THURSDAY, 12 OCTOBER 2023

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

NEW DELHI
~13.00
VOLUME XXX NUMBER 153

THE MARKETS ON WEDNESDAY chg#

Sensex 66,473.0 p 393.7

Nifty 19,811.3 p 121.5
Nifty Futures* 19,850.1 p 38.8
Dollar
Euro
~83.2
~88.2
~83.3 **
~88.3 **
TCS INDICATES SOFT FY24 GROWTH JSW, ARCELOR IN RACE FOR
Brent crude ($/bbl)
Gold (10 gm)###
87.05##
~57,628.0 p
*(October) Premium on Nifty Spot; **Previous close;
89.3 **
~379.0 AFTER Q2 ESTIMATE MISS VEDANTA’S MINES, STEEL BIZ
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

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THURSDAY, 12 OCTOBER 2023
20 pages in 1 section www.business-standard.com
NEW DELHI
~13.00
VOLUME XXX NUMBER 153

THE MARKETS ON WEDNESDAY chg#

Sensex 66,473.0 p 393.7

Nifty 19,811.3 p 121.5
Nifty Futures* 19,850.1 p 38.8 WORLD P8 WORLD P8
Dollar
Euro
Brent crude ($/bbl)
~83.2
~88.2
87.05##
~83.3 **
~88.3 **
89.3 **
GAZA’S ONLY POWER PLANT RUNS SAMSUNG Q3 PROFIT FALLS
Gold (10 gm)### ~57,628.0 p
*(October) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~379.0
DRY AS ISRAEL CUTS OFF SUPPLIES 78% ON LOW CHIP DEMAND
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

JINDAL POWER Q2 EARNINGS SEASON KICKS OFF

SUBMITS EoI
TCS indicates soft JSW, Arcelor in race for
FOR GO FIRST
Vedanta’s mines, steel biz
FY24 growth after
Jindal Power (JPL), led by Naveen Jindal
(pictured), has submitted an expression of
interest (EoI) for Go First, which has been
undergoing an insolvency process since May Enterprise valuation of the assets is said to be ~10,000 crore
of this year, according to sources. Go First’s
resolution professional invited EoIs for the DEV CHATTERJEE around ~10,000 crore. The offers,
carrier’s sale in July. Sources have confirmed
that JPL has filed an EoI for Go First in the
National Company Law Tribunal (NCLT). These
sources have indicated that the company is
currently evaluating the business and the
Q2 estimate miss Mumbai, 11 October

JSW Steel and ArcelorMittal,

along with several private equity
funds, have expressed interest in
ON THE SLIDE
Vedanta Ltd share price in ~

308.2 Change YTD

-26.1%
360

320
however, are expected in the range
of ~7,500 crore to ~8,000 crore,” said
a source.
When contacted, a spokesper-
son for Vedanta said the company
offers on the table. “The company believes acquiring the iron ore mines “continues to review its strategic
that the aviation market in India needs more IT major announces and steel plant owned by ESL Steel, 227.7 priorities in the normal course of its
players to enhance competition and benefit
Indian passengers. This EoI is solely to assess
share buyback of ~17K cr a part of Anil Agarwal’s Vedanta
Ltd, sources close to the
280 capital allocation discussions”.
“In this regard, the company is
the feasibility of acquiring the business,” SHIVANI SHINDE development said. carrying out a strategic review of its
mentioned one of the sources. A text message Mumbai, 11 October While the Vedanta group has 240 steel and steel-making raw materi-
sent to the spokesperson of JPL remained indicated an enterprise valuation of als businesses. The review is eval-

T
unanswered until the time of press. JPL is a ata Consultancy Services’ (TCS’) ~10,000 crore for these assets, uating a broad range of options to
part of the OP Jindal Group and possesses numbers for the second quarter
200 maximize stakeholder value,
3.4 gigawatt of thermal power generation of 2023-24 — the second quarter
Dec 30,’22 Oct 11,’23 including but not limited to a poten-
Source: Bloomberg
assets. JPL is one of the companies owned by being a strong one for informa- tial strategic sale of some or all of
Naveen Jindal, the youngest tion-technology companies — reflected potential buyers are seeking a the above mentioned steel busi-
son of O P Jindal, with macro uncertainties and hinted at soft reduced valuation, the sources said. nesses,” said the spokesperson.
Jindal Steel and Power growth for this financial year. Vedanta had acquired the erstwhile JSW Steel and ArcelorMittal
being another The TCS board on Wednesday Electrosteel Steels’s plant having a chose not to comment on the
prominent company in announced a buyback of shares production capacity of 2.5 million matter.
the group. In recent worth ~17,000 crore at ~4,150 per share. “WE HAVE DISPLAYED STRONG EXECUTION tonnes per annum in June 2018 This isn’t the first time JSW Steel
weeks, the resolution This is the fifth buyback from the com- IN THE FACE OF CONTINUED under the Insolvency and has been approached regarding the
professional at Go First pany since 2017. MACROECONOMIC UNCERTAINTY” Bankruptcy Code, marking its entry plant’s sale. “JSW Steel has shown
has been working to TCS, India’s largest IT services player, into the sector, but it is now con- interest particularly in the iron ore
revive the airline with reported net profit at ~11,342 crore, up 8.7 K KRITHIVASAN, CEO & MD, TCS sidering selling the asset due mines that Vedanta owns in
limited flights. per cent year-on-year (Y-o-Y). to mounting debt concerns. Karnataka and Goa,” JSW Steel’s

SHREYA JAI &

Sequentially net profit grew 2.42 per cent.
Revenues for the quarter came in at
PERFORMANCE CHECK Anil Agarwal,
Vedanta
“Both the assets could be
sold separately, and the
Joint Managing Director Jayant
Acharya had said earlier.
DEEPAK PATEL ~59,692 crore, up 7.9 per cent Y-o-Y but n Y-o-Y nQ-o-Q change (%) chairman combined ask price is Turn to Page 6 >
marginally high sequentially. 7.9
TCS missed the Bloomberg Revenue ~59,692 cr 0.5
ECONOMY PUBLIC AFFAIRS P4 estimates on both revenues and net
IMF’s focus has to be
macro surveillance: FM
profit. Bloomberg had estimated reve-
nues at ~60,353 crore and net profit at
~11,409 crore.
Profit
after tax
~11,342 cr 8.7
2.4
PAGE 10

EASING OIL PRICES,

Rollout of new PLIs
Finance Minister Nirmala Sitharaman, With a second straight quarter of soft
addressing a roundtable discussion at the
sidelines of the IMF-World Bank annual
meetings in Marrakech, emphasised that the
growth, achieving double-digit growth
for the full financial year looks difficult.
For most top-tier IT services firms,
Operating
profit margin
Source: Company
24.3% 20 bps
110 bps
RELIEF ON US
RATE HIKE LIFT
unlikely as govt eyes
primary role of the
International Monetary Fund
(IMF) should centre on
growth is driven by the first half of the
financial year.
However, the company’s order book
n Third consecutive quarter when growth
was driven by the UK
SENSEX, NIFTY50
The Indian equity benchmarks
‘course correction’
macroeconomic remains strong at $11.2 billion. This was n Order book at $11.2 billion — third straight saw gains for the second
surveillance and policy the third consecutive quarter when it quarter when total contract value was consecutive session on SHREYA NANDI
guidance. She accentuated came in around $10 billion. above $10 billion Wednesday, buoyed by New Delhi, 11 October
the essence of Turn to Page 6 > optimism about no further
multilateralism, interest rate hike by the Federal The government has decided to hold
underscoring the need for Reserve for now and easing off introducing the production-
collaborative, consensus- crude prices. The Sensex rose linked incentive (PLI) scheme for
driven solutions to
global challenges. TCS rethinks 25/25 394 points or 0.6 per cent to
close at 66,473, while the Nifty50
ended at 19,811, up 121 points or
0.6 per cent. The 10-year US
additional sectors until it verifies the
efficacy of existing initiatives.
Top government officials have
received mixed feedback on the
ILLUSTRATION: BINAY SINHA

COMPANIES P2
AWS, govt work on ‘cradle
to grave’ health records
model as WFH ends Treasury yield eased to 4.5 per
cent on Wednesday. Brent crude
prices eased to below $88 per
barrel on Wednesday.
scheme, including insights from the
Economic Advisory Council to the
Prime Minister, people aware of the
matter said.
TAKING STOCK
n Good progress seen in PLI
schemes for mobile
Your complete patient record could soon be SHIVANI SHINDE strategy during the pandemic. We have the “There are no new PLI schemes manufacturing, pharma
stored in one platform, thanks to an Mumbai, 11 October tools to adapt and are encouraging our employ- in the offing. Top government offi- drugs, bulk drugs, medical
ambitious plan involving Amazon’s Cloud ees to return to office. Almost 70 per cent of cials believe that there is a need to devices, and food products
computing unit and the central government. Tata Consultancy Services (TCS) is reconsid- our employees have already done so,” said N EQUITY MF INFLOWS wait and watch, since the kind of
n Sectors like solar PV modules,
Amazon Web Services (AWS), which has earlier
provided the Cloud infrastructure of major
ering its popular 25/25 work model strategy Ganapathy Subramaniam, chief operating
as it calls employees back to officer and executive director, TCS.
LOSE STEAM EVEN performance they were expecting
from the scheme is yet to happen. steel, textiles, and automobiles
India Stack applications — from the office five days a week. The com- The company introduced this AS SIP BETS HIT A Of the 14 schemes, only a handful haven’t shown promising results
digitisation service, DigiLocker, to the Covid- pany’s management said that 70 BACK TO
strategy during the pandemic, RECORD HIGH are performing well,” one of the per-
n There have been proposals for
19 vaccine registration web portal, CoWIN —
has now embarked upon initiatives that
per cent of employees have
already returned to office, under-
OFFICE
intending for all employees to spend
just 25 per cent of their time in office
Equity mutual fund (MF)
schemes experienced a
sons told Business Standard.
Launched three years ago with
new PLI schemes for toys,
bicycles, chemicals and
include creating digital health IDs and scoring the importance of align- n Employees need by 2025. slowdown in net inflows in an allocation of ~1.97 trillion, the
“longitudinal health records” of citizens. ing with the company’s values to be in office for In the second quarter of 2023-24 scheme aimed to boost domestic
petrochemicals, leather, etc,
September, largely due to but no approval yet
and work culture. 5 days a week (FY24), TCS saw a decrease in total increased redemptions from manufacturing and draw invest-
“Many have returned over the headcount by over 6,300 as it recal- smallcap and midcap schemes. ments.
L&T arm bags over ~7K cr past three years. We want to n TCS saw its ibrated its employee additions. This This was even as gross Substantial progress has been PAGE 4
ensure employees understand our steepest fall ever marks the second time the company seen only in sectors such as mobile GOVT TWEAKS PLI WHITE GOODS
project in West Asia values and work culture. We will in headcount at has observed a decline in its head-
contributions via systematic
investment plans reached an- manufacturing, pharmaceutical SCHEME NORMS FOR SMOOTH OPS
Larsen & Toubro (L&T) on Wednesday said its continuously evaluate our models over 6,300 in Q2 count. time high of ~16,042 crore last drugs, bulk drugs, medical
hydrocarbon business has bagged a mega and adapt according to what In the third quarter of 2022-23 month, according to data devices, and food products, where exploring whether there is a need for
n Attrition stood
onshore project from a client in the Middle works best for clients and employ- (FY23), TCS headcount dropped from the Association of incentives or subsidy payouts have any course correction in any of these
East. While L&T did not disclose the exact ees,” said Milind Lakkad, chief
at 14.9% by 2,197 employees. This decline been the highest. schemes.
Mutual Funds in India.
value of the contract, it counts an order as human resource officer, TCS. occurred despite a reduction in However, sectors like solar PV Although several government
'mega' when it is valued above ~7,000 crore. Lakkad also mentioned that this mandate attrition rates. modules, steel, textiles, and auto- departments have proposed new PLI
The scope of work involves engineering, would be enforced by business unit heads, For the quarter, the firm’s attrition rate stood
CLSA RAISES INDIA mobiles haven’t shown promising schemes, they are yet to get approval
procurement and construction of gas bringing teams back to office. at 14.9 per cent, down from 17.8 per cent in the
EXPOSURE OVER SUPPORTIVE results, with progress slower than from the Cabinet.
compression plants consisting of gas inlet “We pioneered the work-from-home first quarter of FY24. Turn to Page 6 >
MACRO OUTLOOK anticipated. The Centre is currently Turn to Page 6 >
facilities, compression system for gas
compression facilities in new onshore
facilities and its integration with existing

Time for reorg: India Inc rides merger-demerger wave

plants, it said in a statement. PTI

ECONOMY AND PUBLIC AFFAIRS P6

Royalty rates for strategic DEV CHATTERJEE & ISHITA AYAN DUTT
Mumbai/Kolkata, 11 October
ITC Ltd in 2004 to consolidate
the group’s hotels business MAJOR DEMERGERS IN 2023 alternative and quantitative research.
In this market frenzy, seizing the
minerals get Cabinet nod and scale it up. Company New company Demerging division opportunity ensures optimal valuation
The Union Cabinet has approved royalty Corporate India is busy restructuring — Besides ITC, energy to for these entities, making it a strategic
RIL Jio Financial Services Financial services business
rates for three critical and strategic through mergers, demergers and splits. telecom conglomerate move for growth, Pagaria pointed out.
minerals — lithium, niobium and rare earth That seems to be the new normal as Reliance Industries was Raymond Raymond Consumer Care Lifestyle business According to ITC’s Dutta, with the
elements (REEs). The Cabinet note specifies CXOs and boards brainstorm on how to among the major groups Sanofi India Sanofi Consumer Consumer healthcare demerger, the new entity would operate
the royalty rates as follows: 3 per cent of create assets and value. The pitch rose opting for a restructuring Healthcare India business with an optimal capital structure and
the London Metal Exchange price for significantly during the third quarter of recently. RIL’s $18.4-billion with the ability to fund its own growth
lithium, 3 per cent of the average this financial year (FY24), translating split of its financial services Sterlite Tech STL Networks Global services business requirement as well as the flexibility to
sale price (ASP) for niobium from both into $32.9-billion worth of such deals — arm, Jio Financial Services, is the Siemens Siemens Large Drives India Low voltage & geared attract the right set of investors. The
primary and secondary sources, and the highest quarterly total since largest deal involving an Indian motors biz arrangement is also aimed at unlocking
1 per cent of the ASP for REEs, based the HDFC Bank-HDFC merger company this year. The merger of Torrent Power Torrent Green Energy Renewable power value for ITC shareholders, whilst
on rare earth oxide. announced in FY22 Q2. IDFC Ltd and IDFC FIRST Bank and reinforcing the group’s sharper capital
Deals create shareholder value and the demerger of Jio Financial ITC ITC Hotels Hotels business allocation strategy, he said.
give synergy benefits, executives Services accounted for more than 60 Vedanta Vedanta Aluminium, Vedanta Oil & gas, merchant power, Tata Steel, which is merging seven
POLITICS AND PUBLIC AFFAIRS P7 explained. Supratim Dutta, executive per cent of the September quarter Power,Vedanta Base Metals, Vedanta aluminium, base metals group companies with itself, has said
Shahid Latif, Pathankot director and chief financial officer of
ITC Ltd, said the group’s hotel business
deal value of $32.9 billion.
Of the largest five deals this year,
Oil &Gas, Vedanta Steel & Ferrous the amalgamation will integrate the
steel value chain and ensure a common
attack mastermind, killed had matured and scaled up over the five were announced since July,
Note: Demerger processes are at different levels Source: Capitaline; compiled by BS Research Bureau
face to market. It will allow the business
Shahid Latif, a key aide of Jaish-e-Mohammed years and was now poised to chart its according to Refinitiv, a global provider reorganisation was necessitated by the "As Indian conglomerates expand, to provide a bouquet approach to
chief Masood Azhar and the mastermind of the own growth path. of data. Vedanta Ltd became the latest massive debt of the promoter entity, they venture into diverse businesses. customers in terms of offerings of value
2016 attack on the Indian Air Force base in In August, a scheme of demerger corporate giant to join the restructuring Vedanta Resources Ltd (VRL), which With some divisions now sizable, added products. Its board had
Pathankot, and his brother were gunned was approved amongst ITC, ITC Hotels bandwagon when it said last month it has received a huge dividend from its demerging them creates value for both approved the schemes for
down in a mosque in Pakistan's Sialkot district and their shareholders as well as would split five key businesses and list Indian subsidiary in the last two years the company and shareholders,’’ said amalgamation in September 2022.
on Wednesday, officials said. creditors. ITC Hotels had merged with them separately. Analysts said the to repay part of its debt. Abhilash Pagaria, head of Nuvama Turn to Page 6 >
2 COMPANIES NEW DELHI | THURSDAY, 12 OCTOBER 2023

> Satia Industries > Astral > Ashok Leyland > Wipro > Crompton Greaves Consumer Electricals
STOCKS Bags contracts worth Starts production of plastic Launches new Completes acquisition Launches product named
IN THE NEWS ~340 cr for supply of paper water tank and PVC pipes ecomet Star 1915 of 9.95% equity Acenza in storage water
for printing textbooks at Guwahati plant truck in ICV segment stake in FPEL Ujwal heater segment
~134.0 CLOSE ~1,934.5 CLOSE ~176.3 CLOSE ~421.0 CLOSE ~299.5 CLOSE
p3.2% UP* p1.2% UP* p1.5% UP* p3.3% UP* p0.5%
*OVER PREVIOUS CLOSE

>

Syrup firm linked to Fintechs may have multiple ‘self regulators’

Uzbek deaths gets AJINKYA KAWALE capable of taking on all the required
capacities of a sector to
Mumbai, 11 October functions,” said Jatinder Handoo,
BUILDING
nod to reopen unit There is a possibility that different
CEO, Digital Lenders Association of
India (DLAI), an industry association BRIDGES
meet regulatory
requirements, help
self-regulatory organisations (SROs) for digital lenders. develop standards and
Uttar Pradesh has permitted Uttar Pradesh where Marion may be established for various fin- Handoo further said an SRO for n A fintech self-regulatory advisories that are in line
the resumption of production is based, and which cancelled tech sectors in the payments and dig- fintechs may come up in four-five organisation —a non- with the existing
at a factory owned by Marion the firm’s licence in March, ital lending space, according to months. “We are expecting the RBI governmental organisation regulations
Biotech, whose cough syrup said in the September 14 industry players involved in discus- to come up with a circular soliciting that’s a bridge between
was linked to the deaths of 65 order sent to the company. sions with the regulator. This is interests for industry associations industry players and the n Last month, RBI Governor
children in Uzbekistan “Therefore, in view of because a single SRO may not be and with criteria for application in a regulator —may come up in Shaktikanta Das had urged
last year, according to natural justice, the able to cater to the diverse needs of month or one and a half months. the next four to five months fintechs to establish an
an order seen by appeal of the man- the industry. This will be followed by 15-20 days SRO in a speech at
Reuters. ufacturing firm is “The RBI governor (Shaktikanta for entities to apply for the same. n These organisations Global Fintech Fest (GFF)
Marion is partially Das) spoke about an omnibus frame- After the application, it may take assist in managing 2023 in Mumbai
among three accepted. Its per- work for SRO, which implies a com- another eight-12 weeks for eval-
Indian companies mission to make mon framework for SROs. He also uation,” he said. operating in the country. by members of an SRO as pointed out have a line of communication
whose cough products using mentioned that the RBI may pre- The RBI governor urged fintech These organisations assist in by the RBI, it can ask the SRO to con- between the industry and the regu-
syrups the World (cough syrup ing- scribe sector-specific additional con- companies to establish an SRO in a managing the capacities of a sector duct an investigation on the field and lator. “SROs will facilitate dialogues
Health Organization redient) propylene ditions at the time of calling for appli- speech at Global Fintech Fest (GFF) to meet regulatory requirements submit a report for the same,” or a discussion about any feedback
(WHO) and other agencies glycol is cancelled, and it cations for recognising such SROs. 2023 in Mumbai last month. An SRO while helping develop standards, Handoo said. or suggestions from the industry to
have linked to the deaths of is allowed to make and sell all This gives us the impression that is a non-governmental organisation advisories which are in line with Additionally, SROs should focus the RBI and will take the voice of
141 children in Uzbekistan, other products.” The drug there may be separate SROs for digi- that acts as a bridge between indus- existing regulations. on a customer grievance redress industry REs (regulated entities) and
Gambia and Cameroon since controller, Shashi Mohan tal lending and payments. This is try players and the regulator, and sets “If there is any discrepancy or mechanism and prioritising the cus- LSPs (loan service providers) to the
the middle of last year. Gupta, said that the decision because a single SRO may not be standards for the conduct of entities deviation in regulatory compliance tomer. Moreover, it is necessary to regulator,” he observed.
“There’s no known case of to allow the company to
a lack of quality in other med- reopen its factory was taken
icines manufactured by the by the state’s health depart-

Adani’s link to Gulf Asia AWS to house

firm,” the drug controller of ment on August 11. REUTERS

Byju’s lenders appoint ‘cradle to grave’

Kroll to protect assets
PEERZADA ABRAR
Bengaluru, 11 October
Inc. Charged assets are used
as collateral to secure a loan,
fund under Sebi scanner health records
Byju’s lenders have appointed
allowing the lender to seize
them if the borrower defaults.
REUTERS
New Delhi, 11 October
Merger document
Laws stipulate that listed firms should at
Teams up with govt to create platform
risk and financial advisory “A primary focus of the least be 25 per cent publicly owned to SOURABH LELE tion, transport, and farming.

M
firm Kroll to protect assets of appointment is to protect and arket regulator Securities and avoid price manipulation and that all New Delhi, 11 October But when it comes to health-
both Great Learning preserve the assets and busi- Exchange Board of India's deals involving entities acting in concert care, the government is focus-
Education Pte Ltd as well as nesses owned by Great (Sebi) is investigating the rela- must identify and disclose the parties. Your complete patient record ing on integrating the portals
ILLUSTRATION: BINAY SINHA

the edtech firm’s Singapore Learning (including its sub- tionship between the Adani group and a Ahli was described by the OCCRP in could soon be stored in one and platforms that have been
entity Byju’s Pte Ltd. sidiary, Northwest Education fund incorporated in the British Virgin August as one of two individual investors platform, thanks to an ambi- operating in silos.
Kroll on Wednesday said Pte. Ltd), and Byju’s Pte,” said Islands to see if there has been a violation with “longtime business ties” to the tious plan involving Amazon’s “From the moment a child
that Cosimo Borrelli and Kroll. It added, “The opera- of share ownership rules, two sources group’s founder Gautam Adani. Cloud computing unit and the is born, there is a longitudinal
Jason Aleksander Kardachi tions of Great Learning and with direct knowledge of the matter said. The non-profit global network of central government. Amazon health record. We can call this
were appointed to safeguard Northwest Education are not The fund is called Gulf Asia Trade & investigative journalists also alleged Gulf Web Services (AWS), which database that maintains a
the charged assets of Great impacted by the appoint- Investment, the sources said. It is owned Asia used offshore structures to buy and has earlier provided the Cloud health record that is cradle to
Learning and Byju’s Pte. ment and all courses and pro- by Dubai businessman Nasser Ali Shaban sell Adani shares between 2013 and 2018, infrastructure of major grave. It is now also
The appointment was grams offered by these busi- Ahli, according to checks of its website citing a review of filings from tax havens India Stack applica- being integrated with
made on behalf of the nesses continue as usual.” last month although the site has since and internal company emails. tions — from the platforms centred
secured creditors of Byju’s The development comes been pulled down. A filing made with the British Virgin digitisation serv- around maternal
Alpha Inc, as part of the at a time when Byju’s has The fund has invested in several listed Gautam Adani-owned Adani Islands corporate registry and reviewed ice, DigiLocker, to and child health.
secured lenders’ exercise of decided to put two of its key Adani firms, according to the Organised Enterprises has not listed Gulf Asia as by Reuters shows Gulf Asia merged with the Covid-19 vac- As far as health is
their security rights, follow- assets — Epic and Great Crime and Corruption Reporting Project a related party in its annual reports EZY Global — a “related entity” of Adani cine registration concerned, the
ing defaults by Byju’s Alpha Learning — on the block. (OCCRP) and data that the investigative Enterprises, the conglomerate’s flagship web portal, CoWIN government of
journalist group has provided to Reuters. firm, in September 2011. — has now India is looking at a
A key question for Sebi investigators WHAT SEBI IS Gulf Asia was the surviving entity. At embarked upon initia- lot of policy interven-

MERCEDES UNVEILS MAYBACH 6 EV

is whether Gulf Asia’s ties with the Adani
group were such that it would be deemed PROBING the time of the merger, EZY shareholders
would have had ownership in Gulf Asia
tives that include creating dig-
ital health IDs and “longitudi-
tion,” said Pankaj Gupta,
leader - public sector enter-
to be acting “in concert” with key Adani n The fund, owned by Dubai but the information provided in the doc- nal health records” of citizens. prises and government, AWS
PHOTO: KAMLESH PEDNEKAR

shareholders, said the sources, who businessman Nasser Ali ument did not make clear how much. These would be built as a part India. An addition is the
declined to be identified as the investi- Shaban Ahli, has invested in EZY had been incorporated in the of repurposed CoWIN and Poshan Tracker, a national ini-
gations are ongoing and private. several listed Adani firms British territory in 2006, while Gulf Asia Arogya Setu platforms, a sen- tiative under the National
This part of the SEBI investigation has was incorporated there in May 2011. ior executive said. AWS has Nutrition Mission. The plat-
not been previously reported. n Sebi is probing whether Gulf According to data shared by the been a cloud computing part- form monitors nutrition for
The Adani group did not comment on Asia’s ties with the Adani OCCRP with Reuters, Gulf Asia started ner for various state and cen- the target group of 100 million,
the SEBI probe and its possible ties with group could be deemed to be investing in Adani shares months after tral government agencies in encompassing children,
the fund when contacted by Reuters. acting “in concert” with key Sebi ordered 105 Indian companies in India for scalable, on-demand expectant women, and lactat-
Shares of Adani Enterprises and Adani shareholders June 2013 to increase the number of services in the fields of educa- ing mothers.
Adani Ports turned negative after the shares held by the public to at least 25%
report and were trading down 0.1% and n Law mandates that all deals of their total floats.
0.5%, respectively. involving entities acting in In April 2014, Gulf Asia held $51.4 mil-
The conglomerate has previously said
it categorically rejects allegations by
concert must identify and
disclose the parties
lion worth of shares in Adani Enterprises
and Adani Power.
Birla Carbon buys Nanocyl
OCCRP that there was an “opaque use” In March 2017, that had increased to
Mercedes-Benz India on Wednesday unveiled its ‘Vision of funds by business partners to invest $202 million in four group companies — Aditya Birla Group’s Birla Carbon, a manufacturer and sup-
Mercedes-Maybach 6’ concept electric car. The firm said it in its listed companies. Adani Enterprises, Adani Power, Adani plier of high-quality carbon black solutions, completed the
continues to face supply chain challenges amid the festival It has also denied allegations made by Transmission and Adani Ports, according acquisition of Nanocyl SA, a worldwide leader in multi-wall
season demand, which is likely to delay deliveries of its cars, Hindenburg, saying all transactions Reuters was not able to contact Ahli. to the OCCRP data. carbon nanotubes. The size of the acquisition was not dis-
particularly SUVs, to customers. The company also said that made with entities that qualified as Emails and phone calls made to his main Adani Enterprises has not listed Gulf closed. The acquisition expands Birla Carbon’s presence in
in the September quarter, it delivered 12,768 cars, a growth of related parties had been fully disclosed. financial services firm, Al Jawda Trade Asia as a related party in its annual the energy systems market, creating a leadership position in
11 per cent as compared to the year-ago period Sebi and Gulf Asia did not respond to and Services which is based in the United reports, although EZY Global was listed material critical to lithium ion battery performance along
requests for comment. Arab Emirates, went unanswered. for the 2006-2011 financial years. with other conductive applications. DEV CHATTERJEE

IN BRIEF
Religare asks police to probe India may have a weak Q2, but US in pink of health
charges on former leadership SOHINI DAS
Financial services company Religare Enterprises has asked police Mumbai, 11 October ANALYST DIAGNOSIS
to start a fresh investigation related to alleged siphoning of funds
and certain business dealings done under its previous leadership, Analysts are predicting pharmaceu- Net sales (~cr) Change % PAT (~cr) Change %
a company letter shows. The news comes just weeks after Burman tical (pharma) companies to report
family, which founded consumer goods conglomerate Dabur, a year-on-year (Y-o-Y) revenue
Q2FY24E Q-o-Q Y-o-Y Q2FY24E Q-o-Q Y-o-Y
announced plans in September to raise its stake to take control of growth in the range of 12-15 per Sun Pharmaceutical Industries 12,124 2.9 12.2 2,360 16.7 4.3
Religare by investing $255 million. REUTERS cent, with earnings before interest, Cipla 6,487 3.5 12.6 989 -0.7 25.4
tax, depreciation, and amortisation
growth estimated to be around 18 Apollo Hospitals Enterprise 4,825 9.2 13.5 254 52.4 24.5
MTR owner Orkla restructures per cent for the second quarter (Q2)
of 2023-24 (FY24). Hospital occu-
Zydus Lifesciences 4,775 -5.5 21.1 788 -27.6 52.3
Dr Lal PathLabs 591 9.3 11.2 89 8.0 24.4
India business into 3 units pancies are expected to rise due to
monsoon illnesses, benefiting dia- Note: PAT refers to profit after tax; Compiled by BS Research Bureau Source: Bloomberg
The Norwegian industrial investment company Orkla ASA on gnostic players as well.
Wednesday said it will reorganise its Indian operations under a Domestic growth is anticipated generic Revlimid (cancer drug to tor, aided by improved stability in generics has reduced in recent eration in ARPOB due to case mix,”
single entity Orkla India. Orkla had entered India in 2007 by buying to be subdued, at around 8 per cent, treat multiple myeloma), the US generics pricing across injec- years, and the company’s growth is they add.
MTR Foods, and in 2020, obtained a 67.8 per cent stake in Kerala- due to a weak acute season and the quarter-on-quarter (Q-o-Q) margin tables and oral solid dosages. more functional on US specialty, Overall, a 12 per cent Y-o-Y
based spice manufacturer Eastern Condiments. The 4,000- impact of the National List of will remain in check. “Excluding generic Revlimid, rest of the world, and domestic growth in hospitals is expected,
employee-strong India arm will morph into three business units: Essential Medicines, according to The US is experiencing a we bake in a 12 per cent Y-o-Y (flat pharma business, which continues with Apollo Hospitals projected to
MTR (foods company), Eastern (condiments and spices), and analysts at Nuvama. volume uptick and Q-o-Q) growth in overall to show strong growth visibility. post 12 per cent Q-o-Q and 7
International Business (MTR’s international operations), according Cipla and Torrent stable price erosion, US generic sales for our In the hospital sector, seasonal- per cent Y-o-Y growth in the hospi-
to its press release. SHARLEEN D'SOUZA Pharmaceuticals are expected to which may benefit coverage. We expect Dr ity is expected to contribute to tal segment due to higher
perform well in the domestic mar- Aurobindo Pharma. Reddy’s Laboratories and healthy growth. occupancies.
ket. “We build in a 10 per cent Y-o-Y Lupin has had suc- Cipla to report generic Prabhudas Lilladher analysts In the diagnostic sector, analysts
Eyeing expansion, RPG names overall domestic sales growth for
our coverage, following a slightly
cessful launches of
generic Spiriva (respira-
Revlimid sales of $85
million and $26 million,”
anticipate a 200-400-basis point
sequential improvement in occu-
expect Vijaya Diagnostic Centre to
outperform with a 15 per cent non-

Anant Goenka vice-chairman muted acute performance,” noted

Kotak Institutional Equities (KIE).
tory) and Darunavir
(HIV/AIDS), gaining PHARMA
it said.
Sun Pharmaceutical
pancies (except HCG) due to
increased patient volume from sea-
Covid growth Y-o-Y, driven mainly
by volume.
The RPG Group, a $4.4 billion conglomerate with interests ranging Meanwhile, sales in the US are share in albuterol (respi- Industries, however, is sonal infections such as flu and For Dr Lal PathLabs, Nuvama
from tyres to IT, announced the appointment of Anant Goenka as likely to remain stable, with high- ratory), while Cipla PREVIEW expected to have a sub- dengue in Q2, a traditionally analysts expect non-Covid reve-
its vice-chairman on Wednesday. Goenka will retain his roles as value launches and softening secured a one-time con- dued performance in the strong quarter. nues to grow at 11 per cent Y-o-Y,
the vice-chairman of both CEAT and Zensar Technologies. freight and input costs expected to tract in the US despite lower sales of US due to minimal supplies from “We foresee the average revenue propelled by a 9.5 per cent
Entrusted with spearheading the group’s digital, sustainability, aid margins, observe analysts. generic Revlimid. Mohali. Analysts from Prabhudas per occupied bed (ARPOB) to increase in sample growth and a 1.5
and innovation agendas, Goenka’s appointment is aimed at Nuvama analysts pointed out KIE stated that it expects a Lilladher pointed out that Sun remain higher on a Y-o-Y basis. per cent rise in realisation due to
guiding the next phase of the group’s expansion. SOHINI DAS that despite lower shipments of healthy Q2FY24 for the pharma sec- Pharma’s dependency on US However, we see some Q-o-Q mod- price increases.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at [email protected] Ph. 011-23720202, Fax :+91-11-23720201
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.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 COMPANIES 3 <

Facing headwinds, Tata Play Steel prices rise Aster India

biz draws
on higher costs, suitors at
finds a saviour in Tata Sons strong demand
$1.5 bn value
Private equity firm BPEA EQT
Tata parent may give exit to another foreign partner that couldn’t find buyer for stake and Ontario Teachers’ Pension
ILLUSTRATION: BINAY SINHA ISHITA AYAN DUTT reflects the strength of domestic Plan Board are among firms con-
KRISHNA KANT demand. “HRC prices are at a 9-10 sidering a deal to acquire Aster
Mumbai, 11 October WORRYING TREND Kolkata, 11 October
per cent premium to Chinese export DM Healthcare Limited’s assets,
Strong demand in the domestic prices, which is unusual. Producers including its India business,
Tata Play's key financials (~ crore)

T
he reported buyback of market, coupled with an increase have been able to pass on the according to people familiar
Temasek’s 20 per cent stake in raw material prices, is pushing increase in raw material cost with the matter. A deal, poten-
in Tata Play by Tata Sons will up steel prices. because of the strong demand in the tially valued around $1.5 billion
be the third instance of Tata Group According to SteelMint, a market domestic market.” (about ~12,480 crore), would
providing an exit to a foreign part- intelligence and price reporting firm, Between April and August, help the investors tap into the
ner in recent years. In 2018, Tata the list price of flat steel has seen an demand registered growth of 13.1 growth potential of healthcare
Sons paid $1.27 billion to DoCoMo increase of ~750-2,000 per tonne for per cent. Dhar noted that all the services in the country, accord-
to buy back 26 per cent of the October deliveries. The long steel consuming segments were doing ing to sources.
group’s telecommunication ven- price witnessed an increase of ~1,500 very well after the monsoon sea- A deal for all of Aster could
ture, Tata Teleservices. This was fol- per tonne towards the end of son. “However, there is a growing value it at more than $2.5 bil-
lowed by Tata Sons acquiring 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 September. concern over the increasing vol- lion, the people said. Its Gulf
AirAsia Berhad’s 49 per cent stake FY Trade or spot prices have also ume of imports.” assets may fetch about $1 bil-
Note: A negative net worth shows that liabilities exceed assets
in AirAsia India in two tranches to seen an upward trend. The lion, they added.
make it a wholly owned subsidiary. n Net sales (~ crore)(LHS) Net profit (~ crore)(RHS) monthly average price in the trade Global factor Others interested in
AirAsia India became Tata Sons’ segment for hot-rolled coil (HRC) But there is some uncertainty about potential bids for Aster’s India
fully owned subsidiary in 2019. – a benchmark in flat steel – was whether the premium in domestic business include Blackstone
All of these buybacks and exits -105.3 ~57,900 in September (Mumbai) prices would hold up. “Steel is freely Inc. and KKR & Co. Aster
-1,152.0
by foreign partners largely occurred but stood at ~58,950 per tonne as traded globally. The 9-10 per cent shares have soared about 40
due to the poor financial perform- on October 6. The average price premium that domestic steel is per cent this year, valuing the
ance of the joint ventures, making of rebar in long products currently benefiting com- Mumbai-listed company at
it tough for foreign investors to sell
802.1 (Mumbai) was ~56,740 pared to Chinese export about $1.9 billion. BLOOMBERG
1,589.4

their stakes to other investors. per tonne in September prices is unlikely to con-
1,353.8
1,108.0

For example, Tata Teleservices and ~58,100 per tonne tinue,” ICRA’s Roy said.

4,648.8

4,499.2
4,682.2
2,286.5

reported a net loss of ~17,630 crore 4,471.8 as on October 9. Dhar, on the other

5,653.3
6,103.5
3,023.3
3,723.0

5,302.7

4,741.1
on net sales of ~5,156 crore during A major producer hand, expects Chinese APPOINTMENTS
the year ending in March 2018 attributed the increase prices to pick up.
(2017-18). The company’s net worth 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 in steel prices to the ris- “China cannot sustain
was (minus) ~25,023 crore at the FY ing cost of raw materi- the current price
end of March 2018 due to accumu- Source: Capitaline als over the past couple levels, given their neg-
lated losses. of months. “Worldwide Domestic steel's ative profit margins at
Similarly, AIX Connect According to analysts, Tata Play in FY23, and its net sales were down ~2,857 crore in FY23 from ~2,753 there is an impact on current premium the current raw
(formerly AirAsia India) continued is now facing financial headwinds 5.1 per cent year-on-year to ~4,499 crore a year ago. cost and it is a chal- to Chinese export material cost.
to lose money and reported a net and a challenging growth environ- crore last financial year. With this, The company has tried to com- lenge. Both iron ore prices is unlikely to Consequently, either
loss of ~2,750 crore on net sales of ment due to the rising popularity of Tata Play’s net sales have contracted pensate for the decline in its pay TV and coking coal prices continue, ICRA said raw material prices
~4,310 crore during 2021-22 through streaming services such as Netflix, by around 27 per cent from its all- service by entering the broadband have increased.” will go down or steel
2022-23 (FY23). YouTube, and Amazon Prime, time high net sales of ~6,104 crore market through a wholly owned Ranjan Dhar, chief prices will rise. In the
According to media reports, Tata among others. in 2018-19 (FY19). The decline in subsidiary — Tata Play Fiber. This marketing officer, ArcelorMittal present scenario, raw material
Sons’ deal with Temasek is expected An analyst at a domestic bro- revenues made it tough for Tata business, however, is still in its Nippon Steel India, noted that raw prices are unlikely to decrease.”
to value Tata Play at around $1 bil- kerage said that valuations for the Play to maintain its profitability. It infancy and remains loss-making. material prices have surged, with During May-September 2023,
lion, or around ~8,300 crore. This players in this space have come reported a net loss of ~70.8 crore in The company has also expanded coking coal reaching approx- global steel prices (China HRC FOB)
will value Temasek’s 20 per cent down over the past two and a half 2019-20 compared to a net profit of into the over-the-top (OTT) plat- imately $380 per tonne. “This poses remained stable at $550 per tonne,
stake in the company at around years due to competitive head- ~462.9 crore in FY19. form and streaming services with a major challenge, especially for according to CRISIL Ratings.
$200 million, or ~1,660 crore. winds and low single-digit growth The decline in revenues and Tata Play Binge, an OTT platform. steel producers who rely on Manish Gupta, senior director,
Analysts say that if the deal for the sector. poor profitability has also resulted Analysts, however, say that it will imported coking coal.” CRISIL Ratings, said with a likely
happens at such a price, it will be a In February 2021, Bharti Airtel in a deterioration in its balance take years of investment and growth demand uptick in the next calendar
kind of bailout by Tata Sons, given bought US private equity firm sheet and a decline in its net worth in these new ventures to fully com- Domestic demand year (2024), global steel prices are
the currently low valuation of Tata Warburg Pincus’ 20 per cent stake or shareholder’s equity. The com- pensate for the decline in its core Flat steel prices began to rise in expected to witness some improve-
Play. Based on its balance sheet for in its direct-to-home television pany’s net worth declined to business of pay TV. August after a dip in May-July. ment and be $600–$650 per tonne.
FY23, Tata Play’s enterprise value (TV) unit for ~3,126 crore. The deal (minus) ~499 crore in FY23 from Temasek owns about 20 per cent However, trade prices are still below Global demand, Gupta said, is
(EV) is ~3,093 crore, or $372 million. valued the company at 7.6x its (minus) ~395 crore a year ago and of the content distribution platform. April levels. expected to remain muted in CY23
We have used its net worth, total operating profit. (minus) ~45 crore in FY19. This was Temasek first invested in Tata Sky, Jayanta Roy, senior vice-pres- at 0-1 per cent and witness a mar-
borrowings, and cash and equiv- The company reported a net loss due to a continued rise in its accu- as it was known at the time in 2007, ident, ICRA, suggested that the ginal uptick of 1-3 per cent in CY24,
alents to arrive at its EV. of ~105 crore on a consolidated basis mulated losses, which grew to according to its website. increase in domestic steel prices with India leading demand growth.

‘Tech nascent... 40-50 players

are getting into mRNA in India’ Registered Office: 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021. Tel: +91 22 6778 9595 Fax: +91 22 6778 9660
e-mail: [email protected] website: www.tcs.com CIN: L22210MH1995PLC084781

Extract of the audited consolidated interim financial results for the quarter ended September 30, 2023
Merck Life Sciences has been hand-holding vaccine makers during the pandemic for (` crore)
equipment and solutions. It has expertise in mRNA, which is fast becoming the in-demand Three month Six month Three month
platform for vaccines and biologics. In a video interview with Sohini Das & Anjali Singh, period ended period ended period ended
ADITYA SHARMA, head of bioprocess business for the India region, Merck Life Sciences, speaks September 30, September 30, September 30,
about the prospects of mRNA tech, excess capacities, and ways to utilise them. Edited excerpts: 2023 2023 2022
Revenue from operations 59,692 1,19,073 55,309
What are the advantages of the mRNA Currently, the capabilities which exist in Profit before tax 15,330 30,319 14,096
tech platform? India are limited because the Profit after tax 11,380 22,500 10,465
The advantage of mRNA is it is quite technology is still very nascent. There Total comprehensive income for the period 11,162 22,362 10,538
agile, very adaptive, you can use mRNA are many players who are getting into Paid up equity share capital (Face value: `1 per share) 366 366 366
very quickly against different diseases mRNA tech. Maybe, 40-50 players are Total reserves (including non-controlling interests)* 90,840 90,840 89,480
and its scalability is very quick. Low getting into mRNA at the moment in Earnings per equity share:- Basic and diluted (`) 31.00 61.26 28.51
temperature, storage and pathway are India. It’s a very recent technology at
the issues along with the synthesis of this point in time. We are one of the *Balances for three month and six month period ended September 30, 2023 represent balances as per the audited consolidated balance sheet for
the year ended March 31, 2023 and balances for three month period ended September 30, 2022 represent balances as per the audited consolidated
the mRNA sequence and encapsulating major solution providers in the
balance sheet for the year ended March 31, 2022 as required by Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements)
it with the electrical nano particle. industry. So, almost every Regulations, 2015.
manufacturer, who works in India, is Extract of the audited standalone interim financial results for the quarter ended September 30, 2023
What role have you played in closely associated with us. What is the solution to this (` crore)
the global mRNA vaccine We see many inquiries as we excess capacity? Three month Six month Three month
scene, and also in India? work with them. There are two aspects to it — one is the period ended period ended period ended
From a global perspective, we excess capacity, which is lying with September 30, September 30, September 30,
have been working with some Are there any supply chain players like us. We have invested 2023 2023 2022
large global manufacturers ADITYA SHARMA challenges in mRNA-based substantial amounts in expanding our Revenue from operations 50,165 1,00,027 46,819
and different institutes. Head of bioprocess production? facilities around our technologies in the Profit before tax 14,444 28,376 13,303
Merck scientists are engaged biz for India region, As such, nothing very unique last couple of years. The second aspect is Profit after tax 10,929 21,413 10,059
with our customers and Merck Life Sciences is required, but one needs to that our customers, who invested large Total comprehensive income for the period 10,861 21,463 10,169
different researchers to have a good supply of lipids. amounts in building Covid facilities, are
enable them to come out with the right In terms of other purification now sitting with excess capacity. Notes:
formulation or scale up the process. technologies, it's not very different from Customers are smartly trying to 1. The audited consolidated financial results and audited standalone financial results have been reviewed by the Audit Committee and approved
Even when there is a tech transfer from a biosimilar or a regular vaccine. Large repurpose these facilities to make some by the Board of Directors at its meeting held on October 11, 2023. The statutory auditors have expressed an unmodified audit opinion on these
a global company to an Indian multinationals have actually expanded MRNA-based products or another results.
company, we engage very closely with their facilities to make sure that there is vaccine with that same facility. So, a few 2. On April 21, 2022, Epic invoked payment of `1,163 crore (US $140 million) out of `3,655 crore (US $440 million) Letter of Credit provided as
our global colleagues and also the no supply disruption around it. With of these customers have asked us to look security, towards compensatory damages awarded by the District Court and confirmed by the Appeals Court. On July 1, 2022, the District Court
customers. It is to make sure that the Covid subsiding, there is a lot of capacity, at their existing facility. They are asking passed an Order affirming the punitive damages at `1,163 crore (US $140 million). The Company’s second appeal in the Appeals Court to reduce
transfer is done in the right way so that which is available. Many life science for suggestions on how they can the punitive damages subsequently affirmed by the District Court was disposed on July 14, 2023, with a re-affirmation of the District Court order
our customers are able to reproduce as companies like us can work closely with repurpose their units. The biosimilars awarding punitive damages of `1,163 crore (US $140 million). The Company had already filed a petition to the Supreme Court to review the
much as possible. mRNA manufacturers to provide their market is growing fast right now and entire judgement including both the compensatory and punitive damages re-affirmed by the Appeals Court. The Company carries a provision of
`208 crore (US $25 million) towards punitive damages. Pursuant to encashment of the Letter of Credit towards compensatory damages, the value
technology. I don’t think there should be you can see new players setting up shop. of Letter of Credit made available to Epic stands reduced to `1,263 crore (US $152 million).
Are Indian pharma players also a challenge in terms of supply chain for So, there is a huge demand globally for
warming up to the mRNA technology? mRNA scale up and manufacturing. products like biosimilars. 3. The Board of Directors at its meeting held on October 11, 2023, has declared an interim dividend of `9.00 per equity share.
4. The Board of Directors at its meeting held on October 11, 2023, has approved a proposal to buy-back upto 4,09,63,855 equity shares of the
Company for an aggregate amount not exceeding `17,000 crore being 1.12% of the total paid up equity share capital at `4,150 per equity share
subject to approval from shareholders.

DOMESTIC AIR TRAFFIC FLIES INTO LEAN PATCH 5. The above is an extract of the detailed format of financial results filed with the Stock Exchanges under Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format for three month and six month period ended
September 30, 2023, are available on the BSE Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website
(URL: www.nseindia.com) and on the Company’s website (URL: www.tcs.com/investors).
Average daily domestic traffic increased by 1.65 per cent AVERAGE DAILY LOAD FACTOR OF AIRLINES
month-on-month (M-o-M) to 408,906 in September, For and on behalf of the Board of Directors
n Aug n Sept (in %)
according to the Ministry of Civil Aviation's data reviewed
Mumbai K Krithivasan
by Business Standard. This small increase can be
89.34

90.88
90.30

90.67

October 11, 2023 CEO and Managing Director

89.49
83.61

90.30
84.68

attributed to the lean travel season and the reduction of

flights by Akasa Air.The peak travel season in India falls
between October and December, and industry officials
anticipate an upswing in both domestic and
international passenger traffic in October.
But overall domestic demand remained high, with four IndiGo Air India SpiceJet Akasa Air
out of six major carriers reporting load factors of over 90 Note: Go First suspended flights from May 3 onwards
per cent in September. Load factor refers to an aircraft's
occupancy rate. Akasa Air, which cancelled a significant DAILY TRAFFIC CHART Average daily domestic (Sep)
number of flights in September due to an abrupt exodus
of 43 pilots, recorded a load factor of 90.3 per cent. AirAsia 2,861 408,906
India recorded the lowest load factor in September at Flights Passengers
82.45 percent.In September, average daily international
traffic increased by only 0.7 per cent to 178,578. 1.13 1.65
DEEPAK PATEL % chg M-o-M
Note: Domestic figures include only departure Source: Ministry of Civil Aviation
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 1

Share of salaried jobs declines in 12 states/UTs, shows PLFS

increased slightly during this period,
Assam sees the steepest decline, followed by indicating distress in rural labour
Delhi between July 2022 and June 2023 WORK PIE Share of workers in regular wage/salaried employment 2021-22 2022-23 (in %) markets.
The share of people engaged in
SHIVA RAJORA,
New Delhi, 11 October
2022 period. This was followed by
Delhi (6.2 percentage points),
BOTTOM PERFORMERS pp chg
TOP PERFORMERS pp chg
agriculture increased to 45.8 per cent
from 45.5 per cent.
Uttarakhand (5.2 percentage points), 19.5 -8.7 30.9 Punjab saw the sharpest increase
Assam 10.8 Punjab 2.5
The quality of employment has and Chhattisgarh (1.6 percentage 33.4 of 2.5 percentage points in its regular
deteriorated in 12 of the 21 major points). 65.8 35.0 wage workforce to 33.4 per cent, fol-
states and Union Territories, as the The “usual status” measure of Delhi -6.2 Haryana 2.2 lowed by Haryana (2.2 percentage
59.6 37.2
proportion of workers in regular or employment, which classifies a per- points), Kerala (2 percentage points),
salaried jobs declined between July son according to the type of work Uttarakhand 29.0 -5.2 Kerala
30.9 and Telangana (1.9 percentage
23.8 32.9 2.0
2022 and June 2023 compared to the they would have engaged in during points).
previous year, according to a a one-year reference period, showed 16.2 20.8 “The decline of wage employ-
Business Standard analysis of the lat- an increase in self-employment and Chhattisgarh -1.6 Telangana 1.9 ment over the past year and the cor-
14.6 22.7
est Periodic Labour Force Survey casual work in these states during responding increase in labour force
(PLFS) released by the National this period. Regular wage or salaried Note: 2022-23 pertains to July 2022-June 2023; likewise for 2021-22 Source: PLFS annual reports participation shows that more peo-
Statistical Office. work, where workers receive fixed ple are joining the labour markets
Assam experienced the most sig- wages at regular intervals, is gener- owning a small informal enterprise. This decline in employment per cent) since the NSO began markets have yet to recover as wage and the economy isn't able to gen-
nificant decline in the share of work- ally considered a better form of At the national level, the share of quality comes despite the unem- releasing the annual survey in April employment remains significantly erate enough decent jobs for them,"
ers in salaried work, dropping by 8.7 employment than casual work or workers in regular wage work also ployment rate in the country falling 2017. lower than pre-pandemic levels, Mehrotra said. “This is leading them
percentage points to 10.8 per cent in self-employment, which consists of declined to 20.9 per cent from 21.5 to a six-year low of 3.2 per cent and Santosh Mehrotra, a visiting pro- leading to an increase in self- to engage in self-employment either
the July 2002-June 2023 period from working as unpaid household help, per cent during the period under the labour force participation rate fessor at the University of Bath, not- employed individuals. The share of as unpaid household help or run-
19.5 per cent in the July 2021-June primarily in agricultural fields or consideration. (LFPR) reaching its highest level (57.9 ed that despite popular belief, labour people working in agriculture also ning a small business.”

IN BRIEF
EC cites large-scale weddings for
changing Raj poll date to Nov 25
India’s debt-to-GDP ratio
The Election Commission on Wednesday changed the date of
polling for the Rajasthan assembly elections from November 23 to
November 25 citing “large-scale” weddings and social
engagements. In a statement, the EC said the decision was taken
following representations made by various parties and social
to peak in FY25, says IMF
ASIT RANJAN MISHRA
organisations for a change of the date of poll considering large- New Delhi, 11 October KEEPING A WATCH
scale wedding/social engagements on that day (November 23). PTI

I
ndia’s debt-to-GDP ratio is projected
to peak at 82.3 per cent in FY25, and
then it may gradually ease to touch Finance Minister Nirmala Sitharaman during a roundtable
LIC gets notice worth ~37,000 80.5 per cent in FY29, according to the lat-
est estimates by the International
discussion on “IMF policy priorities and how the institution
should support its membership”, in Morocco PHOTO: PTI

for paying taxes at lower rate Monetary Fund (IMF) in its Fiscal Monitor

IMF’s focus has

report.
The Life Insurance Corporation of India (LIC) has received a This is a substantial revision by the IMF
goods and services tax (GST) demand order accruing to nearly from its April projections, in which it indi-
~37,000 for paying taxes at 12 per cent instead of 18 per cent for cated that the country’s debt-to-GDP ratio

to be on macro
88.5

83.8

80.5
81.0

81.9

82.3

82.2
75.0

81.2
81.7
some invoices during the assessment year 2019-2020. The is set to follow an upward trajectory for
state taxes officer in Srinagar has charged the company with a four financial years starting FY24 to touch
GST of ~10,462, penalty amounting to ~20,000 and interest of 83.8 per cent in FY27. The multilateral

surveillance: FM
~6,382, aggregating to ~36,844. AATHIRA VARIER lending institution didn’t give any ration- Source: IMF ILLUSTRATION: BINAY SINHA
ale for the revisions to its projections.
As the Covid-19 pandemic hit the econ-
Bharti proposes to buy AXA's omy, substantially reducing revenues and
increasing government expenditure, RUCHIKA CHITRAVANSHI Sitharaman said "India is
49% stake in Bharti AXA Life India’s public debt-to-GDP ratio shot up
from 75 per cent in FY20 to 88.5 per cent
New Delhi, 11 October undertaking some of the most
robust climate actions
Bharti Group on Wednesday said it has entered into a binding in FY21. Then it gradually reduced to 81 Finance Minister Nirmala through its Nationally
agreement with its joint venture partner AXA to acquire its 49 per per cent in FY23 as revenues and expen- Sitharaman on Wednesday Determined Contributions,
cent stake in Bharti AXA Life Insurance. Post transaction, Bharti Life diture stabilised. The IMF now projects it said the primary focus of the which include an ambitious
Ventures Private Limited (BLVPL), the holding company of Bharti will again climb for the next two financial International Monetary Fund programme for a transition to
AXA Life Insurance Company, will own 100 per cent stake in the life years of FY24 and FY25. (IMF) has to be macroeco- clean energy and the RISE
insurer. Currently, France-based AXA owns 49 per cent stake in the The IMF projected that India’s com- nomic surveillance and policy partnership is completely in
joint venture with Bharti. PTI bined fiscal deficit (Centre and states), guidance, in line with the sync with India’s domestic
which hit a high of 12.9 per cent in FY21, evolving needs of the mem- policy of prioritising
will continue to moderate to touch 7.2 per bership. Speaking at the CleanEnergy."
CBI files FIR against NewsClick, cent in FY29.
The latest Fiscal Monitor report takes mix could become challenging, particu- gests that incorporating climate action in
roundtable discussion on IMF
policy priorities and how the Finance, central bank
deputies meeting to start
founder for FCRA violation stock of mitigation policies across coun-
tries and presents the trilemma facing pol-
larly for emerging markets and developing
economies already experiencing high debt
debt sustainability analyses is crucial.”
The report said global coordination to
institution should support
India’s membership on the discussions on key agenda
The Central Bureau of Investigation (CBI) icymakers in balancing between achieving and rising interest costs, alongside large push forward pragmatic global carbon sidelines of the IMF-World The G20 finance and central
registered an FIR against NewsClick and climate goals, debt sustainability, and adaptation, and development needs. “To pricing, enhance external financial sup- Bank annual meetings in bank deputies will meet today
its founder Prabir Purkayastha (pictured) political feasibility. navigate these challenges, countries with port, and facilitate knowledge transfers of Marrakech, the FM spoke to finalise the contours to the
for alleged violation of the Foreign “The green transition would entail limited fiscal space should build tax capac- established low-carbon technologies are about the importance of mul- discussion around strength-
Contribution (Regulation) Act and car- additional fiscal costs, especially if they ity to mobilize revenues and improve essential to support climate efforts for tilateralism to move towards ening the financial capacity of
ried out searches at the office and resi- rely on expenditure-based measures. A spending efficiency. Policies should developing economies. coordinated and consensus- multilateral development
dence of the portal's founder on comparable simulation for a representa- encourage the private sector to play an “However, it is not sufficient and based solutions to global chal- banks along with capacity
Wednesday, officials said. In the FIR, the tive large emerging market economy con- increasing role in financing and investing should be complemented by policies to lenges. building and two pillar solu-
agency has named as accused the com- siders a cap on carbon prices at $45 a tonne in climate actions,” it further said. address market failures and catalyse pri- During the roundtable, tions. Ahead of the meet, a
pany PPK Newsclick Studio Pvt Ltd, Purkayastha, Jason Pfetcher, during 2030-50, together with a substan- “The IMF can also help by providing vate financing and investment in low-car- hosted by US Treasury high-level seminar on
the sole manager of Worldwide Media Holdings, and American tial increase in green investment and sub- long-term financing under the Resilience bon technologies. Robust fiscal transfers Secretary Janet Yellen, “Strengthening the Financial
millionaire Neville Roy Singham, who runs an IT consultancy sidies to reach net zero goals by 2060,” the and Sustainability Trust. Large uncertain- are needed to protect vulnerable house- Sitharaman emphasised the Capacity of MDBs” was organ-
firm, besides unidentified others. PTI report stated. ty -- arising from policy impacts and non- holds, workers, and communities during role of the IMF in addressing ised by G20India Presidency
The IMF said the fiscal cost of policy linear impacts of climate change -- sug- the green transition,” the report said. debt restructuring process on the sidelines of the meet-
bottlenecks and fostering ings on Wednesday. Finance
cooperation on debt issues, secretary Ajay Seth and Chief
Foreign firms without PAN including through co-chairing Economic Advisor V Anantha

can open bank a/cs in GIFT City

Non-residents and foreign companies opening bank accounts
Centre tweaks PLI white goods the Global Sovereign Debt
Roundtable with India and
the WorldBank.
A tweet by the finance
Nageswaran were part of
these discussions.
The meeting of the
deputies will be followed by
in IFSC Gift City will not have to furnish PAN and instead file a
declaration. The non-resident or the foreign company opening
a bank account at the International Financial Services Centres
scheme norms for smooth ops ministry also mentioned that
the FM underlined the impor-
tance of the IMF to remain
the finance ministers and cen-
tral bank governors (FMCBG)
meeting on October 12 and 13.
(IFSC) will have to file a declaration in Form 60 and should not SHREYA NANDI deadline for filing claims to (DPIIT), the verification of eligi- prices in cases of captive con- well capitalised through quo- According to the finance min-
have any tax liabilities in India. The Finance Ministry has New Delhi, 11 October receive incentives, permitting bility claims and the recommen- sumption or supplies to group ta-based resources to remain istry, the fourth FMCBG
amended Income Tax Rules exempting non-residents opening administrative ministry visits to dation of incentive disburse- companies. This change also central to the global financial would start with a discussion
a bank account from the requirement of submitting PAN. PTI The central government has manufacturing facilities, and ments will now be handled by required an amendment to the safety net. on strengthening MDBs fol-
introduced changes to the rules extending the time frame for the project management agencies, definition of ‘arm's length’.” Sitharaman also met IMF lowed by a seminar on global
governing the production- establishment of additional which are responsible for imple- The bank guarantee must Managing Director Kristalina economy and crypto assets
linked incentive (PLI) scheme manufacturing facilities, among menting the scheme. be rolled over before the Georgieva to talk about the next day, before the final
Govt to bring financial outlay for white goods, specifically air
conditioners and light-emitting
other adjustments.
These modifications have
The cost-plus method will
replace the comparable uncon-
expiry of the existing bank
guarantee during the scheme’s
“India's willingness to engage
with IMF to work with the
press conference.
Sitharaman would have
to boost sustainable mining diode lights, with the goal of
‘simplifying the scheme’s oper-
been implemented based on a
variety of recommendations
trolled price (CUP) method for
calculating sales prices in cases
tenure, a practice that was pre-
viously disallowed.
developing countries in facil-
itating domestic resource
bilateral meetings with coun-
tries including Morocco,
Coal minister Pralhad Joshi on Wednesday said a financial outlay ations’ and promoting the ease from both beneficiaries and of captive consumption or sup- Companies are now required mobilisation as endorsed by African Union and France on
will be announced soon to further strengthen sustainable mining of doing business, according to industry associations. plies to group companies. to file claims for incentive dis- #G20 Leaders.” the sidelines of the meet. The
with a focus on green coal technology. Clean coal technologies a statement on Wednesday. According to the revised The statement notes, “The bursement by January 15 of Speaking at the launch of FM is also expected to hold
have been developed and deployed to reduce the environmental These changes include guidelines released by the adoption of the cost-plus the following financial year, Partnership for Resilient and bilateral meetings with
impact of coal utilisation, he said at a session of National investment criteria for deter- Department for Promotion of method in place of CUP instead of the previous dead- Inclusive Supply-chain Indonesia, Brazil, Switzerland
Workshop on 'Global Experience Sharing on Just Transition'. PTI mining eligibility, extending the Industry and Internal Trade method for calculating sales line of October 31. Enhancement (RISE), and Germany.

Govt may hike cane-ethanol price up to 3% for 2023-24 season Poor monsoon may
SANJEEB MUKHERJEE raised by ~1.15 a litre. food grain and maize. was ~66.07 per litre against ~56.34 at bring restrictions
New Delhi, 11 October For the one produced from ‘C- PRICE CHECK In the last round, the price of the start of the season.
for sugar export
heavy’ molasses, it could be raised Ethanol procurement price for the season that starts from December 1 such ethanol was raised by ~3.71 per Till early July 2023 (of the 2022-
The government may increase the by ~1.75 per litre. That produced Ethanol produced from n B-heavy molasses n C-heavy molasses litre, thus taking the total 23 ethanol supply year that will end The government is expected to
price of ethanol produced from from sugarcane juice, syrup or n Sugarcane juice/syrup/sugar ( ~/ litre) procurement price increase in the in October 2023), around 3.51 billion impose curbs on its sugar
59.1

65.6

sugarcane-based molasses for the sugar, the price could be raised by 2022-23 supply year to ~8.46 per litre. litres of ethanol had been supplied exports after dry weather
54.3

63.5
52.4

49.4
62.7

2023-24 season starting November 1 ~2.25 per litre from what has been It was ~9.72 per litre for maize for the by sugarcane- and grains-based parched cane crops in the
59.2

60.7
59.5

46.7
57.6
45.7
43.8

by up to 3 per cent. prevailing in the 2022-23 season that remaining part of the supply year. ones. country, a move that will
43.5

This is in line with the trend ends on October 31. This final price includes the interim Around 2.85 billion litres, or tighten global supplies of the
followed since the last few years, In the ongoing ethanol supply relief announced on August 7. roughly 82 per cent, of that supply sweetener. India is likely to
trade and industry sources said. year, the procurement price of The additional incentive was was from sugarcane-based sources curb shipments during the new
Though there has been no ethanol produced from B-heavy announced after the supply of and 660 million litres, or 18 per cent, season that started October 1,
official announcement, industry molasses is ~49.41 per litre, while surplus Food Corporation of India from grain-based ones. and a decision will be made
sources said it could happen before that produced from C-heavy 2018-19 2019-20 2020-21 2021-22 2022-23 (FCI) rice for ethanol blending was India is poised to achieve nearly soon, said people familiar with
the start of the new season. molasses has been fixed at ~60.73 NOTE: The ethanol supply year normally runs from November to December. But, for 2022-23, the year was of 11 months stopped. This threatened to 12 per cent annual average all-India the matter who asked not to be
The 2022-23 ethanol supply year per litre. The one produced from from December 1 and October 31. Henceforth, the ESY will be from 1 Nov to 31 Oct Source: Government jeopardise the total programme. ethanol blending in 2022-23 season. identified. Quotas for some
will end on October 31, a month sugarcane juice, syrup and sugar is After the last hike taken on Basically, ethanol is produced in overseas sales can be issued if
ahead of the earlier schedule. This at ~65.61 per litre. sugarcane juice, there is a higher the sugar industry the extra August 22, the procurement price India from two feedstocks. domestic supply improves, they
will align it with the sugar Uppal Shah, co-founder & chief production cost plus sugar mills incentive. for ethanol produced from First is sugarcane and second is said. Export curbs will squeeze
production season. executive officer (CEO), have to sacrifice on sugar. A few months back, the oil damaged grains for OMCs in the grains, which includes rice supplied the market and likely boost
Sources said that for ethanol Agrimandi.live Research said that Keeping this in mind, the marketing companies (OMCs) had 2022-23 season was ~64 per litre. at concessional rates from FCI futures in New York and
produced from ‘B-heavy’ molasses, according to domestic sugar mills, government must increase ethanol twice raised the procurement price This was against ~55.54 fixed at the depots, maize and damaged grains London. BLOOMBERG
the procurement price could be to produce ethanol directly from prices by about 7 to 8 per cent, to give of ethanol made from damaged start of the season. That from maize (which is broken rice only).
.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 5 <

This advertisement is for information purposes only and not for publication, distribution, or release directly or indirectly outside India. This is not an announcement for the offer document. All capitalized terms used herein and not defined herein shall have the meaning assigned to them in the Letter
of Offer dated 22nd September, 2023 (the "Letter of Offer" or "LOF") filed with the BSE Limited ("BSE") for information and dissemination at BSE's website pursuant to the provision to Regulation 3 of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 ("SEBI (ICDR) Regulations").

SYSCHEM (INDIA) LIMITED

Corporate Identification Number: L24219HR1993PLC032195
Our Company was originally incorporated as "Anil Pesticides Limited" on December 31, 1993, as a Public Limited Company under the Companies Act, 1956, pursuant to a Certificate of Incorporation issued by the Registrar of Companies, NCT of Delhi & Haryana, (the "RoC"). Later, the name of the
company was changed to its present name i.e., Syschem (India) Limited vide fresh certificate of incorporation dated December 26, 2001 bearing Registration No. 032195.
Registered Office: Village Bargodam, Tehsil Kalka Dist Panchkula-133302 Haryana, India;
Corporate Office: SCO 825, First Floor, NAC, Mani Majra, Chandiharh-160101, India;
Tel: 0172-5070471/5070472; E-mail: [email protected] ; Website: www.syschem.in
Contact Person: Shikha Kataria, Company Secretary and Compliance Officer;
ISSUE OF UPTO 7972600 EQUITY SHARES OF FACE VALUE Rs. 10 EACH ("RIGHTS EQUITY SHARES") OF OUR COMPANY FOR CASH AT A PRICE OF Rs. 40/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 30/- PER EQUITY SHARE) (THE "ISSUE PRICE"),
AGGREGATING UPTO Rs. 3190.00 LAKHS ON A RIGHTS BASIS TO THE EXISTING EQUITY SHAREHOLDERS OF OUR COMPANY IN THE RATIO OF 1 (ONE) RIGHTS EQUITY SHARE(S) FOR EVERY 4 (FOUR) FULLY PAID-UP EQUITY SHARE(S) HELD BY THE EXISTING EQUITY
SHAREHOLDERS ON THE RECORD DATE, THAT IS ON FRIDAY, 29TH SEPTEMBER, 2023 (THE "ISSUE"). THE ISSUE PRICE FOR THE RIGHTS EQUITY SHARES IS 4 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. FOR FURTHER DETAILS, PLEASE REFER TO THE CHAPTER
TITLED "TERMS OF THE ISSUE" ON PAGE 173 OF THE LETTER OF OFFER.
*Assuming full subscription
INDICATIVE TIMETABLE
The below dates are indicative. However actual dates may vary.
Issue Opening Date Monday, 16th October, 2023 Date of Allotment / Initiation of Refunds (on or about) Saturday, 4th November, 2023
rd
Last Date for On Market Renunciation* Monday, 23 October, 2023 Date of credit of Equity Shares to demat account of Allottees (on or about) Wednesday, 8th November, 2023
Issue Closing Date# Friday, 27th October, 2023 Date of listing / Commencement of trading of Equity Shares on the Stock Exchanges (on or about) Monday, 13th November, 2023
* Eligible Equity Shareholders are requested to ensure that renunciation through off-market transfer is completed in such a manner that the Rights Entitlements are credited to the demat account of the Renouncees on or prior to the Issue Closing Date.
# Our Board or a duly authorized committee thereof will have the right to extend the Issue period as it may determine from time to time but not exceeding 30 (thirty) days from the Issue Opening Date (inclusive of the Issue Opening Date). Further, no withdrawal of Application shall be permitted by
any Applicant after the Issue Closing Date.
Simple, Safe, Smart way of Application- Make use of it!!! *Application Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account, investors can avail the same.
ASBA* For further details check section on ASBA below.

In accordance with Regulation 76 of the SEBI ICDR Regulations and ASBA Circulars, all Investors desiring to make an Application in this Issue are mandatorily required Procedure for Renunciation of Rights Entitlements
to use the ASBA process. Investors should carefully read the provisions applicable to such Applications before making their Application through ASBA. Further, the The Investors may renounce the Rights Entitlements, credited to their respective demat accounts, either in full or in part (a) by using the secondary market platform
resident Eligible Equity Shareholders holding Equity Shares in physical form as on the Record Date can apply for this Issue through ASBA facility. For details of procedure of the Stock Exchanges; or (b) through an off - market transfer, during the Renunciation Period. The Investors should have the demat Rights Entitlements credited/lying
for application by the resident Eligible Equity Shareholders holding Equity Shares in physical form as on the Record Date, see "Procedure for Application by Resident in his/her own demat account prior to the renunciation. In accordance with the SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020, the resident
Eligible Equity Shareholders holding Equity Shares in physical form" on page 187 of the Letter of Offer. Eligible Equity Shareholders, who hold Equity Shares in physical form as on Record Date shall be required to provide their demat account details to our Company or
Please note that in accordance with Regulation 77A of the SEBI ICDR Regulations read with the SEBI Rights Issue Circular, the credit of Rights Entitlements and Allotment the Registrar to the Issue for credit of REs not later than two working days prior to issue closing date, such that credit of REs in their demat account takes place at least
of Equity Shares shall be made in dematerialized form only. Accordingly, Eligible Equity Shareholders holding Equity Shares in physical form as on Record Date and one day before issue closing date, thereby enabling them to renounce their Rights Entitlements through Off MarketRenunciation. Investors may be subject to adverse
desirous of subscribing to Equity Shares in this Issue are advised to furnish the details of their demat account to the Registrar or our Company at least two Working Days foreign, state or local tax or legal consequences as a result of trading in the Rights Entitlements. Investors who intend to trade in the Rights Entitlements should consult
prior to the Issue Closing Date, to enable the credit of their Rights Entitlements in their respective demat accounts at least one day before the Issue Closing Date. They their tax advisor or stock broker regarding any cost, applicable taxes, charges and expenses (including brokerage) that may be levied for trading in Rights Entitlements.
may also communicate with Registrar with the helpline number + 91-11-29961281-83 and their email address:[email protected]. Our Company accept no responsibility to bear or pay any cost, applicable taxes, charges and expenses (including brokerage), and such costs will be incurred solely
Prior to the issue opening date, the rights entitlement of those resident eligible equity shareholders, among others, who hold equity shares in physical form and whose by the Investor.
demat account details are not available with our company or the registrar, shall be credited in a demat available with our company or the registrar, shall be credited (a) On Market Renunciation
in a demat suspense escrow account opened by our company. The Rights Entitlements of the Physical Shareholders who do not furnish the details of their demat account The Investors may renounce the Rights Entitlements, credited to their respective demat accounts by trading/selling them on the secondary market platform of the Stock
to the Registrar not later than two Working Days prior to the Issue Closing Date, i.e., 25th October, 2023 shall lapse and shall not be entitled to make an application for Exchanges through a registered stock broker in the same manner as the existing Equity Shares of our Company. In this regard, in terms of provisions of the SEBI ICDR
rights equity shares against their entitlements with respect to the equity shares held in Physical Form. Regulations and the SEBI Rights Issue Circular, the Rights Entitlements credited to the respective demat accounts of the Eligible Equity Shareholders shall be admitted
PROCEDURE FOR MAKING AN APPLICATION IN THE ISSUE for trading on the Stock Exchanges under ISIN: INE121D20010, subject to requisite approvals. The details for trading in Rights Entitlements will be as specified by the
In accordance with Regulation 76 of the SEBI ICDR Regulations and ASBA Circulars, all Investors desiring to make an Application in this Issue are mandatorily required Stock Exchanges from time to time. The Rights Entitlements are tradable in dematerialized form only. The market lot for trading of Rights Entitlements is 1 (one) Rights
to use the ASBA process. Investors should carefully read the provisions applicable to such Applications before making their Application through ASBA. Further, the Entitlements. The On Market Renunciation shall take place only during the Renunciation Period for On Market Renunciation, i.e., 16th October, 2023 to 23rd October,
resident Eligible Equity Shareholders holding Equity Shares in physical form as on the Record Date can apply for this Issue through ASBA facility. For details of procedure 2023 (both days inclusive). The Investors holding the Rights Entitlements who desire to sell their Rights Entitlements will have to do so through their registered stock
for application by the resident Eligible Equity Shareholders holding Equity Shares in physical form as on the Record Date, see "Procedure for Application by Resident brokers by quoting the ISIN: INE121D20010 and indicating the details of the Rights Entitlements they intend to sell. The Investors can place order for sale of Rights
Eligible Equity Shareholders holding Equity Shares in physical form" on page 187 of the Letter of Offer. Entitlements only to the extent of Rights Entitlements available in their demat account. The On Market Renunciation shall take place electronically on secondary market
Our Company, its directors, its employees, affiliates, associates and their respective directors and officers, and the Registrar shall not take any responsibility for acts, platform of BSE under automatic order matching mechanism and on 'T+1 rolling settlement basis', where 'T' refers to the date of trading. The transactions will be settled
mistakes, errors, omissions and commissions etc. in relation to Applications accepted by SCSBs, Applications uploaded by SCSBs, Applications accepted but not on trade-for-trade basis. Upon execution of the order, the stock broker will issue a contract note in accordance with the requirements of the Stock Exchanges and the
uploaded by SCSBs or Applications accepted and uploaded without blocking funds in the ASBA Accounts. SEBI.
Please note that one single Application Form shall be used by Shareholders to make Applications for all Rights Entitlements available in a particular demat account or (b) Off Market Renunciation
entire respective portion of the Rights Entitlements in the demat suspense escrow account in case of resident Eligible Equity Shareholders holding shares in physical The Investors may renounce the Rights Entitlements, credited to their respective demat accounts by way of an off-market transfer through a depository participant. The
form as on Record Date and applying in this Issue, as applicable. In case of Shareholders who have provided details of demat account in accordance with the SEBI ICDR Rights Entitlements can be transferred in dematerialized form only. Eligible Equity Shareholders are requested to ensure that renunciation through off- market transfer
Regulations, such Shareholders will have to apply for the Equity Shares from the same demat account in which they are holding the Rights Entitlements and in case is completed in such a manner that the Rights Entitlements are credited to the demat account of the Renouncees on or prior to the Issue Closing Date. The Investors
of multiple demat accounts, the Shareholders are required to submit a separate Application Form for each demat account. holding the Rights Entitlements who desire to transfer their Rights Entitlements will have to do so through their depository participant by issuing a delivery instruction
Applications should be (i) submitted to the Designated Branch of the SCSB or made online/electronic through the website of the SCSBs (if made available by such SCSB) slip quoting the ISIN INE121D20010, the details of the buyer and the details of the Rights Entitlements they intend to transfer. The buyer of the Rights Entitlements (unless
for authorising such SCSB to block Application Money payable on the Application in their respective ASBA Accounts, (ii) Applications through ASBA process will be already having given a standing receipt instruction) has to issue a receipt instruction slip to their depository participant. The Investors can transfer Rights Entitlements
uploaded until 5.00 p.m. (Indian Standard Time) or such extended time as permitted by the Stock Exchanges, or such extended time as permitted by the Stock Exchanges. only to the extent of Rights Entitlements available in their demat account. The instructions for transfer of Rights Entitlements can be issued during the working hours
Self-Certified Syndicate Banks of the depository participants. The detailed rules for transfer of Rights Entitlements through off-market transfer shall be as specified by the NSDL and CDSL from time
to time. The renunciation from non-resident Eligible Equity Shareholder(s) to resident Indian(s) and vice versa shall be subject to provisions of FEMA Rules and other
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circular, directions, or guidelines issued by RBI or the Ministry of Finance from time to time. However, the facility of renunciation shall not be available to or operate
OtherAction.do?doRecognisedFpi=yes&intmId=34. For details on Designated Branches of SCSBs collecting the Application Form, please refer the above-mentioned
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link. Please note that subject to SCSBs complying with the requirements of SEBI Circular No. CIR/CFD/DIL/13/2012 dated September 25, 2012 within the periods
issued by RBI or the Ministry of Finance from time to time.
stipulated therein, ASBA Applications may be submitted at the Designated Branches of the SCSBs, in case of Applications made through ASBA facility.
Listing and trading of the Rights Equity Shares to be issued pursuant to the Issue
PROCEDURE FOR MAKING AN APPLICATION THROUGH ASBA PROCESS
The existing Equity Shares of our Company are listed and traded under the ISIN: INE121D01036 on BSE (Scrip Code: 531173). The Rights Equity Shares proposed
Investors desiring to make an Application in this Issue through ASBA process, may submit the Application Form to the Designated Branch of the SCSB or online/electronic
to be issued on a rights basis shall be listed and admitted for trading on BSE subject to necessary approvals. As per the SEBI - Rights Issue Circular, the Rights
Application through the website of the SCSBs (if made available by such SCSB) for authorizing such SCSB to block Application Money payable on the Application in their
Entitlements with a separate ISIN would be credited to the demat account of the respective Eligible Equity Shareholders before the issue opening date. On the Issue
respective ASBA Accounts.
Closing Date, the depositories will suspend the ISIN of REs for transfer and once the allotment is done post the basis of allotment approved by the designated stock
Investors should ensure that they have correctly submitted the Application Form, or have otherwise provided an authorization to the SCSB, via the electronic mode, for exchange, the separate ISIN no. INE121D20010, for REs so obtained will be permanently deactivated from the depository system. Investors shall be able to trade their
blocking funds in the ASBA Account equivalent to the Application Money mentioned in the Application Form, as the case may be, at the time of submission of the Rights Entitlements either through On Market Renunciation or through Off Market Renunciation. The trades through On Market Renunciation and Off Market Renun-
Application. ciation will be settled by transferring the Rights Entitlements through the depository mechanism.
PLEASE NOTE THAT THE ELIGIBLE EQUITY SHAREHOLDERS, WHO HOLD EQUITY SHARES IN PHYSICAL FORM AS ON RECORD DATE AND WHO HAVE NOT The Rights Equity Shares proposed to be issued on a rights basis shall be listed and admitted for trading on BSE subject to necessary approvals. Our Company has
FURNISHED THE DETAILS OF THEIR RESPECTIVE DEMAT ACCOUNTS TO THE REGISTRAR OR OUR COMPANY AT LEAST TWO WORKING DAYS PRIOR TO THE ISSUE received in-principle approval from BSE through letter no. LOD/RIGHT/CP/FIP/544/2023-24 dated 25th August, 2023. All steps for completion of necessary formalities
CLOSING DATE, SHALL NOT BE ELIGIBLE TO MAKE AN APPLICATION FOR RIGHTS EQUITY SHARES AGAINST THEIR RIGHTS ENTITLEMENTS WITH RESPECT TO for listing and commencement of trading in the equity shares will be taken within 7 working days from the finalization of the Basis of Allotment. Our Company will apply
THE EQUITY SHARES HELD IN PHYSICAL FORM. to BSE for final approval for the listing and trading of the Rights Equity Shares subsequent to their Allotment. No assurance can be given regarding the active or sustained
Making of an Application by Eligible Equity Shareholders on Plain Paper under ASBA process trading in the Rights Equity Shares or the price at which the Rights Equity Shares offered under the Issue will trade after the listing thereof.
An Eligible Equity Shareholder who has neither received the Application Form nor is in a position to obtain the Application Form either from our Company, Registrar Upon receipt of such listing and trading approval, the Rights Equity Shares proposed to be issued pursuant to the Issue shall be debited from such temporary ISIN and
to the Issue, Manager to the Issuer or from the website of the Registrar, can make an Application to subscribe to the Issue on plain paper through ASBA process. Eligible credited in the existing ISIN and thereafter be available for trading under the existing ISIN as fully paid-up Equity Shares of our Company. The temporary ISIN shall be
Equity Shareholders shall submit the plain paper application to the Designated Branch of the SCSB for authorizing such SCSB to block an amount equivalent to the kept blocked till the receipt of final listing and trading approval from the Stock Exchanges.
amount payable on the application in the said bank account maintained with the same SCSB. Applications on plain paper will not be accepted from any address outside The Rights Equity Shares allotted pursuant to the Issue will be listed as soon as practicable and all steps for completion of the necessary formalities for listing and
India. commencement of trading of the Rights Equity Shares shall be taken within the specified time. If permissions to list, deal in and for an official quotation of the Rights
Please note that the Eligible Equity Shareholders who are making the Application on plain paper shall not be entitled to renounce their Rights Entitlements and should Equity Shares are not granted by BSE, our Company will forthwith repay, without interest, all moneys received from the Applicants in pursuance of the Letter of offer.
not utilize the Application Form for any purpose including renunciation even if it is received subsequently, may make an Application to subscribe to the Issue on plain If such money is not repaid beyond eight days after our Company becomes liable to repay it, then our Company and every Director who is an officer in default shall,
paper, along with an account payee cheque or demand draft drawn at par, net of bank and postal charges, payable at Bengaluru and the Investor should send such on and from such expiry of eight days, be liable to repay the money, with interest as applicable. For details of trading and listing of Rights Equity Shares, please refer
plain paper Application by registered post directly to the Registrar to the Issue. For details of the mode of payment, see "Modes of Payment" on page 186 of the Letter to the heading "Terms of Payment" at page 177 of the Letter of Offer.
of Offer.
Disclaimer Clause of BSE
Making of an Application by Eligible Equity Shareholders holding Equity Shares in physical form
BSE Limited ("the Exchange") has given vide its letter dated 25th August, 2023, permission to this Company to use the Exchange's name in the Letter of Offer as the
Please note that in accordance with Regulation 77A of the SEBI ICDR Regulations read with the SEBI Rights Issue Circular, the credit of Rights Entitlements and Allotment stock exchange on which this Company's securities are proposed to be listed. The Exchange has scrutinized this letter of offer for its limited internal purpose of deciding
of Equity Shares shall be made in dematerialized form only. Accordingly, Eligible Equity Shareholders holding Equity Shares in physical form as on Record Date and on the matter of granting the aforesaid permission to this Company.
desirous of subscribing to Equity Shares in this Issue are advised to furnish the details of their demat account to the Registrar or our Company at least two Working Days
The Exchange does not in any manner:
prior to the Issue Closing Date, to enable the credit of their Rights Entitlements in their respective demat accounts at least one day before the Issue Closing Date.
 Warrant, certify or endorse the correctness or completeness of any of the contents of this letter of offer; or
Resident Eligible Equity Shareholders, who hold Equity Shares in physical form as on Record Date and who have opened their demat accounts after the Record Date,
shall adhere to following procedure for participating in this Issue:  Warrant that this Company's securities will be listed or will continue to be listed on the Exchange; or
1. The Eligible Equity Shareholders shall send a letter to the Registrar containing the name(s), address, e-mail address, contact details and the details of their demat  Take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme or project of this Company;
account along with copy of self-attested PAN and self- attested client master sheet of their demat account either by e-mail, post, speed post, courier, or hand delivery and it should not for any reason be deemed or construed that this letter of offer has been cleared or approved by the Exchange. Every person who desires to apply
so as to reach to the Registrar no later than two Working Days prior to the Issue Closing Date i.e Wednesday, 25th October, 2023. Alternatively, the said documents for or otherwise acquires any securities of this Company may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against
can be uploaded in the online portal of the RTA at www.beetalfinancial.com; the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether by
2. The Registrar shall, after verifying the details of such demat account, transfer the Rights Entitlements of such Eligible Equity Shareholders to their demat accounts reason of anything stated or omitted to be stated herein or for any other reason whatsoever.
at least one day before the Issue Closing Date; BANKERS TO THE ISSUE AND REFUND BANK
3. The remaining procedure for Application shall be same as set out in "Application on Plain Paper under ASBA process" beginning on page 184 of Letter of Offer. Axis Bank Limited
In accordance with the SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020, the resident Eligible Equity Shareholders, who hold Equity Shares in Address: E-224, East of Kailash Branch, New Delhi-110065, Tel : +91 9773537011
physical form as on Record Date shall be required to provide their demat account details to our Company or the Registrar to the Issue for credit of REs not later than E-mail: [email protected]
two working days prior to issue closing date, such that credit of REs in their demat account takes place at least one day before issue closing date, thereby enabling them Investor Grievance Email: [email protected]
to renounce their Rights Entitlements through Off Market Renunciation. Website: www.axisbank.com
ALLOTMENT OF THE RIGHTS EQUITY SHARES IN DEMATERIALIZED FORM Contact Person: Mr Vishal Lade
SEBI Registration No.: INBI00000017
Please note that the rights equity shares applied for in this issue can be allotted only in dematerialized form and to the same depository account in which our equity
shares are held by such investor on the record date. MONITORING AGENCY: NOT APPLICABLE
DISPATCH AND AVAILABILITY OF ISSUE MATERIALS FOR RISK FACTORS AND OTHER DETAILS, KINDLY REFER TO THE PAGE 25 OF THE LETTER OF OFFER AND PAGE 4 OF ABRIGED LETTER OF OFFER.
In accordance with the SEBI ICDR Regulations, our Company will at least three days before the Issue Opening Date, dispatch the Abridged Letter of Offer, the Rights Other important links and helpline numbers:
Entitlement Letter, Application Form and other issue material, only to the Eligible Equity Shareholders who have provided an Indian address to our Company and who Investors may visit following links for the below-mentioned purposes:
are located in jurisdictions where the offer and sale of the Rights Entitlement or Rights Equity Shares is permitted under laws of such jurisdiction and does not result in a) Frequently asked questions and online/ electronic dedicated Shareholders helpdesk for guidance on the Application process and resolution of difficulties faced
and may not be construed as, a public offering in such jurisdictions. In case the Eligible Equity Shareholders have provided their valid e-mail address, the Issue Materials by the Shareholders: www.beetalfinancial.com.
will be sent only to their valid e-mail address and in case the Eligible Equity Shareholders have not provided their e-mail address, then the Issue Materials will be b) Submission of self-attested PAN, Client Master Sheet and Demat Account details by the shareholders holding shares in physical mode through email at
dispatched, on a reasonable effort basis, to the Indian addresses provided by them. [email protected].
Further, the Letter of offer will be sent/ dispatched to the Eligible Equity Shareholders who have provided Indian address and who have made a request in this regard.
In case such Eligible Equity Shareholders have provided their valid e-mail address, the Letter of offer will be sent only to their valid e-mail address and in case such REGISTRAR TO THE OFFER COMPANY SECRETARY AND COMPLIANCE OFFICER
Eligible Equity Shareholders have not provided their e-mail address, then the Letter of offer will be dispatched, on a reasonable effort basis, to the Indian addresses
provided by them.
Investors can also access the Letter of offer, the Letter of Offer, the Abridged Letter of Offer and the Application Form (provided that the Eligible Equity Shareholder is
Beetal Financial & Computer Services Pvt. Limited
eligible to subscribe for the Rights Equity Shares under applicable securities laws) on the websites of:
Beetal House, 3rd Floor, 99, Madangir,
Our Company at www.syschem.in;
Near Dada Harsukh Das Mandir, New Delhi-110062 Ms. Shikha Kataria
a) the Registrar to the Issue at www.beetalfinancial.com ;
E. Mail: [email protected] , Village Bargodam, Tehsil Kalka Dist Panchkula-133302 Haryana, India;
b) the Stock Exchanges at www.bseindia.com. Tel. Nos.: 29961281-82, Fax No.: 29961284
Eligible Equity Shareholders can obtain the details of their respective Rights Entitlements from the website of the Registrar at www.beetalfinancial.com by entering their Corporate Office: SCO 825, First Floor, NAC, Mani Majra,
Contact Person: Mr. Punit Mittal Chandiharh-160101, India;Tel: 0172-5070471/5070472;
DP ID and Client ID or Folio Number (in case of Eligible Equity Shareholders holding Equity Shares in physical form). The link for the same shall also be available on SEBI Regd. No. INR000000262
the website of our Company (i.e., www.syschem.in). E-mail: [email protected]
CREDIT OF RIGHTS ENTITLEMENTS IN DEMAT ACCOUNTS OF ELIGIBLE EQUITY SHAREHOLDERS
In accordance with Regulation 77A of the SEBI ICDR Regulations read with the SEBI Rights Issue Circular, the credit of Rights Entitlements and Allotment of Rights Equity Investors may contact the Registrar to the issue or the Company Secretary and Compliance Officer for any pre-issue/ post issue related matters. All grievances relating
Shares shall be made in dematerialized form only. Prior to the Issue Opening Date, our Company shall credit the Rights Entitlements to (i) the demat accounts of the to the ASBA process may be addressed to the Registrar to the issue, with a copy to the SCSB, giving full details of Investors such as name address of the applicant,
Resident Eligible Equity Shareholders holding the Equity Shares in dematerialized form; and (ii) a demat suspense escrow account (namely, "OGPL Rights issue - number of Equity Shares applied for, amount blocked, ASBA Account number and the Designated Branch of the SCSB where the Application Form, or the plain paper
Suspense Escrow Demat Account") opened by our Company, for the Resident Eligible Equity Shareholders which would comprise Rights Entitlements relating to (a) application, as the case may be, was submitted by the investors.
Equity Shares held in a demat suspense account pursuant to Regulation 39 of the SEBI Listing Regulations; or (b) Equity Shares held in the account of IEPF authority; For SYSCHEM INDIA LIMITED
or (c) the demat accounts of the Resident Eligible Equity Shareholder which are frozen or details of which are unavailable with our Company or with the Registrar on Sd/-
the Record Date; or (d) credit of the Rights Entitlements returned/reversed/failed; or (e) the ownership of the Equity Shares currently under dispute, including any court th (SHIKHA KATARIA)
proceedings. Date : 11 October, 2023
Place : Chandigarh Company Secretary and Compliance Officer
Resident Eligible Equity Shareholders holding Equity Shares in physical form as on the Record Date i.e. Friday, 29th September, 2023 are requested to provide relevant
details (such as copies of self-attested PAN and details of address proof by way of uploading on Registrar website the records confirming the legal and beneficial
ownership of their respective Equity Shares) not later than two Working Days prior to the Issue Closing Date i.e. Friday, 27th October, 2023 in order to be eligible to apply Syschem India Limited is proposing, subject to requisite approvals, market conditions and other considerations, to issue Equity Shares on a rights basis and has filed
for this Issue. Such Resident Eligible Equity Shareholders are also requested to ensure that their demat account, details of which have been provided to the Company a Letter of Offer (LOF) with BSE Limited. The LOF shall be available on website of SEBI at www.sebi.gov.in; the website of BSE at www. bseindia.com; the website of
or the Registrar account is active to facilitate the aforementioned transfer. the Company at www.syschemindia.in . Investors should note that investment in equity shares involve a degree of risk and for details relating to the same, please see
In accordance with the SEBI Rights Issue Circular, the Resident Eligible Equity Shareholders, who hold Equity Shares in physical form as on Record Date and who have the section entitled "Risk Factors" beginning on page 25 of the LOF. This announcement has been prepared for publication in India and may not be released in the
not furnished the details of their demat account to the Registrar or our Company at least two Working Days prior to the Issue Closing Date i.e. Friday, 27th October, 2023, United States. The announcement does not constitute an offer of Equity Shares for sale in any jurisdiction, including the United States and any Equity Shares described
shall not be eligible to make an Application for Rights Equity Shares against their Rights Entitlements with respect to the equity shares held in physical form. in this announcement may not be offered or sold in the United States.
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 1

Cabinet clears royalty rates RBI ban on BoB app to source

for critical, strategic minerals customers may hit retail biz
ABHIJIT LELE THE ‘BoB WORLD' GOING DOWNHILL
The approval will mark govt’s maiden auction of strategic element blocks Mumbai, 11 October
8.1 mn Daily transactions
Share price (in ~)

NITIN KUMAR The Reserve Bank of India’s (financial & non-financial)

New Delhi, 11 October (RBI’s) curbs on Bank of Baroda
(BoB) on-boarding new cus-

T
he Union Cabinet has approved tomers on mobile app ‘bob
royalty rates for three critical and world’ may impact the bank’s 43% 44%
strategic minerals — lithium, nio- incremental retail business
bium and rare earth elements (REEs). sourced through the digital
This decision follows Additional platform. This is likely to
Fixed\recurring PPF accounts
Mines Secretary Sanjay Lohiya’s impact BoB’s ongoing festival deposits opened opened
announcement on October 5 that the season business. Source: Analysts presentation for Q1FY24
government is set to initiate the Its stock price also reacted
auction of critical mineral mines in the negatively to the development that while RBI action pertains
coming weeks.
The Cabinet note specifies the roy-
and closed 3.27 per cent lower
at ~207.2 per share on the BSE
Bank of Baroda to raise ~10K cr to digital platforms, the issue is
related to business and not
alty rates as follows: 3 per cent of the on Wednesday. Bank of Baroda (BoB) on Wednesday said its board has technical aspects. Hence, the
London Metal Exchange price for Global brokerage Macquarie approved a proposal to raise up to ~10,000 crore to fund corrective steps are being taken
lithium, 3 per cent of the average sale Capital Securities said, “We infrastructure and affordable housing projects. The approval is at the operational level (branch
price (ASP) for niobium from both pri- expect the restriction on digital for raising long term bonds for financing of infrastructure and network).
mary and secondary sources, and 1 per sourcing to hamper both asset affordable housing aggregating to a total size of up to ~10,000 The cross-verification of
cent of the ASP for REEs, based on rare SEALING and liability growth in the near crore, in single or multiple tranches during 2023-24 and customers on-boarded is
earth oxide. term. About 98 per cent of sav- beyond, if found expedient, BoB said in a regulatory filing. PTI underway to put the house in
Although the standard practice for THE DEAL ings accounts and 91 per cent order. The exercise is expected
minerals lacking a specified rate tradi- LITHIUM of current accounts are sourced to be completed in three-four
tionally pegs the royalty at 12 per cent
of the ASP under the Mines and
Go-ahead to Nod to establish 3% of London digitally (Q1FY24). Further,
about 43 per cent of time
cent of retail loans are sourced
digitally (in Q1). Within this, a
end of September.
Domestic brokerage Motilal
weeks, said PK Makker, general
secretary, All India Bank of
Minerals (Development and Regulation)
Act, the government has chosen to
digital tech body for youth Metal Exchange price deposits are sourced through
BoB world application.”
significant portion of personal
loans (89 per cent), home loans
Oswal said in a note that there
may not be any near-term
Baroda Officers Association.
The duration of the ban
amend this approach. The decision pact with France development NIOBIUM According to latest figures (68 per cent), auto loans (67 per asset quality implications of remains a key monitorable.
stems from the acknowledgement that
the existing fixed rate was considerably The Union Cabinet approved The Union Cabinet approved 3% of average sale
for the second quarter ended
September, BoB’s current
cent) and credit cards (61 per
cent) are sourced digitally.
this ban.
Given the rising mix of dig-
As seen with the largest pri-
vate sector bank, HDFC Bank,
higher than that of other critical and three separate MoUs with establishment of an price (both primary, account savings account (Casa) Retail credit forms nearly 20 ital sourcing and the higher it took over 15 months for RBI
strategic minerals and exceeded the Papua New Guinea, France, autonomous body ‘Mera secondary sources) deposits grew by 4.4 per cent per cent of the total advances. cross-sell rate that the bank has to lift the ban on commencing
rates seen in other mineral-producing Trinidad and Tobago in the Yuva Bharat’ (MY Bharat) to year-on-year (Y-o-Y) to ~4.28 BoB’s domestic retail been focusing on via the app, new digital launches, indicat-
nations. field of digital technologies. serve as an overarching RARE EARTH trillion. Total deposits were up advances grew by 22.46 per this ban can affect the growth ing that a thorough due dili-
The Ministry of Mines has also devel- The MoU with France intends enabling mechanism ELEMENTS by 14.63 per cent Y-o-Y to ~12.49 cent Y-o-Y to ~1.94 trillion. trajectory in the retail product gence is done by the regulator
oped a formula for calculating the ASP to promote closer powered by technology trillion. Macquire said that on Total advances grew 17.43 segments over the near term. before the ban is revoked,
of these minerals, streamlining the pro-
cess of establishing bidding parameters.
cooperation and exchange of
information pertaining to
for youth development,
Union minister Anurag
1% of average sale the retail advances front, 74 per per cent to ~10.25 trillion at the A senior bank official said Macquire added.
price of rare earth
According to the Cabinet statement, digital technologies. PTI Thakur said. PTI oxide
this approval for specifying royalty rates
will mark the central government's
maiden auction of lithium, niobium,
and REEs blocks in India.
superalloys and superconductors, and
REEs are vital components in elec-
effective on August 17, 2023.
This amendment, among its various
CD rates rise by over 20 bps in October
Beyond lithium, niobium, and REEs, tronics and clean energy technologies. provisions, removed six minerals, Liquidity slips into used by banks to raise funds. The rates on are rushing to raise funds to meet the
the Central government is actively pre-
paring to initiate the initial round of auc-
Lithium, niobium and REEs have
also emerged as strategic elements due
including lithium and niobium, from
the list of atomic minerals.
deficit once again 6-month and 1-year CDs rose by 21 basis
points in October, whereas 3-month CD
credit demand,” he added. The liquidity
in the banking system fell into deficit again
tions for critical and strategic minerals, to their usages and geopolitical scenario. Consequently, it now permits con- ANJALI KUMARI rates rose by 26 basis points. on Tuesday, after staying surplus for a few
including nickel, the platinum group of “Encouraging indigenous mining cessions for these minerals to be granted Mumbai, 11 October So far in October, banks have issued days. The RBI injected ~41,884 crore in the
elements, potash, glauconite, phospho- would lead to a reduction in imports and to the private sector through auctions. CDs worth ~20,450 crore, according to data banking system on Tuesday.
rite, graphite, and molybdenum soon, setting up of related industries and Further, the amendment provided The rates on certificates of deposit (CDs) on the Clearing Corporation of India “The liquidity is largely in deficit mode,
the Cabinet note outlined. infrastructure projects. The proposal is that mining lease and composite licence have gone up by over 20 basis points in Limited (CCIL). Banks issued CDs worth and is expected to remain like this because
The government’s initiative to auc- also expected to increase generation of of 24 critical and strategic minerals October across tenures as banks rush to ~73,856 crore in September which was the the Reserve Bank of India wants it to per-
tion critical minerals coincides with employment in the mining sector,” (which are listed in Part D of the First raise funds due to increased credit highest in the current financial year. sist,” a dealer at a state-owned bank said.
India’s goal of reaching net-zero emis- stated the Cabinet note. Schedule of the Act), including lithium, demand during the festival season amid “The rates are going up because there The liquidity has remained in deficit
sions by 2070. Parliament passed the Mines and niobium, and REEs (not containing ura- tight liquidity conditions, market partici- is credit demand in the festival season,” a since September 15 due to advanced tax
Lithium is extensively used in bat- Minerals (Development and Regulation) nium and thorium) shall be auctioned pants said. dealer at a primary dealership said. outflows and goods and services tax pay-
teries, niobium finds applications in Amendment Act, 2023, which became by the central government. CDs are short-term debt instruments “The liquidity is also tight, and banks ments.

ACCENT REGION > FROM PAGE 1

additions, keeping it below the
departures during the quarter,”
nature of the violation, but all cases
have been resolved,” he added. Race for copper plant. Earlier in April, the
Supreme Court granted Vedanta
said Milind Lakkad, chief human A total of 12-14 employees faced permission for maintenance activ-

TCS Q2... resources officer. disciplinary actions. Lakkad clari- Vedanta’s biz... ities at the facility.
On Generative AI, the company fied that the investigation covered However, bankers have
RAJASTHAN “We displayed strong execution in
the face of continued macroeco-
has over 250 opportunities in the
pipeline and has trained 100,000
four categories: organisation, pro-
cesses, technology, and people, and
Acquiring Vedanta’s steel plant in
Jharkhand would provide
expressed that until a decision by
the Supreme Court is reached, sell-
nomic uncertainties. The trends employees in the field. these findings have been thor- ArcelorMittal, which previously ing the asset might be challenging

Trade body seeks

are similar to last quarter, clients When asked if the Israel-Hamas oughly documented. purchased the Essar Steel plant in for Vedanta.
want to invest in newer technol- conflict would impact the firm’s Gujarat, a foothold in Eastern Recently, on September 29,
ogies, and hence technology adop- business, the company said the India, thereby providing proximity Vedanta Ltd unveiled plans to
tion is high. And given the macro- harm would be negligible but it was New PLIs to essential raw materials. establish six separate listed entities

industry demands economic headwinds, clients are

looking at cost-optimisation proj-
ects. We have been able to win
worried about the employees in the
region and was in constant contact
with them.
unlikely...
It has been indicated by one of
the bidders that the Vedanta group
has committed to obtaining the
for its various businesses.
According to this strategy,
Vedanta Steel and Ferrous

in poll manifestos
many deals,” said K Krithivasan, “We will see how it evolves and For instance, the Department for necessary environmental clear- Materials will encompass the iron
chief executive officer and manag- the safety of our employees is a pri- Promotion of Industry and Internal ances, which has, until now, ore mines located in Karnataka,
ing director, during the media mary factor in deciding that Trade had finalised two schemes delayed the sale. Goa, and Liberia, as well as
briefing. He, however, added there (whether to keep them there). A worth over ~7,000 crore for toys and The transaction is crucial for the ESL Steel.
were deals getting deferred. good number of the 250 employees bicycle components towards the Vedanta group to raise cash so that This segment will be the group's
ANIL SHARMA in their manifestos,” Biyani said. “We are not fully compensating are locals and some are from India end of the previous financial year. it can help its parent, Vedanta first to be offloaded.
Jaipur, 11 October This, he said, will benefit both the for de-growth because clients are and other countries based there for While the Cabinet note was floated Resources, to repay debt worth $1 Vedanta incorporates wholly-
government and the public and the still optimising. Some ongoing project execution. We will calibrate months ago, it is yet to get approval. billion, which is due by January owned subsidiary
All Raj Trade and Industries industry will also gain momentum. projects are pausing and some that as we move ahead,” N Similarly, there has been next year. Vedanta on Wednesday said it
Association (ARTIA), a Rajasthan- According to Kamal Kandoi, chief deferrals are happening,” said Ganapathy Subramaniam said. demand for new schemes for ship- Beyond these assets, Vedanta had incorporated a wholly-owned
based trade body, has urged major advisor of ARTIA, the government and Krithivasan. ping containers, chemicals and Ltd has also considered selling its subsidiary, Vedanta Base Metals, to
political parties to include the political parties should not consider This is one of the reasons that petrochemicals, leather and some copper plant in Tamil Nadu, but, implement the demerger of its five
demands of the industry in their poll industry and trade as just a means of
manifestos. tax collection. They should
despite an all-time high order book,
top line growth is soft. Growth for
TCS rethinks other products. There was also
anticipation that at least half a
as of now, no offers have come
forth, said a banker with knowl-
key businesses, including alumin-
ium and oil and gas, PTI reported.
According to ARTIA, these The assembly understand their importance.
are important from the point polls in Similarly, the unorganised
the quarter was affected due to a
drag in the BFSI (banking, financial
25/25 model... dozen new PLI schemes would be
announced by the finance minister
edge on the matter.
The Supreme Court is set to
The unit has been incorporated
to implement the demerger
of view of the economy and Rajasthan sector and retail businessmen services, and insurance) vertical The company attributes the in the Union Budget in February, conduct the final hearing concern- scheme that was intimated to the
employment. will be held also earn their living through and the US market. decrease in headcount to its recent but no new scheme was men- ing Vedanta's now-shuttered bourses late last month.
Prem Biyani, executive on Nov 25 self-employment and generate The BFSI vertical was down 0.5 hiring efforts. tioned. However, if new schemes
president of ARTIA, said the revenue for the government. per cent Y-o-Y and North America In 2021-22, TCS hired approx- are announced in the future, there
industry, trade, services and agricul- “Political parties should also under- grew a mere 0.1 per cent. Europe, imately 100,000 freshers, followed won’t be a need for additional fund > BS SUDOKU #4102
ture sectors have an important con- stand the needs of this section and which has been affected by the by an addition of nearly 44,000 allocation. The savings from the
tribution to the state’s economy. include the employer community in Ukraine conflict, saw moderate freshers in FY23. For FY24, the initial schemes, amounting to
The assembly polls in Rajasthan their manifestos,” Kandoi said. growth sequentially. The UK con- company has set a target of 40,000 ~11,848 crore, can be utilised.
will be held on November 25. Speaking about the economy of tinued to be a growth driver, out- freshers, a commitment it intends
Biyani said these sectors should be Rajasthan, Biyani said the size of gross performing others with 10.7 per to fulfil. “We have been onboarding
promoted in the country, their prob- value added (GVA) has been ~13.11 tril-
lems resolved and the tax system lion in the last financial year.
cent expansion Y-o-Y.
Among the verticals, energy,
freshers. However, the exact
numbers vary each quarter. While
India Inc...
should be simplified. ARTIA also appealed to all major resources and utilities led growth there might be delays in onboard- Of all the recent merger and
“The manifesto-making team of industrial-business organisations of at 14.8 per cent Y-o-Y, followed by ing freshers by a quarter or two, we demerger deals, Vedanta is attract-
political parties should meet the indus- the state to put pressure on political manufacturing at 5.8 per cent. will honour all the offers,” said ing attention more than others.
trial-business organisations, listen to parties so that their needs are included Attrition came down. For the Lakkad during the press briefing. Vedanta chairman Anil Agarwal
their problems and include their needs in the manifestos. quarter, it was at 14.9 per cent. TCS also announced the com- has said the demerger of his group’s
However, the company saw one of pletion of its investigation into the Indian unit will unlock value and
its largest headcount drops at 6,333. bribes-for-jobs scandal. create potential for faster growth
UTTAR PRADESH The last time the company saw a
drop in the headcount was in Q3
K Krithivasan, chief executive
officer and managing director, TCS,
in each vertical. Analysts are not so
convinced that a reorganisation

Govt eyes ~30K cr private FY23, when it fell by 2,197.

“We hired a lot of people over
the last two to three years and we
confirmed that necessary actions
were taken against the involved
employees. “Our investigation is
will resolve the debt issue. ‘’We
remain concerned that the precar-
ious debt situation at Vedanta

investment in data centres have been investing in fresh talent.

With that talent coming on-stream
and with reduction in attrition, we
complete. We have taken appropri-
ate actions against those we believe
violated our code of conduct. The
Resources is still unaddressed,’’
said analysts with CreditSights.
‘’While we acknowledge the com-
VIRENDRA SINGH RAWAT cyberattacks and manipulation. were able to recalibrate our gross actions taken varied based on the pany’s efforts to create more share-
Lucknow, 11 October Domestic and international marquee holder value, we see cash leakage
firms, such as Hiranandani Group, via dividend upstreaming largely
The Uttar Pradesh government is tar- Adani Group, NTT Japan, and Web unchanged and still a prominent SOLUTION TO #4101
geting private sector investments Werks, have launched projects worth issue in the new corporate struc-
worth ~30,000 crore to boost Noida’s ~20,000 crore so far. ture,” Very easy: «
data centre infrastructure. As the proposed hub overlooks The recently reported observa- Solution tomorrow
A data centre is a facility that cen- major infrastructure projects, includ- tion of Amit Tandon, managing
tralises shared information technol- ing the Noida International Airport, director and founder of proxy advi-
ogy activities and equipment for stor- International Film City, Yamuna sory firm Institutional Investor
ing, processing, and disseminating Expressway, and Buddh International Advisory Services India, that
HOW TO PLAY
information and web applications. Circuit, industrial units in the vicinity Vedanta restructuring reminds Fill in the grid so that
As India lacks robust data centres, will benefit from seamless connectiv- him of rearranging of the deck every row, every
domestic data is primarily stored on ity. The Yamuna Expressway chairs on the Titanic, may be telling column and every 3x3
servers located offshore, mainly in the Industrial Development Authority is but no one reason explains why box contains
US. This exposes vital data in sectors, encouraging the private sector to mergers and demergers are the digits 1 to 9
such as banking, social media, retail, invest in data centre projects by offer- increasingly driving corporate
tourism, and health care to potential ing various incentives. India’s strategies..
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 POLITICS & PUBLIC AFFAIRS 7

Pathankot terror
attack mastermind
Shahid Latif killed
His brother also gunned down by unidentified assailants
PRESS TRUST OF INDIA Hashim on the spot and injur- passengers of IC-814, an Indian
New Delhi, 11 October ing another, they said. Airlines plane that was
Latif alias Bilal alias Noor hijacked by terrorists and tak-

J
aish-e-Mohammed ter- Al Din, a designated terrorist en to Kandahar.
rorist Shahid Latif, the under the Unlawful Activities After spending 16 years in
mastermind of the 2016 (Prevention) Act, was the Indian jail, he was deported
attack on the Indian Air Force launching commander of the through the Attari-Wagah bor-
base in Pathankot, and his Jaish-e-Mohammed in Sailkot der in 2010 and is believed to
brother were gunned down and had been involved in plan- have got in touch again with
by unidentified assailants out- ning, facilitation and execution Azhar, who had by that time
side a mosque in Pakistan’s of terror attacks in India. formed the Jaish-e-
Sialkot district on Wednesday, The officials said that Latif Mohammed terror group.
officials said. had entered into Kashmir in “This is the biggest blow to
The officials aware of the 1993 from Pakistan-occupied JeM on Pakistan soil,” an offi-
development said the incident Kashmir as a cadre of the cial said.
happened outside the Noor banned Hakar-ul-Ansar terror Latif was wanted by the
Madina mosque in Daska town group. However, he was arrest- National Investigation Agency
in the early hours of ed a year later and sent to Kol (NIA).
Wednesday when Latif was Balwal jail in Jammu. Seven IAF personnel were
coming out after prayers. It is believed that he was killed when four JeM terrorists
Three motorcycle-borne brainwashed further by sneaked into the Pathankot Air
men fired indiscriminately Masood Azhar, who was also Force Station on January 2,
killing 53-year-old Latif and his lodged in that jail till he was set 2016. The siege went on for
brother identified as Haris free in 1989 in exchange for the three days.

Jaishankar warns developing nations

against projects with ‘hidden agenda’
PRESS TRUST OF INDIA said India’s commitment to the IORA is deeply
Colombo, 11 October rooted in the principles of peaceful coexistence,
shared prosperity, and regional collaboration.
India on Wednesday asked the countries in the “For Member States to grow and prosper,
Indian Ocean region to effectively address the development challenges must be continuously
development challenges as it warned them to and effectively addressed. In particular, we
be clear of the dangers of “hidden agen- should cooperate on various aspects
das” in unviable projects or unsustain- Canadian foreign of the maritime economy, resources,
able debt, in an apparent reference to minister Melanie connectivity and security,” he said.
China, which is accused by the West of Joly held ‘secret
“debt trap” diplomacy. meeting’ with Jaishankar met Canadian
Speaking at the 23rd Council of S Jaishankar in counterpart last month: Report
Ministers Meeting of the Indian Ocean Washington Canadian Foreign Minister Melanie
Rim Association (IORA) here, External last month Joly held a "secret meeting" with her
Affairs Minister S Jaishankar said that Indian counterpart S Jaishankar in
it is important to maintain the Indian Ocean as Washington last month, a media report has
a free, open and inclusive space based on the said, amid a diplomatic row between the two
UN Convention on the Law of the Seas (UNC- countries over the killing of a Sikh separatist
LOS), as the Constitution of the Seas. leader in June. The report appeared in the
Later in his remarks to the press, Jaishankar Financial Times on Tuesday.

Indian caregivers in Israel

nurse hopes for safe return
SHINE JACOB
& SUBHAYAN CHAKRABORTY
Chennai/New Delhi, 11 October

For 41-year-old Sheeja Anand

from Kannur in Kerala and
her husband, it was like any
other normal video call
between them around noon
last Saturday. She informed
him about the rocket attacks
happening in her city of
Ashkelon, where she has
been working as a caregiver
for the past seven years.
However, raising alarm bells
back in India, her husband
heard an explosion at her
Oil cost surge to Israel conflict
place, and the phone impact global unlikely to
got disconnected.
After four days, to those economic impact trade of
who meet her at the hospital,
Anand appears confident in revival: Puri pharma firms
her fast recovery. However, Higher oil prices would Indian pharmaceutical
her story once again stands as pose a challenge to the firms do not expect major
a perfect example of the economic revival of many impact due to the current
commitment of nursing nations, as it would red- conflict in Israel on phar-
employees from Kerala. uce demand in many maceutical trade. This
“During that time, there markets, Petroleum and comes after crude prices
was no missile alarm. She Natural Gas Minister and insurance premiums
could not go to the bunker Hardeep Singh Puri said on export shipping are
either, as the person she was on Wednesday. He said primed to rise. In FY21,
taking care of had difficulty prices hitting $100 would India exported products
moving. So, she decided to lead to disruptions. worth $32.5 million to
stay with her. She will be back SUBHAYAN CHAKRABORTY Israel. SANKET KOUL
to normal in a month,” said
Arun Kizhakkan, a friend of potential evacuation of have issued advisories asking
Anand who works as a Indians from Israel has been Indian nationals in those
caregiver in Tel Aviv, after discussed, no decision has areas to exercise caution,
visiting her. been taken yet. avoid unnecessary move-
Anand was first shifted to For Indian caregivers, ment, and stay close to
Barzilai Medical Center, a Israel is a favourable safety shelters.
600-bed district general destination, as their salary When contacted, Nibu
hospital, in Ashkelon and starts from ~1.25 lakh, Chandy, who works as a
later to Tel Aviv Hospital in excluding food, accomm- caregiver in Northern Israel’s
Rishon LeZion, where she odation, and medical expe- Haifa, said that life is back to
has undergone multiple nses. Additionally, they normal in Israel. “We hear
surgeries. Anand has been receive leave on Sabbath days that people in border areas
working in Israel for the past (Friday afternoon to Saturday got evacuated. Otherwise,
seven years. afternoon) and extra paym- vehicles are on the road as
The latest data on the ent for overtime work. “I have normal. Haifa is not facing
population of Overseas been working in Tel Aviv for any issues at the moment. We
Indians maintained by the the past three years. I have have no worries about our
Ministry of External Affairs, never seen this kind of panic safety in Israel,” Chandy said.
updated in February 2023, situation before. Earlier, Apart from guidance
shows 12,467 non-resident Hamas used to attack impo- asking Indians to directly
Indians in Israel. When rtant cities using missiles. contact the embassy in case
contacted, Israel Malayali This is the first time they are of assistance, no other
Association officials told entering the territory and measures have been taken so
Business Standard that of killing people,” said far, said the Indian
this, 6,000-6,500 people are Kizhakkan. government source. Other
from Kerala, and a majority Since the beginning of the than caregivers and nurses, a
are caregivers too. war on Saturday, the Indian small share of Indians in the
According to an Indian embassy in Tel Aviv and the region includes students and
government source, Representative Office of information technology
although a proposal for a India in Ramallah (Palestine) professionals.
8 WORLD
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023

INDIA LAUNCHES OPERATION AJAY, TO SEND SPECIAL CHARTER FLIGHTS TO BRING ITS CITIZENS BACK

Gaza’s only power plant runs dry,

Israel readies ground assault “IF IT TURNS INTO A WIDER
CONFLICT, AND THAT CAUSES OIL
TEL AVIV FORMS EMERGENCY PALESTINE ACCUSES ISRAEL OF FIRST PLANE CARRYING US AID PRICES TO GO UP, THAT DOES HAVE
UNITY GOVERNMENT USING ‘BANNED WHITE PHOSPHORUS’ FOR ISRAEL’S OFFENSIVE LANDS AN EFFECT ON THE ECONOMIES”
GITA GOPINATH, IMF Deputy MD
PHOTO: REUTERS
AGENCIES
AT A GLANCE 11 October lll

E
lectricity went out in the Gaza Strip after its only
n Israel strikes
power plant stalled, Hamas said. Israel cut fuel
Hamas-linked campus supplies to the territory following Saturday’s
in Gaza, says attack by the militant group. Hospital beds and medical
university official supplies are running very low, according to Palestinian
n ‘Heartbroken’, says authorities, as Israel prepares for a ground invasion.
Israeli jets struck Hezbollah targets in Lebanon after
Microsoft CEO on
the militia launched guided missiles at an army post
attacks in Israel in northern Israel, in a further indication the Israel-
n Turkish President Hamas conflict is spreading.
Recep Tayyip Erdogan Israeli Defence Forces spokesman Jonathan
has offered to mediate Conricus vowed that they would raze every building
in the conflict, stating to the ground in revenge for the terror attacks as the “WHILE WE ARE MONITORING
military forms up on the border ahead of an expected
that Turkey is ready
invasion, as reported by dailymail.co.uk. POTENTIAL ECONOMIC IMPACTS
for any kind of
mediation, including
At least 1,200 Israelis have been killed so far in the FROM THE CRISIS (IN ISRAEL), I’M
violence with Hamas. Retaliatory strikes on Gaza have
prisoner exchange left over 1,000 Palestinians dead, authorities say. NOT REALLY THINKING OF THAT AS
n Pope urges Hamas to Hamas fired multiple rockets towards the Ben A MAJOR DRIVER OF THE GLOBAL
Gurion Airport in Tel Avivl. Hamas’ armed wing, the
free hostages, says
Al Qassam Brigades has taken responsibility for the ECONOMIC OUTLOOK”
Israel has right to
defend itself
attack. Israel deployed tanks and armoured vehicles JANET YELLEN, US Treasury Secretary
just north of Gaza where the clashes were reported, but
n US wants Qatar had no immediate comment on the Hamas claim
to be an intermediary
with Hamas
Meanwhile, initial US intelligence suggested Iran
was surprised by the Hamas attack on Israel.
See inflation,
n Projectiles land in
Israeli Prime Minister Benjamin Netanyahu and a
top opposition leader on Wednesday reached a deal to growth risks if
northern Israel as form a war-time unity government to oversee the oper- Brazilians who were repatriated from Israel arrive at the Rio de Janeiro’s international airport, in Brazil, on Wednesday
alarms ring in towns ations against Hamas. war widens: IMF
n Israel urges citizens
in the north to shelter
Benny Gantz, the leader of the National Unity party,
said that they would form a five-member “war-man-
agement” Cabinet, which will consist of Netanyahu,
‘Two brains, one mastermind’ said the decision to prepare
the attack was taken jointly by
Deif, who commands Hamas’s
BLOOMBERG
11 October
after “hostile aircraft” current Defence Minister, two other top officials serving Al Qassam Brigades, along
enters from Lebanon as “observers” and himself as members. How a Hamas commander planned Israel attack with Yehya Sinwar, the leader The International Monetary Fund (IMF)’s
The statement stressed that the government would of Hamas in Gaza, but it was No. 2 official says that the war between
n 9 UN agency staffers not pass any legislation or decisions that are not con- REUTERS is your day to make this crim- clear who was the architect. Israel and Hamas could spur inflation
killed in airstrikes on nected to the war as long as the fighting continues. 11 October inal understand that his time “There are two brains, but and hamper global growth if it turns into
Gaza, relief group says Main opposition leader Yair Lapid was also invited has ended,” Deif said in the there is one mastermind,” the a wider conflict that causes a significant
to join the new Cabinet but he did not respond to Israel calls last week’s devas- recording. source said, adding that infor- increase in oil prices.
the offer so far. As the first plane carrying US tating attack by Hamas its There are only three mation about the operation Modeling by the organization shows
ammunition for Israel landed in the country, 9/11 moment. The secretive images of Deif: one in his 20s, was known only to a handful that a 10 per cent increase in oil prices
HUMAN COST President Joe Biden vowed to provide Israel with full mastermind behind the another of him masked, and of Hamas leaders. leads to inflation being 0.4 percentage
support that includes shipments of munitions and assault, Palestinian militant an image of his shadow, which Secrecy was such that Iran, points higher a year later, Gita Gopinath,
GAZA intelligence assistance, while Biden condemned Mohammed Deif (pictured), was used when the audio tape Israel’s sworn foe and an the fund’s First Deputy Managing
Hamas’ surprise attack as “an act of sheer evil” and calls it Al Aqsa Flood. was broadcast. important source of finance, Director, said in an interview with
n KILLED: 1,000 issued a warning seemingly aimed at its Iranian The phrase Israel's most The whereabouts of Deif training and weaponry for Bloomberg TV. Under that scenario,
n INJURED: 5,939 backers. US Secretary of State Antony Blinken was wanted man used in an audio are unknown, though he is Hamas, knew only in general global output falls by 0.15 percentage
set to leave for Israel on Wednesday. Meanwhile, dis- tape broadcast as Hamas fired most likely in Gaza . An Israeli terms that the movement was point. That would add to an already
WEST BANK turbing reports have surfaced, alleging the deploy- thousands of rockets out of most recent in 2021, Deif security source said Deif was planning a major operation difficult environment for inflation and
n KILLED: 16 ment of white phosphorus incendiary weapons by the Gaza strip on Saturday sig- rarely speaks and never directly involved in the plan- and did not know the timing growth that’s challenging central banks.
n INJURED: 80 Israeli military forces in a densely populated area. nalled the attack was payback appears in public. ning and operational aspects or the details, according to a It’s a bit early to know the full
for Israeli raids at Jerusalem’s So when Hamas’s TV of the attack. regional source. The source implications of the conflict, and much
ISRAEL Operation Ajay Al Aqsa mosque. It was in May channel announced he was Palestinian sources said said that while Tehran was will depend on whether it draws in other
India has launched Operation Ajay to facilitate the 2021, after a raid on Islam’s about to speak on Saturday, one of the homes Israeli air aware a major operation was countries, she said.
n KILLED: 1,200 return of citizens from Israel amid a full-blown war third holiest site that enraged Palestinians knew something strikes hit in Gaza overnight being prepared, it was not dis- “If it turns into a wider conflict, and
n INJURED: 2,243 with the Hamas group in Gaza. There are 18,000 the Arab and Muslim world, significant was afoot. belonged to Deif’s father. cussed in any joint operation that causes oil prices to go up, that does
The figures have been reported by
Indians in Israel. The first lot of Indians who had when Deif began planning the “Today the rage of Al Aqsa, Deif's brother and two other rooms involving Hamas, the have an effect on the economies,” she
the Palestinian health ministry, registered to return has been notified and they will be operation. the rage of our people and family members were also Palestinian leadership, said. “That’s usually one of the channels
international agencies, and are put on the first special flight on Thursday to India, the A survivor of seven Israeli nation is exploding. Our killed in the strike. Hezbollah, and Iran. “It was a through which we see that affecting
subject to change
country's embassy in Israel posted on X. assassination attempts, the mujahedeen (fighters), today The source close to Hamas very tight circle”. global numbers.”

Nations working to resolve differences on tax deal: OECD draft

India’s finance ministry says intensive capacity-building initiatives are imperative for effective implementation ysis, Pillar One is expected to lead to tral bank governors ahead of their
annual global tax revenue gains meeting in Marrakech.
SHRIMI CHOUDHARY Organisation for Economic Co-oper- by the largest and most profitable implementation of the October 2021 reservations about the new frame- ranging from $17 billion to $32 bil- “The meeting discussed the
New Delhi, 11 October ation and Development (OECD). multinational enterprises operating agreement,” said OECD Secretary- work. Notably, the multilateral lion, based on 2021 data. broad agenda for capacity building
Nevertheless, some countries in their markets, irrespective of their General Mathias Cormann while treaty requires all countries to The treaty also ensures the repeal in relation to the two-pillar interna-
About 140 nations are making pro- still harbour reservations about the physical presence. Pillar Two per- releasing the draft. give up their unilateral of and prevention of the prolifera- tional tax package. Revenue
gress towards reaching an agree- proposed Pillar One solution, and tains to a minimum tax and is sub- Even though most measures and commit not tion of digital services taxes and sim- Secretary Sanjay Malhotra chaired
ment on the overhaul of global tax they are diligently working to resolve ject to tax rules set at 15 per cent. nations are in consensus to introduce such meas- ilar measures, secures mechanisms the event and stressed that intensive
norms to ensure that digital technol- these differences. “The multilateral tax treaty to regarding the publication of ures in the future. This to avoid double taxation, and capacity-building initiatives are
ogy giants and large multinationals Pillar One is a component of the implement Pillar One reflects the the multilateral treaty draft obligation is effective until enhances stability and certainty in imperative for the effective imple-
such as Amazon, Google, and Netflix two-pillar multilateral solution that current consensus achieved among report on Wednesday, Brazil, the earlier of December 31, the international tax system. mentation of the two-pillar interna-
pay taxes wherever they operate, as deals with the reallocation of 25 per members and represents another Colombia, and India are among the 2023, or the coming into force of The draft has been presented to tional tax package,” stated the
stated in a draft released by the cent of non-routine profits earned significant step towards the practical nations that have raised certain the treaty. According to recent anal- the G20 finance ministers and cen- Ministry of Finance.

IN BRIEF Exxon to buy Pioneer for $60 bn Samsung logs 78%

Afghanistan revises quakes’ The all-stock deal is expected to close in 2024
drop in Q3 profit as
Pioneer shares were up 2 per cent at
$241.79 in pre-market trading. Exxon
death toll to 1,000 REUTERS
New York/ Houston, 11 October
combines the largest US soil company
with one of the most successful
shares fell 2.5 per cent.
The deal, which is expected to
Afghan authorities on Wednesday significantly lowered the death
toll from a series of quakes that struck western Herat at the
weekend to around 1,000. The Taliban government had originally
Exxon Mobil agreed to buy US rival
Pioneer Natural Resources in an all-
names to emerge from the shale rev-
olution that turned the country into
the world’s largest oil producer in little
close in early 2024, will leave four of
the largest US oil firms in control of
much of the Permian Basin shale field
chip losses extend
said over 2,000 people had been killed in Saturday’s magnitude stock deal valued at $59.5 billion that more than a decade. and its extensive infrastructure. REUTERS the chip business... the decline in
6.3 quake, centred northwest of Herat city. Another strong would make it the biggest producer The offer represents a 9 per cent Pioneer is Permian’s largest oper- Seoul, 11 October memory prices is easing, and further
earthquake shook part of western Afghanistan on Wednesday in the largest US oilfield and secure a premium to Pioneer’s average price ator accounting for 9 per cent of gross drops will be limited,” said Ko
morning . The latest 6.3-magnitude earthquake was about decade of low-cost production. for the 30 days prior to October 5, production, while Exxon occupies the Samsung Electronics said its Yeongmin, an analyst at Daol
28 kilometres outside Herat. AGENCIES The deal, valued at $253 a share, when reports of deal talks surfaced. fifth spot with 6 per cent. preliminary third-quarter (Q3) profit Investment & Securities.
dropped by a smaller-than-expected Though down sharply from last
78 per cent, as the battered memory year, Samsung’s Q3 profit was well
chip market shows early signs of above the first quarter’s 640 billion

400K coal staff, mostly in India, China, to lose jobs: Report recovering from a severe
downturn.
won, the lowest since
The world’s largest 2009, and the second
Samsung shares opened memory chip and quarter’s 670 billion
PRESS TRUST OF INDIA Monitor, a US-based NGO that analyses the 4,300 active and proposed coal mines and 3.3 per cent higher versus a smartphone won. The company
DARK DAYS New Delhi, 11 October evolving international energy landscape. projects around the world are cumulatively 1.4 per cent rise in the wider maker estimated reported losses of 4.58
> 9,90,200 coal-mining The report suggests that 9,90,200 coal- responsible for more than 90 per cent of market, as analysts said its operating profit trillion won and 4.36
jobs will cease to exist at The coal industry is expected to shed over mining jobs will cease to exist at operating global coal production. memory chip prices likely fell to $1.79 billion trillion in its chip busi-
operating mines four lakh mining jobs, equivalent to nearly mines given the foreseeable closures of coal Climate commitments to phase out coal bottomed in the third in July-September ness in the first and sec-
100 workers per day, by 2035, even without facilities, potentially laying off over one- power generation could accelerate ongoing quarter, with some types ond quarter respec-
> China’s Shanxi province climate pledges or policies to phase out third (37 per cent) of the existing workforce. trends in coal-mining job losses, even as starting to rebound. tively, as memory chip prices plunged
to see largest number of coal, with China and India likely to be the China and India are expected to be the employment in renewable energy and The world’s largest memory chip and its inventory values were slashed.
losses globally hardest hit, according to a new report. hardest hit. China’s Shanxi province would construction now exceeds 50 per cent of and smartphone maker estimated its A global economic slowdown and
> State-owned Coal India The primary reason will be the market witness the largest number of job losses total energy employment. operating profit fell to 2.4 trillion won high interest rates dampened
faces the most potential shift toward cheaper wind and solar power globally — 2,41,900 by 2050 — while Coal The vast majority of these workers are in ($1.79 billion) in July-September, demand for most consumer goods
layoffs of 73,800 direct generation and a lack of planning to India is the producer facing the largest Asia, with 22 lakh jobs in the region, and from 10.85 trillion won a year earlier. following a pandemic-driven boom,
workers by 2050 manage a transition to a post-coal economy, potential job cuts of 73,800 by mid-century. China and India are expected to bear the “It’s better than expected. forcing chipmakers to cut production
said the report compiled by Global Energy The report highlights that data shows brunt of the coal-mine closures. Although the situation is not great in in an attempt to stem falling prices.

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

Volume XXX Number 153

ILLUSTRATION: BINAY SINHA
NEW DELHI | THURSDAY, 12 OCTOBER 2023

Managing expectations are rising. In recent years, the frequency of extreme

weather events, such as floods, droughts, hurricanes,
and forest fires, has risen dramatically. Lives and
Sustained higher inflation can affect outlook livelihoods have been increasingly lost or damaged.
What needs to be done to significantly mitigate

T
he global economy is facing sustained inflationary pressure at least since
the start of the recovery from the pandemic-induced disruption. Large these problems is mostly known, but the necessary
political commitment (at global and national levels)
central banks, as a result, have tightened monetary policy at the fastest
has been too often missing.
pace in decades, which has helped bring down the inflation rate, though it still World economic growth has also slowed since
remains above target in most jurisdictions. According to projections made by the the global financial crisis of 2008-10, and powerful
International Monetary Fund in its latest World Economic Outlook (WEO), global countries seem to be diluting their commitment to
inflation is expected to decline from 8.7 per cent in 2022 to 6.9 per cent in 2023, free international commerce, driven partly by geopo-
and further to 5.8 per cent in 2024. The Reserve Bank of India (RBI) also increased litical trends and partly because of increasing domes-
the policy repo rate by 250 basis points since May 2022 before pausing. The tic political resistance from those who have either
Monetary Policy Committee (MPC) of the RBI decided to extend the pause last been hurt or not benefitted much from globalisation.

The lucky cohort

week. According to its projections, the inflation rate in the current year is expected The trends towards greater protectionism and
to average 5.4 per cent. However, potential risks — such as volatility in global increasing fragmentation of the world economy
food and energy prices, and El Niño conditions — can increase risks to the upside. received a boost from the election of Donald Trump
to the US presidency in 2016, and the Brexit refer-
The outlook for central banks, including the RBI, still remains challenging,
endum in the UK in the same year. They were further
and how quickly they are able to attain the target, to an extent, will depend on strengthened by the geopolitical realignments fol-
how inflation expectations have shaped. As an analytical chapter in the latest lowing the Ukraine war and the rising bellicosity of
WEO has underscored, inflation expectations play a key role in shaping inflation Unlike those born in the 1940s and ’50s, the current China under president Xi. In India, protectionism
dynamics. Expectations that future inflation will rise could feed into current
inflation rates, keeping them elevated for longer. In other words, central bank
generation can no longer take global peace and lifelong has risen markedly since 2016 after a quarter-century
of trade liberalisation.
actions that bring expectations down could contain inflation more quickly and economic progress for granted From the viewpoint of human well-being and
easily. Bringing down the inflation rate is more challenging in developing dignity, economic growth is important but decent

T
economies because they tend to have a high proportion of backward-looking he cohort born in the decade 1940-50 may 2019. In East Asia, the drop was from 65 per cent to job opportunities are even more so. Growth and
economic agents who form expectations based on past experiences. Thus, episodes have been the luckiest till then. Consider 1 per cent, reflecting the explosive growth of output employment do not always correlate well. For exam-
some of the major positive global trends it and employment in the region. In South Asia, the ple, between 2011-12 and 2017-18, India’s GDP growth
of high inflation in recent history feed into their expectation formation, keeping
benefitted from. In the 78 years since the end of the decline was from 50 per cent to under 10 per cent. averaged a quite decent 7 per cent. However, accord-
the inflation rate elevated for longer periods. Further, once the expectations get Second World War, there has been no global conflict, In sub-Saharan Africa, the decrease was from 55 per ing to official employment data, over the period,
elevated, correction to the target takes more time. perhaps the longest period of world peace in record- cent to 35 per cent, and in Latin America from 17 unemployment rose sharply to 6 per cent, youth (15-
The study also notes that near-term inflation expectations have a higher ed history. Of course, there have been long and brutal per cent to 4 per cent. 29) unemployment nearly tripled to 18 per cent,
predictive power in explaining actual rates of inflation than long-term expecta- smaller “wars of intervention” (by America in Of course, there have been famines, disease out- female labour force participation rate collapsed from
tions. Notably, across developing economies, long-term expectations have Vietnam, Afghanistan and Iraq, breaks (most recently, the deadly 43 per cent to 23 per cent, and the worker population
remained anchored, while near-term expectations exhibit large deviations away and now by Russia in Ukraine) and Covid pandemic), the subjugation ratio (sometimes called the “employment rate”) for
from the inflation target. A higher share of backward-looking agents and sharply a sizeable number of nasty civil of one group of people by another, all adults (15 and above) dropped from 55 per cent
elevated near-term expectations can, thus, prolong inflation and weaken the conflicts in West Asia and Africa. terrorism, huge inequalities across to 47 per cent. While these ratios have improved
impact of monetary policy action. Sustained inflationary episodes can complicate But the overwhelming majority of people and their life chances, and somewhat since, they still remain poor compared
the world’s population has enjoyed other bad things. But they all have to the larger East Asian countries. More recently,
matters further since achieving inflation reduction over a given period would
peace for nearly eight decades. to be seen against the backdrop of China’s youth unemployment rate rose above 20
be more costly in terms of output forgone. Central banks in developing countries
In the 20 years between 1946 unprecedented human material per cent, causing the government to cease the pub-
will naturally be in a much better position to achieve price stability if the economy and 1966, decolonisation swept progress, at least, until recently. lication of this data!
has more forward-looking agents who know that supply-side or cost-push shocks across Asia and Africa, bringing Unsurprisingly, the 1940-50 cohort in Across the world, in recent decades, technical
are transitory in nature. self-governance and its manifold India, and across much of the world, progress seems to have demonstrated a pronounced
In terms of anchoring inflation expectations, as the study also highlights, benefits to nearly all the world. has tended to take such unidirec- labour-saving bias. The spread of robotics, 3-D print-
the independence of central banks, and transparency in monetary policy actions Thanks to an astonishing and pro-
longed resurgence of relatively
A PIECE OF tional progress for granted. Indeed,
they have come to expect nothing
ing and a host of other digitally-spawned technolo-
gies has heightened the insecurity of low-skill
and communication are critical. Improvements in the monetary policy framework
can help make inflation expectations more forward-looking. In this context, unrestricted international com- MY MIND less in what has been called the “rev- labour. The recent rapid advances in artificial intel-
India has done well to adopt a flexible inflation-targeting regime where monetary merce in goods and services since SHANKAR ACHARYA olution of rising expectations”. ligence (AI) have exposed higher-skilled categories
policy decisions are taken by the MPC, which also has independent members. 1950, coupled with a cornucopia of However, this seemingly to similar insecurities.
scientific and technological unchecked material progress has tak- To sum up, compared to earlier decades, say 1960-
However, the committee has struggled in recent times in reading the macroe-
progress, the world has witnessed hitherto en a heavy toll of the planet’s natural resources and 2000, the challenges of climate change, a more frac-
conomic scenario and evolving inflation conditions. Things have become a bit unmatched growth in material prosperity. The fairly seriously disturbed delicate environmental and eco- tured world economic order, and the rising scarcity
more complicated with the recent supply-driven inflation spikes. Clear com- rapid spread of public health measures and the grow- logical balances. The costs have become increasingly of decent jobs cast long shadows over a not-so-brave
munication, uncompromising commitment to the inflation target, and readiness ing availability of modern medicine and education apparent in this century. Over 200 years of unre- new world. The growing polarisation and political
to act, if necessary, will be critical at this stage. have greatly reinforced prosperity and well-being. stricted burning of fossil fuels (mostly in industri- dysfunction in the world’s richest and strongest
To just give a couple of indicators, according to alised nations) and depletion of other planetary nat- nation, America, has made matters worse. Perhaps,
United Nations population data, world life expectan- ural resources have spawned the massive problem the cohort of 1940-50 was not just the luckiest up to

Elections and their discontents cy (at birth) soared from 45 in 1950 to 73 in 2022. In of global warming and possibly irreversible climate
the two most populous nations, it doubled in India change, with its manifold (and underestimated) con-
from 35 to 70 during this period, while in China it sequences. Large areas of the earth are becoming
then, but, along with the cohorts of the next couple
of decades, may turn out to be the luckiest ever!

EC pushes for fiscal responsibility increased from 43 to 77. Turning to the World Bank’s too hot to live in, warming oceans are destroying The writer is chancellor of the Central University of Andhra
Poverty and Inequality Platform, the headcount ratio marine life and flooding low-lying coastal areas, ris- Pradesh, honorary professor at Icrier, and author of An

E
lection season is in full swing, with the Election Commission (EC) of “extreme poverty” (to population) in the world ing air pollution is damaging health, disease vectors Economist at Home and Abroad (Harper Collins, 2021).
announcing the schedule for the five state Assemblies going to the polls fell from 38 per cent in 1990 to below 10 per cent in are multiplying, and the chances of new pandemics The views are personal
from November 7 through 30. The results are expected on December 3.
These states — with a total of 679 Assembly seats but accounting for only
83 Lok Sabha seats — are not the largest in terms of population or number of seats.
The timing of these elections, however, has given them the distinction of being
the “semi-finals” before the Lok Sabha elections in 2024. The other significance of
these elections is the nature of the campaigning and its import on the 2024 finale.
Freebies: A zero-sum game
Two recent developments may test the mettle of politicians on the hustings: Caste

T
he link between the current discourse over covered as a faster way of clearing the field rather of perceived vote-banks (again, mostly farmers) has
and welfarism. The first relates to the question of caste after the recent Bihar poll-influenced handouts and subsidies and than the manual root-pulling exercise. Journalists created a vicious circle of the poor quality of elec-
survey reasserted the centrality of social dynamics in politics. Though the imme- the burning fields of Punjab, Haryana and visiting the area report that farmers are aware of the tricity supply and growing indebtedness of state dis-
diate fallout of the caste survey is unlikely to be seen beyond Bihar, the development Uttar Pradesh may not be immediately evident. But deleterious impact of stubble burning on soil and tribution companies (discoms). Multiple grand pro-
in itself could spur political leaders to renew efforts to push caste fault lines in it is New Delhi and state governments’ inability to human health but confess their inability to do any- grammes by the Centre over the past 10 year to
their campaigns. reverse the bounties that are handed out to farmers thing else. State incentives for farm equipment to address this discom debt crisis have failed at the
Add to this dynamic the fervid religious mobilisation of the electorate that in the form of free water and electricity, subsidised clear fields have so far proved limited. Perhaps the altar of populism. Many state discoms have chosen
has become a staple of the electoral discourse in recent years — through soft or fertilisers and assured buyback prices that are indi- latest short-duration hybrid variety being developed to partially bridge their revenue gaps through cross-
hard Hindutva, depending on the party in question. Both will only coarsen the rectly responsible for the pollution and public health by Pusa Institute could do the trick, who knows. subsidising their freebies by charging industrial and
crisis that engulfs north India for most of the winter. The obvious suggestion that rice growing be high tension consumers at higher rates, a trend that,
already crude nature of electoral campaigning. At a time when India is seeking a
Farmers burning off the stubble from the kharif banned from these areas is likely to cause an uproar ironically, adds to India’s reputation as a high-cost
larger global profile, it is critical for Indian politicians to move beyond backward- season to prepare their fields for the winter crop is a and bring farmers out on the roads in protest. The manufacturing destination.
looking divisiveness on the stump and focus on delivering better outcomes for all relatively recent trend. Earlier, this year-long farmers’ protest against It is nobody’s case that vulnerable or needy sec-
Indians, regardless of caste or religion. The revival of the caste question in the stubble was manually removed, New Delhi’s ham-fisted attempts to tions of the population should be excluded from
national discourse is likely to complicate an issue that Chief Election Commissioner then ploughed back into the soil as impose farm reform laws, which were subsidies and support. But the structure of subsidies
Rajiv Kumar raised at Monday’s press conference to announce the Assembly elec- a sort of compost fertiliser. Why did subsequently withdrawn, offered a in India tend to congeal into static rights that gain
tion schedule: Of targeted freebies announced by parties and governments ahead that practice stop in favour of potent demonstration of the power of political traction, though they may have little con-
of elections. He referred to freebies as the tadka of populism and reminded parties burnouts that destroy the top soil the agriculture lobby when it comes nection with facts on the ground. They have increas-
of the pro forma the EC has issued for parties and states to explain to voters how and cause farmers and their fami- to defending the settled privileges it ingly become a knee-jerk response to welfarism from
and when the promises they make in their poll manifestos will be implemented. lies at ground zero and urban pop- obtains from the government. politicians who lack the nous or imagination to tread
ulations far away all sorts of respi- The Green Revolution-related the tougher and less populist route up the develop-
The pro forma also quizzes parties and states on such hard facts as the debt to
ratory problems? That transition subsidies, extended with the bright- ment value chain. Subsidised cooking gas for poor
gross domestic product ratio, interest payment to total revenue, whether they will
has its roots in catastrophically est of intentions at the time but with- households, for instance, proved an election game-
breach targets under the Fiscal Responsibility and Budget Management Act, and
whether the schemes will require imposing extra taxes on the electorate.
depleting water tables, the result of
indiscriminate use of cheap or free
SWOT out the precaution of sunset clauses
linked to productivity gains or, say,
changer earlier; but the costs of maintaining the
momentum of this scheme is straining the exche-
The idea, Mr Kumar explained, was not only to impose accountability towards groundwater resources drawn out KANIKA DATTA landholding size, have hardened into quer. A better alternative could have been distribut-
fiscal consolidation but also highlight the issue in the public domain. This is not a by cheap or free electricity to grow permanent rights for both poor and ing solar cookers that rely on a free, non-fossil,
minor issue, either. The World Bank’s latest South Asia development update had a water-guzzling crop traditionally rich. Aam Aadmi Party (AAP)-ruled healthy fuel source that could have saved the state
thought it critical enough to raise, pointing to increasing deficits around the alien to these parts — paddy — that is grown here Punjab is a good example of the inability to compre- from recurring payouts.
election time. For instance, it is unclear how Rajasthan, now India’s fifth-most- only because of generous incentives that began with hend the permanent and deleterious nature of sub- The urge to retain hand-outs that perpetuate
indebted state, will deliver on the promises for an inflation relief package that the Green Revolution. sidies. Following the template that has kept it in pow- power equations has left governments with less to
included tax breaks on fuel, cooking gas subsidies, free food and domestic electricity. Falling water tables have prompted state govern- er in resource-rich Delhi, AAP introduced with gay spend on the things that really matter to people —
ments concerned to decree that paddy sowing has abandon more freebies — free electricity for house- education, healthcare, access to employment and
Last week, the Supreme Court issued notices to the Centre, the EC, and the gov-
to be aligned with the onset of the monsoons instead holds up to a limit and financial assistance for wom- welfare for the truly needy — as lower-than-potential
ernments of Rajasthan and Madhya Pradesh on a plea filed by a social worker of earlier when irrigation water from canals or bore- en. The result is that Punjab now has outstanding economic growth constrains their revenues and
seeking comprehensive guidelines barring parties from using taxpayer money for wells would flood the fields in preparation. Later debt that is 50 per cent of state domestic product. keeps large swathes of Indians in a permanent state
pre-poll promises and freebies. Between them, the EC and the Supreme Court sowing means later harvesting, leaving farmers an The plight of power distribution is another potent of expectancy. Freebies may be the lazy politician’s
have raised a critical but much ignored issue in the exercise of Indian democracy. extremely narrow window to prepare the field for example of how the political inability to address the go-to technique. In the long run, they do a disservice
the next crop. Burning the stubble, thus, was dis- gift of free or subsidised electricity to large cohorts to India.

A practitioner’s guide to elections Party (NCP) split between founder

Sharad Pawar and his nephew and
breakaway leader Ajit Pawar is an
ongoing saga. The last word has not been
crowd under no illusion that he differed
with the EC. He also referred to Mr
Lyngdoh’s religion (Vadodara rally
2002). This is possibly the first time a
admiration for T N Seshan and
Sukumar Sen, India’s first CEC (1950-
58), there are some controversies he has
not addressed. M S Gill went from being
Academy of Administration in polls — freebies and such — but also said on the split in the Lok Janshakti CEC featured in politics so directly. a senior bureaucrat to CEC and then a
Mussoorie, he founded a rock band records the increasing role of money in Party after the death of Ramvilas Paswan The matter was referred to the Congress MP. He is the first CEC to have
that survives to this day. elections that led to the unprecedented and the struggle for control between his President of India who referred it to the become a minister in the central
Mr Quraishi has organised the book step of the Election Commission (EC) son Chirag and relative Paras. The 2017 Supreme Court, which sided with the government. This casts a shadow on his
around three themes: The conduct of cancelling two Assembly elections in split in the Samajwadi Party (SP) EC. Although Mr Quraishi does not refer objectivity in some of the rulings he may
elections; laws related to polls; and the Thanjavur and Aravakurichi between Akhilesh to this incident, he have given in election disputes. You
BOOK REVIEW stories around the men who supervised constituencies in 2016 for corrupt Yadav and father India’s Experiment does talk about two could argue that Seshan, who contested
India’s elections, the global “gold practices. He expresses his surprise that Mulayam Singh with Democracy: Bharatiya Janata the election for President against KR
ADITI PHADNIS standard” per Hillary Clinton. He touches the Narendra Modi government, Yadav led to an The Life of a Nation Party (BJP)- Narayanan and lost should be judged by
on the issue of simultaneous elections despite its avowed intention of weeding electoral disaster for through its Elections government EC the same yardstick. Mr Quraishi does

W
ith India’s election season and says the idea is a good one in principle out black money, rejected the proposal the party from which Author: S Y appointees, O P not refer to either. Nor does he speak
kicking off, can books on because multiple elections drag down twice that the EC be given permanent it is yet to recover. Quraishi Rawat and A K about the only resignation of an
elections be far behind? This administration, but political consensus powers to cancel elections on credible Interpretation of Publisher: Jyoti, who ruled Election Commissioner: Ashok Lavasa
one, by a former Chief Election needs to be evolved around it. He also evidence of abuse of money. He touches rules lies with the EC, HarperCollins impartially in the from Mr Quraishi’s own cadre, Haryana,
Commissioner S Y Quraishi (who was suggests other ways of strengthening the on the Model Code of Conduct (MCC), and political (and 2014 Gujarat Rajya who differed on whether PM Modi and
Pages: 552
CEC between 2010 and 2012), will likely democracy framework so that frequent the role of Governors and other aspects financial) fortunes of Sabha election Home Minister Amit Shah had violated
be the most credible and comprehen- elections are avoided, such as of holding elections, including the role thousands are linked Price: ~699 when two Congress the Model Code of Conduct.
sive. Mr Quraishi has double qualifica- disincentivising MLAs and MPs from of exit polls, media and hate speech. to these decisions. MLAs cross-voted The book is completely honest and
tions — he was also a pillar of the changing party loyalties. He flags the In this context, the laws that govern In this context the EC becomes a in BJP’s favour and showed their vote to unreservedly generous. Mr Quraishi
Indian Administrative Service (IAS), issue of state funding of elections (“an elections become extremely important. pivot of power. When Mr Modi dissolved the BJP in violation of secrecy. The does not shy away from identifying the
the first Muslim from Old Delhi to have idea worth considering”) and a cap on the The backbone of the polls is the the Gujarat Assembly in 2002 after the Congress was furious and wanted the biggest threat to free and fair elections
acquired that distinction, meriting an expenditure incurred by political parties Representation of People’s Act (RPA). Gujarat riots and wanted elections to be election cancelled. But the votes had — communalism. And he pays
editorial in the Hindustan Times. He in polls, including a ban on private and But there are a host of issues with which held quickly, the EC judged it was too already been mixed in the ballot box. handsome compliments to other
also records that he is an acknowl- corporate fund collection by parties (at the EC has to contend. These include soon as law and order had not Who was to say who voted which way? scholars, including Ornit Shani for
edged expert on German grammar and the very least, he advocates lifting the party splits (the latest being the Shiv normalised. At public meetings, Mr Messrs Jyoti and Rawat ruled there was studying elections. The data in the
many took advantage of this; and while secrecy around electoral bonds). Sena) and who should be given control of Modi uttered the words “James Michael no dispute. Mr Quraishi applauds them. appendices is a bonus. It is truly the
at the Lal Bahadur Shastri National Mr Quraishi talks about bribery in the symbol. The Nationalist Congress Lyngdoh” (CEC 2001-04) leaving the While Mr Quraishi has unreserved practitioner’s guide to Indian elections.
 QUICK TAKE: STRONG EARNINGS GROWTH FOR AUROBINDO PHARMA “One thing investors have been trying to

The Smart call this year without much success is

Investor
(Share price in ~) The stock of Aurobindo Pharma was up 22 per cent over the when bonds go back to their
past three months. Macquarie Research is positive and traditional role of hedging
against decline in risk
expects a 28 per cent annual profit growth in the next three appetite”
NEW DELHI | years. This is led by strong US product launch momentum,
THURSDAY, 12 OCTOBER 2023 SUNIL KRISHNAN,
supported by a benign pricing environment, key launches Head of Multi-Asset Funds,
(Revlimid generic) and commercialisation of Pen G API Aviva Investors
<

Equity MF inflows Easing US rate hike concerns,

lose steam even as oil prices lift Sensex, Nifty
But investors remain wary of escalation in the Hamas-Israel conflict if Iran gets involved

SIP bets hit a record SUNDAR SETHURAMAN

Mumbai, 11 October
Israel pushing up crude oil prices.
“Iran has, so far, not been drawn
into the conflict. The markets would
The Indian equity benchmarks saw be in a wait-and-watch mode until
CLSA raises India exposure over
Net monthly inflows in Sept at ~14,090 crore gains for the second consecutive ses- there is some incremental informa-
sion on Wednesday, buoyed by opti- tion,” said U R Bhat, co-founder of Alp-
mism about no further interest rate haniti Fintech. He said if the conflict
supportive macro outlook
ACING THE hike by the Federal Reserve for now escalates, bond yields will come down
and easing crude prices. as there will be a rush to safe-haven
SAMIE MODAK
Mumbai, 11 October
MILESTONE GAME The Sensex rose 394 points or 0.6 assets, but if the status quo prevails,
Monthly SIP flows reach from per cent to close at 66,473, while the bond yields will remain elevated and CLSA has increased its India allocations
~15K cr to ~16K cr in 2 months Nifty50 ended at 19,811, up 121 points give credence to inflation concerns. citing a supportive macro outlook. The
18,000 or 0.6 per cent. Some experts believe heavy sell- brokerage owned by China’s CITIC
(~ cr) 16,042 The sentiment was boosted by ing due to the escalation of the con- Securities has assigned a weighting of
16,000 Atlanta Federal Reserve President flict will present a good buying 18.2 per cent to India, 301 basis points
11,863 Raphael Bostic’s comments that he opportunity in Indian equities. higher than the nation’s weighting of
14,000 doesn't believe further interest rate "We expect the Indian equity mar-
hikes are necessary and that the cur- ket to remain well supported, as
15.1 in the MSCI All Country Asia Pacific
ex-Japan index.
TURNING BULLISH
12,000 CLSA country weights versus MSCI All
rent policy is restric- buying support may “We posit that in combination, a Country Asia Pacific ex-Japan
Apr ‘22 Sep ‘23
10,000 tive enough to bring
inflation back to the
SENSEX emerge on sharp cor-
rections. We maintain
strong credit impulse, favourable
energy pricing, improving external Neutral CLSA OW/UW
ILLUSTRATION: BINAY SINHA Source: Amfi Fed's targeted levels. INTRADAY our constructive view balance dynamics, robust GDP and EPS
China
wt (%)
28.7
wt (%)
28.7
(bps)
0
These comments on Indian equities growth, increasing profitability, a
66,600
ABHISHEK KUMAR echo similar dovish ahead of the supportive macro outlook, and Australia 15.9 8.7 -714
Mumbai, 11 October statements by two September quarter additional capacity for non-resident
UNIQUE MF INVESTOR other Federal Reserve
66,400
earnings and believe asset accumulation will sustain the
India
Taiwan
15.1
14.5
18.2
15.3
303
73

E
quity mutual fund officials this week. that domestic- Indian equity momentum trade into
66,473.1 South Korea 11.5 13.9 231
(MF) schemes experi-
enced a slowdown in
net inflows in September,
COUNT SURPASSED Analysts suggest that
monetary
makers
policy-
believe
0.6%
Change
focused cyclical sec-
66,200 tors like banks,
NBFCs (non-banking
2024,” CLSA has said in a note.
Previously, CLSA was 40 per cent
underweight on India compared to its
Hong Kong
Singapore
5.1
3.2
5.1
3.2
0
0
largely due to increased
redemptions from smallcap
and midcap schemes.
40 MILLION IN SEPT tighter financial con-
ditions due to the
66,079.4
recent surge in US Oct 10,’23 Oct 11,’23
financial companies),
66,000 capital goods, and
infrastructure could
weighting in the MSCI index. “Our
previous contrarian underweight
position worked between late October
Indonesia
Thailand
1.9
1.7
2.6
1.7
75
0
This was even as gross The number of unique mutual fund investors crossed the Treasury yields have Source: Bloomberg see strong perform- 2022 and late March 2023 but Malaysia 1.3 0.7 -67
contributions via systematic 40-million mark in September 2023, the Association of reduced the need for ance," said Jitendra ultimately we persisted for too long Philippines 0.6 0.6 0
investment plans reached an Mutual Funds in India (Amfi) said on Wednesday. additional rate hikes. Gohil, an investment with our negative view. Valuations
all-time high of ~16,042 crore According to industry executives, though the Federal Reserve’s Vice-chair strategist at Kotak Alternate Asset and RBI monetary policy inflexibility New Zeland 0.4 0.4 0
last month, according to penetration remains low, reaching the 40-million mark is Philip Jefferson on Monday stated he Managers. remain our principal concerns,” it Cash 0.0 1.0 100
data from the Association of of significance for the 'nascent' industry. would remain conscious of tighten- The conflict in West Aisa adds noted. OW is overweight, UW is underweight Source: CLSA
Mutual Funds in India “Every milestone we ing monetary conditions while asses- another layer of uncertainty for Despite these concerns, CLSA
(Amfi). achieve is very sing the future of monetary policy. equity investors grappling with mac- believes that a positive trajectory for high conviction calls include Reliance
Equity schemes saw net significant for us and it’s Similarly, Lorie Logan of the Federal roeconomic uncertainties in the India's credit impulse will be Industries, HDFC Bank, ICICI Bank,
inflows of ~14,090 crore last because of the efforts Reserve Bank of Dallas said the developed world and hawkish central supportive of the equity market. Bharti Airtel, State Bank of India, Bajaj
month, 30 per cent less than put in by the industry, recent rise in bond yields may mean banks. However, it struggles with “expensive Finance, Larsen & Toubro, Axis Bank,
~20,250 crore in August, the regulator, and the less need for the US central bank to The market breadth was strong, valuation and relative lack of RBI ONGC, and Tata Motors.
reflected Amfi data. Gross government over the raise rates any further. with 2,349 stocks advancing and policy flexibility”. At 2.8 times, India’s Last month, Nomura upgraded its
inflows, on the other hand, years. Last week, San Francisco Fed 1,339 declining. Four-fifths of Sensex CAPE (cyclically adjusted PE) ratio is stance on the Indian market from
remained elevated at ~42,160 NEW HIGH In recent years, President Mar Daly said if financial stocks rose. Reliance Industries, lower than the peak of 3.1 times in “neutral” to “overweight”. In its Asia
crore, thanks to record invest- Unique investors (million) increased focus on conditions remain tightened, the which rose 1.6 per cent, was the big- October 2022 but is still “distinctly (excluding Japan) portfolio, the
50 investor education,
ments via the SIP route. 40.0* need for the American central bank gest contributor to Sensex gains, fol- unappealing,” according to the brokerage recommended an 18.2 per
Certain equity schemes 40 making products to take further action is diminished. lowed by HDFC Bank, which rose 0.9 brokerage. cent weighting for India, 100 basis
saw a surge in outflows. simpler, digitalisation The 10-year US Treasury yield eased per cent. “India ranks as having among the points higher than India’s weighting
20.8 30 and financialisation of
Investors redeemed ~4,200 to 4.5 per cent on Wednesday. Brent Going forward, factors such as least flexibility for interest rate in the benchmark MSCI Asia ex-Japan
crore from smallcap schemes savings has helped in crude prices eased to below $88 per September quarterly results, macro- accommodation versus EM (emerging index. Nomura is also overweight on
in September, the highest 20 building investor trust. barrel on Wednesday. However, inves- economic data, and statements of market) peers on our monetary policy China and South Korea, while
since at least January 2020. At 10 It has given mutual fund tors remain wary of an escalation of monetary policy officials shall deter- scorecard,” it said. maintaining an underweight position
the same time, fresh invest- Mar ‘20 Sep ‘23 products the required the conflict between Hamas and mine market trajectory. CLSA’s quality growth stocks and on Singapore and the Philippines.
ments in these schemes con- Note: *Figure rounded (not exact) push,” said DP Singh,
tinued to rise, reaching ~6,875 Source: MF industry data deputy managing
crore. director (Dy MD) & joint
Midcap funds also saw an
increase in outflows by 17 per
cent month-on-month to
chief executive officer (joint CEO), SBI Mutual Fund.
AMFI CEO NS Venkatesh said the 40-million investor
count is a "testament to Indian retail investors’ Sebi WTM flags smallcap risks IRM Energy
~3,234 crore.
This surge in redemptions
participation in equity markets through the MF route.”
Last month, the NSE said the total number of unique KHUSHBOO TIWARI
Timeline extended for
IPO to open
came amid concerns of over-
valuation. According to some
brokerages, valuations in the
investors directly investing in the stock market has surged
to 80 million for the first time. The latest 10 million
additions took place in just eight months.
Mumbai, 11 October

The growing interest in smallcap

investment advisors on October 18
mid and smallcap segments The MF route is taken by investors to invest in stocks by mutual funds (MFs) must Capital markets regulator on IRM Energy on Wednesday announced a
have become stretched and exchange-traded funds (ETFs) and actively-managed be considered in light of the associ- Wednesday extended the timeline price band of ~480-505 per share for its initial
less attractive compared to schemes. ated liquidity risks, cautioned by two years till September 2025 for public offering (IPO) that will open for sub-
largecaps. The stock exchange route is taken to directly invest in Ananth Narayan, whole-time compliance with enhanced scription on October 18. The IPO, through
Additionally, sharp selloffs stocks, bonds and commodities, through a broker. member (WTM) of the Securities and qualification and experience which the company aims to raise up to ~545
in smallcap stocks during ABHISHEK KUMAR Exchange Board of India (Sebi). requirements for investment crore, will close on October 20. It has a fresh
some trading sessions may The remarks from the Sebi offi- advisors.At present, individual issue of up to 10.8 million equity shares.
have prompted investors to cial come at a time when net investment advisers, principal Karan Kaushal, the chief executive of the
liquidate their holdings. Despite giving up some record steep outflows at the inflows into smallcap equity funds officers of non-individual company, said, it plans to use about ~307.26
On September 12, the mid- gains after a strong start to the end of every quarter due to for the quarter ending in September the Nifty50 has gained 9.4 per cent investment advisers, and persons crore from the issue proceeds for funding
cap and smallcap indices month, the key benchmark corporate withdrawals for have topped ~11,000 crore. year-to-date. Narayan cautioned the with investment advisors and capital expenditure requirements for devel-
recorded their worst single- indices — Nifty50 and Sensex advance tax payments. However, inflows in September industry by highlighting the issues associated with the work, were oping the city gas distribution network in
day fall in 2023. The Nifty — ended with gains of 2 per In the first half of 2023-24 have dropped by 37 per cent that debt MFs faced with redemp- required to comply with enhanced Namakkal and Tiruchirappalli in Tamil
Smallcap 100 plunged by 4.1 cent and 1.5 per cent respec- (FY24), the industry's month-on-month to ~2,678 crore. tions “when their holdings exceeded qualification and experience require Nadu in the coming years. He also said that
per cent, while the Nifty tively in September. monthly average AUM surged “In March 2020, 8.6 per cent of the underlying liquidity in the sec- ments by September 30, 2023. PTI ~135 crore would be used for prepayment or
Midcap 100 declined by 3.1 Meanwhile, the Nifty by 19 per cent to ~47.8 trillion. the total non-promoter holdings in ondary market”. repayment of some of the outstanding bor-
per cent. Smallcap 100 rose by 0.9 per This growth is largely driven smallcaps were in the hands of MFs. “There are no problems in the rowings of the company and for general cor-
“The quantum of net flows cent and the Nifty Midcap 100 by a supportive equity mar- Today, that figure stands at 19 per smallcap sector today, but that’s why Over 3,700 plaints porate purposes.
in both smallcap and midcap
as a category saw a decline
declined by 0.1 per cent.
The MF industry saw
ket.
“The half yearly growth
cent. A simple risk metric for all of
us is to ensure that the liquidity in
it’s the right time to discuss these
risks,” added the Sebi official.
resolved via SCORES The company will mobilise ~518.4 crore
and ~545.4 crore at the lower and upper end
compared to previous around a 2 per cent gain in has been encouraging and we the underlying market can support Last month, research firm Kotak Sebi has disposed of 3,705 complaints of the price band, respectively. The offer
months. They were still average assets under manage- are optimistic that the trend the level of holdings held collectively Institutional Investors also warned against companies and market also includes reservation for subscription
among the highest recipients ment across schemes to ~47.8 will continue to grow. in that particular segment,” Narayan investors about the rising prices of intermediaries through its online by eligible employees, and a discount of ~48
of net inflows. The dip could trillion, thanks to strong SIP Irrespective of global head- said while speaking at an MF summit smallcap stocks, describing it as grievance redressal system SCORES in per equity share is being offered to such
be attributed to profit-book- inflows and market support. winds, the Indian markets organised by a financial portal. “irrational exuberance with 'no September, according to the data employees.
ing by investors, coupled with This is despite over ~1 trillion have shown resilience. The increased interest in small- meaningful fundamental change”. released by the regulator. As many as At present, the promoters own 67.94 per
concerns regarding inflated net outflows from debt Domestic institutional inves- cap stocks is due to the high returns The Sebi WTM also urged the MF 17 complaints were pending for more cent stake in the company, with the majority
valuations,” said Melvyn schemes. tors have been strongly driv- achieved so far this year. industry to maintain strict oversight than three months on SCORES as of being held by Cadila Pharmaceuticals (49.50
Santarita, analyst-manager Shorter-horizon debt ing market growth,” said N S Since January, the National Stock of commissions for distributors to September end, involving 12 entities per cent), and the remaining shares being
research, Morningstar schemes like liquid and Venkatesh, chief executive Exchange Nifty Smallcap 100 Index prevent a perverse incentive system, such as Principal Mutual Fund and JM held by IRM Trust through its managing
Investment Adviser India. money markets typically officer (CEO), Amfi. has surged by over 32 per cent, while malpractices, and mis-selling. Financial Ltd. PTI trustee Rajiv Indravadan Modi. PTI

THE COMPASS

RBI action may slow Bank of Baroda’s growth The management guidance
was for advances growth of 14-15
per cent in FY24, beating the
industry rate, mainly through the
it shall still be 3 per cent-plus and
climb slightly higher in FY25.
Apart from the retail focus, the
significant improvement in cor-
DEVANGSHU DATTA current accounts were sourced digital sourcing and the higher cent Y-o-Y (up 4.2 per cent Q-o- retail focus. BoB posted its high- porate balance sheet health could
digitally. Also, 43 per cent of time cross-selling rates bob World Q) to ~12.5 trillion, with domestic est-ever quarterly profit in also be a positive for the bank’s
The Reserve Bank India’s (RBI’s) deposits in Q1FY24 were sourced enabled. deposits up 12 per cent Y-o-Y (up Q4FY23, supported by broad- books since BoB’s issues in the
decision to ban the onboarding of via bob World. BoB released its Q2FY24 busi- 2.3 per cent Q-o-Q). International based credit growth, high mar- past were due to large corporate
new accounts on the “bob World” In addition, 74 per cent of retail ness update a few days ago. The deposits jumped 32 per cent Y-o- gins, and improving credit qual- defaults, which led to lower asset
mobile digital platform led to a loans were sourced through the details were encouraging as the Y (up 15.8 per cent Q-o-Q). ity. It showed improvement over quality and spikes in credit costs.
selloff in the Bank of Baroda (BoB) app. Around 61 per cent of credit second-largest PSU Bank reported Domestic CASA deposits that in Q1FY24 with 2.2 per cent BoB will have to find alter-
stock. The stock of the public sec- cards and 89 per cent of personal robust growth. Total advances increased 4.4 per cent Y-o-Y (up Q-o-Q advances growth. native channels to access new
tor bank dropped by around 3 per loans were sourced digitally. Even grew 17 per cent year-on-year (4 1.1 per cent sequentially). Asset quality also continued to customers until such time as the
cent. in other retail products, 67-68 per per cent quarter-on-quarter) to The ban is bad for the sen- improve with gross net perform- ban is rescinded. This will impact
The central bank cited cent of home loans and auto loans ~10.3 trillion, with domestic timent. Finding alternative chan- ing assets (GNPA) and net NPA growth and perhaps, it will raise
“material supervisory concerns”; were sourced digitally. advances up 16.6 per cent Y-o-Y (3 nels for growth would take time; currently standing at 3.51 per cent costs. But it should not impact
news reports claimed mobile While existing accounts can per cent Q-o-Q). The international the pivot is forced in Q3FY24, and 0.78 per cent. asset quality. There could be some
numbers were randomly linked to continue to use bob World, the book rose 21 per cent Y-o-Y (up 6.4 which is the crucial festival sea- BoB reported a net interest further downside due to adverse
accounts to purportedly inflate ban shall slow growth in new per cent sequentially). Domestic son for a retail-focused lender. margin (NIM) of 3.31 per cent in sentiment.
registrations on bob World. accounts and on both asset and retail loans grew 22.5 per cent Y- Before these issues, BoB was see- FY23. If interest rates are stable Valuations may look reason-
The Q1FY24 data indicated liability sides. This is a cause for o-Y (5.4 per cent Q-o-Q). ing fair support with analysts pos- with a possible rate cut in able once the market has dis-
over 90 per cent of savings and concern given the rising mix of Total deposits grew 14.6 per itive on the Q2FY24 update. Q4FY24, the NIM may decline but counted the impact of the ban.
.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 THE SMART INVESTOR 11 <

Broadcasters find silver Be warned: Investors must avoid

screen lining in BO hits areas with excess housing supply
End users must get the title verified by DOUBLE-DIGIT PRICE GROWTH
But ad revenue fails to translate into real action despite optimism a lawyer and ensure the sale agreement n Q3 2022 n Q3 2023

RAM PRASAD SAHU is in Rera-prescribed format City Average price (~ per sq ft) Price change (%)
Mumbai, 11 October Hyderabad 4,590
5,400 17.6

N
otwithstanding record reve- KARTHIK JEROME ment services and data intelli- 5,485
Bengaluru
nues in certain media sectors gence, Square Yards: “Projects 6,275 14.4
like film exhibition in the Housing sale is displaying are now reaching completion 4,990
July-September quarter (second strong momentum. Data from without significant delays.” NCR
5,570 11.6
quarter, or Q2), the operational per- Anarock Research shows that Wadhawan asserts that gov-
11,790
formance of the broadcasting busi- an unprecedented 120,000 ernment investment in infras- MMR 13,150 11.5
ness remained subdued. Zee units were sold across the coun- tructure over the past five to
Entertainment Enterprises and Sun try’s top seven cities in the third seven years has provided a fillip Pune 5,975
TV are expected to experience a year- quarter of 2023, a year-on-year to housing. 6,550 9.6
on-year (Y-o-Y) decline in advertising increase of 36 per cent. Prices While rising prices generally Chennai 5,280
(ad) revenues during this period. are also rising in double digits: dampen demand, the opposite 5,770 9.3
Conversely, box office (BO) collec- -8.9 -5.1 43.5 19.0 they were up 11.4 per cent on is happening in the real estate 4,650
tions are anticipated to exceed ~3,000
crore in the quarter, propelled by a
GOOD SHOW 477
average over this period. market. “Increasing prices
accelerate purchase decisions
Kolkata 5,000 7.5
753 Buoyant sentiment 6,105
series of successful movie releases. as prospective customers are Total 6,800 11.4
“The broadcasting segment con- n Operating profit (~ cr) 270 The Covid-19 pandemic struck by FOMO (fear of missing Source: Anarock Research
tinues to face challenges, with the ad n Net profit (~ cr) sparked the desire among out). They feel if they delay the
environment remaining muted due 151 people to upgrade their homes purchase, they may end up
to reduced ad spends by consumer % change Y-o-Y both in terms of size and facil- having to pay a higher price,” According to Anarock Abhishek Kumar, Sebi regis-
technology (tech) companies (edtech, ities. Says Vikas Wadhawan, says Wadhawan. Research data, of over 115,000 tered investment advisor and
fintech, foodtech, and e-commerce). group chief financial officer, Higher interest rates have so homes sold in the second founder, SahajMoney.
We anticipate a rise in ad revenue in
Q2FY24 estimates Zee Entertainment Sun TV REA India & business head, far failed to dampen demand. quarter of 2023 across the top
the second half of 2023-24 (FY24), Ad sales growth Y-o-Y (%) -3.0 -2.0 Proptiger.com: “Many “Customers feel that seven cities, over 43 per cent Go for limited-sized projects
driven by the festival season and the Net sales (~ crore) 2,203 1,042 wanted a home with an any gain they derive were in newly launched proj- Investors should stick to qual-
2023 Cricket World Cup,” said resea- extra room. People also from waiting for rates ects. “The growing acceptance ity developers and locations.
rch analysts Karan Taurani and Rou- % change Y-o-Y 8.7 30.8 realised the impor- to soften would get nul- of newly launched units shows “An investment in a property
nak Ray of Elara Securities (India). % change Q-o-Q 11.1 -20.9 tance of owning a lified by the increase in investors are back,” says Puri. by a branded developer in a
In Q2FY24, Zee is expected to reg- Ad: Advertising; Source: IIFL Research home within a society price,” says Wadhawan. quality location (with well-
ister a 2.5 to 3 per cent decrease in ad where most facilities The relative Get title verified developed physical and social
revenues, while Sun is likely to main- would be available strength of the Indian End users should ensure that an infrastructure) can prove fruit-
tain a performance similar to the
year-ago quarter.According to IIFL
of the New Tariff Order 3.0. Both
broadcasters are expected to report a
ing at ~228 crore. Despite subdued ad
revenues, Zee is expected to gain ~250
within the campus.”
Anuj Puri, chair-
YOUR economy has also kept
the demand momen-
under-construction property is
registered with Rera.
ful,” says Puri.
Moorthy warns against
Research, ad sentiment remained subscription growth of 5-7 per cent crore from Gadar 2, which was pro- man, Anarock Group MONEY tum intact. “Make sure the phase you are investing in areas with high
subdued as recent optimism did not compared to the year-ago quarter. duced and distributed by Zee Studios. attributes the sales investing in is registered,” says supply. He also suggests avoid-
translate into on-the-ground action. Despite challenges faced by the Elara Research anticipates a 380- momentum to the Reserve A few risks Wadhawan. ing very large projects.
Analysts Balaji Subramanian and core business, there is a silver lining bp improvement in its operating Bank of India (RBI) maintaining Inflation and interest rates Read the sale agreement “The supply from the
Siddharth Zabak of the brokerage for the two broadcasting majors due profit margins sequentially due to the the repo rate constant. “This could play spoilsport. before signing it. “It must be developer continues for a long
pointed out that while the first to the success of two movies — Jailer impact of Gadar 2, while compared has stabilised home loan inter- “Persistent inflation could force in the Rera-prescribed format time, making it difficult for
quarter witnessed a 16 per cent Y-o-Y and Gadar 2. According to Nuvama to the year-ago quarter, a decrease of est rates and kept buying sen- buyers into a wait-and-watch and must not be skewed in the investors to earned good
growth in aggregate ad spends for Research, “Superstar Rajinikanth’s 300 bps is expected. timent high,” he says. mode. Rate hikes in future developer’s favour,” says returns,” he says.
IIFL’s fast-moving consumer goods Jailer, produced by Sun Pictures, is Looking ahead, Nuvama Currently, the supply com- could also act as a short-term Moorthy. Look at the sanc- Wadhawan suggests finding
coverage universe, this increase was enjoying a phenomenal run, breaking Research anticipates a steady ing into the market is largely dampener,” says Puri. tioned plan to know the exact whether the developer has a
primarily driven by the Indian BO records, which will benefit its increase in ad revenues and sub- from branded developers. “This If next year’s general elec- carpet area you will get and lock-in clause or will demand a
Premier League (IPL), and general Q2FY24 numbers.” scriptions for Sun. The brokerage aligns well with the shift in tion ushers in an unstable gov- pay a law firm to conduct a transfer charge (0.5-1.5 per
entertainment channels experienced The movie is expected to contrib- suggests that any value unlocking in buyer preference towards large, ernment, that would be another thorough title check. cent) for selling before the
weak ad revenue. Furthermore, Y-o- ute ~200 crore to other operating reve- its IPL team could be an additional listed developers,” says Puri. setback. Buyers should also stress project is completed.
Y comparisons for the September nues and increase margins by 130 trigger for the stock to rerate. The setting up of the Real test their own affordability. If you are depending on an
quarter will be skewed due to the basis points (bps) sequentially and Prabhudas Lilladher Research, Estate Regulatory Authority Investors returning “Your equated monthly instal- infrastructure development
delayed festival season. 490 bps Y-o-Y. In the April-June which has a ‘buy’ rating on the stock, (Rera) has boosted customer to the market ment (EMI) based on peak to propel prices up, make
The broadcasters’ subscription quarter, the company’s financials believes that Zee offers a better risk/ confidence. Says Anand Investors, who had quit the interest rate scenario should sure you have concrete
revenue is expected to moderate on a were boosted by IPL, generating an reward at current levels, given that Moorthy, co-founder and chief market between 2013 and not exceed 30 per cent of your information about the
sequential basis due to the full impact income of ~513 crore, with costs stand- the merger overhang is now resolved. business officer, asset manage- 2020, are now re-entering it. take-home salary,” says completion timing.

UCO B
Bank
12 STOCKS
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 1

> OFSTOCK
IN THE > JK Tyre & Industries > Mishra Dhatu Nigam > Laxmi Organic Industries

NEWS Top gainer

amongst A group
Hits new all time
high on BSE
Trading volumes
jump 17x over THE DAY
of companies at ~476 2 -week average KPIT Technologies
~270.2 PREVIOUS CLOSE ~408.2 PREVIOUS CLOSE ~271.2 PREVIOUS CLOSE Hits new all-time high
~311.4 CLOSE ~456.7 CLOSE ~302.4 CLOSE at ~1,235; Up 32 per cent
p 15.3% UP p 11.9% UP p 11.5% UP 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
11 Oct ’23 Chg (%) Con Std 11 Oct ’23 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 2488.6 -0.4 1.0 106.0 160.5 ITC 448.3 0.9 6.3 29.1 28.7 price price (%) price price (%)
Adani Ports 814.9 -0.6 0.7 28.1 588.3 JSW Steel 777.3 0.7 1.2 33.7 33.4 Tanla Soluts 1121.0 1104.9 7.2 1317.7 1317.7 Bank of Baroda 206.3 207.2 -3.3 185.8 129.2
MOST BULLISH MOST BEARISH
Apollo Hosp 5092.9 0.5 0.6 89.4 75.8 Kotak Mah Bank 1771.4 0.9 3.0 21.6 28.6 Suzlon Energy 27.7 27.7 5.0 29.8 29.8 ICICI Prud Life 522.1 524.9 -2.8 521.8 381.0
Asian Paints 3163.9 0.4 1.6 65.4 66.1 Vodafone Idea 11.9 11.9 0.8 HCL Techno 1235.4 1245.6 -0.8 City Union Bk 141.2 140.7 4.4 141.2 205.0 JSW Energy 393.3 398.5 -2.5 282.1 204.8
L&T 3088.7 0.4 4.9 38.5 49.7
Axis Bank 1019.1 0.7 3.3 29.0 27.9 L&T Finance Hol 133.9 132.9 0.8 Infosys 1483.9 1494.4 -0.7 Hero MotoCorp 3111.0 3100.5 4.3 3242.9 3242.9 Coromndl Int 1143.0 1148.0 -2.0 921.4 839.0
LTIMind 5244.5 -0.4 0.6 39.3 40.8
Hind Copper 154.6 153.9 0.5 MCX 2145.3 2156.6 -0.5 Ramco Cements 994.0 984.0 3.8 994.0 994.0 Ind Ove Bank 44.1 44.4 -1.7 25.6 17.0
Bajaj Auto 5064.4 0.5 0.7 21.9 23.4 Mah & Mah 1556.3 1.2 1.8 18.8 24.4 Siemens 3576.1 3558.5 0.5 Ipca Labs 938.1 941.8 -0.4 Kalyan Jeweller 272.9 271.3 3.5 272.9 272.9 SJVN 69.0 69.8 -1.7 45.3 30.4
Bajaj Fin 8102.0 0.2 2.5 42.7 45.1 Maruti Suzuki 10412.1 0.4 1.6 38.3 33.0 Chambal Fert 285.9 284.5 0.5 Colgate 2053.4 2060.8 -0.4 APL Apolo Tb 1676.0 1669.0 3.3 1806.2 1806.2 UCO Bank 41.2 41.4 -1.7 27.0 11.5
Bajaj Finsrv 1636.6 0.2 1.2 37.0 289.2 Nestle India 23202.1 1.0 0.9 - 81.9
Bharti Airtel 955.6 0.8 2.7 64.3 998.3 Wipro 423.8 421.0 3.3 443.6 443.6 Central Bank 48.3 48.6 -1.5 29.6 19.0
NTPC 238.7 1.2 1.3 13.7 13.2
BPCL 342.6 0.6 0.4 34.9 4.0 BSE NSE Grasim Ind 1982.1 1979.5 3.2 1988.8 1988.8 Abbott India 22388.4 22412.7 -1.5 22023.0 17800.3
Britannia 4555.0 0.6 0.6 44.9 48.5
ONGC 183.3 -0.1 1.1 6.5 6.9 Index Stock Index Stock PUT-CALL RATIO Zomato 109.8 109.1 2.8 109.8 109.8 Bharat Elctn 137.5 137.8 -1.5 123.6 87.0
Power Grid 198.5 0.3 1.0 12.0 12.2 Indus Towers 193.6 192.8 2.8 197.2 205.9 Metropolis Heal 1449.2 1452.9 -1.4 1296.0 1176.1
Cipla 1172.0 1.5 0.7 30.4 35.7 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2345.1 1.6 9.1 24.5 40.9 ACC 2056.7 2038.2 2.7 2103.1 2674.5 Granules 352.1 352.8 -1.4 287.6 267.9
Coal India 301.9 -0.5 0.8 6.8 12.0 Contracts 125 - 255207 804397
SBI 588.4 -0.6 2.6 7.9 8.6 Market 2205.0 3892.1 0.6 Cummins (I) 1757.8 1751.5 2.6 1981.2 1981.2 Bandhan Bank 248.0 248.6 -1.3 210.0 182.2
Divis Lab 3750.6 1.0 0.5 54.6 68.1 Open Int.(000) 1 - 14118 7102999
SBI Life Ins 1309.4 0.6 0.7 - 71.3 MCX 2183.9 2152.0 2.5 2183.9 2183.9 Bank of Maha 46.4 46.5 -1.3 29.9 17.7
Dr Reddys 5567.6 1.6 0.8 19.7 24.7 Shares(In Mn) - - 7.6 1953.9 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1128.8 0.2 1.4 32.1 255.6 United Spirt 1054.1 1050.6 2.5 1073.2 1073.2 Nat Alum 95.6 95.8 -1.3 83.5 68.1
Eicher Motor 3486.6 0.8 0.5 29.6 32.3 Value(~ crore) 8 - 20470 64732
Tata Consumer P 888.4 0.0 0.6 65.2 82.3 Metropolis Heal 1.1 ONGC 0.2
Grasim Ind 1980.1 3.2 0.8 19.1 78.1 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 634.0 0.5 1.3 19.8 74.0 DLF 1.0 Indiabulls Hous 0.2
HCL Techno 1245.6 -1.3 1.5 22.4 29.7 Contracts 2005995 - 643526091 3641994
Tata Steel 125.0 -0.3 1.1 93.7 11.2 City Union Bk 1.0 JK Cement 0.2
HDFC Bank 1539.6 1.0 10.5 25.4 24.9
HDFC Std Life 621.5 0.0 0.8 97.7 94.4 TCS 3609.9 -0.5 4.1 30.2 32.2
Open Int.(000)
Shares(In Mn)
2172
-
- 614379
- 12543.4
5482749
5973.7
Escorts 0.9 IndiaMART Int 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1231.6 0.3 0.9 27.3 33.3 Godrej Prpty 0.9 Balkrishna I 0.2
Hero MotoCorp 3100.9 4.2 0.5 22.1 19.9 Value(~ crore) 133386 - 45530894 297680 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 483.9 0.7 0.8 10.8 43.9 Titan Company 3280.5 0.3 1.6 89.6 87.8 BSE+NSE BSE+NSE
UltraTech 8343.0 2.3 1.1 46.6 47.5 1 Reliance Ind 1586552.0 BS200 DOWN 7 DAYS
HUL 2556.4 1.6 2.6 59.4 59.2 (~ crore) (Mn shrs)
ICICI Bank 953.1 0.2 7.6 19.6 19.3 UPL 627.8 1.0 0.4 16.5 61.8 ACTIVE CALLS ACTIVE PUTS HDFC Bank 2571.5 16.8
2
3
TCS
HDFC Bank
1321008.3
1166535.7 UP 3 DAYS Nat Perox -32.4
IndusInd Bank 1421.2 0.0 1.1 - 14.0 Wipro 421.2 3.3 0.7 19.8 24.2 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Tanla Soluts 8.3 Dynamic Portfol -29.8
Reliance Ind 1467.9 6.3 4 ICICI Bank 667255.1
Infosys 1494.4 -0.1 6.1 25.1 25.5 Nifty 50 19811.4 á0.6 100.0 24.3 28.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
ICICI Bank 1390.2 14.6 5 Infosys 619921.5 Escorts Kub 6.4 Shukra Pharmace -20.8
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 600546.0 MCX 5.5 MTNL -14.8
Infosys 1330.2 8.9
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
11/10/23
11/10/23
44500
44600
1205.0
718.7
13.8 181.9
7.6 251.3
Nifty Bank
Nifty Bank
11/10/23
11/10/23
44400
44500
966.0
908.3
9.2
7.9
318.0
359.8
Zomato 1088.0 100.4
7
8
ITC
Bharti Airtel
559008.1
536710.7
Supreme Ind
Birlasoft
5.4
5.4
ST Corporations -13.2
SENSEX 25.7/29.5 16.8 187 25 5 16.3 TCS 1071.9 3.0 Guj.Petro -13.1
Asian Paints 3163.6 0.4 1.9 65.4 66.1 Maruti Suzuki 10410.0 0.3 1.8 38.3 33.0 Nifty Bank 11/10/23 44700 457.6 4.4 65.6 Nifty Bank 11/10/23 44300 524.7 3.4 21.5 9 SBI 525034.2 Delta Corp 3.8
Axis Bank 1019.3 0.7 3.8 29.0 27.9 NIFTY 50 24.3/28.3 213.7 4582 39 11 16.7 Bank of Baroda 922.4 44.3 Jhaveri Crdt -13.1
Nestle India 23198.0 1.1 1.1 - 81.9 C = CONSOLIDATED; S = STANDALONE Nifty Bank 11/10/23 44400 391.2 5.0 109.0 Nifty 12/10/23 19800 302.2 11.3 560.8 10 Bajaj Fin 490682.1 Colgate 3.3
Bajaj Fin 8098.4 0.2 2.8 42.6 45.0 NTPC 238.6 1.1 1.5 13.7 13.2 Nifty 12/10/23 19800 316.5 8.4 27.3 Nifty Bank 11/10/23 44600 268.8 2.0 255.6 GMDC 905.1 23.3 UP 3 DAYS
11 L&T 434139.3 DOWN
Bajaj Finsrv 1635.8 0.2 1.3 37.0 289.0 Power Grid 198.5 0.3 1.2 12.0 12.2 CASH DERIVATIVES Stock Stock Axis Bank 867.8 8.5 12 LIC India 403218.8 Freshtrop Fr 50.8
TURNOVER BSE NSE BSE NSE
ICICI Prud Life -6.2
Bharti Airtel 955.5 0.7 3.2 64.3 998.2 Reliance Ind 2345.0 1.6 10.6 24.5 40.9 Vodafone Idea 26/10/23 12 328.4 161.0 -6.4 Vodafone Idea 26/10/23 11 87.7 87.0 16.5 SBI 854.2 14.4 13 Kotak Mah Bank 352006.1 Incredible Ind 47.0
JSW Energy -4.9
HCL Techno 1245.8 -1.2 1.7 22.4 29.7 SBI 588.3 -0.6 3.0 7.9 8.6 VALUE(IN ~ CRORE) 6663 67416 133395 45913775 Vodafone Idea 26/10/23 13 218.8 99.4 -3.9 Vodafone Idea 26/10/23 12 54.9 50.2 7.0 14 HCL Techno 338052.9 Ashirwad Stl 32.8
L&T 777.7 2.5 Biocon -2.7
HDFC Bank 1538.6 0.9 12.1 25.4 24.9 SHARES(IN MN) 752.6 3630.8 - 20478.6 Vodafone Idea 26/10/23 14 137.3 79.4 11.2 Vodafone Idea 30/11/23 11 31.6 26.7 73.1 15 Maruti Suzuki 314463.8
Sun Pharma 1128.6 0.2 1.6 32.1 255.6 Mishra Dhatu Ni 717.7 15.8 Abbott India -2.7 Piccadily A 28.1
HUL 2556.0 1.6 3.0 59.3 59.2 TRADES(000) 2745 23753 - 154670 Vodafone Idea 26/10/23 11 126.2 63.6 -7.0 Bank of Baroda 26/10/23 210 27.5 7.0 20.1 16 Axis Bank 314138.1
Tata Motors 633.9 0.5 1.5 19.8 74.0 Laxmi Organic 686.9 22.9 Balram Chini -2.2 Prakash Ind 25.4
ICICI Bank 952.7 0.2 8.8 19.6 19.3 IDFC First Bank 26/10/23 95 57.3 33.0 -1.2 Vodafone Idea 26/10/23 10 25.7 69.0 0.7 17 Asian Paints 303447.7
Tata Steel 125.0 -0.2 1.3 93.7 11.2 Bharti Airtel 670.8 7.0 Containr Crp -2.2 Eimco Elecon 23.9
IndusInd Bank 1421.2 0.0 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Titan Company 291171.8
Infosys 1493.7 -0.1 7.0 25.1 25.5 TCS 3610.2 -0.5 4.8 30.2 32.2 Berger Paints -0.8
JK Tyre Ind 647.1 21.4 19 Adani Enter 283637.7 Colab Cloud 22.2
Tech Mahindra 1231.3 0.2 1.0 27.3 33.3 BSE 32,182,120 32,888,665 Others
ITC 448.3 0.9 7.3 29.1 28.7
JSW Steel 776.9 0.7 1.4 33.7 33.4 Titan Company 3279.7 0.4 1.8 89.6 87.7 NSE 31,833,522 32,556,236 SPURT IN VOLUMES Bajaj Fin
HUL
645.2
638.2
0.8
2.5
20
21
Sun Pharma
Bajaj Finsrv
270785.0
260991.9 UP 7 DAYS
DOWN 3 DAYS
ABans Enterpris -26.1
UltraTech 8328.5 2.1 1.3 46.5 47.5 DERIVATIVES 21,960,376 21,960,376
Kotak Mah Bank 1771.1 0.8 3.4 21.6 28.6 Company Days 2-week Avg Change Close *Price 22 Avenue Supermar 250648.2 Alphalogic Inds 56.0
Kotak Mah Bank 634.1 3.6 Dr Lalchandani -19.0
L&T 3088.8 0.4 5.7 38.6 49.7 Wipro 421.0 3.3 0.8 19.8 24.2 Volume Volume % price %chg 23 UltraTech 240435.5 Diamond Power 54.4
Mah & Mah 1556.2 1.2 2.1 18.8 24.4 BSE SENSEX 66473.0 á0.6 100.0 25.7 29.5 TRADING ACTIVITY Ace Integrated 206559.0 1140.2 18016.0 31.9 -6.2
Vodafone Idea
MCX
574.0
570.5
490.8
2.6
24á NTPC 231362.5 Hind.Agrigen 40.8
Ashok Alco -15.0
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á Wipro 231171.1 Regency Cera 40.7 Lime Chem -14.6
Utiamc - Utisxn 154965.0 928.4 16591.6 59.8 0.0 Tata Motors 524.3 8.3
Equity Debt Equity Debt 26â ONGC 230407.8 HMT 40.7 Riddhi Corp -14.3
Net Net Net Net Laxmi Organic 22948512.0 439450.1 5122.1 302.4 11.5 PNB 496.9 64.9 27 Nestle India 223675.1 Rodium Relty -12.8
WORLD INDICES On 10 Oct -904 513 - - Archidply I 2590395.0 53963.4 4700.3 83.9 15.2 UltraTech 492.2 0.6 28 Tata Motors 210561.8
Suyog Gurbaxani
Kerala Ayurv
40.6
40.6 Laxmi Auto -11.9
On 09 Oct 773 -487 2266 -750 Ausom Enter 919851.0 26197.2 3411.3 91.1 19.9 PAYTM 453.5 4.7 29 Mah & Mah 193510.4
Indices Close % Chg* Indices Close % Chg*
On 06 Oct 271 1011 548 -1196 Sharda Crop 2092471.0 62305.5 3258.4 441.8 5.7 30 JSW Steel 189978.7 (T+2) cycleStocks which rose/fell continuously
Power Fin 443.6 17.7
Americas (Oct 10,23) Asia/Pacific (Oct 11,23) On 05 Oct -337 277 293 834 Mro-Tek Realty 734390.0 25543.0 2775.1 62.7 3.6
S&P/ TSX Composite 19501.2 1.3 Kospi 2450.1 2.0 On 04 Oct -3957 -453 1168 792 Mishra Dhatu Ni 15761155.0 626510.5 2415.7 456.6 11.9
Oct till date -4991 2259 5970 1777 Prakash Pipes 2048264.0 98119.1 1987.5 286.6 11.7
Nasdaq Composite
Dow Jones
13562.8
33739.3
0.6
0.4
Stock Exchange of Thai
Taiwan Taiex
1456.0
16672.0
1.5
0.9 2023 till date 116244 31442 117596 -42088 TVS Elect 917336.0 44213.4 1974.8 375.4 10.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Oct 10,23) Jakarta Composite 6931.8 0.1 Quarterly Som Distill HDFC Bank Transoce. Pr OCTOBER 18
FTSE 100 7631.8 0.1 Shanghai Se Comp 3079.0 0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Tata Steel Long Group T OCTOBER 17 BS 200
OCTOBER 12 Group X Ksolves India BS 200 Astral
DAX 15431.2 0.1 Kuala Lumpur Comp 1436.5 0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Amal OCTOBER 16 Bajaj Fin Bajaj Auto
IBEX 35 9340.3 -0.1 Straits Times 3192.9 -0.2 NET Net Fut OI Opt OI OI HCL Techno Coromndl Eng BS 200 Can Fin Home ICICI Lombard
HIGH *Sundaram Fin . . . . . . 3326.1 *Jindal Drill . . . . . . . . . . 690.1 LOW
CAC 40 7123.0 -0.6 Volatility (Oct 10,23) BS 200 *Adity Vision . . . . . . . 2775.0 *High Energy . . . . . . . . 680.0 BS 200 HDFC AMC Guj Hotels Bank of Maha ICICI Prud Life IndusInd Bank
On 10 Oct -3324 4423 0.2 3.3 2.6
Asia/Pacific (Oct 11,23) CBOE S&P 500 16.9 -0.9 On 09 Oct -10635 -795 0.2 3.3 2.6 L&T Tech Ser . . . . . . . 4859.8 *Taal Enter . . . . . . . . . 2580.0 *Andhra Paper . . . . . . 675.0 NONE Infosys Premier Capital Federal Bank L&T Tech Ser LTIMind
Hang Seng 17893.1 1.3 CBOE Dow Jones 14.0 -5.7 On 06 Oct 2448 1336 0.2 3.0 2.6 *Escorts Kub . . . . . . 3435.2 *Uni Abex . . . . . . . . . . 2494.2 *Maha Seamles . . . . . . 657.0 Others Group A Vivanta Inds Jio Financial Syngene Intl Oracle Fin
On 05 Oct -68917 1648 0.2 2.4 2.6 HDFC AMC . . . . . . . . 2798.5 *Gensol Engg . . . . . . . 2426.5 *Jindal Photo . . . . . . . . 647.0 *Bombay Oxygen . . . 9811.3 Angel One Group XT Group A Group A Persistent S
Nikkei 225 31936.5 0.6 * Change over previous close
On 04 Oct -40866 -7373 0.2 3.0 2.6 *MCX . . . . . . . . . . . . . 2183.9 *Polychem . . . . . . . . . 2288.9 *Authum Invest . . . . . . 640.0 *Tatva Chintan . . . . . . 1555.4 Group B Artson Engg CEAT CIE Automotive Wipro
*TVS Motor . . . . . . . . 1571.0 *eClerx Ser . . . . . . . . 2248.4 Car Trade . . . . . . . . . . . 640.0 *Nat Perox . . . . . . . . . . 905.1 Anand Rathi Wea Hathway Bhaw ICICI Securitie Happiest Minds Group A
MAJOR INDICES Oct till date
2023 till date
-115251
-22482
-2825
-5831
-
-
-
-
-
- *Chola Inv . . . . . . . . . 1272.8 *Angel One . . . . . . . . . 2135.0 *NDR Auto Co . . . . . . . 630.5 *Rajesh Exp . . . . . . . . . 460.8 JTL Industries ST Corporations NELCO Himadri Sp UTI AMC
Ramco Cements . . . . . 994.0 *Shilchar Tec . . . . . . . 2073.0 *Welspun Inv . . . . . . . . 624.1 *Mahindra Log . . . . . . . 349.2 Shah Metacorp OCTOBER 14 Tinplate Co Chem Group B
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
PAYTM . . . . . . . . . . . . . 978.0 *Phoenix Mill . . . . . . . 1939.0 *Sundaram Brk . . . . . . 613.6 *IKIO Lighting . . . . . . . 343.4 Sical Logis BS 200 Group B Newgen Soft Tec 5Paisa Capital
S&P BSE Sensex 66,079.4 66,376.4 66,592.2 66,299.8 66,473.1 393.7 0.6 Ipca Labs . . . . . . . . . . . 962.4 *Lakshmi Ele . . . . . . . 1845.0 *Hind Hardy . . . . . . . . . 564.6 *Brookfield REIT . . . . . 231.3 Group T Dalmia Bharat Cyient DLM PCBL Heritage
*Bharti Airtel . . . . . . . . 956.8 *Bhagirad Chm . . . . . 1720.0 *Axtel Ind . . . . . . . . . . . 555.0 Riddhi Corp . . . . . . . . . 139.9 Kesoram Ind Group A Ind Bank Hsg Tata Elxsi Foods
S&P BSE Sensex 50 20,637.2 20,728.0 20,795.4 20,709.3 20,763.3 126.0 0.6 S&P BSE SECTORAL INDICES *DLF . . . . . . . . . . . . . . . 569.0 *Sandur Manganes . . 1719.6 *Supreme Petroch . . . 547.0 Megri Soft . . . . . . . . . . . 88.4 Sterling & Wils Avenue Super- Karur Vysya VST Ind Tips Industries
Birlasoft . . . . . . . . . . . . 548.5 *Thangamyil J . . . . . . 1473.0 *GOCL Corp . . . . . . . . . 541.0 Erp Soft Sys . . . . . . . . . . 65.7 Group X mar Nath Bio-Genes Zensar Tech Group M Mphasis Agro Tech Fd Tejas Networks OCTOBER 21 PNB Hou Fin
S&P BSE-100 20,162.6 20,250.7 20,322.0 20,238.1 20,281.9 119.4 0.6 Prev cls Close % Chng
*GMDC . . . . . . . . . . . . . 404.1 *Aurionpro Sl . . . . . . . 1455.0 *Sinnar Bidi . . . . . . . . . 533.4 *Continental Che . . . . . . 58.9 Emerald Leasing Texmaco Rail Oriental Htl Group B Alphalogic Inds Nestle India Ganesh Hsg Group B BS 200 Group B
S&P BSE-200 8,615.3 8,653.5 8,686.0 8,649.5 8,665.9 50.6 0.6 Auto 36,331.4 36,686.0 1.0 *Coal India . . . . . . . . . . 305.0 *Eimco Elecon . . . . . . 1275.0 *PDS Ltd . . . . . . . . . . . . 524.4 *Osiajee Texfab . . . . . . . 32.0 Facor Alloys Group B Parshva Ent Hath Cable Group T Tata Comm Sagar Cem Butterf Gandh ICICI Bank N R Agarwal
Bankex 49,945.0 50,091.7 0.3 *Kalyan Jeweller . . . . . 272.9 *Mazda . . . . . . . . . . . . 1237.5 *Kernex Micro . . . . . . . 522.0 IndiaNivesh . . . . . . . . . . 23.8 Int Travel Darshan Orna Selan Explor Huhtamaki India STEL Holdings UltraTech OCTOBER 20 Goa Carbon Kotak Mah Bank Group M
S&P BSE-500 27,414.8 27,538.0 27,646.2 27,527.7 27,579.2 164.4 0.6
Cons. Durables 46,003.6 46,193.2 0.4 *Power Fin . . . . . . . . . . 255.6 *KPIT Techno . . . . . . . 1234.5 *Jai Balaji . . . . . . . . . . . 519.0 Shantai Inds . . . . . . . . . 21.9 Vandana Knit GTPL Hthwa Yatra Podd Hou & Dev Group X Voltas BS 200 KFin Technologi YES Bank Veerkrupa Jewel
S&P BSE IPO 11,206.6 11,305.6 11,370.8 11,278.2 11,338.0 131.4 1.2 Cap. Goods 47,809.8 47,961.7 0.3 Zomato . . . . . . . . . . . 109.8 *PGIL . . . . . . . . . . . . . 1195.8 *Kesar India . . . . . . . . . 519.0 KACL . . . . . . . . . . . . . . . . 18.9 Group XT Texmaco Infra Group M Group T Morarka Fin Group A Atul Tanfac Ind Group A OCTOBER 25
FMCG 18,753.6 18,913.1 0.9 Others *Century Tex . . . . . . . 1182.3 Sunteck Rlty . . . . . . . . 482.0 Svarnim Trade . . . . . . . . 16.6 IEL Group T DMR Hydro TechIndia Nirma Skyline Mill Equitas SFB JSW Steel Group T Anant Raj BS 200
S&P Dollex-30 6,517.8 - - - 6,563.5 45.7 0.7 Roselabs Fin Vivid Merc PNGS Gargi Fash Group X Group XT
Healthcare 28,004.5 28,152.0 0.5 *OMDC . . . . . . . . . . . . 6790.0 *Bbetf0432 . . . . . . . . 1099.0 *Mishra Dhatu Ni . . . . . 476.4 Jayhind Synt . . . . . . . . . . 16.6 Hatsun Agro L&T Finance Hol Kenvi Jewels Group B Axis Bank
Nifty 50 19,689.9 19,767.0 19,839.2 19,757.0 19,811.4 121.5 0.6 Infra 383.1 383.8 0.2 *KRL . . . . . . . . . . . . 6748.2 *MPIL Corpn . . . . . . . 1072.7 *Astra Micro . . . . . . . . . 464.7 Genesis IB . . . . . . . . . . 10.2 OCTOBER 13 Group X Group T Atharv Enter Hind Hardy Indoco Rem PAYTM Group X Kamat Hotels Indus Towers
IT 32,901.6 32,908.1 0.0 *Bengal Assm . . . . . . 5847.0 *Macrotech Devlp . . . . 829.0 *Muthoot Cap . . . . . . . 458.0 Aanchal Isp . . . . . . . . . . . . 9.7 BS 200 Ultracab (I) Indbank Merc Benares Htl OCTOBER 19 Mastek Group A Tinna Rub & Inf Pakka Jubilant Fd
Nifty next50 45,006.2 45,199.4 45,382.4 45,160.1 45,237.1 230.9 0.5 HDFC Std Life Group XT Jai Balaji Cosyn BS 200
Metal 22,958.6 23,059.1 0.4 *Astrazen Ph . . . . . . . 4825.0 *West Coast Pape . . . . 778.0 *Mah Holidays . . . . . . . 444.2 *SVP Global Vent . . . . . . . 8.0 Ramkrshn Frg CreditAccess Gr Group XT OCTOBER 23 Group A
Nifty 500 17,303.4 17,380.7 17,447.8 17,375.5 17,407.4 104.0 0.6 Oil & Gas 18,580.4 18,704.1 0.7 *Safari Ind . . . . . . . . . 4535.0 *Suyog Telematic . . . . 778.0 *Welspun Corp . . . . . . 419.2 *Bodhtree Cons . . . . . . . . 5.4 Group B Ceenik Exp Group X JK Agri Genert Coforge Tata Coffee CSB Bank Prima Agro BS 200 Lakshmi Machine
Power 4,512.1 4,528.0 0.4 *CRISIL . . . . . . . . . . . . 4145.0 *Global Health . . . . . . . 768.9 Systematix . . . . . . . . . . 391.5 *Navkar Urban . . . . . . . . . 5.0 Aditya B Mny Vasudhagama Ent Martin Burn Tiger Logistic Havells I UTI AMC Elecon Engin Prima Ind. Torrent Phar Group B
India VIX 11.3 11.3 11.3 10.4 11.0 -0.3 -2.5 *RPEL . . . . . . . . . . . . 694.2 Guj Amb Exp . . . . . . . . . 372.7 Den Network OCTOBER 15 Group XT Group XT HUL Group B ICRA Universal A Group A Shanthi Gear
PSU 12,495.0 12,481.5 -0.1 *TVS Srichakr . . . . . . 3799.0 Bansisons Tea . . . . . . . . . . 4.9
Nifty CPSE 3,869.7 3,877.9 3,883.8 3,860.3 3,866.3 -3.4 -0.1 Realty 4,842.1 4,877.8 0.7 Sai Silks BS 200 Indian Infot Duncan Engg ITC Accelya Sol J & K Bank Yash Trading Mah Holidays Swaraj Engin
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
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 (476.4) (476.5) (4189.1) (4192.7)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 476.6 479.4 4240.0 4213.3
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 494.0 494.0 4240.0 4226.3
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 476.6 478.0 4171.0 4170.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 484.4 484.0 4187.7 4185.4
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 73175 2284K 2890 159K
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 36.6 36.6 85.0 85.0
company name is followed by shares traded, and also the 52 Wk H/L 808/445 808/445 4676/2640 4678/2640
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 17558 17545 88736 88689
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 Power m H m mH H < « « « « m m «
(22747.3) (22748.1) (1985.3) (1986.3) (2497.6) (2498.3) (940.0) (939.8) (819.2) (819.5) (349.6) (349.6)
O 22760.1 22800.0 1988.1 1998.0 2535.0 2533.9 949.0 949.7 829.8 827.4 353.9 353.0 O O
22963.5 22979.7 2056.7 2057.0 2537.0 2538.0 970.0 970.9 829.8 827.4 358.8 358.7
w 22388.4 22380.0 1986.0 1981.4 2484.8 2482.5 945.6 946.3 812.5 812.4 348.3 348.2 w w
22412.7 22430.3 2038.2 2038.7 2488.1 2488.6 962.9 962.5 815.0 814.9 349.9 349.8
556 20037 19695 602K 93974 1628K 115K 776K 115K 3281K 429K 3489K K K K K K K K K K K K K K K K K
46.1 46.1 52.6 52.6 105.9 106.0 - - 28.1 28.1 9.2 9.2
W 24725/17800 24744/18000 2674/1594 2675/1592 4190/1017 4190/1017 2259/439 2259/439 916/395 916/395 410/133 410/132 W W
M 47627 47664 38275 38285 283638 283700 152526 152455 176041 176020 134954 134916 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch BPCL
(1012.4) (1012.3) (5037.2) (5037.5) (8082.0) (8083.6) (1633.2) (1633.1) (2565.6) (2566.6) (424.7) (424.9) (251.9) (251.9) (214.2) (214.3) (1643.1) (1644.8) (561.3) (561.8) (139.9) (139.9) (1109.3) (1109.3) (948.7) (948.3) (131.2) (131.2) (257.8) (257.9) (539.0) (539.1) (19719.4) (19717.8) (340.3) (340.4)
O 1018.0 1019.0 5050.1 5055.0 8105.2 8139.8 1638.1 1641.4 2565.6 2574.8 425.6 426.8 O 250.0 251.0 209.6 210.0 1659.4 1652.0 564.5 566.5 139.9 140.0 1119.0 1118.0 O 954.0 948.5 131.9 131.8 261.5 258.8 542.0 543.0 19479.5 19717.8 341.1 342.2
1025.6 1025.7 5092.0 5095.0 8171.0 8173.0 1650.0 1651.0 2604.0 2604.0 429.2 429.1 253.7 253.8 210.6 211.0 1666.1 1667.0 567.1 567.4 140.5 140.5 1122.3 1121.9 956.8 956.8 132.5 132.6 261.5 259.8 548.5 548.5 19950.0 19950.0 345.3 345.3
w 1012.1 1012.0 5047.7 5050.0 8093.1 8095.5 1632.7 1633.5 2565.6 2567.0 416.5 416.5 w 248.0 248.0 206.3 206.3 1632.2 1631.4 559.4 559.5 137.5 137.5 1112.0 1112.5 w 948.1 948.0 129.4 129.3 257.1 257.1 536.8 536.3 19479.5 19613.4 341.1 341.5
1019.3 1019.1 5063.5 5064.4 8098.4 8102.0 1635.8 1636.6 2583.0 2586.3 420.6 420.9 248.6 248.8 207.2 207.2 1634.0 1634.5 560.6 560.9 137.8 137.8 1113.9 1114.4 955.5 955.6 130.8 130.9 257.5 257.4 540.5 540.2 19678.4 19698.1 342.8 342.6
1130K 7397K 2388 576K 81095 712K 101K 952K 3121 275K 46765 1676K 252K 6576K 1269K 43037K 2049 260K 22258 559K 301K 10779K 18224 660K 1386K 5645K 1452K 18608K 37482 1497K 98041 3419K 1407 26535 52863 2400K
27.9 27.9 21.9 21.9 45.0 45.1 37.0 37.0 46.6 46.7 25.5 25.5 19.7 19.7 6.7 6.7 68.3 68.3 71.0 71.0 32.4 32.4 46.6 46.6 64.3 64.3 158.3 158.4 73.6 73.6 42.7 42.7 38.7 38.7 4.0 4.0
W 1047/784 1048/783 5272/3521 5275/3516 8190/5487 8192/5486 1813/1216 1818/1215 2606/1801 2610/1796 462/307 462/307 W 275/182 275/182 220/129 220/129 1873/1381 1875/1381 679/440 680/439 147/87 147/87 1148/743 1148/742 W 957/736 957/736 149/60 149/60 293/192 295/192 549/250 549/250 19980/15391 19990/15394 398/288 398/288
M 314138 314076 143275 143302 490682 490897 260992 261112 49928 49993 8482 8489 M 40038 40070 107150 107150 21000 21007 65349 65378 100729 100693 51863 51884 M 536711 536795 45545 45563 30909 30903 14884 14876 58032 58090 74362 74308

Britannia« BSEH Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH
(4530.2) (4530.0) (-) (1434.4) (759.0) (758.9) (372.4) (372.5) (298.1) (298.0) (284.2) (284.2) (1259.4) (1259.2) (1155.0) (1155.1) (134.8) (134.8) (303.1) (303.3) (1048.8) (1048.6) (5197.9) (5196.3) (2027.9) (2030.3) (704.8) (704.8) (1171.9) (1171.8) (1707.6) (1707.1) (543.6) (543.8) (2258.4) (2260.0)
O 4544.6 4522.0 - 1449.0 750.6 760.0 372.4 372.1 298.5 299.5 286.8 286.0 O 1259.2 1259.0 1147.1 1151.0 136.0 136.0 305.0 304.6 1058.0 1057.0 5225.1 5239.9 O 2036.8 2035.0 706.3 706.0 1179.0 1175.0 1721.9 1716.0 543.7 544.5 2260.7 2279.0
4567.4 4569.0 - 1506.0 767.7 767.8 375.0 375.0 303.9 303.8 288.4 288.5 1272.8 1272.9 1174.7 1175.0 141.2 141.5 305.0 305.0 1065.0 1063.5 5280.0 5282.9 2090.7 2090.6 708.9 708.7 1179.0 1177.8 1757.8 1757.8 546.6 546.7 2344.6 2344.0
w 4523.1 4520.7 - 1449.0 750.6 751.1 368.6 368.5 298.5 298.9 284.0 284.0 w 1251.0 1251.7 1147.1 1146.5 135.8 135.5 299.6 299.5 1040.8 1042.0 5112.9 5111.0 w 2033.7 2030.9 696.2 696.1 1143.0 1143.1 1716.7 1713.5 543.0 543.1 2260.7 2267.8
4554.0 4555.0 - 1481.8 755.6 755.1 369.6 369.9 299.5 299.7 284.6 284.5 1259.3 1259.7 1170.8 1172.0 140.7 140.8 301.5 301.9 1048.6 1048.8 5156.4 5154.7 2058.5 2060.8 698.2 698.5 1148.0 1148.7 1751.5 1751.6 543.9 543.8 2300.8 2301.1
7747 368K - 2246K 20321 509K 208K 7271K 59981 1245K 267K 3097K 33653 2084K 25406 1465K 1128K 24803K 321K 12321K 92667 1205K 11930 558K 16483 865K 21119 474K 8949 146K 32092 711K 10255 1040K 18775 411K
44.9 44.9 - 27.7 15.7 15.6 5.5 5.5 41.4 41.4 10.5 10.5 37.4 37.4 30.4 30.4 11.1 11.1 6.8 6.8 34.9 34.9 44.6 44.6 50.4 50.4 37.9 37.9 16.8 16.8 38.9 38.9 55.7 55.7 41.7 41.7
W 5269/3691 5270/3690 -/- 1506/406 905/476 910/476 387/221 387/221 393/251 393/251 332/249 332/248 W 1273/658 1273/658 1278/852 1278/852 205/120 205/120 305/208 305/208 1258/411 1259/410 5760/3550 5763/3548 W 2096/1435 2096/1435 829/555 829/555 1185/839 1185/838 1981/1176 1980/1178 610/504 611/504 2424/1478 2425/1476
M 109706 109729 - 20070 10060 10053 67041 67096 19172 19185 11843 11841 M 105708 105746 94519 94612 10417 10425 185776 186022 13793 13796 31665 31655 M 55990 56052 42541 42557 33797 33818 48550 48554 96379 96353 43152 43157

N H « H H H Dr Reddys< M « « H Glenmark« GMR Airports« GNFC Godrej Cons« Godrej Prpty< Granules«
(5477.3) (5478.5) (786.0) (785.8) (59.0) (59.0) (622.3) (622.4) (974.0) (975.0) (1724.7) (1722.8) (357.6) (357.8)
O O 5487.0 5510.0 O 786.2 789.0 59.1 59.4 627.5 624.4 969.0 975.0 1725.1 1727.0 355.1 359.8
5588.0 5588.0 796.0 796.8 60.2 60.2 633.8 633.8 991.0 990.7 1757.0 1757.9 359.9 359.8
w w 5487.0 5510.0 w 778.4 778.8 59.0 59.2 623.0 622.5 969.0 974.6 1708.0 1722.8 352.1 352.1
5567.3 5567.6 780.6 780.7 59.3 59.3 624.8 624.5 985.9 985.9 1723.4 1727.5 352.8 353.2
K K K K K K 104K 392K K K K K K K K K 138K 981K 375K 5579K 41200 1129K 8786 535K 37138 750K 31047 941K
19. 86.5 86.5 - - 9.9 9.9 60.2 60.2 73.6 73.8 19.5 19.6
W W W 879/370 880/369 67/34 67/34 735/484 735/484 1102/794 1102/794 1769/1006 1769/1005 381/268 381/268
M M M 22027 22031 35769 35793 9710 9705 100833 100833 47913 48027 8537 8547

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.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 13
<
14
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 1

PUBLIC NOTICE
Notice Is Hereby Given That Share
Certificate(s) No. 90122692 And 90122699
For 100 And 100 Equity Shares Respectively,
of Rs. 10/- (rupees Ten Only) Each Bearing
Distinctive Nos From To 23811384 -
23811483 And 30061384 – 30061483 of
Escorts Kubota Limited (Name of the
Company), Of Folio No. Esc0126354
Registered In The Name Of Late Narayan
Madhusudan Wagh And Sowdamini N Wagh
Has/have Been Lost And The Advertiser Has/
have Applied To The Company To Issue
Duplicate Certificate(s). Any Person Who
Has/have Any Claim In Respect Of The Said
Shares Certificate(s) Should Lodge Such
Claim With The Company At Its Registered
Office 15/5, Mathura Road, Faridabad New and Renewable Energy Development Corporation
Haryana 121003 (company Address), Within of Andhra Pradesh Limited (NREDCAP)
15 Days Of The Publication Of This Notice, (A State Government Company)
After Which No Claim Will Be Entertained Regd. Off. #12-464/5/1, River Oaks Apartment, CSR Kalyana Mandapam
And The Company Will Proceed To Issue Road, Tadepalli, Guntur District, Pin: 522501. Tel: 08645-797162/797163
Duplicate Share Certificate(s).
E-Mail: [email protected], [email protected], Website: www.nredcap.in
Place: Delhi
Date: 12/10/2023 Ref:NREDCAP/SE/GCRT/42-296/2023-24, Dt:12.10.2023
Name(s) of Shareholder(s) NOTICE INVITING TENDER
Sherly Filomena Dacosta Gonsalves
Wagh W/o Nitin Wagh E-tenders are invited for “Design, Engineering, Supply, Installation,
D/519 Kamlesh Sher-E-Punjab Testing & Commissioning, Operation and Maintenance for a
Soceity, Tolani College, Andheri period of 10 Years of 1 MWp Ground Mounted Solar Power Plant
East, Mumbai, Maharashtra,400093
at Summer Storage Tank, Punganur, Chittoor District”. Please visit
website: https://tender.apeprocurement.gov.in and NREDCAP
website www.nredcap.in for tender details and the tender document
will be uploaded on 12-10-2023. Sd/- VC & Managing Director

 
          
                
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.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 15
<

New and Renewable Energy Development Corporation

of Andhra Pradesh Limited (NREDCAP) ODISHA POWER TRANSMISSION CORPORATION LIMITED
(A State Government Company) (A Government of Odisha Undertaking)
Regd. Off. #12-464/5/1, River Oaks Apartment, CSR Kalyana Mandapam Regd. Office: Janpath, Bhubaneswar-751022
Road, Tadepalli, Guntur District, Pin: 522501. Tel: 08645-797162/797163 CIN:U40102OR2004SGC007553
E-Mail: [email protected], [email protected], Website: www.nredcap.in
CAD-2417
Ref:NREDCAP/SE/SVVSSVD/42-286/2023-24, Dt:12.10.2023 TENDER ALERT
NOTICE INVITING TENDER 1)E-TENDER NOTICE NO.-ED-CZ-03/2023-24 :
E-tenders are invited for “Design, Engineering, Supply, Installation, Testing PCC & Re-metalling work in 220kV Switchyard of
& Commissioning, Operation and Maintenance for a period of 10 Years of Paradeep Grid S/S to prevent the switchyard from
1MWp Grid Connected Solar Rooftop System on Siva Sadan, Vishnu Sadan,
Hari Hara Sadan Choultries at Sri Veera Venkata Satyanarayana Swamy growing of un-wanted shrubs and bushes under EHT
Vari Devasthanam, Satyagiri, Annavaram, Kakinada District”. Please visit (O&M) Division, Paradeep under Central Zone,
website: https://tender.apeprocurement.gov.in and NREDCAP website Bhubaneswar.
www.nredcap.in for tender details and the tender document will be uploaded Complete set of bidding documents are available at
on 12-10-2023. Sd/- VC & Managing Director
www.tenderwizard.com/OPTCL and
www.optcl.co.in. I&PR No. 04011/11/0098/2324 FIPR-44/2023-24
/optcl.odisha /optcl_odisha
 16 1
bykgkckn ALLAHABAD
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 read with provision to Rule 8(6) of the Security Interest
(Enforcement) Rules 2002.
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor(s) that the below described immovable property mortgaged/charged to the Indian Bank (e- Allahabad Bank, Secured Creditor), the possession
(Constructive/Physical/Symbolic Mention against each accounts) of which has been taken by the Authorised Officer of Indian Bank (e- Allahabad Bank, Secured Creditor) will be sold on "As is where is", "As is what is", and
"Whatever there is" basis on below mention dates, for recovery of under mentioned dues & Future interest, charges and costs etc as detailed below. The reserve price and EMD amount for each property has been furnished below.

NOTICE
DECLARATION OF SECOND INTERIM DIVIDEND
AND RECORD DATE
Board of Directors of the Company has at its meeting held on Wednesday, October 11, 2023,
declared second interim dividend of ₹9 per equity share of ₹1 each of the Company. The second
interim dividend will be paid on Tuesday, November 7, 2023, to the equity shareholders of the
Company, whose names appear in the Register of Members of the Company or in the records
of the Depositories as beneficial owners of the shares as on Thursday, October 19, 2023, which
is the Record Date, fixed for the purpose.
The above information is also available on the website of the Company (www.tcs.com)
and on the website of the stock exchanges where the shares of the Company are listed,
i.e., BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited
(www.nseindia.com).

For TATA CONSULTANCY SERVICES LIMITED

Sd/-
Pradeep Manohar Gaitonde
Company Secretary
Place : Mumbai
Date : October 11, 2023
Registered Office:
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021
Tel: +91 22 6778 9595
Email: [email protected] Website: www.tcs.com
CIN: L22210MH1995PLC084781

TAMILNADU INDUSTRIAL DEVELOPMENT CORPORATION LIMITED

NO.19-A, RUKMINI LAKSHMIPATHI ROAD, EGMORE, CHENNAI – 600 008
Phone-+91-4428554479,28554480 | Website: https://tidco.com

NOTICE NO. TIDCO/EoI-01/2023, TIDCO/EoI-02/2023 Date:12.10.2023

Tamil Nadu Industrial Development Corporation Ltd (TIDCO), has proposed to establish
Industrial Parks in the following locations:
Name of the Location Taluk District Extent
Varapatti Village Sulur Coimbatore 350 Acres (approx)
Karani Village Gummidipoondi Tiruvallur 250 Acres (approx)
TIDCO invites interested firms to submit their requirement for industrial plots in these Park within two
weeks to enable TIDCO to curate a suitable master plan.
Interested firms can access the EoI at website https://tidco.com, www.tndefencecorridor.in &
https://tntenders.gov.in.

DIPR/5552/TENDER/2023

GOVERNMENT OF TAMILNADU
PUBLIC WORKS DEPARTMENT
Buildings (Construction and Maintenance) Circle, Erode-11
PRE-QUALIFICATION TENDER - TWO COVER SYSTEM
(Lumpsum - Item Rate Tender)
e-Tender Notice No:NIT.14/2023-2024/B(C&M) Circle/Erode / Date: 10.10.2023
For and on behalf of the Governor of Tamilnadu, e-Tenders are invited in "Two Cover System"
through Tamilnadu e-procurement portal upto 3.00 p.m. on 15.11.2023 from the PWD Registered
Contractors (New class 1A with Electrical License EA Grade and above) by the Superintending
Engineer, PWD, Buildings (Construction & Maintenance) Circle, Erode-638011 for the work of
"CONSTRUCTION OF NEW BUILDING TO GOVERNMENT HOSPITAL AT RASIPURAM IN
NAMAKKAL DISTRICT" and the received Prequalification tenders through e-procurement portal
alone will be opened on 15.11.2023 at 3.30 p.m.
All other details are avilable in the website https://tntenders.gov.in If any changes / corrections
etc., to the tender, will be published in the above website only.
SUPERINTENDING ENGINEER, PWD.,
DIPR/5523/TENDER/2023 BUILDINGS (C&M) CIRCLE, ERODE-11
.
NEW DELHI | THURSDAY, 12 OCTOBER 2023 TAKE TWO 17 <

BOND BREAK-UP

HOMING IN
domestic financial institutions, it Ownership pattern of Government of India dated securities
could give them greater leeway to (% of outstanding dated securities)
provide credit to the private sector. It
could also stimulate further Category June ‘22 June ‘23
development of the capital market.
The best part, says Fitch, is that “in Commercial banks 36.2 36.6
theory, increased exposure to foreign Co-operative banks 1.8 1.6
investor sentiment around G-Secs
India’s inclusion in JP could encourage the authorities to Non-bank PDs 0.3 0.7
pursue policies consistent with
Morgan’s bond index can macroeconomic stability and fiscal Insurance companies 26.3 26.2
prudence, benefitting the sovereign’s
channel billions of dollars credit profile over the longer term.”
Mutual funds 2.3 2.7
Capital inflows – Provident funds 4.8 4.6
into India. How will the whether into
Pension funds 3.6 4.2
equities or G-Secs
government securities – will call for better
Financial institutions 1.1 1.2
fiscal discipline. Edgy
market handle it? investors, on the other hand, will Corporates 1.5 1.2
result in a flight of capital and erode
the rupee’s value. Foreign portfolio investors 1.4 1.6
Different colours of G-Secs RBI 16.1 13.8
RAGHU MOHAN
New Delhi, 11 October The government’s “Quarterly Report Others 4.6 5.7
on Public Debt Management for the
Total 100 100

O
n September 20, quarter April-June 2023” shows that
2013, Raghuram staggered over 10 months, through nearly 66.8 per cent of the G-Secs are Source: Department of Economic Affairs
Rajan, the to March 2025. Industry experts say held by banks and insurance firms. The
Reserve Bank anything between $20 billion and huge share of banks is linked to the
of India Governor at action that was taken by many index $30 billion could flow in, at least on Statutory Liquidity Ratio: They must
the time, was in a providers in the aftermath of the paper. There could also be more invest 19 per cent of their demand and
conference call with the media. invasion of Ukraine. interest in Indian G-Secs among time liabilities in G-Secs as required by capitalisation) and provisioning debt securities amounting to
The Central Bank had announced its Welcoming the development, foreign investors. regulations. needs (of banks, in general) linked ~22.55 lakh crore. Of these, 278, or
latest monetary policy earlier that day V Anantha Nageswaran, the Chief The Reserve Bank of India, in 2020, At one level, this creates a captive to dud loans. 22.5 per cent, were rated AAA, 358
and the Governor, who had taken Economic Advisor, said: “It attests to introduced rupee-denominated bonds market for G-Secs; at another, it affects Then there is the issue of financing (29 per cent) were rated AA, and 66
charge 16 days earlier, was in an the confidence that financial market that had no restrictions on foreign the fisc quality. The holding of foreign the country’s issuances (5.3 per
expansive mood. participants and financial markets, in ownership. JP Morgan’s decision investors in G-Secs, at 1.6 per cent, infrastructure. The cent) were non-
In response to a question from a general, have on India’s potential and builds on the Fully Accessible Route for looks minuscule in comparison. This National Infrastructure investment grade.
journalist about opening up the bond growth prospects and its investments in G-Secs by non- could be because the return to Pipeline has envisaged Industry experts Though these
market, Rajan said: “There is some talk macroeconomic and fiscal policies.” residents being made available to investors, after factoring in forex ~111 lakh crore of say anything numbers are skewed in
about bringing India into these bond domestic investors. Earlier this year, hedging costs, do not look too investments between between $20 favour of the highly-
indexes, what needs to be done. We will How big a deal is this? sovereign green bonds were added to attractive. 2019-20 and 2024-25. All rated issuances, the
billion and $30
have conversations with the The excitement in India is this pool. A BoB note says the impact on of this cannot come skew is much more
international index agencies, the understandable. Potentially, this can To Madan Sabnavis, Chief papers of different tenures will depend from banks alone. billion could pronounced in value
entities, some of the investment banks direct billions of dollars to flow into Economist at Bank of Baroda (BoB), on a host of other factors. It will be flow in, at least terms: 80 per cent of
that create these indices. Let us see India, reducing the cost of the this is a game-changer that will widen important to see how liquid the papers Prospects for on paper. There issuances in value were
what they require, sometimes they government’s borrowings and helping the investor base. “It will give the are after they are added to the index. corporate bonds rated AAA and another
could also be
require a pace that we have to examine with various deficits. JP Morgan’s desired push by increasing the demand Data from The Clearing Corporation of Will corporate bonds be 15 per cent AA.
before we feel comfortable with. But we GBI-EM is benchmarked by global for G-Secs and bring down the cost of India shows the major concentration of included in global
more interest in “While we can
will have those conversations.” fund houses whose combined pool is capital. Its second-round impact will liquidity is in the 2033 G-Sec. indexes? Indian G-Secs discuss the reasons for
Ten years later, almost to the day, on estimated to be $236 billion. That be felt as favourable yield on these Nearly five years ago, the Securities Unlikely. T Rabi among foreign this trend, it is clear that
September 22, 2023, JP Morgan said it raises hopes of a deluge of dollars indices will, in turn, attract security- and Exchange Board of India, the Sankar, the Reserve investors the corporate bond
would include India in its emerging flowing into the Indian government specific interest to the wider investor stock markets regulator, said large Bank of India Deputy market largely meets
market debt index. The US bank will securities (G-Secs) market. Others such base,” says Sabnavis. companies with ratings of AA and Governor, called the needs of highly-
include 23 Indian government bonds as Bloomberg and Barclays could also Fitch Ratings says the increase in above should borrow 25 per cent of attention to the rating rated corporates,”
into its Government Bond Index- add India to their indexes, adding to foreign investment in G-Secs is likely to their funding from the bond market. profile of issuers in the report, Sankar noted.
Emerging Markets (GBI-EM) these hopes. have other positive effects. A more This would reduce their reliance on “Corporate Bond Markets in India – Clearly, there are miles to go on the
benchmarks from June 2024. In March The 23 Indian G-Secs to be added to diverse investor base could reduce bank finance and lower their cost of Challenges and prospects”, dated bond street. Yet, in this festival season,
last year, Russia was taken out of JP the index have a notional value of $330 crowding-out risks. If the government funds. It would also address state- August 24, 2022. In 2021-22, ratings JP Morgan has provided another
Morgan’s fixed income indexes, an billion. Their inclusion is to be becomes less reliant on financing from owned banks’ capital concerns (read were assigned to 1,235 corporate firecracker.

 
          
            
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18
>
NEW DELHI | THURSDAY, 12 OCTOBER 2023 1

The second of a two-part series looks at the policy lacunae that keep farmers from INTERNATIONAL SEAT CAPACITY
growing other crops which do away with the need to burn stubble
India soars, outlier
Sunflower seeds to capsicum: among 11 in Asia
The MSP fire is raging
India is the only one in a list of 11 Asian
nations that has recovered and increased
its international seat capacity in August
2023 over the pre-pandemic levels of 2019,
says a report by OAG that provides global
aviation data.
SARTHAK CHOUDHURY Other Asian countries studied, such as
Firozpur/Sangrur/Jalandhar, 11 October Govt mulls cash China, Taiwan, Singapore and Japan, are
in the negative zone. However, India has
boost for small
O
n April 20 this year, seen a recovery of 4 per cent in interna-
farmers from a number tional seat capacity in August 2023 com-
of districts in Punjab farmers pared to 2019. Vietnam is still in a negative
gathered on the Bathinda- The government is considering a zone (-8 per cent) and while Singapore is 11
Mansa National Highway with plan to boost cash support to per cent lower, Indonesia is still down 12
plastic bags full of capsicums. small farmers by a third, allowing per cent.
What followed next left onlook-
ers and people driving down
Narendra Modi’s ruling party to
shore up support from a key
The study also sheds light on where
recovery has or hasn’t taken place for India,
BRIGHT SPOT
the road gobsmacked. The far- voting bloc ahead of elections. in terms of top international destinations
Asian Change in international
countries seat capacity* (in %)
mers tipped the ripe capsicums The Centre is weighing by seat capacity. Six of India’s top 10 inter-
on the highway and watched as options to raise the annual direct national markets in August 2023 have now India 4
vehicles rode over the vege- cash transfer to small farmers to exceeded pre-pandemic capacities: these China -50
tables and squashed them. ~8,000 from ~6,000, according include UAE by 8 per cent, Saudi Arabia
Again, in June, farmers to two officials familiar with the (33 per cent), Singapore (11 per cent), Qatar Japan -28
from Punjab and Haryana discussions. According to them, if (6 per cent) and UK (53 per cent). Thailand -31
blocked the Delhi-Chandigarh approved, the plan would cost Thus, seat capacity on West Asian
highway, demanding a mini- the government an extra ~200 routes (to and from India) has seen the Singapore -11
mum support price (MSP) for billion on top of the ~600 billion sharpest recovery, while Southeast Asian Taiwan -25
the procurement of sunflower budgeted in FY24. BLOOMBERG (with the exception of Singapore) routes
Malaysia -20
seeds. Farmers said they were have lost their sheen. Thailand, which was
unhappy with the offer of ranked the second largest market August Vietnam -8
~29.13 crore as interim relief from over as there is hardly any We produce only what the gov- burning. Lakhwinder Singh, a reduces the time taken for the 2019 for international seat capacity from Indonesia -12
under a scheme that pays a implementation of the MSP on ernment buys at the MSP,” says farmer in Firozpur, says that crop to reach maturity by India, fell to fifth place (-29 per cent of
fixed amount of about ~1,000 the ground. Kulvinder Singh, a farmer from there is no clarity on the gov- about 10 days. August 2019 capacity) whilst Malaysia, pre- Philippines -17
per quintal for produce sold “The idea of crop diversifi- Sangrur. ernment giving MSPs for cer- But farmers say the whole viously in fourth place, fell to eighth place South Korea -22
below the MSP. cation is great only on paper. The location of the mandis tain crops. process is fraught with prob- (-36 per cent). *From Aug 2019 to Aug 2023; Source: OAG
And therein lies the most Farmers here would also like to has become another sticking “I grow Pusa-44 (a variety lems. First, the incentive is paid SURAJEET DAS GUPTA
important roadblock to crop reduce their dependence on point in the diversification of of rice) on most of my farm. In after a verification by govern-
diversification in Punjab. While just rice and wheat. But since crops. a small part of my land, I grow ment officials, and if they are
growing other crops would
solve the problem of crop resi-
due left on the fields after
we are dependent on only two
crops, we have to re-
sort to stubble burn-
“If we sow something in
Jalandhar, the man-
di of the crop might
Pusa-1509. The yield is nearly
the same for both the varieties.
The difference is that the latter,
corrupt, money goes out of the
farmer’s pocket to secure their
eligibility for it. Besides, says
Court bars story platforms
from copying each other
paddy cultivation and hence ing,” says Karamjeet be in Kapurthala, which matures 10 days earlier, Lakhwinder Singh, “only a
cut out the need to burn stub- Singh, a farmer from which is nearly 20 doesn’t have MSP. And the small proportion of the farmers
ble, farmers do not yet have Dehlon district near km away. Which former, which takes longer to actually get the incentives”. “In
adequate incentives to switch Ludhiana. farmer has the time produce, has an MSP. Due to addition, direct seeding leads
from paddy, which has an MSP, Last year, the to load and carry the the longer harvest time of to weeds in the plants. Instead BHAVINI MISHRA commissioned by themselves and the manner
to other crops that do not. Aam Aadmi Party THE crops over such a Pusa-44, we have to burn stub- of going through all this, why New Delhi, 11 October of presentation that has been adopted by the
According to a farmer who
cultivated capsicums this year,
(AAP) government
in Punjab promised
BURNING distance? Besides,
there is no guarantee
ble,” he says.
The AAP government in
should we not simply opt for
stubble burning?” he asks. The Delhi High Court on Wednesday said sto-
platforms in respect of a particular subject or
individual,” the court said. It added that as far
though the price of the vege- to buy moong at an
PROBLEM that the crop will be Punjab banned its cultivation “We keep telling the farmers rytelling platforms Humans of Bombay and as an individual’s own photographs from their
table is ~30-40 per kg, they MSP of ~7,755 per PART-II sold. Then the farm- from next year. But it has not in our village meetings that, People of India cannot copy each other’s copy- own private collection were concerned, there
have been forced to sell it for ~5 quintal. But accord- er might have to take yet announced an MSP for whenever possible, we must righted material but ruled that there is “no copy- could be no copyright claim by either platform.
per kg, with the price dropping ing to data from the Punjab it to a mandi in Hoshiarpur, Pusa-1509. avoid burning stubble. The right on an idea”. Humans of Bombay is a storytelling platform
to as low as ~2 per kg in some Mandi Board, nearly 60 per which is 45 km away. Farmers However, many farmers problem is that a majority of Justice Prathiba M Singh said that if the that features photo blogs of people living in
districts in the state. cent of the 50,000 quintals of grow a number of crops like po- have opted for different means farmers own small plots of “expression” of an idea was imitated or copied Mumbai; it was started in 2014 by Karishma
The issue of the MSP was moong that arrived in the state tatoes. But we don’t have desig- of sowing based on the govern- land. It is impossible for them it would qualify for copyright infringement. Mehta, inspired by photographer Brandon
one of the main reasons for the mandis till mid-June this year nated mandis for them and nor ment’s incentives. Last year, to buy machines and equip- “Both the platforms, that is Humans of Stanton’s Humans of New York that was four
nearly 15-month-long farmers’ was bought below the MSP. MSPs,” says Karamjeet Singh. the state introduced a scheme ment to avoid stubble burning. Bombay and People of India, shall refrain from years older.
agitation on the borders of “The main problem is pro- While some farmers rue the where an incentive of ~1,500 As long as nobody helps them, using each other’s copyrighted works that is, Humans of Bombay had sued People of
Delhi, which finally forced the curement by the government. lack of mandis in their districts, per acre is to be provided to they will keep burning stubble. commissioned photographs, literary works India for appropriating its films, literary works,
Centre to repeal the Farm Laws. Why should a farmer sow a others question the govern- farmers who grow rice through They have no other choice,” such as interviews and original pieces written unique format of storytelling, creative expres-
But farmers say the battle is far crop if there is nobody to buy? ment’s policies to curb stubble direct seeding, a process which says Karamjeet Singh. by their own authors, any videos that have been sion and presentation of storyboard.

IDBI Bank Ltd., Modinagar (4147) Branch FORM NO.1

Lajpat Nagar Branch Mail ID : [email protected] DEBTS RECOVERY TRIBUNAL, LUCKNOW
600/1, University Road, Near Hanuman Setu Mandir, Lucknow 226007
Notice for Break Open of Lockers NOTICE FOR ARREARS OF RENT OF LOCKERS AT OUR (Area of Jurisdiction Part of Uttar Pradesh)
Modinagar (4147) Branch, Ghaziabad Notice by Publication
This is to inform you that the locker holders of our Lajpat Nagar Branch That The Indian Bank had rented safe deposit vaults (Lockers) through its Modinagar DRC No. 855 of 2022.
relating to the following locker accounts have failed and neglected to pay Railway Road branch (4147) to respective locker hirer/s as mentioned hereunder. [Notice under Rule 2 of Second Schedule to the Income TaxAct, 1961 read with Section 39
the prescribed locker rent for a long time in spite of our various notices and The rent has not paid by the locker hirer/s and there are arrear of rent against them. The oftheRecoveryofDebtsduetotheBankandFinancialInstitutionAct1991.
demands made to them. As per the terms and conditions agreed to by the Bank has issued three notices to the respective locker hirers for payment of overdue locker Jammu & Kashmir Bank ........................................................ Applicant
rent in arrear but still rent has not deposited. Versus
locker holder, the bank will be at liberty to break open the said lockers in Mrs. Sunita Matoo & another ............................................ Defendant/s
the event of non-payment of rent. Accordingly, it is proposed to break Sl No Locker No SDV No Name of Locker Hirer
1. Mrs. Sunita Matoo, adult, wife of Mr. Yashpal Mattoo, resident of G-3/B-22, Shalimar
open the said locker on 15th January 2023 by serving the formalities and 1 86 4000943296 Smt Jayanti Devi Garden Extension II, Sahibabad, Ghaziabad-201005
the respective locker holders are advised to approach the branch before 2 275 4000880325 Sh Mahesh Chand Sharma 2. Mr. Yashpal Mattoo, adult, son of Shri P.N. Mattoo, resident of G-3/B-22, Shalimar
3 322 4000895773 Sh Lakkhi Chand Garden Extension II, Sahibabad, Ghaziabad-201005
the due date and settle the dues to avoid action. The charges for break 3. Mr. Rakesh Kumar, adult, son of Shri Jawahar Lal, resident of House No.7/76,
open would be borne by the renters and the bank reserves the right to 4 337 4000896404 Sh Subodh Kumar
Sector 2, Rajinder Nagar, Sahibabad, Ghaziabad-201005
take legal action for recovery of the same along with rent arrears / other The notice is hereby given to the locker hirer/s that if the rent in above mentioned lockers 1. This is to notify that a sum of Rs. 20,52,538/- (Rupees Twenty Lacs Fifty Two
not received by the Bank within 15 days of publication of this notice then the locker will be Thousand Five Hundred Thirty Eight Only) together with pendentilite and future
charges etc. break open at the risk and cost of the respective locker hirer in accordence with of the rent interest @10% per annum from the date filing of the original Application i.e. 21.02.2020
No. Locker No. Due From Name & Address deed and the Bank will realize its dues by public or private sale of a part or the whole of with cost jointly and severally till its realization from the Certificate Debtor Nos. 1 to 3,
contents of the locker. Any amount and/or content of the locker remaining after the Bank hereinabove referred has become due as per Certificate bearing No. 855 of 2022
1. S6-5 01-04-2019 MS. VIDHIKA BATRA MALIK, R-174 dues, will be held by the Bank at the entire risk, responsibility and cost of respective locker dated 02.06.2022 in Original Application No. 215/2020 passed against you by the
3RD FLOOR GREATER KAILASH-1, hirer. In case the proceeds of such sale be insufficient to recover the Bank’s dues, locker DRT, Lucknow.
NEW DELHI, N, Pin Code-110048, DL hirer will be liable for the deficiency. 2. You are hereby directed to pay the sum within 15 days of the receipt of this notice, filing
which the recovery shall be made in accordance with the Recovery of Debts to the
Date: 12.10.2023, Sd./- Authorised Officer, Date : 11.10.2023 Bank and Financial institution Act, 1993.
Place: New Delhi IDBI Bank Ltd., Lajpat Nagar Branch Place : Modinagar Branch Manager 3. You are hereby ordered to declare on affidavit the particulars of Assets on or before
28.11.2023.
4. You are hereby ordered to appear before the undersigned on 28.11.2023 at 10.30 A.M.
5. In addition to the sum aforesaid you will also be liable the following Costs:-
Details of Cost:
Application Fees Rs. 23,000/-
Vivek Vihar Branch, New Delhi Advocate Fees Rs. Nil
Email: [email protected] Publication Charges Rs. Nil
Misc. Expenses Rs. Nil
POSSESSION NOTICE Given under my hand and seal at Lucknow on this 5th day of Oct 2023.
Whereas the undersigned being the authorised officer of Union Bank of India, Vivek Vihar, Delhi under the Securitisation and Recovery Officer,
Reconstruction of Financial Assets and Enforcement Security Interest (Second) Act, 2002 (Act No. 54 of 2002)and in exercise of powers Debt Recovery Tribunal
conferred under Section 13(12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated
19.06.2023 calling upon the borrower Shri I.K. Sathyanathan to repay the amount mentioned in the notice being Rs.678979.02
(Rupees Six lakhs seventy eight thousand nine hundred seventy nine and two paisa only) within 60 days from the date of receipt of
the said notice. Branch: 55A Navyug Market, Ghaziabad-201001
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has Email: [email protected]
taken possession of the property described herein below in exercise of powers conferred on him/her under Section 13(4) of the said Act
read with rule 8 of the said rules on this 6th day of October the year 2023. “APPENDIX-IV-A” [SEE PROVISION TO RULE 8(6)]
The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property
will be subject to the charge of the Union Bank of India, Vivek Vihar Delhi for an amount Rs.678979.02 and interest thereon.
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
The borrower’s attention is invited to provisions of sub-section (8) of section 13of the Act, in respect of time available to the borrower to E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of
redeem the secured assets. Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002
Description of Immovable Property Borrower: M/s Foam Centre (Partnership Firm), Address-1 : Shop No. 2, 28-Additional Partner & Guarantor: Mr. Jinesh Jain S/o Mr. Komal Chand Jain
All that part of the property consisting of Flat/ Unit No. F-30/F2, Plot no. 30, Block – F, 1st Floor, Dilshad Extension – I, Sihani Gate, Near Old Bus Stand, Ghaziabad, Uttar Pradesh – 201001 Address : III/E-95, Nehru Nagar, Ghaziabad, Uttar Pradesh - 201001
Delhi – 110095. Bounded : Partners: Mr. Jinesh Jain S/o Mr. Komal Chand Jain
On the North by Road On the South by Property no. F/29 Mr. Mukesh Jain S/o Mr. Komal Chand Jain
On the East by Road On the West by Property no. F/11 Partner, Mortgagor & Guarantor: Mr. Mukesh Jain S/o Mr. Komal Chand Jain Mortgagor & Guarantor: Mr. Sanjesh Jain S/o Mr. Komal Chand Jain
Date: 06.10.2023, Place: Delhi Sd/-, Authorized Officer, FOR UNION BANK OF INDIA Address : III/E-95, Nehru Nagar, Ghaziabad, Uttar Pradesh - 201001 Address : III/E-95, Nehru Nagar, Ghaziabad, Uttar Pradesh – 201001
Guarantor: Mr. Dinesh Jain S/o Mr. Komal Chand Jain
Address : III/E-95, Nehru Nagar, Ghaziabad, Uttar Pradesh – 201001
Cash Credit A/c no. 20465014812
Branch : Basantpur Sainthly, Ghaziabad Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor(s) that the below described immovable property mortgaged/charged to the Secured
Email : [email protected] Creditor, the Physical - possession of which has been taken by the Authorised Officer of Indian Bank, Navyug Market (eAB) Ghaziabad branch, Secured Creditor, will be sold on “As
Notice under Sec.13(2) of the Securitisation and Reconstruction of Financial is where is”, “As is what is” and “Whatever there is” on 30.10.2023, for recovery of Rs. 1,05,10,543/- (Rupees One crore five lakh ten thousand five hundred forty three only) (as on
Assets and Enforcement of Security Interest Act 2002 06.01.2023) with interest thereon, due to the Indian Bank, Navyug Market (eAB) Ghaziabad branch, Secured Creditor from (Borrower) M/s Foam Centre, Address - Shop No. 2,
28-Additional Sihani Gate, Near Old Bus Stand, Ghaziabad, Uttar Pradesh – 201001, (Partners) Mr. Jinesh Jain S/o Mr. Komal Chand Jain &
Notice under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, Sent on following Mr. Mukesh Jain S/o Mr. Komal Chand Jain, Address - III/E-95, Nehru Nagar, Ghaziabad, Uttar Pradesh - 201001 and (Guarantors) Mr. Jinesh Jain S/o Mr. Komal Chand Jain,
dates by Regd. Post / Speed Post /Courier to the following Borrower/Guarantor/Mortgagor in respect of following Loan account/s with Indian Bank Mr. Mukesh Jain S/o Mr. Komal Chand Jain, Mr. Sanjesh Jain S/o Mr. Komal Chand Jain & Mr. Dinesh Jain S/o Mr. Komal Chand Jain, Address - III/E-95, Nehru Nagar,
Basantpur Sainthly branch. Ghaziabad, Uttar Pradesh - 201001.
As mentioned below committed default in repayment of loans to the tune of amount mentioned below with further interest/cost at the agreed rate till date of repayment. The specific details of the property intended to be brought to sale through e-auction mode are enumerated below:
The Bank issued notice under the Act on following date calling upon you to repay the outstanding amount as mentioned below. The notice was sent to you by *Regd. post/ *Courier/*Speed
Post/ has been returned unserved. Detailed description of the Property All the part and parcel of property bearing Plot/House No. 13 (with basement and two shops, toilet, stairs, verandah etc. constructed on
You are called upon to pay the dues amount as mentioned below together with interest from till date of payment within 60 days from the date of this notice failing which Bank will be (with Boundaries and area) ground floor), area admeasuring 113.98 Square Mtr and situated at Sector-1, Additional Sihani Gate Scheme, Ghaziabad, Tehsil and
constrained to exercise its rights of enforcement of security interest as against the secured assets given in the schedule hereunder. District Ghaziabad, Uttar Pradesh and property in the joint name of Mr. Sanjesh Jain S/o Mr. Komal Chand Jain and Mr. Mukesh Jain S/o
This Notice is without prejudice to any other right remedy available to the Bank. Mr. Komal Chand Jain. Boundaries : East : Property No. 12 West : Property No. 14
Sr. Names of the Borrowers & Guarantors Description of the Date of Demand Notice North : Road 30 ft Wide South : Property No. 2
No. property mortgaged Amount outstanding Encumbrances on property, if any ---
1. 1. Borrower and Mortgagor: Mrs. Satrupa Chauhan W/o Ravindra Singh Chauhan Mortgaged assets: Immovable propety, 18.07.2023 Reserve Price Rs. 80,00,000/- (Rupees Eighty Lakh Only)
Sara Road New Manavtapuri Modinagar Ghaiziabad Modinagar Uttar Pradesh 201204 alongwith construction & super structure Rs. 6,31,754.52/- (Rupees Six Lacs
2. Co-borrower : Mr. Ravindra Chauhan S/o Shri Mahendra Pal Singh, Manavtapuri, raised over it, Plot Land area 70.00 sq.yds. Thirty One Thousand Seven EMD Amount Rs. 8,00,000/- (Rupees Eight Lakh Only)
Part of Khasra No. 79/1 Village Bisokhar,
Govinda Puri, Modinagar Sara Road, Govindpuri, Ghaiziabad Modinagar Uttar Pradesh 201204 Tehsil Modinagar, District Ghaziabad. Hundred Fifty Four and Fifty Two Bid incremental amount Rs. 25,000/- (Rupees Twenty Five Thousand Only)
3. Guarantor: Sh. Deepak Chauhan S/o Shri Ravindra Chauhan, R/o New Manavtapuri Bounded by: Boundaries: East: 18 Paise Only) as on 17.07.2023
Date of NPA: 29.06.2023 Date and time of e-auction 30.10.2023 (from 11:00 AM to 05:00 PM)
Behind 159 Block Double Story Govindpuri, Distt-Ghaziabad Uttar Pradesh 201201 feet/Road 15"-0" Wide, West: 18 feet land
4. Guarantor: Sh. Jiendra Sachdeva S/o Shri Yogdhyan Sachdeva, R/o E-21 & 22, Choti of Brajpal (seller) now House of Pankaj Bidders are advised to visit the website (www.mstcecommerce.com) of our e auction service provider MSTC Ltd to participate in online bid. For Technical Assistance
Kaushik, North: 35 feet/Land of Brajpal Please call MSTC HELPDESK No. 033-22901004 and other help line numbers available in service providers help desk. For Registration status with MSTC Ltd, please
Maket, Quadrabad Govindpuri, Modinagar, Distt-Ghaziabad Uttar Pradesh 201201
(seller) now House of Mahendra Pal Singh, contact [email protected] and for EMD status please contact [email protected].
Home Loan A/c No. 50381663631 in the name of Mrs. Satrupa Chauhan and Mr Ravindra South: 35 feet/Land of Brajpal (seller) now Date of Demand Notice Sent: For property details and photograph of the property and auction terms and conditions please visit: https://ibapi.in and for clarifications related to this portal, please contact
Chauhan with Indian Bank (E-AB), Basantpur Sainthly Branch House of Dal Singh 18-07-2023 help line number ‘18001025026’ and ‘011-41106131’.
DATE: 11.10.2023, PLACE: Ghaziabad AUTHORIZED OFFICER, INDIAN BANK Date: 10.10.2023, Place: Ghaziabad AUTHORISED OFFICER, INDIAN BANK