THURSDAY, 7 MARCH 2024

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

NEW DELHI
~13.00
VOLUME XXX NUMBER 278

THE MARKETS ON WEDNESDAY chg#

Sensex 74,086.0 p 408.9

Nifty 22,474.1 p 117.8

INVESTORS FLEE NBFCS AS CCI:INITIALPENALTIESONCOMPANIES

Nifty Futures* 22,593.1 p 119.0
Dollar ~82.8 ~82.9 **
Euro ~90.1 ~90.0 **
Brent crude ($/bbl)
Gold (10 gm)###
84.6##
~64,235.0 q
*(March) Premium on Nifty Spot; **Previous close;
83.3**
~104.0 RBI WIDENS CRACKDOWN WON’TBEONGLOBALTURNOVER
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E
2 COMMERCIAL
>.
NEW DELHI | THURSDAY, 7 MARCH 2024 1
THURSDAY, 7 MARCH 2024
20 pages in 1 section www.business-standard.com
NEW DELHI
~13.00
VOLUME XXX NUMBER 278

THE MARKETS ON WEDNESDAY chg#

Sensex 74,086.0 p 408.9

Nifty 22,474.1 p 117.8
Nifty Futures* 22,593.1 p 119.0 WORLD P8 BACK PAGE P18
Dollar
Euro
Brent crude ($/bbl)
~82.8
~90.1
84.6##
~82.9 **
~90.0 **
83.3**
HALEYENDS BIDASTRUMP BENGALURU WATER CRISIS:
Gold (10 gm)### ~64,235.0 q
*(March) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~104.0
SWEEPS SUPERTUESDAY INDUSTRIES STARE AT A HIT
### Market rate exclusive of VAT; Source: IBJA P U B L I S H E D S I MU L T A N E O USL Y FRO M AHM E DA BAD , BE NGA LU RU, BHO PAL , B HUB ANES W AR, CHAND I G ARH , CHE NNAI , HYD E R A B AD , K OC HI , K OL K ATA , L U C K N OW , M U MB A I, N E W DE L H I A N D P U N E

FMCGTO SEE SUBDUED

GROWTHTILLSEPTEMBER Investors flee NBFCs as CCI: Initial penalties
QUARTER: KANTAR
The Indian fast-moving
consumer goods (FMCG)
RBI widens crackdown on companies won’t
sector is expected to see
subdued growth up until
the September quarter of
the ongoing calendar year, 34 of 43 NBFC stocks decline; Nifty Bank index rises
be on global turnover
said a report by Kantar. RUCHIKA CHITRAVANSHI
Clearly continuing weakness in demand — SUNDAR SETHURAMAN like Axis Bank, which rose

ILLUSTRATION: AJAY MOHANTY

New Delhi, 6 March
not just in rural but also in urban areas — is Mumbai, 6 March 2.3 per cent, and Kotak
taking a toll. According to the Kantar FMCG Mahindra Bank, which went While determining monetary penalties, the

I
Pulse report, the sector was growing at 4 per nvestors on Wednesday up 2.5 per cent, helped Competition Commission of India (CCI) will reckon
cent at the start of 2023, propelled by the dumped stocks of non- the Sensex and Nifty 50 on factors such as how long the rules were violated,
wheat flour or atta prices. With atta banking financial com- hit record highs. whether the offence has been repeated, and the
growing in double-digits, the sector panies (NBFCs) and Analysts said investors extent of cooperation by the company, the latest
seemed to have grown at 6.1 per cent. 2> moved their money to bank feared surveillance would guidelines issued by the antitrust watchdog on
shares amid fear of a broader likely spread, and more Wednesday said.
crackdown on the sector by the might face regulator The penalty for anti-competitive practices will
THE SMART INVESTOR P10 Reserve Bank of India (RBI). action. “We believe these not initially be imposed on global and total turnover
Bitcoin rally fuels revival The concern was stoked by punitive actions will CASTING A SHADOW but adjusted over the penalty calculated on the

hope for crypto exchanges

the central bank’s action impact systemic growth
against IIFL Finance, JM for NBFCs in the near term but
Major NBFCs whose stocks fell on Wednesday
relevant turnover of the company.
The guidelines, issued without public consulta- FACTORS AT PLAY
The cryptocurrency exchanges in India have Financial, and Paytm Payments will hopefully curb unethical Last close (~) Fall (%) tion, follow the Ministry of Corporate Affairs’ n Duration of the contravention
got a fresh lease of life following the bull run Bank, citing lapses in business practices, notification that empowers the CCI to impose pen-
in Bitcoin, which briefly hit a new all-time their operations. avert systemic col- IIFLFinance 382.8 -20 alties on the global turnover of a company and not n Repeated contravention
high of more than $69,000. Siddharth Shares of IIFL NBFCs lapse as seen in the CapriGlobalCapital 247.9 -14.3 just the one derived from the product or service n Admission of contravention by
Sogani, MD of CREBACO, expects the price to Finance hit their 20 TAKING ECB past, and enhance JMFinance 85.3 -10.7 under investigation. the enterprise
cross $100,000 by the end of the year. This will per cent lower limit ROUTE TO stakeholder confi- The CCI guidelines say it will calculate the
see a sharp reversal in the Indian market, for a second day after RAISE OVER dence in the long run. L&TFinanceHoldings 159.3 -7.2 penalty up to 30 per cent of the average relevant n Role of the enterprise in
which has largely been dormant since the the RBI this week $2 BILLION Given the different ManappuramFinance 174.1 -6.6 turnover, based on the nature and gravity of the con- orchestrating the contravening
new tax regime was implemented in 2023. asked the company to customer profiles of AdityaBirlaCapital 181.1 -5.7 travention. It will, however, adjust this penalty up conduct
stop sanctioning or P4 > NBFCs, we believe to the maximum, which, according to the new law,
disbursing gold loans that the benefit, if IFCI 42.3 -5 can, based on various factors, go up to 10 per cent of n Voluntary termination of alleged
COMPANIES P2 following the detec- any, for banks will be Source: Bloomberg/Capitaline the company’s global turnover. For instance, the role anti-competitive conduct
India Inc may see a salary tion of “material supervisory limited from the IIFL fallout,” a
concerns”. note by Emkay Global said.
of the enterprise in orchestrating the contravening
conduct and the duration of such contravention will
n Implementation of a competition
hike of 9.6% in 2024: EY After dropping 20 per cent Investors are shifting money P10 be taken into account.
compliance programme
India Inc may offer an average salary hike of intra-day, JM Financial reco- to banking stocks because the The CCI, at the same time, has introduced several n Extent of cooperation by the
9.6 per cent in 2024, similar to the actual uped some losses to end 10.7 per valuations of some of the Marketsrallytonewhighs mitigating circumstances. Turn to Page 6 > enterprise during probe
increase last year, according to a report cent lower after the RBI found heavyweights are reasonable, SENSEX CLIMBS The benchmark
released by global professional services deficiencies in loans sanctioned. given their recent underper- MOUNT 74K indices on
provider Ernst & Young (EY) on Wednesday. The losses were not restricted formance, said analysts. Wednesday rose
The Future of Pay 2024 report states that the just to these two NBFCs. Of the “Banks, especially heavy- more than half a per
highest salary hikes are expected in e- 43 NBFC stocks with a market weights, underperformed in cent to finish at new
commerce (10.9 per cent). capitalisation of more than recent years. There is a consen- record highs, Lossofappetitefor ShippingP&Iclub
~10,000 crore, 34 declined in sus that banks will lead the next
Wednesday’s trade. Some of the leg of the rally in equities.
supported by gains
in banking stocks.
spectrumauction maysoonsetsail
Promoter entity to biggest declines were in Capri Moreover, the banking sector is The S&P BSE Sensex
closed above 74,000
Thespectrumbidding TheMinistryofPorts,
Global Capital (14.3 per cent), seeing higher credit growth and thisyear could be a Shipping,andWaterwayshas
sell 0.75% in M&M L&T Finance Holdings (7.2 per improved asset quality. Industry for the first time. muted affair, with spokentoseveralinsurersto
Prudential Management & Services (PMSL), a cent), and Manappuram tailwinds are there, and bargain The 30-share index telecom companies’ allayconcernsandironout
Source: Bloomberg,
promoter group entity, plans to divest 0.75 Finance (6 per cent). buying due to issues in NBFC exchanges rose 409 points, or hunger for airwaves detailsofitsproposaltosetupa
per cent stake in Mahindra & Mahindra Banking stocks, on the other has given a fresh fillip to buy 0.6 per cent, to ebbing away after the domesticprotectionandindemnity(P&I)
(M&M) via bulk deals on Thursday. The price hand, gained with the Nifty banking stocks,” said close at 74,086. The National Stock feasts of 2010 and 2022. clubforcoastalshipsandvesselsoperatingon
range for the transaction has been set at Bank index rising 0.8 per cent. Chokkalingam G, founder of Exchange Nifty closed at a fresh record high SUBHAYAN CHAKRABORTY inlandwaterways,aseniorgovernment
~1,911-1,971 apiece, translating into a deal The gain in banking majors Equinomics. Turn to Page 6 > of 22,474, up 118 points, or 0.53 per cent. & NIVEDITA MOOKERJI write 17 > officialsaid.DHRUVAKSH SAHA writes 6>
size of at least ~1,777 crore. PMSL holds
11.64 per cent of the 19.32 per cent promoter
stake in M&M.

ECONOMY & PUBLIC AFFAIRS P6 FY24 GDP growth could be close to 8%: Das RBI asks credit
Processed pulses to
attract 18% GST: AAR
Processed pulses obtained after dehusking
RBI governor says 85% Paytm wallet users won’t face disruption card issuers to will not be impacted at all because
their app is also linked to another

allow customers
AATHIRA VARIER second estimate pegged economic March 15, Das said the regulatory bank account of theirs,” Das said.
and splitting the grains are unlike whole Mumbai, 6 March growth at 7.6 per cent for FY24. action was against the payment “So, their payments can go on in
pulse grains and not agricultural produce, “Our sense and understanding bank, a regulated entity, and not a non-disruptive manner. The chal-
making them liable to GST at the rate of 18 per The Indian economy is likely to of the high-frequency indicators against any fintech. lenge is with regard to those 15 or
cent, ordered the Andhra Pradesh Authority
for Advance Rulings (AAR). Brokerage of agri
produce charged to facilitate transactions
grow more than the National
Statistical Office (NSO) estimate of
7.6 per cent in the current financial
to select network
and the momentum of economic
activity tells us that this 5.9 per cent
growth in Q4 could be exceeded and
He said the March 15 deadline
would be sufficient and not cause
any disruption since only 15-20 per
20 per cent of the users who have
linked only with Paytm Payments
Bank. Therefore, Paytm Payments
between wholesalers and millers or farmers year (FY24) and it could be close to when that happens the growth will cent of Paytm app users have linked Bank has been advised to shift these
will draw 18 per cent GST, ruled the AAR. 8 per cent, Reserve be more than 7.6 per cent. There is their account to the payments bank. customers to other banks,” Das said, No clarity on co-branded cards
Bank of India quite a good chance of the gross “So far as Paytm is concerned, a stressing that the RBI favours inno-
(RBI) domestic product (GDP) number for large part of its payments app users, vation in the financial technology ABHIJIT LELE & MANOJIT SAHA
COMPANIES P3 Governor the current year being very close to almost to the extent of about 80 to sector and has even introduced Mumbai, 6 March
More Retail stake sale gets Shaktikanta 8 per cent,” Das said in an interview 85 per cent, are linked to other Sandbox for testing new tools.
Das said on with news channel ET Now. banks along with Paytm bank or to The Reserve Bank of India (RBI) on Wednesday asked
lukewarm response Wednesday. On the issue of Paytm Payments entirely different banks. So, there-
Turn to Page 6 >
banks and non-banking financial companies (NBFCs) to
Samara Capital’s plans to sell part of its stake The Bank that has been asked to stop fore, about 80 to 85 per cent of the CRISIL RAISES INDIA'S GDP GROWTH provide customers with the option to choose from
in More Retail, a joint venture (JV) with US NSO in its deposit and credit transactions after customers who are using the app FORECAST TO 6.8% FOR FY25 P6 multiple networks for
retail major Amazon, has received lukewarm credit cards.
response. This is owing to valuation WEAREQUITEOPTIMISTICABOUTNEXTYEAR.ANDISAY,WITHAREASONABLE The RBI has pro-
mismatch and losses of the grocery retail firm.
Bankers said Samara was looking to sell 20
AMOUNTOFCONFIDENCEBASEDONOURINTERNALANALYSISANDRESEARCH, hibited card issuers
and networks from
per cent in the JV at a valuation of $2 billion THAT7%NEXTYEARISDEFINITELYONTHETABLE” making any arrange-
but the response was inadequate. SHAKTIKANTA DAS, RBI Governor ment or agreement
that restrains cus-
tomers from availing
the services of other

Chennai’s tech minds drive Ford’s global AI transformation card networks.

“Card issuers shall
provide an option to
their eligible cus-
CREDIT CARD
OUTSTANDING (mn)
tomers to choose from The RBI’s new norm is applicable
SHINE JACOB
Chennai, 6 March DIGITAL HIGHWAY cutting-edge work like our digital
transformation, all the things we are multiple card net- for issuers with the number of
building under our digital products.” works at the time of active cards more than 1 million
Almost 18 months after the n 12,000: Current n Ford India announced
FBS is also expanding the issue,” the RBI said.
Ford India manufacturing unit employee strength at the phasing out of functions of Ford Credit, the For existing card- HDFCBank 20.1
ceased operations near Chennai, the Ford Global Technology its unit on September 9, financial services arm of Ford Motor holders, this option SBICard
2021, and stopped 18.61
American major, through Ford and Business Center in Company, at its Chennai unit. A may be provided at
Business Solutions (FBS), is on Chennai production in similar expansion is happening in the time of renewal. ICICIBank 16.8
an expansion and hiring spree August 2022 terms of Ford Pro, Ford’s The regulator’s AxisBank 13.75
in the city. n 3,000: Employees to commercial business that delivers directive will be effec-
be added in the next n Reports indicate that KotakMahindraBank 5.97
FBS, which oversees the global productivity solutions for business tive six months from
3 years Ford India is
capabilities of the company through fleet of all sizes. now, that is, from RBLBank 5.11
its 12,000 employees in Tamil Nadu, reconsidering its “The teams of FBS are also September 6.
is all set to hire 3,000 more in the n Expansion mainly to decision to sell the helping with the types of The RBI autho-
IndusIndBank 2.79
next three years at its Global look into AI and ML Chennai plant and capabilities required when rised card networks IDFCFirstBank 2.37
Technology and Business Center in Ford Business Solutions is expanding the functions of Ford technology evaluating a comeback managing a fleet. When looking at are American Express
requirements to the Indian market BankofBaroda 2.31
Chennai, a senior executive from Credit, the financial services arm of Ford Motor Company our charging solutions, we are Banking Corp, Diners
Ford’s global team told providing software services in that Club International YESBank 1.91
Business Standard. area. We have started to integrate Ltd, MasterCard Asia/
AmericanExpress 1.34
The talent hunt in India aims to we are doing at our FBS centre with Ford India announced the finance, and human resources, and work with the dealers very Pacific Pte Ltd,
drive the company’s road map on AI and ML technology," said Mike phasing out of its unit on September among others. closely. The configuration of National Payments StandardChartered 1.01
artificial intelligence (AI) and Amend, chief enterprise technology 9, 2021, and stopped production in Interestingly, when Ford India vehicles, ordering of vehicles, much Corporation of India Source: RBI
machine learning (ML). officer, Ford Motor Company. August 2022. announced the exit in September of this stuff is now being built here (NPCI)–Rupay, and
India is home to the second- “We are adding these jobs for FBS is the group’s global talent 2021, FBS had only around 11,000 from our Ford Business Center,” Visa Worldwide
largest workforce of Ford globally. high-skilled and knowledge work,” office that supports all functions in employees in India then and has Amend said. Pte Limited.
“There are two dimensions to the he added. the company. It has centres in already added 1,000 more staff in According to media reports, the The circular, however, has not clarified if the norms
expansions. Over the next few years, The group’s hiring spree Chennai, Mexico City, and Hungary, Chennai. American auto giant’s Cloud-first are applicable for co-branded cards. While a particular
we plan to expand our centre by comes after Ford India shut its which support not only technology When asked about the key strategy has helped drive its shift to bank may offer multiple card networks to their customers,
maybe 3,000 people. The more manufacturing unit at Maraimalai but also enterprise technology, reasons for additional hiring in ‘software-defined vehicle’ there are certain co-branded cards that are offered only
significant aspect is the type of work Nagar in 2022. global data insights and analytics, India, Amend added, “It will be for manufacturing. Turn to Page 6 > on one platform. Turn to Page 6 >
2 COMPANIES NEW DELHI | THURSDAY, 7 MARCH 2024

STOCKS > Ajmera Realty

Secures credit facilities
> LTIMindtree
Inks a pact with Global
> Indiabulls Real Estate
MIDC directs to vacate
> Mahanagar Gas
Reduces CNG prices by
> JSW Energy
Enters into BESPA with
IN THE NEWS from ICICI Bank, Digital for setting up a land parcel of 2,500 acre ~2.50 per kilogram in Solar Energy for
Standard Chartered JV in Saudi Arabia in SEZ at Nashik and around Mumbai battery energy storage
~734.3 CLOSE ~5,164.1 CLOSE ~106.6 CLOSE ~1,329.4 CLOSE ~512.0 CLOSE
p1.5% UP* p0.6% UP* q9.6% DOWN* q15.0% DOWN* p0.5% UP*
*OVER PREVIOUS CLOSE

>

Health care innovation market to touch $60 bn by FY28

SOHINI DAS health care innovation market reach- Charles-Antoine Jannsen, managing sets to serve gigantic volumes,” Biotech startups are also starting
Mumbai, 6 March ing $60 billion by 2028,” she said.
She emphasises that this growth
partner of healthcare-focused ven-
ture capital fund HealthQuad said,
he said.
India is thus moving up the value
to use new technologies like cell and
gene therapy, oligonucleotide ther- MARKET TRENDS OVERALL
Health care innovation in India, cur- will not only stem from value-engi- “Ten years ago, India was particu- chain. “World-class research and apy, protein biologics, gene editing, Health care innovation ($ bn)
rently valued at $30 billion, is neering but also from business inno- larly strong in chemistry and active manufacturing are coming out of and next-gen sequencing to develop
Segment FY20 FY23 FY28 17 FY20
expected to double by FY28, accord- vation, particularly in biotech, vac- pharmaceutical ingredient (API) pro- India not only in biosimilars but new innovative products with large
ing to a recent report by Bain & cines, and med-tech sectors. duction of new chemical entities biological entities, which have trans- potential markets. Pharma 60-65 50-55 45-50 30
Company and HealthQuad. She also predicts substantial (NCEs). But it was not present at all formative potential for India in low- Healthtech 15-20 20-25 30-35
Pegged at $180 billion in FY23, growth in health-tech and pharma in the biologics space.” cost markets and also some high-cost Healthtech innovations FY23
India’s overall healthcare market is services, which would contribute to markets,” Jannsen said. Healthtech has witnessed strong Vaccine and biotech 7-10 13-15 10-12
projected to grow at a compound this expansion. Expansion of capacities growth since 2020. It accounted for Medtech 9-11 8-10 8-10
Vaccines and biotech market
60
annual growth rate (CAGR) of 12 per Healthcare innovation has almost Janssen added that during the pan- roughly 25 per cent of the healthcare Note: The above figures are in %
FY28
cent to $320 billion by the same time, doubled over the past three years demic, India became the world’s sec- The report also highlighted that the innovation market in FY23, having Sources: MCA filings; Jeffries; LoEstro; Arizton; Jeffries; Grand
View Research; Redseer; Irdai; Allied; Netscribes; Infinium;
it said. from a baseline of $17 billion in FY20. ond-largest exporter of Covid vac- Indian vaccines and biotech market, more than doubled from about $3 bil- Tata Capital Healthcare Fund; Insights10; Birac; IBEF
The report titled ‘Health care There are four key segments in cines and nearly 50 per cent of the which was valued at $4 billion in lion in FY20 to about $7 billion in
Innovation in India’ said that health the healthcare innovation space — global vaccine exports came out FY23, accounting for 15 per cent of FY23. The healthtech market is split
care innovation accounts for about pharma services, which includes of India. the innovation market, has quickly equally between consumer-facing
15 per cent ($30 billion) of the overall contract development and manufac- “This led to two capacities that grown from $1.2 billion in FY20. solutions (like telemedicine, e-phar-
health care market in India, of which turing organisation (CDMO), con- India did not historically have — dis- Roughly half of this revenue surge macy, e-diagnostics, and wellness)
around 55 per cent is export-led. tract research organisation (CRO), covery abilities on the biological side is driven by exports. India remains a and enterprise-facing solutions (like
Aarthi Rao, partner at Bain & pharma IT (apart from healthtech, in order to develop and scale up these vaccine powerhouse catering to B2B e-commerce and SaaS-based
Company, anticipates a significant vaccines and biotech), and medtech. vaccines. Also, high quality and low- around 60 per cent of global vaccine hospital, clinic, and pharmacy man-
expansion. “We see the $30 billion Speaking to Business Standard, cost biological manufacturing skill demand. agement solutions).

AIR INDIA FMCG to see subdued Haier targets 2nd

RECORDS LOWEST
spot in appliances
OTP IN FEB

Air India’s average daily on-time performance (OTP) in

growth till Sep quarter spaceinfiveyears
February at 60.19 per cent was the lowest among the AKSHARA SRIVASTAVA AKSHARA SRIVASTAVA
major airlines in India, according to the Ministry of Civil New Delhi, 6 March New Delhi, 6 March
Aviation's data reviewed by Business Standard. This is

T
the second consecutive month when Air India has he Indian fast-moving con- Household appliances maker Haier
recorded the lowest punctuality rate. According to sumer goods (FMCG) sector is aims to become the second-largest
industry sources, congestion at specific major airports, expected to see subdued player in the country in the coming
certain weather-related events and operational issues growth up until the September quarter five years on the back of technology-
led to the low OTPs in the last month. DEEPAK PATEL of the ongoing calendar year, said a led innovation, it said on
report by Kantar. Clearly continuing Wednesday.
weakness in demand — not just in The company, which has com-
AVERAGE DAILY ON-TIME PERFORMANCE (%) rural parts but also in urban areas — pleted 20 years of operations in
IndiGo AirIndia SpiceJet Vistara AIXConnect AkasaAir is taking a toll. India, is currently the third-largest
84.84 100 According to the Kantar FMCG player in the country, with a market
85.38 75.77 74.27 Pulse report, the sector was growing share of 14 per cent in refrigerators
88.04
75.08 80 at 4 per cent at the start of 2023, pro- THE BIG PICTURE: URBAN + RURAL and between 7-8 per cent in air con- The India market is
79.99 68.67
pelled by the wheat flour or ‘atta’
prices. With ‘atta’ growing in double- Volume growth Y-o-Y (%) n Urban n Rural n Overall 7.80 4.50
ditioners, LED TVs, and washing
machines.
extremely buoyant. A clear
60 digits, the sector seemed to have 3.50 5.60 4.80
“The market in India is extremely technology evolution is
60.11
82.33 60.19 67.76 40
grown at 6.1 per cent.
“However, removing atta from the
0.90 -1.30
1.10 buoyant. A clear technology evolu-
tion is triggering demand growth.
triggering a demand
Oct’23 Feb’24 mix brought the growth down to 2.7 With a global support system, we see growth. With a global
Q4CY22 Q4CY23 MAT Dec '22 MAT Dec '23
Source: Ministry of Civil Aviation per cent. Incidentally, 2.7 per cent is
also the population growth in the year, 2.10 5.20 -0.10 6.10
a big opportunity here,” said NS
Satish, President, Haier Appliances
support system, we see a
which meant that FMCG volumes have
Volume growth Y-o-Y (%)
India, to Business Standard. big opportunity here
grown purely on the basis of house- Growing at a compound annual
IN BRIEF hold population growth,” the report
n FMCG n Personal care n Household care n Food and beverages
rate of 25 per cent for the past seven
4.40

4.00
4.00

added. In 2024, consumption might years, the company expects to close

7.20
3.40

6.10

2.50

see a stagnation in the early part of the the ongoing financial year with a
5.80

NS SATISH
2.00
2.10

1.80

2.10

Domestic air passenger traffic

5.20
5.00

-1.00
-0.10

year before getting progressively better revenue of ~8,500 crore. It expects President, Haier Appliances, India
in the later half, stated the report. to record revenues of ~10,000 crore
to reach 155 mn in FY24: ICRA The firm attributed this subdued
growth to a host of factors, including a Q4CY22 Q4CY23 MAT Dec '22 MAT Dec '23
by FY25. “The economy is good right
now. The consumer penetration for In the coming year, the company
The domestic air passenger traffic is expected to surpass the pre- global slowdown, minimal impact of Moving annual total (MAT) is sum of total sales volume/value for 12 months ending with latest period the categories we play in is low. We expects to see 40 per cent growth in
Source: Kantar Worldpanel
Covid levels of 141.2 million and reach 150-155 million this financial the upcoming general elections, are also looking at an evolution of the AC category also driven by harsh
year, registering an estimated growth of 8-13 per cent, credit and a lasting impact of unexpected the consumer, where instead of sav- summers, more than 50 per cent
ratings agency ICRA said on Wednesday.ICRA also projected a weather conditions on the agriculture to help categories like bottled soft period have jumped from ~15,513 ing, they want to spend money for growth in the LED TV category, 40
significant reduction in industry's net loss for the next two fiscals sector. With El-Nino impact expected drinks, ice creams, sun screens, and to ~17,907. comfort and convenience. All this per cent growth in the washing
and was also of the view that supply-chain challenges and engine to keep weather dry for the first half of even laundry products to an extent. The 8.5 per cent growth in FMCG will drive demand for our products,” machine category, and 30 per cent
failure issues may remain near-term headwinds. PTI the year, the agriculture outlook for “However, the growth in these spends in 2023, is higher than the he added. In FY23, the company had in the refrigerator segment.
2024 is a mixed bag. categories combined will have a neg- average inflation rate of 5.7 per cent reported a revenue of ~7,000 crore, Last year the company
“It seemed to have an impact on ligible impact on overall FMCG,” the for the year,” it added. with a 40 per cent contribution from announced an additional invest-
NCLAT junks JKC appeal against the Kharif crop harvests.
Agricultural growth is projected to be
report added.The research firm further
said that consumption in the year 2023
Out of the over 90 categories and
subcategories Kantar tracks, about 50
the refrigerator category.
Going forward, the company
ment of around ~800 crore in the
expansion of its manufacturing
aircraft sale to Ace Aviation at 1.8 per cent in 2023-24. This is a
seven-year low and is likely to impact
saw a slight decrease, with average
household purchase (without atta) fall-
per cent either lost consumption, or
were static. The biggest such average
expects the AC, TV, and washing
machine categories to grow ahead
capabilities. Haier has to date
invested around ~3,000 crore in the
The National Company Law Appellate Tribunal(NCLAT) on the first half of 2024. “However, the ing to 117.1 kg per household from 117.2 consumption drop was seen for cook- of the refrigerator segment. Indian market. “We now have
Wednesday dismissed the plea of Jalan Kalrock Consortium(JKC), Rabi sowing, though mildly disturbed kg in 2022. ing Oils, where 1.4 fewer liters were “This is because they are all tech- enough manufacturing capacity to
the successful bidder for Jet Airways, opposing the sale of three is much better. El-Nino is also “After the pandemic, this is the sec- purchased in 2023, compared to 2022. nology-led markets, where the drive growth in the next two years.
aircraft to Ace Aviation. JKC has now moved the Supreme Court expected to wane by the middle of the ond straight year where average pur- This was followed by washing pow- upgradation will happen faster and The focus of the thrust area for the
against the sale of aircraft to Ace Aviation. Ace approached the year…the year might yet turn good, chase quantity has failed to grow,” the ders, which lost 300 grams per house- demand will not depend on the rural next 24 months will be on localisa-
National Company Law Appellate Tribunal (NCLAT) two weeks ago especially in the second half,” it said. report stated. hold; Basmati rice, which lost 180 consumer as opposed to the refrig- tion and improving the efficiencies
seeking to expedite the sale of three aircraft in Mumbai in the Summer, meanwhile, is expected However, “spends in the same time grams; and salt. which lost 80 grams. erator segment,” he said. of the plants,” Satish said.
same case. BHAVINI MISHRA

Manish Prasad appointed SAP’s

Indian subcontinent MD India Inc may see average salary hike of 9.6% in 2024
SAP has appointed Manish Prasad as president and managing RAGHAV AGGARWAL Variable pay percentage likely 16-18 per cent. Out of 18.3 per cent,
director for SAP Indian subcontinent. He succeeds Kulmeet Bawa, New Delhi, 6 March SNAPSHOT to fall 15.2 per cent was voluntary
who takes on a global role to drive the growth and adoption of SAP In 2023, the average variable pay- attrition, and 4.2 per cent was invol-
Business Technology Platform (SAP BTP) for global customers. In his India Inc may offer an average sal- ATTRITION ACROSS LEVELS out as a percentage of total fixed sal- untary.
new role, Prasad will help advance SAP’s move to the cloud, ary hike of 9.6 per cent in 2024, sim- ATTRITION % 2023 ary in India was 15.05 per cent. "Interestingly, data shows a
helping to enable customers across all industries to digitally ilar to the actual increase last year, However, the report showed that decrease in employee inclination
transform with SAP. AYUSHMAN BARUAH according to a report released by Executives(CXOs) 9 the proportion of variable pay to leave their jobs compared to last
global professional services pro- Functionheads 9.9 increases as the person goes up in year, suggesting a drop from 43 per
vider Ernst & Young (EY) on Individualcontributors 10.5 the organisation. Last year, 9.2 per cent to 34 per cent," the report said,
Glenmark Life Sciences Chair Wednesday. The ‘Future of Pay
2024’ report states that the highest Peoplemanagers 13.2
cent of the salary of individual con-
tributors and 10.7 per cent of people
adding that it continues to be,
however, higher than historical
Glenn Saldanha resigns salary hikes are expected in e-com-
merce (10.9 per cent), financial serv- 5 SECTORS WITH HIGHEST SECTORS EXPECTING HIGHEST
managers were distributed as vari-
able pay. For function heads and
norms.
The highest attrition of 13.2 per
Glenmark Life Sciences Ltd said its Chairman Glenn Saldanha and ices (10.1 per cent), and 10 per cent ATTRITION n 2022 n 2023 (%) SALARY HIKE n 2023 n 2024 (%) executives (CXOs), this was higher cent was witnessed in people
non-executive director VS Mani have resigned following change in each in professional services and at 14.1 per cent and 26.2 per cent, managers, followed by 10.5 per cent
ownership of the company. Independent director Sridhar Gorthi real estate. Financial 28.3 10.5 respectively. in individual contributors and 9.9
E-commerce
has also tendered resignation, along with Saldanha and Mani, The expected hike will be lower services 24.8 10.9 In 2024, variable pay per cent in function heads. Among
with effect from close of business hours on March 6, 2024, the than the 10.4 per cent seen in 2022. Professional 22 Financial 10.4 percentages are likely to decrease executives, the attrition was the
company said in a regulatory filing. He is also stepping down as a In 2023, the highest salary hikes services 24.2 services 10.1 at all employee levels except the least at 9 per cent. The top three
member of the nomination and remuneration committee and were seen in e-commerce (10.5 per
Information lowest-paid tier. reasons for voluntary attrition in
22.1 Professional 9.7
operations committee of Glenmark Life Sciences. PTI cent), and 10.4 per cent both in "Executives typically get the India were external inequity of
technology 23.3 services 10
auto/vehicle manufacturing and most variable pay, but their compensation, limited learning
financial services. 27.7 Real estate/ 10 projected salary increases for 2024 and growth opportunities, and
CCPA tells influencers to refrain The report highlighted that the
fall in the quantum of salary hikes
E-commerce
22.4 Infra 10 are lower than those in 2023," it
said.
performance assessment.
Among sectors, the highest
from promoting betting compared to 2022 was majorly due
to the e-commerce sector and
Metals &
mining
8.2
22.3 Engineering
10.1
9.9 Attrition falls near
attrition was recorded in
professional services (24.2 per
Concerned over rising instances of advertisements related to technology sub-sectors. Source: EY Future of Pay 2024 pre-pandemic levels cent) and information technology
betting and gambling, The Central Consumer Protection Authority "In 2022, certain technology The report said the attrition in India (23.3 per cent).
(CCPA) on Wednesday issued an advisory warning celebrities and sub-sectors, like cloud platforms sectors by 2024, potentially due to said, the fall may be attributed to cooled down to near the pre-pan- "Attrition rates exhibited
influencers to refrain from promoting such illegal activities.The and consumer technology, market saturation following rapid "pandemic-driven shifts in demic level of 18.3 per cent in 2023 indications of slowing down,
CCPA warned all stakeholders that stringent action would be experienced notable growth. digital transformation in previous consumer behaviour or intensified from 21.2 per cent in 2022. Different bolstered by an improved
taken for endorsements of illegal activities, including betting However, there is a projected years," it said. online competition". surveys peg the attrition level in the availability of talent," the
and gambling. PTI decrease across all technology sub- For e-commerce, the report pre-pandemic year in the range of report said.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at [email protected] Ph. 011-23720202, Fax :+91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: [email protected] “or sms, REACHBS TO 57575. NO AIR SURCHARGE
.
NEW DELHI | THURSDAY, 7 MARCH 2024 COMPANIES 3 <

GREEN POWER, CAPTIVE MINING REMAIN A CORNERSTONE

More Retail stake sale plan
Aluminium firms race sees lukewarm response
to cut production costs
AMRITHA PILLAY
Samara-Amazon JV was looking to raise funds at $2 billion total valuation
DEV CHATTERJEE &
SHARLEEN D'SOUZA
Mumbai, 6 March
MORE RETAIL FINANCIALS
Net sales
and More Supermarket.
(~ cr) According to More Retail's
PAT website, it has 41 hypermar-
Mumbai, 6 March 6,000 0 kets and 872 supermarkets
Samara Capital’s plans to sell across the country.

V
edanta Aluminium aims for indus- part of its stake in More In 2019, Samara Capital
try leadership in production Retail, a joint venture with 4,000 -300 had acquired the hypermar-
cost, while Hindalco Industries American retail major -550 ket and supermarket retail
hopes for higher cost stability. As Indian Amazon, has received luke- -735 chain reportedly for ~4,500
players strive for cost competitiveness, warm response from 2,000 -600 crore from the Aditya Birla
their global peers are formulating cost potential investors. This is Group. The acquisition was
reduction strategies. owing to valuation mismatch made through Witzig
Captive mining remains a cornerstone and losses of the grocery 0 4,054 4,258 4,824 4,763 4,867 4,507 -900
Advisory Services in which
in the cost strategies of Indian producers. retail company. FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 Amazon holds 49 per cent.
Moreover, an increased focus on Bankers said Samara was PAT: Profit after tax Source: Capitaline With Samara at the helm,
the use of green energy and consequent looking to sell 20 per cent More Retail increased its
cost reduction is a common path stake in the joint venture at a An email sent to Samara invest further and added that stores and had a strong pres-
forward for both Indian and global alu- total valuation of $2 billion Capital on Monday did not even an IPO was considered ence in the southern region
minium makers. but the response from poten- elicit any response till going as an exit but More Retail saw with almost 70 per cent of
“Vedanta Aluminium is rapidly pro- GLOBAL ALUMINIUM MAKERS COST DISCLOSURES tial investors was inadequate. to press. no progress on this front. stores located in the region.
gressing towards becoming the world’s While Samara owns 51 per According to two sources, According to the compa- This was followed by a mod-
lowest-cost producer through Company Cost indicator $/tonne cent stake in the company, Samara Capital was looking ny’s filings, the grocery and erate presence in the North,
comprehensive vertical integration and United Company RUSAL (Russia) Aluminium segment cost per tonne (2023) 2,297 the rest is with Amazon. More for an exit for around a year food retail chain made a loss East, and rest of India.
capacity expansion strategies,” said John Retail was also planning to and has also shut many of ~550 crore on net sales of The merchandise mix pre-
Alcoa (US) Cost curve position (2023) Second quartile
Slaven, chief executive officer of launch an initial public offer- unprofitable stores in the last ~4,507 crore in the financial dominantly constitutes food
Vedanta Aluminium, in response to Norsk Hydro (Norway) Implied primary cost (2023) 1,750 ing (IPO) after the promoters one year. year 2022-23 (see chart). and groceries, which are
Business Standard. Vedanta Aluminium (India) Cost of production (Q3FY24) 1,735 planned to sell part of Another source said that More currently runs two characterised by low-gross
The company’s cost of production their stake. the promoters are not keen to formats, More Hypermarket margins.
Emirates Global Aluminium (UAE) Smelter on the cash cost curve First quartile
(COP) as of December 2023 was $1,735 per
tonne, claimed to be in the lowest Note: Quartile: A set of values are placed in the ascending order on a cost curve and divided into quartiles, with the
first quartile indicating lowest costs; The cost indicators may or may not be comparative, as formulas used by
quartile globally. companies to arrive at them may differ Source: Public disclosures made by the companies

Accenture invests $1 billion in

Although similar COP numbers for
rival Hindalco are not officially disclosed.
Industry analysts estimate them to be in EXPLORING LEGAL OPTIONS, INCLUDING REVIEW
the lowest quartile for some smelters.
PETITION: VEDANTA ON TN COPPER UNIT
Satish Pai, managing director of
Hindalco Industries, in a media call last
month, declined to share an outlook on
COP. However, he noted that with
Vedanta on Wednesday said it is in receipt of the judgment passed by the
Supreme Court on its copper unit in Tamil Nadu and is exploring possible legal
AI-powered learning platform
options, including filing of review petition as per advice from its legal experts. Last
Hindalco increasing the utilisation of week, the Supreme Court dismissed a plea by Vedanta to reopen its copper smelter AYUSHMAN BARUAH demand for technology will bring to Accenture the Accenture LearnVantage
green power sources and more captive coal plant at Thoothukudi in Tamil Nadu. AMRITHA PILLAY Bengaluru, 6 March skills, including company’s capabil- business. Accenture
mines going into production, it will help generative AI. ities in integrating LearnVantage’s full set of
lower dependence and fluctuations Accenture on Wednesday has With the help proprietary services will be available later
in costs. National Aluminium Company, known to Pai, in a media call last month, also cau- launched a new artificial of an AI recom- content, expert this year following the clos-
Vedanta has a similar strategy. be one of the lowest-cost producers of alu- tioned that cheaper imports resulting from intelligence (AI)-native learn- mendation services and scal- ing of the acquisition.
“Vedanta Aluminium is rapidly pro- mina, register a further reduction in costs. free-trade agreements with the United ing platform to provide engine, the able learning tech- Accenture LearnVantage
gressing towards being the world’s lowest- For the lowest-cost producer tag, Arab Emirates can become a concern. clients with comprehensive LearnVantage nology and aligns will work with technology
cost producer through comprehensive ver- Indian companies will need to compete Avachat added, “The entire value chain technology learning and platform with Accenture’s ecosystem partners, includ-
tical integration and capacity expansion with global producers, including those decides who can possibly become the training services that will curates the approach to learn- ing Amazon Web Services,
strategies, including operationalising sev- from West Asia. lowest-cost producer; it has been beyond help them reskill and upskill “best learning Accenture buys ing. Google Cloud and Microsoft,
eral mineral blocks for bauxite and coal Hitesh Avachat, associate director with smelting costs alone.” employees in technology, content” from edtech firm Udacity pro- to provide generative AI
secured through government auctions,” CareEdge, observed, “In the global setup, In its interim 2023 report, Russia’s data and AI. Accenture and Udacity to expand vides localised content, industry-relevant
Slaven said in his response. companies from West Asia have a cheaper United Company RUSAL noted that pro- Accenture will invest $1 third-party pro- learning and course offerings in technology training and
Vedanta is expanding its alumina refin- gas-based or oil-based power cost advan- duction costs were under pressure due to billion in LearnVantage over viders to offer a training multiple lan- cloud certifications for their
ing capacity from 2 million tonnes per tage. Other global players have well-estab- dwindling raw material resources, global three years and will acquire personalised experience guages, including joint clients. It will also work
annum (mtpa) to 6 mtpa and smelting lished value chains, including access to inflation, and international sanctions edtech company Udacity to learning jour- English, Arabic, with additional learning part-
capacity from 2.3 mtpa to over 3 mtpa. bauxite. Similarly, companies with a cap- standoffs. In its recent results statement, build on Accenture’s existing ney that aligns with priority Korean and Spanish. ners, including Pluralsight,
According to analysts, a ramp-up in tive mine, be it in India or Russia, also gain the company said it continues to focus on experience in learning and areas of learning. Udacity’s more than 230 pro- Coursera, Workera and
captive coal production could also help a cost advantage.” research and development to reduce costs. training to meet the rising The Udacity acquisition fessionals will join the Skillsoft.

Kerala to launch
first govt-backed
OTT platform
SHINE JACOB films, six documentaries, and
Chennai, 6 March one short film. Chief Minister
Pinarayi Vijayan will launch
The Kerala government is set the platform at
to launch India’s first govern- Kairali Theatre in
ment-backed OTT platform Thiruvananthapuram on
called CSpace on Thursday in Thursday.
its bid to provide space to low- The media reports
budget and indicate that
independent CSpace will operate India’s OTT mar-
films and ket, including
on a pay- per-
check what it YouTube, is valued
view basis and
called “grow- at around $2.5 bil-
viewers will be
ing imbal- lion. “CSpace is
charged ~75
ances” in essentially a
content
for each content response to the
selection and growing imbal-
propagation. ances and multifarious chal-
According to local media, lenges in the OTT sector in
as many as 42 films will be terms of content selection and
screened on the platform ini- propagation,” KSFDC
tially, which will be managed Chairman Shaji N Karun told
by the Kerala State Film an online news platform. A
Development Corporation special curator panel is set by THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED
(A Government of India Enterprise) Regd. Of ce: Eloor, Corporate Materials, PD Administration Building
(KSFDC). KSFDC to select content for Udyogamandal, Kochi, Kerala, India - 683 501,TEL: 91 484 2568633 / 2568345
This includes 35 feature the platform. Email: [email protected]; [email protected], http://www.fact.co.in
E-Tender for Clearing, Handling & Transportation of Bagged
Products at various Rail Heads in Maharashtra
[Tender. NO. MM/182/E29120 dated 06.03.2024]
Jaypee Infra resolution plan Online bids (two cover system) are invited for undertaking the work of
clearing, handling and transportation of FACT’s bagged products at
Ahamednagar, Parlivaijnath (Beed Dt), Maltekdi (Nanded Dt.) and Solapur
being considered by UP: Yeida Railheads (RH) in Maharashtra for a period of 2 years, through
https://eprocure.gov.in portal.Any change / Extensions to this tender will be
informed only through our website / CPP e-procurement portal and will not
be published in newspapers.
Hopes of over 20,000 home buyers in various projects of Jaypee Due date/ time for submission of bids: 21.03.2024/ 3:00 PM
Infratech are still alive as Yamuna Expressway Industrial Udyogamandal Sd/-
Development Authority (Yeida) on Wednesday told the National 06-03-2024 Senior Manager (Materials)-T&S
Company Law Appellate Tribunal (NCLT) that the proposal by
Suraksha Realty Limited — which took over the debt-laden firm
— is still under the consideration of the Uttar Pradesh govern-
ment. UP Cabinet’s nod is the last stumbling block in the way
of Mumbai-based real estate firm Suraksha Realty taking over
the debt-laden Jaypee Infratech Ltd. NCLT had on March 7 last
year approved Suraksha Realty’s takeover of the debt-laden
Jaypee Infratech, while dismissing three different appeals
against the ₹7,936 crore offer. BHAVINI MISHRA

Identity security firm

IDfy raises $27 million
Identity security company IDfy said on Wednesday it has raised
$27 million in a mix of primary and secondary fundraising from
Elev8, KB Investment and Tenacity Ventures.
Mumbai-based IDfy makes products and solutions for
authenticating entities, helping companies prevent fraud and
verify other businesses. "Investment from Elev8 and Tenacity
is a strong validation of our vision and capabilities. The fund
will fuel our expansion plans and product development,
enabling us to serve even more businesses and unlock oppor-
tunities for trustworthy people and businesses," said Ashok
Hariharan, co-founder and chief executive officer of IDfy, in a
statement. ASHUTOSH MISHRA
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1

IN BRIEF
Govt to sell up to 7% in NLC 8 NBFCs eye ECB route Fairfax commits
via OFS to raise ~2,000 crore
The government will sell up to a 7 per cent stake in
NLC India at a floor price of ~212 per share in a
to raise over $2 billion $200 mn liquidity
support to IIFL Fin
two-day offer for sale beginning Thursday. The
~2,000 crore offer for sale (OFS) will open for
institutional investors on Thursday and for retail
investors on Monday. Friday is a market holiday Execs say overseas borrowing likely to grow as hedging costs are low
on account of Maha Shivratri. “Offer for sale in NLC
India Limited opens tomorrow for non-retail investors. ABHIJIT LELE
Holds 15% in the STOCK CHECK

ILLUSTRATION: AJAY MOHANTY

Retail investors can bid on Monday, 11th March. The government Mumbai, 6 March
will divest 7 per cent equity including Green Shoe option of 2 per gold loan NBFC Share price ( in ~)

E
cent,” DIPAM Secretary Tuhin Kanta Pandey said on X. PTI ight non-banking financial
companies (NBFCs), includ- 20
ing a government-owned BS REPORTER % Chg
20
SBI should follow SC deadline infrastructure finance company, are
planning to raise over $2 billion
Mumbai, 6 March
598.1
478.5
% Chg

on electoral bond: Bank union through external commercial bor-

rowing (ECB), with prospects for
IIFL Finance on Wednesday said that
stakeholder Fairfax India Holdings 382.8
The State Bank of India should adhere to the deadline set by the Indian firms in overseas markets Corporation has agreed to give it liq-
Supreme Court to disclose to the Election Commission the names of being conducive. uidity support of $200 million after
contributors to electoral bond scheme, a bank employees' trade The NBFCs, which filed for ECB the Reserve Bank of India (RBI)
union demanded on Wednesday. The SBI on Monday had moved in January with the Reserve of barred the non-banking financial Mar 4 Mar 5 Mar 6
the top court seeking an extension of time till June 30 to disclose India (RBI), include REC (over $500 company from giving gold loans. 2024
details of each electoral bond encashed by political parties. In its million), Tata Motors Finance Fairfax India has a 15.1 per cent
verdict last month, the court had directed the bank to furnish the ($200 million), L&T Finance stake in IIFL Finance. “The RBI's
details to the poll panel by March 6. PTI Holdings ($125 million), and embargo has raised liquidity con- WE HAVE BEEN
Shriram Finance ($750 million), cerns amongst the company’s LONG-TERM INVESTORS
according to the RBI data. investors and lenders. In response to
IN THE IIFL GROUP OF
India needs to sustain A senior executive with State
Bank of India (SBI) said overseas
these concerns, Fairfax India has
agreed to invest up to $200 million COMPANIES, AND HAVE FULL
TRUST IN THE COMPANY’S
growth: Sanjeev Sanyal borrowing by Indian companies,
including highly rated NBFCs, was
of liquidity support on terms to be
mutually agreed and subject to appli-
STRONG MANAGEMENT”
Economist Sanjeev Sanyal on Wednesday said likely to grow because hedging ON THE ECB DRIVE cable laws, including regulatory
India needs to sustain the current growth costs were low and there was a soft- approvals (if any),” said IIFL Finance PREM WATSA
momentum to reach the “bottom echelons” of ening bias in global interest rates.
Entity Amount ($ mn) Duration in a statement. Chairman, Fairfax India
being considered a developed world by 2047. Concurring with the SBI execu- REC Ltd 212 5 yrs IIFL Finance is among India’s top
Sanyal, a full-time member of the Economic tive, a top official with a large NBFC L&T Finance Holdings 125 6 yrs 3 months two NBFCs in the gold loan business.
Advisory Council, suggested that developing said while cost considerations were HDFC Credila Fin Services 100 3 yrs It has a gold loan portfolio of ~24,692 “Till the issue is resolved we will
fast is imperative because by 2047, India would have conducive, there was also a need to crore which was 32 per cent of its total continue to collect money from
aged and be in the same place as expand the sources of funds. The Tata Motors Finance 200 3 yrs loans of ~77,444 crore at the end of repayments. We are adequately cov-
China is right now. PTI all-in cost has become competitive Cholamandalam 150 3 yrs the third quarter of FY24. ered on liquidity and we do not see
when compared to domestic Investment “We have been long-term any challenges in the foreseeable
Source: RBI
fundraise, he added. investors in the IIFL group of compa- future. We will also try to

In a first, IndianOil to While these are funds raised by

Indian lenders’ overseas branches, After the unusually high ECB expenditure. Also, nearly three-
nies and have full trust and confi-
dence in the company’s strong man-
cross sell other products from these
branches,” Jain said.

make fuel for Formula 1 it is prudent for lenders to see over-

all exposure — domestic plus
registration ($21 billion) during
Q1FY24, new registrations nor-
fourths of the ECBs raised were
hedged through rupee-denominat-
agement team led by Nirmal Jain and
R Venkataraman,” said Prem Watsa,
IIFL shares fell another 20 per cent
on Wednesday after declining 20 per
Indian Oil Corporation (IndianOil) will in three months start international — for risk manage- malised to $8 billion and $7 billion ed loans or loans from foreign par- chairman of Fairfax India. cent yesterday to hit the lower circuit.
manufacturing fuel used in Formula One or F1, motor racing as it ment, said an executive of a public- during the second and third quar- ents, offsetting considerably the “We are confident that Nirmal and “At this crucial juncture,
looks to expand its basket of niche fuels. IndianOil, which already sector lender. ters, respectively. interest and exchange rate sensitiv- Venkat will take corrective actions to Fairfax India’s and Prem’s generous
has three branded fuels, including high-selling XtraGreen diesel, During April-December 2023, Adjusting for principal repay- ity of foreign exposures, it added. meet and exceed RBI’s compliance offer to provide liquidity support is
on Wednesday unveiled ‘Storm’ petrol that it will supply for the ECB registrations ($36.1 billion) and ment, net ECB inflows stood at $5.6 The secured overnight financing standards,” said Watsa. very timely and motivating. We are
Asian region motorcycle road racing championship. PTI disbursements ($25.6 billion) were billion this year so far as against net rate, the global benchmark interest In an interaction with analysts on committed to complying fully with
higher than what they were in the outflows of $2.3 billion in the cor- rate, increased by 50 basis points Tuesday, IIFL Finance managing RBI’s directives and growing the busi-
corresponding period in earlier responding period last year. during April-July 2023 but sta- director Nirmal Jain had said the ness under the regulator’s guidance
years, according to the “State of Of the total ECBs registered dur- bilised later in line with a pause in company is not facing any liquidity on the strong foundation of compli-
Economy” article in the RBI month- ing April-December 2023, more global monetary policy-tightening issues as it continues collections and ance, risk management, and fair prac-
ly bulletin for February. than three-fourths are for capital measures, it added. recovery from gold loan business. tices,” Jain said.

FDI INFLOWS SHRANK BY ‘PSUs fell short GPay, PhonePe

21% TO $41.31 BN IN 2023 in compliance, gain on Paytm
bank fallout
Foreign direct equity (FDI)
investments contracted by 21 per
cent Y-o-Y to $41.31 billion during
the calendar year 2023,
governance’ BLOOMBERG
6 March
according to Department for KHUSHBOO TIWARI of the regulatory require-
Promotion of Industry and Mumbai, 6 March ments on corporate gover- Google and Walmart Inc. are rapidly gaining
Internal Trade data. The nance, the government has customers from India’s Paytm, the fintech
sustained contraction in Public sector undertakings created an exception for pioneer struggling to navigate central bank
Traffic was affected at New Delhi borders on Wednesday in investment inflows comes (PSUs) fell short in compli- PSUs in the regulation restrictions and the potential shutdown of
view of the ongoing farmers’ protest, police said. Barricades against the backdrop of ance regarding board struc- itself,” said IiAS in the report a key payments affiliate.
were installed at borders and other parts of the national uncertainties and challenges tures and corporate gover- on corporate governance. The value of Paytm payments made on
capital, amid intensified patrolling PHOTO: REUTERS in the global economy. This nance, as per a report by The regulatory norms the state-backed transactions system fell 14
includes factors such as high Institutional Investor require listed per cent to ~1.65 trillion ($19.9 billion) from
110.3

inflation and slowdown in Advisory Services companies to January, the National Payments Council of
developed countries. The
Concessions on gold imports government has not Total
(IiAS). Of the
BSE 100 compa- Of the BSE 100
have at least
half of the
India (NPCI) said on its website Wednesday.
Walmart-owned PhonePe and Google’s
explained the rationale
likely under EFTA trade pact behind the dip. SHREYA NANDI ILLUSTRATION:
21.06
growth
nies assessed by
the advisory
companies
analysed as of
board be inde-
pendent if the
GPay, which both process far more pay-
ments than Paytm, each had an increase in
India may give quota-based duty concession on gold imports from (%) group, 93 were December Chairperson is their payments value.
37.71

AJAY MOHANTY
Switzerland under the proposed free trade agreement with the compliant with 2023, all seven an executive Paytm’s decline suggests consumers are
THE PLUMMET
22.78

four European nation bloc EFTA, sources said. Sources said that regulatory non-compliant director or rep- moving usage to alternative services even
17.84

India has sought an investment commitment of $50 billion during FDI inflows in 2023 Growth (%) requirements for entities were resents the before any disruption to its systems. The
the first ten years after the implementation of the agreement and board independ- PSUs, including promoter new curbs affecting Paytm are kicking in on
another $50 billion over the next five years from the member ence as of a bank group. For oth- March 15, and even after that the company
countries of the bloc. PTI Jan Feb Mar Apr May Jun Jul Dec December 2023. er firms, the expects its digital payments services to keep
Aug Sep Oct Nov However, the sev- minimum running as before. Yet the firm’s
-36.62

en non-compli- requirement is stock has slumped

-38.31

-46.26

Investments in P-notes fell ant companies were all 33 per cent. However, corpo- since the regulator
-48.89
-20.9

-20.6
-48.15

PSUs, including a bank. rate governance for other unveiled its action
-56.42

to ~1.43 trillion in January 41.31

“Most PSUs continue to firms has improved incre-
have weak board structures mentally along with trans-
in late January, on
concern the
Investment in the Indian capital markets through participatory Total or remain non-compliant parency. In the Corporate restrictions will
notes (P-notes) declined to ~1.43 trillion in January-end over the with even the minimum Governance Score report, crimp the fintech
preceding month amid cautious stance adopted by the foreign regulatory standards. This IiAS indicated that this has pioneer’s
investors owing to high valuation. Overall, the investment through 4.05 2.85 2.38 5.11 2.68 3.16 2.54 2.91 4.09 6.33 2.84 2.37 has been a concern for sev- been the best performance prospects.
the route saw an upward trend in the last one year with the eral years, but regulatory for the BSE100 index con- The value of
investment rising from ~91,469 crore in January 2023 to ~1,49,447 ($ bn) enforcement over PSUs has stituents since they began transactions Value of
Source: DPIIT
crore in December 2023. PTI been weak. For a large part assessments in 2016. processed by transactions
PhonePe rose near- processed by
ly 7 per cent, while PhonePe rose
GPay witnessed an nearly 7%,

States stare at taxing times with windfall at stake almost 6 per cent
rise, NPCI data
showed. Also when
measured by pay-
while GPay
witnessed an
almost 6% rise

All eyes now on the apex court as it tries to answer whether states have the power to levy tax on mineral-producing land ments volumes,
Paytm declined while PhonePe and GPay
BHAVINI MISHRA advanced. Firms don’t make any money on
New Delhi, 6 March Limited case that there was a transactions on the state-backed system,
THE CASE FILE typographical error in the 1989 verdict, called Unified Payments Interface, but it
A nine-judge bench of the Supreme Court “THE STATES HAVE VERY n Bihar government back in 1992 imposed and that royalty was not a tax. provides them with a massive catchment of
is grappling with a very tricky case, which
has seen a batch of over 80 petitions and
FEW AREAS OF TAXATION. additional taxes on land revenue coming The matter was then referred to the
nine-judge bench with eleven questions
hundreds of millions of consumers to whom
they can cross-sell services such as insur-
has divided two big benches earlier — one MOST OF THE TAXING from mineral-bearing lands leased out to
on whether “royalty” can be considered ance and mutual funds.
mining industries
had five judges while the other was POWERS UNDER THE as being like tax and can the State The Reserve Bank of India on January
presided over by seven. n The 1989 verdict in the case of India Cements Legislature while levying a tax on land 31 ordered Paytm Payments Bank — which
All eyes are now on the Constitution
CONSTITUTION ARE GIVEN TO Limited vs State of Tamil Nadu held that adopt a measure of tax based on the value isn’t controlled by Paytm but which process-
bench headed by Chief Justice of India THE UNION. WE MUST NOT royalty was a tax of the produce of land. es much of its payments and financial serv-
D Y Chandrachud as it is trying to answer
the 25-year-old contentious question
DILUTE THOSE AREAS” n A five-judge apex court Bench
Analysing the entries under the
Seventh Schedule of the Constitution,
ices — to halt much of its business. Though
Paytm has quickly pulled together other
whether states have the power to levy tax D Y CHANDRACHUD ruled in 2004 that there was a CJI Chandrachud said in the bank partnerships to stay in business, the
on mineral-producing land. How can the Chief Justice of India typographical error in the 1989 previous hearing that taxing power regulator’s move triggered a sharp slide in
Mines and Mineral (Development and verdict and that royalty was not a tax always remains with States in its stock and hit customer sentiment. Shares
Regulation) Act be interpreted in this relation to minerals and it is never in Paytm are dow almost 50 per cent since
matter? And if “royalty” can be with the Union. “The States have very late January.
considered to be in the nature of a tax. mining land on account of List II Entry 50 court last week said that the Constitution has told the court that state tax due from few areas of taxation, most of the taxing In his first public comments after
The hearing began on February 27. and its interrelation with List I Entry 54?” vests the power to impose a tax on crude extraction runs to more than powers under the constitution are given the RBI action, Paytm’s founder Vijay
One of the main questions before the The original case dates back to 1992, when mineral rights not in Parliament but in ~4,500 crore till July 31, 2022. to the Union, we must not dilute those Shekhar Sharma this week voiced confi-
bench is: “Can a state legislature, while the Bihar government, through an states, as it suggested that such authority In 1989, in the case of India Cements areas,” he said. dence that his digital payments company
levying a tax on land under List II Entry amendment, imposed additional taxes should not be diluted. Limited versus State of Tamil Nadu, a The Court's deliberation revolved will overcome the regulatory setbacks and
49 of Seventh Schedule of Constitution, on land revenue coming from mineral- The verdict can have bearing on the seven-judge bench of the apex court had around Entry 50 List II, which grants stage a comeback as a stronger company.
adopt a measure of tax based on value of bearing lands leased out to mining mineral rich states which are earning held that royalty was a tax. states the power to levy taxes on mineral Both Paytm Payments Bank and Paytm,
produce of land? “If yes, then would the industries. Something that the mining thousands of crores of rupees in revenue, However, a five-judge bench of the rights, but subjects it to limitations which is traded as One97 Communications,
constitutional position be any different firms had opposed. like Jharkhand and Chhattisgarh. It can apex court ruled in 2004 in the State of imposed by Parliament through laws are part of Sharma’s fintech empire
insofar as the tax on land is imposed on While hearing the case, the apex also affect central oil companies. Assam West Bengal versus Kesoram Industries related to mineral development. but the bank isn’t listed.
.
NEW DELHI | THURSDAY, 7 MARCH 2024 5 <
Regional Office-Delhi North, Second Floor, Faiz Road-1, New Delhi-110005,
Phone No. 011-28754615, 28754642
Email Id: [email protected]
BO: M2K Chowk Branch,
F-19/13, Sector-8, Rohini, SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
CIRCLE SASTRA: GHAZIABAD; KJ-13 KAVI NAGAR E-Auction Sale Notice for Sale of Immovable/Moveable Assets under the Securitisation and Reconstruction of Financial Assets and
GHAZIABAD 201001, EMAIL : [email protected] Delhi-110085
Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rule, 2002
CORRIGENDUM PUBLIC NOTICE
This is to inform the general public that Bank of Baroda, M2K Chowk branch intends to accept Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor (s) that the below described immovable property mortgaged/ charged to the Secured
The general public is hereby informed that in
the undermentioned property standing in the name of Mr. Nishant Verma s/o Mr. Ashok Kumar Creditor, the constructive/ physical possession of which has been taken by theAuthorized Officer of Union Bank of India (secured creditor), will be sold on “As is where is”, “As is what is”
e-auction Notice i.e, SALE NOTICE FOR
SALE OF IMMOVABLE PROPERTIES Verma and Mrs. Rekha Verma w/o Mr. Nishant Verma R/o House No.9, Second Floor, G.T. Karnal and “Whatever there is” on the date mentioned below, for recovery of dues as mentioned hereunder to Union Bank of India from the below mentioned Borrower(s) & Guarantor(s).
Road, State Bank Colony, Near Nanak Piao Gurudwara, Dr. Mukherjee Nagar, North West Delhi, The Reserve Price and the Earnest Money Deposit are also mentioned hereunder:
published on 19.02.2024 in English
Delhi-110009 as a security for a loan/credit facility requested by one of its customers.
Newspaper-“Business Standard” (Page S.No. Branch name and address Sector 16, Rohini, Ambedkar Bhawan, Sec-16, Rohini, Delhi 110089 Ph 9760178005. Amount due:
In case anyone has got any right/title/interest/claims over the undermentioned property,
No.02) & Hindi Newspaper-“Business they are advised to approach the Bank within 10 days along with necessary proof to substantiate 1. Name of the Borrower & 1. Sandeep Sajan and Harendra Kumar Maharaj, Flat no.G-1,B-1/120 Ground Floor Rs. 15,62,865.00 (Rupees Fifteen Lakhs Sixty Two Thousand
Standard’ (Page No. 10) at Sr. No. 1-4 (in all 4 their claim. Guarantor/s DLF Dilshad Extn II Sahibabad Gahziabad Uttar Pradesh 201005 Also at:- B-1/123 Eight Hundred and Sixty five only) as on 24.05.2018 together
Loan A/C's e-auction date should be read as If no response is received within 10 days, it is presumed that the property is free of any DLF Colony Bhopura Paswada Pasonda Sahibabad Ghaziabad UP 201005 with future interest.
11.03.2024 in place of 08.03.2024 as this date charge/claim/encumbrance and Bank shall proceed with the mortgage. 2. Kailash s/o Kishan Arya 53-54 Pocket -8 Sector 23 Rohini New Delhi-110085
extended by the Bank. Details of Property: Entire first floor, with 22.5% share of the stilt including Car parking space Property: All that piece and parcel of Flat No. G-1 B-1/120 Ground Floor, DLF Dilshad Garden Extn II Sahibabad Ghaziabad Uttar Pradesh -201005 (Property description as specified
Rest of e-auction notice details remains same. alongwith 22.5% undivided impartible ownership rights in the land admeasuring 550 Sq. Yards ,
in the Sale Deed dated 09.02.2015 Boundaries: On the North : Prop. B 1/121, On the South : Prop B 1/119, On the East : Prop B 1/113, On the West: 30 ft./ Road
Authorised Officer property bearing no. E-552, situated in Greater Kailash Part-II, New Delhi-110048.
Boundaries of the property: Date & Time of E-Auction: 27.03.2024 between 11.00AM to 04:00 PM with 10 minutes unlimited auto extension Reserve price Rs. 11,50,000.00 (Eleven Lakhs Fifty thousand only).
Date: 06.03.2024 Punjab National Bank
East-Service Lane West-Road Earnest money to be deposited – Rs. 1,15,000.00 (One Lakh Fifteen thousand Only) @ 10 % Bid Increment Value-10,000/- (Rs. Ten Thousand Only).
North-Plot no. E-554 South-Plot No.E-550 S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934 Amount due:
Branch Details-Bank of Baroda, M2K Chowk Branch, F-19/13, Sector-8, Rohini, Delhi-110085 2. Name of the Borrower & BORROWER: Sh. Manindra Kumar, RS. 16,07,373.49 together with up-to-date interest, cost and
Contact No.- 8130999150 Guarantor/s charges etc from 31.05.2019
Flat No 176, Pocket No 4, SectorA-10, Narela, Delhi-110040

Property: All that piece and parcel of the property consisting of Flat No 176, 3rd Floor Pocket No 4, SectorA-10, Narela, Delhi-110040 in the Name of Mr. Manindra Kumar.
Boundaries by: East: Open Below, West: Open Below, North: Entry & Opp Flat No. 172, South:- Open Below
Date & Time of E-Auction: 27.03.2024 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 14,54,000/- (Rs. Fourteen Lacs Fifty Four
Thousand Only), EMD- RS. 1,45,400/- (Rs. One Lac Forty Five Thousand Four Hundred Only), Bid Increment : Rs. 10,000/- (Rs. Ten Thousand Only)
S.No. Branch name and address BRANCH- Holumbi, PHONE- 9997478934 Amount due:
3. Name of the Borrower & Smt Kuldeep Kaur w/o Sh. Inderjeet Singh (Applicant) Rs. 6,80,578.43 together with up-to-date
Guarantor/s Sh. Inderjeet Singh Dhanjal s/o Sh. Raghubnir Singh (Guarantor) interest, cost and charges etc.
(Both ) r/o C-16, Plot No 52, First Floor, Block C, Mukh Ram Garden, Tilak Nagar, Delhi-110018
Also Both at:- Flat No 466, 2nd Floor, DDAJanta Flat, Pocket No 11, SectorA6, Narela, Delhi-110040
Property: All that piece and parcel of the property consisting of Flat No 466, 2nd Floor (Under Janta Category) Pocket No 11, Sector A6, Narela, Delhi-110040 in the Name of
Mrs Kuldeep Kaur w/o Inderjeet Singh
Date & Time of E-Auction: 27.03.2024 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price RS. 4,59,000/- (Rs. Four Lacs Fifty Nine Thousand
Only) EMD - RS. 45,900/- (Rs. Forty Five Thousand Nine Hundred Only), Bid Increment Rs. 10,000/- (Rs. Ten Thousand Only)
S.No. Branch name and address DILSHAD GARDEN Branch, at F-14, Dilshad Colony, Delhi-110095 Amount due:
4. Name of the Borrower & 1. Mr. PRAVEEN KHAN, H.No. D1/15 Nand Nagri East Delhi-110095 Rs.16,99,000.00/- as on 30.09.2023 with further interest, cost
Guarantor/s 2. Mr. Aslam Khan S/O Peer Bakas (co - applicant), H.No. D1/15 Nand Nagri, East and expenses.
Delhi-110095
Property: All that piece and parcel of GF-2, GROUND FLOOR, PLOT NO. 124, VIKRAM ENCLAVE, SHALIMAR GARDEN, VILLAGE- LONI, PASONDA, SAHIBABAD, GHAZIABAD,
UTTAR PRADESH-201005. Boundaries: North: Road, South: Plot No. 124 C, East: Plot No. 121, West: Part of plot no. 124/B (Property description as specified in the Sale Deed
Sl.No. 11408 dated 01.10.2015
Date & Time of E-Auction: 27.03.2024 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension Reserve price Rs. 16,00,000.00 (Rupees Sixteen Lakh only),
EMD – Rs. 1,60,000.00 (Rupees One Lakh Sixty Thousand only), Bid Increment Value-10,000/- (Rs. Ten Thousand Only).
S.No. Branch name and address Branch- Maurya Enclave Branch Amount due:-
Sachdeva Public School F P Block Maurya Enclave Pitampura Delhi 110088 Ph No 9412090676
5. Name of the Borrower & Anita and Sandeep; Plot No 109 First Floor Pocket 1 Sector 24 Rohini Delhi 110085 Rs. 16,46,594.02/- plus contractual rate of
Guarantor/s Ambika Singh (Guarantor); Plot No 158, Pocket 1 Sector 24 Rohini Delhi 110085 interest from 29.11.2019
Property: Entire 1st floor without Roof Rights at Property No 109 Pocket 01 Sector 24 Rohini Delhi 110085 measuring 28.00 Sq Mtr bounded by North: Property No 108, South: Plot
No 110 East: Road West: other property
Date & Time of E-Auction: 27.03.2024 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price Rs. 22,00,000.00 (Rupees Twenty-Two Lakhs
Only) Earnest money to be deposited - Rs. 2,20,000.00 (Rupees Two Lakhs Twenty Thousand Only) @ 10 % Bid Increment Value-Rs.10,000/- (Rs. Ten Thousand Only).
TERMS & CONDITIONS:
1. The e-Auction is being held on “AS IS WHERE IS” and “AS IS WHAT IS BASIS”.
2. The successful bidder shall at the end of the auction pay 25% of the bid amount which shall be inclusive of the bid amount immediately on the sale being knocked down
in his favor and the balance within 15 days from the date of sale confirmation. Payment is to be made by RTGS/NEFT to the account
of– Authorized officer, on or before 27.03.2024 on default in such payment the property shall be resold and the defaulting purchaser shall not have any claim
whatsoever and the amount already paid shall be forfeited.
3. Any statutory and other dues payable either accrued or arisen already shall be borne by the purchaser of the property.
4. To the best of knowledge and information of the Authorized Officer, there is no encumbrance on the property. However, the intending bidders should
make their own independent inquiries regarding the encumbrances, title of property/ies & to inspect & satisfy themselves. Property can be inspected
from 10:30AM to 5:00 PM after consultation withAuthorized Officer.
5. “In the event of failure of the successful bidder to tender 25% of the sale price then and there, the EMD deposited by him shall be forfeited to secured creditor and the
bid accepted shall stand cancelled automatically”
6. The intended bidders who have deposited the EMD and require assistance in creating Login ID & Password, uploading data, submitting bid,
training on e-bidding process etc., may contact www.mstcecommerce.com. The intending bidders / purchasers required to register through
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp by using their mobile number and valid email-id. They are further required to upload
KYC documents and Bank Details.
7. For Registration related queries e-mail to [email protected]
8. For EMD payment/refund related queries e-mail to [email protected]
9. For Registration and Login and Bidding Rules visit https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp and Click “Buyer Guide for Login and Registration”
10. For any property related query may contact the Branch Head.
11. As per the Income Tax Rule, TDS @ rate of 1% ofAuction Price is payable by the successful auction purchaser.
(FOR DETAILED TERM AND CONDITIONS PLEASE REFER TO https://www.ibapi.in, www.unionbankofindia.co.in)
STATUTORY 15 DAYS SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT 2002
The borrower / guarantor are hereby notified to pay the sum as mentioned above along with up to date interest and ancillary expenses before the date of
e-auction failing which the property will be auctioned / sold and balance dues if any will be recovered with interest and cost.
DATE: 05.03.2024, PLACE: DELHI AUTHORISED OFFICER, UNION BANK OF INDIA
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1

Processed pulses Shipping P&I club may soon set sail

Govt speaks to insurers to iron out details of its proposed domestic protection and indemnity club

to attract 18% GST, DHRUVAKSH SAHA

New Delhi, 6 March

The ministry of ports, shipping and

are not covered under the P&I frame-
work, as they operate in domestic
waters. So, the local club will initially
focus only on such vessels. Eventually,
also pool in its own funds for this entity,
sources said.
Shipowners buy P&I insurance to
cover themselves from huge costs of any

rules Andhra AAR

waterways has spoken to several the P&I club would look at covering accident that could harm cargo, lives of
insurers to allay concerns and iron out overseas transit as well. Overseas people, and the environment. This
details of its proposal to set up a domes- marine insurance covers amounts run- cover is usually bought through not-for-
tic protection and indemnity (P&I) club ning into billions of dollars, which profit clubs of like-minded shipowners.
for coastal ships and vessels operating India’s entity would not be able to The International Group, or IG, com-
Parties said GST is not applicable to agricultural produce on inland waterways, a senior govern-
ment official said.
undertake initially.
Meanwhile, a finance ministry panel
prises 13 P&I clubs. This group provides
marine liability cover to 90-95 per cent
ILLUSTRATION: BINAY SINHA “At a recent roundtable of financers has said that the Insurance Act — in its of all global sea tonnage.
and insurers, the ministry deliberated present form — does not allow the oper- In October 2023, Finance Minister
DECODING THE on the way forward for the setting up of
this club,” the official said. Another offi- The P&I club would look at covering
ation of mutual insurance associations
in the sector.
Nirmala Sitharaman had said that India
needs its own P&I entity to protect itself
STANCE cial said that stakeholders are awaiting overseas transit as well
more financial and regulatory clarity.
Earlier this week, Business Standard
had reported that the reform is likely to
from international volatility. In the past,
oil supply from Russia due to the Ukraine
 The AAR observed that the The shipping ministry, on February “The idea is to start small. We are be undertaken only after the Lok Sabha war was impacted as ships carrying the
process of dehusking or 14, conducted a stakeholder meeting on looking at a small corpus through a elections. Industry veterans previously commodity struggled to get insurance.
splitting of pulses is carried shipbuilding, financing, and insurance. mutual insurance association of ship- called for this entity to be formed jointly This was due to the sanctions imposed
out by millers Here, representatives from insurance builders, shipping operators, and gen- with the Inland Waterways Authority of by the European Union (EU). EU insurers
 Pulses are not agricultural firms had expressed their intent to par- eral insurers,” the official said. India (IWAI). were prohibited from providing cover to
produce, and GST exemption is ticipate in the sector. Several coastal and riverine vessels The Centre will later decide if it will tankers carrying Russian oil.
not available for them
 However, whole pulses grains
such as whole gram, rajma are
covered in the definition of
agricultural produce
CRISIL raises India Govt, exporters may discuss
 Brokerage of agricultural
produce charged to growth forecast Red Sea crisis tomorrow
facilitate transactions PRESS TRUST OF INDIA Mandeb Strait, a crucial ship- Longer routes are resulting in
between wholesalers and
millers or farmers will also
attract 18% GST
for FY25 to 6.8% New Delhi, 6 March

Senior officials from differ-

ping route for traders con-
necting the Red Sea and the
Mediterranean Sea to the
delays of about 14-20 days
and also higher freight and
insurance costs. Represent-
SHIVA RAJORA & AMRITHA PILLAY ent ministries and exporters Indian Ocean, escalated due atives from ministries includ-
New Delhi/Mumbai, 6 March are expected to hold discus- to these attacks. ing finance, shipping and
INDIVJAL DHASMANA and brokerage. KEEPING COUNT sions on March 8 on issues Because of this, the ship- external affairs are expected
New Delhi, 6 March As such, the company sought directions Rating agency CRISIL on Growth estimates for being faced by exporters due ping costs have jumped and to attend the meeting on
from the AAR whether its activities such as Wednesday raised its economic FY25 (in %) to the Red Sea crisis, an offi- consignments are taking March 8.

P
rocessed pulses obtained after dehusk- de-husking, splitting of pulses will draw GST growth forecast for India for the cial said. The official said this more time to reach Europe An official of an exporters
ing and splitting the grains are unlike or not. next financial year (FY25) to 6.8 CRISIL 6.8 would be the third meeting. and the US as the ships are body said they would flag the
whole pulse grains and not agricultural The AAR observed that the process of de- per cent from 6.4 per cent esti- Moody’s* 6.8 In December, the situ- taking the Cape of Good issue of high transportation
produce, making them liable to goods and husking or splitting of pulses is usually not mated earlier, citing higher ation around the Bab-el- Hope route, encircling Africa. cost in the discussions.
services tax (GST) at the rate of 18 per cent, carried out by farmers or at farms but by growth momentum. Citi 6.8
ordered the Andhra Pradesh authority for pulse millers. In its India Outlook report, it, SBI 8.0
advance rulings (AAR). As such, pulses — dehusked or split — are however, said growth will mod- Elara Capital 7.0
Besides, brokerage of agri-
cultural produce charged to
facilitate transactions between The case relates to
also not agricultural produce.
However, whole pulse grains
such as whole gram, rajma are
erate in FY25 from 7.6 per cent in
the current financial year (FY24)
as higher interest rates and lower
Bank of Baroda 7.8
* For the calender year 2024
Monthly natural gas trades
wholesalers and millers or
farmers will draw 18 per cent
GST, ruled the AAR.
Andhra Pradesh-based
Gayatri Enterprises, a
broker in agricultural
covered in the definition of
agricultural produce, the
AAR clarified.
fiscal impulse will temper
demand and the net tax impact
will normalise. “The fiscal
Source: BS Research
rose 17 % in February : IGX
Sandeep Sehgal, tax partner produce such as Therefore, processed pulses impulse [next year] will be lesser Indian economy to grow at an A significant fall in the national-level gas exchange
at AKM Global, said the case
relates to Andhra Pradesh-
urad dal and its
varieties, moong dal
fall outside the definition of
agricultural produce and the
because of the need to reduce
the fiscal deficit to 5.1 per cent
average rate of 6.7 per cent till
the end of this decade.
global natural gas prices led
to the monthly gas volumes
for the physical delivery of
natural gas.
Share of India’s
based Gayatri Enterprises, a and variants, toor, exemption from GST is not of GDP next fiscal according to India will become an upper traded on the India gas “There was a significant oil imports to
broker in agricultural produce
such as urad dal and its varie-
and jowar available to them, said the
AAR. It also held that the com-
the glide path presaged.
However, the nature of govern-
middle-income country and
nearly double its economy to $7
exchange (IGX) rising by 17
per cent to touch 6.13 mil-
reduction in the gas prices
during the month, which
rise again: Opec
ties, moong dal and variants, pany's work as a broker in puls- ment spending will provide trillion, piggybacking on signifi- lion metric million British resulted in a surge in Opec is set to win a bigger
toor, jowar and karamani. The es comes under the category of some support to the investment cant private investments in thermal unit (mmBtu) in demand. Consequently, share of India’s oil imports
company charges a fixed price per bag from commission agent. cycle and rural incomes,” CRISIL emerging sectors, continuing February, the company said there was a substantial in coming decades due to
the parties. The applicant is required to pay 18 per said in a statement. government spending on infras- on Wednesday. increase in the volume the proximity of its
Its name is not mentioned anywhere in sale cent GST, the rate applicable to the commis- On the inflation front, the tructure build-up, ongoing Traded volumes were up trade from gas-based power supplies, the group’s head
or purchase invoices of transactions. It raises sion agent, irrespective of the fact whether rating agency expects the soft- reforms push and efficiency gains 3.24 times on a sequential plants on IGX during the told Reuters. The share of
invoices to the parties only for the the goods involved in the transaction are ening to continue in the next from increasing digitisation and basis. Meanwhile, the month,” Rajesh Kumar oil from Opec imported by
brokerage amount. exempt or taxable under the GST regime, the financial year on the back of physical connectivity, it said. By monthly Regasified Mediratta, managing direc- India declined from about
The company obtained GST registration AAR ruled. Sehgal said the AAR has chosen healthier agriculture output that FY31, both cylinders of the econ- Liquefied Natural Gas tor and chief executive 65 per cent in 2022 to 50 per
and charges 18 per cent tax, but was resisted to take a restricted view which underscores tames food inflation, and benign omy — manufacturing and serv- (RLNG) volumes rose to a officer of the Indian Gas cent last year, according to
by parties all over the country who said that the complexities of taxation within the agri- oil and commodity prices. ices — are expected to fire, yield- record 4.74 million mmBtu Exchange said. industry data. REUTERS
GST is not applicable to agricultural produce cultural domain. The report also expects the ing a sturdier growth path. in February. IGX is the only SUBHAYAN CHAKRABORTY

FROM PAGE 1
Willing to procure
> Currently, the credit growth that has been taken for com- ing by nearly 77 percent from
in the economy is about 16 to
17 per cent and deposit growth
mercial consideration. I think
we will seek some clarification
55.53 million in December 2019.
This uptick is driven by a com-
Turnover and settlement &
NBFCs... commitment regulations notified
jute, cotton if prices
is around 12 to 13 per cent. on that,” the official said. bination of sustained push
Meanwhile, the historical The norm will not impact from banks and evolving con-
In January, Securities and growth trends in deposits are American Express, as the cir- sumer spending patterns. The Commission has also brought in Settlement and
Exchange Board of India around 13 to 14 per cent. cular said those “who issue Commitment regulations for cases involving anti-
fall below MSP: Govt Chairperson Madhabi Puri
Buch was concerned about
some investment bankers
“To some extent, I think
there has been some dip in
deposits, perhaps because I
credit cards on their own
authorised card network are
excluded from the applicability
Chennai...
competitive vertical agreements and abuse of dominant
position, except cartelisation, at different stages of
investigation. “This will enhance CCI’s regulatory process,
PRESS TRUST OF INDIA inflating subscription figures in think now there is a propensity of the circular”. When asked about this, he including swifter market corrections, especially in fast
6 March initial public offerings. Sources to spend more. I think people’s The norms will be applica- added, “We are migrating changing digital markets. It will also fast track case
said Sebi action against some consumption expenditure is ble for card issuers with the many of our applications and resolutions, without compromising on quality, ensuring
The government is willing to banks was expected soon. picking up. But, eventually, that number of active cards issued capabilities and are looking to efficient investigation and resolution. Further, this will
procure the harvest of jute Correction in NBFC stocks money comes back into some- by them is over 1 million. modernise our payroll system. benefit the company under investigation by expediting the
and cotton from farmers if is likely to continue for another body else's bank account. So, as Twelve issuers, including We are migrating as much as resolution of disputes with regulators,” Choukse added.
the market price is lower than few weeks, said Chokkalingam, economic growth takes a HDFC Bank, SBI Card, ICICI we can from the global work-
the Minimum Support Price adding it might bottom out if greater foothold, I think one Bank, and Axis Bank, have load.” This comes amid reports
(MSP), Union Minister Piyush surveillance measures did not can expect the savings rate to more than 1 million cards. that Ford India may be recon- alties, the amendment would said Vaibhav Choukse, partner
Goyal (pictured) said on extend to other firms. improve.” The RBI said it found in a sidering its decision to sell the encourage companies under and head of competition law,
Wednesday. “Even if they do (extend to Speaking about inflation review that some arrangements Chennai plant and evaluating investigation, especially Big JSA Advocates and Solicitors.
The minister further said other firms), if the RBI does not and maintaining the stance, the between card networks and options for utilising the facility Techs, to opt for settlements or
that the Centre is working find any serious lapse, NBFC governor said the RBI was try- issuers are “not conducive to either for exports or a come- the commitment mechanism,” More on business-standard.com
towards increasing the pro- The minister further stocks will start recovering. ing to bring inflation sustai- the availability of choice for back to the Indian market.
duction of jute and cotton noted that ramping up textile Investors should wait and nably and durably to 4 per cent. customers”. “I don’t have any idea
and is willing to provide qual- production in the country watch how this unfolds and “It cannot be just a one-off The network for a card whether Ford is coming back,”
ity seeds and fertilisers for will spur income, open up keep an eye on valuations,” said number or just a one-month issued to a customer is cur- Amend said.
> BS SUDOKU # 4223
quality produce to fulfil the employment opportunities Chokkalingam. number touching 4 per cent, rently decided by the card
vision of farm to foreign and play a vital role in making which will give us satisfaction. issuer, based on bilateral agree-
exports. The Union Minister
for Textiles, Consumer Affairs
the country 'Atmanirbhar' as
well. He urged the artisans to GDP...
It has to be sort of sustainably
and durably at around 4 per
ments.
“The RBI’s broad intention
CCI...
& Food & Public Distribution register their businesses on cent and that is something seems to allow Rupay, the It will, for instance, take into
and Commerce & Industry the Government e- “The RBI is and remains fully which will give us greater con- domestic card network cham- account whether a competition
made the remarks during his Marketplace (GeM). Goyal supportive of fintech...The RBI fidence. But the direction is pioned by the NPCI, a fair compliance programme has
interaction with beneficiaries also said he has instructed is all for fintech to grow.” very clear, inflation is on a opportunity to break the dom- been implemented within the
of the Textile Sector here as GeM to register all artisans Regarding GDP growth for downward trajectory.” inance of international card enterprise or there is cogent
he also urged them to be and weavers connected with FY25, Das stuck to the esti- However, the central bank networks, which are mainly evidence establishing that its
vocal for local. "Be vocal for handicraft and handloom mates provided during the continues to be cautious with Visa and Mastercard,” said involvement in the contraven-
local and take local to global. without any registration fee. February monetary policy its monetary policy stance due Shivaji Thapliyal, head of tion is substantially limited.
That's the clarion call from "Registering on the e-mar- review which was 7 per cent. to two major uncertainties research and lead analyst, YES The CCI will take note of the
Prime Minister Narendra ketplace will boost the visibil- “We are quite optimistic emanating from geopolitical Securities. extent of cooperation by the
Modi to showcase our pro- ity of artisans and help pro- about next year. And I say, with risks resulting in supply chain “It may be noted that Rupay enterprise during the director
ducts on the world stage", mote businesses enhancing a reasonable amount of confi- challenges and weather-related is a unique card network since general’s investigation in
Goyal said. their income," said Goyal. dence based on our internal events that affect food prices. it is the only card network on adjusting the penalty along
analysis and research, that 7 per The inflation print for which the credit card on UPI with the voluntary termination
cent next year is definitely very January was 5.1 per cent, 110 facility is available. Hence, the of alleged anti-competitive
much on the table,” Das said. basis points higher than RBI’s success and ubiquity of Rupay conduct.

DPIIT notifies change While adding that the eco-

nomic growth momentum has
been strong, Das said rural
target. The RBI’s estimation of
Consumer Price Index inflation
for FY25 is 4.5 per cent.
credit cards are linked to and
will impact traction for the
credit card on UPI facility,”
Some experts said after
approval by the authority con-
cerned, the draft formulation
in space FDI norms demand has improved com-
pared to the year-ago period
Thapliyal said.
Credit cards are growing at
and the explanatory note must
be placed on the ministry’s
and urban demand continues RBI... a steady pace in India, with the website for at least 30 days. “In SOLUTION TO #4222
The Department for Promotion of Industry and Internal to be very strong. Also, the total number inching towards a departure from past practice, Easy:
Trade (DPIIT) has notified changes in the foreign direct investment activity remains “If you go by the way the circu- 100 million. There were 97.9 the CCI has not floated the
investment norms (FDI) in the space sector. strong on the back of govern- lar is written, every card will million outstanding credit guidelines for public consulta- ««
A decision in this regard was taken by the Union cabinet ment capex, and private capex need to have at least two net- cards as of December 2023, tion. This is despite the MCA’s Solution tomorrow
on February 21. The government has allowed 100 per cent is also beginning to pick up. works. And the agreement for with a record addition of 1.9 policy on pre-legislative con-
overseas investment in making components for satellites, as There are signs of private capex that particular card may not be million in that month, accord- sultation and comprehensive HOW TO PLAY
part of efforts to attract foreign players and private revival, particularly in certain restricted to a certain network,” ing to RBI data. Calendar year review of existing rules and reg- Fill in the grid so that
companies into the segment. sectors like steel, construction said the head of cards of a pri- 2023 saw the addition of 16.71 ulations prescribed under the every row, every col-
"The investee entity shall be subject to sectoral guidelines activity, textiles, and chemicals, vate sector bank. million cards, from the 12.24 law which came into effect on umn and every 3x3
as issued by the Department of Space from time to time," the according to Das. “Yes, certain cards, co- million added in 2022. January 1,” a competition law box contains
DPIIT press note said. Now, the satellite sub-sector has been The governor said the sav- brands are with a particular This growth trend has been expert said. the digits 1 to 9
divided into three different activities with defined limits for ings rate in the country would network only. Some of these consistent over the past five The guidelines and the noti-
foreign investment in each such sector, according to an improve as economic growth choices are that we make, and years, with the number of fication will come into effect on
official statement. PTI strengthens. in certain cases, it is a decision credit cards in circulation swell- March 6. “To avoid steep pen-
>
NEW DELHI | THURSDAY, 7 MARCH 2024 POLITICS & PUBLIC AFFAIRS 7
ZF Commercial Vehicle Control Systems India Limited

PM hits out at TMC over

CIN : L34103TN2004PLC054667
Registered Office : Plot No. 3 (SP) , III Main Road,
Ambattur Industrial Estate, Chennai -600 058
Website : www.zf.com , Email : [email protected]
Notice of loss of share certificate(s)
Notice is hereby given that the following share certificate(s) issued by the
company is/are stated to have been lost or misplaced or stolen and the registered

Sandeshkhali incident
holder(s) the legal heir(s) of the registered holder(s) thereof have applied to the
company for the issue of duplicate share certificate(s).
Folio No. No. of
Name of registered Share certificate Distinctive Nos.
shareholder No. shares
H00107
2321
Party retorts, citing Brij Bhushan, Bilkis Bano case and Manipur violence HARSHA M VASA 82 12267918 - 12267999
MUKESH M VASA
The public are hereby warned against purchasing or dealing in any way, with the
ARCHIS MOHAN TMC Rajya Sabha member- above share certificate(s) .
New Delhi, 6 March INDIA’S 1ST UNDERWATER METRO elect Sagarika Ghose said the Any person(s), who has/have any claim(s) in respect of the said share certificate(s)
should lodge such claim(s) with the company at its registered office at the address
BJP should “learn from the given above within 15 days of publication of this notice, after which no claim will

T
he Bharatiya Janata Bengal model of female be entertained and the company will proceed to issue duplicate share certificate(s).
Party (BJP), after win- empowerment”, and pointed For ZF Commercial Vehicle Control System India Limited
ning 18 seats in the 2019 out that the party insulted Place : Chennai Muthulakshmi M
Date : 07/03/2024 Company Secretary
Lok Sabha election in West Bengali women by fielding in
Bengal, couldn’t replicate its Asansol Bhojpuri singer
success in the Assembly polls Pawan Singh, whose songs
two years later, with the “denigrate” Bengali women.
Trinamool Congress (TMC) The BJP withdrew Singh’s
securing 48.02 per cent of the candidature after the outrage.
vote to the BJP’s 37.97 per cent. India’s first underwater metro was unveiled in Kolkata by The Trinamool accused
Post-poll studies attrib- PM Narendra Modi. Vodafone Idea said it has completed the the BJP of failing to protect
uted the surge in support for deployment of network infrastructure across the route the dignity of women in
the TMC to more women, Manipur, of garlanding the
especially poorer women, vot- rapists of Bilkis Bano, and not
ing for it.
On Wednesday, the battle
Modi opens Shajahan in taking action against its Lok
Sabha member Brij Bhushan
for West Bengal’s 42 Lok Sabha
seats was renewed. Prime RRTS stretch CBI custody Sharan Singh.
Later in the day, Banerjee
Minister Narendra Modi Prime Minister Narendra The CBI on Wednesday got urged people to join her at a
addressed an “all-women” Modi flagged off the Namo custody of Sandeshkhali ED public meeting in Kolkata on
public meeting of the BJP’s Bharat train service official attack case accused Sunday to protect “Bengal’s
Mahila Morcha in Barasat (80 between Duhai to Modi Shajahan Sheikh from the culture”, its religious harmo-
km from Sandeshkhali), North Nagar North, opening up West Bengal CID, following ny and way of life from bohi-
24 Parganas. He accused the the second 17-kilometre the Calcutta HC’s order to do ragoto (the outsiders) and
West Bengal government of stretch of the ambitious so on two consecutive days. apasanskriti.
using all its might to save the rapid rail plan to connect The CID took him to a hospi- In the 2021 Assembly polls,
“oppressor of women”, a refer- Meerut to the national tal for a medical check-up Banerjee-led Trinamool
ence to suspended TMC leader capital. DHRUVAKSH SAHA before handing him. PTI defeated the BJP with her
Sandeshkhali strongman “unique appeal to ethno-cul-
Sheikh Shahjahan. Modi said tural emotions as banglar
the storm in Sandeshkhali rise like Goddess Durga,” he Banerjee announced her gov- meye (daughter of Bengal) or
would reach every corner of said. ernment would increase by didi ke bolo (talk to Didi) pro-
ALKEM LABORATORIES LIMITED
the state, and also met the The TMC leadership ~750 the allowance for the grammes as against bohirago-
alleged victims of responded in like manner. In state’s ASHA (accredited social to (the outsiders), according CIN: L00305MH1973PLC174201
Sandeshkhali. “For me, the the morning, West Bengal health activists) and aangan- to academician Kaberi Registered Office: ‘Alkem House’, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
mothers and sisters of Bengal Chief Minister Mamata wadi workers. Chakrabarti. Phone: +91 22 3982 9999 Fax:+91 22 2495 2955
Website: www.alkemlabs.com, Email: [email protected]

NOTICE
Members are hereby informed that pursuant to Section 110 of the
Cong to decide on Rahul may contest Odisha BJP leaders Companies Act, 2013, read with the Companies (Management and

party candidates LS polls from Amethi meet Shah amid Administration) Rules, 2014 as amended from time to time, SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and in

at CEC meet today An Uttar Pradesh Congress leader on BJD alliance talks compliance with the Ministry of Corporate Affairs Circular Nos. 14/2020
Wednesday said that party leader Rahul th th
dated 08 April, 2020, No. 17/2020 dated 13 April, 2020, No. 22/2020
The top leadership of the Congress will Gandhi will contest the Lok Sabha election Odisha BJP leaders on Wednesday met dated 15th June, 2020, No. 33/2020 dated 28th September, 2020,
meet in the national capital on Thursday from Amethi – a constituency he has Home Minister Amit Shah and the
to finalise the party candidates for the represented several times since 2002. party’s national president J P Nadda No. 39/2020 dated 31st December, 2020, No. 02/2021 dated 13th January,
upcoming Lok Sabha elections. "The first Congress District President Pradeep Singhal, amid indications that it may enter an 2021, No. 10/2021 dated 23
rd
June, 2021, No. 20/2021 dated
meeting of the Congress' Central Election who returned after a meeting in Delhi, said alliance for the Lok Sabha and
08 December, 2021, No. 03/2022 dated 05th May, 2022, No. 11/2022
th

Committee (CEC) that considers and Gandhi will be the party candidate from assembly polls with the BJD. Sources
decides on candidates for Lok Sabha Amethi and his name would be announced said there is a strong possibility of an dated 28th December, 2022 and No. 09/2023 dated 25th September, 2023
polls is being held at 6 pm on March soon. There is, however, no word from the alliance between the BJP and the BJD the Company as on 06th March, 2024, completed the dispatch of the Postal
7th," AICC general secretary, party's central leadership on the matter. but noted that a final call has to be
communications, Jairam Ramesh said in The party's Central Election Committee taken by the top brass of the Ballot Notice dated 09th February, 2024 (“Postal Ballot Notice”) only
a post on X. PTI meeting is yet to take place. PTI national party. PTI through electronic mode to those Members whose email IDs are
registered with the Company/ Depository Participants and whose names
appear in the Register of Members / List of Beneficial Owners as on Friday,

ACCENT REGION rd
23 February, 2024 (“cut-off date”) for seeking approval of the Members of
the Company by Postal Ballot, only through remote e-voting system, for
business as specified in the Postal Ballot Notice.
UTTAR PRADESH CHHATTISGARH The Postal Ballot Notice can also be downloaded from the Company's

State to rake in ~80K cr 2.4 mn paddy

website viz. https://www.alkemlabs.com/Postal-Ballot.php, CDSL website
viz. www.evotingindia.com, and website of the stock exchanges where

farmers to get equity shares of the Company are listed i.e. BSE Limited viz.

via solar energy push

www.bseindia.com and National Stock Exchange of India Limited viz.

~13,000 crore www.nseindia.com.

The Company has engaged the services of Central Depository Services

VIRENDRA SINGH RAWAT R KRISHNA DAS (India) Limited (“CDSL”) for the purpose of providing remote e-voting
Lucknow, 6 March Raipur, 6 March
facility to all its Members. Members are requested to note that the remote

The Uttar Pradesh government has set an The Chhattisgarh government e-voting shall commence from Thursday, 07th March, 2024 at 09.00 a.m.
ambitious target of producing 22,000 will on March 12 transfer ~13,000 and shall end on Friday, 05th April, 2024 at 05.00 p.m. The remote e-voting
megawatt (Mw) through a slew of solar energy crore to accounts of 2.4 million
module will be disabled by CDSL after 05.00 p.m. on Friday, 05th April,
projects by 2027, a move that is expected to farmers that was due against the
rake in investments to the tune of ~80,000 paddy they sold, Chief Minister 2024 and the Members shall not be allowed to vote beyond the said date
crore. Vishnu Deo Sai has said. and time. Only those Members whose names appear in the Register of
The Yogi Adityanath government is plan- The ruling Bharatiya Janata
ning installations of rooftop solar plants and Party (BJP) government has prom- Members / List of Beneficial Owners maintained by the Company/
solar parks to achieve this target. ised to pay ~3,100 for a quintal of Depository Participants as on the cut-off date will be entitled to cast their
The micro, small and medium enterprises paddy procured during the kharif
votes by remote e-voting.
(MSME) sector will harness 12,000 acres, with marketing season 2023-24. Since
industrial units located in notified hubs for the amount is higher than the The Members whose e-mail address is not registered with the Company/
solar energy generation. UP is planning to install rooftop solar minimum support price (MSP) Depository Participants, may register by clicking the link:
“These hubs come under the jurisdiction plants and solar parks to achieve the target fixed by the central government
of UP State Industrial Development Authority for the season, the BJP decided to https://linkintime.co.in/emailreg/email_register.html and completing the
(UPSIDA). The process of installing rooftop to achieving the Net Zero goal of India,” he pay the difference amount. While registration process on or before 05:00 p.m. (IST) on Friday, 15th March,
solar power plants has begun in 15 industrial said. At present, Uttar Pradesh generates the MSP for paddy (common) was
2024 to receive the Postal Ballot Notice and the procedure for remote
areas of the state, including Kanpur, more than 2,100 MW of solar energy, with the fixed at ~2,183 per quintal, it is
Ghaziabad, Lucknow, Greater Noida,” MSME arid Bundelkhand region contributing 60 per ~2,203 for a quintal for grade A e-voting along with the login ID and password thereof.
chamber Indian Industries Association cent. Energy minister A K Sharma has direct- paddy. The state government has The Board of Directors of the Company have appointed CS Mannish L.
national president Neeraj Singhal said. ed officials to align the state’s energy blueprint to pay an additional amount of
On an average, ~4 crore is being invested with the $-trillion economy target since ener- ~917 to the farmers for common Ghia, Partner, M/s Manish Ghia & Associates, Company Secretaries,
to create a MW of solar power capacity, which gy demand will rise concurrently with the grade paddy and ~897 for paddy Mumbai, as the Scrutinizer for conducting the Postal Ballot through remote
translates to more than ~80,000 crore for the pace of economic and industrial develop- grade A.
e-voting process in a fair and transparent manner.
targeted 22,000 MW in UP, he said, adding ment. Solar parks totaling 3,630 Mw are being The nodal agency for the pad-
that the clean energy value chain would have set up in the state in addition to developing a dy procurement, Chhattisgarh The result of the Postal Ballot shall be declared by the Chairman or any
a multiplier effect on the state’s economy. 4,000 Mw green energy corridor in Marketing Federation, procured other authorised person by the Chairman on or before Tuesday, 09th April,
“Solar energy will result in savings in ener- Bundelkhand. “Projects totaling ~16,000 crore paddy from November 1 to
gy consumption bills of industry. This will are in progress for improving the basic infra- February 4 for this season. The 2024 by 05.00 p.m. at the registered office of the Company and
improve operating margins and make indus- structure of the state’s power sector,” farmers were paid the MSP as communicated to the Stock Exchanges, CDSL and shall also be displayed
try more competitive apart from contributing Sharma said. fixed by the central government.
on the Company's website https://www.alkemlabs.com/Postal-Ballot.php
and Notice Board at the registered office of the Company.

RAJASTHAN In case any Member has queries, grievances or issues relating to Postal

Iron ore e-auction to attract investment

Ballot, Members are requested to write an email to
[email protected] or may write to Ms. Ashwini Nemlekar, Link
Intime India Private Limited, C-101, 247 Park, L.B.S. Marg, Vikhroli
ANIL SHARMA licence of four iron ore blocks than 840 million tonnes of iron opportunities would also devel-
Jaipur, 6 March in Karauli and has made the ore deposits in Khoda, Dadaroli, op with the setting up of new (West), Mumbai - 400 083; Phone Number: 022- 49186000 and for any
tender document available for Todupura, and Liloti near industries in the state. The queries, grievances or issues related to remote e-voting, Members may
The e-auction of iron ore blocks sale on the central govern- Hindaun city in Karauli. “New mines department is running a
refer to the Frequently Asked Questions and e-voting manual available at
started by the Rajasthan mines ment’s MSTC portal. deposits of iron ore will statewide campaign against ille-
department in Karauli will Rajasthan is one of Move will help also create new oppor- gal mining activities for the past www.evotingindia.com, under help section or write an email to
attract new investments in the richest states in create job tunities for industrial 15 days while the auction of [email protected] or contact Mr. Rakesh Dalvi,
steel and cement sectors in the terms of availability opportunities development and major and minor blocks is ongo-
surrounding area as well, the and variety of miner- and boost employment in the ing. “The department has Sr. Manager, Central Depository Services (India) Limited, A Wing, 25th
state government expects. The als in the country, pro- revenue state,” he said. The CM issued a notice for e-auction of Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower
move will also help create ducing over 57 differ- said many industries, all four blocks of Karauli iron Parel (E), Mumbai – 400013 or call on 022-23058542/43.
employment opportunities ent minerals. including the coal washing, fer- ore. Detailed information in this
and boost revenue. Rajasthan Chief Minister roalloy, foundries, ceramic, and regard can be obtained from the For Alkem Laboratories Limited
The state mines depart- Bhajan Lal Sharma, who holds cement industry, would be able department’s website and the
ment recently started the e- the mining portfolio, said there to get raw material for years. MSTC portal,” said State’s Manish Narang
auction for the composite had been indications of more Employment and income Secretary of Mines Anandhi. Place : Mumbai President – Legal, Company Secretary &
Date : 6th March, 2024 Compliance Officer
8 WORLD
>
NEW DELHI | THURSDAY, 7 MARCH 2024

IN BRIEF
Hamas vows to press on Haley ends bid as Trump Fed needs more
with Gaza ceasefire talks
Hamas, on Wednesday, said it was pressing on with efforts to sweeps Super Tuesday confidence on
secure a ceasefire in Gaza with Israel despite the absence of Israeli
negotiators from talks in Egypt. Negotiators from the Palestinian
militant group, Qatar, and Egypt are in Cairo trying to secure a
40-day ceasefire in the war between Israel and the Islamist group
Biden also prevails
inflation to cut
RACING AHEAD
in Ramadan, which begins early next week. US President
Joe Biden said on Tuesday it was in the hands of Hamas whether
to accept a deal on the table for a ceasefire in exchange for the
in almost every
nominating contest Republican delegates won so far (90% of Super Tuesday delegates allocated)
Donald
rates: Powell
release of Israeli hostages. REUTERS
Trump
995 BLOOMBERG
BLOOMBERG & REUTERS 6 March
6 March Nikki
89
Starbucks cuts 2,000 jobs Haley Federal Reserve Chair Jerome

R
epublican presidential candidate Powell reiterated to lawmakers
amid Israel war boycotts Nikki Haley ended her long-shot
Delegate count to win nomination: 1,215 that the US central bank is in
challenge to Republican presiden- no rush to cut interest rates
The Starbucks operator in the West Asia and North tial frontrunner Donald Trump on They call it Super until policymakers are con-
Africa has cut thousands of jobs as it faces tough Wednesday, ensuring the former president Tuesday for a reason. This is vinced they have won their
economic conditions and calls to boycott the US will be the party’s candidate in a rematch a big one. They tell me, the battle over inflation.
coffee chain over its response to the Israel- with Democratic President Joe Biden in pundits and otherwise, In prepared testimony to a
Hamas war. Alshaya Group, which has been the November’s election. that there’s never been one House panel Wednesday, the
licenced partner for the chain in the region for over Both Biden and Trump prevailed in like this. There’s never been Fed chief said it will likely be
a decade with 1,300 locations, eliminated 2,000 jobs, the almost every Super Tuesday nominating appropriate to begin lower bor-
company confirmed to Bloomberg News. That reduces its regional contest, including victories in Virginia,
anything so conclusive”
rowing costs “at some point IF THE ECONOMY EVOLVES
Starbucks workforce by around 20 per cent. BLOOMBERG North Carolina, Tennessee and Utah that DONALD TRUMP this year,” but made clear BROADLY AS EXPECTED,
demonstrate their respective holds over Republican Presidential they’re not ready yet.
their political parties. nomination candidate The remarks echoed a con-
IT WILL LIKELY BE
Fidelity International to “They call it Super Tuesday for a rea- Nikki Haley sistent message from nearly APPROPRIATE TO BEGIN
son,” Trump told his supporters at a watch every Fed official in recent DIALING BACK POLICY
slash 1,000 jobs globally party at his Mar-a-Lago private club in weeks: The economy and
RESTRAINT AT SOME POINT
Fund management giant Fidelity International is planning to cut
Palm Beach, Florida. “They tell me, the
pundits and otherwise, that there’s never
‘Uncommitted’ protest vote over Gaza labor market are strong, mean-
ing policymakers have time to THIS YEAR”
around 1,000 jobs globally in 2024, equivalent to around 9 per cent
of its headcount, according to an internal company memo seen by
been one like this, has never been anything
so conclusive.”
raises questions for Biden’s campaign wait for more evidence that
inflation is headed back to
JEROME POWELL
Federal Reserve Chair
Reuters. The company, which manages $776 billion of client assets, Haley managed only a token victory in President Joe Biden won almost all the Democratic nominating contests on Super their goal before cutting inter-
said the job cuts were part of a broader cost reduction programme Vermont — a deeply liberal state Tuesday but a sizeable protest vote in Minnesota and six other states against his est rates.
expected to save around $125 million a year. The memo said the Republicans haven’t carried in 36 years — support for Israel again raised uncomfortable questions for his “The committee does not to contain inflation.
fund manager would push out timelines on non-core projects and despite backing from billionaires includ- reelection campaign. With almost 90 per cent of the expected expect that it will be appropri- “If the economy evolves
focus investment in areas delivering most value to clients. REUTERS ing Stan Druckenmiller and Charles Koch. votes counted in Minnesota, 19 per cent of Democrats marked ate to reduce the target range broadly as expected, it will
“The time has now come to suspend their ballots “uncommitted” to show their opposition to Biden’s until it has gained greater con- likely be appropriate to begin
my campaign,” Haley said in a speech in backing for Israel’s attacks against Hamas in Gaza. The fidence that inflation is mov- dialing back policy restraint at
Zulfikar Ali Bhutto was Charleston. “I have no regrets.”
She said it was likely Trump would be
“uncommitted” vote was also on the Democratic ballot in six
other Super Tuesday states — Alabama, Colorado, Iowa,
ing sustainably toward 2 per
cent,” Powell said in brief pre-
some point this year. But the
economic outlook is uncer-
not given fair trial: Pak SC the Republican nominee but did not
endorse him.
Massachusetts, North Carolina and Tennessee. Students,
suburban women and liberal Jewish activists were among those
pared remarks to the House
Financial Services Committee.
tain, and ongoing progress
toward our 2 per cent inflation
Former Pakistan prime minister Zulfikar Ali Bhutto, executed by Haley’s defeat marks a painful, if pre- who joined Muslim Americans to vote uncommitted, according to The Fed chief is on Capitol objective is not assured,”
the military regime in 1979, did not receive a fair trial, the dictable, blow to those voters, donors and Edison Research. REUTERS Hill for the first of two days of Powell said.
Supreme Court observed on Wednesday. Chief Justice Qazi Faez Isa Republican Party officials who opposed his semiannual monetary pol- After raising their bench-
announced the unanimous opinion of a nine-member larger Trump and his fiery brand of “Make icy testimony, and is sched- mark federal funds rate more
Bench of the apex court during the hearing of a presidential America Great Again” politics. Biden, 81 — the first repeat US presidential The dominant performances by both uled to appear before the than five percentage points
reference related to the death sentence given to him. It is based She was especially popular among contest since 1956 — is one that few Biden and Trump disguise deep anxiety Senate Banking Committee on starting in March 2022, they’ve
on a case sent in 2011 by then President Asif Ali Zardari to the moderates and college-educated voters, Americans want. Opinion polls show both and reservations among the electorate. Thursday. held rates steady since July
Supreme Court to revisit his father-in-law Bhutto’s conviction for constituencies that will likely play a pivotal Biden and Trump have low approval rat- For Democrats, the choice of Biden is a Treasury yields remained amid easing price pressures.
abetment in a murder case and his eventual hanging in 1979. PTI role in the general election. ings among voters. risky gamble that voters in November will mostly lower on the day after “We believe that our policy
It’s unclear whether Trump, who The election promises to be deeply divi- put aside their concerns about the ability the remarks were released, rate is likely at its peak for this
recently declared that Haley donors would sive in a country already riven by political of an 81-year-old man to continue to lead and S&P 500 index futures tightening cycle,” Powell said
Blackstone, Thomson Reuters be permanently banned from his move-
ment, can ultimately unify a deeply
polarisation. Biden has cast Trump as an
existential danger to democratic princi-
the country for another four years, par-
ticularly at a time when foreign wars are
held gains while the dollar was
lower.
in his prepared remarks,
repeating language used at his
sell $1.8 billion LSEG shares divided party.
The rematch between Trump, 77, and
ples, while Trump has sought to re-litigate
his false claims that he won in 2020.
raging and economic angst persists despite
a strong post-pandemic recovery.
Fed officials are in the last
rounds of an aggressive fight
last press conference on
January 31.
Blackstone, Thomson Reuters Corp. and other investors have sold
a 4 per cent stake in the London Stock Exchange Group Plc as they
continue to sell down their holdings in the market infrastructure
and data provider. The offering saw the consortium of investors
dispose of 21.5 million shares by way of a placing and a directed
buyback, according to a regulatory filing on Wednesday. Sellers
Musk backed for-profit move, Navalny died of natural
also include the Canada Pension Plan Investment Board and GIC,
who are members of the consortium of former investors in
Refinitiv, which LSEG acquired. BLOOMBERG pushed for merger: OpenAI causes: Russia spy agency
BLOOMBERG AP/PTI
Taiwan apologises for ‘racist’ 6 March “ WE’RE SAD THAT IT’S COME TO THIS WITH Moscow, 6 March

jibe against Indian workers OpenAI fired back at a lawsuit filed SOMEONE WHO INSPIRED US TO AIM Russia’s spymaster said on Tuesday that
against it by Elon Musk in a blog HIGHER, THEN TOLD US WE WOULD FAIL, opposition leader Alexei Navalny died of
Taiwan’s labour minister Hsu Ming-chun has post Tuesday, using the billionaire’s natural causes, a statement that
apologised for her inappropriate comments own emails to show he backed the
STARTED A COMPETITOR, AND THEN SUED appeared to reflect the Kremlin’s efforts
on her government’s plans to recruit Indian company’s plans to become a for- US WHEN WE STARTED MAKING to assuage international outrage over the
migrant workers from a particular region profit business and that he insisted MEANINGFUL PROGRESS TOWARDS death of President Vladimir Putin’s
which drew sharp criticism for being “racist”. it raise “billions” of dollars to be rel- fiercest foe.
Elaborating on the recruitment plan, Hsu in a evant compared with Google. OPENAI’S MISSION WITHOUT HIM” Sergei Naryshkin, the director of the
talk show on Taiwan television said her Musk filed the lawsuit last week OPENAI IN A BLOG POST Foreign Intelligence Service, the top spy
ministry will first recruit Indian workers from against OpenAI, its chief executive agency known under its Russian acro-
the North-Eastern states as “their skin colour officer Sam Altman (pictured) and nym SVR, made the statement in an The statement appeared to reflect the
and dietary habits are closer to ours.” PTI president Greg Brockman, alleging towards OpenAI’s mission without Musk and more than $90 million interview broadcast by Russian state tel- Kremlin’s efforts to assuage
the startup had strayed from its him,” the company said in the post, from other donors, according to the evision. He didn’t name the cause of international outrage over the death
mission to build responsible AI and which was co-authored by several blog post. Musk pushed the com- Navalny’s death in a remote Arctic penal
UK announces $13 billion that it had become beholden to
Microsoft, its largest investor.
of OpenAI’s co-founders, including
Altman, Brockman and Ilya
pany to be far more ambitious in its
fundraising, the emails show.
colony or give any other details.
“Sooner or later life ends and
on Putin, an accusation the Kremlin
angrily rejected.
tax cut for 27 mn workers In the post, OpenAI said that
Musk was lashing out after trying
Sutskever.
The post also reproduced emails
At the outset, Altman and
Brockman planned to raise $100
people die,” he said. “Navalny has died
of natural causes.”
Navalny’s mother, Lyudmila
Navalnaya, had spent eight to get
UK finance minister Jeremy Hunt on Wednesday announced a $13 and failing to make the company Musk had sent to people at the com- million, OpenAI said, but Musk Navalny died on February 16 at Penal authorities to release her son’s body as
billion tax cut for 27 million workers for a second time in under four part of Tesla. pany, demonstrating that the bil- objected, saying the number should Colony No. 3 in the town of Kharp, in the officials claimed that they needed to con-
months. Hunt said the government would reduce the rate of social “We’re sad that it’s come to this lionaire had endorsed OpenAI’s be higher. Yamalo-Nenets region about 1,900 duct post-mortem tests. She made made
security contributions, known as National Insurance with someone whom we’ve deeply fundraising efforts. Musk alleges in his suit that the kilometres northeast of Moscow where a video appeal to Putin to let her bury
Contributions, by 2 percentage points for employees and the self- admired — someone who inspired “This needs billions per year startup’s close relationship with he was serving a 19-year sentence on her son with dignity.
employed, to help encourage people back to work and deliver a us to aim higher, then told us we immediately or forget it,” Musk Microsoft has undermined its orig- charges of extremism. The opposition leader was buried
high wage, high skill economy. The cut, effective from April, would would fail, started a competitor, wrote in one email, according to inal mission of creating open- Russian authorities still haven’t Friday in a Moscow suburb in a funeral
be worth about $572 (450 pounds ) a year per employee and 350 and then sued us when we started OpenAI. OpenAI, as a non-profit, source technology free from undue announced the cause of his death at age that drew thousands of mourners amid
pounds for the self-employed, he said. REUTERS making meaningful progress raised less than $45 million from corporate influence. 47 and many Western leaders blamed it a heavy police presence.

$1,780 to spend the night in a ‘cocoon’? Hotels now betting on sleep tourism
AI-assisted beds, on-call hypnotherapists sleep circuit ($99 per treatment), which who consider exercise their Ambien.
employs, among other things, infrared This month, to coincide with the
are taking sleep tourism to the next level light, electromagnetic frequencies, salt NSF’s Sleep Awareness Week (March 10
floats and vibration. The resort’s new to 16), the Mandarin Oriental will begin a
CARLA SOSENKO is, essentially, an old dog with new tricks. four-night Sleep Well Retreat ($2,598) partnership with the hypnotherapist
6 March “This is around the seventh or eighth includes all of the above, plus a sleep- Malminder Gill, a.k.a. the Sleep
time this has come up as kind of a topic” promoting massage. Concierge, at the Hyde Park property in
To sleep, perchance to dream. Or if not since the mid-1980s, said Bjorn Hanson, London. (After Hyde Park, the service
dream, at least to feel vaguely rested the a professor at the New York University ‘Cocooning’ will be available at the Mandarin Oriental
next day, especially on vacation. Is that Jonathan M Tisch Center of Hospitality. Relaxing the mind is common, but how in Mayfair, which opens this spring,
too much to ask? These days hotels are going well each property tries to accomplish that followed by pop-ups across Europe, New
In the hospitality world, that’s a beyond those basics to capture the varies. A visitor at the Park Hyatt said the York and other destinations later this
business opportunity. Hilton’s 2024 business of sleep seekers. Here’s what bedrooms “cocoon” away from the living year.) Starting at £500, guests can see Ms.
trends report revealed that the main some are doing. space, meaning you can close off the Gill in the spa for a sleep consultation and
reason people currently travel is to rest sleep area and make it dark and cozy; session tailored to their particular sleep
and recharge. Smart beds and Smart Goggles Britain’s Zedwell hotels feature small, issues, with Ms. Gill even recommending
“Hotels locked in a death match with Like the Westin Heavenly Bed, Bryte dimly lit “cocoons” (from about $142, per optimal mealtimes and food-ingestion
Airbnb have begun to explore ways in wants to be the next hotel-mattress Britain’s Zedwell hotels feature small, dimly lit “cocoons” (from about $142, per person) with nary a distraction from the order. There will also be an option for a
which to compete by offering services disrupter. The $6,299 AI-assisted, person) without distraction: no TVs, no phones and, actually, no windows, which for window to the wall: no TVs, no phones private bedside session, during which, if
and amenities around the primary smartphone-pairable mattress is, a certain kind of bad sleeper could provoke more anxiety and, actually, no windows, which for a all goes well, guests drift off for the night.
purpose of a hotel stay: a restful night’s according to Luke Kelly, the chief certain kind of bad sleeper could provoke “I tiptoe out,” said Ms. Gill.
sleep,” said Chekitan Dev, a professor at executive of Bryte, the only bed with an similar Bryte-bed-equipped Mindful- mask that uses heat, and vibration to more anxiety, not less. The Royal Sonesta Benjamin New
the Cornell University Nolan School of active pressure-relief system, which ness Suite ($645), as do a handful of lower your heart rate and ease facial Tempo by Hilton is offering rooms York has a similar program, called Rest &
Hotel Administration. adjusts as you move to optimise sleep. rooms and suites at hotels tension. The package also includes a divided into three zones, including “an Renew, run by Rebecca Robbins, co-
Now, he said, a good night’s rest isn’t The Park Hyatt New York currently With the Sleep Wellness package at mocktail at the rooftop bar (alcohol is an enveloping sleep environment” with a author of Sleep for Success! Everything
just a selling point for hotels; it’s a “fast- has five Bryte sleep suites (from $1,095), the Beatrice in Providence, (starting at enemy of good sleep) and herbal teas. Sealy Accelerate temperature-controlled You Must Know About Sleep but Are Too
growing industry.” which were added after the hotel $419 per night), you’ll have to settle for a mattress and sound-absorbing Tired to Ask.
From AI-assisted beds to on-call reopened following a 376-day Covid Serta Perfect Sleeper, but will have access Retreats and other programmes acoustics; lights that dim at sunset; and,
hypnotherapists, today’s sleep tourism closure. The Park Hyatt Chicago has the to Therabody SmartGoggles, an eye At spa at the Carillon has a five-treatment in some rooms, Peloton bikes, for people ©2024 The New York Times News Service

DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXX NUMBER 278 ILLUSTRATION: BINAY SINHA

NEW DELHI | THURSDAY, 7 MARCH 2024

Confidence booster
Index inclusion reflects confidence in India

B
loomberg’s decision to include Indian government bonds issued under But this is not going to be smooth sailing all
the fully accessible route (FAR) in its emerging market local currency through. India’s energy consumption, and within that
fossil fuel consumption, will continue to rise for the
government bond index and related indices gives a significant boost to
foreseeable future. The IEA itself forecasts India’s oil
the Indian debt market. The inclusion will be done over 10 months start- consumption to rise by over a million barrels a day by
ing January 31, 2025. Bloomberg will be the second major global index provider - the end of this decade, an increase of 20 per cent from
— after JP Morgan — to include Indian government bonds in its emerging market
bond index. JP Morgan’s index inclusion will start in June 2024. While Bloomberg’s
index inclusion is expected to result in an inflow of only $2-3 billion, coming soon
after the inclusion by JP Morgan, which is more widely tracked, it is a confidence
India and the IEA: now. Notably, both the US Energy Information
Administration and Organization of the Petroleum
Exporting Countries forecast almost twice as much of
an increase in oil consumption for India during this

Friends with benefits?

period. Squaring this with the IEA scenarios that peak
booster for large international investors looking to diversify their debt holdings. oil and gas consumption globally will require much
This should lead to higher inflows in the debt market over time. faster reductions in demand elsewhere in the world,
It was announced in the Union Budget 2020-21 that certain categories of and in particular within OECD members, presents a
central government securities would be opened for non-resident investors without challenging scenario. How reasonable such expecta-
any restriction, following which the Reserve Bank of India (RBI) started issuing Expanding the global energy body membership to include tions are, and the economic and political implications
of such a trend even within the OECD countries have
securities under the FAR. This, as expected, has enabled the inclusion of govern- India is crucial for ensuring global energy security led to much debate over the past few weeks.
ment of India bonds in global indices. Index inclusion, theoretically, can have India is likely to build between 40 and 80 Gw of

T
several benefits. It will lead to a higher flow of foreign savings, which will not he International Energy Agency (IEA) agree- sector risks to global economic and political stability. new coal electricity generation capacity, which is at
only help the government to finance the fiscal deficit but also aid in financing the ing to start discussions with India on joining It increasingly recognises the risks that climate odds with IEA’s stated position that no new coal pro-
current account deficit. Funds tracking these indices are passive in nature and the organisation as a full member is a signifi- change poses to the world. duction capacity should be built unless it includes
the flows are considered more stable than those managed actively. Since part of cant and positive step for both parties. India had for- Within this, the role that India will play in the still very expensive carbon removal technologies.
mally sent a request for full membership last October global energy transition is central to the world meet- In general, the IEA’s narrative on shifting invest-
the budget deficit will be financed by foreign savings as more securities are issued and the 31 member countries at the IEA’s 50th ing its climate goals. India has the world’s largest ments in fossil fuel production globally to renew-
under the FAR over time, it will relieve pressure on domestic savings, which can Anniversary events earlier in February announced population, is the fifth-largest economy, is on track ables may not appear friendly to countries such as
help bring down overall borrowing cost in the economy. that negotiations will now begin. This would be the to becoming the third-largest within this decade, India and many others in Africa and Asia that are
At a broader level, the inclusion of government bonds in global indices also first country outside the Organisation for Economic and is the world’s third-largest energy consumer and expected to rely on these hydrocarbons in the fore-
reflects confidence in India’s macroeconomic strength. India is one of the fastest- Co-operation and Development (OECD) club to get greenhouse gas emitter. Over the next two decades, seeable future. Unless the Agency is able to persuade
growing large economies with macroeconomic stability. It also maintains large full membership of the IEA, reflecting the increas- global growth in energy consumption will be domi- its members to drastically reduce their reliance on
ingly larger share of non-OECD countries in global nated by India, as its growing population and rising fossil fuels so that there is space for the rest of the
foreign exchange reserves, which has helped maintain stability on the external energy consumption since 2007. prosperity require more energy. world to grow, and simultaneously trigger at least a
front, as evidenced during the recent policy tightening by the US Federal Reserve. Given that much of the growth in Recognising this trend, the coun- three-fold increase in capital investment in the clean
Foreign portfolio investors pumped nearly $5 billion into the Indian debt market energy consumption and green- try has made significant policy choic- energy transition, how the 31 member countries rec-
thus far in 2024. Although there are several benefits of index inclusion, it is house gas emissions will come from es over the past decade and a half in oncile the needs of their own constituents with the
worth remembering that higher foreign exposure in the debt market can also India in the foreseeable future, it is increasing access to modern energy rest of the developing world will be tested in the
important for the IEA to engage sources, particularly electricity, while negotiations to bring India into the IEA fold.
increase risk. As RBI Governor Shaktikanta Das rightly noted last year, index
more closely with such an emerging pushing forward an ambitious energy Finally, there is the small matter of the IEA’s lega-
inclusion is a double-edged sword. While inflows will increase as the weighting economy. However, despite apparent transition agenda that is shifting its cy role of helping its members achieve oil security.
in indices goes up in the near term and assets under management tracking these synergies in their worldviews on sev- energy system towards renewables, Every importing member country needs to hold a
indices grow, the reverse can also happen if India’s weighting is reduced by the eral issues in India’s energy sector electrification of its transport system, 90-day emergency reserve of its daily net imports.
index providers. policies, there are important differ- and now hydrogen and biofuels. Its India currently has less than a week’s stock in its
In such a situation, foreign funds will move out of Indian securities, which ences in their approach to economic success in ramping up renewable strategic reserves that goes up to 66 days when com-
development and energy transition.
KAUSHIK DEB electricity capacity and reducing the mercial stocks held by the refining sector are includ-
can put pressure on both borrowing cost and the Indian rupee. Higher issuance
Hence, for a successful partnership, emissions intensity of its gross ed. Given almost no progress on this account in
under the FAR, which will be necessary to create a liquid market for foreign both parties need to agree where they can, and per- domestic product (GDP) has been very impressive. It, India over the last three years, as evidenced by the
investors, can also exacerbate volatility in times of stress. Thus, what this means haps disagree where necessary. That will make for however, pales in comparison to the targets the country budgetary allocation for building strategic oil
is higher foreign exposure would demand better and more agile macroeconomic an interesting negotiation process. has set itself for 2030, which include tripling of renew- reserves in the country, the IEA will have to find a
management. In brief, India will need to aim to run a low fiscal and current The IEA was set up half a century ago to support able and other non-fossil electricity capacity, producing way of exempting India from this requirement.
account deficit, along with low and stable inflation. Although it is being brought and promote the energy security of oil importing coun- 5 million tonnes annually of green hydrogen, and It makes perfect sense that the IEA should seek
tries in response to the 1973 Arab Oil Embargo. At that establishing a carbon sink of 2.5–3 billion tonnes of to include India as a full member given the outsized
down progressively, a higher general government budget deficit in this context
time, the largest oil importers were in the OECD, and carbon dioxide (CO2) equivalent. role the country will play in the global energy tran-
remains a vulnerability. The RBI will also have to manage foreign exchange flows hence IEA membership was limited to OECD coun- Whether India meets its heroic targets for 2030 will sition over the next decade or so. And the benefits
actively to limit currency volatility. tries. That does not reflect the reality of the world be central to the global emissions trajectory towards a for India in learning from the expertise the IEA
today. The largest energy importers, and not just oil, 1.5 degrees Celsius target. Hence, the synergy between brings, as it seeks to build a modern economy that
are in non-OECD developing countries in Asia. The the expanded interpretation by the IEA of its energy is secure from energy shocks and climate proof, are
Different lanes stability of global energy markets crucially depends
on how these countries attempt to secure their energy
security mandate and the green developmental
paradigm adopted by India, can be the bedrock of
substantial. However, both parties must acknowl-
edge differences while cooperating on agreed-upon
Tata Motors demerger will improve efficiency systems. Hence, expanding the IEA membership to expanded cooperation and support that the IEA can issues to build a successful partnership. India in the
include India is a crucial step in that direction. provide to India’s energy transition. If successful, India IEA fold could also serve as a model for engaging

T
he implementation of the decision to reorganise Tata Motors into two This is also important given how the IEA has would have established a new growth model where the rest of the non-OECD world.
independent listed verticals will take 12-15 months. The initial market expanded its mandate to now include climate action higher prosperity does not necessarily imply a much
reaction to the announcement of the demerger was positive, but not very in its interpretation of energy security. Thus, the higher energy and carbon footprint, and this will have The writer is a senior research scholar at the Center on
enthusiastic. The conventional wisdom is that such demergers allow Agency no longer considers physical disruptions in profound implications for the rest of the world that is Global Energy Policy at Columbia University’s School of
the oil and gas markets as the only types of energy yet to reach such a phase of economic growth. International and Public Affairs
“value unlocking”. Investors can better understand where a single and focused busi-
ness is headed, while managements can also concentrate on the operational dynam-
ics. Hence, markets tend to assign a higher valuation to focused businesses.

Women’s rights as a power play

Paradoxically, this may not have a dramatic effect simply because the company is
well-run. It has successfully weathered the ups and downs of Covid and chip shortages
in the recent past. It is correct that there are differences between passenger vehicles
(PVs) and commercial vehicles (CVs), including understanding and responding to

I
nternational Women’s Day falls tomorrow, that to suspend leaders who have corruption cases Mr Modi’s response to these incidents came
sources of demand, financing models, and managing the respective supply chains.
time of the year when journalists’ inboxes are against them,” the spokesperson said. some months later following outrage that had
Two dedicated boards, each focused on one segment, may be able to fine-tune oper- flooded with entreaties to cover some corporate Perhaps Mamata Banerjee’s decidedly ambigu- reached the foreign press. In two tweets, he referred
ations further. It is also true that each vertical may find it easier to raise funds for a initiative or the other to “empower” women. The ous attitude to crimes against women prevented a to rape being a “challenge to social justice” and
specific project as well. impact of these disparate well-meaning efforts, more equivocal condemnation. Who can forget her “shameful in any civilised society”. On the reprieve
If one wishes to only take exposure in one segment, one may do so. So there some of them quite successful, become moot when accusations against Suzette Jordan, a mother of for Bilkis Bano’s rapists by the Gujarat government
may eventually be some value unlocking. But analysts also point out that Tata you read about recent appalling events at two who was gang-raped by five men in 2012. First, in 2022, since sensibly reversed by the Supreme
Motors has massively outperformed the market with over 140 per cent capital Sandeshkhali, West Bengal and Dumka, Ms Banerjee accused Jordan, who courageously Court, there has been, however, no word.
Jharkhand. Both underline the “distance to hori- chose to reveal her identity, of fabricating a case to With elections approaching, women have
gains in the past 12 months, while the Nifty has risen 25 per cent. This means
zon”, to use the terminology of surveys, towards embarrass the government. Then another woman become the focus of political contestations, with
that any medium-term upside is likely already priced into the valuation. While gender equality and the deeply MP suggested that Jordan was a political parties falling over themselves to offer all
investors will receive an equal number of shares in both the new companies, the problematic nature of Indian society sex worker, implying that rape of manner of welfare schemes. Together with the
successor companies will be lopsided in terms of comparative turnover and mar- in which the political class across someone in this profession could reservation of seats for women on corporate boards
gins. Mainly by virtue of holding the Jaguar Land Rover (JLR) portfolio, the PV the ideological spectrum is complic- not be considered a crime. Finally, and in Parliament, both moves with which I pro-
segment generates around 79 per cent of consolidated revenues and it has an it. Halfway through the third decade the woman police officer who foundly disagree, the competitive populism centred
of the 21st century, women’s cracked the case was transferred. on women only serves to underline the cynical
operating margin of 15-16 per cent. Further, Tata Motors has a 70 per cent domestic “empowerment” remains a victim Always on the alert for the political manipulation of a deeply discriminated
market share in the new electric vehicle passenger segment and it is challenging to political power play. slightest political advantage, the section of society.
Hyundai for No 2 position in PVs. The CV division has an operating margin of The ructions in Sandeshkhali Bharatiya Janata Party (BJP), eager No amount of handouts can change this reality
around 7 per cent and contributes only about 21 per cent of consolidated revenues. offer a good example. Knowledge of to improve its electoral record in unless political leaders understand the criticality
Volume growth in PVs is also likely to be higher, though Tata Motors is looking the various crimes of Shahjahan Bengal, has cashed in. Prime of a zero-tolerance policy on crimes against women,
at moving into electric buses and other new-age CVs which may boost volumes. Sheikh, the powerful local overlord
of this village in the North 24
SWOT Minister Narendra Modi mocked
the silence of the INDIA alliance
irrespective of the status, caste or religion of the
victim and perpetrator. India prides itself on being
However, while the company would obviously like to gain market share in Parganas, 80 km southeast of KANIKA DATTA over the atrocities committed among the world’s fastest growing economies, but
domestic PVs and CVs, since JLR generates roughly two-thirds of consolidated Kolkata, are not new. The assaults against the “mothers and sisters incidents such as the gang rape of a Spanish tourist
revenues, its focus is inevitably more global than domestic. If global demand for on local women by him and his goons were also of Sandeshkhali”. in Jharkhand are unlikely to encourage the world’s
PVs picks up, JLR should do well and in that case, the PV segment as a whole well known. The rest of India only learnt of them The Prime Minister has a point; such silence is largest foreign corporations, whose dollar invest-
will do well. The pandemic and the subsequent Ukraine war hit the global auto when women, emboldened by the manhunt fol- inexcusable. But it is hard to reconcile his elo- ments the government craves, to send their large
lowing an encounter with the Enforcement quence here against his elliptical statements on complements of women executives to work here.
industry hard since semiconductor supplies dried up. But that also taught auto
Directorate, came forward to complain. sexual crimes. The government has frequently objected to
manufacturers a painful lesson in terms of supply diversification and inventory Note two points here. First, Mr Sheikh was only In the case of Asifa Bano, an eight-year-old girl India’s poor performance on the Global Gender
management. Since the value chain for JLR is also located overseas, Tata Motors expelled from the party for six years after he was from a nomadic community, two BJP ministers in Gap ranking at 127 out of 146 countries. It is hard
is sensitive to fluctuations in global supply-demand for those commodities and arrested, fully 55 days after he went into hiding a the Jammu & Kashmir government attended a rally to understand why the politicos think we should
it does most of the business in foreign exchange. In sum, while this demerger mere 30 km from his home. The Trinamool Congress in support of the rape accused. A year before, a rape enjoy a higher ranking when women’s participation
appears to have little downside, it may also not yield much in the way of imme- spokesman said the party was “setting an example”. victim tried to immolate herself in front of the UP in the economy lags its Southeast Asian peers sig-
Second, there was no mention of Mr Sheikh’s chief minister’s residence seeking justice against nificantly and the country still cannot guarantee
diate upside for investors. However, operationally, it would be expected to
crimes against women. Instead, the statement her attacker, a former party politician, who contin- the safety of its own women, let alone those who
increase efficiency over time. focused on retaliatory rhetoric. “We dare the BJP ued to intimidate her family after the crime. choose to visit.

Towards the age of Meta Reason such as artificial intelligence (AI),

augmented reality, 5G and blockchain has
constructed an alter ego of each of the
citizens and “datafied” his persona as well
the age of Meta Reason. Before the advent
of Meta Reason, signalling the end of the
regime of rationality will be seven
“unravelments”. The economic
public interest and meritocracy though
technology and systems they have
designed are loaded in their favour.
The emerging age of Meta Reason
sions” (as the author describes them) may themselves against big businesses saw the as his actions. This has also promoted unravelment will flow from high debt would be anchored in consciousness,
have run their course. These develop- birth of cryptocurrencies, which, elevated levels of surveillance by state- levels, and growing inequality, which will intuition, awareness, human feeling. It
ments will be disentangled, yielding to a according to the author, proved to be a aided Big Tech, which do so to enhance constrain both demand and supply. The will be more accommodative of
new world of Meta Reason. The book, “solution” from the same ethical stable — their own profitability, which, in turn, political unravelling will challenge knowledge not emanating from science
however, lays down only a broad sketch that greed is good. The failure of the US challenges the electoral autocracy, and technology, lay emphasis on
of the successor regime. interventions in geopolitical fundamentals of THE LAST DANCE OF illiberal harmonious coexistence with nature,
BOOK REVIEW Section 1 deals with case studies on confrontations such as Afghanistan and capitalism and RATIONALITY: democracies, and replace success at work with happiness,
each sphere. Banks that have broken rules Ukraine is recaptured well. However, the democracy — the Making Sense of high surveillance. reinvigorate cultures, and promote a
V KUMARASWAMY of responsible lending and consumption author’s longing for the benefits of US dilution of the Unravelling World The shrinking of the variety of communities with common
that have decoupled from income due to hegemony of the past seeps through from privacy and Order consuming middle interests and aspirations.

F
ew books have the knack of timing cheap savings flowing from China. time to time, especially when he writes, “It independence of Author: class (other than The author has managed to explain
their release right and this is one of Although the US has yielded to China in is too early to write off the US. However, choice. The same Rohit Prasad India) and family this complex web of simultaneous forces
them. Although not event-based, many ways, the latter is yet to find success the prognosis is less sanguine for the high-end Publisher: Hachette systems, the in an engaging and absorbing style. The
the timing seems particularly apt for The in dealing with several contradictions continuation of the world system they technologies that exhaustion of book has perhaps missed on analysing the
Pages: 352
Last Dance of Rationality, given the implicit in its ambitious path. Its trade have done so much to create.” have enabled us to natural sources of impact of the World Trade Organisation,
extreme flux in global affairs. tensions with the US, the frictions between Man’s efforts to get ahead of nature stay in touch with Price: ~699 energy (oil and gas) the increasing assertiveness of Islamism
The book is about the rise and ebb of big businessmen and the Communist through gain-of-function research to people across and the fast in Europe, and India’s digitisation, which
the main pillars of the age of rationality, Party, its failed attempts to use Huawei for develop vaccines before the arrival of a continents have also led to the collapse of spreading virus of disputes and the seems successful today but carries its
covering roughly 70 years since World overseas surveillance and failure to pump- virus had led to disasters such as Covid-19, families, culture, and the human touch. As inability to resolve them all signal the own risks, including on democracy.
War II. The book, which is best read back- prime growth through construction, as although the truth behind this crisis has a result, mankind has become a colony of social, ecological and managerial areas for This readable work provides valuable
wards chapter wise, traces the major demonstrated by the fall of Evergrande, been effectively obfuscated. It is an irony loners with compromised emotional well- “unravelments”. Technology solutions, insights for aspiring foreign policy
developments on the technological, prompts the ruling dispensation to search that nations are trying to solve future being and self-esteem. with their own risks and geopolitical flux, analysts, geopolitical watchers, and
geopolitical, environmental, financial, for solutions in the previously much diseases when existing ailments such as Section 2 runs the thread through the are the other loosening knots. social engineers .
individual and international relations maligned Confucianism. malnutrition, childhood diseases, hunger case studies above to highlight the central The author argues that the elites have
and showcases how several of the trends, Central Banks’ hegemony in issuing and poverty kill many times more people. theme: The evaporation of the age of sold us illusions such as greed is good, the The reviewer is the author of Making Growth
processes and assumptions and “illu- fiat currencies and failure to assert The emergence of high-end technology rationality and the possible emergence of pursuit of self-interest is congruent with Happen in India (Sage Publications)
 QUICK TAKE: BROKERAGES TURN BULLISH ON CELLO WORLD “The market has been playing a

The Smart cat-and-mouse game with the Fed all year.

Investor
(Share price in ~) The Cello World stock is now trading closer to its listing But the favourable long-term
trend for inflation means the
price of around ~800, after scaling a high of ~949.20
question is when, not if,
last month. However, in the last one week, brokerages
NEW DELHI | like Kotak Institutional Equities and Motilal Oswal
there will be rate cuts”
THURSDAY, 7 MARCH 2024 GEORGE CATRAMBONE
Securities initiated ‘add/buy’ on the stock with target Head of Fixed Income, DWS
prices of ~950 and ~1,100, respectively Investment Management Americas
<

Benchmarks log fresh Women fund managers handle

one-eighth of MF assets
highs, smallcaps crack Of them, 93.5% outperform peers over a 5-yr period, shows Morningstar report
Sensex ends above 74K for first time; Nifty Smallcap drops 2% KHUSHBOO TIWARI
Mumbai, 6 March
GAINING GROUND
SUNDAR SETHURAMAN
Mumbai, 6 March
SCALING NEW PEAKS Women fund managers handle 431
Nifty intraday 22,474.1 22,500 only ~6.66 trillion, or 12.63 per Men
42

T
he benchmark indices on Wed- 22,356.3 cent of the assets under man-
nesday rose more than half a per 0.5% 22,400 agement (AUM) for the domes- Women
Change
cent to finish at new record highs, tic mutual fund (MF) industry, 473
22,300
supported by gains in banking stocks.
The S&P BSE Sensex closed above
according to a report by Mor-
ningstar Investment Research.
FUND MANAGERS
22,200
74,000 for the first time. The 30-share Mar 5,’24 Mar 6,’24 The report said that there Number of women
index rose 409 points, or 0.6 per cent, to has been a sharp uptick of 50 fund managers 50 Assets managed Outperformed peers (%)
close at 74,086. The National Stock Exc- HOTS AND NOTS OF SENSEX per cent in the assets man-
42
hange Nifty closed at a fresh record high
On Mar 6, 2024
aged by women, year-on-year 40 (~ trillion) 93.5
of 22,474, up 118 points, or 0.53 per cent. (Y-o-Y). There was a drop in
GAINERS Price (~) 1-day chg (%) 18 70 71
However, the broader market saw the previous year following 30
intense selling pressure, with the Nifty Kotak Mahindra Bank 1,758.3 2.5 the exit of two prominent 4.44 6.66
Smallcap 100 dropping nearly 2 per cent, Axis Bank 1,125.8 2.3 women fund managers. 20
its worst single-day fall since February 12 Most assets — ~2.86 trillion,
Bharti Airtel 1,193.9 2.2 10
when the index had crashed 4 per cent. or 43 per cent—are managed 2017 2024 Jan ’23 Jan ’24 1 year 3 years 5 years
The overall market breadth was also LOSERS or co-managed in the equity Until January 2024 Source: Morningstar
weak, with 904 stocks advancing and 2,954 UltraTech Cement 9,643.7 -2.0 and growth segment.
declining on the BSE. The Nifty Smallcap “Although the assets man-
100 is down nearly 4 per cent this week.
NTPC 351.9 -1.8 aged or co-managed by women fund houses while the total “Our analysis reveals that fund houses had three or more
Market players said the selloff in the JSW Steel 812.8 -0.8 are increasing, their percentage number of fund houses in among the total open-ended female fund managers, five
broader markets was due to concerns over Sources: Bloomberg, BSE, NSE relative to the overall industry India has crossed 40. assets managed or co-managed fund houses had two female
ILLUSTRATION: BINAY SINHA
expensive valuations. Also, the decline in assets hasn't reached a note- As there was no increase in by female fund managers, fund managers, and 11 fund
shares of non-banking financial com- added Siddhartha Khemka, head-retail largecaps may be warranted. Investors worthy level yet. However, on the number of female fund 70 per cent outperformed the houses had at least one female
panies amid fears of a wider crackdown research, Motilal Oswal Financial Services. should focus on the long term rather than a positive note, the assets in managers since last year, their peer group average over a one- fund manager.
by the Reserve Bank of India weighed on Among the top losers in the Nifty making short-term decisions. We are percentage terms did see an representation has marginally year period, 71 per cent outper- When it comes to tenure,
sentiment. Kotak Mahindra Bank and Axis Smallcap 100 Index were IIFL Finance almost heading into elections in the next increase this year after witness- declined from 9.18 per cent to formed over a three-year span, 10 fund managers are manag-
Bank rose more than 2.2 per cent each — (down 20 per cent), Mahanagar Gas (down two months, and that could set the tone ing regression in the past two 8.88 per cent. and an impressive 93.5 per cent ing funds consistently for
the most among Sensex components. 15.4 per cent), and Manappuram Finance for the markets in the near term,” said a years,” stated Morningstar. According to the report, outperformed over five years,” five years or more while
The benchmark indices have made (down 6.7 per cent). note by Axis Mutual Fund (MF). There are 42 female fund female fund managers also said the report. 25 have been managing for
fresh highs, even as the Nifty Smallcap 100 Mahanagar Gas shares fell after Citi Last week, the MF industry body managers spread across 21 scored better in performance. The report said that five less than three years.
has declined 8 per cent from its peak. downgraded the stock to ‘sell’, citing reg- Association of Mutual Funds in India
Market players said after a stellar run ulatory risks to its margins. Over a dozen advised fund houses to implement
over the past year, investors are rotating stocks in the index declined more than investor protection measures for small-
out of smallcaps and into larger stocks.
“The domestic market exhibited a
4 per cent, underscoring the intense sell-
ing pressure. By comparison, the worst-
cap and midcap investments due to con-
cerns about high valuations and the
N BLOCK DEALS ON D-STREET N
smart recovery in the second half, revers-
ing initial losses as buying picked up in
performing stock on the Sensex and the
Nifty fell less than 2.2 per cent.
sharp run-up in these. Following this,
some fund houses have restricted
Sumitomo Wiring divests 4.43% stake Antfin sells 2% stake in Zomato
largecap stocks. Nevertheless, the broader “With markets at or near all-time inflows into smallcap schemes. in Samvardhana Motherson International Antfin Singapore Holding on Wednesday sold 2 per
index continued to underperform with highs, investors should be cautious of Market players believe this will con- cent stake in food delivery major Zomato for ~2,827
profit booking in midcaps and smallcaps, potential volatility in the near term. strain the buying of smallcaps by domestic Japan’s Sumitomo Wiring Systems offloaded 4.43 per cent stake in crore. The Chinese major Alibaba group firm offloaded
reflecting worries about stretched val- Valuations in India are expensive relative funds, which could lead to bipolar markets Samvardhana Motherson International. The promoter group entity sold 300 176.3 million shares at ~160.4 apiece. Shares of Zomato
uations,” said Vinod Nair, head of research, to Asian peers, and India remains the — where largecaps outperform and million shares at ~121 a piece to raise ~3,633 crore. Shares of Samvardhana last closed at ~162, down 2.5 per cent over its previous
Geojit Financial Services. most expensive market (on both forward broader markets underperform. Motherson fell 3.6 per cent to end at ~121. At the end of December 2023 quarter, day’s close. At December quarter end, Antfin held a
“We expect largecaps to drive the mar- price-to-earnings and trailing price-to- In the past year, the Nifty50 has Sumitomo Wiring Systems held 14.15 per cent stake in the company. In March 6.32 per cent stake in Zomato. In November, group
ket in the near term, while midcaps and book basis). Midcaps and smallcaps have gained 27 per cent, while the Nifty 2023, Sumitomo Wiring had sold 3.4 per cent stake in Samvardhana Motherson firm Alipay had sold its entire 3.44 per cent stake in
smallcaps could remain under pressure,” experienced a sharp run, so a rotation into Smallcap 100 is up 65 per cent. at ~70 apiece to raise ~1,612 crore. BS REPORTER Zomato at average price of ~112.7 per share. BS REPORTER

IPO WRAP THE COMPASS

TWO-THIRDS OF SMALLCAP MULTIBAGGERS RK Swamy booked Day 1: Gopal Snacks
AFTER PANDEMIC LOWS DESPITE VOLATILITY 25.78x on last day subscribed 56% Slowdown in mass
A significant proportion of The initial public offering of The IPO of Gopal Snacks was subscr-
SMALLCAPS TOP GAINS
smaller companies remain
multibaggers despite the
recent dip. As many as 164
Share of multibaggers in each category (%)
integrated marketing services firm
R K Swamy got subscribed 25.78 times
on the last day of subscription on
ibed 56 per cent on the first day of
bidding on Wednesday. The IPO
received bids for 6,661,628 shares
segment may force
Bata to buckle up
stocks or over two-thirds of all Wednesday. The ~423.56 crore-IPO against 11,979,993 shares on offer,
the small cap stocks were received bids for 21,2237,750 shares according to NSE data. The portion for
multibaggers as of February 53 61 68 against 8,232,946 shares on offer, retail individual investors fetched
according to data collated 53 according to NSE data. The portion for 88 per cent subscription, while the
by DSP Mutual Funds. By non-institutional investors received quota for non-institutional investors RAM PRASAD SAHU The trend of higher investments is
comparison, just 53 per cent 34.24 times subscription while the was subscribed 49 per cent. The IPO expected to continue in the near term.
of the mid and largecap stocks Largecap Midcap Total Smallcap category for retail individual investors has an offer for sale aggregating The Bata India stock has been the top In the long term, the company
have generated higher got subscribed 33.31 times. The up to ~650 crore. PTI loser among larger listed players in is eyeing double-digit growth led
returns. Meanwhile, about 61 LOSSES LEAST AMONG LARGECAPS qualified institutional buyers part got the footwear segment, falling 12 per by premiumisation, casual segment,
per cent of the overall stocks Wealth eroders (%) 20.58 times subscription. PTI cent over the past three months. and expansion through the
were multibaggers. Popular Vehicles sets The company’s muted perform- franchisee route.
The report considers the
post-pandemic returns on
11 11 10 5 Day 2: JG Chemicals price band at ~280-295
ance in the first half of FY24 con- The company continues to expand
tinued in the December quarter. Given its store network aggressively and has
the top 500 of the Association
of Mutual Funds in India
Midcap Smallcap Total Largecap subscribed 6.39 times Kochi-based Popular Vehicles and
Services, engaged in the automotive
the sluggish performance in the pre- added 54 stores during the third
vious three quarters, quarter including own
Performance of top 500 Amfi basket of stocks starting Marc 2020 until Feb 26, 2024
(Amfi) basket of stocks. The Source: DSP Mutual Fund (Netra report), March 2024 The initial share sale of JG Chemicals dealerships and services space, on the brokerages have Base=100 stores, franchises, and
data is based on stock received 6.39 times subscription on Wednesday fixed ~280-295 as the trimmed their earn- 140 shop-in-shop (SIS).
performance as of 26 February mance is also to do with the generated negative returns the second day of bidding on price band for its ~602-crore initial ings estimates for Bata India It has also ren-
2024 since March 2020. fact that markets have gone since the pandemic lows. Wednesday. The ~251.2 crore-initial share sale that opens on Tuesday next FY24 and FY25 by 14 to ovated 36 stores in the
The S&P BSE SmallCap up significantly. Around 28 About 11 per cent of the public offering received bids for week. The issue consists of ~250 crore 21 per cent. 120 quarter. Excluding SIS,
index fell 1.9 per cent on per cent of all the stocks have smallcap stocks lost money 52,175,446 shares against 8,168,714 of fresh issue and ~352 crore of offer The footwear the store count stood
Wednesday and is down 5.3 higher returns than the Nifty compared to 10 per cent stocks shares on offer, according to NSE for sale by the promoters led by major's revenues were at 1,835 with a pres-
per cent from its all-time 500 companies. It is 35 per overall. Meanwhile, just 5 per data. The quota for non-institutional Naveen Philip, the managing flat in the October- ence across 1,518
high. Individual companies cent for smallcap stocks. cent of the largecap companies investors fetched 9.63x subscription director of the firm, and his December quarter (Q3 100 cities/towns.
have seen larger volatility. A larger share of smallcap generated negative returns. while the retail individual investors Kuttukaran family, which now holds FY24) as compared to Sensex Bata posted a
Some of this outperfor- stocks, however, also SAMREEN WANI part got subscribed 8.30 times. PTI 69 per cent of the company. PTI the year-ago period on muted show in
the back of the single- 80 9MFY2024 as footwear
digit volume fall. Feb 28,‘23 Mar 6,’24 demand stayed sub-
This was on the dued while higher
back of a slowdown in Source: Exchange spending towards

Bitcoin rally fuels revival hope for Indian crypto exchanges the mass product cat- Compiled by BS Research Bureau
egory and headwinds
for discretionary spending.
marketing and tech-
nology enhancement
hit margins. Near-term prospects are
RAJESH BHAYANI 3.125 Bitcoin. What offset the volume growth was weak as the mass category continues
Mumbai, 6 March
Bitcoin (price in $) Gupta said they were invest- the increase in average selling prices to remain under pressure,” says
80,000 ing heavily in their technology which was driven by premiumisation Sharekhan Research.
The cryptocurrency exchanges and infrastructure and forging as the company has stopped taking Given the near-term growth head-
in India have got a fresh lease of 66,592.38 60,000 strategic partnerships to ensure price hikes for six quarters now. winds and premium valuations, the
life following the bull run leadership in the crypto market. Same-store sales also remained flat brokerage has maintained a hold rat-
in Bitcoin, which briefly hit a 16,602.63 40,000 Going forward, the falling year-on-year (Y-o-Y). ing with a reduced price target of
new all-time high of more production following the halv- The premiumisation efforts ~1,555 a piece.
than $69,000. 20,000 ing event and difficulty in seem to be working with the share Following the miss on revenue
Siddharth Sogani, managing mining are expected to result in of the same in the overall portfolio growth and margins in the quarter,
director of CREBACO, expects 0 Bitcoin prices rallying further. improving to 34 per cent as Nuvama Research has downgraded
the price to cross $1,00,000 by Jan 1,’23 Mar 6,’24 “The total supply of Bitcoin compared to 30 per cent a couple of the stock and given it a ‘reduce’ rat-
the end of the year. This will see Source: Bloomberg is capped at 21 million, out of years earlier. ing.
a sharp reversal in the Indian which 19.64 million are already Even as the overall portfolio was Analysts led by Nihal Mahesh
market, which has largely been have surged by 40 per cent. In director of CREBACO said: “The gle day, these institutions pur- mined. In the total circulating struggling, its premium brands have Jham of the brokerage have factored
dormant since the new tax the past two weeks, the number primary driver behind Bitcoin's chased 10,050 Bitcoins against a supply, approximately 4 mil- posted robust growth year-on-year (Y- in the elevated expenses and muted
regime was implemented in of users in profit has increased recent surge is the acceptance total daily production of 900 lion Bitcoins are lost forever, o-Y) in the December quarter led by top line growth, which has led to a
2023. The recent rally in Bitc- by over 80 per cent.” of Exchange-Traded Funds Bitcoins, indicating their appe- and 5 to 7 million Bitcoins are Red Label (up 387 per cent), Floatz (65 sharp cut in their FY24 and FY25 earn-
oin, the world’s largest crypto- CoinDCX, another major (ETFs) by the US Securities and tite for the crypto market. locked in the cold storage wal- per cent), Comfit (22 per cent) and ings estimates by 21 per cent and
currency, has been swift. exchange, has seen a five-time Exchange Commission (SEC). Another significant factor lets. Hence, the actual liquid Hush Puppies (7 per cent). 17 per cent, respectively.
Bitcoin price has surged from increase in the trading value With major financial institu- contributing to Bitcoin's supply of the asset class is While the gross profits rose by The brokerage has also cut the tar-
$45,000 per coin a month ago from the beginning of February tions such as BlackRock, upward momentum is the going down every day as more just 3 per cent, gross margins get price to earnings multiple from
to over $66,000 at present, fol- at $5 million in spot to $25 mil- Vanguard, Valkyrie, VanEck, impending halving event. and more people are buying it, expanded by 130 basis points Y-o-Y to 40 times to 35 times with a new target
lowing a few leading US-based lion on February 28. and Fidelity launching their Every four years, Bitcoin along with institutions such as 56.1 per cent in Q3. price of ~1,234.
exchange-traded funds mop- The exchange’s co-founder, ETFs, the cumulative inflow of production is programmed to BlackRock,” according to CRE- This was led by lower raw material While Kotak Securities has also
ping up large quantities. Sumit Gupta, said, “We have institutional money into halve, and in the past, in 2012, BACO analysis. prices and an improved product mix. reduced its estimates following the Q3
As a result, Indian crypto seen an increase in the Bitcoin through these ETFs 2016, and 2020, the market has Sogani added that with the However, its operating profit was results, they have maintained an ‘add’
exchanges have seen a surge average age of investors from has reached $41 billion, with a seen a rally pre and post-halv- government's move to urge down 12 per cent. rating with a target price of ~1,585.
in volumes and an increase 25 years earlier to 30 years, significant portion of this ing of production. offshore exchanges to register The operating profit margins fell This target price is at 45 times FY26
in active user accounts. indicating that smart and inflow occurring over the past The halving event with the Financial Intelligence on the back of higher spending on earnings on the expectations of a grad-
Balaji Srihari, Business Head mature investors have now two months.” is expected around April Unit of India, there should be marketing, technology enhancement, ual pickup in demand, given the long-
of CoinSwitch, said: “In the past entered the market.” Last week, when the Bitcoin 20, which will reduce regulations in place for Indian and negative operating leverage. term opportunity in the sector.
month, our trading volumes Siddharth Sogani, managing price touched $60,000, in a sin- miner rewards from 6.25 to crypto investors.
>
NEW DELHI | THURSDAY, 7 MARCH 2024 THE SMART INVESTOR 11

Reading the pulse of GOLD LOANS

Cross-check with multiple

pharma stocks for FY25 lenders for accurate valuation
Analysts sound alarm on valuations after sharp rally over the past year
SHIVAM TYAGI
DREAM RUN SO FAR For fairer assessment, select a lender that uses an external assayer
New Delhi, 6 March
Nifty Pharma KARTHIK JEROME
180
GOLD LOANS: SECURED, HENCE LESS EXPENSIVE
S
tocks in the pharmaceu- Nifty50
tical (pharma) sector 162.09 160 Two developments in the recent past Lender Processing fees Interest rate per annum (%)
have had a dream run so have put gold loans in the spotlight.
far in 2023-24 (FY24), with the 140 Kotak Mahindra Bank forayed into State Bank of India Up to 0.50% 8.75 to 9.60
National Stock Exchange this rapidly growing segment (17.4 per (Maximum ~10,000)
NSE Nifty Pharma index surg- 120 cent growth year-on-year, according to Indian Bank Nil 8.65 to 10.45
ing 58.2 per cent in this period, the Reserve Bank of India’s [RBI’s] data of Canara Bank 0.50% (~500 to 5,000) 9.25 to 10.35
as against a dip of 11 per cent 126.89 100 January 26). Meanwhile, the regulator
in 2022-23 (FY23), reveals Ace debarred IIFL Finance from disbursing Muthoot Finance Up to 1% of loan amount 10.5
BASE = 100 80
Equity data. The index has also fresh gold loans due to “material At time of loan settlement:
outperformed the Nifty 50, PHARMA STOCKS VS INDICES ON NSE Mar 6,’23 Mar 6,’24 supervisory concerns”. Manappuram ~10; additional processing 12 onwards
which has risen 28.7 per cent Finance fees on re-pledge: 0.007%
in the current financial year. (As on March 6) Closing Change (%) Flexible repayment options
of net pledge value
Among stocks, Orchid Pharma price (~) n YTD n One-year The primary appeal of these loans Rates as on March 6, 2024 Source: Paisabazaar.com
has given a handsome return 25.9 lies in their low interest rates as
of 210 per cent, followed by Lupin 1,665.4 151.4 they are secured loans. Borrowers
Lupin’s 157 per cent jump so also do not need a good credit to-value (LTV) ratio offered to a Compare costs
-2.2
far in 2023-24 (FY24). Aurobindo Pharma 1,060.2 127.1 history. “Lenders are happy to lend even customer, subject to the regulatory cap of While various repayment options exist,
Others like Suven Life in the absence of a credit history due to 75 per cent. “If a sharp fall in gold’s price not all lenders offer them. “Even if a
Sciences, Venus Remedies, 8.5 the valuable nature of the collateral,” leads to the LTV ratio exceeding the 75 particular repayment option is available,
Glenmark Pharmaceuticals 926.4 120.0
and Aurobindo Pharma have says Adhil Shetty, chief executive officer, per cent cap, the lender can ask the it may not be offered to you. Check the
surged 127 per cent, 111 per 39.6 BankBazaar. borrower to either pledge more gold or specific option being offered and
cent, and 110 per cent, respec-
Zydus Lifesciences 961.9 102.0 These loans also come deposit cash,” says Saahil Arora, understand its cost,” says Shetty.
tively. Jubilant Pharma, 25.7 with flexible repayment options. chief business officer (lending), Interest rates may vary from one
Alembic Pharma, and Natco Pharma 1,020.2 79.5 In conventional loans, Paisabazaar. He adds that lender to another and from one
Glenmark Pharmaceuticals borrowers pay a monthly if the borrower fails to do repayment option to another. “Shop for
13.7
have moved up 103 per cent, Nifty Pharma 19,140.0 62.1
EMI comprising principal so, the lender can sell the the best rate as it can vary significantly,”
102 per cent, and 98 per cent, and interest. pledged gold. says Shetty. Look at the key facts
respectively. 3.4 One type of gold loan allows Another drawback is that if statement (KFS) to understand all
Nifty 50 22,474.1
The pharma industry is 26.9 the interest to be deducted the need to access associated costs.
expected to clock a growth rate Sources: Bloomberg, NSE upfront from the loan amount. this gold arises, it is not
of 9-11 per cent in FY24, interest,” said Surya Patra, keeping a stock-specific five-year average of 33.5 times, “If you borrow, say, ~1 lakh for a available unless the loan is Choose lender carefully
according to credit rating
agency ICRA. The operating
vice-president for health care
and specialty chemical
approach and using any
weakness in largecaps to
according to data.
Patra of PhillipCapital says
year, and the interest amount is
~10,000, you are lent ~90,000.
YOUR prepaid and closed. The value of the loan is always lower than
that of the pledged gold, so there is
profit margin is also set to research at PhillipCapital. accumulate. “Some of the current valuations have You only repay the principal MONEY Who should go for them always the risk of the lender decamping
improve for ICRA’s sample set largecaps like Sun already factored in growth through EMIs,” says Shetty. Arora says customers with your collateral. “Go with entities
at 22-23 per cent in FY24 com- Growth to continue Pharmaceutical Industries expectations for most stocks in Some gold loans permit bullet who possess gold jewellery but are regulated by the RBI,” says Shetty. Stick
pared to 20.7 per cent in FY23. The drug shortage situation in have reasonably strong growth this sector until 2025-26, and payments: the borrower settles the either being denied a personal loan to a lender that is reputed to have a secure
Analysts attribute this the US will likely continue in visibility in the coming years, there remains limited visibility principal and interest in a lump sum at or are being asked for a high interest rate mechanism for storing the collateral.
growth to new product the coming financial year too so one should continue to hold of incremental earnings bey- the end of the tenure. In this example, due to their poor credit profile may RBI’s recent action has focused the
launches in complex generics due to approval slowdowns and use any weakness in the ond this period. they would pay ~1,10,000. consider a gold loan. spotlight on valuation. If the valuation is
and specialty drugs, drug and supply-chain disruptions, counter as a buying opportu- “The valuations are over- Sometimes, gold loans combine both Those in need of quick disbursal incorrect, the borrower could end up
shortages in key export mar- analysts said, which will keep nity,” says Desai. stretched, similar to the levels these features: upfront deduction of may also go for these loans. “ with a smaller loan. “Visit at least a
kets like the US and the the growth of Indian pharma seen in the pandemic years, interest with a bullet payment at the end Most lenders evaluate applicants couple of lenders to establish the value
European Union, and soften- players healthy ahead. Valuation vital signs and there is uncertainty over of tenure for the principal. primarily based on the quality of their of your asset,” says Vishal Dhawan,
ing of raw material prices. This will also translate into That said, analysts also flag val- the ease in pricing pressures as Nowadays, gold loans also gold jewellery, without emphasising chief financial planner, Plan Ahead
“US accounts for 50 per higher earnings and the expan- uation concerns in pharma to how long they will keep come with an overdraft facility. other aspects of their credit profiles. Wealth Advisors.
cent of India’s drug exports; sion of gross margins, keeping counters after the sharp rally benefiting pharma companies. These are more flexible than a Hence these loans get processed Going with a lender who uses an
high-margin specialty drug the momentum in stocks going seen in the past year. Further, the gains from spe- regular overdraft facility. quickly,” says Arora. external assayer is advisable. “Though
launches such as Revlimid and at the bourses, they added. The Nifty Pharma Index is cialty drugs could remain for a According to Shetty, the the disbursal may get delayed, you will
Spiriva have led the gains in Param Desai, senior currently trading at a one-year limited time and might dent Need to top up collateral repayment flexibility offered get a better estimate of the purity and
earnings for multiple pharma research analyst at Prabhudas trailing price-to-earnings mul- the overall output going for- The loan amount is based on the by gold loans suits those who value of your gold when an external
companies, boosting investor Lilladher, meanwhile, suggests tiple of 36.3 times, above the ward,” Patra said. valuation of gold jewellery and the loan- anticipate cash flows at specific times. assayer is used,” says Dhawan.

Government of Punjab
Tender Notice Reference No. PIDB/Projects/OMBG/2024/4
Punjab Infrastructure Development Board and Department of Tourism & Cultural Affairs
invite online bids for Operation & Maintenance and Management of Banasar Ghar, Patiala
as a Food & Beverage outlet/Theme Restaurant with open Banquet on Public-Private
Partnership (PPP) Mode.
Closing Date & Time : 28.03.2024 at 03:00 PM
For details log on to : www.eproc.punjab.gov.in & www.pidb.org
Note: Any Corrigendum(s) to the Tender Notice shall be published on the above website
only. The RFP document can be downloaded from the above mentioned website
from 07.03.2024.
NA/12/22620/2023/33285 Managing Director, PIDB

xzsVj ukS,Mk vkS|ksfxd fodkl izkf/kdj.k

IykV la[;k&01] lSDVj&ukWyst ikdZ&4 xzsVj uks,Mk flVh]
ftyk&xkSrecq} uxj m0iz0
lkoZtfud lwpuk
xzsVj ukS,Mk vkS|ksfxd fodkl izkf/kdj.k ds vUrxZr M/s AR LANDCRAFT LLP Hkw[k.M
la[;k&REP-1, lSDVj&27] xzsVj uks,Mk dks fnukad 13-01-2017 dks ekufp= Lohd`r iznku
dh x;h FkhA rnksijkUr fodkldrkZ }kjk (Recreational Entertainment Park Project) dk
iqujhf{kr ekuf=r gsrq vkids }kjk vkosnu la[;k&FTS-12606 fnukad 15-02-2024 ds
ek/;e ls vkosnu fd;k x;k gS] ftldk vkosnu Ik= la[;k&FTS-15613 dk lUnHkZ xzgu
djsaA rRdze esa UP-Apartment Act &-2010, Amendment 2016 in Section-4 Sub Section-B
ds vUrxZr ifj;kstuk ds vkoafV;ks ls vkifRr@lq>ko vkeaf=r fd;s tkus dk izko/kku gSA
bl lEcU/k esa fodkldrkZ }kjk izLrqr Lohd`fr ekuf=r ,oa Declarations as per UP
Apartment Act-2010 ijh{k.k fdlh Hkh dk;Zfnol esa lqcg 9%30 ls lk;a 600 cts ds e/;
fu;kstu foHkkx esa rFkk izkf/kdj.k dh osclkbZV ij fd;k tk ldrk gSA
vr% mijksDr ifj;kstuk ds vkoafV;ksa }kjk Sanction Map ,oa Declarations as per UP
Apartment Act-2010 ds lEcU/k esa lwpuk izdkf”kr djus ds 30 fnuksa ds vUnj
vkifRr;k@lq>ko vkeaf=r dh tkrh gSA mijksDr ds fufgrkFkZ viuh vkifRr;k fyf[kr
:i ls vius vkoaVu i=] uke] irk ,oa nwjHkk’k uEcj ds lkFk dk;kZy; le; o dk;Zfnol
esa xzsVj uks,Mk izkf/kdj.k ds eq[; iz”kklfud dk;kZy;] Hkw[k.M la[;k&1 ukWyst ikdZ&4]
xzsVj uks,Mk esa fLFkr egkizcU/kd fu;kstu@okLrq dks lEcksf/kr djrs gq, lwpuk izdkf”kr
gksus ds 30 fnolksa ds vUnj tek djk;h t ldrh gSA
egkizcU/kd ¼fu;ks
¼fu;ks0@okLrq0½
xzsVj ukS,Mk vkS|ksfxd fodkl izkf/kdj.k
12 STOCKS
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1
IN THE
> STOCK
> Tata Chemicals > Bajaj Auto > L&T Finance Holdings

NEWS Top gainer

among A-group
Hits new all-time
high at ~8,684
Volume jumps 40x
over 2-week average OF THE DAY
companies on BSE on BSE Tata Consumer Products
~1,061.3 PREVIOUS CLOSE ~8,351.8 PREVIOUS CLOSE ~171.7 PREVIOUS CLOSE Hits new all-time high at
~1178.5 CLOSE ~8,590.9 CLOSE ~159.3 CLOSE ~1,222; Surged 28 per cent
p 11.0% UP p 2.9% UP  7.2% UP 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
6 Mar ’24 Chg (%) Con Std 6 Mar ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3234.0 -2.3 1.0 105.0 147.0 ITC 407.9 0.4 5.0 26.5 24.8 price price (%) price price (%)
Adani Ports 1324.8 -1.0 1.0 39.6 218.9 JSW Steel 812.9 -0.8 1.1 17.8 20.1 Tata Chem 1202.7 1178.6 11.0 1202.7 1202.7 Maha Gas 1298.0 1329.4 -15.0 1116.9 909.1
MOST BULLISH MOST BEARISH
Apollo Hosp 6054.3 -0.1 0.6 106.3 87.2 Kotak Mah Bank 1759.8 2.6 2.5 20.1 26.6 Pidilite Ind 2840.3 2830.4 4.9 2840.3 2840.3 Indiab Real 102.7 106.6 -9.6 81.6 45.9
Asian Paints 2827.3 0.2 1.3 49.9 50.7 Biocon 276.5 274.5 0.7 Berge Paint 557.0 577.8 -3.6 ICICI Prud Life 579.6 576.5 4.1 579.6 615.6 L&T Finance Hol 154.9 159.3 -7.2 146.2 79.0
L&T 3642.2 0.8 4.9 39.6 51.9
Axis Bank 1125.0 2.2 3.1 32.1 28.9 Adani Enter 3257.4 3234.0 0.7 Indraprst Gs 424.5 430.1 -1.3 Varun Bever 1447.0 1433.6 3.9 1560.3 1560.3 Manapp Finance 168.9 174.1 -6.6 159.2 102.0
LTIMind 5164.2 0.6 0.5 33.3 34.1
Glenmark 933.1 926.4 0.7 Tata Chem 1173.7 1178.5 -0.4 Oracle Fin 8064.9 8008.5 3.5 8198.5 8198.5 Indraprst Gs 424.3 430.2 -6.2 393.0 375.8
Bajaj Auto 8605.8 3.0 1.1 32.9 34.9 Mah & Mah 1970.7 1.6 1.9 23.8 24.0 Vodafone Idea 14.2 14.1 0.7 SBI Card & Pay 699.8 702.2 -0.3 Bajaj Auto 8684.0 8590.9 2.9 8684.0 8684.0 Aditya Birla 172.8 181.1 -5.7 155.0 139.4
Bajaj Fin 6311.3 -0.2 1.7 33.9 32.3 Maruti Suzuki 11567.1 -0.9 1.5 44.3 30.4 L&T Finance Hol 160.3 159.2 0.7 IDFC First Bank 81.6 81.8 -0.3 Kotak Mah Bank 1771.3 1758.3 2.5 1926.0 2063.0 Ind Ove Bank 65.4 65.7 -5.1 40.7 20.9
Bajaj Finsrv 1554.6 0.3 1.0 31.8 211.7 Nestle India 2533.1 -0.2 0.9 - 81.4
Bharti Airtel 1193.7 2.1 3.0 80.3 149.2 Infibeam Aven 38.9 38.0 2.4 40.0 40.0 Suzlon Energy 38.6 38.5 -5.0 33.8 7.0
NTPC 352.0 -1.8 1.6 20.2 18.8 BSE NSE Axis Bank 1131.9 1125.8 2.3 1150.0 1151.5 GMR Airports 80.8 82.7 -4.6 58.2 37.3
BPCL
Britannia
638.4
4880.8
-1.0 0.6 65.0 4.8
1.1 0.6 54.4 55.7
ONGC 280.3 -1.2 1.4 9.9 11.9 Index Stock Index Stock PUT-CALL RATIO Bharti Airtel 1196.0 1193.9 2.2 1201.0 1201.0 Gujarat Gas 555.6 566.9 -4.6 431.8 397.2
Power Grid 293.7 -0.4 1.3 17.7 17.6 Alkem Labs 5221.8 5199.1 2.0 5519.1 5519.1 RailTel Corp 414.8 418.3 -4.5 279.0 96.2
Cipla 1485.3 0.8 0.8 32.3 35.3
Reliance Ind 3006.0 0.2 10.1 29.1 45.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 461.6 0.2 1.0 9.7 18.3 Contracts 2181 - 554115 1497676 SBI Life Ins 1523.8 1520.5 2.0 1571.6 1571.6 Sun TV Net 598.2 616.1 -4.3 595.6 394.0
SBI 783.9 0.0 2.9 11.0 12.3 Market 2376.9 4161.0 0.6 Sun Pharma 1607.0 1603.9 1.9 1607.0 1607.0 Piramal Entp 864.9 886.1 -4.3 838.0 630.2
Divis Lab 3544.7 1.7 0.4 51.6 69.0 Open Int.(000) 12 - 22261 8194213
SBI Life Ins 1520.4 2.0 0.7 - 81.9 Muthoot Finance 1421.6 1390.9 1.9 1537.4 1537.4 RITES 729.8 737.7 -4.2 470.5 330.0
Dr Reddys 6314.7 0.2 0.8 20.1 26.5 Shares(In Mn) - - 16.5 3324.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1604.0 1.9 1.7 43.2 396.8 Divis Lab 3559.0 3545.4 1.7 4072.4 4072.4 HFCL 102.4 103.6 -4.2 66.5 55.8
Eicher Motor 3793.2 0.0 0.5 27.1 29.6 Value(~ crore) 174 - 48391 130679
Tata Consumer P 1220.1 1.6 0.7 96.7 107.2 ABB India 1.0 Ipca Labs 0.2
Grasim Ind 2236.5 0.2 0.8 21.6 99.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 1017.7 -0.4 1.8 17.4 39.9 IndusInd Bank 1.0 Astral 0.2
HCL Techno 1644.2 1.5 1.7 28.4 38.0 Contracts 9664307 - 818534071 5196741
Tata Steel 151.6 -0.2 1.2 - 42.9 Tata Consumer P 0.9 NTPC 0.3
HDFC Bank
HDFC Std Life
1442.6
614.0
0.1 10.7 23.8 19.4
1.0 0.6 96.5 87.1 TCS 4064.3 1.3 4.0 32.8 35.0
Open Int.(000)
Shares(In Mn)
5953
-
- 602787
- 16349.7
5935026
9198.0
Tata Chem 0.9 ONGC 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1271.0 -0.1 0.8 44.1 54.5 Bank of Baroda 0.9 Torrent Phar 0.3
Hero MotoCorp 4635.3 1.0 0.6 33.0 24.3 Value(~ crore) 718014 - 63143693 466734 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 527.0 0.9 0.8 11.7 38.0 Titan Company 3810.8 1.6 1.6 104.1 96.9 BSE+NSE BSE+NSE
UltraTech 9641.1 -2.0 1.1 43.4 44.5 1 Reliance Ind 2033732.6 BS200 DOWN 7 DAYS
HUL 2400.8 0.0 2.1 55.7 55.0 (~ crore) (Mn shrs)
ICICI Bank 1097.1 0.8 7.5 22.6 19.6 UPL 473.2 -0.2 0.2 - 33.6 ACTIVE CALLS ACTIVE PUTS Samvardhana Mot 5833.6 481.5
2
3
TCS
HDFC Bank
1470866.2
1095286.9 UP 3 DAYS Balaji Telef -34.0
IndusInd Bank 1554.6 0.8 1.0 - 14.0 Wipro 513.2 0.0 0.7 23.8 30.0 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Tata Chem 21.2 Bhatia Communic -30.0
Zomato 4635.5 288.7 4 ICICI Bank 769865.9
Infosys 1617.6 0.7 5.7 27.5 27.2 Nifty 50 22474.1 0.5 100.0 25.6 30.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 3183.6 22.0 5 SBI 699733.3 ICICI Prud Life 7.1 Cyber Media -29.5
INDEX PE SHRS TRDS 1 YR Index Index 6 Bharti Airtel 674453.6 Oil India 6.9 Raghuvansh Agro -25.2
ICICI Bank 2510.1 22.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
06/03/24
06/03/24
48000
48100
743.4
721.4
8.9 230.3
6.9 617.6
Nifty Bank
Nifty Bank
06/03/24
06/03/24
48000
47900
838.6
558.8
9.6
7.5
2869.1
3208.1
Tata Chem 2357.6 20.8
7
8
Infosys
LIC India
671266.8
639046.4
Bajaj Auto
Bank of India
6.8
5.7
Swashthik Plasc -24.5
SENSEX 26.4/30.9 13.3 312 19 11 23.0 BHEL 2210.5 86.1 Shree Marutinan -22.8
Asian Paints 2827.6 0.3 1.5 49.9 50.7 Maruti Suzuki 11576.9 -0.8 1.7 44.3 30.4 Nifty Bank 06/03/24 48200 603.7 5.4 234.7 Nifty Bank 06/03/24 47800 360.1 2.8 517.6 9 HUL 564068.5 Bharti Airtel 5.6
Axis Bank 1125.8 2.3 3.7 32.1 28.9 NIFTY 50 25.6/30.2 312.3 7267 32 18 26.9 SBI 2129.5 27.2 Suyog Gurbaxani -22.5
Nestle India 2532.6 -0.3 1.0 - 81.4 C = CONSOLIDATED; S = STANDALONE Nifty Bank 06/03/24 48500 505.5 3.2 7.0 Nifty Bank 06/03/24 47500 334.7 3.2 27.3 10 ITC 508870.8 Muthoot Finance 5.5
Bajaj Fin 6311.3 -0.2 2.0 33.9 32.3 NTPC 351.9 -1.8 1.9 20.2 18.8 Nifty Bank 06/03/24 48300 443.1 2.4 61.6 Nifty Bank 06/03/24 48100 326.2 1.8 2572.6 Jio Financial 1861.0 56.8 UP 3 DAYS
11 L&T 500874.3 DOWN
Bajaj Finsrv 1551.6 0.1 1.1 31.7 211.3 Power Grid 294.1 -0.3 1.5 17.7 17.6 CASH DERIVATIVES Stock Stock Axis Bank 1577.4 14.0 12 HCL Techno 446191.9 SAB Inds 72.8
TURNOVER BSE NSE BSE NSE
Suzlon Energy -12.3
Bharti Airtel 1193.9 2.2 3.5 80.3 149.3 Reliance Ind 3006.0 0.3 11.8 29.1 45.5 Vodafone Idea 28/03/24 15 235.8 139.0 -0.4 Vodafone Idea 28/03/24 14 79.6 104.1 9.7 13 Bajaj Fin 390035.3 Evans Electric 32.1
Tata Motors 1563.7 15.4 IREDA -11.9
HCL Techno 1644.3 1.5 2.0 28.4 38.0 SBI 784.1 0.0 3.5 11.0 12.3 VALUE(IN ~ CRORE) 11046 110064 718188 63789496 Vodafone Idea 28/03/24 16 166.2 148.3 4.7 Vodafone Idea 28/03/24 13 48.8 87.5 -0.4 14 Sun Pharma 384823.7 Sarasw.Comm. 31.6
Bajaj Fin 1404.3 2.2 RailTel Corp -9.0
HDFC Bank 1441.9 0.1 12.5 23.8 19.4 SHARES(IN MN) 981.8 4866.9 - 28888.4 Vodafone Idea 28/03/24 17 150.9 138.8 1.0 BHEL 28/03/24 250 35.0 5.4 -0.5 15 Adani Enter 368607.6
Sun Pharma 1603.9 1.9 2.0 43.2 396.8 Kotak Mah Bank 1346.3 7.7 MCX -8.2 Welspun Inv 23.3
HUL 2400.7 0.1 2.5 55.7 55.0 TRADES(000) 4523 39617 - 190650 Vodafone Idea 28/03/24 14 139.8 140.8 42.5 Vodafone Idea 28/03/24 12 34.7 61.7 -2.0 16 Maruti Suzuki 363977.7
Tata Motors 1017.6 -0.4 2.1 17.4 39.9 Maha Gas 1203.9 8.9 Chola Inv -7.2 Kir’skar Bro 17.5
ICICI Bank 1096.8 0.8 8.8 22.6 19.6 Vodafone Idea 28/03/24 18 82.2 154.8 0.4 1Mothersons S 28/03/24 120 34.2 6.7 82.3 17 ONGC 352562.3
Tata Steel 151.4 -0.3 1.4 - 42.8 Reliance Ind 1200.3 4.0 Indiabulls Hous -6.6 Laffans Petr 16.0
IndusInd Bank 1553.8 0.8 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Kotak Mah Bank 349532.5
Infosys 1617.3 0.7 6.7 27.5 27.2 TCS 4065.3 1.3 4.6 32.8 35.0 YES Bank -6.5
NHPC 1200.3 129.7 19 Axis Bank 347355.8 Tata Invest 15.8
Tech Mahindra 1271.4 -0.1 0.9 44.1 54.5 BSE 39,155,340 39,791,687 Others
ITC 407.7 0.4 5.8 26.5 24.8
JSW Steel 812.8 -0.8 1.3 17.8 20.1 Titan Company 3809.9 1.5 1.8 104.1 96.9 NSE 38,707,470 39,376,036 SPURT IN VOLUMES PNB
Infosys
1135.2
1065.9
88.1
6.7
20
21
NTPC
Titan Company
341177.3
338238.5 UP 7 DAYS
DOWN 3 DAYS
IIFL Finance -38.1
UltraTech 9643.7 -2.0 1.3 43.4 44.5 DERIVATIVES 26,070,328 26,070,328
Kotak Mah Bank 1758.3 2.5 3.0 20.0 26.6 Company Days 2-week Avg Change Close *Price 22 Tata Motors 338173.9 Nilachal Ref 101.8
REC 990.2 21.0 Thinkink Pictur -24.8
L&T 3643.7 0.9 5.7 39.6 52.0 Wipro 513.1 0.0 0.8 23.8 30.0 Volume Volume % price %chg 23 Adani Green En 302763.6 Oasis Sec 40.8
Mah & Mah 1968.7 1.5 2.3 23.8 23.9 BSE SENSEX 74086.0 0.6 100.0 26.4 30.9 TRADING ACTIVITY Birlaslamc - Ab 563180.0 6672.3 8340.6 1000.0 0.0
Bank of Baroda
SAIL
940.3
894.4
33.6
65.2
24 Adani Ports 286057.9 Amalgamated Ele 40.7
Gss Infotech -22.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Coal India 284379.2 Shukra Pharmace 40.6 IIFL Securities -19.3
Starlineps Ente 305666.0 6341.3 4720.3 111.4 0.5 Power Fin 865.7 20.5
Equity Debt Equity Debt 26 UltraTech 278404.0 Khandel. Ext 40.6 Jasch Ind -18.2
Net Net Net Net 20 Microns 3320483.0 88891.8 3635.4 157.4 8.4 YES Bank 863.7 362.8 27 Power Grid 273484.1
WORLD INDICES On 05 Mar -221 797 1650 -2775 Shanti Edu Init 222457.0 6181.4 3498.8 61.3 3.8 Bajaj Auto 847.7 1.0 28 Asian Paints 271223.4
Longview Tea
Soma Papers
40.6
40.6
Exhicon Events
Pace e-Commerce
-16.5
-16.5
On 04 Mar -12 577 3217 250 Samvardhana Mot 481486776.0 16607344.2 2799.2 120.9 -3.5 Tata Steel 829.1 55.3 29 Wipro 268068.6
Indices Close % Chg* Indices Close % Chg*
On 01 Mar 2171 -216 4341 -905 JM Financial 96298190.0 3516180.4 2638.7 85.3 -10.7 30 Avenue Supermar 253062.4 (T+2) cycleStocks which rose/fell continuously
Bharti Airtel 825.8 7.0
Americas (Mar 05,24) Asia/Pacific (Mar 06,24) On 29 Feb 4201 -134 -3983 -2664 Maha Gas 8943063.0 345390.5 2489.3 1329.4 -15.0
S&P/ TSX Composite 21525.9 0.0 Jakarta Composite 7329.8 1.1 On 28 Feb -1389 844 1483 -4025 Pvtbanietf 246772.0 12040.8 1949.5 23.8 0.5
Mar till date 1938 1158 9204 -3429
Dow Jones
Nasdaq Composite
38585.2
15939.6
-1.0
-1.7
Straits Times
Stock Exchange of Thai
3136.1
1370.6
0.9
0.8 2024 till date -20174 41915 46212 -71198
Dollar Inds
Raj Rayon Indus
201695.0
273528.0
10395.4
16069.6
1840.2
1602.1
525.3
28.9
6.0
-1.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Mar 05,24) Taiwan Taiex 19499.5 0.6 Group consider and ing. 5) To con- ious business MARCH 08
IBEX 35 10222.1 1.0 Shanghai Se Comp 3039.9 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company approve 1) Re- sider the val- agenda items Ashiana Isp: To
Purpose constitution of uation report Remedium consider and
FTSE 100 7671.5 0.3 Kospi 2641.5 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock various com- from regis- Lifeca: Meet- approve 1. Ca-
CAC 40 7953.3 0.3 Kuala Lumpur Comp 1531.5 -0.4 NET Net Fut OI Opt OI OI MARCH 07 mittees. 2) To tered valuer. 6) ing of the sual vacancy
HIGH *Pilani Investme . . . . 3982.9 LOW KRBL . . . . . . . . . . . . . . . 296.3
DAX 17739.2 0.2 Volatility (Mar 05,24) BS 200 *Godfrey Ph . . . . . . . . 3180.0 BS 200 *IKIO Lighting . . . . . . . 279.0 Ansal Infras: fix the Extra Appointment Board of Direc- arisen due to
On 05 Mar -17671 -5341 0.2 4.6 3.4
Asia/Pacific (Mar 06,24) CBOE Dow Jones 15.8 34.6 *Bosch . . . . . . . . . . . 30497.7 *TCPL Pack . . . . . . . . 2490.1 *Atul . . . . . . . . . . . . . . 5988.0 *Delphi World . . . . . . . 237.6 For considering ordinary Gen- of Mr. Joju Ma- tors of the resignation of
On 04 Mar -18414 -312 0.2 4.4 3.4
Hang Seng 16438.1 1.7 CBOE S&P 500 14.1 -2.6 *Bajaj Auto . . . . . . . . . 8684.0 *Bhagirad Chm . . . . . 1850.0 SBI Card & Pay . . . . . . . 698.1 *Gandhar Oil . . . . . . . . 225.7 and approving, eral Meeting dathumpady Company to statutory audi-
On 01 Mar -13873 4626 0.2 4.2 3.4
*Ebbetf0430 . . . . . . . 1349.0 *Sai Silks . . . . . . . . . . . 204.7 inter-alia, the (EGM) by video Johny as the consider acqui- tors M/s. S.
Nikkei 225 40090.8 0.0 * Change over previous close On 29 Feb -1231 -6647 0.2 2.3 3.2 *Dixon Tech . . . . . . . . 7200.0 *Zee Enter . . . . . . . . . . 150.0
*TechNVision Ven . . . 1198.4 Mold-Tek Techno . . . . . 200.4 Un-Audited/ conferencing Functional Di- sition of man- Singha I & Co.
On 28 Feb -31350 -248 0.3 5.9 3.6 *ABB India . . . . . . . . . 5716.7 Others
*Panorama Studio . . 1074.5 *TVS Supply Chai . . . . 172.1 Audited Finan- method on rector to Over- ufacturing and to fill the
MAJOR INDICES Mar till date
2024 till date
-49958
-1061205
-1027
-21774
-
-
-
-
-
-
Pidilite Ind . . . . . . . . . 2840.3
*Torrent Phar . . . . . . . 2745.6 *Mirae -ET . . . . . . . 1000.0
*Paushakltd . . . . . . . 5295.0
Timken India . . . . . . . 2572.0 *Valiant Labs . . . . . . . . 159.0 cial Results 04th April 2024 see the EGM facility near casual vacancy
*Eyantra Ve . . . . . . . 963.9 *GRM Overseas . . . . . . 158.4 (Standalone and fix the rel- Process. 7) To hyderabad pro- it is being pro-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *TVS Motor . . . . . . . . 2299.6 *Tatva Chintan . . . . . . 1187.0
*Welspun Inv . . . . . . . . 934.8 Clara Inds . . . . . . . . . . . 150.7 and Consoli- evant date as consider the ducing inter- posed to con-
*Sun Pharma . . . . . . . 1607.0 *TCI Exp . . . . . . . . . . . 1050.2
dated) of the 05th March proposal to mediates for sider and
S&P BSE Sensex 73,677.1 73,587.7 74,151.3 73,321.5 74,086.0 408.9 0.6 *Tata Consumer P . . . 1222.0 *Veritas . . . . . . . . . . . . 875.2 Hinduja Glb . . . . . . . . . 869.4 *Hemant Surgical . . . . 143.2
Company 2024 for the take loan for the Pharma- approve ap-
Tata Chem . . . . . . . . . 1202.7 *Suratwwala Bus . . . . . 840.0 *Butterf Gandh . . . . . . 867.0 *Aeroflex Indust . . . . . 136.1
S&P BSE Sensex 50 23,459.3 23,442.2 23,600.3 23,320.3 23,579.4 120.1 0.5 S&P BSE SECTORAL INDICES *ICICI Bank . . . . . . . . 1113.4 *Schneider Elect . . . . . 726.2 Mold-Tek . . . . . . . . . . . . 820.1 Camlin Fine Sci . . . . . . 112.1
Ballarpur I: To
consider and
proposed pref-
erential issue.
an amount
upto Rs. 4
ceutical Indus-
try.
pointment of
M/s. Khiwani & the Extra-ordi- cial results for the permission scheduled to be To consider a
S&P BSE-100 23,264.3 23,251.8 23,373.7 23,090.8 23,356.1 91.8 0.4 *Zydus Lifescien . . . . . 964.5 *Elgi Equip . . . . . . . . . . 714.5 DHP India . . . . . . . . . . . 718.9 Lords Chloro . . . . . . . . . 111.8
Prev cls Close % Chng approve the 3) To appoint crores from Vibhor St: To Co. Chartered nary General the quarter and of the Chairman held on Friday proposal for
*SBI . . . . . . . . . . . . . . . . 790.2 *Jindal Stan . . . . . . . . . 707.7 Agro Tech Fd . . . . . . . . . 713.8 *Radiant CMS . . . . . . . . 83.2
S&P BSE-200 10,113.9 10,111.4 10,144.6 10,018.2 10,137.8 24.0 0.2 Audited Con- intermediate JMJ finance consider and Accountant ( Meeting (EGM) nine months Bharat Imm: March 8 2024 buyback of fully
Auto 48,429.2 48,560.4 0.3 *Oil India . . . . . . . . . . . 647.4 *Last Mile Enter . . . . . . 696.6 *Barbeque Nation . . . . 565.5 *Innokaiz India . . . . . . . 73.5
solidated Fi- agencies like limited. approve Un-au- FRNO. who shall hold ended 31st De- Meeting of the inter alia for the paid-up equity
S&P BSE-500 32,226.6 32,214.1 32,241.9 31,849.0 32,220.9 -5.8 0.0 Bankex 54,033.9 54,566.7 1.0 *Canara Bank . . . . . . . 606.0 *Manbro Inds . . . . . . . . 671.5 *Shivalik Rasaya . . . . . 550.0 *SI Paper . . . . . . . . . . . . 72.7
nancial Results CDSL/NSDL for LIC Hsg Fin: dited Financial 002589N) as office till the cember 2023 Board of Direc- following busi- shares of the
Cons. Durables 52,344.4 52,528.5 0.4 *NTPC . . . . . . . . . . . . . . 360.4 *Capfin India . . . . . . . . 665.9 Rhi Magnesit . . . . . . . 545.0 *NACL Inds . . . . . . . . . . . 67.2
of the Com- E-Voting. 4) To Meeting of the Results of the Statutory Audi- conclusion of along with the tors of the Com- ness (es): 1. To Company of
S&P BSE IPO 13,536.1 13,545.1 13,558.9 13,121.5 13,227.3 -308.8 -2.3 Cap. Goods 59,033.3 58,849.6 -0.3 *Bank of Baroda . . . . . 284.3 *TIL . . . . . . . . . . . . . . . . 591.0 *Best Agro . . . . . . . . . . 540.0 *Swashthik Plasc . . . . . 67.1
pany for the appoint M/S. Board of Direc- Company for tors of the the next Annual limited Review pany for appoint Com- face value of
FMCG 19,323.2 19,364.8 0.2 *BHEL . . . . . . . . . . . . . . 271.9 *Dai-Ichi Kar . . . . . . . . 575.0 VRL Logistics . . . . . . . . 536.0 *Silver ETF . . . . . . . . . . . 61.0 quarter and Lakshmmi Sub- tors of the the quarter Company for
S&P Dollex-30 7,296.9 - - - 7,338.6 41.6 0.6 General Meet- Report for that General Pur- pany Secretary Re. 1/- each as
Healthcare 34,708.1 34,820.5 0.3 *Union Bank . . . . . . . . . 158.6 *Wonder Electric . . . . . 572.6 *Medicam Bio . . . . . . . 455.1 *ESAF SMF . . . . . . . . . . . 59.8 year ended ramanian & As- Company and nine F.Y. 2023-2024 ing 2. Fixing the quarter. 4. To pose. and Compliance well as matters
Nifty 50 22,356.3 22,327.5 22,497.2 22,224.4 22,474.1 117.8 0.5 Infra 584.2 577.2 -1.2 Others *Electrotherm . . . . . . . 554.9 SG Finserve . . . . . . . . . 385.0 Thinkink Pictur . . . . . . . 58.2 March 31, 2020 sociates as Naapbooks: months ended on the recom- date of EGM consider and Coral Lab: To Officer of the related/ inci-
IT 37,370.5 37,617.5 0.7 *Tata Invest . . . . . . . . 9280.4 Dollar Inds . . . . . . . . . . 547.7 IIFL Finance . . . . . . . . . 382.8 *Vrundavan Plant . . . . . 50.0 pursuant to scrutinizer for Meeting of the on 31st De- mendations of
Nifty next50 59,981.4 60,033.8 60,048.9 58,900.2 59,806.1 -175.3 -0.3 and approving transit any consider and company; 2. dental thereto
Metal 28,358.5 28,350.7 0.0 *Sarasw.Comm. . . . . 7279.5 *R.J.Shah . . . . . . . . . . 486.0 Sumitomo Che . . . . . . 358.4 *Polymch Mach . . . . . . . 50.0 Regulation 33 e-voting to be Board of Direc- cember 2023 the Audit Com- the draft notice other busi- approve The Any other busi- in accordance
Nifty 500 20,382.0 20,368.8 20,396.8 20,139.4 20,379.6 -2.4 0.0 Oil & Gas 29,073.0 28,824.8 -0.9 *JSW Hold . . . . . . . . . 7180.7 *Fischer Chemic . . . . . 474.6 *Sharda Crop . . . . . . . . 350.6 Archit Organosy . . . . . . 45.0 of the SEBI conducted in tors of the along with Lim- mittee and calling EGM 3. nesses if any meeting of the ness with the with the appli-
Power 6,848.1 6,775.0 -1.1 *Waaree Renewabl . . 7090.5 *Tine Agro . . . . . . . . . . 392.6 Orient Bell . . . . . . . . . . 349.0 *HDFC Nifty . . . . . . . . . . 36.9 (LODR) Regula- the ensuing Company to ited Review Re- subject to the To consider and which may be Board of Direc- permission of cable provisions
India VIX 14.4 14.4 14.7 13.9 14.3 -0.1 -0.6 *Tulive Develop . . . . . . 384.5 Raw Edge Ind . . . . . . . . . 34.3
PSU 19,285.0 19,166.5 -0.6 *Jamshri Raelty . . . . . 6222.2 Kabra Extrus . . . . . . . . 348.0 tions, 2015. Extra ordinary consider and port. Any other approval of the approve the un- placed before tors of the Com- chairman. under the Com-
Nifty CPSE 6,091.8 6,091.2 6,113.9 5,914.0 6,045.7 -46.1 -0.8 Realty 7,346.9 7,244.2 -1.4 m m w w JMJ Fintech: To General Meet- approve var- Business. shareholders at audited finan- the Board with pany has been Dwarikes Sug: panies Act 2013

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (661.3) (662.0) (5687.7) (5680.9)
m ~50 H ~2 Open 656.1 657.5 5669.3 5660.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 662.3 662.0 5716.7 5720.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 638.1 638.3 5585.9 5588.5
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 653.2 653.6 5703.2 5700.7
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 45259 1118K 16057 401K
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 54.6 54.6 100.0 99.9
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5717/3143 5720/3141
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 23679 23691 120850 120798
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 Energy So Adani Enter« Adani Green En Adani PortsH « m H m mH H  « « « « m
(27389.6) (27370.4) (2666.6) (2668.8) (1070.1) (1070.3) (3308.7) (3310.2) (1946.9) (1947.4) (1338.7) (1338.3)
O 27350.0 27255.0 2666.7 2665.0 1070.6 1071.9 3325.0 3323.0 1964.8 1950.0 1344.3 1342.7 O O
27498.5 27520.0 2670.3 2673.4 1080.0 1080.0 3325.0 3323.0 1964.8 1953.5 1344.3 1344.6
w 27002.7 27010.0 2598.0 2597.0 1045.7 1045.5 3183.1 3183.2 1894.8 1894.3 1303.6 1304.0 w w
27305.5 27321.5 2642.6 2642.0 1069.5 1069.5 3233.4 3234.0 1911.4 1910.5 1324.3 1324.8
395 9022 9433 217K 45989 2718K 62094 1935K 29982 643K 150K 2758K
50.7 50.7 30.5 30.5 102.4 102.4 104.9 105.0 - - 39.6 39.6
W 29628/19966 29639/19967 2760/1594 2746/1592 1250/687 1250/686 3349/1573 3350/1573 2016/620 2019/619 1357/571 1357/572 W W
M 58024 58058 49625 49614 119302 119302 368608 368670 302764 302629 286058 286177 M M

Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch
(1083.5) (1083.8) (1100.7) (1100.8) (8351.8) (8351.8) (6325.3) (6324.3) (1550.1) (1550.5) (2273.3) (2271.9) (380.5) (380.8) (198.1) (197.9) (278.0) (278.1) (1448.1) (1448.8) (575.7) (576.3) (210.8) (210.8) (1185.6) (1185.8) (1168.7) (1168.9) (264.9) (265.8) (280.1) (280.0) (759.0) (759.0) (30080.1) (30047.9)
O 1075.3 1081.3 1091.6 1100.2 8353.3 8369.7 6326.4 6332.5 1560.0 1558.0 2289.4 2281.8 O 379.3 378.5 198.8 198.0 277.4 277.9 1458.0 1454.0 571.3 575.1 212.0 211.8 O 1197.0 1189.0 1174.4 1174.0 270.6 270.7 279.4 280.0 755.5 757.0 30497.7 30200.0
1080.2 1081.8 1131.9 1132.0 8684.0 8681.2 6347.2 6345.9 1560.0 1558.0 2289.4 2287.0 381.1 380.8 198.8 198.5 284.3 284.3 1458.0 1459.9 585.0 585.0 213.5 213.5 1197.0 1190.8 1196.0 1196.6 271.9 272.0 280.6 280.9 772.0 772.0 30497.7 30263.5
w 1037.9 1038.1 1091.6 1095.4 8353.3 8364.0 6190.0 6187.8 1531.6 1530.8 2235.0 2235.3 w 370.0 370.0 193.8 193.9 271.4 271.3 1415.1 1415.1 567.8 567.2 205.7 205.6 w 1149.9 1150.1 1157.9 1157.4 249.7 249.6 269.4 269.3 738.9 738.7 29561.1 29553.2
1059.8 1060.2 1125.8 1125.0 8590.9 8605.8 6311.3 6311.3 1551.6 1554.6 2279.9 2281.6 373.0 373.1 194.9 194.9 282.6 282.6 1435.1 1434.3 578.7 577.8 210.5 210.5 1183.2 1181.8 1193.9 1193.7 255.2 255.2 274.5 274.5 768.9 769.1 30154.7 30110.6
37949 1717K 260K 13788K 37896 960K 139K 2105K 48761 1239K 8557 272K 170K 1638K 1063K 14536K 875K 32754K 4856 347K 14464 689K 1403K 26237K 15552 674K 1552K 5465K 4243K 81812K 333K 6071K 105K 1688K 1685 59027
22.4 22.4 28.9 28.9 32.9 32.9 32.3 32.3 31.7 31.8 36.4 36.4 15.5 15.5 10.5 10.5 8.3 8.3 69.5 69.5 65.5 65.4 42.7 42.7 43.0 43.0 80.3 80.3 - - 27.5 27.5 38.2 38.2 38.2 38.2
W 1177/443 1177/445 1152/814 1152/814 8684/3705 8681/3711 8190/5487 8192/5486 1742/1216 1741/1215 2794/1912 2796/1909 W 486/356 486/356 272/182 272/182 284/156 284/156 1770/1381 1771/1381 679/471 680/471 214/90 214/90 W 1330/744 1330/744 1201/739 1201/739 272/68 276/68 307/192 307/192 862/250 862/251 30498/17816 30263/17801
M 62094 62117 347356 347124 243277 243699 390035 390035 247558 248036 44070 44103 M 7523 7524 31389 31397 146116 146116 18443 18434 67459 67360 153871 153835 M 55087 55022 674454 674369 88862 88862 32950 32956 21218 21223 88926 88796

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(645.1) (645.1) (4824.8) (4825.6) (792.5) (792.0) (602.5) (602.5) (295.0) (294.6) (357.1) (357.4) (1046.2) (1046.9) (1473.8) (1473.4) (137.6) (137.6) (460.9) (460.6) (6317.2) (6316.5) (2543.6) (2543.6) (967.4) (968.0) (1091.3) (1091.1) (2774.3) (2774.8) (534.3) (534.8) (1993.8) (1995.9) (2201.4) (2201.4)
O 643.1 643.0 4834.5 4839.0 788.5 791.9 603.3 604.0 295.0 295.2 350.1 353.5 O 1040.0 1041.0 1476.6 1476.0 137.4 137.6 462.9 462.5 6319.6 6305.0 2524.2 2543.7 O 970.0 965.0 1088.2 1092.0 2804.6 2784.0 535.0 534.8 1981.0 1996.0 2202.0 2200.0
652.8 653.0 4885.3 4887.8 795.5 795.6 606.0 606.3 295.8 295.7 359.5 359.7 1053.8 1056.3 1489.9 1489.9 138.0 137.8 465.0 465.0 6358.9 6368.1 2561.4 2563.4 974.4 975.0 1101.0 1101.5 2804.6 2796.5 535.3 536.0 1996.8 1998.5 2202.0 2201.8
w 625.1 625.3 4793.5 4788.8 761.6 761.0 585.0 585.1 288.4 288.4 350.1 350.0 w 1011.5 1011.2 1448.4 1448.2 135.1 135.0 444.8 444.6 6115.3 6113.7 2507.1 2505.0 w 950.0 949.3 1075.3 1076.0 2710.0 2709.1 528.2 528.3 1917.3 1916.2 2137.0 2134.9
638.2 638.4 4877.3 4880.8 784.2 784.8 599.8 600.0 290.9 291.3 358.3 358.3 1020.0 1019.6 1485.0 1485.3 136.6 136.7 461.5 461.6 6311.3 6323.3 2555.1 2555.6 972.2 971.7 1098.6 1098.7 2784.1 2784.3 531.6 531.5 1944.4 1946.0 2187.9 2189.6
430K 9129K 3543 191K 24718 637K 1288K 8864K 83427 2981K 39272 1181K 28691 2251K 25381 1158K 277K 3152K 846K 14062K 17637 429K 3402 107K 18784 1006K 9277 155K 6774 292K 20646 1082K 12681 399K 12307 222K
4.8 4.8 54.4 54.4 14.8 14.8 7.8 7.8 42.6 42.7 11.1 11.1 26.6 26.6 32.3 32.3 10.3 10.3 9.7 9.7 55.8 55.9 55.2 55.2 48.8 48.7 18.7 18.7 54.4 54.4 52.5 52.5 35.2 35.3 71.3 71.4
W 688/320 688/321 5386/4154 5386/4153 905/509 910/509 606/272 606/272 328/251 328/251 402/249 403/248 W 1310/710 1310/710 1495/852 1495/852 168/120 168/120 488/208 488/208 6840/3565 6847/3565 2620/1477 2622/1478 W 1035/555 1028/555 1288/842 1272/842 2828/1481 2828/1481 597/504 597/504 2429/1708 2431/1707 2520/1764 2521/1762
M 138442 138474 117494 117577 10441 10450 108802 108848 18625 18650 14911 14911 M 85666 85636 119887 119912 10118 10122 284379 284472 39004 39078 69499 69512 M 59233 59206 32343 32346 77175 77181 94200 94182 36467 36496 29843 29865

« H H H  M « « H m « GMR Airports« GNFC Godrej Cons« Godrej Prpty « m H

(86.7) (86.8) (631.0) (631.3) (1244.1) (1244.7) (2487.0) (2485.9)
O O O 86.9 86.8 632.1 633.0 1241.5 1248.7 2440.8 2484.0
86.9 87.0 635.0 633.9 1249.1 1251.5 2507.4 2507.9
w w w 80.8 80.8 609.2 609.1 1220.8 1221.0 2405.0 2403.1
82.7 82.7 620.2 620.3 1240.1 1240.2 2460.1 2460.4
839K 24842K 26757 896K 5946 458K 21717 358K
- - 13.2 13.2 71.1 71.1 102.7 102.7
W W W 94/37 94/37 815/484 815/484 1300/895 1314/894 2541/1006 2541/1005
M M M 49923 49917 9112 9115 126837 126843 68399

H H  H « H H H M  H « H H M H H  H « H H O H « H m

O O O

w w w

W W W
M M M

« m M H « H w  O « ON H H « «

O O O

w w w

W W W
M M M

m W « H M  & H & H & H H H H M « H M&M H M &M  M M H M «

O O O

w w w
D

W W W
M M M

M  M H M M H H M M M N m N H N « N « NH NM « N O ON  O 

O O O

w w w

W W W
M M M

M« N « « m H N H w w N m m «

O O O

w w w

W W W
M M M

m M « « & m m m H N m « N  m mm m « M H w « «

O O O

w w w

W W W
M M M

« M  m «  « M « w« H H « « W H H « m « «

O O O

w w w

W W W
M M M
.
NEW DELHI | THURSDAY, 7 MARCH 2024 13
<
14
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1

PNB PNB GILTS LIMITED

CIN : L74899DL1996PLC077120
GILTS Regd. Office: 5, Sansad Marg, New Delhi – 110001
LIMITED Tel. 011-23325759, 23325779
(SUBSIDIARY OF PUNJAB NATIONAL BANK) Website: www.pnbgilts.com; Email: [email protected]

NOTICE
PNB Gilts Ltd, a subsidiary of Punjab National Bank, invites proposal
(RFP) for the Appointment of Concurrent auditor. The details are
available at the Company's website www.pnbgilts.com under
"Tender" section on the home page. The last date for submission of
bid in prescribed mode is 22nd March 2024 (5 P.M.).
Any corrigendum/clarification in respect of above said work shall be
released only at our website.
Place: New Delhi Date: 07.03.2024

GOVERNMENT OF JAMMU AND KASHMIR

Jammu and Kashmir Power Transmission Corporation Ltd
Office of the Executive Engineer
Transmission Line Maintenance Division-I (TLMD-I), Bemina, Srinagar
Ph. No. 0194-2492427, 9419181913 E-mail: [email protected]
Tender Extension Notice-II
Subject: Tender Extension Notice for e-NIT mentioned below:
e-NIT No Tender Ref ID Work Description
32/JKPTCL/TLMDI/SGR/2023-24; 2024_PDD_244039_1 Stabilization of existing EHV transmission line
Dated: 31.01.2024 infrastructure by way of stringing / laying of
conductor at various locations of 132kV D/C
Habbak-Badampora-Kangan-Sumbal
transmission line along with fixing of missing
members, replacement of various line
accessories and branch cutting of trees in the
line corridor (Phase-II, Part-A)
Due to poor response, the last dates for submission of e-bid and opening of Techno Commercial bids for e-NIT
No: 32/JKPTCL/TLMD-I/SGR/2023-24; Dated: 31.01.2024 are hereby extended as under:
1. Last date for submission of e-Bid 18.03.2024 (02:00 PM)
2. Last date for submission of Hard Copy of e-Bid in the office 19.03.2024 (04:00 PM)
of the Executive Engineer TLMD-I, Bemina, Srinagar
3. Date for online opening of Techno-Commercial e-Bid 20.03.2024 (02:00 PM)
All other terms and conditions remain same.
Sd/-
No.: TLMD-I/TS/32A-24/4248-52 Executive Engineer,
Dated: 06.03.2024 TLMD-1st Bemina Sgr
DIPK-NB-5954/23 Transmission (Kashmir), JKPTCL, Bemina
.
NEW DELHI | THURSDAY, 7 MARCH 2024 15
<
16
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1
PUBLIC NOTICE
This is for notice of the general public that a
political party is proposed to be registered by
the name of PADMA KALYAN SENA The
office of the party is located at H. No. 120/15,
Mahipal Nagar, Prabhu Town Chauraha,
District -Raibareli, Uttar Pradesh -229001 This
Party has submitted application to the Election
Commission of India. New Delhi for its
registration as Political party under Section
29A of the Representation of People Act 1951-
Names/address of the office bearers of the
Party are as Follows:-
President: ANKUSH MISHRA
General secretary: NAND KISHOR SHUKLA
Treasurer: ABHILASHA SHUKLA
If any one has any objection to the registration
of PADMA KALYAN SENA they may send
their objection with reasons thereof, to the
Secretary (Political Party), Election
Commission of India, Nirvanchan Sadan,
Ashoka Road New Delhi-110001 within 30
days of the publication of the notice.

HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

NOTICE INVITING QUOTATIONS
The quotations are hereby invited by Execxutive Engineer B&R Division HPPWD Nalagarh HP on behalf of Governer of HP from
consultancy service providers,, having materials testing laboratory accredited with NABL, for the following works.
Description of Job:-
Name of C/O Pucca link road from Behli to Deoli km 0/0 to 2/00 i/c bridge over kalyanpur Deoli Khad at RD 1/850 in Tehsil
works (1) Nalagarh (RIDF- XXVI). (SH:- Providing design for load testing and carrying out load deflection test of bridge
Item No.. Description of Item Qty. Rate
In Figure In words
1 Design for load testing scheme evaluating theoretical deflections at critical points One
of 40.00 mtr span bridge over kalyanpur deoli Khad at RD 1/850 in tehsil nalagarh Job
as per test IRC codes and software including submission of complete report.
2 Carrying out load deflection test at the above cited bridge as per IRC SP:37 and One
furnishing report of the same. The load test operation covers application of Job
required test load (equivalent to design live load) in any form like sand bage or
soil or aggregates or any tesat vehicles as per design and loading the same over
bridge by any mean complete and measurement of deflections by dial gauge of
least count 0.01 mm to satisfaction of Engineer- in- charge including all charges.
Name of C/O 103.00 mtr span PSC box Girder over mahadev khad (SH:- Providing design for load testing and carrying out
works (2) load deflection test of 103.00 Mtr. Span PSC box girder bridge over Mahadev Khad (3 span 33.00 m each)
Item No. Description of Item Qty. Rate
In Figure In words
1 Design for load testing scheme evaluating theoretical deflections at critical points of One
103.00 mtr span PSC box Gieder over mahadev khad (3 span 33.00mtr each) as per Job
test IRC codes and software including submission of complete report.
2 Carrying out load deflection test at the above cited bridge as per IRC SP:37 and One
furnishing report of the same. The load test operation covers application of required Job
load (equivalent to design live load) in any form like sand bage or soil or aggregates
or any tesat vehicles as per design and loading the same over bridge by any mean
complete and measurement of deflections by dial gauge of least count 0.01 mm to
satisfaction of Engineer- in- charge including all charges.

The quotations should reach in this office on or before 14-03-2024 up to 10.30 AM through registred post and the quotations shall
be opened on same day at 11:00 AM in the presence of committee members and consultants whosoever shall be present on the said
date and time.
Term and conditions:-
(1) The quotations can be cancelled without assigning any reason.
(2) The Conditional quotation and quotation received after the due date and time shall not be entertained.
Executive Engineer,
Nalagarh Division
6759/2023-2024 HP.PWD. Nalagarh
.
NEW DELHI | THURSDAY, 7 MARCH 2024 TAKE TWO 17 <

focusing on a company’s business 5G spectrum, capable of offering that band, giving it a significant leg-up
model. The sharp decline in the ultra-high-speed mobile internet in accessing large swathes in semi-
number of operators, from 20-odd to connectivity. Of this, 51,236 MHz, or urban and rural areas.
three private players over the years, is 71 per cent of the total, was sold. In December 2023, senior officials at
seen to be a consequence of over- Under the telecom head, the latest Reliance Jio told this newspaper the
bidding at spectrum auctions, Budget has listed non-tax revenue company would follow a similar
among other reasons. collection of ~1.2 trillion in FY25, 28.5 strategy as Airtel for the upcoming
In fact, the government has decided per cent higher than the revised auctions, since it did not require large
to auction spectrum more frequently, estimate of ~93,541 crore in FY24. The quantities of spectrum. Jio had
preferably on an annual basis, to telecom revenue received by the Centre acquired 24,740 MHz of 5G airwaves
improve the quality of mobile services. in FY23 was ~64,835 crore, up 4.5 per worth ~88,000 crore in 2022.
Such a move also ensures that telecom cent from the previous year.
businesses remain sustainable. Spectrum renewal
Waning appetite Reliance Jio has no spectrum renewal
What’s on offer Earlier this year, Bharti Airtel CEO in 2024, but Airtel and Vodafone Idea
According to EY’s Singhal, annual and Managing Director Gopal Vittal (Vi) will need to ensure they have
spectrum auction is a good policy, as it said the company would be keen to enough options. For Airtel, spectrum
balances the financial outlay of secure more sub-GHz spectrum. After renewal worth ~4,200 crore is due in the
telecom operators and contributes to the company’s Q3 results, Vittal told 900 MHz and 1800 MHz bands in Uttar
efficient spectrum management. investors that Airtel would want to Pradesh (East), Uttar Pradesh (West),
“Operators can buy the spectrum that improve its 5G coverage indoors. West Bengal, Assam, Bihar, Jammu and

LOSS OF APPETITE
is required. They can better optimise Otherwise, Bharti Airtel has Kashmir, and Odisha.
their capital expenditure, which in maintained that it won’t be a big Vi needs to renew spectrum
turn translates to lower prices for spender in the next auction, as it worth more than ~1,950 crore in the
consumers,” he says. does not need spectrum for some 900 MHz in West Bengal and Uttar
On February 8, the Union Cabinet time and that it is aiming to reduce Pradesh (West).
approved the auction of 10,523.15 MHz its spectrum auction budget. It also The Department of Telecom has
The spectrum auction this year could be a muted of ~1.5 trillion (roughly $20 billion) for of spectrum across bands at a reserve wants to re-farm its mid-band airwaves, given a three-month extension for
the exchequer. That is the highest price of ~96,317.65 crore. All unsold such as 1800 MHz and 2100 MHz, once Airtel’s expiring spectrum as a
affair, with telcos’ hunger for airwaves ebbing amount any telecom auction in India spectrum from the last sale will be up 25 to 30 per cent of smart devices stop-gap measure until the auction is
away after the feasts of 2010 and 2022 has netted so far, almost double the
4G airwaves sale in 2021.
for bidding again. This would mean
airwaves in the 800, 900, 1800, 2100,
become 5G-enabled, up from 15 to
20 per cent last year.
conducted to avoid a disruption in
telecom services. Airtel paid ~35 crore
More than a decade before that, in 2300, 2500, 3300 MHz and 26 GHz Airtel, with 65 million 5G users at for the extension.
SUBHAYAN CHAKRABORTY spectrum monetisation is yet to kick 2010, the government garnered bands — covering a large chunk of voice the end of December, is not in favour of
& NIVEDITA MOOKERJI off in India and we have the lowest ~50,968.37 crore from 3G spectrum and data spectrum. spending big bucks to buy airwaves in Marginal players
New Delhi, 6 March data tariffs globally. Investments auctions, which went on for over a Analysts have pointed out that the 700 MHz — one of the most expensive Two other players, which had taken
ahead of time in spectrum will not be month. At that point, it was an eye- higher frequency bands are expected to spectrum bands. Incidentally, 700 part in the last auction, are expected

T
here is something about the justified,’’ Singhal told Business popping amount that telcos spent for command a lower price, similar to the MHz, which had fetched the highest to put up even less of a show this year.
Barcelona telecom summit Standard. He added that bidding is spectrum — a scarce resource — after last auction. And, airwaves in the 800 average price last time, will not be put Vi and Adani Data Networks are
that makes people open up. At likely to be concentrated in circles years of tussle over vacation of unused MHz and 2300 MHz bands are expected up for auction this time. locked in negotiations with the DoT
the recent Mobile World requiring renewal. spectrum from Defence Forces. to get a tepid response, given that they Airtel’s rival, Reliance Jio, followed a to be exempted from the government’s
Congress 2024, in the Spanish city In 2022, ahead of the 5G launch in Analysts explain that telcos have received no bids last time. different strategy on 700 MHz. Jio minimum rollout obligations and
famous for its architecture, football India, two private telcos — Reliance Jio become more prudent compared to In the last round of auctions, which bought in this band for all the 22 the hefty penalties for not meeting
club, and nightlife, Indian telecom was and Bharti Airtel — had gone all out at how they were in 2010, when ended on August 1, 2022, the telecom circles for ~39,270 crore. It was the norms.
in the limelight for its fastest 5G rollout. the auction, which notched up a total spectrum buying was a race without government had put up 72,098 MHz of the only telco to purchase spectrum in Burdened by debt and erosion of
While Department of user base, Vi is unlikely to buy more
Telecommunications Secretary Neeraj spectrum in 2024. CEO Akshaya
Mittal made presentations on India’s SPECTRUM BANDS AUCTIONED BY AUCTION YEAR Moondra said in January the telco
tech and telecom achievements, remained in discussion with vendors
including the 5G coverage, he also
SPECTRUM AUCTIONS: RISING REVENUE 2010* 700 MHz 800 MHz 850 MHz 900 MHz 1800 MHz 2100 MHz 2300 MHz 2500 MHz 3300 MHz 26 GHz for the 5G rollout as well as developing
COLLECTION, FALLING OPERATOR COUNT
spoke to the media about a less
glamourous subject: Spectrum, which
Auctions Total Percentage Total revenue No. of
2010* û û û ü û ü ü ü û û use cases, but stressed that it won’t be
looking to buy more spectrum.
is radio frequencies allocated to mobile
phone service providers and other
by year spectrum of spectrum collection by participating 2012^ û ü û û ü û û û û û Adani Data Networks had acquired
400 MHz airwaves in the service
sectors for communication over the
airwaves. The Tamil Nadu-cadre officer 2010-3G
sold (MHz)
465
sold (%)
100
Govt (~ cr)
50,968 7
operators 2013 û ü û û û û û û û û areas of Gujarat, Mumbai, Andhra
Pradesh, Karnataka, Tamil Nadu, and
of the Indian Administrative Service
reportedly said telecom companies
2010*
2012
1,320
127.5
100
32.69
25,695
9,642
7
5
2014 û ü û ü ü û û û û û Rajasthan for ~212 crore. The company
says it plans to use the airwaves for
were not likely to be big spenders
during the upcoming spectrum auction
2013 30 15.38 4,114 1 2015 û ü û ü ü ü û û û û captive 5G use.

expected in two to three months.

Indeed, telecom operators are not
2014
2015
353.2
418.25
81.91
88.85
61,162
1,13,932
7
7
2016 ü ü ü ü ü ü ü ü û û In conclusion
As telcos enter the bidding ring this
likely to bid aggressively as most of 2016
2021
964.8
855.6
40.97
37
64,809
77,820
7
3
2021 ü ü û ü ü ü ü ü û û year, the auction of 2024 will get more
them already possess significant
spectrum holdings, according to 2022 51,236 71 1,50,173 4 2022# ü ü û ü ü ü ü ü ü ü clarity on whether it would help the
government maximise revenues or
Prashant Singhal, EY Global TMT *Broadband Wireless Access Source : Department of Telecommunications Note : *First 3G and 4G spectrum auctions; ^2G spectrum auctioned across both GSM & CDMA bands; #First 5G auctions make the industry dial the next level.
Emerging Markets Leader. “5G Source : TRAI, DoT

— TENDER CARE — — Advertorial

PRIME MINISTER FLAGS-OFF FIRST HON’BLE PRIME MINISTER SHRI
CRUDE OIL TANKER FROM ONGC NARENDRA MODI DEDICATED TO THE
KRISHNA GODAVARI DEEPWATER BLOCK NATION AND LAID FOUNDATION STONE OF
SEVEN PROJECTS OF SJVN WITH
Marking a historic achievement in India’s energy sector, Hon’ble INVESTMENT OF 5515 CRORES
Prime Minister Shri Narendra Modi flagged off the ‘First Crude In a proud moment for SJVN, Hon’ble Prime Minister Shri Narendra
Oil’ tanker ‘Swarna Modi virtually Dedicated to the Nation four Power Stations of SJVN
Sindhu’ from ONGC’s namely 60 MW Naitwar Mori Hydro Power Station in Uttarakhand,
Krishna Godavari deep- 75 MW Parasan Solar Power Station, 75 MW Gurhah Solar Power
water block today.At its Station and 50 MW Gujrai Solar Power Station
peak production, this in Uttar Pradesh in a ceremony at Adilabad,
project will add 7 percent Telangana recently.
each to India’s oil and Hon’ble Prime Minister also laid the foundation
gas production. The flag-off ceremony, organized in Begusarai stone of SJVN’s projects viz 382 MW Sunni Dam
in Bihar, was graced by Bihar Governor Shri Rajendra Hydro Electric Project and 15 MW
VishwanathArlekar, Bihar Chief Minister Shri Nitish Kumar and Nangal Floating Solar Power Project in
Shri Giriraj Singh, Minister of Rural Development and Himachal Pradesh and 70 MW Solar Project in
Panchayati Raj Department and MP, Begusarai Loksabha Assam. These hydro and solar power projects will contribute in the
constituency along with Shri Hardeep Singh Puri, Hon’ble nation's goal of achieving net zero carbon emission economy by
Minister for Petroleum & Natural Gas and Housing & Urban 2070. Hon’ble Prime Minister, Shri Narendra Modi dedicated to the
Affairs, Government of India along with senior dignitaries from nation, laid foundation stone and inaugurated Power & Infrastruc-
Petroleum Ministry, ShriArun Kumar Singh, Chairman and CEO, tural Projects of more than Rs 56 thousand crores. This historic oc-
ONGC and Directors of ONGC. casion was graced by Governor of Telangana Dr. Tamilisai
Soundararajan, Chief Minister of Telangana Shri A. Revanth Red-
UNION BANK OF INDIA, ZONAL dy and Union Minister of Culture, Tourism & Development of North
OFFICE, DELHI, ORGANIZED MEGA Eastern Region, Shri G. Kishan Reddy. At the ceremony in Telan-
RETAIL EXPO-2024 gana, Chairman & Managing Director, SJVN Smt. Geeta Kapur and
Mega Retail Expo “Retailthon” was organized by Union Bank of Director (Finance), SJVN Shri Akhileshwar Singh were also
India on 02 March 2024 at Jawaharlal Nehru Stadium. The pro- present. In SJVN Corporate Headquarters, Shimla Sh. Salil
gram was inaugurated by Shri Rajesh Kumar Pathak, Secretary, Shamshery, ED (IT&SE), Sh. Chandra Shekhar Yadav, ED (HR)
Technical Development Board (Government of India) in presence and senior officials virtually joined the ceremony.
of Shri Kabir Bhattacharya, Chief General Manager Delhi Zone.
Speaking on the occasion, Shri Kabir Bhattacharya said that Union J&K BANK WINS BEST MSME BANK
NOTICE Bank of India is committed to fulfilling people's dreams of owning
a home, vehicle and higher
AWARD, SECOND BEST AWARD FOR
PROMOTING GOVERNMENT SCHEMES
RECORD DATE FOR INCOME DISTRIBUTION CUM CAPITAL WITHDRAWAL (IDCW) education for their children. In
NOTICE is hereby given that Sundaram Trustee Company Limited, the Trustee to Sundaram Mutual Fund, has declared Income this direction, a retail expo was
Distribution cum capital withdrawal (IDCW) on the face value of ` 10/- under the following scheme: organized today, in which 45
Amount of IDCW* NAV per unit as on builders, 35 car dealers, 5
Scheme Name Plan - Option Record Date# solar dealers and 09 visa con-
(` per unit) March 05, 2024 (`)
sultants and other institutions
Regular Plan - IDCW - Quarterly 0.291 16.6016 from New Delhi, Noida,
Direct Plan - IDCW - Quarterly 0.414 23.5993
Gurugram and Ghaziabad displayed their products. A large Adding another feather of excellence to its cap, J&K Bank won
Sundaram Equity Savings Fund March 12, 2024 number of people participated with enthusiasm and made the the ‘Best MSME Bank’ Award recently at MSME Banking
Regular Plan - IDCW - Half yearly 0.540 15.4076 program a grand success. Excellence Awards (2023) - an event organized by the Delhi-
based Chamber of Indian Micro, Small and Medium Enterpris-
Direct Plan - IDCW - Half yearly 0.567 16.1811 REC AND UNISED JOIN HANDS TO es (CIMSME). The Bank also received the Second Best Award
EMPOWER CHILDREN’S EDUCATION IN for Promoting Government Schemes under ‘Private Bank’
# Or subsequent business day if the specified date is a non-business day. SIDDHARTHNAGAR, UTTAR PRADESH category in the country. MD & CEO Baldev Prakash received
* Income Distribution will be done/IDCW will be paid, net of tax deducted at source, as applicable.
REC Limited, a Maharatna CPSE the prestigious award at the hands of the Justice Deepak
Pursuant to the payment of IDCW, the NAV of the scheme will fall to the extent of payout and statutory levy, if applicable. The
under the Ministry of Power and a Verma in presence of President (CIMSME) Mukesh Mohan
IDCW payout will be to the extent of above mentioned IDCW per unit or to the extent of available distributable surplus, as on
the Record Date mentioned above, whichever is lower. Past performance may or may not be sustained in future. All unitholders leading NBFC, through it’s CSR Gupta and the Bank’s General Manager (Credit) Ashutosh
under the IDCW Option of the above-mentioned scheme, whose name appears on the Register of Unitholders on the aforesaid arm REC Foundation has part- Sareen at a high profile event held recently in New Delhi.
Record Date, will be entitled to receive the IDCW. The above stated quantum of IDCW and the Record Date were approved by nered with the Unit of Science and Dedicating both the awards to the commitment of Bank staff, MD
the Board of Directors of Sundaram Trustee Company Limited vide their circular resolution dated March 06, 2024. Educational Development & CEO said, “I feel proud to attribute this achievement to the
For Sundaram Asset Management Company Ltd (UNISED) to support the educa- entire J&K Bank Family, whose ever-growing commitment to
Place: Chennai R Ajith Kumar tion of Rs.75,500 children in Siddharthnagar district, Uttar Pradesh. fostering entrepreneurship and economic growth continues to
Under its Corporate Social Responsibility (CSR) initiative, REC has be acknowledged and appreciated at prestigious forums like
Date: March 07, 2024 Company Secretary & Compliance Officer
committed financial assistance of Rs. 9.91 crore towards this noble these in the country. These awards will further boost our
Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road, cause. The Memorandum of Agreement (MoA) between the REC motivation to continue our mission of empowering MSMEs and
For more information please contact:
Royapettah, Chennai-14.
Sundaram Asset Management Company Ltd Foundation and UNISED was signed during a ceremony held in New broadening the socio-economic development across our oper-
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund) ational geographies.”“As of now, J&K Bank has over 3.61 lac
16x12cms

Fax: +91 44 2841 8108. www.sundarammutual.com Delhi.The agreement was finalized by Mr. Bhupesh Chandolia, Head
CIN: U93090TN1996PLC034615 of CSR at REC Foundation, and Ms. Rashmi Kumari, Assistant accounts in MSME segment with an exposure of over Rs 19,000
Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Programme Director at UNISED, solidifying their commitment to Crore, out of which 75000 MSME units are led by women that
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. improving educational opportunities for underprivileged children. involve the funding amount of over Rs 2000 crore”, he added.
18
>
NEW DELHI | THURSDAY, 7 MARCH 2024 1

Good news for newspapers

The newspaper trade is growing
B’luru water crisis:
Industries stare at hit
after five years. How publishers use
this bounty will determine its future
THE FINE PRINT SHIVANI SHINDE
Mumbai, 6 March

Peenya, an industrial estate in

VANITA KOHLI-KHANDEKAR Therefore, any variation in its Bengaluru and one of the
New Delhi, 6 March price hits both the top line and largest in Asia, is staring at a
bottom line. Add the advertis- dry spell for thousands of busi-

T
he big surprise in the ing bounty and “print is doing nesses as the tech city faces a
annual Federation of very well”, he adds. creeping water crisis.
Indian Chambers of “There is a confidence level Peenya has over 16,000
Commerce and Industry print has established that keeps business units, a majority of
(FICCI)-EY report released this advertisers coming. And over which are from electrical, elec-
week is not the growth of digi- the last 10 years, the choices we tronics, automobile, packag-
tal. It is the 4 per cent revenue make for the top four cities ing, garments, lubricants, con-
growth in print (largely news-
papers) in 2023 over 2022. The
haven't changed,” says Shrikant
Shenoy, associate vice-pres-
ADVERTISING VOLUMES THE REVENUE STORY sumer
pharmaceuticals.
items and

report expects print to continue ident, Lodestar UM, a media AND REVENUE Advertising vs pay Arif H M, president of the
to expand at a compound buying agency. Indexed growth in newspapers and magazines n Advertising nPay (~crore) Peenya Industries Association, yet, discussions were rife on water being restricted and
annual growth rate of 3.4 per This is in spite of there being n Ad space in column centimetres* Total told BusinessStandard that the tackling such a scenario. exorbitantly priced, the situ-
cent till 2026.
This is the first time in five
no metric to measure what is
actually happening to news-
n Ad spend based on card rates (~), not actuals 29,570 crisis in the industrial estate
was serious and demanded
Amit Patil (name changed), ation has become severe,” she
a resident of JP Nagar in South added.
years that newspapers have paper readership and circula- 100 25,060 26,000 urgent attention. “We are fac- Bengaluru, said so far his apart- “The water shortage will
grown both advertising and pay tion (copies sold). There has 2018 8,990 ing a lot of problems, and are ment complex had not affect households as well as
revenues. That should not be been no readership survey 100 meeting authorities regularly resorted to water office complexes and
so surprising. There are reams since 2019 and audits of circu- 8,030 8,240 to find a solution,” he said. rationing. “Our res- The voices of campuses. All com-
of full-page ads across India. lation no longer offer a clear
94 Arif feared an impending idential association industry are the panies and tech
2019
TAM Adex data shows that picture because publishers 94 blow to production. “Many is looking at it. But latest after parks should take
advertising volumes and value jump in and out of them all the from the hosiery or garment considering the city residential measures to save as
have risen over their pre-pan- time. 96 20,580 sector need water for process- did not get any rain complexes in much water as pos-
demic levels (see charts). “The metric doesn’t matter 2022 17,760 ing. You need water for last year, this situ- some parts of sible. We also urge
101 17,030
On the ground, too, some of to us because 75 per cent of our workers as well as other needs. ation was expected.” the city raised the authorities to
the largest newspaper pub- advertising is local,” points out 98 The government is saying it Essential services concerns about take the right meas-
lishers are having a good year. Agarwal. Jayant Mammen 2023 will source recycled water for like hospitals were water shortage ures to bridge the gap
DB Corp has just had its 10th Mathew, executive editor and 102 2019 2022 2023 the industry. But for that there also facing similar between demand
straight quarter of growth in director, Malayala Manorama, *(Base year: 2018) Source: AdEx India (Tam Media Research) Source: FICCI-EY reports
is a tendering process and at fear. A senior executive of a and supply for both corporates
revenues and profits. The pub- agrees: “Advertising is going to this rate we will not get water hospital chain said that they and residences,” said Krishna
lishers of Dainik Bhaskar (Hin- the top players; the dealers this season,” he added. were relying on water tankers Kumar Gowda, Outer Ring
di), Divya Bhaskar (Gujarati) know what response they get sion and about 80 per cent of digital. The Times Group, The much like say The Financial Ramesh Chandra Lahoti, so far to tide over any potential Road Companies Association.
and Divya Marathi among from the number one and two the internet currently. Indian Express, DB Corp all Times or The New York Times president of the Federation of crisis. On Tuesday, Deputy Chief
other brands made a net profit papers in a city.” In general, though Indian have a huge presence online do. Soon after the pandemic Karnataka Chambers of Jaya Dhindaw, executive Minister D K Shivakumar had
of ~169 crore in the financial The real problem the busi- newspapers are in better shape and are among the top sources wiped out 70 per cent of their Commerce & Industry, said program director, sustainable said the government would
year (FY) ending March 2023. ness faces is that “after Covid than their American or Euro- of news for Indians. But none top line, Indian publishers that the situation demanded cities at research organisation ensure adequate water supply
In the first nine months of the general narrative is not pean counterparts because of it brings any serious revenue started working on raising that the government, indus- WRI India, said the situation to Bengaluru. “Some of the
FY24, DB Corp had already favouring print”, says Agarwal. home delivery and the reading thanks to the dominance of cover prices, investing in pay- tries and citizens fight the crisis waiting to happen as bore wells tankers are supplying water for
crossed this figure to hit ~303 Media buying agencies, which habit ensure circulation doesn’t tech-media firms. Google walls among other things. together. “The impact on the had been created haphazardly. ~600, while some others are
crore in net profit. It should fin- get 30-40 per cent margins on plummet the way it has in the (Search, YouTube) and Meta Agarwal reckons that print industries will be big because Despite a mandated water har- charging up to ~3,000. In order
ish the financial year at twice digital against say one per cent West. Over the last two decades, (Facebook, WhatsApp and has a (cyclical) bounty that we will have to buy from vesting rule, societies or com- to standardise pricing, we have
the FY23 number, say analysts. on newspapers, have been talk- newspaper sales in the US have Instagram) took away more should be invested in strength- tankers and costs will go up.” mercial establishments ignore asked all the water tankers to
The Malayala Manorama ing up digital long before print halved — from 55 million to than 80 per cent of the ~57,600 ening the business by investing Asked about a likely impact it largely, she said. “This is just register with the authorities.
Company more than doubled or TV started maturing. about 23 million copies. More crore spent on advertising in editorial, tech and hiring on business, Lahoti said that the tip of the iceberg, and Prices will be fixed based on
its net profit to ~81 crore. Other than 2,200 local papers have online in India in 2023. That more people. Often than not though it’s difficult to gauge it unless systematically tackled, the distance travelled by the
publishers are set for a nice The real news about shut down. India still sells 226 leaves very little for publishers, the firms that are aggressive immediately, product costs this situation is going to recur.” tankers,” he told reporters.
growth in net profits in the year newspapers million copies of daily news- streaming firms or any other about investing in the future could go up. She pointed to the phenom- Bengaluru has two major
ending March 2024. That said, “circulation has been papers, going by Registrar of media operating online. are helmed by the younger gen- The voices of industry are enon of self-provisioning of sources of water: the Cauvery,
The reasons? “Newsprint under a lot of pressure”, says Newspapers data for 2021-22. Some of this can be dealt eration of the founding family the latest after residential com- services common in which supplies the city 1,450
prices have fallen to $500 a Mathew. Depending on the lan- Through the early part of with a la Netflix, which has or owners. The ones where the plexes in some parts of the city Bengaluru, especially on the million litres per day (MLD) of
tonne (in the last quarter) and guage there has been a fall of the millennium when the West created its own world where older generation is still in raised concerns about water outskirts where basic infras- surface water, and another 700
cover prices (across news- anywhere from 10-30 per cent was seeing its sharpest decline people pay to watch the pro- charge have been slow or resist- shortage. tructure or piped water from MLD from bore wells dug by
papers) have increased,”says in copies sold and a subsequent in (physical) newspaper gramming they want without ant to change. A resident of Bannerghatta municipality is lacking. “Self- the municipal body, and
Girish Agarwal, non-executive fall in readership. In 2019, reading and sales, the same ads. This involves spending It won’t take much guess- Road in the southern parts of provisioning carries the weight handed over to the water
director, DB Corp. Newsprint newspapers logged a total read- numbers were rising in India. money on the tech tools and work to figure which brands the city, who lives in an area of of environmental, economic supply and sewerage board.
forms 45-50 per cent of the total ership of 421 million — just This gave many owners the people needed to generate, will come out stronger once the around 400 apartments, said and social challenges and
cost of publishing a paper. about half the reach of televi- time and money to focus on analyse and distribute news digital dust settles. although there was no shortage externalities. With tanker (With inputs from Sohini Das)

NOTICE OF LOSS OF SHARE CERTIFICATES

Notice is hereby given that the following Share Certificates issued by the Company are
reported to have been lost or misplaced and the registered Shareholders/Claimants thereto
have applied to the Company for the issue of duplicate share certificates.
S Folio Name of the Certificate No. of Distinctive Nos.
No. No. Shareholder No(s). Shares From - To
1 M00458* Medha Pradeep Havaldar 4824 200 52414109-52414308
Jointly With Pradeep 18352 200 76821096-76821295
Narayan Havaldar
*Shares of Rs.5/- face value
The public is hereby cautioned against dealing in any manner with the above share
certificates. Any person(s) who has/have any claim in respect of the said share
certificate(s) should lodge claim(s) at the Company’s Regd. Office: 8-2-337, Road
No.3, Banjara Hills, Hyderabad - 500 034 within 15 days of publication of this notice
after which no claim(s) will be entertained and the Company will proceed to issue duplicate
share certificate(s).
For Dr. Reddy’s Laboratories Limited
Place : Hyderabad K Randhir Singh
Date : 06-03-2024 Company Secretary , Compliance Officer
and Head - CSR

Dr. REDDY’S LABORATORIES LIMITED

Regd. Office: 8-2-337, Road No.3, Banjara Hills, Hyderabad - 500 034
CIN: L85195TG1984PLC004507, Tel: 91 40 4900 2900; Fax: 91 40 4900 2999
email: [email protected]; website:www.drreddys.com