.4 10,660.4 10,566.6 10,582.5 -45.8 -0.4 Auto 54,219.6 54,096.5 -0.2 Others *Titan Bio . . . . . . . . . . . 621.0 *SMS Pharma . . . . . . . 219.8 *Gss Infotech . . . . . . . . . 95.0 Globus Sprt Bhatia Com- Innova Captab Optiemus Infr TGV SRAAC CFF Fluid C Shri Venkatesh pin Shyamainfo cious
Bankex 56,271.3 56,080.0 -0.3 *TVS Holdings . . . . . 11749.8 *Kwality Pharma . . . . . 587.4 *I Bright St . . . . . . . . . . 212.8 *Modella Wool . . . . . . . . 58.8 Heidelberg munic Inventure Orient Paper Trigyn Tech Droneacharya Sirohia Group P Group T Nitco
S&P BSE-500 33,947.7 34,057.6 34,057.6 33,724.3 33,782.9 -164.8 -0.5
Cons. Durables 55,929.3 55,854.3 -0.1 *Thermax . . . . . . . . . . 5545.9 *Bank Nifty ETF . . . . . . 513.9 *Sai Capital . . . . . . . . . 209.6 Lancer Cont Lin . . . . . . . 58.6 Hind Oil Celebrity F Growt Palm Jewels Ucal Ae Titannium Ten Ajwa Fun Wor Archies Quintegra Sl
S&P BSE IPO 14,148.1 14,200.9 14,226.4 13,939.2 13,967.7 -180.4 -1.3 Cap. Goods 70,303.2 69,638.0 -0.9 *Schaeffler . . . . . . . . 4749.3 TCNS Clothing C . . . . . 513.6 *ACE Software . . . . . . . 197.1 *Ishan Dyes . . . . . . . . . . 45.0 Ion Exchange CHD Chemicals Jet Freight Log Rajdarshan Vidhi Specilty Goblin India Unishire Urban Group P Asian Hot-N Reliance Com
FMCG 19,885.9 19,879.1 0.0 *Kennametal . . . . . . . 3769.9 Sumitomo Che . . . . . . 482.0 *Kesoram Ind . . . . . . . . 189.7 Medico Remedies . . . . . 36.2 ISGEC Heavy Comm Syn Jindal Poly Rana Sugars Vikaslife Jayant Infrat Group MS Crimson Meta Astron Paper Relicab Cable
S&P Dollex-30 7,449.2 - - - 7,419.2 -30.0 -0.4 Eng Bags K&R Rail Eng Ravi Kumar Vineet Labs
Healthcare 35,458.9 35,562.2 0.3 *TechNVision Ven . . . 2454.3 *Welspun Ent . . . . . . . 463.0 *Modern En . . . . . . . 186.4 *Global Longlife . . . . . . . 31.1 Jet Infravent Adjia Techno Group P Bafna Pharma Rollatainers
Nifty 50 22,932.5 22,977.2 22,998.6 22,858.5 22,888.2 -44.3 -0.2 Infra 649.5 641.2 -1.3 *DOMS Inds . . . . . . . . 2035.0 *Alphalogic Tech . . . . . 400.6 *Ganesh Holdings . . . . 184.5 Sofcom Sys . . . . . . . . . . . 30.0 KIOCL Coral India KCP Sugar Ravinder VSL Mish Designs CWD Ltd Gem Spinners BAG Films RPP Infra
IT 34,681.9 34,521.0 -0.5 *Prudent Corpora . . . 1806.9 Panama Petro . . . . . . . 399.0 *A K Spintex . . . . . . . . . 176.0 *Tulasee Bio- . . . . . . . . . 18.5 KNR Const Deccan Health Khaitan Ind Height Zuari Industrie Northern Spirit Group MT Group P Dolfin Rubbers S&S Power Sw
Nifty next50 69,136.3 69,343.7 69,453.8 68,032.2 68,545.6 -590.7 -0.9 Lemon Tree Donear Ind KMC Spl Red Tape Group M
Metal 33,337.4 33,125.1 -0.6 Johnson Cont . . . . . . . 1772.5 *BDH Ind . . . . . . . . . . . . 397.5 *Gujchem Dist . . . . . . . 160.4 BLB . . . . . . . . . . . . . . . . . 18.0 Patdiam Jew Amrapali Cap Jupiter Ind Gayatri Highway Sayaji Pune
Nifty 500 21,493.0 21,542.5 21,558.2 21,345.4 21,387.4 -105.7 -0.5 Oil & Gas 29,354.0 29,001.2 -1.2 *TCI . . . . . . . . . . . . . . . 1600.0 *Arvind . . . . . . . . . . . . . 390.0 *SAB . . . . . . . . . . . . . . 159.3 Rama Paper . . . . . . . . . . 17.0 Hot EMS Ltd Kovai Medicl RGL Bizotic Com- Patron Exim Containe Group P Global Vectr Tarapur Tran
Power 7,752.5 7,608.2 -1.9 *Brady & Morr . . . . . . 1371.2 *Heritage Foods . . . . . 371.0 *G.G.Automati . . . . . . . 159.2 *Wardwizard Food . . . . 14.1 Mishra Dhatu Energy Devlp Kuantum Rishabh merc Qualitek Labs Techno KMG Milk Jyoti Stru The Hi-Tech Gea
India VIX 23.2 23.2 24.5 22.0 24.2 1.0 4.3 *Choice Int'l . . . . . . . . . 350.0 *Odyssey Tech . . . . . . . 157.0 Ni Entero Papers Royal Orchid Brisk Techno Raconteur Inflame Applian Laser Diamon Kridhan Infra Uma Exports
PSU 21,337.2 21,044.7 -1.4 *Ahluwalia Co . . . . . . 1308.7 *Thena Constr . . . . . . . . . 7.7
Nifty CPSE 6,710.1 6,744.9 6,744.9 6,576.8 6,602.4 -107.8 -1.6 Realty 8,101.1 7,921.0 -2.2 Rattanindia Healthca Lambodhara T Sakthi Sugar Cargosol Logist Globa Manas Raaj Medisfe I M K Proteins Vivid Merc
* Indicates that the market price of these companies reached two-year highs/lows.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes SYMBOLS FOR FACE VALUE OF
SCRIPS BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four < H
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (616.2) (616.5) (8396.0) (8398.3)
m ~50 H ~2 Open 616.3 618.1 8339.9 8365.1
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
n ~20
High 632.1 632.5 8352.6 8374.7
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions « ~1
Low 616.3 617.5 8158.9 8177.2
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 628.9 629.4 8232.9 8233.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 37988 2384K 7902 328K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 54.5 54.6 144.3 144.3
company name is followed by shares traded, and also the 52 Wk H/L 770/438 769/438 8600/3848 8600/3850
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 22796 22816 174455 174471
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
H Aditya Bir Fa Aditya Birla Alkem LabsH
H Ambuja CemH
H Apollo Hosp<
< Apollo Tyres«
« Ashok Leyland«
« Asian Paints«
« Astral«
« Atul Au Small Fin Aurob Pharma«
« Axis BankH
H Bajaj Auto
PCLose (26245.1) (26244.2) (2583.8) (2585.1) (3288.1) (3289.1) (1431.8) (1431.7) (286.2) (286.1) (226.9) (226.9) PCLose (5338.0) (5337.3) (632.3) (632.5) (5937.5) (5939.3) (477.0) (477.0) (226.8) (226.7) (2873.2) (2872.3) PCLose (2173.1) (2174.3) (5890.9) (5886.5) (634.6) (634.6) (1195.7) (1196.3) (1187.3) (1187.0) (9000.1) (8998.7)
Open 26167.0 26246.7 2594.0 2583.0 3313.9 3309.7 1445.0 1438.0 286.9 286.9 228.0 227.6 Open 5340.0 5330.1 631.3 633.9 5926.4 5944.2 477.2 477.0 228.4 227.8 2875.0 2875.9 Open 2173.0 2175.7 5880.0 5902.3 635.1 638.5 1217.9 1215.0 1190.0 1188.0 9000.1 8998.7
High 26307.0 26323.7 2594.0 2593.6 3328.8 3329.5 1445.0 1438.0 297.8 297.8 234.2 234.2 High 5340.0 5340.0 636.4 636.5 5963.0 5971.5 479.1 479.7 230.7 230.8 2919.8 2921.0 High 2199.4 2199.0 5915.0 5920.0 647.6 647.7 1225.0 1226.1 1192.0 1192.4 9015.0 9022.3
Low 25816.6 25840.1 2553.1 2552.0 3230.9 3229.1 1398.0 1398.0 283.5 283.5 226.2 226.0 Low 5269.7 5262.1 626.7 627.0 5885.0 5880.3 471.1 471.2 224.3 224.3 2862.6 2864.0 Low 2140.1 2141.0 5800.3 5825.0 631.1 630.6 1203.6 1204.3 1178.8 1179.0 8919.6 8916.2
Close 25947.8 25932.5 2570.0 2570.6 3244.4 3244.1 1400.7 1400.5 285.7 285.8 227.2 227.2 Close 5314.4 5313.9 629.2 629.7 5902.3 5904.5 473.8 474.0 226.7 226.9 2910.5 2911.2 Close 2147.1 2148.7 5855.0 5853.9 636.4 636.4 1220.1 1221.0 1182.4 1183.4 8986.1 8989.8
Shares 523 6200 3519 302K 79442 1621K 250K 4071K 929K 19398K 750K 11521K Shares 1821 217K 31114 2483K 12481 314K 238K 2888K 2722K 27424K 93401 1085K Shares 8410 428K 2797 16340 102K 3798K 45359 2080K 126K 4019K 5254 259K
PE 45.9 45.9 20.7 20.7 114.1 114.1 37.3 37.3 - - 82.7 82.7 PE 40.4 40.4 43.3 43.4 85.0 85.0 17.5 17.5 25.4 25.4 51.1 51.1 PE 104.8 104.9 44.8 44.8 30.8 30.8 22.5 22.5 14.7 14.7 32.5 32.6
52 Wk H/L 29628/21452 29639/21450 2760/1756 2746/1754 3456/2142 3458/2142 1457/703 1457/703 298/193 298/193 244/155 244/155 52 Wk H/L 5581/3283 5579/3307 656/404 657/404 6871/4526 6874/4525 560/366 558/365 231/145 231/144 3567/2671 3568/2670 52 Wk H/L 2352/1739 2352/1740 7587/5720 7590/5730 813/554 813/554 1246/585 1246/585 1196/910 1196/910 9356/4511 9358/4541
Mcap 55139 55107 48262 48272 369856 369822 302572 302529 29025 29035 59088 59088 Mcap 63533 63527 154978 155089 84863 84895 30088 30101 66568 66612 279170 279242 Mcap 57670 57713 17237 17234 47264 47264 71483 71538 365060 365369 250874 250976

Bajaj FinH
H Bajaj Finsrv«
« Balkrishna IH
H Balram Chini«
« Bandhan Bank Bank of BarodaH
H Bata India<
< Berger Paints«
« Bharat Elctn«
« Bharat ForgeH
H Bharti Airtel<
< BHELHH Biocon<
< BirlasoftH
H Bosch BPCL Britannia«
« Can Fin HomeH
H
PCLose (6893.9) (6895.5) (1595.1) (1595.8) (3101.3) (3101.9) (380.3) (380.2) (189.1) (189.1) (270.8) (270.5) PCLose (1355.1) (1355.6) (486.4) (486.4) (294.4) (294.5) (1572.3) (1572.0) (1383.7) (1384.3) (298.8) (298.5) PCLose (314.8) (315.0) (635.5) (635.2) (31579.5) (31566.4) (656.2) (656.0) (5208.6) (5212.3) (741.8) (742.0)
Open 6920.0 6914.0 1600.0 1603.0 3101.0 3109.0 381.0 381.8 189.1 189.7 271.0 271.0 Open 1357.2 1355.7 489.5 490.0 296.0 295.7 1572.4 1579.0 1389.0 1384.8 300.9 299.9 Open 313.5 313.0 640.0 640.0 31650.0 31550.0 656.3 658.0 5214.0 5209.0 743.8 742.0
High 6947.1 6945.0 1605.4 1605.0 3116.3 3121.7 384.8 384.9 193.4 193.4 271.8 271.8 High 1364.1 1364.6 497.5 497.6 296.0 295.8 1599.0 1600.0 1389.0 1387.0 300.9 300.9 High 319.9 320.0 642.0 641.7 31650.0 31566.5 658.8 659.0 5280.0 5285.4 756.1 756.0
Low 6855.7 6856.9 1590.0 1589.5 3063.6 3058.4 377.3 377.4 188.6 188.6 262.8 262.6 Low 1344.2 1343.3 487.4 487.1 285.5 285.1 1560.0 1559.7 1367.6 1366.9 290.5 290.5 Low 311.1 311.0 617.0 617.1 30826.0 30821.6 642.7 642.6 5182.7 5180.6 741.4 740.2
Close 6874.5 6873.1 1600.0 1599.7 3099.2 3099.6 380.6 381.0 190.3 190.3 264.3 264.3 Close 1356.8 1356.8 495.8 496.1 289.1 289.1 1565.5 1565.3 1370.6 1371.1 291.2 291.5 Close 317.8 317.8 620.4 620.5 31056.1 31066.0 646.5 646.5 5246.3 5250.6 744.9 745.0
Shares 31045 753K 80487 1306K 5038 212K 65308 577K 1210K 15138K 468K 12897K Shares 7874 301K 104K 1874K 1582K 33894K 46062 1009K 20048 2069K 1578K 22303K Shares 293K 8346K 201K 2636K 1739 76953 293K 4475K 3668 259K 7960 506K
PE 33.7 33.6 31.3 31.3 41.7 41.7 17.7 17.7 13.8 13.8 7.7 7.7 PE 65.8 65.8 56.9 57.0 52.6 52.6 51.2 51.1 104.1 104.2 - - PE 37.3 37.3 27.5 27.5 36.8 36.8 5.3 5.3 59.1 59.1 13.2 13.2
52 Wk H/L 8190/6190 8192/6188 1742/1439 1741/1440 3165/2194 3174/2194 486/343 486/344 272/170 272/170 286/182 286/182 52 Wk H/L 1770/1294 1771/1294 679/478 680/478 303/110 303/110 1599/767 1600/766 1407/813 1407/813 322/77 323/77 52 Wk H/L 331/218 331/218 862/327 862/327 32214/17925 32230/17931 688/332 688/331 5386/4350 5386/4348 905/676 910/677
Mcap 425532 425442 255280 255224 59907 59914 7676 7684 30657 30657 136679 136679 Mcap 17437 17437 57795 57830 211326 211326 72887 72878 777598 777882 101397 101502 Mcap 38155 38149 17129 17131 91584 91613 140242 140242 126382 126486 9918 9919

Canara BankH
H CDSL CGCELHH Chambal Fert Chola InvH
H CiplaH
H City Union Bk«
« Coal India Cochin Ship<
< Coforge Colgate«« Containr Crp<
< Coromndl Int«
« Cummins (I)H
H Dabur India«
« Dalmia BharatH
H Deepak NitrtH
H Divis LabH
H
PCLose (116.9) (117.0) (-) (2118.9) (387.9) (388.4) (409.0) (409.1) (1271.8) (1270.0) (1478.3) (1478.7) PCLose (144.4) (144.5) (494.3) (494.5) (1970.5) (1971.0) (5264.3) (5263.6) (2667.4) (2667.4) (1103.5) (1103.1) PCLose (1246.4) (1246.4) (3805.6) (3805.3) (567.1) (567.4) (1805.1) (1807.7) (2344.3) (2344.6) (4254.0) (4255.3)
Open 117.8 117.7 - 2123.0 387.2 388.4 410.7 411.5 1275.0 1271.2 1478.8 1483.0 Open 144.5 144.8 498.0 496.0 2008.0 1994.1 5298.0 5298.0 2670.0 2670.0 1103.6 1106.0 Open 1259.9 1256.0 3814.9 3805.4 570.0 570.0 1810.9 1803.0 2338.0 2345.0 4250.0 4242.8
High 118.7 118.8 - 2129.4 392.8 392.9 415.5 415.5 1275.0 1272.7 1494.6 1494.8 High 145.5 145.5 498.0 496.2 2022.6 2022.0 5309.1 5311.0 2711.4 2712.0 1111.4 1111.3 High 1299.7 1299.4 3843.3 3849.0 579.0 578.9 1810.9 1811.9 2362.0 2361.4 4402.0 4401.6
Low 115.4 115.3 - 2080.0 384.1 384.1 401.6 401.4 1251.0 1251.5 1476.4 1475.2 Low 143.1 143.0 484.3 484.1 1864.0 1863.4 5137.5 5135.1 2670.0 2670.0 1071.0 1070.3 Low 1251.3 1250.1 3740.0 3736.5 564.4 564.6 1786.3 1786.4 2281.1 2280.6 4236.1 4238.5
Close 116.0 116.0 - 2088.2 389.6 390.3 405.4 405.7 1258.5 1259.7 1479.6 1479.5 Close 144.4 144.2 487.5 487.7 1907.6 1909.4 5147.0 5146.3 2701.2 2702.8 1080.6 1080.7 Close 1290.2 1291.1 3831.7 3832.3 570.7 570.8 1796.4 1801.6 2299.9 2299.5 4390.9 4392.1
Shares 1009K 30239K - 630K 51968 1842K 32580 1104K 22674 1065K 13648 784K Shares 52996 2198K 195K 8165K 346K 7903K 33032 840K 4392 242K 71011 2216K Shares 17113 1074K 11144 527K 74473 4430K 5767 379K 31236 954K 41102 2151K
PE 7.2 7.2 - - 53.7 53.8 12.2 12.2 30.9 30.9 29.0 29.0 PE 10.5 10.5 9.2 9.2 61.7 61.8 39.4 39.4 55.5 55.5 53.5 53.5 PE 23.1 23.1 74.9 74.9 54.9 54.9 40.8 40.9 72.4 72.4 74.0 74.0
52 Wk H/L 127/58 127/58 -/- 2239/982 410/262 410/261 439/250 439/250 1353/997 1353/997 1519/942 1519/942 52 Wk H/L 168/120 168/120 507/223 507/223 2100/240 2100/240 6840/4291 6847/4287 2961/1568 2961/1569 1124/629 1120/629 52 Wk H/L 1300/915 1299/914 3900/1590 3895/1653 597/489 597/489 2429/1700 2431/1699 2620/1901 2620/1900 4402/3300 4402/3295
Mcap 105174 105174 - 21821 25055 25100 16242 16252 105720 105821 119463 119451 Mcap 10696 10681 300433 300526 50184 50232 31818 31814 73473 73516 65838 65847 Mcap 37982 38010 106215 106231 101128 101146 33691 33788 31370 31364 116555 116588

Dixon TechH
H DLFHH Dr Lal PathLabs Dr Reddys<
< Eicher Motor«
« Escorts Kub Exide Ind«
« Federal BankH
H GAIL Glenmark«
« GMR Airports«
« GNFC Godrej Cons«
« Godrej Prpty<
< Granules«
« Grasim IndH
H Gujarat GasH
H HAL<<
PCLose (9263.4) (9264.7) (842.1) (842.5) (2630.4) (2632.4) (5884.4) (5872.7) (4791.4) (4793.3) (3852.8) (3855.0) PCLose (494.5) (494.4) (163.6) (163.6) (202.5) (202.4) (1120.3) (1119.4) (88.2) (88.2) (666.0) (665.4) PCLose (1328.6) (1328.9) (2841.4) (2843.3) (438.5) (438.6) (2389.8) (2390.6) (553.8) (554.4) (5143.7) (5142.4)
Open 9280.0 9265.0 844.0 845.0 2625.0 2625.2 5884.4 5872.2 4820.0 4793.3 3862.6 3855.0 Open 499.0 498.5 164.1 164.2 204.0 203.4 1121.9 1120.0 89.4 88.7 669.9 668.8 Open 1331.0 1335.0 2840.8 2843.8 440.1 441.0 2404.5 2398.9 553.1 554.0 5143.0 5139.0
High 9280.0 9270.0 848.0 845.4 2642.0 2646.3 6004.6 6005.1 4826.4 4825.5 3925.4 3928.9 High 517.0 517.4 164.3 164.3 204.0 203.6 1176.0 1176.5 89.4 89.1 672.9 673.0 High 1344.3 1344.3 2850.0 2852.0 445.8 445.5 2448.0 2470.0 556.3 560.0 5206.9 5207.9
Low 9054.3 9051.1 818.0 818.0 2599.4 2600.0 5875.9 5872.2 4759.9 4760.0 3812.3 3810.1 Low 492.1 492.5 159.6 159.5 198.4 198.4 1110.4 1110.3 86.6 86.6 663.9 664.0 Low 1324.7 1323.8 2758.8 2757.0 431.6 431.7 2395.0 2392.7 540.0 540.0 4954.3 4955.0
Close 9100.5 9097.2 820.1 820.0 2616.0 2617.2 5955.7 5965.3 4771.8 4771.0 3845.4 3846.7 Close 509.8 509.9 160.2 160.0 200.4 200.5 1159.9 1160.2 87.4 87.5 670.5 670.7 Close 1330.7 1331.0 2776.2 2775.3 434.3 434.5 2440.8 2440.4 547.2 547.4 5018.6 5019.8
Shares 5222 271K 77480 3217K 2870 106K 23164 793K 5151 334K 7941 351K Shares 1983K 30885K 171K 5527K 746K 11658K 139K 5609K 857K 41133K 50596 763K Shares 10490 798K 15010 445K 20345 1187K 13546 874K 20456 463K 316K 4402K
PE 148.0 147.9 74.4 74.4 61.1 61.1 17.8 17.8 32.7 32.6 41.0 41.0 PE 41.2 41.2 10.5 10.5 14.9 14.9 - - - - 14.2 14.2 PE - - 106.4 106.4 26.0 26.0 170.0 170.0 33.0 33.0 44.2 44.2
52 Wk H/L 9484/3652 9488/3652 967/462 968/463 2767/1917 2767/1916 6506/4483 6506/4481 4908/3159 4908/3160 3953/2079 3960/2077 52 Wk H/L 517/204 517/204 170/121 170/121 214/103 214/103 1176/588 1176/589 94/40 94/40 815/532 815/532 52 Wk H/L 1372/960 1373/960 2925/1363 2926/1361 481/275 480/275 2535/1671 2490/1669 621/397 620/397 5377/1499 5378/1768
Mcap 54421 54401 202999 202975 21838 21848 99352 99513 130651 130629 42491 42506 Mcap 43333 43342 39026 38978 131765 131831 32731 32741 52760 52814 9852 9855 Mcap 136104 136135 77188 77163 10527 10532 160727 160697 37669 37680 335634 335711

Havells I«
« HCL TechnoH
H HDFC AMC< < HDFC Bank«« HDFC Std Life Hero MotoCorpHH Hind Copper<
< Hindalco«
« HPCL HUDCO HUL«« ICICI BankH
H ICICI Lombard ICICI Prud Life IDFC IDFC First Bank IEX«
« India Cement
PCLose (1886.3) (1887.3) (1354.3) (1353.3) (3919.3) (3919.9) (1527.9) (1527.7) (564.5) (564.3) (5080.0) (5083.9) PCLose (368.9) (368.4) (677.8) (677.8) (557.5) (557.2) (263.1) (263.1) (2383.6) (2384.5) (1130.1) (1129.8) PCLose (1622.8) (1623.6) (572.6) (572.9) (116.3) (116.2) (78.7) (78.7) (160.7) (160.8) (213.4) (213.5)
Open 1900.0 1890.7 1355.1 1357.9 3920.0 3926.0 1528.0 1530.1 568.0 567.0 5056.1 5085.0 Open 371.9 371.8 681.0 682.0 559.0 557.0 264.5 263.9 2383.7 2390.0 1131.8 1132.5 Open 1620.1 1625.0 572.6 573.0 115.6 116.2 79.2 79.0 162.3 161.5 213.9 213.0
High 1906.9 1907.0 1363.5 1363.3 4035.4 4041.0 1535.5 1536.1 579.6 580.0 5225.0 5225.0 High 377.5 377.4 698.0 698.0 559.6 559.5 264.8 264.7 2410.0 2409.0 1135.0 1135.2 High 1643.2 1643.6 587.0 587.0 117.6 117.6 79.6 79.6 162.3 162.0 218.0 218.2
Low 1876.7 1876.2 1345.6 1345.6 3919.3 3911.7 1524.9 1524.8 564.0 563.7 5050.0 5045.0 Low 369.5 369.6 678.2 678.4 541.2 541.1 248.6 248.6 2379.2 2378.6 1125.0 1125.0 Low 1613.0 1612.0 572.6 573.0 114.9 114.8 77.6 77.6 156.8 156.8 210.9 211.0
Close 1885.2 1885.8 1358.3 1358.4 4015.6 4011.6 1530.5 1530.5 578.3 578.5 5186.9 5184.0 Close 373.7 373.9 680.6 681.3 546.7 546.9 250.3 250.1 2393.3 2396.0 1126.9 1127.0 Close 1636.1 1635.2 582.4 582.6 115.8 115.9 78.0 78.0 157.2 157.2 213.4 213.0
Shares 14616 1181K 174K 2147K 13460 847K 600K 13954K 293K 5798K 21467 727K Shares 844K 8670K 662K 12925K 290K 6124K 1698K 16057K 39139 1632K 123K 9312K Shares 2904 527K 35897 2118K 473K 5061K 2725K 25613K 328K 9300K 113K 4628K
PE 92.8 92.8 23.5 23.5 - - 19.1 19.1 79.3 79.3 26.1 26.1 PE 122.3 122.4 41.4 41.4 5.3 5.3 23.7 23.7 55.6 55.7 19.4 19.4 PE 42.0 42.0 98.5 98.5 724.9 725.5 18.7 18.7 41.1 41.0 - -
52 Wk H/L 1925/1233 1925/1233 1697/1088 1697/1087 4066/1851 4067/1850 1758/1363 1758/1364 711/538 711/538 5225/2736 5225/2736 52 Wk H/L 416/106 416/106 699/404 699/404 594/239 595/239 278/54 278/54 2769/2170 2770/2172 1169/899 1170/899 52 Wk H/L 1747/1169 1747/1169 641/446 641/448 134/95 137/95 101/70 101/70 173/116 173/116 277/188 277/188
Mcap 118145 118180 368582 368622 85725 85640 1162706 1162706 124378 124421 103711 103653 Mcap 36138 36152 152933 153102 77545 77581 50098 50068 562330 562952 792177 792212 Mcap 80660 80613 83945 83966 18528 18544 55203 55167 14018 14013 6612 6599

IndiaMART Int Indian Hotel«

« Indraprst GsH
H Indus Towers IndusInd Bank Info Edge Infosys<
< InterGlobe Avia IOC Ipca Labs«
« IRCON IntlH
H IRCTCHH IREDA IRFC ITC«
« Jindal Steel«
« Jio Financial JK Cement
PCLose (2549.3) (2548.8) (581.5) (581.1) (461.1) (461.1) (342.9) (342.8) (1465.6) (1465.1) (6256.3) (6257.9) PCLose (1471.6) (1471.3) (4248.9) (4253.0) (168.8) (168.9) (1295.8) (1296.6) (276.5) (276.4) (1100.3) (1101.3) PCLose (193.3) (193.3) (184.6) (184.6) (431.5) (431.5) (1058.9) (1059.3) (360.1) (360.0) (3991.4) (3991.4)
Open 2552.4 2559.8 586.7 584.8 462.0 461.4 345.2 346.0 1466.0 1472.8 6268.1 6277.0 Open 1477.0 1475.5 4262.0 4252.1 170.0 169.1 1302.7 1296.6 277.2 277.5 1105.0 1105.0 Open 195.2 194.8 186.4 186.0 432.0 432.1 1061.0 1063.2 361.0 361.0 3991.5 4005.0
High 2558.0 2559.8 586.7 586.5 476.8 477.0 350.7 351.0 1478.4 1478.8 6410.0 6347.9 High 1477.0 1476.0 4265.4 4266.2 170.0 169.8 1325.2 1325.7 280.6 280.5 1107.7 1107.6 High 196.2 196.2 187.5 187.8 434.0 432.5 1068.5 1068.0 363.7 363.8 4049.5 4049.0
Low 2515.0 2515.0 571.1 571.1 458.6 458.5 340.0 340.1 1451.0 1449.1 6037.7 6061.6 Low 1461.0 1460.3 4157.4 4156.0 165.8 165.8 1287.8 1286.5 268.2 268.3 1078.9 1077.8 Low 182.5 182.4 177.5 177.5 428.3 428.3 1044.6 1044.0 355.3 355.3 3972.0 3970.0
Close 2526.6 2526.5 572.2 572.5 472.7 472.7 341.4 341.4 1458.6 1459.4 6072.2 6081.7 Close 1466.2 1467.1 4197.2 4197.1 167.2 167.1 1319.4 1319.8 271.4 270.9 1082.7 1083.1 Close 184.9 184.9 180.2 180.3 428.9 429.0 1052.4 1052.6 356.9 356.9 3990.3 3990.9
Shares 8895 118K 113K 3518K 238K 3893K 476K 10681K 72292 2381K 4058 231K Shares 369K 6187K 12334 540K 838K 12935K 7631 423K 2083K 8108K 140K 2907K Shares 3658K 38059K 10206K 79904K 474K 9310K 14540 702K 1517K 9228K 2778 103K
PE - - 64.7 64.7 18.9 18.9 15.2 15.2 12.7 12.7 94.3 94.4 PE 23.2 23.2 19.8 19.8 6.0 6.0 60.8 60.8 - - - - PE - - - - 26.2 26.2 18.1 18.1 - - 37.1 37.1
52 Wk H/L 3293/2395 3336/2393 622/371 623/372 501/376 501/376 367/152 367/152 1694/1262 1695/1252 6546/3815 6545/3972 52 Wk H/L 1731/1262 1733/1262 4520/2316 4529/2315 197/86 197/86 1374/676 1375/675 301/78 301/79 1148/614 1139/614 52 Wk H/L 215/50 215/50 193/32 193/32 500/399 500/399 1086/508 1086/508 395/205 395/203 4565/2986 4575/2989
Mcap 15155 15154 81440 81483 33086 33089 91992 92005 113539 113602 78561 78684 Mcap 608599 608952 162002 161998 236107 235895 33472 33482 25520 25473 86616 86648 Mcap 49697 49697 235495 235560 535469 535594 107355 107376 226717 226717 30833 30837

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PCLose (901.8) (902.0) (491.1) (491.1) (1710.9) (1711.0) (3650.8) (3652.0) (158.1) (158.2) (4600.3) (4602.3) PCLose (441.0) (441.1) (640.5) (640.7) (1035.8) (1036.1) (1000.0) (1000.0) (4894.1) (4892.0) (1615.7) (1616.1) PCLose (269.3) (269.3) (2547.8) (2549.1) (1305.4) (1304.9) (175.8) (175.8) (602.1) (602.5) (12902.4) (12906.1)
Open 902.1 905.9 494.9 493.7 1719.9 1712.3 3651.9 3652.0 158.6 158.2 4645.3 4629.0 Open 444.0 443.8 641.5 640.1 1053.1 1054.7 1000.0 1003.0 4915.0 4915.0 1630.0 1624.8 Open 269.7 270.5 2564.0 2550.0 1315.0 1310.0 178.0 177.2 605.2 607.0 12900.0 12890.0
High 915.6 915.9 512.8 512.9 1719.9 1716.0 3685.0 3685.3 159.4 159.2 4686.0 4686.6 High 449.0 449.0 647.0 646.8 1062.6 1062.5 1000.2 1003.0 4931.0 4933.5 1633.3 1634.0 High 272.2 272.3 2580.6 2582.0 1315.0 1310.0 178.0 177.2 615.6 615.9 12979.0 12986.0
Low 901.0 901.2 492.1 491.3 1699.5 1698.0 3646.5 3646.1 155.1 155.1 4592.9 4592.3 Low 441.4 441.4 638.8 638.4 1011.6 1011.7 1000.0 999.5 4853.6 4855.2 1601.0 1600.0 Low 267.8 267.7 2548.2 2548.0 1282.3 1282.3 172.0 172.0 603.0 602.9 12805.0 12800.3
Close 906.9 907.4 498.4 498.0 1702.3 1703.7 3657.1 3658.2 156.9 156.8 4642.2 4641.0 Close 446.3 446.8 645.5 645.4 1021.4 1016.0 1000.0 1000.0 4884.4 4886.0 1603.6 1603.5 Close 269.4 269.8 2552.2 2552.8 1293.3 1294.2 173.2 173.3 608.1 608.1 12821.7 12818.6
Shares 108K 1931K 291K 11887K 23070 3716K 24508 1440K 129K 2026K 4972 270K Shares 35650 2100K 18013 1323K 476K 6525K 171K 2357K 12797 322K 8628 519K Shares 131K 2214K 17674 1549K 12635 192K 258K 7510K 45843 3123K 2907 334K
PE 25.2 25.2 140.6 140.5 18.6 18.6 38.5 38.5 16.8 16.8 37.7 37.6 PE 149.8 150.0 7.5 7.4 - - - - 31.6 31.6 38.2 38.2 PE 18.9 18.9 29.6 29.6 9.9 9.9 6.7 6.7 53.1 53.1 30.5 30.5
52 Wk H/L 930/692 929/691 586/421 587/421 2063/1544 2064/1544 3860/2200 3860/2200 179/102 179/102 5885/3757 5873/3755 52 Wk H/L 471/325 471/325 683/363 683/363 1175/593 1175/593 1005/995 1030/970 6443/4565 6442/4566 1728/780 1728/780 52 Wk H/L 346/244 347/237 2617/1301 2617/1298 1579/971 1580/971 207/110 207/110 616/487 616/486 13067/9225 13074/9222
Mcap 221770 221892 32887 32861 338394 338672 502753 502911 39039 39027 49091 49078 Mcap 24051 24078 35506 35500 646036 642620 - - 144676 144722 73082 73077 Mcap 33287 33330 317371 317446 12775 12784 14661 14669 78688 78694 403114 403017

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PCLose (957.5) (957.8) (3807.4) (3808.2) (1980.2) (1977.3) (2444.6) (2441.1) (131031.9) (130953.8) (1707.9) (1708.3) PCLose (194.3) (194.4) (3363.6) (3366.9) (145.1) (145.1) (2459.9) (2459.9) (102.3) (102.3) (262.7) (262.6) PCLose (369.6) (369.6) (1800.4) (1803.8) (668.2) (668.3) (1808.7) (1808.8) (277.6) (277.6) (7603.7) (7597.5)
Open 958.8 957.7 3848.0 3840.0 1971.4 1977.4 2458.9 2452.0 131800.0 131300.0 1718.7 1713.6 Open 200.5 200.6 3362.0 3369.9 147.0 145.8 2450.1 2461.2 103.5 102.8 256.4 258.0 Open 373.2 372.6 1798.5 1803.9 675.0 673.1 1825.6 1817.1 280.6 279.3 7560.1 7574.9
High 995.9 995.8 3883.3 3883.0 2009.0 2010.0 2461.8 2461.1 131800.0 131498.2 1762.0 1763.0 High 206.3 206.3 3385.8 3385.0 147.0 145.9 2466.4 2467.7 104.0 104.0 265.6 265.7 High 373.5 373.3 1849.7 1849.0 675.0 673.6 1835.2 1834.4 280.6 279.3 7626.7 7629.9
Low 955.7 950.6 3754.6 3755.1 1969.3 1968.6 2391.8 2393.9 128702.5 129000.0 1712.8 1708.4 Low 189.6 189.5 3306.1 3306.2 137.4 137.1 2445.6 2446.0 99.4 99.4 256.4 257.7 Low 364.3 364.1 1766.7 1800.3 645.5 645.1 1780.0 1781.0 273.2 273.1 7527.1 7525.3
Close 978.1 979.1 3777.5 3774.6 1991.8 1994.6 2399.3 2400.4 129064.4 129109.2 1744.8 1745.4 Close 191.4 191.4 3336.7 3336.9 138.8 138.8 2451.7 2451.7 100.2 100.2 258.8 258.9 Close 365.3 365.4 1832.5 1832.7 654.6 652.8 1784.6 1787.1 274.4 274.3 7555.3 7556.3
Shares 33809 2504K 15802 543K 10568 171K 12234 283K 298 5327 17722 1527K Shares 3340K 76307K 2670 103K 1742K 12727K 13427 522K 10964K 87127K 1007K 17938K Shares 333K 10200K 16002 920K 129K 2408K 35229 824K 293K 6927K 2375 65923
PE - - 370.8 370.5 - - 29.2 29.2 26.8 26.8 18.0 18.0 PE 17.1 17.1 70.4 70.4 66.8 66.8 74.0 74.0 26.9 26.9 13.5 13.5 PE 19.6 19.6 57.9 57.9 12.8 12.7 198.9 199.2 8.7 8.7 29.5 29.5
52 Wk H/L 1093/660 1092/668 4270/1370 4270/1372 2049/1260 2050/1261 2835/1807 2838/1808 151283/94006 151445/96068 1762/1104 1763/1104 52 Wk H/L 206/81 206/81 4750/2900 4745/2899 177/38 177/38 2771/2145 2769/264 116/43 116/43 286/104 286/104 52 Wk H/L 381/172 381/172 1850/916 1849/917 676/241 675/241 2222/681 2222/681 293/151 293/150 9021/3522 9023/3519
Mcap 33754 33787 19265 19250 10208 10222 45351 45372 54723 54742 70045 70071 Mcap 35144 35153 16550 16551 24984 24984 236388 236393 100641 100651 75844 75859 Mcap 354219 354316 66630 66635 70980 70785 14647 14668 345140 345077 65504 65513

Page Inds Persistent S<

< Petronet LNG PI Inds«
« Pidilite Ind«
« Piramal EntpH
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PCLose (36512.4) (36607.9) (3737.1) (3736.7) (301.7) (301.8) (3612.8) (3615.4) (3019.9) (3019.9) (829.4) (829.4) PCLose (129.5) (129.6) (6843.8) (6839.5) (513.1) (513.2) (318.0) (318.0) (1338.7) (1339.6) (376.8) (377.0) PCLose (768.7) (769.0) (253.3) (253.4) (579.0) (579.0) (2932.4) (2932.5) (166.6) (166.6) (143.7) (143.7)
Open 36660.0 36561.0 3755.0 3750.0 300.1 302.0 3615.2 3626.0 3023.1 3038.0 833.0 833.5 Open 130.3 130.1 6870.0 6870.0 517.8 517.5 319.4 319.0 1354.0 1350.2 380.0 379.0 Open 770.0 770.6 253.7 253.7 582.0 581.0 2942.0 2936.0 167.8 167.5 145.3 144.8
High 36799.3 36845.7 3798.5 3797.0 302.6 302.5 3640.3 3642.0 3070.0 3072.0 833.0 833.5 High 131.6 131.6 6899.0 6899.9 521.4 521.3 319.4 319.5 1354.0 1353.8 389.4 389.4 High 774.0 774.0 254.4 254.6 583.8 583.9 2957.0 2957.0 169.3 169.2 145.3 144.8
Low 36039.2 36015.1 3672.0 3672.8 295.3 295.3 3593.6 3590.6 3019.4 3019.8 811.2 811.1 Low 126.9 126.9 6680.2 6685.0 500.3 500.3 312.0 312.0 1319.0 1318.3 366.0 366.0 Low 760.4 760.3 249.3 249.2 558.4 558.5 2905.4 2905.5 161.6 161.6 139.8 139.8
Close 36338.2 36356.5 3688.7 3690.7 296.2 296.4 3617.6 3617.8 3047.0 3047.9 819.0 819.3 Close 128.1 128.2 6705.6 6706.6 517.3 517.2 312.8 312.8 1332.7 1333.5 373.7 373.6 Close 762.5 762.9 251.7 251.5 580.1 580.2 2911.3 2912.4 162.4 162.4 142.0 142.0
Shares 139 21541 23665 426K 38924 2827K 3021 317K 8122 413K 45712 1168K Shares 1638K 45000K 21719 299K 777K 21588K 359K 10936K 16537 621K 2270K 38874K Shares 6349 282K 107K 3520K 934K 17209K 116K 3910K 6643K 26336K 989K 12791K
PE 71.2 71.2 52.0 52.0 12.6 12.6 31.7 31.7 89.6 89.6 - - PE 17.1 17.1 - - 11.9 11.9 18.8 18.8 - - - - PE 45.6 45.6 13.1 13.0 10.9 10.9 28.3 28.3 24.5 24.5 48.1 48.2
52 Wk H/L 42850/33100 42885/33070 4490/2319 4450/2317 323/192 323/192 4032/3060 4040/3220 3116/2293 3118/2293 1140/766 1140/766 52 Wk H/L 143/50 143/50 6901/3378 6900/3379 521/138 521/138 328/173 328/173 1880/1248 1875/1248 400/111 400/111 52 Wk H/L 1058/743 1058/743 301/148 301/149 591/134 591/134 3025/2221 3025/2220 176/82 175/82 146/78 146/78
Mcap 40517 40537 56827 56858 44423 44460 54879 54881 154968 155014 18399 18404 Mcap 140996 141161 100751 100767 170714 170665 290923 290923 13078 13085 77907 77886 Mcap 18017 18026 15242 15233 152740 152779 1969661 1970440 67080 67080 96191 96225

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PCLose (834.1) (833.7) (703.2) (702.8) (1409.5) (1410.2) (25391.1) (25415.2) (2380.4) (2380.0) (7206.4) (7215.1) PCLose (144.4) (144.5) (2308.1) (2309.9) (1466.7) (1466.1) (636.4) (636.7) (668.2) (668.6) (1105.6) (1105.2) PCLose (1817.4) (1818.5) (1088.0) (1087.9) (958.0) (958.5) (445.7) (446.0) (175.5) (175.5) (3846.6) (3847.1)
Open 836.8 835.7 705.2 703.0 1424.0 1415.0 25151.3 25490.0 2397.1 2390.0 7254.7 7234.5 Open 145.9 145.3 2320.0 2319.9 1467.1 1469.0 637.0 637.0 667.5 669.4 1105.3 1108.9 Open 1817.5 1824.0 1095.0 1089.0 960.0 959.0 447.9 447.0 177.0 175.9 3884.0 3858.0
High 840.5 840.7 706.9 706.9 1454.0 1455.0 25729.9 25725.1 2431.9 2433.0 7272.0 7275.0 High 145.9 145.5 2323.8 2324.9 1479.2 1479.1 676.0 676.3 691.3 691.0 1128.6 1129.0 High 1827.1 1828.1 1098.0 1098.0 962.0 961.9 449.6 449.4 177.5 177.5 3884.0 3870.0
Low 823.7 823.3 699.4 699.3 1406.5 1405.9 25151.3 25412.8 2374.9 2375.0 7091.6 7092.0 Low 137.6 137.6 2270.9 2270.5 1456.0 1456.0 636.8 637.0 667.5 668.4 1091.0 1090.5 Low 1782.0 1781.1 1080.1 1080.0 946.1 946.0 434.2 434.2 173.6 173.5 3831.6 3830.0
Close 830.9 831.2 705.5 705.5 1450.8 1450.8 25558.8 25634.7 2394.4 2393.7 7138.6 7137.3 Close 139.1 139.0 2280.2 2280.0 1464.9 1464.9 660.2 660.7 689.1 688.6 1095.6 1096.4 Close 1797.3 1799.8 1095.2 1095.6 947.3 947.6 436.9 436.9 174.9 174.9 3840.0 3839.9
Shares 446K 13819K 78805 1280K 18762 1600K 142 19032 18133 1299K 8023 303K Shares 1121K 18723K 4266 352K 52363 2616K 178K 6461K 16272 873K 126K 1614K Shares 5677 373K 53801 982K 225K 6619K 740K 9560K 2500K 39208K 27095 1802K
PE 11.1 11.1 - - 76.7 76.7 37.4 37.5 12.5 12.5 - - PE 63.5 63.5 49.2 49.2 36.7 36.7 13.9 13.9 59.5 59.4 104.1 104.2 PE 80.2 80.3 90.7 90.7 10.0 10.0 37.8 37.8 - - 30.3 30.3
52 Wk H/L 841/543 841/543 932/679 933/679 1572/1196 1569/1197 30710/22601 30738/22606 2658/1387 2658/1384 7388/3248 7387/3246 52 Wk H/L 170/35 171/35 2697/2050 2694/2040 1639/947 1639/946 735/422 735/423 860/649 860/649 1350/933 1349/933 52 Wk H/L 2085/1268 2085/1265 1270/784 1269/784 1066/517 1066/516 464/212 464/212 178/106 178/106 4254/3156 4255/3156
Mcap 741545 741768 67086 67086 145293 145288 92216 92490 89979 89953 254206 254159 Mcap 54664 54624 67588 67584 351461 351473 26015 26037 27739 27717 27910 27932 Mcap 51222 51293 104346 104384 314859 314942 139603 139603 218274 218336 1389350 1389314

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PCLose (1329.7) (1329.7) (3403.6) (3403.4) (2654.1) (2655.3) (4678.9) (4682.0) (2249.4) (2249.6) (10226.0) (10225.5) PCLose (159.9) (160.0) (1868.8) (1867.3) (1158.9) (1157.7) (525.0) (525.0) (459.3) (459.7) (15.0) (15.1) PCLose (1412.1) (1411.2) (452.5) (452.5) (23.0) (23.0) (148.9) (148.9) (183.3) (183.6) (1058.6) (1058.5)
Open 1328.4 1329.0 3408.0 3404.0 2652.1 2660.0 4700.0 4697.9 2249.5 2250.0 10280.0 10264.0 Open 160.3 159.2 1868.9 1871.1 1165.0 1164.1 529.3 527.5 461.1 462.9 15.0 15.1 Open 1408.0 1416.4 453.1 454.0 23.0 23.0 149.0 148.9 184.9 184.4 1058.6 1060.1
High 1330.0 1330.4 3422.9 3423.0 2673.7 2674.0 4719.9 4723.8 2270.4 2271.0 10365.0 10365.9 High 160.4 160.4 1885.0 1885.0 1196.0 1195.5 529.3 529.0 471.8 471.9 15.1 15.1 High 1429.0 1429.0 457.2 457.3 23.1 23.1 152.8 152.8 184.9 184.8 1067.6 1067.8
Low 1311.1 1311.3 3391.3 3392.2 2632.5 2634.6 4600.5 4600.0 2226.7 2226.7 10147.9 10146.5 Low 152.4 151.0 1849.1 1848.5 1161.0 1162.1 516.4 516.1 453.2 453.3 14.5 14.5 Low 1383.4 1383.6 453.0 453.1 22.7 22.7 145.9 145.9 180.5 180.4 1041.0 1040.4
Close 1316.8 1315.1 3409.2 3409.4 2667.2 2666.7 4616.0 4615.9 2252.0 2251.7 10169.0 10178.9 Close 157.8 157.9 1867.0 1867.3 1186.9 1190.2 517.5 517.5 455.2 455.0 14.5 14.6 Close 1389.4 1389.9 456.0 456.1 22.8 22.8 150.9 151.0 181.3 181.6 1050.4 1053.0
Shares 128K 1609K 41469 549K 1195 211K 6078 446K 30433 678K 8316 404K Shares 999K 23176K 5646 133K 99419 4343K 97103 2463K 662K 17931K 118597K 668779K Shares 83721 915K 316K 7889K 19772K 152952K 1090K 15405K 779K 34445K 91983 1517K
PE 54.6 54.5 85.4 85.4 54.5 54.5 114.3 114.3 51.4 51.4 41.9 42.0 PE 8.8 8.8 120.6 120.6 65.8 66.0 - - 39.9 39.9 - - PE 182.4 182.5 21.6 21.6 - 53.3 102.5 102.5 - - 27.4 27.5
52 Wk H/L 1416/1060 1416/1060 3885/2742 3887/2745 2840/1693 2795/1690 4799/1523 4778/1523 2314/1269 2313/1270 10523/7703 10526/7735 52 Wk H/L 163/68 163/68 2107/1433 2106/1433 1245/851 1246/852 699/448 699/448 507/208 507/208 18/7 18/7 52 Wk H/L 1500/745 1502/745 546/375 546/375 33/14 33/16 300/129 300/129 207/66 207/66 1172/499 1173/499
Mcap 128636 128475 302664 302687 90267 90252 164097 164095 106993 106976 293578 293865 Mcap 120458 120535 49362 49371 86326 86566 38840 38844 169188 169114 96667 96733 Mcap 45974 45990 238399 238425 68449 68509 14494 14504 159859 160168 105686 105948
4
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CHENNAI | WEDNESDAY, 29 MAY 2024 1
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CHENNAI | WEDNESDAY, 29 MAY 2024 5 <

SHARDUL SECURITIES LIMITED

Corporate Identification Number (CIN): L50100MH1985PLC036937
Registered Office: G-12, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400021;
Tel. No: +91 22 46032806 / 22-46032807;
Email id: investors@shriyam.com ; Website: www.shardulsecurities.com;
Contact Person: Daya Bhalia, Executive Director and Company Secretary
Recommendations of the Committee of Independent Directors (“IDC”) of Shardul Securities Limited (“Company”),
on the Delisting Offer made by A To Z Broking Services LLP (“Promoter Acquirer 1”), Rajesh Dinanath Chaturvedi
(“Promoter Acquirer 2”), Gagan Dinanath Chaturvedi (“Promoter Acquirer 3”) and Brijesh Devesh Chaturvedi
(“Promoter Acquirer 4”) (Hereinafter “Promoter Acquirer 1”, “Promoter Acquirer 2”, “Promoter Acquirer 3” and
“Promoter Acquirer 4” collectively referred to as “Promoter Acquirers”), along with other member of the Promoter
Group (“Delisting Offer”), to the public shareholders of the Company under Regulation 28 and other applicable
provisions of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, as
amended (“SEBI Delisting Regulations”).
1. Date of meeting of IDC May 28, 2024
2. Name of the Company Shardul Securities Limited
3. Details of the Delisting Offer Voluntary Delisting Offer made by the Promoter Acquirers, to acquire
pertaining to the Company 44,02,626 Equity shares representing 25.16% of the paid-up equity share
capital of the Company from the Public Shareholders and consequently,
voluntarily delist equity shares of the Company from the only stock exchange
where the shares of the Company are presently listed i.e., BSE Limited (“BSE”)
pursuant to the SEBI Delisting Regulations.
Floor Price: ` 150.15/- per Equity Share
Indicative Price: ` 155/- per Equity Share
(A Wholly Owned
Owned subsidiary
subsidiary of Bank of Baroda)
Baroda)
CIN No. U74999M
U74999MH2017GOI292430
H2017GOI292430
Methodology for Delisting: Through Reverse Book Building process
Initial Public Announcement dated December 15, 2023 (‘IPA’)
Regd. Office – 5th Floor, Baroda Sun Tower, C – 34, G Block, Bandra Detailed Public Announcement dated May 20, 2024 (‘DPA’)
Kurla Complex, Bandra (E), Mumbai 400 051 Letter of Offer dated May 21, 2024 (‘LOF’) has been issued by Saffron Capital
Advisors Private Limited, Manager to the Delisting Offer, on behalf of the
RFP for Supply, Implementation and Maintenance of Promoter Acquirers.

SaaS based Secure Web Gateway (SWG) Solution 4. Name of the Acquirer and PAC A To Z Broking Services LLP (“Promoter Acquirer 1”), Rajesh Dinanath
with the acquirer Chaturvedi (“Promoter Acquirer 2”), Gagan Dinanath Chaturvedi (“Promoter
Baroda Global Shared Services Ltd. (BGSSL), 27th Floor, GIFT One Tower, Acquirer 3”) and Brijesh Devesh Chaturvedi (“Promoter Acquirer 4”)
GIFT City, Gandhinagar, Gujarat – 382355 invites Tenders for Supply, There are no PAC(s) with the Promoter Acquirers for the purpose of Offer.
Implementation and Maintenance of SaaS based Secure Web Gateway 5. Name of the Manager to the Saffron Capital Advisors Private Limited
(SWG) Solution. Offer 605, Sixth Floor, Centre Point, J. B. Nagar, Andheri (East), Mumbai - 400
Details of the Tender form are available under ‘Tender Section’ on the 059, India Tel. No.: +91 22 49730394;
BGSSL website: www.bgss.in Email id: delistings@saffronadvisor.com Website: www.saffronadvisor.com
“Addendum” if any, shall be issued on the BGSSL website only and the Investor grievance: investorgrievance@saffronadvisor.com
bidder should refer to the same before final submission of the tender. SEBI Registration Number: INM 000011211
The last date of submission of the above Tenders is 18/06/2024 up to Contact Person: Saurabh Gaikwad/ Satej Darde
15:00 Hrs IST.
Place: Gandhinagar Head – IT Department 6. Members of the Committee of Name of the Independent Directors Position in Committee
Date : 29/05/2024 BGSSL, GIFT City, Gandhinagar Independent Directors Devesh Vasavada Chairperson and Member
Ref – BGSSL/RFP/IT/2024-25/04 Charul Abuwala Member
Lalit Shah Member
7. IDC Member's relationship a. The IDC Chairperson and Members are the Non-Executive and Independent
with the Company (Director, Directors of the Company.
Equity shares owned, any b. None of the Members of IDC holds any equity shares or other securities
other contract / relationship), of the Company.
if any c. None of the IDC member have any contracts/relationship with the
Company, except the directorship as above.
8. Trading in the Equity shares/ The IDC Chairperson and Member have not traded in any of the Equity Shares/
other securities of the other securities of the Company:
Company by IDC Members (i). during the 12 (twelve) months period preceding the date of the IPA and;
(ii). during the period between the date of the IPA and the date of this
recommendation.
9. IDC Member's relationship None of the IDC Members have any contracts/relationship with the Promoter
with the acquirer (Director, Acquirers or other Member of Promoters and Promoter Group of the Company.
Equity shares owned any
other contracts/relationship),
if any.
10. Trading in the Equity shares/ Not Applicable
other securities of the
acquirer by IDC Members
11. Recommendation on the Based on the review of the IPA, DPA and LOF (as defined above) issued by
delisting offer, as to whether Manager to the Offer, on behalf of Promoter Acquirers and the valuation report
the offer, is fair and of the Equity Shares issued by Kalyanam Bhaskar, Registered Valuer (Reg.
reasonable No. IBBI/RV/06/2020/12959), the Members of the IDC believe that the
Delisting Offer is in accordance with the SEBI Delisting Regulations and to
that extent, is fair and reasonable.
12. Summary of reasons for The IDC reviewed the following:
recommendation a. Initial Public Announcement dated December 15, 2023;
b. Valuation report dated January 03, 2024
c. Detailed Public Announcement dated May 20, 2024 and published on
May 21, 2024 and;
d. Letter of Offer dated May 21, 2024
Based on the review of the IPA, DPA and LOF issued by the Manager to the
Offer on behalf of the Promoter Acquirers, the IDC Chairperson and Member
have considered the following reasons for making recommendations in
paragraph 11 above:
(i). The proposed delisting would enable the promoter and members of the
promoter group to obtain full ownership of the Company, which in turn will
provide enhanced operational flexibility. As the Company will no longer remain
listed, there will be reduction in dedicated management time to comply with
the requirements associated with continued listing of equity shares, which
can be refocused to its business.
(ii) The delisting proposal will enhance the Company's operational, financial
and strategic flexibility including but not limited to corporate restructurings,
acquisitions, exploring new financing structures, including financial support
from the promoter/promoter group.
(iii) The delisting proposal is in the interest of the public shareholders as it
will provide them an oppor tunity to exit from the Company at a price
determined in accordance with the Delisting Regulations, providing immediate
liquidity given the heightened market volatility.
iv) It is believed that instead of subjecting the Public Shareholders to
uncertainties, it would be fair to provide them an exit opportunity through a
delisting offer. Thus, the proposed delisting is in the interest of the Public
Shareholders as it will provide them an opportunity to exit from the Company
at a price determined in compliance with the Delisting Regulations;
The IDC Chairperson and Member, however, suggest that Public Shareholders
of the Company should independently evaluate this Delisting Offer, market
performance of the Company scrip, the performance of the Company and
take informed decisions in respect of this Delisting Offer.
This statement of recommendations will be available on the website of the
Company at www.shardulsecurities.com
13. Disclosure of voting pattern The recommendations were unanimously approved by the IDC Chairperson
and Member.
14. Details of Independent None
Advisors, if any.
15. Any other matter to be None
highlighted
To the best of our knowledge and belief, after making proper enquiry, the information contained in or accompanying
this statement is, in all material respect, true and correct and not misleading, whether by omission of any information
or otherwise, and includes all the information required to be disclosed by the Company under the SEBI Delisting
Regulations.
For and on behalf of Committee of Independent Directors of
Shardul Securities Limited
Sd/-
Devesh Vasavada
Place: Mumbai Chairperson
Date: May 28, 2024 DIN: 00273128
6
>.l
l
CHENNAI | WEDNESDAY, 29 MAY 2024 1

POSSESSION NOTICE 
  

  " " 

!  #
Whereas, the authorized officer of Jana Small Finance Bank Limited (Formerly known
as Janalakshmi Financial Services Limited), under the Securitization And Reconstruction 

    !   . (- 2 - 22- &+ 


of Financial Assets And Enforcement Of Security Interest Act, 2002 and in exercise of pow- 
1 1  103%14:4  $2  2 &$ &+ 4:':
ers conferred under section 13 (12) read with rule 3 of the Security Interest (Enforcement)  33'/   " &+':/3/ 2+4+:+4:4  ..5
Rules 2002 issued demand notices to the borrower(s)/ Co-borrowers(s) calling upon the $6 -&$#$2" "-$ )* 2& 
   2&
borrowers to repay the amount mentioned against the respective names together with &(-2  ,5--9 2&7-. # $ $ &5.2&$  -6" 5--9 $
interest thereon at the applicable rates as mentioned in the said notices within 60 days
from the date of receipt of the said notices, along with future interest as applicable inciden-
++ &.+ 0/1' $ 0/14 ) * &6- $ 82$2 & 4+:+:: 2-. &
tal expenses, costs, charges etc. incurred till the date of payment and/or realisation.  "$5  "" 995- "5! $"(225  .2- 2+  (5" 
Borrower/ 13(2) Notice Date/ Date/ Time $ 6 7 2  2 # " 5 &""52 &$ &$2-&" &- ) *
Sr.
Loan No. Co-Borrower/ Outstanding Due & Type of &+/0 &5$2 "  5 $9 $$  0:: :34 $ 

 
No. Guarantor/ Mortgagor (in Rs.) as on Possession 7. 2 2   "     
1 1) Mr. Karthik Ponnusamy, Date: 
  
S/o. Ponnusamy, 2) Mrs. 06/03/2024, 26-05-2024 "&2 &+''/ -56&&-
6$5 '.2 . "" (22  ""
Maruthambal Ponnusamy, Time:
31759630000041 Rs.7,59,056.24 5-$2!# "5! $"(225  .2- 2 0:33:'+
W/o. Ponnusamy, 12.45 P.M.
3) Mr. Ponnusamy Packiri, as on 04.03.2024 Symbolic
S/o. Packiri Possession
Schedule of the Property: Thanjavur Disrict, Pattukottai Registration District,
Orathanadu Sub Registration District, Thanjavur Vattam, 53, Valamarkottai Village,
Patta No.536, Survey No.98BB/16, measuring 0.03.00 ares (i.e) 7.41 Cents entire
with R.C.C. Terraced house built by Cement, Lime Mortar, Country wood measuring
EW 21 ft, NS 30 ft, Total 630 Sq.ft. and backside Asbestos Sheeted building meas-
uring EW Breadth 21 ft, NS Length 11 ft, Total 231 Sq.ft. 7 years old building.
Property situates within Thanjavur Panchayat union, Valamarkottai Village Panchayat
Board Limits. Four Boundaries: North by: Panchayat Road, South by: V. Rengan
Property, East by: G. Kaliyamoorthi Property, West by: R. Ganesan Propery.
Whereas the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors, mentioned herein
above have failed to repay the amounts due, notice is hereby given to the Borrower's
mentioned herein above in particular and to the Public in general that the authorised
officer of Jana Small Finance Bank Limited has taken possession of the properties/
secured assets described herein above in exercise of powers conferred on him under
Section 13(4) of the said act read with Rule 8 of the said rules on the dates mentioned
above. The Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors mentioned herein
above in particular and the Public in general are hereby cautioned not to deal with the
aforesaid properties/ Secured Assets and any dealings with the said properties/
Secured assets will be subject to the charge of Jana Small Finance Bank Limited.
Place: Thanjavur Sd/- Authorised Officer,
Date: 29.05.2024 For Jana Small Finance Bank Limited

Registered Office: The Fairway, Ground & First Floor, Survey No. 10/1, 11/2 &
12/2B, Off Domlur, Koramangla Inner Ring Road, Next to EGL Business Park,
Challaghatta, Bangalore-560071. Branch Office: No.74, Lucky Lane Plaza, Salai
Road, Thillai Nagar, Trichy-620018.

Registered Office: The Fairway, Ground & First Floor, Survey

No.10/1, 11/2 & 12/2B, Off Domlur, Koramangala Inner Ring Road,
Next to EGL Business Park, Challaghatta, Bangalore-560071.
Branch Office: No.259/4/129, Saradha College Road, Opp. to Anna Salai, Alagapuram, Swarnapuri, Salem-636016.

DEMAND NOTICE UNDER SECTION 13(2) OF SARFAESI ACT, 2002.

Whereas you the below mentioned Borrower's, Co-Borrower's, Guarantor's and Mortgagors have availed loans from Jana Small Finance Bank Limited, by mortgaging your
immovable properties. Consequent to default committed by you all, your loan account has been classified as Non-performing Asset, whereas Jana Small Finance Bank
Limited being a secured creditor under the Act, and in exercise of the powers conferred under section 13(2) of the said Act read with rule 2 of Security Interest (Enforcement)
Rules 2002, issued Demand notice calling upon the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors as mentioned in column No.2 to repay the amount mentioned in the
notices with future interest thereon within 60 days from the date of notice, but the notices could not be served on some of them for various reasons.
Name of Borrower/ Loan Account Date of NPA
Sr. Amount Due
Co-Borrower/ Guarantor/ No. & Loan Details of the Security to be enforced & Demand
No. in Rs./ as on
Mortgagor Amount Notice date
1 Salem West R.D., Tharamangalam SRO Omalur Taluk Elavampatty Village,
1) Mr. Thangadurai, Prop. of M/s.
Natham Pafta No.184, Natham Old Survey No.110/3 New Survey No.220/11, NPA Date: Total Amount
Eswari Engineering, S/o. Loan Account
No. extent 0.0055.5 Sq. meter, Kist Rs.2.00 in this 597 ½ Sq.feet within the following 03.05.2024 as on
Rajendran, D.No.340 Nathakatanoor,
Boundaries: Government School building on the North, Vacant land on the South,
Elavampatty, Salem-636501. 2) Mrs. 33509440000485 & Notice 23-05-2024
Palanisami house on the East, Street on the West. Within the above said bound-
Nandhini, W/o. Thangadurai, Loan Amount: sent on Rs.
aries Northern side 8.6mtt, Southern side 9 mtr, Eastern side 6.2mtr, Western side
D.No.340 Nathakatanoor, Rs.3,50,000.00 25-05-2024 2,65,590.08
6.7 mtr, Total extent of 597 ½ Sq.feet. And having Madharas Tharse house in the
Elavampatty, Salem-636501.
extend of 22 x 27 with first Floor Cement Sheet with 16 x 10 and E.B Service No.33.
2 Loan Account All that piece and parcel of the immovable property bearing Tamil Nadu, Salem
1) Mr. Dineshkumar, S/o. Senraji,
No.
D.No.3/145 G, Veerakaran Kovil St., District, Salem East Rd, Pethanayackenpalayam Sub Rd, Kaleripatti Village,
30459630000333 NPA Date: Total Amount
Sarkar Kollapatti, Salem- 636030. Pethanayackenpalayam Taluk, in Survey No.84/1C as Patta No.369 related land
& 03.05.2024 as on
Also at: Mr. Dineshkumar, S/o.
30459410000514 with buildirrg situated with the following Boundaries on: On the East by Property
Senraji, D.No.255, North Street, & Notice 23-05-2024
Loan Amount: belongs to Dineshkumar, On the West by Property belongs to Raman, On the
Kalleripatti, Salem-636117. 2) Mrs. sent on Rs.
Rs.34,00,000.00 South by Property belongs to Dineshkumar, On the North by Pathrvay.
Jagadeeswari, W/o. Dineshkumar, 25-05-2024 39,25,531.20
Rs.5,00,000.00
D.No.3/145 G, Veerakaran Kovil St., Admeasuring Totally 0.07 Cent of land in full and with all pathway rights and ease-
Total Amount
Sarkar Kollapatti, Salem-636030.
Rs.39,00,000.00 ment rights annexed thereto.
3 Reflecting land Survey No./ City Survey No., Village, Tehsil, Taluk, Sub-District,
1) Mr. Karthikeyan, Prop. of M/s. K S District and State Tamil Nadu, Salem Dist, Salem West Rd, Salem. Tamil Nadu,
Water Service, S/o. Subramani, Loan Account Salem Dist., Salem West Rd, Salem West Joint No.1 Sub Rd, Judge Boad, South NPA Date: Total Amount
D.No.4/92A, Judge No. side Israni, Mitta Ayyamperumampatti Village, Salem Taluk, Old Survey No.107/1 03.05.2024 as on
33509440000512 New Survey No.107/1A as per New Town Survey Ward-F, Block-35, T.S.No.111. & Notice 23-05-2024
Road,Peryakollapatty, Kannankurichi,
Loan Amount: Boundaries: East by: Property belongs to Ealumalai, West by: Property belongs
Salem-636008. 2) Mrs. K Vidhya, sent on Rs.
Rs.6,00,000/- to Advocate Prakasam, North by: Judge Road, South by: Property belongs to
W/o. Karthikeyan, D.No.4/92A, Total Amount: Lakshmi. Area of the Property (Square Feet/ Square Meter/ Square Yards, etc.): 28-05-2024 5,12,499.00
GRIHUM HOUSING FINANCE LIMITED
(FORMERLY KNOWN AS POONAWALLA HOUSING FINANCE LTD)
APPENDIX IV (See rule 8(1))
POSSESSION NOTICE Judge Road, Peryakollapatty, Rs.5,12,499/- Admeasuring East-West North side 21 ½ feet, South side 20 ½ feet, North-South
Registered Office: 602, 6th Floor, Zero One IT Park, Sr. No. 79/1, Ghorpadi, Mundhwa Road, Pune – 411036 (For Immovable Property) Kannankurichi, Salem-636008. East side 46, feet, West side 46 ½ feet Totally 971 Sq.ft of land in full and with all
Whereas, the undersigned being the Authorised Officer of Grihum Housing Finance Limited (formerly known as Poonawalla Housing Finance Limited as the name Poonawalla Housing Finance pathway rights and easement rights annexed thereto.
Limited changed to Grihum Housing Finance Limited with effect from 17 Nov 2023 (Previously known as Magma Housing Finance Limited and originally incorporated with name of GE Money
Housing Finance Public Unlimited Company) herein after referred as Secured Creditor of the above Corporate/ Register office under the Securitisation and Reconstruction of Financial Assets and Enforcement 4 1) M/s. K A K Veerichetty
of Security Interest Act, 2002 (hereinafter referred as the “said Act”) and in exercise of the powers conferred under Section 13 (12) of the said Act read with Rule 3 of the Security Interest (Enforcement) Rules Enterprises, Rep. by its Prop. Mr.
2002, issued a demand notice below dated calling upon the below Borrowers to repay the amount mentioned in the notice within 60 days from the date of receipt of the said notice. Veerichetty Kandasamy, No.1/150 1. Survey No.: Old Natham S.No.13, After Sub Division New Natham S.No.13/6.
The borrowers having failed to repay the amount, notice is hereby given to the borrowers and the public in general that the undersigned has taken possession of the property described herein below in exercise New Street, Vembadithalam, Salem- Loan Account
of powers conferred on him/ her under Section 13 (4) of the said Act read with Rule 8 of the said rules of the Security Interest Enforcement Rules 2002 on the dates as mentioned herein below. 637504. 2) Mr. Veerichetty No. 2. As per Revenue Record: Natham S.No.13/6. 3. Total Extent: 1950 Sq.ft. 4. Door
The borrowers in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of secured Creditor the amount and interest Kandasamy, Proprietor of M/s. K A K 46038640001029
thereon. The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets. Details of Property taken in possession are herein below.
Veerichetty Enterprises, S/o. & No.(As per Property Tax): 1/148. 5. Location Iike name of the Place, Village, City, NPA Date: Total Amount
Sr. Name of Possession Date of statutory as on
No. Borrowers
Description of Property
taken Date Demand Notice
Amount in Demand Notice (Rs.) Kandasamy, No.1/124, New Street, 4603020000740689 Registration, Sub District etc.: Vembadithalam Village, Salem South Taluk, Salem 29-04-2024
All That Piece And Parcel Of Mortgaged Property In Krishnagiri District, Krishnagiri Reg- Loan No. HL/0113/H/14/100269 Vembadithalam, Near Pillaiyaar Kovil, Loan Amount: & Notice 23.05.2024
KARTHIK P,
istration District, Bargur Sub Registration District, Bargur Village Sy. No. 634/27 Dry. Rs. 38,56,543.01/- (Rupees Thirty Eight Lakh Salem-637504. 3) Mr. Kanda Rs.15,00,000.00 West Regd. District, Magudalchavadi SRO. 6. Boundaries for 1950 Sq.ft of land: sent on Rs.
KANISH Veerichetty, S/o. Veerichetty
1. Ext. Hec. 0.30.0 Asst. Rs. 0.20 Land Bounded As Follows:- West Of: Mr. P.S. Thimmi 23/05/2024 17/01/2024 Fifty Six Thousand Five Hundred Forty Three & North of: East West Street, South of: Natham S.No.13/6, S.No.1/4A13 latha 28-05-2024 38,28,767.80
TRADING, Kandasamy, No.1/124, New Street,
SHANTHI
Chekti And Others Land, North Of: Mrs. Kamala House, East Of: 20 Feet Wide Common Paisa One Only) payable as on 17/01/2024 Rs. 24,00,000.00
Road, South Of: Mr. Venkatappan Vacant Land. along with interest @ 17.8 p.a. till the realization. Vembadithalam, Near Pillaiyaar Kovil, Total Amount: Property, Eart of: Natham S.No.13/5 Veerichetti Property, West of: Kanchana
S VISWANATHAN, All That Pice & Parcel Of S.F.No:65/3f,Patta No:144 Door 043/155-2 Valiyalkarapatti Vil- Loan No. HM/0111/H/17/100520 Salem-637504. 4) Mrs. Sasikala, W/o.
Rs.39,00,000.00 Property. With all easements Rights and Pathway.
SIGAMANI, lage,Odugathur,Vellore Taluk & District. Adm. 4360.Sq.Ft. Near The Temple Cbse School Rs. 621032/- Veerichetty Kandasamy, No.1/124,
2. INDHIRANI SIGA- 25/05/2024 07/03/2024 (Rupees Six Lakh TwentyOne Thousand Thir- New Street, Vembadithalam, Near
Pin Code- 635804 Bounded By:- East:- Natarajan Property,West:- Colony Building,North:-
MANI, tyTwo Only) payable as on 07/03/2024 along Pillaiyaar Kovil, Salem-637504.
Old Colony Building & Road,South:- Natarajan Property.
DINESH S, with interest @ 16.75 p.a. till the realization. Notice is therefore given to the Borrower/ Co-Borrower/ Guarantor & Mortgagor as mentioned in Column No.2, calling upon them to make payment of the aggregate amount as shown
All That Piece And Parcel Of Mortage Property S F No 118a/5, S No 116a/5a1a1a1, Plot Loan No. HF/0111/H/21/100044 in column No.6, against all the respective Borrower/ Co-Borrower within 60 days of Publication of this notice as the said amount is found payable in relation to the respective loan
SUMITHRA S, No 25, Kondasamuthiram Village, Gudiyatham Taluk, Vellore Districtadm.800.Sq.Ft. Tamil Rs. 481271.49/- (Rupees Four Lakh Eighty account as on the date shown in Column No.6. It is made clear that if the aggregate amount together with future interest and other amounts which may become payable till the date
3. RAVI Nadu-632602.Bounded By East:-Vacant Land Belongs To Mr Shankar,West:-Property
25/05/2024 07/02/2024 One Thousand Two Hundred Seventy One of payment, is not paid, Jana Small Finance Bank Limited shall be constrained to take appropriate action for enforcement of security interest upon properties as described in Column
PONNUSAMI Paise Forty Nine Only) payable as on No.4. Please note that this publication is made without prejudice to such rights and remedies as are available to Jana Small Finance Bank Limited against the Borrower's/
Belongs To Mr Natraj Land,North:- 20 Feet Road,South:-Land And Building Belongs To
07/02/2024 along with interest @ 17.5 p.a. till Co-Borrower's/ Guarantor's/ Mortgagors of the said financials under the law, you are further requested to note that as per section 13(13) of the said act, you are restrained/
Palani. the realization. prohibited from disposing of or dealing with the above security or transferring by way of sale, lease or otherwise of the secured asset without prior consent of Secured Creditor.
Place: TAMILNADU Date: 29.05.2024 Sd/- Authorised Officer, Grihum Housing Finance Limited, (Formerly known as Poonawalla Housing Finance Limited) Date: 29.05.2024, Place: Salem Sd/- Authorised Officer, For Jana Small Finance Bank Limited
और सभी न्यूज़ पेपर मैगजीन प्राप्त करने के लिए सर्वप्रथम इस टेलीग्राम ग्रुप को ज्वाइन करें नीचे दिए लिंक पर क्लिक करके ज्वाइन टेलीग्राम

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