BS English Mumbai 07-12-2022

WEDNESDAY, 7 DECEMBER 2022
22 pages in 2 sections www.business-standard.com

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TRANSACTIONS IN CBDC
PILOTS GATHER PACE World Bank raises Vi’s fundraising put on hold
as govt delays equity call
Transactions gained
FY23 India growth

momentum in the
pilots for the CBDC,
with the wholesale
segment averaging ~325
crore worth of deals per
ANEESH PHADNIS &
SUBHAYAN CHAKRABORTY DEBT | Deferred spectrum charge
obligations | AGR liability | Debt STEEP DECLINE
WOES
forecast to 6.9%
day in November, while in Mumbai/New Delhi, 6 December from banks and financial institutions share price (in ~)
16
the retail segment the RBI ( ~ cr) | Others 15.40
created ~3-crore digital Vodafone Idea’s (Vi’s) search 1,36,600 14
currencies in the first two for a lifeline has turned
days of the pilot. 4> longer and tougher even as 12
CBDC VERSUS THE REST P15 Fitch retains projection, but cuts it for next 2 years it continues to lose cus-
tomers and delay vendor 2,20,300 68,500 10
payments. Vi’s much- Total gross 8
ARUP ROYCHOUDHURY needed ~1,600-crore fund- debt 15,000 8.10
ECONOMY & PUBLIC AFFAIRS P6 New Delhi, 6 December raising plan got stuck due 6
Foreign funds can own to the government’s silence
200
Dec 31,
2021
Dec 6,
2022
T
he World Bank on Tuesday on picking up a proposed 33
51% in IDBI Bank: Govt raised its gross domestic per cent equity in the financially
Source: Company reports Source: Bloomberg
The government on Tuesday said it would product (GDP) growth forecast stressed telco. the big global merger deals going. Significantly, in a filing with the US
allow a consortium of foreign funds and for India for the current The development spells further trou- Back home on Tuesday, Vi informed Securities and Exchange Commission,
investment companies to own over 51 per financial year (FY23) to 6.9 per cent from ble for the company, which has an overall the stock exchange that the shareholder ATC had earlier this week expressed
cent in IDBI bank, clarifying that foreign 6.5 per cent because of the economy’s debt pile of ~2.2 trillion, including hefty resolution for issue of optionally convert- uncertainty over receiving timely pay-
ownership criteria were for new private relative resilience to external headwinds dues to the government. ible debentures to American Tower ments from Vi.
banks and not applicable to existing ones. and the “strong outturn” in the This comes in the midst of a group- Corporation (ATC) had lapsed in the Turn to Page 6 >
September quarter.
This comes after a spate of down-
OUTLIER level crisis at Vodafone, the Newbury
(Berkshire)-headquartered partner of the
absence of an approval from the govern-
ment for conversion of interest on PAGE 2
FY23 GDP growth forecast (in %)
POLITICS & PUBLIC AFFAIRS P7 grades earlier by banks and multilateral Aditya Birla group in Vi. adjusted gross revenue and spectrum
LENDERS JALAN-KALROCK
Agency ‘misuse’ tops Oppn institutions. The World Bank, too, had cut
India’s FY23 GDP forecast to 6.5 per cent
Now Institution Earlier
On Monday, Vodafone had
announced the resignation of group CEO
dues into equity.
The issuance of equity stake to the SAY NO LOOKS TO MOVE
agenda for winter session from 7.5 per cent in October. In fact, this
7.0 Reserve Bank of India 7.2
Nick Read after he failed to halt the con- government is a condition for fund infu- TO RCAP SC OVER JET
The Congress demanded discussion on the is the first upgrade of India’s growth fore- tinuous slide in the share price and get sion by ATC. LIQUIDATION STAFFERS’ DUES
Sino-Indian border issue, and the TMC cast by any multilateral agency in FY23. 7.0 Asian Development Bank 7.2
flagged alleged misuse of law enforcement The World Bank figure is very close to the
agencies and economic blockade of states Reserve Bank of India’s projection for 7.0 Fitch 7.0
at an all-party meeting convened by the
government on Tuesday.
FY23 GDP growth of 7 per cent.
“India’s economy has been remark-
6.9 India Ratings 7.0 TRADE SETTLEMENT IN ~: GOVT, RBI RUPEE AT OVER 1-MONTH LOW
ably resilient to the deteriorating external
environment, and strong macroeconomic
6.9 World Bank 6.5 DEVISE COUNTRY-SPECIFIC PLAN ON RENEWED FED HIKE FEARS
ECONOMY & PUBLIC AFFAIRS P6 6.8 State Bank of India 7.5
fundamentals have placed it in good The central government and the Reserve Bank of India have The rupee plummeted against the dollar on Tuesday, shedding 1
30% edible oil consumption stead compared to other emerging market 6.8 IMF 7.4 devised a country-specific plan towards implementation of per cent (82 paise), as stronger-than-expected economic data
economies,” Auguste Kouamé, 6.6 OECD 6.9 overseas trade in rupee, people aware of the matter said. released in the US on Monday rekindled fears of aggressive Fed
from GM sources: Experts World Bank’s country director for India,
Source: Agency reports
To start with, a small number of banks will be rate hikes. Also, relentless dollar purchases by corporates and oil
Around 30 per cent of India’s estimated said in the agency’s latest India allowed to manage cross-border transactions in companies dragged the local currency lower. The
annual consumption of edible oil comes Development Update. domestic currency with a particular country. rupee settled at 82.62 per dollar against 81.80 on
from sources, which are directly or indirectly However, he said, continued vigilance global spillovers is its large domestic mar- As on Monday, the Reserve Bank of India has Monday. So far in 2022, the rupee has
produced from genetically-modified (GM) was required as adverse global develop- ket, which is relatively less exposed to allowed the opening of 18 special vostro depreciated 10 per cent versus the dollar.
crops, including imported and locally- ments persist. international trade flows. accounts and majority of these have been Tuesday’s move marks the sharpest single-
produced cotton seed oil, sources said. The reason for India’s insulation from Turn to Page 6 > opened to facilitate trade with Russia. 4> day slide since October 22, traders said. 4>
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2 COMPANIES MUMBAI | WEDNESDAY, 7 DECEMBER 2022
> Bajaj Consumer Care > Force Motors >Maruti Suzuki India > Gravita India > Dhunseri Tea & Industries
STOCKS Board to consider share Domestic sales more Recalls 9,125 vehicles Commences aluminium Inks agreement with
IN THE NEWS buyback proposal on than double YoY in owing to possible recycling in Togo, Apeejay Tea for
December 9 November 2022 defects West Africa acquisition of estates
~178.9 CLOSE ~1,550.8 CLOSE ~8,715.7 CLOSE ~384.9 CLOSE ~265.8 CLOSE
p2.0% UP* p0.3% UP* q0.9% UP* p1.5% UP* p19.8% UP*
*OVER PREVIOUS CLOSE
>
IN BRIEF N NO END TO WOES N
Adani among Asia's leading

philanthropists on Forbes list
Gautam Adani, India’s richest person, has been listed
Eye on max value, lenders
among the country’s most generous philanthropists
by Forbes. Its Asia’s 2022 Heroes of Philanthropy list
also mentions Shiv Nadar and Ashok Soota in the
select group of 15.
say no to RCap liquidation
They may negotiate Insolvent financial services company Reliance Capital is
with bidders and ON SALE on the block. Below are the key figures:
initiate Swiss Challenge
ABHIJIT LELE & DEV CHATTERJEE
THE CLAIM
~24,000 cr
Jalan-Kalrock
GAUTAM ADANI SHIV NADAR
Chairman, Co-founder,
ASHOK SOOTA
Executive chairman,
Mumbai, 6 December worth of claims
have banks made looks to move
L
enders to bankrupt financial serv- against RCap
SC over Jet
Adani Group HCLTech Happiest Minds ices firm Reliance Capital on
Tuesday ruled out the liquidation THE VALUATION
He pledged He donated He pledged
of the company, saying it would lead to
~60,000 crore ~1,160 crore ($142 ~600 crore THE OFFERS
value destruction. ~12,500 cr by
($7.7 billion)
when he turned
60 in June. The
million) to the
eponymous
Shiv Nadar
($75 million) to
a medical
research trust he
“The liquidation option is not on the
agenda for now. The focus is to get max-
imum value in bidding,” said a person
independent valuer
Duff & Phelps
~5,231 cr by
Piramal-Cosmea
Financial
~5,060 cr
by the Hinduja
group
~4,500 cr
by Torrent
Investments
staffers’ dues
money will Foundation for founded in April close to the development. The lenders of ANEESH PHADNIS & RUCHIKA CHITRAVANSHI
address health creating merit- 2021 to study Reliance Capital met in Mumbai on ~13,200 cr Mumbai/New Delhi, 6 December
care, education, based society ageing and Tuesday to take stock of the various offers by RBSA Advisors ~4,200 cr by Oaktree Capital
and skill through neurological received by them. The Jalan-Kalrock consortium is planning to move the Supreme
development education illnesses The source said the agenda for nego- Court against the National Company Law Appellate Tribunal’s
tiations with the current bidders is being Among the four bidders for the committed their offers. (NCLAT’s) order that it must clear the unpaid provident fund
firmed up and it will take another two- pany as a whole, the highest offer was Lenders are expected to negotiate and gratuity dues of Jet Airways employees, a source aware of
three days to finalise it. submitted by Piramal-Cosmea Financial with the bidders and initiate a Swiss the development said. The consortium declined to comment
Dish TV appoints 3 independent “Lenders will decide on the further
course of action, including the stance for
at ~5,231 crore. The Hinduja group offered
~5,060 crore. Ahmedabad-based Torrent
Challenge, said another source.
As many as 55 firms, including the
on the issue.
The consortium won the bid to revive the grounded airline
directors; AGM on December 29 negotiations on Friday,” the source said.
Reliance Capital was sent for debt
Investments offered ~4,500 crore and
Oaktree Capital offered ~4,200 crore.
Tata, Birla and Adani groups, submitted
expressions of interest (EoIs) for Reliance
in October 2020, and its revival plan was cleared by the National
Company Law Tribunal in June 2021. But the plan is in turbu-
Direct-to-home player Dish TV, which is part of the Essel group, said resolution in November last year, after it But Duff and Phelps estimated Capital in February this year, but only a lence over the payment of estimated ~200-crore PF and gratuity
on Tuesday it has appointed three new independent directors on its defaulted on its debt worth ~24,000 crore. Reliance Capital's valuation at ~12,500 few submitted binding bids. dues that arose from an earlier appellate tribunal order. Banks
board. The three are: Sunil Kumar Gupta, Madan Mohanlal Verma The lenders have received four bind- crore, while another valuer RBSA Reliance Capital lenders did not are unwilling to share the burden of this added liability.
and Gaurav Gupta. These are the first major appointments on Dish ing offers for the company but these Advisors pegged the company liquida- receive separate bids for profit-making On October 21 the NCLAT
TV's board after founder-chairman Jawahar Goel stepped down offers are far lower than the valuation tion value at ~13,200 crore. These reports general and life insurance arms, though directed the consortium to pay gra- The consortium
from his position in September. The company also announced the reports prepared by independent valuers were submitted to the Committee of both companies account for over 90 per tuity and provident fund to the has proposed an
resignation of Executive Director Rajeev Kumar Dalmia from the appointed by the lenders. Creditors last week after the bidders sub- cent of total valuation of the company. grounded airline’s employees until infusion of ~1,375
board, adding that he would continue as the company's chief the date of insolvency commence- crore — ~900 crore
financial officer. Also, Dish TV would convene the adjourned 34th ment in June 2019. towards capex
Annual General Meeting of the company on December 29, where it
would seek shareholder approval for the appointment of the three
new independent directors, it said. VIVEAT SUSAN PINTO
ESL green clearance: Bidders await clarity The consortium filed a plea
seeking clarification of the October
21 order. In its December 2 order,
and working
capital and ~475
crore to settle
DEV CHATTERJEE focus on its core businesses. A Vedanta group spokes- annum. the NCLAT said the “direction to creditor claims
Mumbai, 6 December But a potential bidder said man declined to comment. “We are about three mil- pay the unpaid amount of PF and
Microsoft to train 100K Indian The potential bidders of ESL
they have raised additional
queries on the site of the plant.
In 2018, several Indian
companies including Tata
lion tonnes, unless we make
an international size… we are
gratuity to the workmen and
employees was not covered in the said (resolution) plan and
software developers in 1 month Steel (earlier known as
Electrosteel Steels) are seeking
“There are some pending
issues related to environmen-
Steel, Renaissance Steel India
and Edelweiss had bid for the
contemplating. We have to
take it to world class, which is
has to be borne by the successful resolution applicant as per
the judgment.” According to the revival plan, the consortium
Microsoft CEO Satya additional clarity on the envi- tal clearances of the plant site company. 15-20 mt of steel. Either we are proposed a total infusion of ~1,375 crore. This includes ~900
Nadella (left) on ronmental clearances from in Jharkhand and we have But Vedanta acquired the in that business or we are not crore towards capex and working capital and ~475 crore to settle
Monday met India’s Vedanta group after their ini- sought clarity on these issues,” company with its upfront cash in that business,” Anil claims of all creditors. The approved plan has a clause that
Ambassador to the US, tial round of due diligence, say said a source close to the offer. Recently, officials of top Agarwal, chairman of Vedanta states the amount infused by the consortium for the settlement
Taranjit Singh Sandhu, bidders. development. Indian steel companies have group told Business Standard of claims of all stakeholders would be limited to ~475 crore.
at the company’s HQ in ESL Steel, a company A banker said the response visited the plant site for the last week in Odisha. Meanwhile, The NCLT’s Mumbai’s Bench will hear next
Seattle and discussed acquired by Vedanta group in to the sale is lukewarm and due diligence, said a banker. Agarwal said if anyone Monday a liquidation application and the consortium’s rebuttal
the software giant’s 2018 under the Insolvency and the conglomerate would Vedanta, meanwhile, is comes forward with an offer, to lenders’ application opposing the handover of the airline.
work in India. It has Bankruptcy Code, 2016 for rather wait to get a better val- planning to increase the the group would evaluate it “All conditions precedent have been met and we are ready to
announced to train ~5,320 crore, was put on the uation after addressing the capacity of the plant from without giving any timeline make the payment of the first tranche to creditors,” the consor-
and certify over block by the group recently to issues raised by the bidders. three million tonnes per for the sale. tium submitted before the NCLT.
100,000 software
developers in India in a
month under its pan-
Indian ‘Future-Ready
Champions of Code’
programme PHOTO: PTI
‘Viatris deal gives us commercial presence in 100 nations’
With SHREEHAS TAMBE taking over as managing director and chief executive officer sale, equity investment from PEs,
of Biocon Biologics, the company is working to integrate the Viatris deal it entered or an IPO.
Anti-misinformation campaign into recently. In conversation with Sohini Das, Tambe dwells on the biosimilar
subsidiary’s openness about having an initial public offering (IPO) or a stake sale to The deal with SLS is also effective
launched by Google in India private equity (PE) investors to retire debt taken to fund the deal. Edited excerpts: from the third quarter. What are its
prospects?
Google’s Jigsaw subsidiary is launching a new anti-misinformation You’ve spent nearly three decades at regulatory sciences in advanced The deal with SLS took effect on
project in India, aimed at preventing misleading information that Biocon. What is your vision now? markets and commercial know-how. October 1 this year. We have an
has been blamed for inciting violence, a top executive said. The I joined Biocon in 1997 as a Ever since we closed the deal on assured top line and bottom line on
initiative will use “prebunking” videos designed to counter false management trainee. In the November 29, Biocon now an annualised basis. We have access
claims before they become widespread circulated on the four decades since Kiran books the full revenue and to 100 million doses. At a floor price of
company’s YouTube platform and other social media sites. REUTERS Mazumdar-Shaw founded profits of the biologics $3 per dose, we have an assured top
Biocon, we have seen one business that Viatris was line of $300 million. At an earnings
growth driver every decade. booking earlier. before interest, tax, depreciation, and
Airtel phases out int’l roaming We were an enzyme SHREEHAS
company to start with. From TAMBE
We were taking 35-40
per cent of the top line and capital allocation are quicker. debt and $800 million equity. This
amortisation level, it works out to
$100 million annually. In 2022-23, this
packs, cuts base data rate by 99% small molecules, insulin,
and monoclonal
MD & CEO,
28 per cent of the profits
earlier. Now, we get 100 per
As a combined entity, we can in-
license products and commercialise
$800 million is broken up into $650
million as Biocon and $150 million
will accrue on a pro-rata basis.
Biocon Biologics
Eyeing overseas travellers, Bharti Airtel has phased out its biosimilars, we now have cent of both — clearly, a them faster. as Serum Life Sciences (SLS). Of this What are the plans for the India
international mobile roaming schemes and introduced a new plan, novel molecules. much stronger profit and $650 million, $230 million comes market?
World Pass, covering 184 countries, and slashed basic data rates by loss. It makes us a more integrated There are talks of IPOs and even from existing reserves, the rest $420 Our first human insulin was
99 per cent in the listed roaming nations, according to a company’s Is the Viatris deal at an company. We have commercial stake sales to PEs to retire debt taken million through mezzanine finance. launched here in 2004. We look to be a
statement and sources. The company is allowing post-paid inflection point? presence in over 100 countries as a to fund the deal. We’d like to close the mezzanine bit more successful here in the
customers to shift to new plan without paying extra on their existing We were partners with Viatris for over result of this acquisition. The way we have done the Viatris finance through the interest we see therapy areas we are present in than
international roaming plans. The new postpaid plans under World a decade. We had complementary transaction is that it is a $2-billion from investors in Biocon Biologics. we have been globally. We have a new
Pass range between ~649 and ~14,999 with validity ranging from capabilities. Biocon was known for its How does this deal benefit patients? cash payment upfront and a $1 We will then explore the options leadership team. We have begun
1 to 365 days. The new pre-paid plans will cost between ~649 to science, manufacturing, and quality We now have the best cost- billion in stock. On the $2-billion available to us to retire debt — seeing green shoots in the oncology
~2,997 with validity in the range of 1 to 365 days. PTI systems; Viatris for its wherewithal in efficiencies. Decision-making and upfront payment, $1.2 billion was whether through Syngene stock space as well.
Innovator drugs maintain market hold even after patent expiry

SOHINI DAS sitagliptin generic market, it is 12 brands over June for sitagliptin, while the value
Mumbai, 6 December that contribute 80–90 per cent to the MERCK'S ANTI-DIABETIC DRUG Neptaz
(Mankind)
NOVARTIS growth was around 14 per cent. More
Amid a slew of drugs going off patent, US

value market.” In terms of volume,
lower-priced generic brands managed to
WENT OFF PATENT IN JULY 2022 3%
CARDIAC DRUG TO doctors prescribe the drug as it becomes
affordable.
pharmaceutical major Merck, along with garner a 24 per cent market share in Sub-group Market share of Market share Zayo (Eris) GO OFF PATENT IN Now, another key cardiac drug from
its partners, has managed to retain an 81
per cent market share in value terms for
sitagliptin by November, and a 14 per
cent share in the sitagliptin-metformin
innovator of top 10 10% JANUARY 2023 Novartis is set to go off patent in January
— sacubitril-valsartan, which the firm
and partners generics SACUBITRIL + VALSARTAN
its anti-diabetic molecule sitagliptin in combination market. VALUE Sitagliptin 81% 10% markets under the Vymada brand.
17% Value market share *
the Indian market, according to data The innovator brand from Merck was Azmarda 38% Already, JB Pharmaceuticals, which
Sitagliptin-Metformin 80% 11% Brand (Company)
from market research firm AWACS. priced around ~40 per tablet. Glenmark (JB Pharma) has an authorised generic, has slashed
New launch activity by generic was the first to launch a generic version QUANTITY Sitagliptin 55% 24% prices of its brand, Azmarda, by 50 per
* As of MAT
players, too, has slowed, the data showed. of sitagliptin, priced at ~10-20 per tablet. Sitagliptin-Metformin 74% 14% 32% Vymada November 2022 cent this week.
In November, there was no generic brand A senior executive of a Mumbai- (Novartis) MAT is moving Sapale estimates that about 40
annual turnover
launch in sitagliptin or the sitagliptin- based firm, who is heading the cardio- Cidmus (DRL) Source: AWACS
companies may enter this attractive
metformin combination. The brand diabetic division of his firm, said on market at 50-75 per cent of the current
went off patent around July. condition of anonymity, “In chronic price. “The drug has strong scientific
Sheetal Sapale, president therapies, patients often don’t change For brands that enter later, their only erosion, this arrests itself. These new enjoy a value market share,” he data on heart failure; there is almost a 20
(marketing), AWACS, said, “[There has brands. When a patent goes off, the point of differentiation is pricing, he brands have to consolidate themselves in explained. However, after a patent per cent reduction in hospitalisation,”
been] a significant decline in new launch innovator brand also reduces prices, but said. “There is also a limit to how the market through marketing activities, expiry, the volume of the market expands she said. Therefore, there is interest
activity in the last two months. Though it usually maintains a premium over competitively one can price. Therefore, etc, which takes time. Thus, the significantly. For example, there was a among generic drug makers to garner a
several brands have entered the generic brands.” after an instant 50-60 per cent price innovator and its partners continue to volume growth of over 50 per cent in July share of this ~500 crore market.
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MUMBAI | WEDNESDAY, 7 DECEMBER 2022 COMPANIES 3
<
No slowdown in hiring at
IITs: Int’l firms pitch offers
Consulting, finance, core, trading companies take the lead in chasing talent
VINAY UMARJI
Ahmedabad, 6 December
JOB TRENDS
I
nternational technology firms might
be bracing for a slowdown in business, Over 60% of global offers at IIT
but they came up with the most lucra- Kharagpur (IIT KGP) from Japan
tive job offers during the ongoing place- 20% rise in international offers
ment season at the Indian Institutes of at IIT KGP
Technology (IIT).
At IIT Delhi, about 20 students received
53% rise in overseas offers
international offers this year from com- at IIT Kanpur
panies in Hong Kong, the Netherlands, ~2.68 crore is the highest
Singapore, South Korea, Taiwan, the UK, international package at IIT KGP
and the US.
~2.4 crore is the best international
IIT Kharagpur got 42 international
offers: 28 from Japan, nine from Taiwan,
package at IIT Guwahati
three from the US and two from Singapore. ~1.9 crore marks the highest
Software firms stayed behind the race, domestic package at IIT Kanpur
prompting consulting, finance, core and
~1 crore per annum domestic
international trading to take the lead.
package is bagged by over
“While the software sector has been watch-
50 students at IIT Delhi
ful of the US market and has not opened
up all profiles for hiring, unlike previous
years, other sectors have compensated for Bain and Company, Goldman Sachs, months before the final placement
the same. Even newer sectors such as Qualcomm, Boston Consulting Group, JP process began.
quantitative and international trading, Morgan Chase & Co, Morgan Stanley, At IIT-Delhi, more than 50 students got
which have been picking up gradually, McKinsey, and Microsoft. IIT Guwahati, domestic offers with annual cost to com-
have made more than one offer this year, too, saw offers for core engineering, IT, pany of more than ~1 crore.
which is a welcome change,” said Professor Finance and analyst profiles. The institute recorded a 20 per cent
A Rajakumar, chairman of career devel- At IIT Kanpur, international offers increase in the number of job offers
opment centre at IIT Kharagpur. increased 53 per cent to 72 compared to received over last year. On the first day of
International and domestic jobs offers 47 last year. “We are delighted with the placements, IIT Guwahati received the
increased across IITs despite the challeng- number of offers that have come our way highest international offer of ~2.4 crore
ing hiring scenario in 2022. IIT Kharagpur at the start of the placement season 2022- and domestic offer of ~1.1 crore.
received 10 job offers ranging between ~1 23. The overall uptick in packages offered On the other hand, 25 offers with pay
crore and ~2.65 crore from domestic and and new recruiters joining in, signifies the packages in excess of ~1 crore per annum
international companies in analytics, soft- growing trust the recruiters have on IIT were made at IIT Madras at the end of an
ware, finance-banking, supply-chain- Kanpur,” Professor Abhay Karandikar, early session on Day 1. Further, 15 interna-
logistic, consulting, core-engineering, high director, IIT Kanpur, said. tional offers were received from four com-
frequency trading, and other sectors. IIT Kharagpur had more than 1,300 panies at the end of Session 1.1 at
Finance and consulting majors Capital offers this year at the end of Day 5 of place- IIT Madras.
One, Boston Consulting Group, Bain & ments, receiving 1,000 within two days. At IIT Kanpur, the highest package so
Company, McKinsey & Company, and According to the institute, it got the far this year for domestic companies was
Square Point Capital were among the top highest job offer of ~2.68 crore during this ~1.9 crore, while there are a sizeable
recruiters at IIT Kanpur. placement season. Packages of ~4 crore at number of packages from international
At IIT Madras, top recruiters included IIT-Delhi and IIT-Bombay were made recruiters as well.
Amazon plans to ramp up grocery service

Amazon sees a “huge opportu- expanding grocery (service) in Reliance’s JioMart and the Tata “This is not just a metro
nity” for its grocery service in India. It continues to be a key group for a share in India’s (business) for us. Here, we are
India, though it is shutting priority for us,” Srikant Sree grocery and food market, excited about wider India or
down its distribution platform, Ram, director, Amazon Fresh, which analysts expected to be Bharat,” said Ram. “In 2022
food delivery and education told Business Standard. worth $790 billion by 2024 itself, we've gone to more than
technology unit in the country. Amazon competes with from $603 billion in 2019. “The 30 tier II and III cities.”
“We plan to continue Walmart-owned Flipkart, opportunity is huge,” said Ram. PEERZADA ABRAR
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 7 DECEMBER 2022 1
Slash excise on CNG N RUPEE IN FOCUS N
till gas is included in

GST: Parikh panel Transactions in RBI’s digital TRADE SETTLEMENT IN ~
Centre, RBI
The Centre should moderate
the excise duty it levies on
CNG till such time that the
environment-friendly natural
gas is included in the one-
week suggested that “gas
should be brought under the
GST regime”. “The committee
recognise that this requires
consensus among the states,”
currency pilots gather pace devise plan
Wholesale segment averages ~325 crore per day in November
specific to
nation-one-tax GST regime, it said. “To obtain this, if need
Kirit Parikh Committee has be the states may be compen-
recommended. sated for five years for any loss MANOJIT SAHA bility feature will also be
Natural gas is currently in revenue. The process of get- Mumbai, 6 December
GAINING CURRENCY tested for directed bene-
countries
outside the ambit of GST, and ting the needed consensus fits.
existing legacy taxes — should be initiated Transactions gained momentum n ~3-crore digital currencies issued to The subsequent
central excise duty, now.” Natural gas in the pilots for the central bank banks by RBI in the first two pilots of the retail seg-
state VAT and cen- along with crude oil, digital currency (CBDC), with the days of the retail pilot ment will also test var-
tral sales tax — con- petrol, diesel and wholesale segment (CBDC-W) ious design choices and SHREYA NANDI
tinue to be applica- ATF were kept out averaging ~325 crore worth of n Systems did not face tech architecture. After New Delhi, 6 December
ble on the fuel. of the GST regime deals per day in November, while any significant issues gaining experience from
While the central when the single rate in the retail segment (CBDC-R), and all minor glitches the retail pilot, the RBI The central government and the Reserve Bank of
government does not of taxation was rolled the Reserve Bank of India (RBI) were resolved may launch the digital India have devised a country-specific plan towards
levy excise duty on natural out on July 1, 2017. created ~3-crore digital cur- immediately rupee for the entire coun- implementation of overseas trade in rupee, people
gas when sold in gaseous Gas-producing states rencies in the first two days of the try. aware of the matter said.
n CBDC-W-based
form, it charges a 14 per cent feared a loss of revenue if VAT pilot. “Based on experiences To start with, a small number of banks will be
tax on compressed natural and other taxes were to get The wholesale pilot for the settlement has shown gleaned from multiple allowed to manage cross-border transactions in
gas (CNG). States levy VAT as subsumed into the GST. “Till CBDC was started on October 1 impressive performance pilots, a robust and effi- domestic currency with a particular country.
high as 24.5 per cent on gas. the time the GST regime is with eight banks, and the retail n Retail CBDC (CBDC-R) to cient tech architecture “Small countries that are dollar-deficient have
The Parikh Committee, implemented, Government pilot on November 1 with four test offline functionality will be designed, and shown interest in doing trade in rupee. There were
which was formed to recom- may consider moderating the banks, along with merchants and appropriate design choices discussions regarding making the rupee trade
mend fair price of gas to the Central Excise duty rate on customers in four cities in a n CBDC may be extended to crystallised to enable launch- (mechanism) bank and country-specific. UCO Bank
end consumer and a “market- CNG to reduce the burden of closed-user group. cross-border transaction ing the digital rupee for the and IndusInd Bank
oriented, transparent and reli- higher natural gas costs on “In terms of bilateral security at the institutional and entire country in due may deal with Russia.
able pricing regime”, in its the consumers,” the commit- transactions, the CBDC-W-based individual levels course,” informed sources. Similarly, Punjab
report to the Oil Ministry last tee report said. PTI settlement has shown impressive On the wholesale side, National Bank may
performance,” said a person the use cases will extend to lead in the case of trade
aware of the developments. with a total of around ~3 crore in the case of loss of the such market segments with Myanmar. Other
IN BRIEF “The average value of trades digital currencies across denom- digital rupee. where central counterparties do banks can also join lat-
through bilateral security trans- inations issued to the four par- In terms of technological not exist. Corporate bonds, com- er, once the system
Headwinds to more than halve actions using CBDC-W as the
funding asset amounted to
ticipating banks in the first two
days.
architecture, the digital rupee is
leveraging the strengths of both
mercial papers, and certificates
of deposit are some instruments
kicks in. More banks
can seek RBI’s
H2 growth to 4-4.5%: Ind-Ra around ~325 crores per day dur-
ing the one month of the pilot,”
Currently, specific use cases
of person-to-person and person-
the decentralised ledger technol-
ogy (tech) and the centralised
which are bilaterally settled.
The central bank is also think-
approval once the sys-
tem stabilises,” one of
The many rising headwinds, both domestic as well as external, will said the person. to-merchant transactions are systems. ing of extending the use case of the persons cited
more than halve the GDP growth to 4-4.5 per cent in the second half
of FY2023, shaving off the better numbers in the first half, says a
Sources said throughout the
pilot, the system did not face
being tested in the retail pilot.
The digital rupee is facilitating
The retail CBDC is expected
to test the offline functionality
CBDC to cross-border transac-
tions, both at the institutional
above said.
Emails sent to UCO
STEP FORWARD
report by India Ratings. In the first half of the current fiscal year, the major issues and all minor individuals to hold and transact for enhanced financial inclusion and individual levels. This will Bank, IndusInd Bank, > Smaller banks have got
economy has grown at 9.7 per cent-6.3 per cent in the September glitches were resolved immedi- risk-free central bank money in and to provide cash-like experi- allow reaping the most potential and Punjab National approvals towards cross-
quarter and 13.5 per cent in the previous three months, and forecasts ately. digital form. Akin to cash, it is ence in areas where internet con- benefits of dealing in central Bank remained unan- border payments in rupee
for the full year vary from a low of 6.6 per cent to 7 per cent. PTI The initial response to the not carrying any interest but pro- nectivity is fuzzy. bank money by bringing swered till press time.
> UCO Bank and IndusInd
retail pilot has been enthusiastic, vides the option of recoverability Sources said the programma- time/cost efficiencies. As on Monday, the
Reserve Bank of India Bank may deal with Russia
Fitch expects windfall tax (RBI) has allowed the > Punjab National Bank
opening of 18 special may lead trade with
to be phased out next year
Fitch Ratings on Tuesday said it expects the five-month-old tax
~ at 1-month low on Fed rate-hike fears vostro accounts and Myanmar
majority of these
accounts have been > RBI has so far allowed
on windfall profits made by oil companies to be phased out in 2023 BHASKAR DUTTA opened to facilitate opening of 18 special
on the back of moderating oil rates. “We expect the windfall taxes Mumbai, 6 December
EMERGING MARKET CURRENCIES AGAINST $ trade with Russia. vostro accounts
on domestic crude oil production levied by the government in 2022 Oct 31,’22 Dec 2,’22 Change in % These accounts have
to be phased out in 2023 with moderating prices," Fitch said in its The rupee plummeted against the been opened with five Indian lenders — UCO Bank,
APAC Oil & Gas Outlook 2023.The tax rates are revised every dollar on Tuesday, shedding 1 per n Taiwan dollar 32.27 30.53 5.7 IndusInd Bank, Union Bank of India, HDFC Bank,
fortnight based on prevailing international rates. PTI cent (82 paise), as stronger-than- n China renminbi 7.31 7.05 3.6 Canara Bank — and two Russian banks — VTB and
expected economic data released Sberbank. The matter was discussed at the meeting
n Philippines peso 58.11 55.81 4.1
in the US on Monday rekindled between the finance and commerce ministries, RBI,
ICICI Bank, Axis Bank likely to fears of aggressive Fed rate hikes.
Also, relentless dollar purchas-
SLUMPS ~ vs $ in
inverted scale
n Indian rupee
n Singapore dollar
82.78
1.42
81.32
1.35
1.8
4.8
export promotion councils, and industry associa-
tions on Monday.
82 PAISE
raise funds through bond sales es by corporates and oil com-
panies dragged the local currency 82.62 n South Korean won 1,424.98 1,300.42 9.6
While the central bank had announced the rupee
trade mechanism nearly five months ago, not even
Private sector lender ICICI Bank is likely to raise up to ~5,000 crore lower. The rupee settled at 82.62 n Indonesian rupiah 15,598 15,426 1.1 a single rupee-trade transaction has taken place till
through the issuance of long-term bonds on Thursday, sources said. per dollar against 81.80 on now, as exporters and banks continue to struggle
The bonds, which are likely to have a maturity of seven years, include Monday. n Russian ruble 61.93 62.07 -0.2 teething procedural hurdles. Exporters said even as
a base size of ~1,000 crore and a greenshoe option of ~5,000 crore, So far in 2022, the domestic 81.88 n Malaysian ringgit 4.73 4.39 7.7 the RBI’s rupee-trade mechanism is open for all
the sources said. The securities are senior unsecured redeemable currency has depreciated 10.0 per nations, it will enable trade especially with sanc-
n South African rand 18.35 17.51 4.9
long-term bonds in the nature of debentures. Sources said Axis Bank cent versus the dollar. Source: Bloomberg tion-hit nations such as Russia and countries staring
was also looking to raise funds through the issuance of infrastructure Tuesday’s move in the rupee Source: Bloomberg at forex shortages.
bonds worth around ~5,000 crore. BHASKAR DUTTA marks the sharpest single-day However, it is now clear that the government is
slide since October 22, traders importers as it reduces their cost was at 2.4 per cent on October 31. be related to the underlying not insisting on large banks that have banking assets
said. The US dollar index was at of hedging currency risk. For Apart from the sharp weakness demand itself because the current overseas to handle such transactions. Banks are con-
DoT may drop BharatNet infra 105.26 at 3:30 pm IST versus 104.47
the same time on Monday.
exporters, however, the develop-
ment is an adverse one. This is
over the past two days, the rupee
has, over the last month, also
account numbers are not adjust-
ing quickly. Our exports have
cerned that facilitation of such a trade would cause
problems to their overseas banking operations in
from asset monetisation plan Currency traders also cited a
recent drop in dollar/rupee for-
because it reduces the returns
they receive while selling dollars,
underperformed most of its
emerging market peer currencies.
come off much faster than our
imports,” Rahul Bajoria, Barclays’
the future due to the fear of economic sanctions by
the West. These banks include State Bank of India,
The Department of Telecommunications (DoT) has proposed not to ward premiums as a reason traders said. These currencies have notched up head of EM-Asia (ex-China) eco- Bank of Baroda, Bank of India, among other banks.
monetise rural broadband network infrastructure built under behind weakness in the rupee. “Corporate flows and oil bids sharp gains amid a hefty decline nomics research said. “At the same “As a result, mostly smaller banks or banks that
BharatNet project and plans to replace it with alternate assets to This, over the past couple of continued to push the in the US dollar index. Bloomberg time, capital flows, while they are don’t have enough international exposure have gone
achieve its target fixed under the National Monetisation Pipeline days, suffered to a far greater dollar/rupee pair higher. But it is data showed that from October 31 coming in, are not overwhelming. ahead with getting necessary approvals towards
(NMP), sources said. According to sources, the earlier attempt to extent than its peer currencies. also important to note that the to December 2, the rupee gained And the rupee has not weakened cross-border payments in rupee,” the official said.
monetise the asset under Bharatnet failed to get satisfactory Over the past two days, the rupee lower forward premium makes a mere 1.8 per cent against the dol- that much — we have not seen During the meeting on Monday, the finance
response from private players. PTI has weakened 1.6 per cent. carry trade unfavourable. lar, underperforming nine other incrementally a lot of money ministry and the RBI also discussed ways to simplify
The forward premium repre- Exporters thus remain less enticed emerging market currencies. The being allocated to India,” he said. procedures towards expediting international trade
sents the rate differential between to hedge. Thus, it reduces the US dollar index declined over 6 The rupee’s 10 per cent depre- transactions in local currency.
Indian and US assets. supply of dollars in the forward per cent during that period. ciation so far in 2022, is of a lower The RBI has informed banks that exporters may
Hackers attacked ICMR website That gap has been shrinking
due to a faster pace of interest rate
market, which in turn also sug-
gests dollar cash crunch,” Kunal
Analysts said that the rupee’s
relative underperformance was in
order than that suffered by several
other currencies, including those
not have to open a new account in banks that have
been allowed to open special vostro accounts for
6,000 times in a day: Official hikes by the Federal Reserve com-
pared to the Reserve Bank of India
Sodhani, vice-president, Shinhan
Bank (Global Trading Centre) said.
line with fundamental factors
such as a widening trade deficit.
in advanced economies. The com-
bination of risk aversion and eco-
cross border payments in rupee. This means that
an exporter can continue to deal with the existing
Hackers allegedly tried to breach the website of the apex (RBI). A narrowing interest rate The one-year annualised dol- “There has been a degree of nomic disruption caused by the bank, such as SBI, but for these transactions, the
health research body Indian Council of Medical Research differential between India and the lar/rupee forward premium rate underperformance, which is Ukraine war and the Fed’s aggres- payment will be routed through banks such as
(ICMR) but their attempts were foiled, government officials US reduces the appeal of domestic was at 1.64 per cent on Tuesday, reversing the out-performance sive monetary tightening have led IndusInd and UCO. The procedure will be similar
said on Tuesday. The officials said that hackers apparently assets. A decline in the forward dealers said. It was hovering that the currency had through the to sweeping dollar strength in to what happened in the case of facilitating trans-
from Hong Kong targeted the website of the Indian Council of premium is beneficial for around an 11-year low. The rate last four-five months. This could 2022. actions with Iran, another official said.
Medical Research around 6000 times in a span of 24 hours on
November 30. PTI
Online registration of OPD ‘More risk in our book helps us become more agile’
patients resumes at AIIMS Bajaj Allianz Life Insurance has grown at a brisk pace in the current financial year
and aims to sustain the momentum as the industry enters its busiest quarter.
getting hit to some extent. That said,
no FD can give you guaranteed
locking in with life insurers. It’s very forward looking. Earlier,
there was too much micro
The online registration of new patients visiting the OPD at the AIIMS- TARUN CHUGH, managing director and chief executive officer, spoke to Subrata returns for 10 years. As people are Now that markets are touching management. Now, the regulator
Delhi has resumed, while the online appointment system is still not Panda on how the company has become the fastest-growing firm in the sector, the seeing volatility in FD rates, we are all-time highs, has the Ulip has said the expense of manag-
working and laboratory services are operating in manual mode, recent initiatives of the regulator, and the plans going ahead. Edited excerpts: seeing smart thinking from segment recovered? ement (EoM) limits are not going up
official sources said on Tuesday. The servers of the premier hospital customers, where they are locking in Yes, Ulips have gotten better. and all our expenses have to be kept
essentially remained down most of the time during the day, they To what extent has the business extended great support on term the benefit for a longer term. While Investors were a little concerned under the limit. The good thing is
said. the All India Institute of Medical Sciences, Delhi allegedly faced a grown during the past few months? business by allowing the “use & file” the competition is increasing from because of the external world. While Irdai is saying that as the benefit of
cyber attack on November 23, paralysing its servers. PTI We grew by 32 per cent in Q2 and procedure. This allows us to offer FDs, which is in some way equity markets are touching new scale starts coming, resulting in
were among the fastest-growing term plans based on different impacting the guaranteed segment, peaks, the euphoria has not yet EoM getting lower, the benefit of
firms in the sector. In Q3, parameters. If companies we still find that for longer term gotten to Ulips but the undertones expense reduction has to be then
Restricted judicial review doesn’t October has seen healthy
28 per cent growth, and
are agile with their
products and in meeting
products, people are interested in are getting better, and perhaps
December will be a stronger month
passed on to the customer. So, it’s a
customer-friendly move more than
mean court will sit back: SC even November was
good. Overall, the firm is
the needs of various
customer segments, they
for these products. anything else. Because they’re not
looking at every line item, it
The Supreme Court on Tuesday said limited scope of a judicial review expecting a good Q3. will rule the roost in Q3. Which segments would you be becomes liberating in some way.
in economic policy matters does not mean that court will fold its TARUN CHUGH focusing on, going forward?
hands and sit back, observing that the manner in which a decision is Have the supply-side MD & CEO, Is there a plan to increase Our strategy is different. We work What are your thoughts about the
taken by the government can always be examined. The top court constraints eased in the Bajaj Allianz Life retention in your books? with customer segments and Bima Sugam platform?
was hearing a batch of 58 petitions challenging the demonetisation retail protection Insurance We have already done distributor segments. So, we let It’s a positive move and the way it
exercise announced by the Centre on November 8, 2016. PTI segment? that. For retail plans, we customers decide what they want. pans out for life insurance and
As far as supply-side issues are have increased our retention to ~1 About 4-5 years back, we were a general insurers may be a little
concerned, the reinsurer bit has crore. It used to be ~40 lakh earlier, mass segment player. But today, we different. Standardised simple plans
Charges framed against minister’s not been sorted out completely.
But we are hearing the right kind of
and ~20 lakh even earlier. So, we are
taking more risk in our book and
are well distributed across India and
Bharat. We have a good presence in
will do well on this platform. Even
complicated products that require
son in Lakhimpur Kheri case things from them and they are
opening up. But that has not played
that is helping us become more agile
and nimble. It is also helping us
each segment and it is getting better.
Unless our distributors change their
aided sales will do well because
being on the platform means there
A court on Tuesday framed charges against Union minister Ajay out yet. The reinsurer’s openness reduce supply-side constraints. stance, I do not see a big change in will be a lot of trust and transpare-
Kumar Mishra's son Ashish and 12 others for murder, criminal is getting better. In some segments, our products. ncy. Thus, the volumes will go up
conspiracy and related offences in the case of mowing down of it has already gotten better, With FD rates moving significantly. I feel most customers
protesting farmers in October 2021 in Lakhimpur Kheri, paving the especially in segments where the up, how have your How do you view the will buy from agents and distrib-
way for the start of the trial. Additional District Judge Sunil Kumar data is quickly available and does guaranteed products regulations that Irdai plans utors because one would still need
Verma has now fixed the next hearing on December 16, District not come with a lag. been impacted? to introduce in EoM and clarifications. Yes, it’s a UPI moment
Government Counsel (Criminal) Arvind Tripathi said. PTI The insurance regulator has Yes, they have begun commissions? or demat moment for the industry.
.
MUMBAI | WEDNESDAY, 7 DECEMBER 2022 5 <
— ADVT.
6 ECONOMY & PUBLIC AFFAIRS
>
Govt clarifies foreign Port cargo traffic growth 30% edible oil
in November slows to 3% consumption
funds can own 51% Flat cargo numbers since Q2 drag total FY23 growth down to 8.8% in a year from
stake in IDBI Bank
SHRIMI CHOUDHARY
DHRUVAKSH SAHA
New Delhi, 6 December
State-owned ports handled 1.9

million tonnes (mt) of cargo in
TRACKING GROWTH SINCE THE PANDEMIC
Major port volumes
(in mn tonnes)
GM sources
SANJEEB MUKHERJEE
New Delhi, 6 December TAKING CONTROL November, or just about 3 per cent
more than last year, as interna- Around 30 per cent of India’s estimated annual
n Centre and LIC plan to
T
he government on Tu- tional trade volatility and freight consumption of edible oil comes from sources,
esday said it would all- offload a little over costs continued to dampen traffic which are directly or indirectly produced from
ow a consortium of 30% each in IDBI Bank at these ports, Indian Ports’ genetically-modified (GM) crops.
foreign funds and investment n They have invited EoIs Association (IPA) data showed. These include both imported oils and domes-
companies to own over 51 per for an aggregate India’s 12 major ports recorded Commodity volumes in FY23 tically-produced cotton seed oil, bulk of which
cent in IDBI bank, clarifying IDBI SHAREHOLDING PATTERN 60.72% stake, along a combined traffic of 61.3 mt in are produced from GM cotton, trade and industry
that foreign ownership crite- with management November, even as many hoped Commodity Apr-Nov 2022 Apr-Nov 2021 Change sources said.
ria was for new private banks (%) 49.24 control that the festive months would give (in '000 tonnes) (in '000 tonnes) (%) The import of GM edible oils is allowed without
and were not applicable on LIC a fillip to the logistics sector. the stringent labelling rules as mandated for all
n Centre eyes a valuation POL* 153,855 142,224 8.18
existing ones. Experts believe the slowdown other forms of GM foods imported into India. This
of about ~60,000 Other liquids 21,062 20,043 5.08
This comes ahead of the in international trade has been the is due to blanket approval for edible oil imports
crore, which is 25% Iron ore 25,001 33,703 -25.82
December 16 deadline for 45.48 biggest factor behind this, and in bulk.
5.28 more than its current Fertiliser (finished) 5,063 4,483 12.94
potential bidders to submit Centre expect the slow momentum to Even soymeal, which was imported into India
Public market value Fertiliser (raw) 5,513 5,656 -2.53
expressions of interest (EoIs) continue in the near-term, with in the last few years, has largely come from GM
for picking up majority stake only minor increases or decreases Thermal coal 87,031 63,909 36.18 sources for which approvals were also granted,
in the private sector lender. depending on change in high-fre- Coking coal 37,592 33,392 12.58 the industry said.
“The residency require- tral bank will ease the five- cent in IDBI Bank, respectively. quency economic indicators in Containers 110,960 109,350 1.47 Explaining the math, a senior industry official
ment of the promoter, under year lock-in period for shares Together, they hold 94.72 western countries. Trade in fin- said that India’s average annual consumption of
the Reserve Bank of India’s if the bank gets merged with per cent, while the public ished goods has been especially
Other goods 61,047 53,431 14.25 edible oils is around 23 million tonnes. Of this,
(RBI’s) guidelines, is in the con- a non-banking financial com- shareholding is 5.28 per cent. weak, with the first seven months Total 507,124 466,191 8.78 10-11 million tonnes comes from domestic sources
text of new/prospective banks. pany (NBFC). In October, the govern- showing only 1.5 per cent growth *POL: Petroleum, oil, and lubricants Source: Ministry of Ports, Shipping, andWaterways which are largely GM-free, except for cotton seed
However, as IDBI Bank is an “The lock-in requirements ment and the LIC decided to in container traffic as against the oil, whose production is around 1.0-1.1 million
existing company, for the pur- in the event of such amalga- offload a little over 30 per cent last fiscal year. tonnes per annum (MTPA).
poses of the transaction, the mation shall be addressed suit- each in IDBI Bank. They “Current year’s container seg- a year filled with uncertainties Kumar, a research analyst Bulk of the edible oils — roughly around 8
said residency criteria will not ably, in consultation with the issued a preliminary informa- ment volumes have been sub- amid multiple Covid-19 waves. at DAM Capital. MTPA — is palm oil, which is fully GM-free.
apply to a consortium consist- RBI, on a case-to-case basis,” tion memorandum, inviting dued. Two factors have primarily Ever since the first quarter of this Meanwhile, overall cargo But, the remaining edible oils, which are soyoil
ing of funds/investment vehi- the department said, adding EoIs for an aggregate 60.72 per contributed to this — subdued financial year, combined cargo at growth, which was in double-dig- and sunflower oil, come largely from seed pro-
cle incorporated outside that the amalgamation of an cent stake, along with man- export-import trade has had an 12 major ports has not even its at the beginning of this fiscal duced using the GM technology.
India,” the Department of NBFC/banking company with agement control. impact, and high freight cost in crossed 65 mt, and for the last year, stands below 9 per cent. “So, it can be said that out of the total annual
Investment and Public Asset IDBI Bank will be guided by The Centre is eyeing a val- the first quarter of the fiscal year three months, it has been flat at However, the growth has been due domestic edible oil consumption of around 23
Management (Dipam) said in provisions of Banking Reg- uation of about ~60,000 crore, also led container volumes to 61 mt. to disproportionate increases in million tonnes, roughly 5-7 million tonnes is from
response to a potential bidder’s ulation Act, 1949, and the Mas- which higher than IDBI Bank’s move towards the break bulk seg- International trade concerns commodities such as coal, which GM sources,” said BV Mehta, director general of
queries on Tuesday. ter Directions on “Amalgama- current market value. The deal ment,” Sai Krishna, vice-president continue to weigh on the contain- was due to a nationwide coal cri- Solvent Extractors Association of India (SEA).
At present, the RBI rules tion of Private Sector Banks”, involves a two-stage process by and sector head at ICRA, said. er segment. “We expect FY23 sis, forcing the Centre to import Meanwhile, a group of anti-GM doctors and
restrict foreign ownership in as amended from time to time. which potential bidders will Indian major ports (owned by growth to be in the range of 3-4 more coal, and also push more agriculture scientists have written to Prime
private banks. Life Insurance Corporation have to pass the RBI’s “fit and Central government) handled per cent (versus the earlier 5-6 per coal out through the coastal route Minister Narendra Modi to immediately stop the
Dipam also indicated that (LIC) and the government hold proper” criteria, after they sub- record traffic of 70 mt in March cent) given the higher uncertainty as railway networks remained approval of GM mustard.
the government and the cen- 49.24 per cent and 45.48 per mit their financial bids. this year, marking a robust end to in global trade,” said Mohit choked. The doctors said that a herbicide-tolerant crop
will expose consumers and farmers to a toxic her-
bicide with serious long-term health implications.
The scientists are of the opinion that GM mus-
Protest over
Home-grown
medical device Variable capital firms to boost India’s Vizhinjam sea
tard is nothing but a strategic move to spoil our
indigenous resources of fertile soils containing
useful microorganisms. It is paralysing the valu-
able farming resource used to bring self-sufficien-
makers ask for

trade margin
fund management space, says Sahoo port called
off for now
cy in food, they felt.
The pro-GM scientists, in a separate statement,
said that the Supreme Court must not turn indif-
ferent to the most obvious and compelling reasons
RUCHIKA CHITRAVANSHI should first be set up in IFSCs as for the release of GM mustard.
rationalisation New Delhi, 6 December THE FUNCTIONING OF THE global players would be familiar
with the use of VCC-like structures
The over 130-day-long
protest by fisherfolk against
“The case on GM crops is one of the longest-
pending cases in the Supreme Court. It serves the
SOHINI DAS Variable capital companies VCC-STRUCTURE IN IFSCs in other jurisdictions. the under-construction purpose of those who are against technology,
Mumbai, 6 December (VCC) would enrich the fund WOULD PROVIDE A TEMPLATE “The functioning of the VCC- Vizhinjam sea port was on choice and innovative practices in Indian agricul-
management space and make structure in IFSCs would provide Tuesday called off for now. ture,” said CD Mayee, president of South Asia
A group representing Indian India international financial ser- FOR THE INTRODUCTION OF A a template for the introduction The calling off of the agita- Biotechnology Centre, Jodhpur (Rajasthan).
medical device manufactur- vices centre (IFSC) the preferred VCC-STRUCTURE IN DOMESTIC of a VCC-structure in the domes- tion was announced by Vicar
ers wants trade margin global hub for global financial tic Indian financial system too, General Eugene Pereira, who
rationalisation in order to services, M S Sahoo, head of the INDIAN FINANCIAL SYSTEM TOO, at a later stage,” the committee has been seen at the fore-
boost domestic industry nine-member expert committee AT A LATER STAGE said in its report. front of the protests.
and reduce dependence on for drafting the structure of The panel has agreed with He, however, said the
imports, recommending the VCCs, told Business Standard. M S SAHOO most of the recommendation of protest was not being called
step ahead of the Union A VCC is a body corporate head of expert committee for the Krishnan committee but has off because they were satis-
drafting structure of VCCs
Budget early next year. that, as its name suggests, has a differed on the process to be fol- fied with the steps taken or
The Association of variable capital base. It issues and lowed for insolvency and closure promises made by the state
Indian Manufacturers of
Medical Devices (AiMeD)
redeems shares on an on-going
basis. With every issue or
What is a variable capital company? of VCCs. It wants VCCs to be
brought under the ambit of IFSC's
government.
It was being called off as
said that the purpose of low redemption, the capital base of VCC is a body corporate, with a variable capital base. Similar to fund management rules instead the protest has reached a
duty was to help consumers the VCC changes. mutual funds, it issues and redeems shares on an on-going basis. of the insolvency and bankruptcy certain stage and if required,
get affordable access to “These companies would be a With every transaction - issue or redemption, the capital base of code, as suggested earlier by the they will take it up again,
devices. The objective fails blend of two structures of polling the VCC changes. A VCC may house a single pool or multiple pools of Krishnan committee. Pereira told reporters.
if they are charged a maxi- and investing funds — companies capital along with corresponding investments. It can thus be a The expert panel has also said A day ago, leaders of vari-
mum retail price (MRP) that and trusts — with appropriate reg- standalone or an umbrella entity. that the accounting and auditing ous religious groups in Kerala
is 10- to 20-times import or
landed price.
ulatory burden coupled with flex-
ibility,” Sahoo said.
should be done for VCCs in the
same manner that it is done for
had met with the fisherfolk
protesting against the under-
IMPORT OF EDIBLE OIL
“Customs recording of While mutual funds and alter- “Reducing capital, though of which is ring-fenced from the other vehicles housing funds. construction Vizhinjam sea In million tonnes
MRP on Bill of Entry will nate investment funds form a rarely done by companies, is a other and the capital of each fund The expert committee for port as part of the ongoing
assist to bring in data trust structure, other bompanies tedious process. For variable may vary continuously. drafting a legal framework to efforts to bring peace in the
generation for Policy with equity capital are not in the capital companies, it can change The nine-member panel has allow a VCC structure in IFSC had area which witnessed violent
Making by evidence of a fund management business. VCC on an on-going basis, somewhat proposed changes in the finalised its report in October. agitations recently.
Trade Margin Ration- would be able to bring the features similar to the issue and redemp- International Financial Services Globally while Singapore and A large number of people
alization policy for the and flexibility of both. tion of units by mutual funds,” Centres Authority Act (IFSCA), Mauritius have a separate Variable have been staging demon-
Manufacturer / Importer so VCCs are expected to have a the former chairman of the which are yet to be considered by Capital Companies Act, in the UK, strations outside the main
that there is a capping of framework that would have high- insolvency and bankruptcy the government. VCCs are referred to as “Open entrance of the multi-pur-
maximum 4 times on the ex- er regulatory standards than those board of India said. GIFT City in Gujarat is the first Ended Investment Companies” pose seaport at nearby
factory price and on import applicable to companies but lower He added that such a company and the only IFSC in India. The under that country’s Financial Mulloor for the last few Note: Edible Oil import Year Runs from November to October
Source: Solvent Extractors Association of India
landed price of Indian compared to mutual funds. may have several sub-funds, each Sahoo-led committee said VCCs Services and Markets Act. months. PTI
Distributor (at first point of
sale when GST/ Import
Duty is first levied on enter-
ing into the market),” said > BS SUDOKU # 3838 > FROM PAGE 1 the plan on November 21. the 8.4 per cent growth seen a year ago,
Rajiv Nath, forum coordina- Vi had said the funds raised via as manufacturing output contracted
tor, AiMeD. debentures would be used to pay pend- and the base effect waned.
This group also wants an
increase in basic custom
Vi... ing dues of ATC under the master lease
agreement and any remaining amount
However, it was better than analyst
expectations, which was one of the rea-
duty on import of medical Government sources had earlier indi- could be used for general corporate pur- sons cited by the World Bank for its lat-
devices to at least 10-15 per cated that the conversion of interest into poses. est growth upgrade. It expected an infla-
cent from the current nil to equity would depend on Vodafone Idea For the past several months Vi has tion rate of 7.1 per cent in FY23 before
7.5 percent duty structure. promoters infusing funds. The promot- struggled to raise funds leading to moderating to 5.2 per cent in FY24.
Medical devices imports ers, on their part, have not infused fresh delayed vendor payments and sub- Sharma did warn that India would
in India have grown by 41 funds. When contacted, officials at the scriber loss. It has been unable to sign not be completely insulated from
percent in FY22. India Department of Telecommunications contracts with gear manufacturers for spillovers from the US, Europe, and
imported medical devices (DoT) on Tuesday said that no decision 5G network equipment while competi- China, and as a result the GDP growth
worth ~63,200 crore in 2021- on the matter had been taken so far and tion is aggressively rolling out their serv- forecast for FY24 was cut to 6.6 per cent
22, up 41 per cent from that the issue was still being investigat- ices. from 7 per cent earlier.
~44,708 crore in 2020-21, ed by the finance ministry. "This is a In a post-result conference call last “A challenging external environ-
according to data from the dynamic matter and involves many month, Vi CEO Akshaya Moondra told ment will affect India’s economic out-
Union Ministry of moving parts. The finance ministry analysts: ‘’We are trying to close the look through different channels... rapid
Commerce and Industry. continues to look into the issue," a sen- funding quickly so that some of the monetary policy tightening in advanced
India is around 80-85 per- ior DoT official said. backlog of vendor payments that we economies has already resulted in large
cent import dependent for Vi maintained that it had no intima- have can be addressed.” portfolio outflows and depreciation of
medical devices. tion from the government on debt con- est dues into equity), the issuance of the Indian rupee while high global com-
China remained the top version. optionally convertible debentures to With inputs from Abhijit Lele in Mumbai modity prices have led to a widening of
import source for India as Senior bank executives said while ATC has not been completed within the the current account deficit,” the report
medical device imports,
growing 48 per cent from SOLUTION TO #3837
the delay (in capital raising) was defi-
nitely a matter of concern, there was no
validity period of shareholders’ resolu-
tion (15 days from the passing of the res-
World Bank... stated. That the global situation remains
precarious was again brought to the fore
~9,112 crore in 2020-21 to Hard: change in lenders’ stance. Capital infu- olution). Accordingly, the shareholders’ The report said India’s external position by a separate report released on
~13,538 crore in 2021-22.
Imports from the US also
«««« sion should happen before new funding
from lenders could be considered, they
resolution has lapsed.”
“The company is in discussion with
had also improved considerably over
the past decade. Besides, policy reforms
Tuesday by ratings agency Fitch. In its
latest Global Economic Outlook (GEO)
increased steeply: by 48 per Solution tomorrow said. ‘’The telecom operator is making ATC for extension of the agreement and and prudent regulatory measures had report, Fitch said it now expects world
cent to ~10,245 crore in payments till now and is not being con- a fresh shareholders’ approval will be also played a role in helping develop GDP to grow 1.4 per cent in 2023, down
2021-22 from ~6,919 crore in sidered as an account for additional pro- sought as required,” Vi added. this resilience, it said. from 1.7 per cent forecast earlier.
2020-21. HOW TO PLAY visioning,’’ one of the bankers said. The On October 21, the Vi board had “A well-crafted and prudent policy However, it retained its FY23 GDP fore-
The value of medical Fill in the grid so that company has reduced its bank debt to approved the issue of 16,000 OCDs hav- response to global spillovers is helping cast for India at 7 per cent, though it cut
devices from China was every row, every ~15,000 crore in Q2 FY 2023 from ing a face value of ~10 lakh each to raise India navigate global and domestic the growth projection for the next two
nearly the same as the com- column and every 3x3 ~23,000 crore a year ago. ~1,600 crore. These were to be converted challenges,” said Dhruv Sharma, senior years. It expects lower growth in India
bined value of imports from box contains In its exchange notification, Vi said: into equity shares of ~10 each for allot- economist at the World Bank, and the at 6.2 per cent in FY24 and 6.9 per cent
Germany, Singapore and the the digits 1 to 9 “As the company has not received any ment to ATC Telecom Infrastructure lead author of the report. in FY25, compared with earlier forecasts
Netherlands in 2021-22. communication from the government Private Limited on a preferential basis. India’s GDP expanded 6.3 per cent of 6.7 per cent and 7.1 percent respec-
of India on such conversion (AGR inter- The company’s shareholders approved in the September quarter, slower than tively.
>
MUMBAI | WEDNESDAY, 7 DECEMBER 2022 POLITICS & PUBLIC AFFAIRS 7
Oppn demands discussion

on border issue with China
Matters will be taken up in keeping with House norms: Centre at all-party meet
ADITI PHADNIS
OPEN HOUSE
Winter session will have 17 sittings over 23 days. The
N
otwithstanding hopes that the
government plans to bring 16 new Bills during the session
upcoming winter session of
Parliament will be contention- WHAT’S UP FOR DEBATE
free, the Opposition set the ball rolling.
| National security | Failure to provide
While the Congress demanded discus-
sion on the Sino-Indian border issue, the | China border legal sanctity to
Trinamool Congress (TMC) flagged ‘incursions’ minimum
alleged misuse of law enforcement agen- | Cyberattack on AIIMS support price
cies like the Enforcement Directorate | ‘Uncontrolled’ | Rethink on EWS
and the Central Bureau of Investigation,
inflation, price rise of reservation after
and economic blockade of states at an
all-party meeting convened by the gov- essential commodities Supreme Court
ernment on Tuesday. | Rising unemployment verdict
The Centre assured it would take up
issues according to the rules and norms
STICKING POINTS
of Parliament. | Recent conflict | Alleged voter
Defence Minister Rajnath Singh, between judiciary ‘theft’ in Karnataka
Leader of the House in the Rajya Sabha and Centre | Attacks on Kashmiri
(RS) Piyush Goyal, and Minister for | Falling rupee, Pandits in Jammu
Parliamentary Affairs Pralhad Joshi were
declining GDP growth & Kashmir
present from the government.
Congress leader Adhir Ranjan
Chowdhury, TMC Member of Parliament Opposition about the stand-off at the empowerment of women is necessary for
(MP) Derek O’Brien, Dravida Munnetra Sino-India border. the overall development of the country.
Kazhagam MP T R Baalu, and Harsimrat “In the House, we demand a discus- “On behalf of my party — the BJD — I
Kaur Badal from the Shiromani Akali sion on it, as well as on the killings of demanded that the women’s reservation
Dal were among those representing Kashmiri Pandits,” he added. Congress Bill be passed in the winter session,” Patra
the Opposition. leader Naseer Hussain demanded discus- told reporters after the meeting.
Price rise, unemployment, and the sit- sions on the appointment of the Election The meeting was convened by the
uation at the Sino-India border were Commissioner in 24 hours and the central government to discuss the leg-
among the issues Opposition parties Economically Weaker Section quota. islative agenda and the issues likely to
demanded discussions on during the all- The Biju Janata Dal (BJD) demanded be discussed during the winter session
party meeting. passage of the women’s reservation Bill in that begins on December 7 and ends on
Chowdhury alleged that the govern- the winter session. BJD RS member December 29. The government hopes to
ment did not “properly” inform the Sasmit Patra raised the issue, saying the pass 16 Bills.
Fadnavis speaks
AMBEDKAR’S STRUGGLES GAVE HOPE TO MILLIONS: PM to Bommai after
stone pelting on
Maha vehicles
from Karnataka
A video surfaced on social
media showing some people
throwing stones at vehicles ALKEM LABORATORIES LIMITED
entering Karnataka from CIN: L00305MH1973PLC174201
Maharashtra, prompting Registered Office: ‘Alkem House’, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Deputy Chief Minister Phone: +91 22 3982 9999 Fax:+91 22 2495 2955
Devendra Fadnavis to take up Website: www.alkemlabs.com, Email: [email protected]
the matter with Karnataka NOTICE
Chief Minister Basavaraj Members are hereby informed that pursuant to Section 110 of the
Bommai on Tuesday and Companies Act, 2013, read with Companies (Management and
extract an assurance on pro-
Administration) Rules, 2014 as amended from time to time, SEBI (Listing
tection of vehicles.
Obligations and Disclosure Requirements) Regulations, 2015 and in
Amid a raging border row,
compliance with the Ministry of Corporate Affairs Circulars No. 14/2020
the video showed some peo-
dated 08th April, 2020, No. 17/2020 dated 13th April, 2020, No. 33/2020
ple throwing stones at vehi-
dated 28th September, 2020, No. 39/2020 dated 31st December, 2020, No.
cles entering Karnataka from
the Maharashtra side near a 02/2021 dated 13th January, 2021, No. 10/2021 dated 23rd June, 2021, No.
toll booth in Belagavi district 20/2021 dated 08th December, 2021 and No. 03/2022 dated 05th May,
President Droupadi Murmu, along with Vice-President Jagdeep Dhankhar and of the adjoining state. 2022, the Company as on 06th December, 2022, completed the dispatch of
Prime Minister Narendra Modi, arrives to pay homage to B R Ambedkar on his Sources close to the the Postal Ballot Notice dated 11th November, 2022 (“Postal Ballot Notice”)
Mahaparinirvan Diwas, at Parliament House Complex on Tuesday. Congress leaders Sonia Maharashtra deputy CM said only through electronic mode to those Members whose email IDs are
Gandhi, Mallikarjun Kharge, and Adhir Ranjan Chowdhury are also seen. In a tweet, the PM Bommai assured Fadnavis of registered with the Company/ Depository Participants and whose names
said Ambedkar’s struggles gave hope to millions and his efforts to give India such an strong action against the per- appear in the Register of Members / List of Beneficial Owners as on Friday,
extensive Constitution can never be forgotten PHOTO: PTI petrators. PTI 25th November, 2022 (“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.
NSAs call EMs keen to replicate The Postal Ballot Notice can also be downloaded from the Company's
website viz.https://www.alkemlabs.com/Postal-Ballot.php, CDSL website
for collective
viz. www.evotingindia.com, and website of the stock exchanges where
our digital shift: Kant

equity shares of the Company are listed i.e. BSE Limited viz.
www.bseindia.com and National Stock Exchange of India Limited viz.
action to deal www.nseindia.com.
with terrorism PRESS TRUST OF INDIA

Udaipur, 6 December INDIA'S STRIDES IN
The Company has engaged the services of Central Depository Services
(India) Limited (CDSL) for the purpose of providing remote e-voting facility
PRESS TRUST OF INDIA India’s initiatives in digital public infra-

PROVIDING DIGITAL to all its Members. Members are requested to note that the remote e-voting
shall commence from Wednesday, 07th December, 2022 at 09.00 a.m. and
New Delhi, 6 December structure, such as Aadhaar, unique pay- IDENTITY TO EVERY CITIZEN, shall end on Thursday, 05th January, 2023 at 05.00 p.m. The remote e-
The national security advisors (NSAs) of

ment infrastructure and direct benefits
transfer, have been lauded at the
OPENING OF BANK ACCOUNTS voting module will be disabled by CDSL after 05.00 p.m. on Thursday, 05th
January, 2023 and the Members shall not be allowed to vote beyond the
India and Central Asian countries on G20 Sherpa meeting in Udaipur, with sev- IN LARGE NUMBERS, DATA said date and time. Only those Members whose names appear in the
Tuesday called for collective action to
combat challenges like terror financing,
eral members stressing on the “need to
replicate the model” in other developing
EMPOWERMENT OF CITIZENS Register of Members / List of Beneficial Owners maintained by the
Company/ Depository Participants as on the cut-off date will be entitled to
radicalisation and use of terrorist proxies countries, G20 Sherpa Amitabh Kant said. AND FAST PAYMENTS... WE cast their votes by remote e-voting.
for cross-border terrorism, while assert-
ing that Afghanistan must not become
In an interview with PTI, Kant said he
highlighted the digital initiatives taken in
BROUGHT OUT WHAT
a safe haven for terrorist activities. the health care sector, such as the Cowin INDIA HAS ACHIEVED The Members whose e-mail address is not registered with the Company/
Depository Participants, may register by clicking the link:
The meeting hosted by NSA Ajit app, for implementing the Covid vaccina-
https://linkintime.co.in/emailreg/email_register.html and completing the
Doval also tion drive and Ayushman Bharat scheme
registration process on or before 05:00 p.m. (IST) on Friday, 23rd
emphasised the that has extended health insurance cover AMITABH December, 2022 to receive the Postal Ballot Notice and the procedure for
need for respect- to 500 million people at the first meeting KANT
ing Afghanistan’s of Sherpa under India’s G20 presidency. G20 Sherpa remote e-voting along with the login ID and password for remote e-voting.
sovereignty, unity “So, there was a lot of interest and a lot
and territorial of appreciation for what India has done. The Board of Directors of the Company have appointed CS Mannish L.
integrity and Everybody said that this model needs to Ghia, Partner, M/s Manish Ghia & Associates, Company Secretaries,
urged non-inter- be replicated. I think that is one story Mumbai, as the Scrutinizer for conducting the Postal Ballot through remote
ference in its which will definitely take forward in a big e-voting process in a fair and transparent manner.
internal affairs. way in the subsequent rounds,” he said.
In his address With the Ukraine conflict festering on, The result of the Postal Ballot shall be declared by the Chairman or any
at the meeting, Kant said all countries were appreciative
other authorised person by the Chairman on or before Sunday, 08th
NSA Ajit Doval of Prime Minister Narendra Modi’s brought out what India has achieved,” he
January, 2023 by 05.00 p.m. at the Registered Office of the Company and
NSA Ajit Doval said said connectivity emphasis on peace and harmony in the said. Kant pointed out that almost 55 per
communicated to the Stock Exchanges, CDSL, Registrar and Share
financial support with Central article he had penned for newspapers cent of the bank accounts opened between
Transfer Agent and shall also be displayed on the Company's website
was the ‘lifeblood’ Asian countries across the world on the day India assumed 2015-18 across the world were in India.
https://www.alkemlabs.com/Postal-Ballot.php and Notice Board at the
of terrorism and remained a key the G20 Presidency. “We have been able to bring 460 mil-
greater priority was priority for India Kant said developing nations holding lion people into the banking system and Registered Office of the Company.
needed to counter and that New the G20 Presidency for the next three years we were able to transfer benefits of over
terror financing Delhi was ready to would help emerging economies set their 600 schemes of the government straight In case any Member has queries, grievances or issues relating to Postal
cooperate, invest narrative on the global stage. into the bank accounts,” he said. Ballot, Members are requested to write an email to
and build connectivity in the region. On Brazil will take over the G20 Kant flagged the global debt crisis, ris- [email protected] or may write to Ms. Ashwini Nemlekar, Link
threat of terror groups, he said financial Presidency from India after the New ing inflation and slowdown as key chal- Intime India Private Limited, C-101, 247 Park, L.B.S. Marg, Vikhroli
support is the “lifeblood” of terrorism Delhi summit in September followed by lenges before the G20. (West), Mumbai - 400 083; Phone Number: 022- 49186000 and for any
and greater priority should be accorded South Africa in 2025. Indonesia, which “If the debt crisis happens in one part queries, grievances or issues related to remote e-voting, Members may
to counter terror financing. held the G20 Presidency last year, is also of the world, it will have a spiralling impact refer to the Frequently Asked Questions and e-voting manual available at
A joint communique said the offi- an emerging economy. on other parts of the world. Therefore, it www.evotingindia.com, under help section or write an email to
cials agreed that the expansion of ter- Kant said India’s presentation at the is very important that we are able to be [email protected] or contact Mr. Rakesh Dalvi, Sr.
rorist propaganda, recruitment, and G20 Sherpa meeting focussed on the tech- the voice,” the G20 sherpa of India said, Manager, Central Depository Services (India) Limited, A Wing, 25th Floor,
fundraising efforts have serious security nological transformation and digital pub- underscoring the prime minister’s call for Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel
implications for the region, and a col- lic infrastructure that has been established India being the voice of the Global South. (E), Mumbai – 400013 or call on 022-23058542/43.
lective response is essential. The men- in the country over the recent past. “It was strongly felt that without peace
tioning of cross-border terrorism is seen “India's strides in providing digital and harmony, economic growth will not For Alkem Laboratories Limited
as a reference to Pakistan’s support to identity to every citizen, opening of bank be able to bounce back,” Kant said. He said
various terror groups which have been accounts in large numbers, data empow- without peace and harmony it would be Manish Narang
targeting India. erment of citizens and fast payments...we very difficult for smaller countries. President – Legal, Company Secretary &
Compliance Officer
Date: 06th December, 2022
Place: Mumbai
8 WORLD
>
MUMBAI | WEDNESDAY, 7 DECEMBER 2022
Indonesia passes law barring extramarital sex, curbs dissent

New code to come into effect three years tions in parliament approved for the — which was the reason for the
bill to be passed, some urged the ouster of the dictatorial president WHAT THE
after President Widodo signs it government to be cautious in enforc- Soeharto in 1998. Such a provision BILL OUTLAWS
ing the law to protect the rights of could be abused by future leaders,
BLOOMBERG sign it off. the public, especially the freedom of he said. n Bill adds limits to how much
6 December Indonesia’s Minister of Law and speech, and for journalists not “This provision will take away people can criticise the
Human Rights, Yasonna H Laoly, to be criminalised in carrying out the rights of citizens to voice President and public
Indonesian lawmakers has passed a told Parliament that Jokowi has their duties. their opinions. This could be institutions
contentious criminal code that out- agreed to issue the law. The move to Iskan Qolba Lubis, a member of abused by future leaders,” Lubis n Restricts rights of LGBTQ citizens
laws extramarital sex and raises pen- revise the penal code is meant to the Islamist political party said. “Throughout the whole world,
alty on child abortions as part of shed Indonesia’s colonial ties to the Prosperous Justice Party got into a citizens have to criticize their n Parents or children will be
legislation that sparked violent pro- Netherlands, Laoly said. The exist- brief argument with the House governments.” able to report unmarried
tests when introduced in 2019. ing penal code dates back to the era when he called for the removal of Days of demonstrations erupted couples to the police if they
Parliament passed the bill at a when Indonesia was a Dutch colony. the provision that penalizes criti- after the bill was introduced in 2019, suspect them of having sex
plenary session on Tuesday, which “We have tried to accommodate cisms against the government as prompting President Joko Widodo
also adds limits to how much people feedback on various issues as best well as the president and vice-pres- to delay the legislation in order to n Cohabitation to be punishable
can criticize the president and pub- as we could,” said Laoly, adding, “We ident. Having the provision would get more feedback from the public. by six months in prison or a
lic institutions, and restricts the have made a historic decision to do wind back democracy in Indonesia In the end, little was changed, sig- fine, although only if reported
rights of LGBTQ citizens. The next away with the Dutch’s heritage law.” and betrays the objective of ‘reform- naling the strength of Indonesia’s Bambang Wuryanto, head of the parliamentary commission to the police by parents,
step is for President Joko Widodo to Though the different party fac- asi’ — reforms in Bahasa Indonesia conservative religious parties. overseeing the revision, in Jakarta PHOTO: REUTERS children, or a spouse
IN BRIEF PepsiCo to cut hundreds Meta threatens

Russia considers oil
price floor in response of jobs in North America to ban news on
to cap imposed by G7 Company describes layoffs as intended to ‘simplify’ the organisation
AGENCIES
FB if US passes
journalism Bill
6 December
Russia is considering setting barrel or less. Greek oil
P
a price floor for its tankers would also be off epsiCo is laying off headquarters
international oil sales as a limits for above-cap workers from its North American
response to a cap that cargo purchases. snack and beverage units, accord- REUTERS
the Group of Seven (G7) Russia aims to offer a ing to the Wall Street Journal, in a sign 6 December
nations set out last week. transparent pricing that corporate reductions are beginning
Moscow is considering mechanism to buyers of its to extend beyond technology and Facebook parent Meta Platforms, Inc. on Monday threatened
either imposing a fixed crude, adhering to a media companies. to remove news from its platform if the US Congress passes a
price for the nation’s market-based approach to The Purchase, New York-based proposal aimed at making it easier for news organisations to
barrels, or stipulating counteract the cap, one company will dismiss hundreds of negotiate collectively with companies like Alphabet’s Google
maximum discounts to of the officials said on employees, the Journal reported and Facebook.
international benchmarks condition of anonymity Monday, citing an internal memo. Sources briefed on the matter said lawmakers are
at which they can be sold, as the discussions are not PepsiCo described the layoffs as considering adding the Journalism Competition and
according to two officials yet public. intended to “simplify” the organisation, Preservation Act to a must-
familiar with the plan. the Journal said. pass annual defense bill as
There’s no visibility yet
about what the precise
Drone hits
Russia airfield
PepsiCo spokespeople didn’t imme-
diately respond to requests for com-
way to help the struggling
local
META BOARD
level might be, and if it
materializes traders will be
A third Russian airfield
came under drone attack
ment. The company’s shares edged up
0.1 per cent in after-hours trading.
BIG LAYOFFS OF 2022 news industry.
Spokesperson for Meta
URGES CHANGES
focused on whether it’s after Moscow accused Even though it’s paying more for Company Cut in workforce Andy Stone in a tweet said the TO VIP CONTENT
above the cap level, or Ukraine of carrying out commodities such as sugar, corn and company would be forced to
comfortably below. The strikes against two bases potatoes and passing those higher ComH&M: About 1,500 Nuro:
About 20%
Barclays:
About 200
consider removing news if the MODERATION
level would be important
because companies who
used by its long-range
bombers, the deepest
prices on to consumers, the maker of
Frito-Lay chips, Mountain Dew soft
CNN: Not specified, but
is reported to affect the Cisco: About 4,000 Philips : About 4,000
law was passed “rather than
submit to government- SYSTEM
want to access industry hit on its territory since drinks, and Quaker Oats cereals has HLN network Bed Bath & Beyond: 20% mandated negotiations that Facebook parent Meta's
standard insurance and President Vladimir Putin said that demand for its products Disney: On a ‘targeted unfairly disregard any value quasi-independent
other key G7 services can ordered the invasion. remains strong. HP: 4,000-6,000 by 2025 hiring freeze’ Ford: 3,000 we provide to news outlets oversight board said Tuesday
only do so if they pay $60 a AGENCIES Nevertheless, the uncertain eco- through increased traffic that an internal system that
nomic environment and persistence of sands of workers. many households. PepsiCo and other and subscriptions.” exempted high-profile users,
inflation has rattled companies in a PepsiCo makes Doritos, Lays potato food companies have been raising He added the proposal fails including former US President
Australia central bank raises variety of industries and led them to
retrench on costs. National Public Radio
chips, and Quaker Oats, along with its
namesake cola. As of 25 December last
prices to offset higher costs for ingre-
dients, transport, and labour.
to recognize that publishers Donald Trump, from some or
and broadcasters put content all of its content moderation
rates to 10-year high of 3.1% is restricting hiring and Warner Bros.
Discovery CNN is cutting jobs, as
year, PepsiCo employed about 309,000
people worldwide, including about
After reporting a jump in quarterly
sales and profits, PepsiCo executives in
on the platform because “it rules needs a major overhaul.
benefits their bottom line — The report by the Oversight
Australia’s central bank on are several other media giants. 129,000 people in the US. October said they were cutting costs to not the other way around.” Board, which was more than
STEEP HIKE
Tuesday raised interest rates to Meanwhile, big tech companies includ- Demand for food and beverages sold offset the pressure on profit margins The News Media Alliance, a year in the making, said the
a 10-year high and stuck with ing Amazon.com, Apple, and in grocery stores has been strong and to weather what appeared to be a trade group representing system “is flawed in key areas
its projection that more hikes Meta Platforms are dismissing thou- despite rising prices that have pinched worsening macroeconomic conditions. newspaper publishers, is urg- which the company must
are needed to cool inflation, a ing Congress to add the bill to address”. The board opened
stance taken as slightly hawkish the defense bill, arguing that its review after The Wall Street
by markets that were looking “local papers cannot afford to Journal reported last year
for signs of a pause in the near
term. The Reserve Bank of
Australia lifted its cash rate by 25 basis points to 3.1%. REUTERS
Apple sued by 2 women over AirTag stalking endure several more years of that it was being abused by
Big Tech’s use and abuse, and many of its elite users, who
time to take action is dwin- posted material that would
BLOOMBERG dling. If Congress does not act result in penalties for
6 December Apple’s anti-union tactics DIY repair for Macs, iPhones soon, we risk allowing social ordinary people, including
Pak poll panel moves to oust Apple was sued by two women
in Atlanta were illegal Apple expanded to Europe media to become America’s de for harassment and
facto local newspaper.” incitement of violence. AP/PTI
Imran as chairman of PTI who say its AirTag devices
make it easy for stalkers to
US labor board prosecutors have
determined that Apple violated federal
Apple will begin letting customers in eight
European countries repair their own devices,
More than two dozen
groups including the American Civil Liberties Union, Public
Pakistan’s Election Commission track and terrorise victims. law by interrogating and coercing expanding a program that rolled out in the Knowledge and the Computer & Communications Industry
on Tuesday initiated the process The inexpensive devices, employees in Atlanta, the latest legal salvo US. The offering, known as Self Service Repair, Association on Monday urged Congress not to approve the
to remove Pakistan Tehreek- about the size of a half-dollar over the company’s response to will now allow users to buy parts online to local news bill saying it would “create an ill-advised antitrust
e-Insaf chief Imran Khan coin, are intended to be organising efforts. BLOOMBERG conduct their own repairs. BLOOMBERG exemption for publishers and broadcasters” and argued the
from his post, following his slipped into or attached to per- bill does not require “funds gained through negotiation or
disqualification in the sonal possessions, like back- arbitration will even be paid to journalists.”
Toshakhana case. A notice has packs or keys, to help owners suit planted an AirTag in the estranged husband tracked Ohio; in another, a woman in A similar Australian law, which took effect in March 2021
been issued to the former prime locate them. But privacy advo- wheel well of her car and was her movements by placing an Indianapolis, Indiana, hid an after talks with the big tech firms led to a brief shutdown of
minister and the case has been fixed for hearing on December cates have warned — and able to find out where she had AirTag in her child’s backpack. AirTag in her ex-boyfriend’s Facebook news feeds in the country, has largely worked, a
13, The Dawn newspaper reported, quoting a top ECP official. PTI police reports have verified — moved to avoid his harass- In other cases, AirTags car, followed him to a bar and government report said.
that AirTags can also be ment, according to the pro- tracking has led to murder, ran him over. Since the News Media Bargaining Code took effect, various
used to track people without posed class-action complaint according to the lawsuit. Apple advertised the tech firms including Meta and Alphabet have signed more
Murdoch to be deposed next consent.
An ex-boyfriend of one of
filed Monday in federal court
in San Francisco.
In one instance, an ex-boy-
friend used the device to track
AirTag as “stalker proof” when
it released the device in
than 30 deals with media outlets, compensating them for
content that generated clicks and advertising dollars, the
week in suit against Fox the women who filed the law- The other woman said her and shoot a woman in Akron, April 2021. report added.
Rupert Murdoch will be deposed next week as part of

Dominion Voting Systems’ $1.6 billion defamation suit
Musk’s brain-implant firm under probe after 1,500 animal deaths

against Fox News over the media company’s reports on a
conspiracy theory about the 2020 presidential election.
Dominion has been gathering evidence to help prove its
allegation that Fox News recklessly aired claims that the
voting-machine company rigged the election. BLOOMBERG Animal testing is probe, one of the sources said, focuses unreported messages, audio
Twitter faces more legal fallout
on violations of the Animal Welfare recordings, emails, presentations
reportedly being
‘Father of iPod’ launches rushed
Act, which governs how researchers
treat and test some animals.
The investigation has come at a
and reports. Musk and other
Neuralink executives did not
respond to requests for comment.
over worker firings under Musk
offline crypto wallet REUTERS
6 December
time of growing employee dissent
about Neuralink’s animal testing,
In all, the company has killed
about 1,500 animals, including more
Twitter is facing new legal
fallout from mass layoffs
A Los Angeles lawyer on
Monday said she has filed
Tony Fadell, a well-known Silicon Valley executive known as including complaints that pressure than 280 sheep, pigs and monkeys, under Elon Musk’s individual arbitration claims
the father of the iPod, on Tuesday unveiled his latest project - Elon Musk’s Neuralink, a medical from CEO Musk to accelerate following experiments since 2018, management, including on behalf of three employees
a hardware wallet used to store cryptocurrency offline.Fadell, device company, is under federal development has resulted in botched according to records reviewed by complaints from some who claim the company hasn’t
53, spent almost a decade at Apple under Steve Jobs, where investigation for potential animal- experiments, according to a Reuters Reuters and sources with direct workers that severance committed to paying them the
he oversaw the design of the portable music player, and later welfare violations amid internal staff review of dozens of Neuralink knowledge of the company’s animal- payments are less than promised severance they were promised
helped create the company's best-known device, the complaints that its animal testing is documents and interviews testing operations. The sources and from other employees that the before Musk acquired it.
iPhone.After quitting Apple in 2008, he launched Nest Labs, a being rushed, causing needless with more than 20 current characterised that figure as a company retaliated against them for Lisa Bloom, the lawyer for the
smart home-devices company. REUTERS suffering and deaths, according to and former employees. Such rough estimate because the exercising protected labor rights. employees, said she’s prepared to
documents reviewed by Reuters failed tests have had to be company does not keep precise The latest legal actions follow a bring hundreds more such complaints
and sources familiar with the repeated, increasing the records on the number of class-action lawsuit filed when the on behalf of Twitter employees and
Microsoft eyes ‘super app’ investigation and company
operations.
number of animals being
tested and killed, the
animals tested and killed.
Neuralink has also conducted
layoffs first began in early November
which accused the company of failing
contractors. Unlike lawsuits that are
filed and fought over publicly,
to break Apple-Google hold Neuralink is developing a brain
implant it hopes will help paralyzed
employees say. The
company documents
research using rats and mice.
The total number of animal
to give enough notice to hundreds of
employees facing termination.
arbitrations are handled in a
closed-door process. BLOOMBERG
Microsoft recently considered building a “super app” that could people walk again and cure other include previously deaths does not
include shopping, messaging, news and web search services neurological ailments. The federal necessarily indicate former Neuralink employees say the involving 86 pigs and two monkeys
among others, The Information reported on Tuesday, citing probe, which has not been previously that Neuralink is number of animal deaths is higher that were marred in recent years by
people familiar with the matter. The Windows-maker mulled reported, was opened in recent violating than it needs to be for reasons related human errors. The mistakes
building the app to loosen the hold of Google and Apple on the months by the US Department of regulations or to Musk’s demands to speed research. weakened the experiments’ research
mobile search space. Microsoft wanted the app to also boost the Agriculture’s Inspector General at the standard Through company discussions and value and required the tests to be
company’s multibillion-dollar advertising business and Bing request of a federal prosecutor, research documents spanning several years, repeated, leading to more animals
search, as well as draw more users to Teams messaging. REUTERS according to two sources with practices. along with employee interviews, being killed, three of the current and
knowledge of the investigation. The Current and Reuters identified four experiments former staffers said.
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OPINION 9
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Volume XXVII Number 82

MUMBAI | WEDNESDAY, 7 DECEMBER 2022
Fixing gas prices

Denting democracy judge other than the chief Justice, the chief Justice
India is heading for judicial authoritarianism as the system of of India shall always be consulted.” (Italics mine).
How did the Supreme Court read a role for a self-
Producers should have policy certainty checks and balances has gone askew created collegium to decide it will select and appoint
ILLUSTRATION: BINAY SINHA judges, with the government getting only the right
I
n the past decade, India has repeatedly reviewed the formula to price
to seek a review. But the final call is that of the
natural gas. Every subsequent review has sliced away price reform goals
Collegium. This is the exact opposite of what article
that were the original purpose of these exercises, and increased the dis- 124(2) says, which puts the President (or the cabinet)
cretion of bureaucrats in price setting. The latest such initiative, led by as the prime mover in this regard.
former Planning Commission member Kirit Parikh, has recommended another Clearly, the Supreme Court read itself into the
method. The committee has suggested a cap of $6.5 per million British thermal role of the chief appointer of judges by using a special
units (Btu) as a ceiling and a floor of $4 per million Btu on gas supplies from provision in the Constitution, article 142 (1), which
ONGC and Oil India’s older fields, or administered price mechanism (APM) allows it to make the law. Article 142 (1) reads, inter
alia: “The Supreme Court, in the exercise of its juris-
gas. It’s unclear though how these numbers were arrived at. What’s obvious is
diction, may pass such decree or make such order
that the ceiling is 24 per cent lower than the $8.57 per million Btu that ONGC as is necessary for doing complete justice in any cause
and others charge for supplies. Gas prices are adjusted every six months in or matter pending before it, and any decree so passed
India in line with international pricing benchmarks. Given the challenges in or orders so made shall be enforceable throughout
pricing gas globally, it’s typically pegged to oil or substitute fuels. India’s the territory of India in such manner as may be pre-
current gas pricing formulae are pegged to international benchmarks like the scribed by or under any law made by Parliament…”.
US Henry Hub and the UK’s National Balancing Point, and Russian and (Italics mine)
Canadian domestic gas rates, bringing them closer to market levels. This clause allows the Supreme Court not only
to interpret the law, but also write its own laws, never
Now this is set to change. Once the latest recommendations are accepted,
mind what the Constitution has to say about it. Of
domestic gas prices will be linked to 10 per cent of the cost of crude oil imported course, even if Parliament legislates a constitutional
into India. The reason for altering the peg is that gas now costs more than oil, change, it can junk that. The Constitution is what
T
unlike in the past where it typically traded below oil. Since the pandemic and he ongoing verbal war between the executive I am not present at your deliberations… When I am the court says it is, and what goes into it can also be
the conflict in Ukraine, imported liquefied natural gas (LNG) has seen the and the judiciary over the appointment of present, I judge the sense of the meeting for myself… sent to the scrapyard.
equivalent of $250 a barrel in oil terms, while crude trades at below $100 a judges is unfortunate, but if any blame is to If the majority of the parlement were able to go against In recent years, the court has got deep into law-
barrel. In such a scenario, industries and households shift to substitutes like be apportioned, the latter must take the lion’s share my will, the monarchy would be no more than an making. Everything, from the validity of the gov-
of it. The judiciary has arrogated powers to itself aristocracy of magistrates, as harmful to the rights ernment’s decision on genetically-modified mustard
naphtha and fuel oil, abandoning the cleaner gas. This shouldn’t matter much
that were not mandated in the Constitution, and and interests of the nation as to those of the Sovereign. to vaccine policy to additional taxes on SUVs enter-
in mature markets, but in the case of India where large sums have been invested this lies at the core of the conflict. It would indeed be an odd constitution that would ing Delhi, to the correctness of the pricing of Rafale
in gas transmission pipelines, LNG import terminals, and a city gas network A week ago, a Bench headed by Justice Sanjay reduce the will of the King to the equivalent of the aircraft to highway bars and even policing the police
covering large parts of the country, it can become a cause for concern. India Kishan Kaul expressed anguish at the government opinion of one of his officers… I must protect the is now part of the Supreme Court’s job. Recently, it
allocates scarce APM gas to fertiliser and city gas facilities, and depends on sitting on the Collegium’s recom- nation from such a misfortune… has asked whether Election Commissioners (ECs)
imported LNG for over half its needs. This ratio will only rise as the government mendations for fresh appoint- ”.(Source: https://bit.ly/3uviDAp) should not be appointed by a three-member panel,
intends to more than double the share of gas to 15 per cent of its energy mix by ments. He said the executive may Now substitute the Supreme including the Chief Justice. Remember, the EC is a
be peeved over the court’s decision Court for Louis VI, and one could constitutional office, and, despite some lapses, it
2030. Given the clamour for better air quality, other nations are also adopting
to overturn the National Judicial sum up the judiciary’s view of its has kept our elections free and fair. In future, one
gas as the fuel of transition, driving up global demand and prices. Appointments Commission in 2015, powers thus: “We have listened to can wonder if the court will inject itself into the
Until recently, India was expecting LNG to cost $2-6 per million Btu. A but it has to respect the verdict. what Parliament had to say about selection of state governors to prevent any excess
25-fold surge in prices since March was significant for Indian companies and “This is the law of the land, and it judicial appointments through the politicisation of the office. Its willingness to entertain
policymakers to bear. APM gas prices for the April-September period more has to be followed by all.” NJAC, but here we decide not only all kinds of alleged “public interest litigation” ensures
than doubled to $6.10 per million Btu from October-March 2021 under existing A historical digression would serve what it means, but what the law that it can get into almost any issue that is now part
guidelines, hurting city gas utilities, and doubling the fertiliser subsidy budget. to illustrate how self-aggrandising this should actually be.” What the SC of legislative or executive domains.
Thus, the government decided to review pricing. Oil and gas exploration is an statement seems. In the 18th century,
before the French Revolution chal-
BEYOND IDEOLOGY Bench was saying is that the
Constitution can be amended by Acts
It is customary to blame the executive and politi-
cians for accumulating excessive power in their
expensive and high-risk business. Investors thus expect pricing freedom and lenged the power of the monarchy, R JAGANNATHAN of Parliament, even unanimously, but hands, but in India, there is a strong case to believe
policy certainty to protect their investments. India’s geology, for instance, is France had two remarkable monar- we decide if it is acceptable or not. that it is the higher judiciary that is growing increas-
not like Saudi Arabia’s that would attract explorers for resource potential. chs, Louis IV and Louis VI. The former, also known as And what we finally decide is the law of the land, not ingly authoritarian and unaccountable. There is a
Therefore, it is important to provide pricing freedom and policy certainty at Louis the Great, is reported to have said, “L’état, c’est what is enacted by elected and accountable legisla- strong case for abolishing article 142, and amending
all times. In case the government wants to prevent supernormal profits during moi”. The quote is probably apocryphal, but the literal tures. Never mind that the Constitution does not say article 124 to clearly reflect a reasonable role for the
periods of high prices, a transparent windfall tax on gas could be an option. translation of it in English is “The state, it’s me”. anything of the kind on judicial appointments. executive and parliament in selecting judges. The
Collection from such a levy can be used to support consumers. Loosely, it means “I am the nation” (or state). Two Article 124 (2), which deals with appointments government must reach across the political aisle
Louises later, Louis VI, who often got into fights with to the constitutional courts, says, inter alia: “Every and obtain a parliamentary consensus on this.
his parliament, had this to say in April 1788 after he judge of the Supreme Court shall be appointed by Law-making and rule by the judiciary is kritarchy,
junked a law passed by the latter. the President by warrant under his hand and seal not democracy. The delicate system of checks and
Pollution crisis “When I meet with my parlement, it is to listen to after consultation with such of the judges of the
discussion of the law that I bring there, and to decide Supreme Court and of the High Courts in the states
balances that keeps a democracy alive has been set
aside by the judiciary. The judiciary must shed its
for myself…with all the facts before me. That is what as the President may deem necessary for the purpose Louis VI pretensions.
Delhi needs local solutions I did on November 19th last. I listened to the deliber- and shall hold office until he attains the age of 65
ations. There is no need to sum them up except when years; Provided that in the case of appointment of a
A
fter hovering between “poor” and “very poor” categories for nearly a The writer is the editorial director of Swarajya magazine
month, the air quality in Delhi and its adjoining states in the National
Capital Region (NCR) has deteriorated to the “severe” class, prompting
India’s sunshine village

the Commission for Air Quality Management to invoke emergency
pollution-control measures under stage-III of the Graded Response Action Plan
(GRAP). These steps include ban on construction and demolition, closure of
brick kilns and hot mix plants, and restriction on plying BS-III petrol and BS-IV
T
diesel vehicles. The bouts of choking pollution and consequential disruptive he village of Modhera, with its 8,000 inhabi- outlay of around ~81 crore. This is clearly not possible, net metering is allowed. In most states, this capacity
tants, is situated on the bank of the or desirable, across all of India’s 6 lakh plus villages. restriction is up to systems below 500 kW. Such lim-
curbs, which recur so often in this region, are not only deleterious for the economy
Pushpavati river in the Mehsana district of In fact, the national implementation of residen- itations on net metering lowers the financial viability
but also injurious to human health. Thousands of workers, especially daily Gujarat. It is a little over a two-hour drive north of tial rooftop solar has been patchy and disappointing, for commercial and institutional consumers who
wagers, lose their livelihood. The long-term exposure to toxic pollutants, on the Ahmedabad. Till recently, it was famous for its iconic though solar energy growth has been rapid since have access to larger roof areas that can fit in bigger
other hand, poses the risk of respiratory disorders and, in some cases, even more Sun Temple, built by the Chalukyas and dedicated the inception of the National Solar Mission in projects. Discom disinterest is a bit surprising as
serious pulmonary diseases, strokes and cancer. What is worse, the air quality to the solar deity Surya. It is now famous for being January 2010. The objective then was to achieve 20 sourcing from RTPV requires lower investments in
monitoring agencies reckon the grave pollution phase to last for a while despite India’s first fully solarised village. GW of grid-connected solar power project capacity securing transmission interconnections. Having a
the meteorologists predicting some increase in the wind speed that can improve It is no coincidence that this village housing the by 2021-22. In 2015, this target was revised to 100 good proportion of RTPV increases the local distri-
Sun God achieved this status. The Gujarat Power GW, of which 40 GW was to be achieved through bution grid’s efficiency and reliability.
ventilation to disperse pollutants.
Corporation, under its Surya Gram Project installed grid-connected rooftop photovoltaic (RTPV) and the The Ministry of New and Renewable Energy has
This dismal state of affairs, notably, cannot be attributed to the convenient solar rooftop systems free of cost for the entire village. balance 60 GW from utility-scale projects. made repeated attempts to get RTPV moving for the
scapegoat — crop fires — which occur only for a short period between mid-October It set up a 6 MW ground-mounted Disappointingly, a meagre 11.8 GW residential sector. A fiscal-cum-incentive package
and mid-November. The pollution tends to persist almost throughout the year. solar power plant along with a 15 capacity of RTPV has been achieved was fashioned for this purpose. Central financial
Also, most of the pollutants seem to be locally generated, although some meteoro- MWh battery energy storage system as of end-FY22. Of this 11.8 GW, only assistance is provided to residential consumers under
logical features, such as humidity, wind speed and its direction, do play a role in or the BESS at Sujanpura village, about 17 per cent of installations (2 a graded scheme based on project size. This includes
the consolidation or dispersal of the toxicants. In fact, the weather bureau, taking about a km from Modhera. Solar pan- GW) are at residential premises; and an advance capital grant of up to 40 per cent of project
these factors into account, had issued an advance warning this time about the els of 1 kWh have been installed on 2 GW, or 61 per cent, came from a cost for systems up to 3 kW, and 20 per cent of project
the roofs of the 1,400 households in single state — Gujarat! cost for systems between 3 and 10 kW. In addition,
likely worsening of air quality, but this was not taken seriously enough to promulgate Modhera. Such systems have also The biggest advantage of RTPV discoms are provided with performance-based incen-
the phase-III of GRAP norms well in time to stave off the current pollution crisis. been installed on public and institu- is that no additional capex for land tives. This incentive is primarily meant to reimburse
The notion that local causes are majorly responsible for the national capital’s tional buildings in the village like the is incurred. Consumers can utilise additional expenditure incurred by discoms in pro-
unrelenting pollution is not a mere hypothesis. It is actually based on, and vali- bus stand, police station, primary their own premises to generate elec- viding supporting infrastructure, capacity building
dated by, the findings of scientific studies conducted by reputed institutions. A health centre, and panchayat office.
There is also now an electric vehicle-
INFRATALK tricity and become “prosumers” —
producers and consumers. But res-
of discom staff, additional manpower and creating
consumer awareness.
study carried out by the Indian Institute of Technology Kanpur at the behest of
the Delhi Pollution Control Committee in 2016 had identified top contributors charging station and, of course, the VINAYAK CHATTERJEE idential consumers tend to shy away Modhera has clearly demonstrated the scale of
Sun Temple gets illuminated at dusk. from RTPV investments for a variety transformation possible in the lives of ordinary
to the air’s particulate matter (PM2.5 and PM10) as road dust (56 per cent),
The entire daytime power demand of Modhera is of reasons. These include an inability to afford Indians in villages. Globally, RTPV has been recog-
concrete batching (10 per cent), industrial discharges (10 per cent) and vehicular met through the solar project, and at night the supply upfront installation costs, hassles in arranging nised as a tool to alleviate poverty. It monetises the
emissions (9 per cent). The smoke from burning of garbage and bonfires by is met through the BESS. On any average day, about finance, free and/or highly subsidised retail tariff free sunlight falling on abodes, and serves as a kind
people to warm themselves in winters further aggravates the situation. These 30,000 units of solar power is generated, of which for lower consumption domestic usage and princi- of “green direct benefit transfer.”
findings have, more or less, been corroborated by a study conducted by the 5,500 units are consumed during the day and 6,000 pal-agent challenges in rented homes. Ideally, this movement should spread far and
Delhi-based Centre for Science and Environment in the third week of October units stored in the BESS. The excess power is fed into In parallel, rooftop “project developers” find it wide across India’s countryside. A fresh scheme
this year. It reckoned the contribution of vehicular emissions to the PM2.5 content the state grid on a daily basis. Residents confirm that expensive to aggregate demand from small residen- needs to be formulated that should draw upon all
their electricity bills have come down drastically. A tial consumers. Long gestation periods in closing the learnings to date. This practical, monetisable
of the air at 51 per cent. The share of the residential sector was estimated at 13
typical household that used to pay a monthly elec- the sales cycle, the irritations inherent in processing and poverty alleviating opportunity should be pur-
per cent and that of industries at 11 per cent. tricity bill of ~3,000, now needs to pay only ~1,000. approvals from discoms for multiple locations are sued with vigour, just as electricity and water con-
It is, thus, clear that pollution is largely a localised issue that needs situation- Householders are also using more electrical gadgets some of the debilitating reasons for demotivating nections have been.
specific solutions. The remedy for Delhi, therefore, lies in replacing manual sweep- making daily life more comfortable. Thus, Modhera installation agents. Then, every village in India could become a
ing of roads with mechanical vacuum cleaning, stopping torching of dry leaves has not only become a “net zero” community, but has Pushbacks from discoms have largely come in Sun village.
and garbage, switching over to cleaner domestic cooking fuel and, most impor- also become a supplier of green energy to the grid. the form of lobbying for changes to rules and regu-
tantly, reducing vehicular pollution by encouraging the use of CNG or electric Whilst the Modhera example demonstrates the lations, primarily those with respect to sale of excess The writer is an infrastructure sector expert. He is also the
art of the possible, it has to be remembered that these energy back to the grid for fear of losing cash-paying founder and managing trustee of The Infravision
vehicles. Action on these fronts can deliver better and enduring dividends.
installations have been free of cost — borne by the customers. For example, the majority of states have Foundation. Rasika Athawale, distinguished fellow of The
Central and Gujarat governments at a reported project now restricted the capacity size of RTPV for which Infravision Foundation, contributed to this article
Janet Yellen: For the people Treasury Secretary to say the markets
would turn turbulent the next day. In
fact, the opposite happened.
She maintained an absolutely
But as Mr Ullmann shows, Dr Akerlof
is a useful person to quote. He credits
Dr Yellen with having made a
fundamental discovery, at least about
Woodward and Carl Bernstein in All the
President’s Men in 1976.
However, neither book devotes
much time to the difficulties women
economist to have made it to the very her fist on the desk saying, “These are professional stance. But there was no America. This is that there is a premium face in the economics profession.
top of a male-dominated profession in f*****g people”. love lost over policies. She didn’t get a that employers place on loyalty and that Dr Yellen seems to have found the
America. She has held, very She was appointed to the US Fed as second term, although it seems she they are willing to pay a little over the Harvard atmosphere quite horrible, as
successfully, all the major academic and vice chairperson in 2010 and was at the would have liked to have been equilibrium wage for it. indeed have many women.
policy posts there were. She is also forefront of the American effort to reappointed. But she had succeeded in But that’s not the only thing. Dr Overall too, Dr Yellen had been a
married to George Akerlof, the Nobel accelerate the tepid Yellen, says Dr strong advocate of increasing women’s
BOOK REVIEW winning American economist of the economy. It’s not Yellen: The Trailblazing
Economist Who
Empathy Economics:
Janet Yellen’s
Akerlof, said the participation in the labour force. She
Theory of Lemons fame. very clear from the opposite is also believed that women suffered from
TCA SRINIVASA RAGHAVAN Janet Louise Yellen was born in 1946. book what she Navigated an Era of Remarkable Rise to true in that “outright discrimination… and an
Her PhD is from Brown University. She thought about how Upheaval Power and Her Drive to employees also absence of mentors”. But she did have a
Spread Prosperity to All value loyalty from
A
few weeks ago a friend lent me has taught both at Harvard and the she fared. Author: Jon Hilsenrath top-class mentor, James Tobin, who
two biographies of Janet Yellen, London School of Economics. She has Nevertheless, she Publisher: Harper Author: Owen Ullmann the employers and went on to win a Nobel much later. Tobin
the US Treasury Secretary, also worked at the US Fed first as a junior was appointed Business Publisher: PublicAffairs that this leads to was Keynesian and Dr Yellen, too, was
because neither book is available in economist then more recently as its chairperson in 2014. what she terms deeply influenced by Keynesian
India yet. It’s been quite an interesting chairperson. She has held several other The appointment Pages: 375 Pages: 460 “efficiency wages” economics.
experience reading two biographies of policy posts in the US government. came after, but may Price: $32 Price: $32 wherein Both books are quite weak on their
the same person in quick succession. She doesn’t talk much and certainly not have been caused employees subject’s academic work but perhaps
Both the authors are journalists. One never out of turn. But, as Mr Hilsenrath by her concerns over rising inequality. keeping the Fed independent to a improve their efficiency because the this wasn’t the place for that. There was
is Jon Hilsenrath who works for The shows, she can be very forthright when She said as much in a speech at the degree that could not have been easy employer is loyal to them. It’s the “you one paper, however, which she jointly
Wall Street Journal. The other is Owen needed. In 2009 when she was the CEO Boston Fed. The Republican Party did, with a president like Mr Trump. scratch my back and I will scratch yours” wrote that says a monopoly, unlike the
Ullmann, who has worked for several and president of the San Francisco Fed however, say she was pushing a On balance, the Hilsenrath book isn’t principle applied to labour economics. received wisdom, can actually increase
publications. Both have the nicest — yes, they have state Feds there — she Democratic Party line. quite as absorbing as it could have been. Mr Ullmann’s book has more details output and reduce prices.
things to say about Dr Yellen. was given some unemployment data. Donald Trump became US president Also, there’s a bit more than necessary gleaned from talking to people. It’s the The Indian Railways is a perfect
Dr Yellen is the first female She didn’t like what she saw and banged in January 2017. Dr Yellen called the about Yellen’s husband, Dr Akerlof. style that was pioneered by Bob example of that.
10
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12
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14
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MUMBAI | WEDNESDAY, 7 DECEMBER 2022 TAKE TWO 15 <
CBDC versus the rest

over cash. CBDC affects the overall
value of the money — issuing func-
tion to the extent that it reduces
operational costs on printing, storage,
YOGINDER K ALAGH 1939-2022
transportation and replacement of
The central bank digital currency is unlikely to replace cash and other
banknotes, and costs associated
with delay in reconciliation and set-
tlement.
An exceptionally generous
digital mediums of transactions but could co-exist with them
MANOJIT SAHA
In FY22, for instance, close to
~5,000 crore was incurred on security
printing. This cost, which does not
economist departs
Mumbai, 6 December The CBDC-retail pilot include the environmental,
social, and governance (ESG) cost of NITN DESAI
SARDAR PATEL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH

D
espite the demonetisation of > 4 banks will participate in the initial stage, in 4 printing money, is predominantly
2016 and the rise in digital cities in closed user group comprising borne by four stakeholders — the My dear friend Yoginder Alagh passed
transactions that followed, the merchants and customers public, businesses, banks and away on the afternoon of December 6 after
economy’s dependence on cash has the central bank. a period of illness. We had known each
> It would be issued in the same
remained as high as ever. So when “…establishing a CBDC other for over 50 years and became
the Reserve Bank of India (RBI) intro- denominations as paper issuance may come with signifi- close friends, thanks to his warmth and
duced a pilot project of its version currency and coins (50 p & ~1) cant fixed infrastructure costs sociability.
of digital cash — called the central > There will be a unique serial but subsequent marginal operat- Yoginder, born before Independence
bank digital currency (CBDC) — number for every note with ing costs are likely to be very low. in 1939 at Chakwal in Punjab, in Pakistan,
on December 1, many questions were governor’s signature with the Cost effectiveness of cash man- migrated with his parents to India. He
asked. promise to pay the bearer the sum agement using CBDC vis-à-vis studied at the University of Rajasthan and
Can the CBDC replace physical physical currency provides an later at the University of Pennsylvania. He
> When RBI is giving the currency to banks,
cash, even partially? Can it match additional motivation for the intro- had a very successful career as an econo-
cash in terms of convenience? it is using distributed ledger technology duction of CBDC, which may be mist, starting in the academic world,
Are CBDC transactions truly anony- > API is used when a bank transfers the currency also perceived to be environment- where he taught at the University of
mous? Given the existence of many to the CBDC wallet friendly,” the RBI’s concept note on Rajasthan and IIM Kolkata. But about 50 Jawaharlal Nehru University in 1992. He
digital mediums including the CBDC said. years ago, he came to Ahmedabad and was elected to the Rajya Sabha from
> Laws applicable to physical currency will apply to
popular United Payments Interface Carrying the physical currency joined the Sardar Patel Institute of Gujarat in November 1996 and continued
(UPI), what was the need for intro- digital currency mutatis mutandis notes to one corner of the country Economic and Social Research, which he till April 2000. From 1996 to 1998, he was
ducing another digital financial trans- > Transactions can be both person-to-person and from the printing presses is time- remained connected with for the rest of a minister of state (independent charge)
action mode? person-to-merchant consuming. For example, it may take his working life. for planning and programme implemen-
Let’s start with the last question. days to take the notes from a printing He entered the policy world of Delhi tation, science and technology and
UPI transactions, which are instanta- press in Dewas, Madhya Pradesh, to in 1973 when he joined the Planning power for the government of India. He
neous, hit new records every month, Nubra Valley in Leh with full security Commission and headed the key division headed various institutions and commis-
breaching the ~10-trillion mark in just issued by the central bank and internet connectivity is uncertain? arrangements. Transport is not an of Perspective Planning. That is where he sions and acted as an expert with several
six years since its launch in 2016. appears as a liability in the central The RBI is working on an offline mode issue with digital currency. In one did pioneering work on many issues. He UN organisations.
The average ticket size for UPI bank’s balance sheet. The RBI argues of payment allowing some money to click, the RBI can transfer digital led the committee that defined the poverty When he joined the Planning Commi-
transactions is ~738 for person-to- that citizens should have more con- be stored in, say, a sub-wallet for use notes to a bank branch in Porbandar standard, and, with his open-mindedness, ssion in 1973, his room became our lunch
merchant and ~2,576 for person-to- fidence in a system that is operated in offline mode. The accounts will be or Port Blair. he argued for revisiting the recommenda- station. About six of us gathered there
person exchanges, indicating that by the central bank. Also, there will reconciled when connectivity is back. CBDCs could reduce the cost of tions later when he felt they needed and talked freely about policy issues,
for low-value transactions people be no merchant discount rate on dig- CBDC also offers the same sending remittances, particularly for reconsideration. But I also remember once including during the Emergency years,
prefer UPI. ital currency, a recurrent bone of con- anonymity as cash transactions a country like India which was the when some ministry (I think it was the when our discussions were free and frank.
Transactions via Immediate tention between banks and mobile because the wallet-to-wallet exchange largest recipient of remittances finance ministry) was answering a parlia- Like the rest of us, he was argumentative
Payment Service or IMPS, again from payment services on UPI. The entire will not be reflected in banks’ core ($87 billion) in 2021, according to the mentary question on poverty standards, but also open to ideas from his workmates
the stable of National Payments cost of the currency is borne by the banking system (CBS). That only hap- World Bank. The United States is the he complained: “Why are they taking away and friends.
Corporation of India, are also instan- central bank. pens when a bank transfers the digital biggest source for inward remittances our business!” Yoginder was an exceptionally gener-
taneous. Like UPI, IMPS is available As for cash, bankers say that its cash to a CBDC wallet, which is the to India, accounting for over 20 per He also started the process of estab- ous person. I remember the effort he put
round-the-clock and suited for small convenience is overrated. same process as when cent of these funds. The cost of remit- lishing a system of agricultural planning into entertaining his friends in
transactions, from ~1 to ~500,000. Consider ATMs: they can CBDCs could reduce someone withdraws mon- tance transactions is high. For based on ecosystems rather than specific Ahmedabad and Delhi. When I visited him
So, to extend the argument, what run out of cash and dis- the cost of sending ey from the bank. Under sending money abroad, it ranges crops. Still, it was never implemented in Ahmedabad during the early seventies,
was the need for UPI when IMPS was pense only high-value remittances, UPI, in contrast, every between ~500 and ~750 for ~1 lakh. because government policy was he would get the best meat in town
already around? After all, both forms notes though customers particularly for transaction is reflected and For inward remittances, the cost of firmly rooted in crop subsidies. One posi- because of my love for non-vegetarian
are still in vogue. “Earlier we often need smaller denom- India, which was the recorded in the CBS. sending $100 is around $5 to $7. CBDC tive result was his emergence as an influ- food. He connected his family with
had RTGS (real-time gross settle- inations. In cash transac- largest recipient True, there are digital is expected to reduce the cost of ential agricultural economist who helped mine and other friends so that our wives
ment). Then we came up with tions, there’s the perennial of remittances trails of transactions even remittances drastically. the Gujarat government thoroughly and children became part of the group
NEFT (National Electronic Funds problem of soiled notes between wallets. The RBI Following the launch of the pilot analyse the Narmada irrigation project. of friends.
Transfer) and IMPS. It was not a ques- and counterfeit currency. The CBDC is working on a mechanism to erase project, Dinesh Khara, chairman of His books and articles on development He is now gone after a long period of
tion of replacing one mode of trans- obviates these problems. the digital trail also. This feature will State Bank of India, said, “The RBI’s planning are well worth a read. Yoginder health issues. For him, it is a release from
action with another. It was always Plus, a digital wallet can hold any be implemented in the pilot at a later pilot project on retail-CBDC is a game went back to the Sardar Patel Institute and pain. But for us, his friends, it is the loss
about giving the customer more amount of cash, unlike a physical wal- stage. “The aim is to mimic or repli- changer with durable effects that rejoined the Planning Commission as a of a warm and generous life companion.
choices,” said a central bank official let, and seamlessly transfer money. cate physical cash with digital cur- should ensure better monetary trans- member in 1987.
involved with CBDC. “All forms of Note, however, that money cannot be rency. All the characteristics of phys- mission at much lesser costs.” His connection with the academic
money transfer can exist simultane- transferred to another person’s bank ical cash will be with digital currency, But the game won’t change overn- world remained strong, not just because The writer is a former Chief Economic Advisor to
ously. Customer can choose which account. CBDC transfers are only to including anonymity,” the official ight. Building customer confidence of his continued association with the the Government of India and former Under-
mode she wants to use.” other digital wallets. quote above said. for using CBDC can take years. In Sardar Patel Institute but also when he Secretary-General for Economic and Social
Where all the other modes are What happens if you are travelling From the RBI’s standpoint, digital short, physical cash is not vanishing became the vice-chancellor of the Affairs of the United Nations
operated by private players, CBDC is to a remote location in India where currency has significant advantages anytime soon.
16
>
Agencies peg ad spend SET PIECE

Eto’o filmed in altercation outside game
growth at 14-16% in 2023

Cameroon soccer federation president and former star player
Samuel Eto’o was filmed apparently kicking a man to the
ground in an altercation outside a World Cup stadium early on
Tuesday. Eto’o had paused to pose for photos with fans near
Stadium 974 after Brazil beat South Korea 4-1. Footage
circulating on social media showed him then reacting to
GroupM, Dentsu and Interpublic Group’s Magna bullish about domestic comments by a man holding a camera. He has been in Qatar as
president of the soccer federation of Cameroon, which was
spends; 2022 to close with 15% growth, they say eliminated in the group stage last week.
VIVEAT SUSAN PINTO

Mumbai, 6 December
Saudis in off-field win
Hours before Japan and South Korea endured painful second-
I
ndian advertising expenditure (adex) round exits from the World Cup in Qatar, continental soccer rival
growth for the 2023 calendar year Saudi Arabia had plenty to celebrate. The All India Football
remains buoyant despite a slowdown Federation’s decision to pull out of the race to host the 2027 Asian
in start-up advertising in the country, Cup left Saudi Arabia as the only candidate to host the
according to forecasts by top media agen- continental championship.
cies GroupM, Dentsu and Interpublic
Group’s Magna.
India’s adex growth rate will also be
ahead of the global average of around 5-6
per cent pegged by these advertising net-
works for 2023. It will also surpass Brazil
to become the eighth-largest advertising
market in 2023, up from ninth position
ADEX GROWTH:
INDIA VERSUS GLOBE
TOP 10 ADVERTISING MARKETS IN 2022
(figures in $ bn)
For the cup of life, players
in 2022, led by a push in digital and tele-
vision advertising, they said.
The three agencies peg Indian adex
growth to be in the region of 14-16 per
(figures are forecasts, in %)
n India n Global average
15
Country
USA
China
305.0
137.8
2022 % growth*
7.1
-0.6
shoot beyond boundaries
14-16
cent in 2023, similar to the levels seen in Japan 48.7 7.0 DEBARGHYA SANYAL
2022. GroupM, for instance, said India
will close the current calendar year with
UK 46.7 8.9 New Delhi, 6 December
FREE KICK
a year-on-year advertising growth of Germany 32.7 5.0 The first week of the Fifa World Cup
15.8 per cent, with the total domestic 6.5 France 24.6 7.6 offered an unusual sight during a Group
advertising market size at $14.9 billion 5-6 G clash between Switzerland and Cam-
Canada 18.8 5.8
(~1.22 trillion). Dentsu and Magna eroon at the Al Janoub Stadium, Qatar:
Brazil 15.4 9.0
also peg India’s adex growth for 2022 at Swiss striker Breel Embolo scored against
15 per cent each. India 14.9 15.8 the country of his birth, handing his team
In 2023, GroupM said, India’s adver- Australia 14.5 10.9 the lead in the 48th minute, and the even-
tising market will accelerate to levels of 2022 2023 * Year-on-year growth (%) Source: GroupM/Magna/Dentsu tual victory in the game, but the 25-year-
about 16.8 per cent in terms of growth old striker refused to celebrate the occa-
rate, the most aggressive forecast of the sion and looked almost apologetic.
three agencies. Dentsu’s India head of aid domestic advertising,” said Kate Scott- the year,” he said. “Traditional advertisers Then there’s Timothy Weah, son of
research and consumer insights, Abheek Dawkins, global director, business intel- such as fast-moving consumer goods, Liberian president and football legend
Biswas, on the other hand, said that ligence, GroupM. banking and financial services, auto, tele- George Weah. President Weah is the only
India’s adex growth rate will continue to Leigh Terry, chief executive officer, com and e-commerce have stepped up African player to win the World, European
be in the 15 per cent range. Magna pegs Mediabrands (APAC), part of the advertising on digital. This has helped and African Footballer of the Year awards,
India’s 2023 adex growth at 14-14.5 per Interpublic Group, said that India and maintain digital’s pace of growth in terms as well as the Ballon d’Or, and is often co-
cent, ahead of China, whose adex growth Australia would lead advertising growth of domestic advertising,” Biswas said. nsidered one of the greatest African pla-
for 2023 is projected at 7 per cent as it is in the Asia-Pacific region in 2023. “The Both Dentsu and GroupM project dig- yers of the game. The son, Timothy, was Morocco’s Yassine Bounou saves a shot from Spain’s Gavi on to the bar in a
recovering from the sharp deceleration it Asia-Pacific ad market will expand by 6 ital advertising to be larger in size to tele- eligible to play for four countries and round of 16 match at Al Rayyan in Qatar on Tuesday REUTERS
saw in 2022 due to lockdowns and the per cent, which is higher than the global vision advertising at 45-48 per cent of the decided to go with the US, scoring a goal
Chinese government’s stringent zero- average of 5 per cent in 2023. This will be total domestic advertising market. TV in his World Cup debut match against Wa-
Covid policy. in line with the long-term growth project- advertising is expected to be in the region les. He became the first in eight years to Shaqiri, who opened the scoring for in 3 matches for England (two against
“India’s economic outlook appears to ed for the region, led by India and of 35-36 per cent in terms of size, they said. score a goal for the US in the World Cup. Switzerland in their 3-2 rout of Serbia and Iran, and one against Senegal).
be stronger relative to other markets with Australia,” he said. “Pure-play digital advertising in India As the ongoing World cup wrapped up thus became only the third footballer to Saka is not the only player of African
the IMF projecting a real GDP growth of Dentsu’s Biswas said that factors con- has been growing and will continue to one of the most entertaining group stages have scored in each of the past three descent playing for European, Latin
6.8 per cent in 2022, positioning it as one tributing to this growth remain digital rise above pre-pandemic levels in 2023,” in a long time, the success stories for World Cups after Cristiano Ronaldo and American, or Asian teams. While an
of the fastest-growing economies in the advertising, which has been growing at a Scott-Dawkins said. “Television advertis- many, if not most, teams were scripted Lionel Messi, was born in Yugoslavia. African team is yet to progress beyond
world. Fiscal policy drivers, such as pace of around 30-32 per cent per annum, ing, on the other hand, is expected to grow by migrant players. There’s a Frenchman in Die Manns- the quarterfinals, African football has
improved investments in digital infra- a trend that will stay in 2023 as well. 10.8 per cent in 2022 and will continue There’s Turkey-born Aziz Behich play- chaft; a German plays for the Welsh side; increasingly dominated the compositions
structure, a growing labour force, and “Digital advertising has been growing growing in double digits in 2023, driven ing for Australia, who made an astound- Wales is buoyed by English talent; while of national teams across the world.
becoming an attractive exporter, partly at a steady clip right through 2022 despite by strong growth in both traditional and ing effort at the goal in their match against England’s leading striker is of Nigerian
explain its strong growth. All of this will start-up advertising slowing down during connected TV in India,” she added. Argentina in the Super-16 tie. Xherdan descent. Bukayo Saka has scored 3 goals More on business-standard.com
QUICK TAKE: CASH FLOW FOCUS POSITIVE FOR GODREJ PROPERTIES “A stronger-than-expected US data has
The Smart 1 thrown an unexpected curve ball into the
Investor
1,400 Godrej Properties’ stock is up 15 per cent from markets. It’s likely that this
1,267.05 November lows. Dolat Capital believes that strong month’s expected 50-bp
1,300
micro-market selection, low land cost and higher rate hike could be followed by
MUMBAI | 1,343.75 1,200 economic share are key to improving cash flow and similar hikes early next year”
WEDNESDAY, 7 DECEMBER 2022 margin profile. Its new additions this year are ticking MICHAEL HEWSON
1,100 multiple boxes indicating a strategic shift to
Nov 1 Dec 6 Chief market analyst,
maximise cash flows versus topline alone, it adds CMC Markets UK
<
Sebi may soon introduce VALUATIONS NOW IN

‘HIGH OPTIMISM ZONE’
framework for ESG raters
Absence of standardisation slows ESG reform push; industry wants uniform assessment criteria
Illustration: Binay Sinha
KHUSHBOO TIWARI evidence on greenwashing to under-
Mumbai, 6 December stand the risks associated and to collect
examples of potential greenwashing
T
he Securities and Exchange practices.
Board of India (Sebi) could soon In June, Asia Securities Industry
issue a framework for environ- and Financial Markets Association’s
mental, social, and governance (ESG) Asset Management Group, a lobby With the one-year forward price-to-earnings
rating providers (ERPs) — third-party group for the world’s largest invest- (P/E) multiple for the benchmark Nifty going past EXPENSIVE TERRITORY
agencies that help determine ESG ment managers, issued a paper on 20, valuations are in a ‘high optimism zone’, says Expected one year returns from
compliance of listed companies. Investors’ ESG Expectations. ICICI Securities. Historically, the one-year returns benchmark indices fall as P/E
According to sources, the capital Recently, Sebi Chairperson for the markets have been tepid whenever ratio expands
markets regulator could place the pro- Madhabi Puri Buch highlighted the valuations have been in this zone, reveals a study Median 1-yr forward returns
posals around ERP regulations before need for an independent view specific by the brokerage. “The Nifty is entering the ‘high | Nifty | Midcap | Smallcap
its board at its next meeting scheduled to India, along with aligning with optimism zone’ as the one-year forward P/E
for later this month. global goals on ESG matters.
32
multiple touches 20 times implying that equities Less 45
In January, Sebi floated a consulta- The need for ESG standardisation currently have an ‘earnings yield’ of 5 per cent than 15x 52
tion paper on ERP regulation. Later in comes at a time when domestic mutual
versus about 7.2% for Government bonds. Going
March, the regulator extended funds (MFs) are seeing huge traction
by historical performance over the past two 15x to 18
the timeline for the submission of pub- in ESG-oriented schemes.
decades, the one-year forward average and 21
lic comments. The total assets under manage- 18x 23
median returns for the Nifty stand at 3 per cent
People in the know said the regu-
lator is readying a framework and
BRINGING CREDIBILITY TO ESG CLAIMS ment for these funds is around
~11,300 crore — a nearly threefold and 1 per cent, respectively, whenever it has
10
intends to introduce it later this month. | Sebi had proposed | Move to bring Sustainability jump since March 2020. traded in the 20x-22x P/E multiple range. This is 18x to 18
“ESG is an important reform area that only credibility to Report has become “Once companies start publishing against the 12 per cent expected annual return 22x 19
identified by Sebi, given the increasing accredited ERPs third-party scoring mandatory for the detailed data on ESG parameters, which Indian equities have produced over the
importance — both domestic and will be allowed to top 1,000 listed those numbers will be effective in long term (10-year rolling returns) since 1990,” 1
global. However, the lack of standard- | Currently, AMCs use detecting greenwashing. Over that say ICICI Securities strategists Vinod Karki and Niraj 20x to
give ESG ratings companies 2
isation around ESG scoring has slowed in-house research time frame, we may also have more Karnani in a note. However, over the past two 22x
-4
the reform push. The ERP framework | Accreditation norms to give ESG scores | ESG ratings and third-party agencies to audit these decades, the Nifty has still managed to deliver
will be a key step in that direction,” said may be discussed to companies auditing to prevent statistics,” said Amit Nigam, fund positive one-year returns on 66 per cent More
a regulatory source. in the upcoming | Business greenwashing is manager, Invesco MF. instances whenever the valuation range has -12
-22 than 22x
Sebi couldn’t be reached immedi- board meet Responsibility and on Sebi’s agenda Currently, fund houses take sup- been between 20x to 22x. BS REPORTER
ately for comment. port from credit rating agencies Source: ICICI Securities
In the discussion paper, Sebi pro- and research agencies to match their
posed that only Sebi-accredited ERPs “There are no common standards. Business Responsibility and ESG scores.
will be allowed to give ESG ratings. Companies are following Sustainability Report (BRSR) has “We have an in-house question-
Rally in PSU banks

Further, only credit rating agencies and different parameters of disclosure, but become mandatory for the top 1,000 naire which has several ESG ques-
research analysts will be eligible for comparability is a problem in listed companies. The data for the tions we answer. Based on the sector
such accreditation. The regulator has such cases. The International Financial ongoing financial year will be shared of the company, varying weights are
also laid down the criteria for accredi- Reporting Standards has been in the next financial year. Some firms assigned to each component — envi-
has more legs to run,

tation, which emphasise networth, requested to develop these. In two have already started giving such dis- ronment, social, and governance. The
knowledge, and technical know-how. areas, drafts have been drawn up, but closures voluntarily. Experts say there automotive sector, for instance, is
While most proposals in the discus- work is on for other areas. Unless are some gaps that need to be plugged given a higher weighting for the envi-
sion paper were received well by the there are uniform standards, the under the BRSR framework. ronment, compared to the financial
says Morgan Stanley

market, a key concern highlighted the existing framework has to be carried “Because of greenwashing, there sector. Based on the ESG score, we
lack of uniformity in the rating process, out. For auditing, we require is some scepticism about data. In may assign a premium or discount to
said people aware of the development. standards in place,” Pandey told BRSR, it is only asked if the claims the valuation,” said Jinesh Gopani,
For instance, the way different ERPs Business Standard on the sidelines of have been third-party validated or head of equities, Axis MF.
assign ratings to different parameters the conference. not. The credibility of the third-party A look at the past year’s returns
and their final scores are different. Industry players said a standardised scoring and the kind of data it is look- across the ESG thematic Brokerage raises targets for non-SBI PSBs by up to 50%
Most don’t follow a uniform assess- framework will boost ESG ing at for arriving at these scores are schemes offers a wide variation, indi-
ment criterion. compliance in India. still up in the air,” said one of the cating the difference in approach by SUNDAR SETHURAMAN
The issue around lack of standard- “Standardisation of data disclosures members of the advisory committee fund houses. Mumbai, 6 December BANK-ABLE
isation was also highlighted by Ajay will aid comparability across players, formed by Sebi on ESG. Nearly Nine fund houses offer
Bhushan Pandey, chairman, National enabling appropriate benchmarking of With this space evolving globally, ESG thematic schemes at present. The Nifty PSU Bank index
Financial Reporting Authority, at a ESG performance across entities in many see a better chance at identifying Over the past year, the best performer has gained over 60 per cent
recent Confederation of Indian arriving at the ratings,” said Rama greenwashing with data. Last month, gave over 25 per cent returns, while year-to-date (YTD), even as Price target (~) nOld nNew 715 715
Industry conference on financial Patel, director, CRISIL Ratings. three European supervisory the weaker performers eroded capital the Nifty50 has gained just 6
reporting and governance framework. Starting this financial year, authorities published a call for by 7-8 per cent. per cent. Morgan Stanley
believes the rally in state- 345
owned (SoE) banks has more 280
legs to run on.
195 220
IPO WRAP 95 125
Adani Power, Varun Beverages, “SoE banks have done
well, and we expect con-
40 60
Vaibhav Gems and ~900-1,000 crore ABB ripe for Nifty Next50 inclusion tinued strong performance
helped by higher margins,
Bank of
India
Bank of
Baroda
SBI PNB Canara
Bank
Concord Biotech Sula public offer Adani Power, Varun Beverages, ABB and Page Industries are likely to
sustained loan growth and
improving operating lever-
P/B (x)
receive Sebi approval likely on Dec 12 get added to the Nifty Next 50 index. Biocon, Gland Pharma, Mphasis
and Bandhan Bank, on the other hand, are seen getting excluded from
age over the next few years,”
the US-based brokerage has
FY23E
FY24E
0.6
0.5
0.9
8
1.3
1.2
0.6
0.5
0.8
0.7
Concord Biotech and jewellery brand Sula Vineyards’ IPO will hit the the index, according a note by Nuvama Alternative & Quantitative said in a note. Source: Morgan Stanley
Vaibhav Gems N' Jewellers have received markets on December 12 and close Research. The changes are likely at the March 2023 semi-annual rebal- It has raised price targets
capital markets regulator Sebi’s go-ahead by December 14, said people in the ancing of Nifty indices. Meanwhile, status quo is likely as far as the for SoE Banks by as much as Acceleration in capex we see the potential for
to raise funds through initial public know. The IPO size is expected to be mainstay Nifty 50 index is concerned. 50 per cent. spending is seen sustaining notably higher stock returns
offerings (IPOs).The two companies filed between ~900 crore and ~1,000 However, there could be an out of turn change to the Nifty index fol- The note said that over loan growth. in BoI and BoB due to much
their preliminary IPO papers with the capital crore. The issue will be entirely an lowing the merger of HDFC Bank and HDFC. “It is quite early to pinpoint the past two years, Indian “The capex cycle should, cheaper valuations. We have
markets regulator between August and offer for sale of nearly 27 million a stock that holds the strongest chance to replace HDFC on its merger banks have seen sharp mod- in turn, foster job creation, raised earnings estimates
September and obtained their observation shares belonging to promoters and ex-date. The merger’s completion by Q1FY24 and a few stocks currently eration in new non-perform- accelerate income growth, and valuation multiples for
letters during November 28-December 2, an private equity investors. Following in the race are Pidilite, LTI Mindtree, Ambuja Cement and Tata Power,” ing loan (NPL) formation. and drive more growth non-SBI SoE banks as we
update with the Securities and Exchange its IPO, Sula would join listed said Abhilash Pagaria of Nuvama. BS REPORTER And in recent quarters, this opportunities even in the expect continued strong
Board of India (Sebi) showed on Tuesday.In players in the alco-beverage has been followed by sharp retail/SME (small and cyclical tailwinds,” the
Sebi’s parlance, its observations imply its industry such as United Breweries improvement in margins, medium-sized enterprise) note said.
go-ahead to float initial share
sales.According to the draft papers, Concord
and Radico Khaitan. However, in
the wine segment, the firm will be
Promoter abrdn Investment to sell helped by a rising rate cycle —
higher rates, coupled with
segment. Against this back-
drop, we expect the credit
On SBI, the brokerage said
it has already priced in most
Biotech’s IPO is entirely an offer for sale of of
2,09,25,652 equity shares by Helix
the first major listed company.
Sula’s revenues are more than
entire 10.2% stake in HDFC AMC retail-funded balance sheets
and higher shares of repo-
cycle to remain benign,” the
note said.
of these benefits,
given a better balance sheet
Investment Holdings Pte, backed by private three times that of the second HDFC Asset Management Company (AMC), on Tuesday, said that pro- linked loans — have led to up- Morgan Stanley has raised and execution over the past
equity firm Quadria Capital.Concord is largest player in the industry. Sula moter abrdn Investment Management will sell its entire 10.2 per cent front margin expansion. the price targets of Canara two years.
among the leading manufacturers of has presence in 25 states and 6 stake in the company."The company is in receipt of letter from abrdn The brokerage expects Bank, Bank of Baroda, Shares of SBI are up 30
fermentation-based biopharmaceutical union territories with a large Investment Management, one of the promoters holding 10.21 per cent margins to expand further. Bank of India and Punjab per cent YTD and are cur-
APIs focused on niche segments, such as distribution network of close to 13K of the paid-up share capital of the company, intimating their intention “We expect loan growth to National Bank between 13 per rently trading around their
immunosuppressant, oncology, anti-fungal retail touchpoints in 2021. For the to sell the entire stake in the Company subject to applicable regulatory be sustained and credit costs cent and 49 per cent. lifetime highs. Meanwhile,
and anti-bacterial. It has three year ended FY22, the company had provisions," HDFC AMC said while informing the exchanges. After to remain benign over the “Although we think SBI shares of other state-owned
manufacturing facilities — Valthera, Dholka, recorded net profit of ~52 crore on a the stake sale, abrdn will cease to be a co-sponsor of HDFC MF, as in next few years,” the note (State Bank of India) remains banks are way below their
and Limbasi — in Gujarat. PTI topline of ~457 crore. BS REPORTER August, abrdn had divested 5.58 per cent stake in HDFC AMC for over said. the best state-owned bank, record levels.
~2,300 crore through an open market transaction. ABHISHEK KUMAR
THE COMPASS
Target prices show shine ahead for gold; experts see upside for financiers
DEVANGSHU DATTA Year (January 23), which may fuel cern. Banks have started aggressively households hold 27,000 tonnes of gold
greater demand. moving into the segment, and (14 per cent of global reserves) and
Global gold prices have rallied substan- As a result, gold prices are at four- so have new-age fintechs and other around 20 per cent is pledged. Only 35
tially as inflation has moderated. This month highs. Given a longer-term per- NBFCs. Banks have gained market per cent of loans are in the organised
seems counter-intuitive since the pre- spective, gold could remain a decent share from NBFCs and unorganised sector. If the pledged amount rises to
cious metal is a hedge against inflation. investment. Inflation is certainly not money lenders. 25 per cent, and the organised sector
But it’s tied to the way gold is priced in dead. The Fed may continue to hike In the near-term, enhanced compe- grabs another 10 per cent market share,
terms of the dollar. If the dollar is rates at a reduced rate and other central tition will lead to margin pressures: it becomes a huge opportunity. If this
strong, gold prices moderate. banks are also hawkish. interest rates will be competitive. In the happens over the next 5 years, it would
The dollar has strengthened What about the prospects for gold longer-term, investors could consider imply 13 per cent CAGR for the orga-
through the last year as the Federal non-banking financial companies a couple of things. nised gold loan market.
Reserve (Fed) tightened money supply (NBFCs) such as Manappuram Finance, One is that Indian households have The increase in penetration could
and raised policy rates to curb infla- IIFL and Muthoot Finance, which spe- shown a greater willingness to take on compensate via increased volumes
tion. As inflation shows some signs of cialise in lending against gold? debt in the recent past—gold loan even though yields and returns on
easing, investors are hoping that the There are multiple variables to con- assets under management (AUM) have equity should stabilise at lower levels.
Fed will be less hawkish. That would sider. Loans against gold see rise in vol- risen by 27 per cent CAGR (com- The listed gold NBFCs could
mean a softer dollar, which would lead umes when there is household pounded annual growth rate) in the last therefore see short-term pain com-
to higher gold prices. distress. That is easing off as the econ- defaults is bad for the lender. The high, and there are few defaults, thus three fiscals. The second factor is that bined to long-term gain.
Inflation remains at high levels, omy recovers. loan to value ratio is capped at 75 per allowing the lender to earn a high yield relatively little gold held by households One report values Manappuram at
which pushes up gold demand. There If there are defaults, the lender auc- cent by the Reserve Bank of India (RBI). without fear. has been pledged, and relatively little ~155, and IIFL at ~775, and Muthoot at
are also seasonal factors such, as tions collateral. The returns from this If the price of gold falls, NBFCs can The rate of interest is dependent on of the gold pledged, has been pledged ~1,500. There’s considerable
festive and marriage season buying in may or may not cover the loan plus get jittery. competition. This is one area where the to the organised sector. upside from current levels if those
India and the upcoming Chinese New interest. In practice, a high rate of Ideally, the price of gold remains traditional NBFCs have cause for con- One analysis estimates Indian targets are hit.
2 THE SMART INVESTOR
>
l
Earnings trajectory to remain Lock in rate of return for

robust for Timken India
Firm’s stock has surged 30% in a month; new plant expected to boost revenues
10 years with PMVVY
SCSS, which offers 80C benefit, allows you to lock in for 5 years
BINDISHA SARANG the option without-RoPP and
RAM PRASAD SAHU PMVVY FACT FILE stagger their annuity purchases
Mumbai, 6 December
GROWTH AHEAD Senior citizens have slightly over
three months left to subscribe to n A senior citizen should be of
(rates improve with age). Senior
citizens can lock into PMVVY at 60,
B
earings maker Timken India has been the Pradhan Mantri Vaya Vandana Indian origin and of age exit at 70, and buy without-RoPP
one of the big outperformers in the Yojana (PMVVY). This scheme, 60 years and above to annuity with it. SCSS is another
market during the past year with returns administered by the Life Insurance purchase PMVVY sovereign-backed scheme that
of 78 per cent. Corporation of India, is a n Maximum investment: offers 7.6 per cent. Its tenor is only
By comparison, the BSE 500 gained about government-backed pension five years (extendable by three
~15 lakh per individual
9 per cent, while the benchmark Sensex was scheme for senior citizens which years). Sachdeva says, “Investment
up 10 per cent over the same period. A signifi- provides an interest rate of 7.4 per n For FY23, senior citizens in SCSS up to ~1.5 lakh is eligible for
cant chunk of gains came in the past month cent per annum, payable monthly. can earn 7.4% interest, deduction under Section 80C of
when the stock surged 30 per cent. This assured rate of pension will be payable monthly the Income-Tax Act.” Interest
The recent gains are on the back of payable for the full term of 10 years n The initial investment, capped income from SCSS is also taxed at
multiple triggers. These include plans by the for all policies purchased until at ~15 lakh, is not eligible marginal slab rate.
company to set up a plant to make spherical March 31, 2023. for tax deduction Ranu adds, “These days some
and cylindrical roller bearings (SRB & CRB) in Mrin Agarwal, founder- corporate bonds and corporate
the country. director, Finsafe, says, “Seniors fixed deposits also offer monthly
The ~600-crore import substitution project
is expected to help expand the addressable 14.4 STOCK MOVEMENT (in ~) can use PMVVY to lock into returns
for the long term.” Adds Maneet
the 10-year tenor is allowed only in
the case of a critical ailment to self
payout options for long tenors like
10 years, but they carry credit risk.”
27.8
market and improve its profitability. This will 3,220 3,800 Pal Singh, partner, I.P. Pasricha & or spouse. Sanjeev Sachdeva,
enable it to tap into the SRB and CRB market
n Net sales (~ cr) 56.2 2,815 3,497.1 Co., “The scheme can protect partner, Luthra and Luthra Law Who should buy it?
valued at ~3,700 crore. Growth YoY (%) 2,203 senior citizens against a fall in Offices India, says that a loan can Agarwal says PMVVY should be
The company — through group entities — interest rates in the future.” be taken against it after three years. purchased only by people who can
is importing them and margins are low, given 3,068.0 3,400 The investment amount is hold onto it for the long term and
the trading nature of the business. Attractive, risk-free return capped at ~15 lakh per individual. will not require liquidity in the
Analysts Swarnim Maheshwari and Sushil FY22 FY23E FY24E This govt-guaranteed scheme Dhawan says, “The lack of an interim. The size of the retirement
Dhoot of Nuvama Research highlight that the carries zero default risk. The rate of inflation adjustment factor means corpus also matters. Telang says,
move imparts significant long-term visibility Operating profit (~ cr) 510 619 742 3,000 return is decent. Amar Ranu, head- the same value of money received “This is a good scheme for those
beyond 2024-25 (FY25), with the potential to Margin (%) 23.2 22.0 23.0 investment products & will support a who don’t have a resource crunch.
double its existing revenues. Net profit (~ cr) 327 423 510 advisory, Anand Rathi progressively lower It might not work for someone with
Considering an asset turnover of Shares & Stock Brokers, lifestyle over time.” ~35 lakh but it may for someone
3-4x, the investment could generate about Growth YoY (%) 128.5 29.6 20.4 2,600 says, “The assured rate of with a ~1 crore corpus.”
~1,800-2,400 crore of revenue beyond FY25. E: Estimates Source: JM Financial Sep 30,’22 Dec 6,’22 return of 7.4 per cent is Consider SCSS Singh says, “SCSS is a better
This would be about 80 per cent of the for the monthly option. Next, let us examine how option than PMVVY since it offers
estimated 2022-23 (FY23) revenues. and medical equipment exports. lion’s share of 90,000 wagon tenders by Indian This can go up to 7.66 per PMVVY compares with deduction under Section 80C.”
The plant is expected to be margin-accretive The other areas highlighted by the Railways, with additional volumes on account cent for the annual other major products for If you want the Section 80C
and could provide a 200-300-basis point (bp) brokerage’s Sandeep Tulsiyan and Gaurav of dedicated freight corridors and high-speed option. These are very senior citizens, like benefit, then exhaust your SCSS
margin expansion over the next few years, from
the present-day 18-19 per cent.
Uttrani are cyclical uptick in the commercial
vehicle segment.
rail rolling stock.
Exports, which account for a third of its
competitive rates.”
According to Vishal
YOUR immediate annuities
and Senior Citizen
limit and then opt for PMVVY.
Dhawan says, “It is ideal to use
The low-margin traded goods accounted for This comes as the sector gathers further sales, saw strong growth in the first half and Dhawan, board member, MONEY Savings Scheme (SCSS). PMVVY in combination with SCSS,
25-30 per cent of the revenue mix. Traded volume momentum and tenders for could decelerate, given the sluggish exports to Association of Annuities allow which is a shorter-tenor product,
goods have a 600-800 bps lower margin, com- railway wagons. key markets like Europe. Registered Investment investors to lock in the has quarterly payouts, and offers
pared to profitability from manufacturing it. The medium and heavy commercial vehicle JM Financial, which expects the company Advisors, “This product frees a rate of return for a lifetime. Ranu liquidity on principal.”
The move indicates strong support from segment saw robust growth of 75 per cent year- to deliver earnings growth of 24 per cent over person of reinvestment risk.” says, “Annuity schemes give Senior citizens falling in the 30
parent and robust demand conditions, said on-year (YoY) during the first half of the current 2021-22 through FY25, has a target price of payout rates of 5.95 per cent to per cent or higher tax bracket may
Nomura Research, which has a ‘buy’ rating financial year (FY23). From the current ~3,700 per share. Long lock-in, return taxable 6.12 per cent for the return of look for more tax-effective options.
with a target price of ~3,750 per share. monthly sales of 28,000 units, ordering levels The stock — at the current price of The interest income from PMVVY, purchase price (RoPP) option and Says Ranu, “One can opt for long
In addition to the current application for are expected to move up to the earlier peak of ~3,497 per share — is trading at 51x its however, is fully taxable. 6.19 per cent to 7.2 per cent for the maturity roll-down funds like the
SRB and CRB in mining, paper pulp, and wind, 40,000 units. 2023-24 earnings estimates. Mumbai-based certified without RoPP option.” Nippon India Nivesh Lakshya
JM Financial believes that the continued shift After a 60 per cent growth in wagon pro- Given the price run-up and premium val- financial planner (CFP) Kiran More people prefer the with- Fund. The net YTM post-expense
of production lines by the parent company duction in the first half of FY23, the wagon uations, compared to peers SKF India and Telang says, “The product comes RoPP option, whose returns are ratio is ~7 per cent.” Target
could open up new verticals. These could be ordering activity is expected to gather pace. Schaeffler India, investors should await better with a lock-in.” Premature lower. Investors who want a higher maturity funds are another
in defence and aerospace, food and beverages, JM Financial expects Timken to corner a entry points before considering the stock. withdrawal before completion of return from annuities may go for attractive option today.
l
MUMBAI | WEDNESDAY, 7 DECEMBER 2022 STOCKS 3 <
> OFSTOCK
IN THE > Easy Trip Planners > Kirloskar Ferrous Industries > Aditya Birla Capital
NEWS Top loser

among A-group
Hits new all-time
high at ~340
Snaps 7-day
winning THE DAY
stocks on BSE streak ITD Cementation India
~61.3 PREVIOUS CLOSE ~321.0 PREVIOUS CLOSE ~158.6 PREVIOUS CLOSE Hits new all-time high
~56.0 CLOSE ~332.5 CLOSE ~158.5 CLOSE at ~135, Surged more-
q 8.7% DOWN p 3.6% UP q 0.1% DOWN than-double this fiscal
NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
6 Dec ’22 Chg (%) Con Std 6 Dec ’22 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 4031.8 2.6 1.5 375.8 416.9 Infosys 1612.9 -1.6 6.9 29.7 30.6 price price (%) price price (%)
Adani Ports 896.5 0.4 0.8 36.9 - ITC 337.3 0.2 4.9 27.5 24.6 Union Bank 89.8 88.2 6.3 89.8 89.8 Easy Trip Plann 55.6 56.0 -8.7 45.0 30.7
MOST BULLISH MOST BEARISH
Apollo Hosp 4788.1 0.2 0.6 65.2 73.1 JSW Steel 746.8 -1.3 1.2 23.8 26.1 Adani Total Gas 3722.0 3696.5 2.9 3910.0 3910.0 Policy Bazar 455.0 457.6 -4.1 356.2 356.2
Asian Paints 3161.7 0.2 1.7 82.7 81.9 Vodafone Idea 8.1 8.1 1.2 Dr Lal PathLabs 2469.1 2486.1 -0.7 Renuka Sugar 62.5 61.3 2.9 68.7 68.7 Varun Bever 1294.4 1308.5 -3.6 963.4 545.3
Kotak Mah Bank 1935.3 -0.2 3.3 28.1 40.2
Axis Bank 904.7 0.6 3.0 19.7 16.2 Oberoi Relty 953.9 944.3 1.0 IRCTC 712.1 716.5 -0.6 Adani Enter 4057.4 4031.0 2.6 4098.1 4098.1 LTIMind 4802.0 4816.2 -3.2 4260.0 3733.3
L&T 2093.5 0.4 3.5 30.6 38.7
GNFC 602.3 596.6 0.9 Cummins (I) 1445.6 1449.1 -0.2 Shriram TrFn 1339.0 1325.2 2.3 1390.7 1531.5 Cochin Ship 639.5 641.8 -3.2 370.2 281.0
Bajaj Auto 3694.8 1.0 0.6 18.3 19.8 Mah & Mah 1263.1 0.3 1.5 23.9 25.5 Bharat Elctn 106.7 105.7 0.9 Shriram TrFn 1323.9 1326.6 -0.2 Guj Petronet 276.0 267.1 2.2 283.4 332.5 Persistent S 4126.0 4135.2 -3.0 3091.7 3091.7
Bajaj Fin 6698.6 0.6 2.1 57.7 44.9 Maruti Suzuki 8717.4 -0.8 1.3 67.9 44.4 Firstsource 113.2 112.2 0.9 L&T Tech Ser 4212.2 4218.1 -0.1 TVS Motor 1045.3 1039.7 2.2 1177.0 1177.0 BPCL 328.2 328.6 -2.9 288.2 288.2
Bajaj Finsrv 1635.3 0.1 1.2 47.6 288.3 Nestle India 19911.1 0.8 0.8 - 88.7
Bharti Airtel 833.4 -1.3 2.4 70.4 - Adani Trans 2784.0 2772.0 2.1 4238.6 4238.6 Honeywell A 41058.2 41172.8 -2.7 37463.0 30162.0
NTPC 175.2 0.0 1.0 10.2 10.1
BPCL 328.6 -2.9 0.4 6.1 - BSE NSE Tata Power 230.3 228.7 2.0 251.0 298.0 HPCL 223.4 224.1 -2.6 200.0 200.0
Britannia 4424.4 0.5 0.6 67.4 67.3
ONGC 142.5 -0.9 0.9 3.9 3.9 Index Stock Index Stock PUT-CALL RATIO LIC Hsg Fin 409.4 408.8 1.5 443.5 443.5 Coforge 4048.4 4080.4 -2.5 3210.0 3210.0
Power Grid 223.5 0.7 0.9 9.3 10.3 Ambuja Cem 585.4 581.4 1.5 593.8 593.8 Samvardhana Mot 73.3 73.6 -2.5 61.9 61.9
Cipla 1109.6 -0.5 0.7 34.9 31.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2690.2 0.3 10.9 27.4 42.1 Bank of Baroda 176.1 174.5 1.4 176.1 176.1 Tata Steel 112.3 112.9 -2.5 95.0 82.7
Coal India 231.7 0.2 0.6 5.5 11.6 Contracts - - 229443 658090
SBI 609.0 -1.4 2.8 13.2 14.7 Market 1717.7 2746.7 0.6 Bandhan Bank 245.4 244.4 1.4 314.8 349.5 SAIL 85.4 86.0 -2.4 73.3 63.6
Divis Lab 3355.9 -0.4 0.5 30.1 30.0 Open Int.(000) - - 16047 4962571
SBI Life Ins 1285.1 0.0 0.7 - 76.7 HUL 2660.0 2654.1 1.3 2733.0 2733.0 Hindalco 467.3 469.9 -2.4 358.8 309.0
Dr Reddys 4374.2 -2.3 0.6 23.4 30.6 Shares(In Mn) - - 9.3 1404.2 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1033.6 -0.6 1.3 60.4 170.5 Polycab India 2740.0 2706.4 1.3 2853.5 2853.5 Glenmark 424.0 425.4 -2.4 363.8 348.9
Eicher Motor 3299.7 -1.3 0.5 38.7 41.6 Value(~ crore) - - 22772 47830
Tata Consumer P 797.7 -0.4 0.6 69.5 86.6 Max Fin Sre 1.1 Honeywell A 0.2
Grasim Ind 1826.1 0.5 0.8 15.9 35.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 427.1 -0.4 0.9 - 1227.3 Aditya Birla 1.1 Abbott India 0.3
HCL Techno 1121.0 -0.9 1.4 22.0 27.5 Contracts - - 146117964 2530006
Tata Steel 113.0 -2.5 1.1 4.8 5.7 Ipca Labs 1.1 IndiaMART Int 0.3
HDFC 2684.1 0.3 5.7 21.6 32.4
HDFC Bank 1611.2 -0.1 8.3 23.6 22.3 TCS 3385.4 -1.2 4.0 31.3 32.3
Open Int.(000)
Shares(In Mn)
-
-
-
-
413469
5616.0
4050909
4489.9
Lupin 1.0 Bosch 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1088.8 -1.0 0.8 20.0 24.0 Britannia 1.0 Intell Des Aren 0.3
HDFC Std Life 586.8 -0.4 0.7 95.0 95.3 Value(~ crore) - - 13277377 191855 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2798.8 -1.0 0.4 24.1 21.1 Titan Company 2617.0 0.1 1.3 106.9 74.3 BSE+NSE BSE+NSE
UltraTech 7242.1 0.6 1.0 31.4 32.9 1 Reliance Ind 1818722.1 BS200 DOWN 7 DAYS
Hindalco 470.0 -2.3 0.8 7.7 21.2 (~ crore) (Mn shrs)
HUL 2654.6 1.3 2.8 70.2 65.8 UPL 787.9 -1.9 0.5 14.8 37.5 ACTIVE CALLS ACTIVE PUTS ICICI Bank 1697.0 18.4
2
3
TCS
HDFC Bank
1238367.5
898807.2 UP 3 DAYS Niesspk -52.0
ICICI Bank 922.7 -1.2 7.6 25.6 23.3 Wipro 411.4 -0.2 0.7 20.0 18.1 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Union Bank 8.2 Alstone -30.1
PNB 1323.9 235.9 4 Infosys 678700.2
IndusInd Bank 1184.1 -1.0 0.9 - 15.5 Nifty 50 18642.8 â-0.3 100.0 24.7 27.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Enter 1226.0 3.1 5 ICICI Bank 642932.5 L&T Finance Hol 6.3 Kakatiya Tex -30.0
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 623607.3 Tube Inv of Ind 5.2 Svarnim Trade -26.2
Reliance Ind 1118.3 4.2
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
06/12/22
06/12/22
19250
19300
376.7
293.2
6.1
4.0
1425.9
192.0
Nifty Finance
Nifty
06/12/22
08/12/22
19200
18600
399.5
206.6
3.3 158.3
7.6 62.0
HDFC Bank 1014.2 6.3
7
8
SBI
HDFC
543508.1
488847.9
PNB
Bandhan Bank
4.2
3.7
Deccan Bear -22.3
SENSEX 26.0/28.5 6.1 145 15 15 10.4 SBI 815.4 13.3 J J Finance -22.0
Asian Paints 3160.4 0.1 2.0 82.7 81.9 Mah & Mah 1263.1 0.4 1.7 23.9 25.5 Nifty Finance 06/12/22 19200 227.4 1.1 149.2 Nifty Finance 06/12/22 19150 192.4 2.1 97.1 9 Bharti Airtel 463529.2 Indiabulls Hous 3.6
Axis Bank 904.6 0.6 3.4 19.7 16.2 NIFTY 50 24.7/27.6 217.8 4097 23 27 10.2 Infosys 804.2 5.0 Ashapuri Gold -20.8
Maruti Suzuki 8715.7 -0.9 1.6 67.9 44.4 C = CONSOLIDATED; S = STANDALONE Nifty 08/12/22 18600 136.9 3.9 115.1 Nifty Finance 06/12/22 19250 180.2 0.9 27.9 10 Adani Enter 459534.0 Delta Corp 3.5
Bajaj Fin 6696.1 0.5 2.4 57.7 44.9 Nestle India 19910.8 0.8 1.0 - 88.7 Nifty 08/12/22 18700 133.9 7.3 -0.6 Nifty Finance 06/12/22 19100 142.2 2.0 39.8 Bank of Baroda 733.0 41.9 UP 3 DAYS
11 ITC 418599.4 DOWN
Bajaj Finsrv 1635.3 0.1 1.4 47.6 288.3 NTPC 175.3 0.2 1.1 10.2 10.1 CASH DERIVATIVES Stock Stock HDFC 700.4 2.6 12 LIC India 412231.9 SBEC Sugar 63.2
TURNOVER BSE NSE BSE NSE
Easy Trip Plann -16.1
Bharti Airtel 833.2 -1.3 2.8 70.3 - Power Grid 223.5 0.7 1.0 9.3 10.3 PNB 29/12/22 60 213.2 32.7 125.8 PNB 29/12/22 50 87.3 14.5 35.8 Bank of India 630.1 68.6 13á Adani Total Gas 406541.1 Pun Sind Bnk 36.4
HPCL -5.2
Dr Reddys 4374.0 -2.4 0.7 23.4 30.6 Reliance Ind 2688.3 0.2 12.7 27.4 42.0 VALUE(IN ~ CRORE) 3896 50699 -13539834 PNB 29/12/22 56 84.8 19.7 67.4 Vodafone Idea 29/12/22 8 58.1 51.9 2.6 14â Bajaj Fin 405412.3 Nalin Lease Fin 28.5
Tata Steel 605.5 53.4 Biocon -4.3
HCL Techno 1120.9 -0.9 1.6 22.0 27.5 SHARES(IN MN) 629.4 3438.0 - 11519.5 PNB 29/12/22 57 83.7 18.8 62.9 PNB 29/12/22 52 48.2 6.4 36.6 15 Kotak Mah Bank 384266.1
SBI 609.0 -1.3 3.2 13.2 14.7 Bajaj Fin 586.7 0.9 Cochin Ship -4.2 Skipper 28.2
HDFC 2683.3 0.3 6.7 21.6 32.4 TRADES(000) 2510 18010 - 52470 PNB 29/12/22 61 83.4 17.9 69.9 PNB 29/12/22 55 37.1 11.4 126.7 16 Adani Green En 326745.8
Sun Pharma 1033.3 -0.4 1.5 60.4 170.5 Union Bank 553.3 63.5 Tata Elxsi -2.7 Raclgear 27.2
HDFC Bank 1612.0 0.0 9.7 23.6 22.4 PNB 29/12/22 55 61.6 23.6 23.6 PNB 29/12/22 53 35.0 6.9 104.2 17á Adani Trans 309208.3
Tata Steel 112.9 -2.5 1.2 4.8 5.7 Maruti Suzuki 496.9 0.6 Maruti Suzuki -2.7 Pharmaids 24.0
HUL 2654.1 1.3 3.3 70.2 65.8 MARKET-CAP (~ CR) TRADED TOTAL 18â HCL Techno 304159.5
ICICI Bank 921.8 -1.3 8.8 25.6 23.2 TCS 3384.4 -1.2 4.7 31.3 32.2 TCS -2.6
Axis Bank 493.6 5.5 19â Asian Paints 303145.6 Samsrita Labs 23.1
Tech Mahindra 1088.7 -1.0 0.9 20.0 24.0 BSE 29,037,274 29,255,488 Others
IndusInd Bank 1184.1 -0.9 1.1 - 15.5
Infosys 1612.9 -1.7 8.1 29.7 30.6 Titan Company 2616.5 0.0 1.5 106.9 74.3 NSE 28,743,926 28,881,205 SPURT IN VOLUMES Bharti Airtel
Tata Power
484.3
474.7
5.8
20.8
20
21
L&T
Axis Bank
294259.2
278078.6 UP 7 DAYS
DOWN 3 DAYS
Achyut Healthca -23.3
UltraTech 7245.6 0.7 1.1 31.4 32.9 DERIVATIVES 20,585,582 20,642,227
ITC 337.3 0.2 5.7 27.5 24.6 Company Days 2-week Avg Change Close *Price 22 Maruti Suzuki 263283.9 Sadbhav Engg 57.3
IDBI Bank 463.0 80.5 Technopack -17.3
Kotak Mah Bank 1935.1 -0.2 3.9 28.1 40.2 Wipro 411.2 -0.3 0.8 20.0 18.1 Volume Volume % price %chg 23 Avenue Supermar 263269.9 Kaycee Ind 54.4
L&T 2093.9 0.4 4.0 30.6 38.8 BSE SENSEX 62626.4 â-0.3 100.0 26.0 28.5 TRADING ACTIVITY Dhunseri Tea 643091.0 11881.5 5312.6 265.8 19.8
Canara Bank
Adani Ports
457.1
443.9
14.2
5.0
24 Bajaj Finsrv 260462.6 Orient Bev 47.3
KRL -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 247907.7 Nxt Digital 47.2 Confidence Futu -14.2
Kaushalya I 3276662.0 77465.0 4129.9 6.8 19.9 Varun Bever 438.0 3.3
Equity Debt Equity Debt 26 Titan Company 232292.9 West Leisure 40.7 Welterman I. -14.2
Net Net Net Net Univastu India 1747093.0 44773.6 3802.1 94.6 20.0 HUL 413.1 1.6 27 Wipro 225596.7 Davangere sugar -14.2
WORLD INDICES On 05 Dec -894 148 - - Craftsman Auto 1238109.0 49850.5 2383.6 3274.0 0.2 TCS 411.8 1.2 28 UltraTech 209164.5
Evans Electric
Rhetan TMT
40.7
40.6 APIL -14.2
On 02 Dec 374 888 - - Puravankara 5385297.0 218905.3 2360.1 109.1 12.6 Craftsman Auto 396.5 1.2 29 Adani Ports 193646.6
Indices Close % Chg* Indices Close % Chg*
On 01 Dec -1475 66 - - Jagsonpal P 524877.0 28654.5 1731.7 366.3 9.3 30 Nestle India 191979.5 (T+2) cycleStocks which rose/fell continuously
IRFC 390.1 119.0
Americas (Dec 05,22) Asia/Pacific (Dec 06,22) On 30 Nov 8913 328 - - Aptus Value Hou 1969884.0 121694.3 1518.7 306.7 -2.0
S&P/ TSX Composite 20242.3 -1.2 Shanghai Se Comp 3212.5 0.0 On 29 Nov 1279 62 - - SMC Gobal 813017.0 57432.5 1315.6 81.3 1.8
Dec till date -1995 1103 - - GG Eng 38492809.0 3099545.5 1141.9 1.9 4.3
Dow Jones
Nasdaq Composite
33947.1
11239.9
-1.4
-1.9
Kuala Lumpur Comp
Straits Times
1471.6
3252.4
-
-0.5 2022 till date -125885 -14136 173636 -32332 Mah.Ras.Apex 196571.0 15882.0 1137.7 134.3 -5.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 05,22) Stock Exchange of Thai 1633.0 -0.5 Group other mode or Results of the proposal of ing the share-
DAX 14429.7 -0.1 Kospi 2393.2 -1.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company
Purpose
combination
thereof and/ or
Company for
the Quarter
buyback of
equity shares
holders eligible
for payment of
CAC 40 6684.7 -0.2 Jakarta Composite 6892.6 -1.4 Company Price Company Price Company Price Company Price through issue and Six Months by the Com- special Interim
(~crore) Index Stock Index Index Stock
FTSE 100 7552.1 -0.2 Taiwan Taiex 14728.9 -1.7 NET Net Fut OI Opt OI OI DECEMBER 07 of Debenture ended on 30th pany & the Dividend if de-
HIGH *Bimetal Bear . . . . . . . 479.5 *Orient Bev . . . . . . . . . 207.3 LOW
IBEX 35 8337.0 -0.4 Volatility (Dec 05,22) Acemen: To or such other September matter neces- clared by the
On 05 Dec 2506 -872 0.2 1.9 2.1 BS 200 *Kotakbketf . . . . . . . . 444.0 *Arrow green . . . . . . . 206.2 BS 200
Asia/Pacific (Dec 06,22) CBOE Dow Jones 19.9 6.2 consider and securities as 2022. sary and inci- Board.
On 02 Dec -5027 -2088 0.2 1.7 2.1 *Britannia . . . . . . . . . 4451.5 *Monarch Net . . . . . . 419.0 *Bheema Cements . . . 190.0 NONE approve 1. No- may be per- Century Ext: dental thereto. Quint Digital:
Nikkei 225 27885.9 0.2 CBOE S&P 500 20.8 0.1 On 01 Dec 7563 688 0.2 1.4 2.1 *HAL . . . . . . . . . . . . 2812.8 *Gravita I . . . . . . . . . . . 400.0 *Panorama Studio . . . 184.0 Others tice for Calling mitted includ- Meeting of the Lumax Ind: To To consider
Hang Seng 19441.2 -0.4 * Change over previous close On 30 Nov 3584 883 0.2 2.0 2.1 *Cummins (I) . . . . . . . 1455.0 *Ponni Sugar . . . . . . . . 384.6 *Sky Gold . . . . . . . . . . . 170.8 Mac Charles . . . . . . . . . 412.0 42nd Annual ing preference Board of Direc- consider and and approve
On 29 Nov -4988 -415 0.2 1.9 2.1 *Bank of Baroda . . . . . 176.1 *Tiger Logistic . . . . . . . 384.4 *Welspun Ent . . . . . . . 167.5 Synergy Green . . . . . . . 125.3 General Meet- shares capital tors of the approve the consider and
*Aditya Birla . . . . . . . . . 161.3 Shervani Ind . . . . . . . . . 384.0 *JETK India . . . . . . . . . . 163.8
MAJOR INDICES Dec till date
2022 till date
5042
584298
-2273
18491
-
-
-
-
-
- L&T Finance Hol . . . . . . . 95.0 Kalyani Stl . . . . . . . . . . 369.6 Career Point . . . . . . . . . 162.8
Kanpur Plast . . . . . . . . . . 88.0
Nakoda Group . . . . . . . . 85.0
ing of the Com- under applica-
pany for the ble laws sub-
Company to
discuss on
proposal for
setting up of
approve the
terms and con-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Union Bank . . . . . . . . . . 89.8 *Evans Electric . . . . . . 340.5 *Karna Fin . . . . . . . . . . 156.4 Transgl.Food . . . . . . . . . 61.4 Financial Year ject to strategic busi- the Companys ditions of the
*PNB . . . . . . . . . . . . . . . . 57.4 *Kirl Ferro . . . . . . . . . . . 339.8 *Mah.Ras.Apex . . . . . . 148.4 ended on 31st necessary ap- ness decisions new manufac- rights issue in-
ASRL . . . . . . . . . . . . . . . 56.9
S&P BSE Sensex 62,834.6 62,395.6 62,677.8 62,390.1 62,626.4 -208.2 -0.3 Others *Ramky Infra . . . . . . . . 336.2 *Skm Egg Prod . . . . . . . 140.0 March 2022. 2. provals/ per- and perform- turing unit in cluding deter-
Wanbury . . . . . . . . . . . . 48.5
*Kaycee Ind . . . . . . . . 8136.0 *JTL Industries . . . . . . 324.9 *KBS India . . . . . . . . . . 135.8 To increase in missions if ance review as Chakan Pune mination of the
S&P BSE Sensex 50 19,676.7 19,551.5 19,629.9 19,550.4 19,614.3 -62.3 -0.3 S&P BSE SECTORAL INDICES *Bengal Assm . . . . . . 4018.0 Techno Electric . . . . . . 324.3 *ITD Cemnt . . . . . . . . . 135.5
SWIL . . . . . . . . . . . . . . . . 43.8
Equippp Social . . . . . . . 36.2
Authorized required. 4. To on 30.11.2022. (Maharashtra) price, record
*Ion Exchange . . . . . . 2982.6 *Sanghvi Mov . . . . . . . 324.0 *IFL Enterprises . . . . . 133.9 Capital of the consider the Deccan Health: and funding date etc. for the second Board of Direc- consider and approve 1. Re- to the Letter of
S&P BSE-100 19,045.2 18,938.2 19,004.2 18,936.9 18,990.7 -54.4 -0.3 Prev cls Close % Chng S&S Power Sw . . . . . . . . 20.0
*Power Mech Pro . . . 2384.3 *Rhetan TMT . . . . . . . . 314.0 *RCF . . . . . . . . . . . . . . . 132.1 Company to change in the to consider and options. Ramchandra quarter ended tors of the Com- approve Intima- garding call of Offer dated
S&P BSE-200 8,115.3 8,072.7 8,098.5 8,071.8 8,092.8 -22.5 -0.3 Auto 29,884.3 29,824.6 -0.2 *Indian Bank . . . . . . . . 294.4 *Bansw Syntex . . . . . . 131.3 *AJIL . . . . . . . . . . . . . . . . 18.2 meet the remain object of approve 1. Narmada Gelt: Leas: To con- September 30 pany to tion of Board First and Final 17th August,
*Fredun Pharma . . . . 1399.0
Bankex 49,404.5 49,190.4 -0.4 *CG Power . . . . . . . . . . 287.0 *Pankaj Piyus . . . . . . . 130.9 *Datiware Ma . . . . . . . 13.3 quirement of the company. Migration to To consider sider and ap- 2022. consider and Meeting for the call money on 2022 and inci-
S&P BSE-500 25,433.6 25,308.6 25,387.9 25,301.9 25,362.5 -71.1 -0.3 *Bbetf0432 . . . . . . . . 1035.0
Cons. Durables 41,469.8 41,247.3 -0.5 *Apollo Micro Sy . . . . . 285.0 *RCAN . . . . . . . . . . . . . . 129.3 Fundviser Capit . . . . . . . . 9.2 raising of 5. Any other the main board and approve 1. prove approve FINAN- Approval of 23,69,79,000 dental matters
*Prudent Corpora . . . 1000.0
S&P BSE IPO 8,967.2 8,937.3 9,002.9 8,936.3 8,976.9 9.7 0.1 Rahul Merch. . . . . . . . . . . 6.7 funds. 3. To business with of Bombay Approval of Appointment DECEMBER 08 CIAL RESULTS Draft Scheme partly paid up thereto. 2. Fix-
Cap. Goods 34,153.3 34,168.1 0.0 *Ganesh Ecosp . . . . . . 947.2 *Brady & Morr . . . . . . . 278.0 *Olympia Inds . . . . . . . 115.4
*Tavemier Res . . . . . . . . . 6.2 consider the the permission Stock Ex- special Interim of Ms. Rachna Capfin India: FOR THE of Arrange- equity shares of ing of the
FMCG 16,432.3 16,485.7 0.3 *Bharat Agri Fer . . . . . 898.9 *Fluidomat . . . . . . . . . . 261.9 *Bharat Seats . . . . . . . 114.3
S&P Dollex-30 6,308.4 - - - 6,225.5 -82.9 -1.3 *Ozone World . . . . . . . . . . 6.0 proposal of of the Chair. change and re- Dividend if any Jajoo as the Meeting of the QUARTER AND ment. face value of record date for
Healthcare 23,813.9 23,696.6 -0.5 *Hi-Tech Pipes . . . . . . . 890.1 *HBEL . . . . . . . . . . . . . . 261.6 *Munoth Fin . . . . . . . . . 101.7
raising of fund Bombay Rayon: lated matters on the equity Company Sec- Board of Direc- HALF YEAR DECEMBER 09 Rs. 2.00/- each ascertaining eli-
Nifty 50 18,701.1 18,600.7 18,654.9 18,577.9 18,642.8 -58.3 -0.3 Infra 307.3 309.0 0.6 *Westlife Food . . . . . . . 815.3 *Mufin Green Fin . . . . . 260.9 *Ugar Sugar . . . . . . . . . . 99.0 *Innovative Idea . . . . . . . 4.0
by way of issue To consider, thereto; 2. Any share capital of retary of the tors of the Com- ENDED Arihant Sec: (50 paisa paid gible share-
IT 30,892.0 30,470.8 -1.4 *Raclgear . . . . . . . . . 811.0 *Jyothy Labs . . . . . . . . 215.9 *AKI India . . . . . . . . . . . . 99.0 Cinerad Comm . . . . . . . . . 3.8
Nifty next50 43,845.3 43,781.2 43,915.7 43,709.6 43,806.2 -39.1 -0.1 of equity approve and other business the company Company. panyregarding 30.09.2022 Meeting of up) which were holders to
Metal 21,211.7 20,855.6 -1.7 *West Leisure . . . . . . . 801.6 *Titagrh Wgns . . . . . . . 213.9 *Cochin Malaber . . . . . . 97.0 Abhishek Infra . . . . . . . . . 2.7 shares through take on record with the per- for the finan- Take Solut: To duplicate issue Yash Innoven- Board of Direc- issued and al- whom call
Nifty 500 15,967.2 15,904.1 15,936.7 15,881.6 15,922.9 -44.4 -0.3 Oil & Gas 20,478.2 20,473.1 0.0 *SAR Auto Pr . . . . . . . . 775.0 *India Gelat . . . . . . . . . 211.6 *LEHIL . . . . . . . . . . . 96.9 *Shree Gan Bio . . . . . . . . 1.6 FPO/ Rights the Standalone mission of the cial year 2022- consider and of shares certif- tur: Meeting of tors of the com- lotted on 15th letters shall be
Power 4,611.0 4,653.7 0.9 *Lerthai Financ . . . . . . 688.4 *NINtec Sys . . . . . . . . . 211.2 Bank of India . . . . . . . . . 94.9 *Future Consumer . . . . . 1.6 issue/ QIP/ and Consoli- chair. 23. 2. Fixation approve the icates. the Board of Di- pany September, dispatched. 3.
India VIX 13.7 13.7 14.3 12.2 14.0 0.3 2.3 *JK Tyre Ind . . . . . . . . . 209.0 *Jupiter Wa . . . . . . . . . 91.8 11Mpd . . . . . . . . . . . . . 1.5
PSU 10,176.0 10,121.1 -0.5 *Waaree Renewabl . . . 551.0 Preferential dated Un-Au- Freshtrop Fr: of record date Unaudited Fi- Mfsintrcrp: rectors of the KCL Infra Pro: 2022 on right Approval of Call
Nifty CPSE 2,896.0 2,894.1 2,896.3 2,869.8 2,891.3 -4.7 -0.2 Realty 3,717.8 3,690.7 -0.7 m m w w issue or any dited Financial To consider the for ascertain- nancial results Meeting of the Company to To consider and basis pursuant Money Notice.
> 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
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 (675.0) (674.8) (2976.4) (2975.6)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 676.2 677.6 2974.0 2975.0
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 676.9 677.9 2993.4 2994.9
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 664.0 664.1 2937.8 2936.7
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 669.9 669.7 2944.4 2944.1
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 47442 473K 8373 238K
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 19.2 19.2 69.4 69.4
company name is followed by shares traded, and also the 52 Wk H/L 1119/642 1118/642 3446/1945 3446/1945
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 24282 24275 62391 62385
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.
BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani Green En Adani PortsH Adani Wilmar« m H m « m mH H < « « « « m
(20058.3) (20059.4) (2621.3) (2621.1) (3929.6) (3930.4) (2042.4) (2042.1) (893.0) (893.2) (639.8) (639.7)
O 20101.1 20054.0 2615.0 2610.0 3915.0 3920.0 2040.0 2042.0 893.0 893.8 638.0 639.0 O O
20321.9 20325.0 2655.0 2656.9 4057.4 4057.0 2078.4 2077.8 902.4 902.3 660.7 661.0
w 20013.2 20003.0 2607.1 2608.1 3912.5 3909.0 2023.3 2024.5 886.2 886.0 637.8 636.4 w w
20207.7 20196.2 2620.3 2621.2 4031.0 4031.8 2062.8 2063.3 896.5 896.5 647.8 648.2
241 9908 28223 599K 92271 2963K 52910 594K 119K 4836K 359K 2736K K K K K K K K K K K K K K
48.7 48.7 60.2 60.2 375.7 375.8 - - 36.9 36.9 - -
W 20895/15525 20901/15514 2785/1901 2785/1900 4098/1530 4096/1529 3048/1283 3050/1295 988/652 988/652 878/221 878/227 W W
M 42941 42917 49207 49223 459534 459625 326746 326833 193647 193647 84188 84240 M M
Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch
(466.0) (465.9) (899.3) (899.2) (3659.8) (3659.9) (6661.0) (6660.5) (1634.0) (1634.2) (2063.7) (2064.3) (383.1) (383.1) (241.0) (240.9) (172.0) (171.9) (1736.1) (1735.1) (622.0) (622.2) (107.4) (107.4) (847.7) (847.5) (843.9) (844.1) (87.7) (87.7) (279.0) (279.5) (329.5) (329.5) (17210.9) (17198.7)
O 465.1 466.2 896.1 897.5 3659.8 3652.0 6665.0 6674.4 1625.1 1630.0 2054.7 2060.1 O 383.0 383.0 241.0 241.0 172.5 172.9 1733.0 1730.0 622.0 622.0 107.5 107.3 O 839.1 840.8 845.0 844.9 87.5 87.4 280.0 279.4 327.0 326.0 17150.1 17185.0
466.6 467.6 906.0 906.9 3698.9 3699.8 6737.4 6735.0 1646.4 1646.9 2067.5 2067.4 385.7 385.8 245.4 245.5 176.1 176.2 1733.3 1737.7 623.6 623.7 108.5 108.4 845.9 845.8 845.5 845.0 88.8 88.8 280.3 280.4 327.8 329.0 17336.2 17329.0
w 462.1 462.5 895.9 895.7 3641.1 3642.1 6632.2 6632.0 1625.1 1628.0 2033.0 2032.3 w 379.4 379.3 240.1 240.3 172.5 172.4 1713.0 1712.0 615.1 615.0 105.5 105.5 w 833.6 834.3 829.8 829.7 86.9 86.9 272.7 272.3 320.6 320.7 17142.0 17123.9
465.7 465.8 904.6 904.7 3691.5 3694.8 6696.1 6698.6 1635.3 1635.3 2064.4 2063.8 380.5 380.9 244.4 244.5 174.5 174.4 1715.0 1714.4 618.7 618.5 105.7 105.7 842.0 841.1 833.2 833.4 88.0 88.0 273.3 273.7 323.6 323.7 17279.0 17286.3
69178 893K 126K 5351K 7996 252K 35071 841K 23951 1177K 4295 296K 71499 1272K 811K 8890K 2007K 39901K 6962 143K 8088 357K 425K 13880K 24732 1357K 234K 5567K 2463K 30697K 1626K 2384K 205K 2359K 799 30608
12.9 12.9 16.2 16.2 18.3 18.3 44.9 44.9 47.6 47.6 28.0 28.0 22.8 22.8 10.2 10.2 9.5 9.5 72.1 72.1 70.9 70.8 27.9 27.9 35.3 35.2 70.3 70.4 41.3 41.3 53.2 53.3 18.3 18.3 39.4 39.5
W 742/455 742/455 920/618 920/618 4130/3028 4132/3027 8044/5236 8045/5220 1862/1078 1862/1073 2537/1682 2537/1691 W 526/300 526/299 350/209 350/210 176/77 176/77 2121/1608 2122/1607 799/544 799/544 228/96 228/96 W 896/596 897/595 877/629 861/629 91/41 92/41 411/258 411/258 586/262 586/261 18300/12940 18225/12932
M 27285 27291 278079 278094 106819 106916 405412 405564 260463 260463 39904 39892 M 7761 7769 39369 39377 90214 90188 22041 22033 60089 60075 77265 77265 M 39201 39162 463529 463613 30642 30642 32812 32860 8844 8847 50956 50977
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
(338.4) (338.4) (4403.3) (4403.4) (563.2) (563.5) (322.5) (322.5) (370.2) (370.0) (309.4) (309.5) (737.5) (737.7) (1115.5) (1115.3) (195.7) (195.6) (231.3) (231.3) (4186.9) (4191.8) (1597.7) (1598.3) (776.5) (776.0) (921.4) (921.0) (1443.7) (1445.0) (587.0) (587.1) (1881.3) (1885.5) (2255.9) (2255.4)
O 339.5 339.9 4391.1 4398.9 562.0 564.4 320.1 320.7 371.6 369.0 311.9 310.7 O 735.1 737.0 1110.1 1115.0 195.8 196.5 231.4 232.0 4161.0 4155.0 1596.0 1597.5 O 777.7 776.1 915.4 920.0 1445.0 1446.4 584.5 585.9 1876.3 1875.5 2256.1 2262.0
340.8 341.1 4451.5 4451.7 567.4 567.7 326.6 326.7 371.6 370.5 311.9 311.6 742.0 742.7 1117.6 1117.8 197.8 197.6 232.5 232.5 4161.0 4169.9 1606.0 1607.2 777.7 777.3 923.5 927.5 1455.0 1455.6 593.7 594.1 1893.1 1894.4 2264.5 2263.4
w 328.2 328.1 4385.7 4382.1 555.6 555.3 317.2 317.1 361.1 361.1 306.6 306.5 w 731.5 731.1 1103.4 1103.4 193.3 193.2 229.6 229.5 4048.4 4045.1 1582.0 1581.6 w 760.0 760.1 905.1 905.2 1440.8 1440.3 583.2 582.2 1851.8 1852.0 2234.0 2231.1
328.6 328.6 4424.9 4424.4 559.0 558.6 318.6 318.7 362.3 362.2 307.5 307.5 734.8 734.8 1109.2 1109.6 194.6 194.6 231.7 231.7 4080.4 4079.9 1587.0 1586.5 765.1 764.6 916.1 915.3 1448.0 1449.1 592.2 592.6 1866.9 1866.2 2239.0 2239.0
232K 5026K 4104 349K 19986 758K 519K 13680K 25524 677K 33654 1318K 16506 1078K 24644 1181K 99156 2474K 320K 7395K 5375 253K 63810 777K 24088 690K 15756 503K 6822 524K 18789 1041K 6880 418K 32768 261K
- - 67.4 67.4 13.7 13.7 7.5 7.5 39.1 39.1 11.0 11.0 25.8 25.8 34.9 34.9 15.9 15.9 5.5 5.5 33.5 33.5 40.6 40.6 41.0 41.0 14.1 14.1 45.5 45.6 60.7 60.8 30.6 30.6 59.8 59.8
W 407/288 407/288 4451/3050 4452/3050 685/408 685/407 334/172 334/172 452/312 452/312 516/261 516/261 W 818/470 818/469 1185/850 1185/850 200/109 200/109 263/139 263/139 6133/3210 6135/3210 1695/1376 1696/1376 W 829/554 829/554 1094/710 1094/709 1455/878 1456/877 602/482 602/482 2103/1213 2104/1213 2690/1682 2690/1681
M 71282 71271 106596 106583 7442 7438 57798 57807 23039 23029 12798 12798 M 60367 60367 89514 89550 14402 14402 142790 142760 24886 24883 43166 43151 M 46614 46587 26932 26910 40137 40168 104926 104997 35004 34991 30539 30539
« H H H < M « « H Glenmark« GMR Airports« GNFC « < «

(435.6) (435.8) (43.3) (43.4) (599.2) (599.2)
O O O 432.0 435.8 43.5 43.6 599.2 599.0
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Th s PDF was or g na y up oade To Te gram channe _ LBS Newspaper p a orm h ps me LBSNEWSPAPER Subscr be now o ge h s ed on be ore anyone e se Backup channe @LBSNEWSPAPER
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4 MUMBAI | WEDNESDAY, 7 DECEMBER 2022 1
>.l
NOTICE
NOTICE is hereby given that the Share Certificate(s)
No(s). 658486 & 717241 for 1000 Shares bearing
Distinctive Nos. 269179446-269179945 & 538540396-
538540895 standing in the name(s) of Taruna Shaw in
the books of M/S. BAJAJ FINANCE LIMITED, have been
lost /misplaced /and the advertiser have applied to
the co. for issue of duplicate share certificate(s) in lieu
thereof. Any person(s) who have claim(s) on the said
shares should lodge such claim(s) with the company’s
registrars and transfer agents vizKFIN TECHNOLOGIES
PRIVATE LIMITED, Selenium tower B, Plot No. 31-32
Gachibowli, Financial District, Nanakramguda,
Hyderabad-500 032within 15 days from the date of
this notice failing which the company will proceed to
issue Duplicate Share Certificate(s) in respect of the
said shares.
Name(s) of the Shareholder(s)
Place : Hyderabad sd/-
Date : 07.12.2022 TARUNA SHAW
.l
<
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
U/s 5A of the Maharashtra Ownership Flats Act, 1963.
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
No.DDR-3/Mum./ Deemed/Conveyance/Notice/3631/2022 Date: - 06/12/2022
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Deemed Conveyance Application No. 13 of 2022
Rustomjee's Central Park G & H Wing Co-op. Hsg. Soc. Ltd. having its registered office
at CTS No.483 & 484/1 TO 484/7, M.V. Road, Chakala. Andheri (East), Bombay 400093.
...Applicant.V/s.1)Mr. Mohammed Jamil Mohammed Ismail Qureshi, 2) Mr. Mohammed
Acquil Mohammed Ismail Qureshi, 3) Mr. Mohammed Rafique Mohammed Ismail Qureshi
(first owners) 4) Mrs. Avarlanisa Shaukat Ali. 5) Mr. Mohammed Rafique Shaukat, 6) Mr.
Mohammed Zhubair Shaukat, 7) Mr. Abdul Gani Shaukat 8) Mrs. Arbunisa Chaudhary,
9) Mrs. Maimunisa Khan, 10) Mrs. Kamrunisa Chaudhary, 11)Mrs. Sabrunisa Khan, 12)
Mrs. Chebunisa Khan, 13) Mrs. Khairunisa Chaudhary, 14) Mrs. Mehrunisa Chaudhary.
(4 to 14 are second owners and legal heirs of late Shaukat Hasmullah Chaudhary) 15) Mrs.
Gafurnisa Shahadat, 16) Mr.Abdulla Shahadat, 17) Mrs. Kulsum Manjoorkhan, 18) Mr.
Mohammed Farooque Shahadat, 19) Mr. Abdul Majid Shahadat, 20) Mrs. Saira Afzal
Khan, 21) Mrs. Shaida Saifullah Khan, 22) Mr. Mohammed Illyas Shahadat And 23) Mrs.
Sabira Mohammed Ayub Khan (15 to 23 are third owners and legal heirs of Late Shahadat
Hasmullah Chaudhary). Address Last known: JMC House, 3rd floor, Bisleri Compound, Off.
W.E. Highway, Andheri (East), Mumbai-400 099. 24) M/s Credence Property Developers
Pvt. Ltd. a company registered under the provisions of companies Act 1956 having its
registered office at Natraj 702, Western Express Highway, M.V. Road Junction, Andheri (East),
Mumbai-400 069. 25) Rustomjee's Central Park Co-Operative Housing Society Ltd. M.V.
Road, Chakala, Andheri (East), Bombay 400093. 26) Commercial Building No.1 owned by
M/S Credence Property Developers Pvt Ltd. M. V. Road, Chakala, Andheri (East), Bombay
400093. ....Opponents, and those, whose interests have been vested in the said property
may submit their say at the time of hearing at the venue mentioned above. Failure to submit
any say shall be presumed that nobody has any objection in this regard and further action will
be taken accordingly.
Description of the Property, :-
!"# %&'(!# %&)#*#+!, -./+./!0#.) Claimed Area
Unilateral Conveyance of all that piece and parcel of land or ground area admeasuring in
-#01 2)3#)44/ 54+!/0'4)0 aggregate 3038.42 sq. meters or thereabouts CTS No. 483 (area 137.40 sq. meters out
of 614.20 sq. meters) and 484 (area 2632.63 sq.meters out of 11768 sq. meters), 484/1
64)74/ .0#*4 .8 %%-9 -29:;<9:=::>:=:< (area 05.07 sq.meters out of 22.70 sq.meters) 484/2 (area 11.16 sq.meters out of 49.90 sq.
?/8 2C0#'!047 meters), 484/3 (area 8.54 sq. meters out of 38.20 sq. meters), 484/4 (area 13.62 sq.meters
!'4 .@ A./B
.8 -.C0 DEC8F out' of 60.90 sq.meters), 484/5 (area 209.01 sq. meters out of 934.3 sq. meters), 484/6
(area 12.97 sq.meters of 58.00 sq.meters) and 484/7 (area 8.02 sq.meters out of 37.10
"#$%&'()&*#$ #+ ,*--./0 1.&0 .& sq. meters) of Village Chakala, Tal- Andheri, with in the registration District of Mumbai
! 12.$%#-*1.#$34.5.-01.#$ *$ 89:;8:899<= Suburban in favour of the Applicant.
12.$%#-* 6.'7 The hearing in the above case has been fixed on 19/12/2022 at 3.00 p.m. District Deputy
?@A'#B0@0$& #+ 1(&&0' .$7 C.&2D.E .& Registrar, Co-operative Societies, Mumbai City (3). Mhada Building, Ground Floor, Room No.
> F'GH.5.%.205I@507J.' K./.' *$ L;:M8:8LN<= 69, Bandra (E), Mumbai - 400051.
4.5.-0: 12.$%#-* 6.'7 Sd/-
?$%&.--.&*#$ #+ D0.&20' %207 3 D.&0' (Rajendra Veer)
A'##+*$/ &# &#*-0& $0.' 12.$%#-* D.'7 District Deputy Registrar,
O++*)0: P.-.B.-*1.#$ K0.' C*@A.- P'00: Co-operative Societies, Mumbai City (3)
P.-.B.-*1.#$ K0.' "'00J: Competent Authority,
N NU:LM:U>M<= Seal
H.-.'[email protected]*: Q#-E.$)2*I.-*: U/s 5A of the MOFA, 1963.
OAA#1.#$70B*R.$7*': S*T.@.&. K./.':
K0.' 1($.-*P.-.B "#@@($*&E &#*-0& *$
12.$%#-* D.'7G
64)74/ (..B,40C G#,, (4 !"!#,!(,4 .) 4>04)74/#)3 *.'+&04/
C1C04' !0 H00+CI99./3!)#J!0#.)C8'!H!/!CH0/!8)4K0+/.*&/48#)
!)7 !0 GGG8)''*83."8#) G4(C#04 .@ %%- .)
708=L9M:9:=::8 6H4 04)74/ #C 0. (4 C&('#0047 .),#)4 !0
H00+CI99)''*8404)74/C8#)N./ !)1 04*H)#*!, 7#@@#*&,0#4C #)
0H44>04)74/#)3 +/.*4CCO +,4!C4 *.)0!*0 0H4 H4,+ 74CB
)&'(4/ 3#"4) .) 0H#C G4(C#048
6H4 /#3H0 0. !**4+0 ./ /4P4*0 !)1 04)74/ #C /4C4/"47 (1
0H4 Q.)R(,4 -.''#CC#.)4/ .@ !"# %&'(!# %&)#*#+!,
-./+./!0#.)8 V*/$<=
D?!)P!1 54C!#F
-#01 2)3#)44/
KRR"<C4 I7 $#G!U!8<>U>> !"# %&'(!# %&)#*#+!, -./+./!0#.)
ASREC (INDIA) LIMITED

Unit No. 201, 200A, 202 & 200B, Building No. 2, Solitaire Corporate Park,
Andheri Ghatkopar Link Road, Chakala, Andheri (E), Mumbai-400 093, Maharashtra
POSSESSION NOTICE (FOR IMMOVABLE PROPERTY/IES)

WHEREAS, the Authorised Officer of ASREC (India) Limited acting in as capacity as PS-04/2021-22 Trust vide assignment
agreement dated 27th October 2021 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under section 13(2) read with rule 3 of the Security Interest (Enforcement)
Rules, 2002 issued a demand notices calling upon the borrowers and guarantors to repay the amount within 60 days from the date
of receipt of said notice.
The borrowers and guarantors having failed to repay the amount, notice is hereby given to the borrowers and guarantors and the
public in general that the undersigned has taken possession of the properties described herein below in exercise of powers conferred
on him under section 13(4) of the said Act read with rule 8 of the said Act on the dates mentioned below in the table.
The borrower and guarantors in particular and the public in general is hereby cautioned not to deal with the properties and any
dealing with the properties will be subject to the charge at ASREC (India) Limited for the amount and interest thereon.
Possession
Demand Notice
Date of
Sr. Name of the Borrower(s) / Co-

Date and Amount Description of the Property Mortgaged.
No. borrower(s) / Guarantor(s)
due
All the piece & parcel of the Residential Flat known as Flat No. 201
07.06.2022
on 2nd Floor in B-Wing, of Sai Mahal, Admn. about 1060 sq. ft.
1. M/s. K. S. Textiles Prop. : & ` 2,47,89,932/-
(Super Built up area), equivalent to 901 sq. ft. (Built up area), which
Shri. Sunil Vidharam Dusseja (Rs. Two Crore
is constructed on C.D. hold land of U. No. 99 (Admn. about 292-
Forty Seven
02 .12 .2022
(Borrower) 8/9 sq. yards) and land adjacent to U. No. 99 (Admn. about 235
Lac Eighty Nine
2. Mr. Haresh Rameshlal Motwani sq. yards) of Sheet No. 57, Ulhasnagar -5, District Thana, totally
1 (Guarantor)
Thousand Nine
Admn. about 527-8/9 sq. yards, Tal. & sub-District Registration
Hundred Thirty
3. Mr. Shankar Nanikram Ulhasnagar, Dist. Registration Thana, Non-Agricultural, situated
Two only) as on
Khanchandani (Guarantor) within the limits of Ulhasnagar Municipal Corporation. Owner
30.04.2022 +
4. Mrs. Lata Sunil Dusseja (Guarantor) : Shri. Sunil Vidharam Dusseja & Smt. Lata Sunil
further interest from
Dusseja. Bounded by :- East : Road; West : Open Plot;
01.05.2022
South : Moti Palace; North : Passage
A. M/s. Mars Wire Industries (Prop. (For Sr. No. A) 07.06.2022 & ` 1,42,26,484/-
Mr. Jairam T. Jeswani) and its (Rs. One Crore Forty Two Lac Twenty Six
Guarantors i. Mr. Kamal J. Jeswani, Thousand Four Hundred Eighty Four Only) as on SCHEDULE
ii. Mr. Kamal H. Bhojwani, iii. 30.04.2022 plus further interest from 01.05.2022 Description of the assets in
Mrs. Chandra J. Jeswani AND which security interest created
B. M/s. Power Cab Industries (For Sr. No. B) 18.08.2022 & ` 4,60,54,997/- is enumerated hereunder :-
(Prop. Mr. Kamal J. Jeswani) (Rs. Four Crore Sixty Lac Fifty Four Thousand
and its Guarantors i. Mr. Jairam Nine Hundred Ninety Seven Only) as on GalaNo. Total
J. Jeswani, ii. Mr. Kamal H. 15.08.2022 + further interest from 16.08.2022 [On 303&
Bhojwani, iii. Mrs. Chandra J. AND 105 nd
Jeswani (For Sr. No. C) 17.08.2022 & ` 1,54,29,595/- Particulars 5 [1st Flr.] 2 303A
[Gr. Flr.] 3rd Flr.
C. M/s. Power Pack Trading Co. (Rs. One Crore Fifty Four Lac Twenty Nine Back
Thousand Five Hundred Ninety Five Only) as on Flr.] Back Back
(Prop. Mr. Jairam Jeswani side
(HUF) and its Guarantors i. Mr. 15.08.2022 + further interest from 16.08.2022 Side side
02 .12 .2022
Kamal J. Jeswani, ii. Mr. Kamal AND Area in Sq.

(For Sr. No. D) 18.08.2022 & ` 1,55,56,831/- 2068 2500 2400 2391 9359
2 H. Bhojwani, iii. Mrs. Chandra J. /ft.
Jeswani. (Rs. One Crore Fifty Five Lac Fifty Six Thousand
Eight Hundred Thirty One Only) as on 15.08.2022 Situated at Monica Industrial
D. M/s. Pue Plast Industries (Prop.
+ further interest from 16.08.2022 AND Estate, constructed on Plot
Mr. Kamal Jeswani (HUF) and its
Guarantors i. Mr. Kamal J. Jeswani, (For Sr. No. E) 18.08.2022 & ` 19,69,052/- (Rs. No. 280, bearing portion of
Nineteen Lac Sixty Nine Thousand Fifty Two U. No. 79 Chalta No. 549,
ii. Mr. Kamal H. Bhojwani, iii.
Only) as on 15.08.2022 + further interest from Sheet No. 66, Near Barack No.
Mrs. Chandra J. Jeswani, iv. Mr
16.08.2022 627, Khemani, OT. Section,
Jairam J Jeswani
AND Ulhasnagar-2 Assessed
E. Mr. Jairam Jeswani and its
Guarantors i. Mr. Kamal J. Jeswani, (For Sr. No. F) 18.08.2022 & Rs.21,79,644/- under Municipal Ward No.19,
(RS. Twenty One Lac Seventy Nine Thousand Six Khata No. New within the
hundred Forty Four only) as on 15.08.2022 + limits Ulhasnagar Municipal
Mrs. Chandra J. Jeswani
further interest from 16.08.2022 Corporation in the name of :
F. Mr. Kamal Jairam Jeswani and its Smt. Chandra Jairam
----
Guarantors i. Mr. Jairam. Jeswani,
Total aggregating to ` 9,54,16,603/- (Rs. Nine Jeswani.
Crore Fifty Four Lac Sixteen Thousand Six Hundred
Mrs. Chandra J. Jeswani & Three Only) + further Int. & cost as stated above.
1. M/s. Shree Maa Construction Co.,
2. Mr. Ashok P. Sangtani (Partner) 07.06.2022 All the piece & parcel of Flat No.503,
3. Mrs. Hema Ashok Sangtani (Partner) & 5th Flr., in the Bldsg. known as Shiv Lok
02 .12 .2022
4. Mr. Manish Ashok Sangtani (Partner) 4,24,08,377/- (Rs. Four Apt., Section-19, Ulhasnagar-421 003,
5. Mr. Sunil Ashok Sangtani (Partner) Crore Twenty Four Lac Eight Maharashtra. Area : 969 sq. ft. (Built up).
3
6. Mr. Keshav K. Chandnani (Guarantor) Thousand Three Hundred Owner : Mr. Ashoklal P. Sangtani.
7. Sanmukh G. Mansukhani (Guarantor) Seventy Seven Only) as on Bounded by :- East : Ulhasnagar Camp-
8. Mr. Jagdish Sangtani (Guarantor), 30.04.2022 + further interest 3; West : Dist. Thane; South : Sheet No.
9. Mrs. Veena J. Sangtani (Guarantor) from 01.05.2022 28; North : U. No. 28.
10. Mr. Rakesh Golani (Guarantor)
Place: Andheri (E), Mumbai. Sd/-
Date : 07.12.2022 Authorized Officer, For ASREC (India) Ltd.
6 MUMBAI | WEDNESDAY, 7 DECEMBER 2022 1
>.l
PUBLIC NOTICE Form URC-2

Notice is hereby given that Mr. Shrikrishna Advertisement giving notice about registration under Part I of
Anant Rangnekar has decided to sell his own Chapter XXI of the Act
[Pursuant to Section 374(b) of the Companies Act, 2013 and
!"# %&'(!# %&)#*#+!, -./+./!0#.)
property, i.e. plot no.153 with residential
bungalow having CTS No. 2097 of village rule 4(1) of the Companies (Authorised to Register) Rules, 2014.
Dahisar at Shrikrishna Nagar, Borivali East 1. Notice is hereby given that in pursuance of sub-section (2) of section 366 -#01 2)3#)44/#)3 54+!/0'4)0
Mumbai 400066 free from all encumbrances. of the Companies Act, 2013, an application has been made to the Registrar 64)74/ .0#*4 .8 %%-9 -2 9 :;< 9:=::>:?
Any person having any right, title, interest, at 6th Floor, New Administrative Building, Near, Chetna College, Government !" +,-.%$-&/
$%& !' (!)*
claim or demand of any nature whatsoever in Colony, Bandra East, Mumbai, Maharashtra 400051 that M/s. AUTHENTIC 0!,- 12,"3
respect of the said plot with bungalow is IMPEX a partnership firm may be registered under Part I of Chapter XXI of "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >?6746?@>A3
hereby required to make same known in the Companies Act 2013, as a company limited by shares.
writing along with the documentary proof ! 0$/'*%1 1.*&1 2#)&*/3456 78 9 *:, ;6
2. The Principal objects of the Company are as follows:
thereof, to the undersigned at N.S.More, A <#/%:6 "#:$.%/ =$/,
) To carry on business of dealers, Importers, Exporters and Manufacturers of
1404, Marble Height , S N dubey marg, textiles, yarns, Blankets, Durries, Raw Wool, Wool Tops, Garments coverings, "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >564C685CA3
Dahisar East, Mumbai 400068 within the 14 0$/'*%1 1.*&1 2#)&*/344B64CB6@C DBEF
coated fabrics, hosiery and silk or merchandise of every kind and description >
days from the date of publication hereof, and other production goods, articles and things as are made from or with 2#)&*/ 78 9G:, D$/&; $+, 2#)&*/ 75B
failing which the negotiations shall be cotton, nylon, silk, polyester, acrylics, wool, jute and other such kinds of virgin 1#$H**,1 $/#$ '+ "#:$.%/ H$/,I
completed, without any reference to such
or recycled fibers by whatever name called or made under any process. "#$%&'(')$&'*+ $+, '-./*0#-#+& *( @>6CC6K54A3
claims and the claims if any, shall be deemed
to have been given up or waived.
ii) To carry on business as Processors, Converters, Job Workers, Indenters, @ 0$/'*%1 1.*&1 2#)&*/3>76>? $/#$ J#:$.%/
Sd/- Packers, Distributors, Brokers, Commission Agents, Consignors, transporters, H$/,I
N.S.More, agents, sub-agents, wholesalers, retailers, representatives, commission "#$%&'(')$&'*+ $+, '-./*0#-#+& *( 4>6>86?58A3
A 1404, Marble Height , S N Dubey Marg, agents, franchisers, dealers for the above-mentioned items. 0$/'*%1 1.*&1 2#)&*/37867>6756$+,
3. A copy of draft Memorandum and Articles of Association of the proposed 4
Dahisar East, Mumbai 400068. 1#)&*/3!7 L'::# M$*&N$+ $/#$ '+ "#:$.%/
Mobile : 8169760609 company may be inspected at that office situated at 49, World Trade Centre,
Cuffe Parade Mumbai 400005 Maharashtra India.
H$/,I
4. Notice is hereby given that any person objecting to this application may "#$%&'(')$&'*+ $+, O-./*0#-#+& *( @K6C@6?5?A3
communicate their objection in writing to the Registrar at 6th Floor, New 7 0$/'*%1 1.*&1 2#)&*/ >!6 P$/$0# Q*$+
Administrative Building, Near, Chetna College, Government Colony, Bandra 2#)&*/ >@ $/#$ J#:.$.%/ H$/, I
East, Mumbai, Maharashtra 400051, within twenty-one days from the date "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >C6?46544A3
of publication of this notice, with a copy to the proposed company at its registered 0$/'*%1 1.*&1 $& 1#)&*/ $& 56 5B6 5"
C
office at 49, World Trade Centre, Cuffe Parade Mumbai 400005 Maharashtra India. E$-$J$' +$Q$/ 1N$-JN$R' +$Q$/6
Dated this 07th day of December 2022 P%/Q$-$&$ +$Q$/ S"P "#:$.%/
Name of Applicants "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >C65768>7A3
1. Jaideep Surrinder Sajdeh 2. Rekha Jaideep Sajdeh 3. Shama S Sajdeh
4. Surrinder Shantisarup Sajdeh ? 0$/'*%1 1.*&1 $& 1#)&*/ @B6 46 76 C S"P
"#:$.%/ I
"#$%&'(')$&'*+ $+, '-./*0#-#+& *( @!6K86>C5A3
5 0$/'*%1 1.*&1 $& 1#)&*/ !!6 !@6 !4 $+,
Kalyan Branch, Ground Floor, Brindavan
Vatika, Opp. Cinemax, Next to KDMC,
P'H$:# M$*+ S"P "#:$.%/
B Ward Office, Khadakpada, "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >K6>@65C4A3
Kalyan West 421301. K 0$/'*%1 1.*&1 $& 1#)&*/ !6 !B6 >6 @6 K6 K<
Tel No: 0251-2231371, S"P "#:$.%/
E mail. [email protected] "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >56KC6K@@A3
POSSESSION NOTICE !8 0$/'*%1 1.*&1 $& 1#)&*/ !8 6>!6>>6>C6>?6
(For movable Property) >K6 @8 6@! BQ/*:' Q$*+ S"P "#:$.%/
Whereas, "#$%&'(')$&'*+ $+, '-./*0#-#+& *( >765>6!!7A3
The undersigned being the Authorized Officer of the Bank of Baroda under the 0$/'*%1 1.*&1 $& 1#)&*/ !KA>86 "#:$.%/
!!
Securitization and Reconstruction of Financial Assets and Enforcement of Security Q*$+ 1N$N$J$R Q*$+ $+, ($+$1.$,$
Interest (Second) Act, 2002 and in exercise of powers conferred under Section 13 (12) M*$+ S"P "#:$.%/
read with Rule 9 of the Security Interest (Enforcement) Rules, 2002 issued a Demand "#$%&'(')$&'*+ $+, '-.*0#-#+& *( @765C6>4!A3
Notice dated 20.09.2022 Under Section 13 (2) of the said Act calling upon the Borrower !> 0$/'*%1 1.*&1 $& 1#)&*/ @C L$/$0# Q$*+
Mrs. Sushma Nandkumar Patil, Mr.Nandkumar Vitthal Patil & Mr. Santosh Appa 61#)&*/ @5 .$/& "#:$.%/ H$/,
Shinde. to repay the amount mentioned in the notice being Rs.34,17,853.00/- +
"#$%&'(')$&'*+ $+, '-./*0#-#+& *( @@6@K6C75A3
Unapplied Int. (Rupees Thirty Four Lakhs Seventeen Thousand Eight Hundred
!@ 0$/'*%1 1.*&1 $& 2#)&*/ >> .$/&6 >56 @86
and Fifty Three Only) as on 19.09.2022 plus unapplied / unserviced Interest, within
60 days from the date of receipt of the said notice. 486 4> 1#$ H**,1 '+ "#:$.%/ H$/,
The borrower and others mentioned hereinabove having failed to repay the amount, "#$%&'(')$&'*+ $+, $::'#, )'0': H*/T1 $& @46?86@7@A3
notice is hereby given to the Borrower and others mentioned hereinabove in particular !4 1#) 3 @5 .$/&6 4>B644645B6 2#$H**,1
and to the public in general that the undersigned has taken possession of the property $/#$ '+ "#:$.%/ H$/,
described herein below in exercise of powers conferred on him / her under Section 13 64)74/ (..@,40A B#,, (4 !"!#,!(,4 .) 4>04)74/#)3
(4) of the said Act read with Rule 9 of the said Rule on this 1st day of December of the *.'+&04/ A1A04' !0 C00+AD99)''*8404)74/A8#) !)7 !0
year 2022. BBB8)''*83."8#) B4(A#04 .E %%- .) 708 =F 9 <: 9:=::8
The borrower and the others mentioned hereinabove in particular and the public in 6C4 04)74/ #A 0. (4 A&('#0047 .),#)4 !0
general is hereby cautioned not to deal with the property and any dealings with the C00+AD99)''*8404)74/A8#) G./ !)1 04*C)#*!, 7#EE#*&,0#4A #)
property will be subject to the charge of Bank of Baroda for an amount of Borrower Mrs. 0C4 4>04)74/#)3 +/.*4AAH +,4!A4 *.)0!*0 0C4 C4,+ 74A@
Sushma Nandkumar Patil, Mr.Nandkumar Vitthal Patil & Mr. Santosh Appa )&'(4/ 3#"4) .) 0C#A B4(A#048
PROTECTING INVESTING FINANCING ADVISING Shinde. to repay the amount mentioned in the notice being Rs.34,17,853.00/- + 6C4 /#3C0 0. !**4+0 ./ /4I4*0 !)1 04)74/ #A /4A4/"47 (1
Unapplied Int. (Rupees Thirty Four Lakhs Seventeen Thousand Eight Hundred 0C4 J.)K(,4 -.''#AA#.)4/ .E !"# %&'(!# %&)#*#+!,
Registered Office : Indian Rayon Compound, Veraval, Gujarat - 362266 CIN : U65922GJ2009PLC083779
and Fifty Three Only) as on 19.09.2022 and interest thereon.
Branch Office- 10th Floor, R-Tech park, Nirlon Complex, Off Western Express Highway, Near Hub Mall, -./+./!0#.)8 !"#$%
Goregaon (East), Mumbai -400063 The borrower's attention is invited to sub-section (8) of Section 13 in respect of time
available to redeem the secured assets. LM!)I!1 54A!#N
POSSESSION NOTICE -#01 2)3#)44/
[Under Rule 8(1) of Security Interest (Enforcement) Rules, 2002] Description of the movable Property:
<UUSADE B, +*I!8>?A>8>> !"# %&'(!# %&)#*#+!, -./+./!0#.)
Whereas, Residential Flat No.301, 3rd Floor, Wing A-4,Near Don Bosco, Raunak City Road,
The undersigned being the authorized officer of Aditya Birla Finance Limited Punyodaya Road,Wadeghar, Kalyan West, Dist.Thane, Survey No-75,Hissa
under the Securizaon and Reconstrucon of Financial Assets and Enforcement No.1,2,3/3, Hissa No.8 of Village Wadeghar,Carpet Area-625 sq.f, Built up area-750
of Security Interest Act, 2002 (Act No. 54 of 2002) and in exercise of powers sq.ft. Boundaries- North: Road, South: As Building, East: Under Construction
Building, West: Punyoday Park E1
conferred under secon 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand noce under secon 13(2) of the Sd/-
Date: 01/12/2022 Authorized Officer
SARFAESI Act, 2002 dated 18.10.2021 calling upon the Borrower/Co-
Place: Thane (Bank of Baroda)
Borrowers namely Mr. Dipesh Prakash Saitawadekar and Mr. Prakash
Mahadev Saitawadekar to repay the amount menoned in the noce being
Rs. 54,23,259/- (Rupees Fiy-Four Lakhs Twenty Three Thousand Two
Hundred Fiy Nine Only) within 60 days from the date of the said noce. Public Notice in Form XIII of MOFA (Rule 11(9) (e))
The Borrowers having failed to repay the amount, noce is hereby given to the
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
Borrowers and the public in general that the undersigned has taken physical
possession of the property described herein below in exercise of powers U/s 5A of the Maharashtra Ownership Flats Act, 1963.
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
conferred on him/her under secon 13(4) of the said Act read with rule 8 and 9
of the said rules 2002 on this 5th day of December of the year 2022. No.DDR-3/Mum./ Deemed Conveyance/Notice/3604/2022 Date: - 05/12/2022
Application u/s 11 of Maharashtra Ownership Flats
The Borrowers in parcular and the public in general is hereby cauoned not (Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
to deal with the property and any dealings with the property will be subject to
Public Notice
the charge of the Aditya Birla Finance Limited for an amount Rs.54,23,259/-
(Rupees Fiy-Four Lakhs Twenty-Three Thousand Two Hundred Fiy-Nine
Application No. 136 of 2022
Only) and interest thereon. Poonam Darshan CHSL., Poonam Nagar, Off Mahakali Caves Road, Andheri (East),
Mumbai - 400093. ... Applicant. Versus 1) M/S.Poonam Investments Co. Pvt. Ltd.,12,
The Borrower's aenon is invited to provisions of sub-secon (8) of secon Udyog Nagar, S. V. Road, Goregaon (W), Mumbai - 400062 2) M/S. Madhu Builders
13 of the said Act, in respect of me available, to redeem the secured assets. Pvt. Ltd., 83, Jolly Maker Chambers No. II, 8th Floor, Backbay Reclamation, Nariman
Point, Mumbai - 400021. 3) Majas Madhu CHSL., 19, Sony House, North South Road
Descripon of the Immovable Property No.4,Vile Parle, Mumbai. 4) Madhu Fantasy Land Pvt.Ltd., Having last known address
All that part and parcel of the property i.e. Sai Sangat, C 402, Plot No. 4, Sector- at CTS No.175/A, 176/A/7, 179/D & 190/A/5, K-East Ward, Village Majas, Jogeshwari
3, Sanpada, Navi Mumbai- 400705, Maharashtra East, Taluka - Andheri East, Mumbai - 400093. 5) Poonam Darshan C CHS Ltd.
,Building No.14, Poonam Nagar, Sardar V Patel Marg,OffMahakali Caves Road, Andheri
PLACE: Mumbai Authorised Officer (E), Mumbai - 400093. 6) Poonam Darshan B CHS Ltd., C-8, Poonam Nagar, Sardar V
DATE: 05.12.2022 (Aditya Birla Finance Limited) Patel Marg, Off Mahakali Caves Road, Andheri(E), Mumbai - 400093. 7) Poonam Parag
Pushp CHS Ltd. Building No. 13(Wing E21 & E24), Poonam Nagar, Sardar V Patel
Marg, Off Mahakali Caves Road,Andheri (E), Mumbai - 400093 8) Landmark CHS Ltd..
Building No.9, Poonam Nagar, Sardar V Patel Marg, Off Mahakali Caves Road, Andheri
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) (E), Mumbai - 400093. 9) Poonam Vihar A CHS Ltd., Building No.10, Poonam Nagar,
District Deputy Registrar, Co-operative Societies, Sardar V Patel Marg, Off Mahakali Caves Road, Andheri (E), Mumbai - 400093.10)
Poonam Vihar B CHS Ltd., Building No.10, Poonam Nagar, Sardar V Patel Marg, Off
Mumbai City (3) Competent Authority Mahakali Caves Road, Andheri (E), Mumbai - 400093. 11) Poonam Vihar C CHS Ltd.,
under section 5A of the Maharashtra Ownership Flats Act, 1963 Building No.10, Poonam Nagar, Sardar V Patel Marg, Off Mahakali Caves Road, Andheri
MHADA Building, Gound Floor, Room No. 69, Bandra (E), Mumbai-400051. (E), Mumbai -400093. 12) Poonam Kunj CHS Ltd., Poonam Nagar, Sardar V Patel
Marg, Off Mahakali Caves Road, Andheri (E), Mumbai - 400093 13) Poonam Jewel
No.DDR-3/Mum./deemed conveyance/Notice/3631/2022 Date: 06/12/2022 CHS Ltd., Building No.10A, Poonam Nagar, Sardar V Patel Marg, Off Mahakali Caves
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of Road, Andheri (E), Mumbai - 400093.14) Poonam Kripa CHS Ltd., Building No.10A,
construction, Sale, Management and Transfer) Act, 1963 Poonam Nagar, Sardar V Patel Marg, Off Mahakali Caves Road, Andheri (E), Mumbai -
Public Notice 400093. 15) Poonam Sagar CHS Ltd., Building No.11, Poonam Nagar, Sardar V Patel
Application No. 135 of 2022 Marg, Off Mahakali Caves ROad, Andheri (E), Mumbai - 400093. 16) ONGC CHS Ltd.,
Ravalgaon Co-op. Hsg. Soc. Ltd., Having address at - Plot No. 36, Jamnalal Bajaj Nagar, Building No.12, Poonam Nagar, Sardar V Patel Marg, Off Mahakali Caves Road, Andheri
(E), Mumbai - 400093. 17) Poonam Kirti CHS Ltd., Building No.13A, Poonam Nagar,
Andheri (East), Mumbai - 400059..... Applicant Versus. 1) Rajasthan Co-op. Hsg. Soc.
Sardar V Patel Marg, Off Mahakali Caves Road, Andheri (E), Mumbai - 400093. 18)
Ltd., Plot No. 26/2, Ground floor, Jamnalal Bajaj Nagar, Andheri (East), Mumbai - 400059. Poonam Pragati CHS Ltd., Building No.14A, Poonam Nagar, Sardar V Patel Marg,
Registered Office :- Plot No. 3, 1st Floor, Post Office Building, Jamnalal Bajaj Nagar, Off Mahakali Caves Road, Andheri (E), Mumbai - 400093. .... Opponents, and those,
Andheri (East), Mumbai - 400 059. 2) Mr. Vinod Shah (Heirs of Late Mr. Damodardas whose interests have been vested in the said property may submit their say at the time
Karsondas Shah) Last Known address:- 312, Maker Bhavan III, 21, New Marine Lines, of hearing at the venue mentioned above. Failure to submit any say shall be presumed
Mumbai - 400020. Opponents, and those, whose interest have been vested in the said that nobody has any objection in this regard and further action will be taken accordingly.
property may submit their say at the time of hearing at the venue mentioned above. Failure Description of the Property, :-
to submit any say shall he presumed that nobody has any objection to this regard and
further action will be taken accordingly. Claimed Area
Description of the Property :- Unilateral deemed Conveyance of land admeasuring about 962.50 sq.mts.,out of total
area admeasuring 35533.40 sq.mts., Deemed Conveyance o land lying on Sub Plot C,
Claimed Area situated on Sub Plot C, land bearing common CTS No. 175/A, 176/A/7, 179/D & 190/A/5
Unilateral Deed of Assignment of Lease of all that Land or Ground admeasuring about in K/East ward of Village Majas Jogeshwari (E), Taluka Andheri,District Mumbai Suburban
607.90 sq.meters, bearing C.T.S. No. 300, 300/1 to 6, Village Kondivita, Tal- Andheri, in favour of the Applicant.
District Mumbai Suburban along with Building standing thereon. The hearing is fixed on 22/12/2022 at 3.00 p.m.
The hearing in the above address case has been fixed on 19/12/2022 at 03:00 p.m. Sd/-
Sd/- (Rajendra Veer)
(Rajendra Veer)
District Deputy Registrar,
For District Deputy Registrar,
Co-operative Societies, Mumbai City (3) Co-operative Societies, Mumbai City (3)
SEAL Competent Authority Seal Competent Authority,
U/s 5A of the MOFA, 1963. U/s 5A of the MOFA, 1963.

BS English Mumbai 07-12-2022

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WEDNESDAY, 7 DECEMBER 2022

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

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ASREC (INDIA) LIMITED

POSSESSION NOTICE (FOR IMMOVABLE PROPERTY/IES)

Sr. Name of the Borrower(s) / Co-

Kamal J. Jeswani, ii. Mr. Kamal AND Area in Sq.

PUBLIC NOTICE Form URC-2

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