THE MARKETS ON FRIDAY chg#

SATURDAY, 7 AUGUST 2021 l MUMBAI ~10.00

VOLUME VOLUME IX NUMBER 1 l 26 pages in 2 sections
Sensex 54,277.7 q 215.1
Nifty 16,238.2 q 56.4
Nifty Futures* 16,251.7 p 13.5 TAKE TWO P7 THE SMART INVESTOR PII, 1
Dollar
Euro
Brent crude ($/bbl)
~74.2
~87.6
70.5##
~74.2 **
~87.8 **
71.3**
HILTON HOTELS ON LOOKOUT IPO RUSH ADDS STRESS
Gold (10 gm)### 47,456.0 q
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~358.0
FOR BIG BOX IN INDIA TO BANKING SYSTEM
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

RBI holds rates steady, SC stalls $3.4-bn

VIRUS DAILY POSITIVITY
RATE LESS THAN
TRACKER 3% FOR 11 DAYS

RIL-Future deal,
Total 31,856,757
Active cases Recovered
414,159 31,015,844 426,754
INDIA
é44,643
Deaths
ups inflation forecast win for Amazon
é3,083 é41,096 é464
REPO RATE UNCHANGED AT 4%, GROWTH PROJECTION REMAINS
STANCE ACCOMMODATIVE AT 9.5%; CPI SEEN AT 5.7% IN FY22 Biyani group explores
Vaccination
496,382,884 ANUP ROY legal steps, Singapore
é4,684,577
Mumbai, 6 August THE RBI IS IN A ~70,000-crore arbitration soon
WORLD Total Note: Total cases
‘WHATEVER IT TAKES’
include 1 migration;
recast loans

T
he Reserve Bank of India (RBI) on
201,140,413 arrow shows 1-day

MODE TO SUPPORT
change; figures as
of 9 pm IST; sources:
Ministry of Health
Friday kept its policy rates and get more time PEERZADA ABRAR & DEV CHATTERJEE
stance unchanged and promised
Deaths and Family Welfare;
CoWin.gov.in; Johns to remain accommodative as
GROWTH” to meet norms Bengaluru/Mumbai, 6 August

4,272,014 Hopkins Coronavirus

long as necessary, even as it raised its infla- Loans worth ~70,000 crore The Supreme Court on Friday ruled in
Resource Center
tion projections. I BELIEVE THIS (THE restructured under the Covid- favour of Amazon in a case that pitched

PANDEMIC DEEPENS
The six-member Monetary Policy SCRAPPING OF 19 regulatory package last year the American online major against
PAGE Committee (MPC) voted unanimously to got a six-month window with India’s original retail king Kishore
GLOBAL HUNGER 8 keep the repo rate unchanged at 4 per cent. RETROSPECTIVE the RBI giving them time till Biyani’s Future Group and Mukesh
But external member Jayanth R Varma TAX) IS A VERY October 1, 2022, to meet Ambani’s Reliance Retail, which is set
“expressed reservations” on the stance operational parameters such to go big on e-commerce. The ruling puts
remaining accommodative for “as long as GOOD STEP as the debt-service ratio. the $3.4-billion merger deal between
LS PASSES BILL TO END necessary to revive and sustain growth on a AND A Bankers said the move will Future and Reliance on hold for now.
durable basis and continue to mitigate the help stressed firms from The top court allowed the appeal Kishore Biyani, group CEO of Future
TIMELY
RETRO TAX, CONGRESS impact of Covid-19 on the economy, while
ensuring that inflation remains within the ONE TOO”
sectors such as tourism,
real estate, hospitality.
filed by Amazon against a Delhi High
Court order staying attachment of
Group, faces a tough road ahead

SUPPORTS MOVE target going forward”.

A bill to end all retrospective taxation
imposed on indirect transfer of Indian
assets was passed by the Lok Sabha on
Friday even as the opposition continued
protests against the alleged snooping
through the Pegasus spyware and other
issues. The government’s move to scrap
the tax law, however, found support
from an unlikely corner — the Congress.
Finance Minister Nirmala Sitharaman
described the 2012 legislation as “bad in
law and bad for the investors’
sentiments” and said there
were 17 litigations due to the
retrospective tax law.
ECONOMY & PUBLIC AFFAIRS P6
India, China pull back
forces from Gogra
Five days after the 12th round of talks
between Indian and Chinese senior
military commanders in Eastern Ladakh,
the Indian government announced on
Friday that troops from both sides have
pulled back in the Gogra area from the
“face-off situation” that they have
been in since May last year.
ON
In the past, Varma had objected to the use
PAGE 4 properties of Future Group companies
and Biyani in relation to a Future-
INVESTORS TURN JITTERY
of language widening the scope of the Shaktikanta Reliance Retail merger deal worth CMP 1 day
accommodative stance. Das RBI may come ~24,713 crore ($3.4 billion). The Bench ( ~) chg (%)
Economists see the accommodative Governor of Justices Rohinton Fali Nariman and Future Supply Chain
stance to continue till at least December, and out with digital BR Gavai held that the order of an Solutions
74.3 -10.0
a rate hike only in the next financial year. currency model emergency arbitrator is enforceable in Future Enterprises 9.2 -10.0
Bond yields jumped four basis points as India, under Section 17(2) of the
the central bank announced a number of fort- by year-end Arbitration Act.
Future Lifestyle Fashions 60.7 -9.9
nightly variable rate reverse repo (VRRR) win- SPREADING DISINFLATION OVER 2-3YRS The RBI on Friday said it may Reliance Industries stock closed at Future Retail 52.6 -9.9
dows for banks to park their excess liquidity. TO REDUCE OUTPUT LOSS, SAYS RBI come out with a model on ~2,133.30, down 2 per cent from the pre- Future Consumer 7.3 -8.7
Many in the market saw it as a gradual central bank digital currency vious close on BSE. During the trading Future Market Networks 11.9 -5.0
Full interview on Page 4
withdrawal of monetary accommodation as early as this year-end. hours, the stock fell as much as 2.6 per Reliance Industries 2,089.1 -2.1
even as Governor Shaktikanta Das stressed Speaking at the post-monetary cent. Future Retail shares price were
>THE FIRST SOFT SIGNAL OF RETURN TO NORMALCY? CMP: Current market price; as on Aug 8
that it shouldn’t be interpreted that way. TAMAL BANDYOPADHYAY WRITES P7 policy press meet, Deputy down 9.94 per cent to close at ~52.55. Source: Bloomberg/Exchange
The RBI kept the growth forecast Governor T Tabi Sankar said, The case centres around Amazon Compiled by BS Research Bureau
10 > unchanged at 9.5 per cent, and said the >WHATEVER IT TAKES TO SUPPORT GROWTH: FOR “We are internally evaluating challenging Future’s merger deal with
gradual opening up of the economy, as well HOW LONG? ADITI NAYAR WRITES P4 issues such as scope, techno- Reliance Retail, alleging that the trans-
as the good monsoon, augured well for a logy, distribution mechanism, action breached an agreement with the PAGE 2
pick-up in economic activities. “The RBI is in ‘whatever it takes’ mode to and validation mechanism, American e-commerce firm. Amazon >RELIANCE-FUTURE DEAL MAY NOT
He also said government measures would support growth,” Das said in a post-policy among others.” had cited its non-compete agreement IMPACT MARKET SHARE
help the economy to come out of the interaction with the media.
PAGE 4
with the Biyani-led chain. >POOR FY21 SHOW PUTS FUTURE
crisis sooner. Turn to Page 10 > Turn to Page 10 > OF BIYANI AT RISK
Sebi relaxes post-IPO lock-in PM UNVEILS STRATEGY
TO BOOST EXPORTS
J&J applies for
requirements for promoters PM Narendra Modi on
Friday spelt out a
approval of its
SAMIE MODAK
KEY DECISIONS
strategy to boost export
of goods from India, a
move aimed at lifting a
single-dose
Mumbai, 6 August

SATURDAY
SPECIALS
WEEKEND RUMINATIONS
Is growth optimism
justified?
The IMF is more optimistic, putting the
growth number for next year at 8.5 per
cent. Such numbers are indicative, with
substantial revisions par for the course.
The IMF in particular has a record of being
overly optimistic. So, if not the past
record, what explains the new
optimism? T N NINAN writes
NATIONAL INTEREST
Star caste of hockey
It's impossible to field an Indian hockey
team that doesn’t reflect the diversity,
the united colours, better than any other.
Shows that a sport, or a nation, will
prosper with growing inclusivity.
SHEKHAR GUPTA writes
vaccine in India
sagging economy. Intera-
> IPO disclosure > AIFs get more cting with Heads of Indian
The Securities and Exchange Board requirements eased legroom to invest in Missions abroad and stakeholders of trade
of India (Sebi) on Friday relaxed the > Path being laid out unlisted firms and commerce virtually, Modi pointed out
lock-in period with regard to pre- factors that are very important for acceler-
to move towards > Shareholding criteria
IPO shareholding and approved the ating outward shipments from India—
‘controlling shareholder’ for MIIs tightened
concept of ‘controlling share- increasing domestic manufacturing, ironing
concept
holders’. The regulator also eased > Framework for out problems of transport and logistics. 6 >
> ESOP issuance issuance of corporate
the framework for the issuance of
stock options and increased the framework relaxed bonds eased
investment headroom for alter-
native investment funds (AIFs) in Market experts said the move of the issue proceeds are not meant
RENEW POWER SPAC: RMG
unlisted companies.
The regulator has halved the
would encourage more companies
to go public. The relaxation comes
for capital expenditure.
The requirement is to ensure that
SHAREHOLDERS’ VOTE IN AUG
lock-in period to 18 months that at a time when the IPO market is wit- promoters have skin in the game, RMG Acquisition Corp II
promoters have to observe on 20 nessing record fundraising. particularly in the case of com- (RMG-II), the US-based
per cent of their shareholding fol- Currently, 20 per cent of the pro- panies that raise public capital for blank cheque company SOHINI DAS
9> lowing an initial public offering moter shareholding — known as project financing or setting up a that will aid the listing Mumbai, 6 August
(IPO). The lock-in on pre-IPO share- minimum contribution — is subject greenfield project. of ReNew Power on the
holding of non-promoters has also to a three-year lock-in, and the rest The reduction in the lock-in NASDAQ, will on August Johnson & Johnson (J&J) has sought approval
been halved to six months, while of the shareholding is locked for period for non-promoter sharehold- 16 vote on a February for its single shot Covid-19 vaccine from the
the minimum lock-in for venture one year. The lock-in on minimum ing, experts said, would boost the deal for a merger of the two companies. Indian regulator this week. It is not clear
capital funds will be six months contribution will be reduced to just sentiment of private equity (PE) This will bring one of India’s leading whether, like Pfizer and Moderna, it is seeking
from the date of acquisition, as 18 months if the IPO is entirely an investors. renewable companies one step closer to indemnity against legal action that may arise
against one year at present. offer for sale or where 50 per cent Turn to Page 10 > an overseas listing. 3> from any side-effects.
The company did not comment on the
matter but a government official indicated that,
9> unlike Pfizer and Moderna, J&J had an Indian

COMPANIES P2
Petrol, diesel prices unchanged for 3 weeks partner which would make the indemnity issue
less complicated.
This will be the
fourth foreign vac- FIGHTING COVID
Strong tractor, UV sales Crude oil prices have fallen by up to $5 a barrel in this period; OMCs likely building higher margins cine to enter India > J&J is using its AdVac
after Russia’s vaccine platform, also
drive up M&M’s profit Sputnik V, Pfizer- used to develop the Ebola
Robust sales of tractors and automobiles
TWESH MISHRA
New Delhi, 6 August
VOLATILE TRADE BioNTech and vaccine
coupled with last year’s low base Brent crude oil prices have fluctuated quite Moderna. Sputnik
bumped up the net profit (standalone) The retail prices of petrol and diesel have remained a bit in recent weeks (in $ per barrel) V is already appr- > It is 66.3% effective in
of Mahindra & Mahindra (M&M) for the unchanged for almost three weeks in the national oved in India and preventing Covid-19
quarter ended June, the company said capital despite global crude oil prices falling by up to Hyderabad-based > The single shot is 85%
on Friday. The firm reported a 23 times $5 a barrel during this period. According to oil sector firm Dr Reddy’s effective against
YoY jump in net profit at ~934 crore analysts, this could be an attempt by oil-marketing Laboratories mar- preventing severe illness
for the quarter ended June. companies (OMCs) to make margins and create a kets it. after 28-days and 77%
buffer to keep prices under check. Pfizer and effective after 14-days
HINDALCO BACK IN THE BLACK Despite the price of crude oil tempering, petrol Moderna are in dis-
WITH ~2,787-CR PROFIT P2 and diesel are sold at record high levels across the cussions with India > Early evidence suggests
country. The price of petrol has remained unchan- on legal indemnity that it might protect
ged at ~101.84 since July 17, while it’s at ~89.87 for but N K Arora, against asymptomatic
diesel since July 15. During this period, Brent, the head of the govern- infection
> RESULTS RECKONER most popular grade of crude oil, has moved from
HOLDING FIRM ment’s vaccine
> The shot is stable for 2 yrs
$68.74 a barrel on July 19 to $75.38 a barrel on July 30 ~101.84 a litre ~89.87 a litre Prices in the national capital
panel has said that
at -20 degrees Celsius and
Quarter ended Jun 30, 2021; common sample — and down to $70.27 a barrel on August 4. Brent was Petrol price since July 17 Diesel price since July 15 Source: Bloomberg Compiled by BS Research Bureau India is unlikely to
of 834 companies (results available of 948) trading at $71.86 a barrel on Friday. grant indemnity a maximum of 3 months at
Typically, the retail prices of petrol and diesel are because the order 2-8 degrees Celsius
SALES dependent not just on the latest crude oil price gas analyst at India Ratings & Research. MD of Hindustan Petroleum Corporation, said: books of Pfizer and
June 30, 2020 -27.1% ~10.02 trn î movement, but also on the movement of the “However, the prices remaining unchanged “Product prices are also dependent on supplies and Moderna are full and they can only offer India
June 30, 2021 45.1% ~14.53 trn ì exchange rate, international prices of petrol and could also imply that OMCs are building a higher demand for them. So, as there is more consumption very small quantities of vaccines.
diesel, and the marketing margin charged by OMCs. marketing margin to recover for times when margin with the opening of lockdowns, the petrol and diesel A J&J India spokesperson confirmed the
NET PROFIT “The current retail price is generally derived from could not be increased due to high crude prices,” she prices are also firming up. The prices have remained development: “On August 5 Johnson & Johnson
June 30, 2020 -44.0% ~57,532 cr î these international prices, which normally mirror said. Responding to a query on the petrol and diesel unchanged for a while, and if international factors applied for emergency use authorization (EUA)
the movement of crude prices, and are based on the prices in the light of the current crude oil price remain the same, the petrol and diesel prices will of its single-dose Covid-19 vaccine to the
June 30, 2021 155.4% ~1.47 trn ì last 15-day rolling average,” said Bhanu Patni, oil and movement, Mukesh Kumar Surana, chairman and remain at the current levels.” Turn to Page 10 > Government of India.” Turn to Page 10 >
2 COMPANIES
>
MUMBAI | 7 AUGUST 2021 1

IN BRIEF N SC RULES IN AMAZON'S FAVOUR N

Hopeful of launching Covovax
for adults in Oct: Poonawalla
Serum Institute of India Chief Executive RIL-Future deal Poor FY21 show puts
future of Biyani at risk
Adar Poonawalla on Friday said he was
hopeful that Covovax, another Covid-19

may not impact

vaccine being manufactured by his
company in India, would be launched in
October for adults and for children by the DEV CHATTERJEE
first quarter of 2022. He also thanked the Mumbai, 6 August
government for all the support provided to
Serum Institute and said the company was Kishore Biyani, chairman of
always trying to expand its Covishield
production capacity to meet the demand. Poonawalla met Home
Minister Amit Shah in Parliament and the meeting between the two
lasted for 30 minutes. "The government is helping us and we are
facing no financial crunch. We are thankful to Prime Minister
Narendra Modi for all the cooperation and support," Poonawalla
market share
SURAJEET DAS GUPTA
the Future group, is facing his
biggest challenge ever as he
tries to salvage the group’s
merger transaction with
Reliance Retail after the
Supreme Court ruled against
told PTI after his meeting. When asked about vaccines for kids, he the Future group on Friday.
said, "The Covovax vaccine for kids will be launched in the first
New Delhi, 6 August
Lenders worried Though the group said it

quarter of the next year most likely in January-February."
Poonawala said he is hopeful that for adults Covovax will be
launched in October, depending on DCGI approvals. It will be a two-
dose vaccine and the price will be decided at the time of launch, he
added. Earlier in the day, Poonawalla also met Health Minister
Mansukh Mandaviya. The minister tweeted that he had a
productive discussion on the supply of the Covishield vaccine with
Poonawalla. "I appreciated their role in mitigating #COVID19 &
assured continued Government support in ramping up vaccine
production," Mandaviya said. PTI
Sonu Sood launches Appointed officers
rural B2B travel tech following IT Rules:
platform Travel Union Twitter to Delhi HC
Twitter Inc on Friday told the
Delhi High Court that it has
appointed a chief complia-
nce officer, resident
grievance officer and nodal
contact person on perm-
anent basis in compliance
with the new Information
Bollywood actor-cum- Technology (IT) Rules. The
philanthropist Sonu Sood on court, however, said the
Friday launched Travel Union, affidavit filed by the
a rural business to business microblogging platform in
(B2B) travel tech platform, to this regard is not on record
democratise travel services. and asked Twitter to ensure
The platform will give access that it is brought on record.
to all trains operating in India Justice Rekha Palli noted that
through IRCTC, over 500 the copies of the affidavit
domestic and international have been served to other
flights, over 10,000 bus parties, including the
operators, and more than 1 Centre's counsel, who shall
million hotels to its members come back with instructions
and users. BS REPORTER on August 10. PTI
Zee Entertainment Berger Paints India
registers Q1 net net profit jumps
profit of ~209 crore 9-fold to ~140 cr
Zee Entertainment Enterprise Berger Paints India on Friday
on Friday reported a reported multi-fold jump in
consolidated net profit of its consolidated net profit to
~208.78 crore for the first ~140.48 crore for the first
quarter ended June 2021. The quarter ended June 30. It had
company had reported a net posted a net profit of ~15.09
profit of ~29.28 crore in the crore during the April-June
April-June quarter a year ago, quarter of the previous
it said in a BSE filing. Its total financial year. Its revenue
income during the quarter from operations during
under review was ~1,808.56 April-June 2021 rose 93.22 per
crore as against ~1,338.41 cent to ~1,798.49 crore,
crore in the corresponding against ~930.76 crore in the
period a year earlier. PTI year-ago period. PTI
E
xpert opinion is divided on whether the would look at all the legal
Future group’s assets will make a big dif-
ference to Reliance Retail’s strategy to
over big hair-cuts; remedies and exercise its
option, its sagging financial
gain market share in the $91 billion organised
modern retail market which includes e-com-
IBC option open performance is making it an
unattractive target for acqui-
merce and physical retail or whether it’s more ABHIJIT LELE sition for any acquirer. For the ILLUSTRATION: BINAY SINHA
of a prestige battle between Mukesh Ambani Mumbai, 6 August 2020-21 financial year, the
and Jeff Bezos for control of a company? group has made a loss of ~5,943 LOSS-MAKING GROUP FIRMS
Many say that, based on revenue numbers, With a shadow caste on the Reliance crore on sales of ~11,723 crore,
the Future group does not make much differ- Retail-Future Retail merger deal, a drop of 66 per cent over FY20. (FY21, in ~ crore) Total debt Net sales Loss
ence to Reliance’s revenue market share at all. lenders are apprehensive about the debt- Its total debt was up by 7 per Enterprises 5,691 1,422 -1,122
Reliance Retail, despite the pandemic, hit reve- servicing capacity of the Kishore Biyani- cent to ~20,742 crore (see chart).
nues of ~157,629 crore in FY21. The Future owned company. The group companies start- Consumer 535 1,185 -483
group’s revenues are merely 7 per cent of this, There is concern over a bigger hair ed slowing down just before SupplyChainSolutions 812 466 -184
compared to around 18 per cent in FY20. cut on restructured loans. Option to take the Covid lockdown was Market Networks 195 69 -31
The reason is that Future group’s founder the Future group company to announced in March 2020 and
Kishore Biyani’s flagship companies — Future bankruptcy court is also on the table. lost significant business in the Lifestyle Fashions 1,671 2,277 -933
Retail and Future Lifestyle Fashions —plum- Bankers said the loans to Future rest of FY21. Retail 11,838 6,304 -3,190
meted due to the pandemic and cash problems. Retail were restructured last year after it Biyani, 59, set up Future Total 20,742 11,723 -5,943
The Future group’s overall revenues have was adversely impacted by a severe group from a single store in
Source Capitaline; Compiled by BS Research Bureau
crashed to under ~12,000 crore in FY21 from economic shock from the Covid Mumbai and went on to
over ~30,000 crore when the deal with Reliance pandemic. Retail entity’s cash flows become India’s largest offline Future group’s flagship, out stock arrangement, which
Retail was stuck. have been hit, and if the merger deal retail company. But intense Future Retail, applied for the leads to higher working capital
For instance, Future Retail saw its revenues does not go through, the working of competition from online one-time restructuring of its requirements. Due to the
go down by more than a third from ~20,118 crore restructuring would be under strain. players and high debt made debt in September last year Covid-19 outbreak, the com-
in FY20 to only ~6,210 crore in FY21. Similarly, Banks would monitor steps Future him sell his business to under the RBI guidelines pany has not settled its cred-
Future Lifestyle Fashions saw a dramatic fall in promoters take and assess implications Reliance Retail in August last issued on August 6, 2020. It did itors, especially the group com-
revenues by nearly a third from ~5,985 in FY20 for the financial profile. The fear is that year. Amazon, which had the not make debt repayments panies because of which trade
to a mere ~2,160 crore in FY21. banks may have to take larger haircuts Right of First Refusal agree- that were due since then the payables increased.
During the same period, the company’s net than envisaged earlier, they said. ment with Future Coupons — restructuring Besides, ana-
losses went up from a profit before tax and Future Retail has completed the one- a Future group company, process was THOUGH THE GROUP lysts said due to
exceptional items of ~21.64 crore in FY20 to a time restructuring of its onshore debt moved the courts to stall the initiated. “The SAYS IT WILL LOOK sagging sales, the
staggering loss of ~870.51 crore in FY21. (about ~10,200 crore) that includes deal. “With the SC agreeing Reliance deal AT ALL THE LEGAL creditors have
What’s more, Future’s current revenues will extending the maturity of its term loans with Amazon today (Friday), was the biggest REMEDIES AND been further
add less than 2 per cent market share of overall and other borrowings. The restructuring Biyani will have to use all his lifeline for the EXERCISE ITS OPTION, stretched in FY21.
modern retail revenues for Reliance Retail has been approved under the resolution negotiating skills to save Future group. If ITS SAGGING Increased compe-
which currently controls over 23 per cent of the framework. The group’s debt exposure is the Reliance transaction,” ana- Reliance backs FINANCIAL SHOW IS tition from both
revenue market share. more than ~20,000 crore, a senior public lysts said. out due to liti- MAKING IT AN brick and mortar
Reliance has also been aggressively building sector bank executive said. Analysts said the Indian gation, it may UNATTRACTIVE TARGET and online players
stores, despite the pandemic, hitting a total of lenders, who have significant lead to a FOR ACQUISITION has further
12,711 in FY21 out of which 1,500 stores were
added in the pandemic financial year alone. tions and shopping malls. For Reliance to nego-
exposure in Future group com-
panies, will be left holding the
further finan- impacted overall
cial haemorrhage of the group sales of Future group com-
In contrast, Future Retail’s total number of tiate such lease deals will take years. can as the company has companies. In the worst-case panies while competition
stores stood at 1,500. Ankur Bisen, senior vice And while Reliance might have more stores, already defaulted on its loans scenario, the banks may take from e-commerce players
president of Technopak said: “The Future in terms of space covered, it is only slightly more and Reliance Retail transaction the group companies to bank- remains its key threat. Also,
group’s value comes from its stores, some strong than double (33.8 million square feet). In FY21, was its last hope. ruptcy courts to recover their the Indian government’s plans
brands which it owns and revenues. But its Reliance added 3.2 million square feet of space. While Bank of India has an dues,” said an analyst. to liberalise rules relating to
value has surely taken a beating,” he said. If it continues at this pace, it will take the com- exposure of ~5,750 crore to Analysts said Future retail multi-brand retail will open
Yet there are others who say that, despite all pany over five years to reach the same area Future group companies, Axis has a low collection period, up foreign investments, which
the concerns, the fact remains that the Future which the Future group offers in one fell swoop Bank has ~1,250 crore, and which is inherent in the indus- may pose a threat to Future
group has over 16 million square feet of space through acquisitions, enabling Reliance to make Bank of Baroda has ~750 crore try. But the inventory days are Retail and other group com-
under lease with many large stores in key loca- a quantum leap. exposure. higher on account of bought- panies.
N REPORT CARD N

Strong tractor, utility vehicles Hindalco back

Adani, Essar in
sales drive up M&M’s Q1 profit in black with
race to develop IN TOP GEAR Will measure ~2,787-cr profit SHALLY SETH MOHILE

~2,500-cr ports
Mumbai, 6 August
social impact Robust sales of tractors and
M&M STANDALONE (~ crore) Q1FY22 Q1FY21 Growth YoY
Revenue from operations 11,763 5,589 110% ADITI DIVEKAR
FINANCIALS
SHINE JACOB & ADITI DIVEKAR baranar and Paradip projects.
automobiles coupled with last
year’s low base bumped up the PAT before *EI 934 39 23x rigorously, Mumbai, 6 August
(~ crore) Net PBIDT Net
Chennai/Mumbai, 6 August The Centre’s plan, announced
by Union Finance Minister
net profit (standalone) of
Mahindra & Mahindra (M&M)
PAT after EI 856 68 12x says Mahindra Hindalco Industries, the
Aditya Birla Group metals
sales
Q1FY21 25,283 1,796 -709
profit

The government’s ~2,500-
crore plan, announced in the
Union Budget, to enlist private
players to develop seven oper-
ational cargo berths at state-
owned ports has been wel-
comed by the industry.
The tenders of VO
Chidambaranar Port Trust
(VOC) and Paradip Port have
received interest from indus-
try majors like Adani Ports and
Special Economic Zone
(APSEZ), the Dubai govern-
ment-owned DP World, Essar,
J M Baxi Group, and APM
Terminals Management BV.
“For berth No 9, we are
planning a bulk
cargo terminal in
a public-private
partnership
(PPP) model at
an investment of
over ~400 crore.
At the expres-
sion of interest
stage, we have
seen interest
from half-a-
dozen players.
We are getting
interest from
major players like Adani, DP
World, Essar and Baxi Group,”
said a source aware of the
developments at VOC
(formerly Tuticorin Port Trust).
Another source said a
majority of private players,
including Essar, are in the race
to develop the South Quay
Berth (SQB) at Paradip Port
Trust for around ~75 crore.
VOC is also planning to
develop the North Cargo
Berth-III that may see invest-
ment of around ~420 crore, on
PPP mode. An Essar official
confirmed that the company
is interested in Chidam-
Nirmala Sitharaman in the
Budget, envisages offering
seven projects worth ~2,000
crore to private players. As part
of this policy push, the
Parliament had in February
passed the Major Port
Authorities Act, 2021, which
shifts towards an authority
model of governance, and
away from the trustee model.
Projects in the offing
The largest of the seven proj-
ects announced by
Sitharaman is at Jawaharlal
Nehru Port Trust (JNPT),
which plans to privatise its
container ter-
minal at an
investment of
around ~860
crore.
According to
media
reports, the
port trust is
likely to come
out with a
global tender,
in which
APSEZ, DP
World, and
APM Terminals Management
BV are likely to participate. DP
World and APM already oper-
ate terminals in JNPT. The
port will also see private par-
ticipation for developing a de-
dicated berth to handle ships
that ply only on local routes at
an outlay of ~170 crore.
Other major ports that may
see private participation
include Deendayal Port Trust
in Kandla, Gujarat, for devel-
oping Berth No 14 at an invest-
ment of ~300 crore and the
West Quay Berths 7 and 8 at
Visakhapatnam Port Trust
(~288 crore).
for the quarter ended June, the GROUP CONSOLIDATED RESULTS flagship, on Friday reported a Q4FY21 40,507 5,861 1,928
company said on Friday. The Revenue 19,172 11,969 60% consolidated net profit of
earnings were broadly in line ~2,787 crore for the quarter Q1FY22 41,358 6,551 2,787
PAT before EI 473 -20 25x
with analysts’ estimates. ended June 30, 2021, as Change (%)
The Mumbai-headquar- PAT after EI 424 -49 10x against a loss of ~709 crore in
tered firm reported a 23 times the corresponding period last QoQ 2.1 11.8 44.6
VOLUMES
year-on-year (YoY) jump in net year on the back of increased YoY 63.6 264.8 LTP
profit at ~934 crore for the Total vehicles sold 85,858 29,619 190% revenue and low base due to Source: Bloomberg;
quarter ended June. Earnings, Total tractors sold 99,127 65,195 52% Mahindra Group will meas- Covid-19. Compiled by BS Research Bureau
however, are not strictly com- *EI: Exceptional Item Source: Company ure its social impact as rig- The company’s top line in
parable owing to last year’s low orously as it measures its the period under review strength of our balance sheet
base. Businesses had come to Manufacturing) into M&M,” The company’s farm equip- financial performance as stood at ~41,358 crore, up 63 has been recognised by the
a halt in the June quarter of said a research note by ICICI ment sector, its cash-cow, part of its ESG commit- per cent from the same market and is reflected in
2020 due to the Covid-induced Securities. reported the highest-ever oper- ments, Anand G Mahindra, period last year, with Novelis credit rating upgrades for
national lockdown. Standalone profit after tax ating profit of ~1,081 crore for group chairman, said contributing strongly at both Novelis and Hindalco,”
Revenue from operations at (PAT) for the quarter came in the June quarter while reve- on Friday. ~28,428 crore. According to Satish Pai, managing director
the combined entity jumped at ~856 crore against the expec- nues stood at ~5,319 crore. “On the 75th anniversary Bloomberg estimates, the at Hindalco Industries, was
110 per cent YoY to ~11,763 tation of ~768 crore. This was “Our focus on operational of Mahindra Group, we company’s net sales were quoted as saying.
crore. However, it was lower due to higher-than-expected efficiency and financial disci- proudly commit that we will seen at ~41,433 crore in the “The improvement is vis-
than the revenue of ~13,338.15 margins despite lower-than- pline gives us the confidence measure our social impact quarter gone by, while the ible across all our business
crore it reported in Q4 of last expected other income, said that our core performance will as rigorously as we measure bottom line was expected to segments where we are seeing
financial year. the research note. While tractor continue,” said Anish Shah, our financials. We will com- be at ~2,360 crore. strong demand, plants run-
“The company’s perform- sales more than tripled to MD & CEO, M&M. pute our social impact, “This quarter we delivered ning at capacity, and better
ance is not strictly comparable 85,858 units from 26,619 units, The group’s sharp focus on quantify it in financial record-breaking financial margins. We have started
on QoQ (quarter-on-quarter) dispatches of passenger capital allocation has paid off, terms, and target its results despite the impact of FY22 at a strong pace and we
and YoY basis as it has restated vehicles increased by 52 per he said, pointing out that the increase,” Mahindra told the Covid second wave. Our are confident that our resil-
its base quarter numbers pur- cent to 99,127 units from group is through with the exer- shareholders at the compa- robust financial performance, ience against market swings
suant to absorption of MVML 65,1195 units in the year-ago cise of exiting non-core and ny’s annual general meeting accelerated pace of delever- will support us in continuing
(Mahindra Vehicle quarter. underperforming businesses. on Friday. BS REPORTER aging and the increasing to deliver our best,” he said.
Tata Power’s net profit SAIL returns to black, posts
zooms 74% to ~465 cr
Tata Power's consolidated net profit jumped
~3,897-crore net profit
Domestic steel major SAIL on Friday returned
AU Small Finance Bank
nearly 74 per cent to ~465.69 crore in the
April-June quarter of 2021 compared to
~268.10 crore in the year-ago period. Total
to the black, posting a consolidated net
profit of ~3,897.36 crore for the June 2021
quarter.
net profit flat at ~203 cr
income during April-June 2021 increased to The company had posted a ~1,226.47-crore Jaipur-based AU Small investments in several digital ratio remained flat sequen-
~10,145.89 crore from ~6,540.42 crore in the net loss in the year-ago quarter, Steel Finance Bank’s net profit in initiatives. While provisions tially at 4.3 per cent of gross
year-ago period, according to a regulatory Authority of India (SAIL) said in a BSE filing. April-June quarter remained remained flat YoY at ~451 crore, advances. The bank said col-
filing by the company. Its net income during April-June 2021 more flat year-on-year at ~203 crore. sequentially, it went up by 21 lections saw a sharp pullback
The company said the increase in numbers than doubled to ~20,754.75 crore, compared Net interest income, per cent. The lender made con- as the second wave of Covid-19
is "mainly due to higher wind & solar power with ~9,346.21 crore in the year-ago period. however, was up 40 per cent tingency provisions of ~120 flattened. Collection efficiency
generation, all round better performances in Total expenses stood at ~15,604.07 crore, YoY to ~724 crore, aided by a crore during the quarter to was at 114 per cent in June
solar EPC, rooftop, solar pumps business and against ~11,325.10 crore a year ago. reduction in the cost of funds. strengthen the balance sheet. 2021.
favourable tariff order for CGPL." Praveer SAIL, under the Ministry of Steel, is the Its operation cost increased by Asset quality of the lender The restructured loan book
Sinha, CEO & MD of Tata Power, announced the country's largest steel-making company almost 50 per cent YoY to ~174 reduced sequentially by ~7 of the lender stood at ~1,265
re-entry of company into the development of having an annual steel making capacity of crore due to an increase in crore to ~1,496 crore and gross crore, or 3.6 per cent of gross
greenfield transmission projects. PTI about 21 million tonnes. PTI employee base, as well as non-performing assets (GNPA) advances. BS REPORTER
.
MUMBAI | 7 AUGUST 2021 COMPANIES 3 <

ReNew Power SPAC: RMG

shareholders’ vote in Aug
Firm to list on NASDAQ ational Asset Management Ltd, TT Envir-
onmental Solutions Fund and Zimmer
at $8 billion valuation Partners, as well as $345 million of gross
cash held in trust by RMG, said the com-
SHREYA JAI pany. ReNew is backed by equity investors
New Delhi, 6 August such as Goldman Sachs, Tokyo-based
JERA, Abu Dhabi Investment Authority,

R
MG Acquisition Corp II (RMG-II),
the US-based blank cheque firm
that will aid the listing of ReNew
Power on the NASDAQ, will on August 16
vote on a February deal for a merger of the
two companies. This will bring one of
India’s leading renewable companies one
step closer to an overseas listing.
RMG, in a public notice on August 2,
said, “The extraordinary general meeting
of RMG-II shareholders to approve the
pending business combination... is sched-
uled to be held on August 16, 2021 at 9:00
am Eastern Time.” The notice follows a
July 28 announcement by RMG, which
stated the definitive proxy statement relat-
ing to the previously announced business
combination with ReNew Power, has been
filed with the US Securities and Exchange
Commission (SEC) on the same date.
The voting on August 16 would entail
the approval of shareholders for the invest-
ment being done by RMG II.
ReNew Power had in February this year
announced that it will list on NASDAQ
through a business combination with
RMG II. The pro forma consolidated and
fully diluted enterprise value is expected
to be close to $8 billion. “ReNew is expe-
cted to receive approximately $610 million
in net proceeds, enabling the company to
fully fund its planned expansion through
2025. After the business combination is
effected, existing ReNew shareholders will
hold about 70 per cent of the combined
company,” RMG II said in its filing in May.
The transaction includes a fully com-
mitted, upsized $855 million private inv-
estment in public equity’ (PIPE) from
investors that include BlackRock, BNP
Paribas Energy Transition Fund, Chamath
Palihapitiya, Sylebra Capital, TT Intern-
Canada Pension Plan Investment Board,
and Global Environment Fund.
ReNew Power is hopeful of tapping
international funds and taking advantage
of Environmental, Social and Corporate
Governance (ESG) investment, which is
catching pace in the global market. ReNew
is looking to be fully funded for its equity
requirements till the 2025 fiscal year
through this listing.
The company in 2018 floated IPO to list
in India but the issuance was called off.
The company is now taking the “Special
purpose acquisition company (SPAC)/
blank check company” route to list at a
valuation of $8 billion.
Speaking with Business Standard in
March, Sumant Sinha, founder-chairman
and CEO, ReNew Power, said, “Global ma-
rkets are deep and the whole theme of
ESG investment has picked up. Therefore,
we have access to new funds and inves-
tors who otherwise would have not been
able to invest in the Indian listing.”

TVS Automobile may

partner used-car firms
SHINE JACOB Infosys co-founder Kris
Chennai, 6 August Gopalakrishnan) and SeaLink
Capital Partners (SCP).
After the recent acquisition of Through KiMobility, TVS ASL
Mahindra First Choice (MFC), is looking to capture a larger
India’s largest automotive aft- market share in the $10-billion
ermarket player TVS Auto- automotive after-market,
mobile Solutions (TVS ASPL) which is largely unorganised
is looking to rope in second car through the presence of
platforms, such as Mahindra 500,000 garages, by playing
First Choice Wheels, Spinny, the role of an aggregator.
Cars24, CarWale and CarDe- “We are talking to a couple
kho, for strategic tie-ups, and of used car platforms for stra-
integrate them with the firm’s tegic partnerships. If any of
digital platform KiMobility. our customers wants to sell
As part of its expansion their car, they can sell it thro-
drive under KiMob- ugh their platform
ility, the firm is plan- TVS Automobile and the buyer can
ning to expand to ov- Solutions had come to us for serv-
erseas markets like launched its new ice. But we will not
the UK. The Chen- subsidiary Ki get into the used-car
nai-based firm has Mobility Solution business. Our objec-
said it is already in (an online to tive is to partner
talks with a couple of offline digital these platforms that
players in the used- platform) in can use our infras-
car business. TVS November 2020 tructure and techn-
ASPL is part of the ology,” said G Srini-
$8.5 billion TVS Group. vasa Raghavan, MD, TVS
TVS Automobile Solutions Automobile Solutions.
had launched its new subsidi- Currently, KiMobility is
ary Ki Mobility Solution (an present in 12 cities and has set
online to offline digital plat- a target of expanding to 140
form) in November 2020. Lat- cities in the country by March
er, the new entity raised ~85 2022. It also has plans to exp-
crore from investors such as and the customer base from 3
Pratithi Investment Trust (rep- million now to 5.5 million by
resented by its trustee and 2022 and 10 million by 2023.
4 BI-MONTHLY MONETARY POLICY REVIEW
>
MUMBAI | 7 AUGUST 2021 1

STEP TOWARDS POLICY NORMALISATION?

With the MPC voting 5-1 in favour of keeping the stance accommodative
MONETARY coupled with higher inflation forecast and VRRR auctions, the markets are
POLICY speculating that the RBI may have begun the process of normalising liquidity

MPC IN RELIEF FOR STRESSED FIRMS RECOVERY WOBBLES

2 MINUTES
MPC DECISIONS ~70K-cr recast loans get Growth outlook for rest of
n The Committee
FY22 dips as inflation hurts
unanimously decided
to keep benchmark
rates unchanged
n But, continuation
more time to meet norms ABHISHEK WAGHMARE
Pune, 6 August
HIGHER INFLATION, SLOWER GROWTH
with accommodative ABHIJIT LELE
Mumbai, 6 August The phase of economic recovery
Inflation* nApril nJune nAugust
stance was decided by a
5:1 majority, with may be characterised by a damp-

L
Jayanth R Varma oans worth ~70,000 crore ened growth momentum, and it
dissenting restructured under the could very well result in slow

4.4

5.8
5.6

5.9
5.4

5.3

5.3
5.2
5.2

5.2

4.7

n Headline inflation
has been projected at
5.7% for FY22, 5.9% in
Q2FY22, 5.3% in Q3FY22,
5.4% in Q4FY22, and
5.1% in Q1FY23
5.1
Covid-19 regulatory package income growth, coupled with pri-
last year got a six-month win- cey goods and services, an analy-
dow with the Reserve Bank of India sis of successive inflation and Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22
(RBI) giving them time till October 1, growth projections by the Reserve
2022, to meet operational parameters Bank of India shows.
such as the debt-service ratio. MPC’s consumer inflation pro-
Growth* nApril nJune nAugust

26.2
Bankers said the move will help jections for 2021-22 have seen a

21.4
n GDP growth estimate stressed firms from sectors such as considerable jump from its esti-

18.5
tourism, real estate, hospitality, which mation in April, to its assessment

8.3
7.9
in FY22 is at 9.5%, with

7.3

6.6
6.2
7.2
6.3

Q1 growth at 21.4%, Q2 at
7.3%, Q3 at 6.3%, and
Q4 at 6.1%
REGULATORY
DECISIONS
n RBI extended the
on-tap targeted long
term repo operations
(TLTRO) scheme till
December 31
n Banks can now avail
of funds under the
marginal standing
facility for another
three months up to
December 31
n RBI has permitted
banks to extend export
credit using any other
Alternative Reference
Rate in the currency
concerned
n To conduct 2 more
GSAP auctions of ~25,000
crore on Aug 12, Aug 26
ADITI NAYAR
In its August 2021 policy review, the
Monetary Policy Committee (MPC)
maintained a status quo on the
policy rate and the accommodative
stance. It reiterated its support
towards the nascent economic
recovery, which was expected in
light of the persisting uncertainty,
growing concerns regarding the
Delta variant and only gradual rise
in the domestic vaccination levels.
Nevertheless, the disquiet
generated by the last two CPI
inflation prints that had breached
the 6-per cent threshold, led to a
sharp upward revision in the FY22
inflation forecast.
were hit badly during the second wave,
adding that it could reduce risks of
slippage in the second half of the cur-
rent financial year, they said.
Dinesh Khara, chairman, State
Bank of India, said the RBI’s decision
“will also help corporates navigate
through the pandemic with a degree
of certainty”.
RBI Governor Shaktikanta Das said
the decision was taken recognising the
adverse impact of the second wave of
Covid-19 and the resultant difficulties
for businesses in meeting the opera-
tional parameters. Originally, com-
panies and firms who availed restruc-
turing were required to meet ratios by
March 31, 2022.
The resolution plans implemented
under the Resolution Framework for
Covid-related stress (announced on
August 6, 2020) require sector-specific
thresholds to be met in respect of cer-
tain financial parameters. Of these,
four parameters for entities are total
debt-to-Ebitda ratio, current ratio,
debt service coverage ratio and aver-
age debt service coverage ratio.
S S Mallikarjuna Rao, managing
director and chief executive, Punjab
National Bank, said the decision will
Model for digital currency
Whatever it takes: But for how long? likely to be out by year-end
The culmination of the tussle
between balancing growth and
inflation considerations, was the
non-unanimous outcome of the vote
to continue with the
accommodative stance. With this
chink in unanimity, markets will
remain on edge regarding how the
votes will stack up in the next two
policy reviews.
The CPI inflation had averaged
5.6 per cent in Q1FY22, exceeding the
MPC’s June forecast of 5.2 per cent,
which the Committee has assessed
was largely driven by adverse supply
shocks that are likely to be transitory.
As foreseen, the MPC has sharply
upped its forecast for the FY22 CPI
inflation rate to 5.7 per cent from 5.1
per cent, with risks broadly
balanced. Its new quarterly
projections entail an upward
revision of 50-60 bps each in the
remaining three quarters of FY22.
The Committee has projected the
CPI inflation rate at an unnerving 5.9
per cent in Q2FY22, practically at the
6.1
5.4
in August 2021. In April, the cen-
tral bank projected inflation to be
at 5.2 per cent in Q2 (July to
September). It was raised to 5.4 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22
per cent in June, and has now *MPC estimates Source: RBI
been further raised to 5.9 per cent.
The most dramatic increase every two months. The July- omies have been faster in attain-
address revival dif-
RELAXED DEADLINE and opening of is for its projection for the period September period will see a real ing pre-pandemic levels of eco-
ficulties being services are to October to December 2021. The GDP growth of 7.3 per cent, down nomic size.
faced by the busi- Extra time has been given for affect aggregate projection went up from 4.4 per from the June projection of 7.9 per Experts think that these
nesses in meeting meeting these norms: demand-supply. cent in April, to 4.7 per cent in cent, and substantially below the changes in the assessment of
operational “Auto, power, June, to 5.3 per cent in the April projection of 8.3 per cent. growth-inflation dynamics are
n Total debt-to-Ebitda ratio
parameters. tourism, real August policy meeting that took While Q2 and Q3 projections worrying. “If inflation continues
Anil Gupta, nCurrent ratio estate, and hospi- place Friday. Similar is the pro- moved up from April to June, they to remain elevated, policy trade-
vice-president and tality are seeing jection trajectory for Q1 and Q4 have been revised downward in offs between it and growth are
sector head, finan- nDebt service coverage ratio positive con- of 2021-22. August. Q1, on the other hand, likely to get increasingly compli-
cial sector ratings, sumer sen- To summarise, consumer may show a higher real GDP cated going forward,” Aurodeep
nAverage debt service coverage ratio
ICRA, said achiev- timents, but the inflation is slated to remain growth rate of 21.4 per cent, than Nandi, India economist and VP at
ing financial year-on-year elevated above 5 per cent for the the expectation of 18.5 per cent Nomura said in a note.
parameters related growth rate still entirety of 2021-22, and may spill made earlier in June. While the MPC resolution says
to profitability could be a challenge in leaves much to be desired,” he added. over to 2022-23 as well. The MPC While supporting growth was that the inflation in Q1 of the cur-
FY22 due to the impact of the second The move will also give relief to projects inflation of 5.1 per cent in said to be the top priority for the rent financial year is “largely driv-
wave. According to ICRA’s estimates, companies with the threat of third Q1 2022-23, over and above the 5.6 central bank, lowering of expec- en by adverse supply shocks
the corporate loan restructuring wave of the pandemic round the cor- per cent witnessed in Q1 2021-22. tations could mean that the which are expected to be transi-
implemented by banks is estimated to ner and quite a few sectors still reel- At the same time, RBI’s growth growth process will take longer tory,” it still expects inflation to
be ~70,000 crore, he added. ing from low demand, high input projections are going south, a bit than expected. Advanced econ- elevate to 5.8 per cent in Q4FY22.
Ashish Chhawchharia, resolution cost, export limitations and global
professional and partner, Grant uncertainties.
Thornton Bharat, said the extra time
will allow lending institutions to study
how mass coverage of vaccinations
SHORTER-TERM DEBT
MFs IN FOCUS II, 1 DIGITAL PUSH
upper threshold of its medium-term to support the fledgling recovery.
target. A subsequent base-effect At the same time, the MPC
led cooling to 5.3 per cent in Q3, but resolution explicitly stated that the SUBRATA PANDA duce its own version of CBDC in a own benefits, they are not backed
is expected to reverse to 5.8 per cent Committee is conscious of its Mumbai, 6 August phased manner after carefully by any government. Therefore,
in Q4, presumably as producers get objective of anchoring inflationary weighing its impact on various they do not follow any proper
emboldened to push through expectations. In our view, as The Reserve Bank of India (RBI) issues, including how it could jurisdiction. The wide adoption of
price hikes, once widening domestic demand strengthens and on Friday said it may come out hamper the deposit mobilisation these currencies threatens to
vaccine coverage strengthens starts dominating inflationary with a model on central bank dig- abilities of banks, and its potential upend the established model of
domestic demand. pressures in place of the current ital currency (CBDC) as early as effect on the conduct of the mone- fiat currencies issued by countries
While inflation is subsequently culprit of runaway commodity this year-end. tary policy. within a border.
expected to ease to 5.1 per cent in prices and supply constraints, the Speaking at the post monetary However, he had mentioned In an interview with Business
Q1FY23, this remains well above MPC will have to shift gears to policy press meet, deputy gover- that conducting pilots in whole- Standard, RBI governor
the 4 per cent mid-point of the prevent inflation expectations nor T. Tabi Sankar said, “We are sale and retail segments may be a Shaktikanta Das had said that
target range. from unhinging. internally evaluating issues such possibility in the near future. CBDC is something that has impli-
At the same time, the forecast for We anticipate a change in the as scope, technology, distribution Many central banks of major cations on monetary and overall
the real GDP expansion in FY22 has stance to neutral in the February mechanism, and validation mech- economies are also exploring the savings.
been retained at 9.5 per cent. 2022 policy review, followed by a anism, among others.” possibility of introducing a central In the speech last month,
However, the quarterly projections hike in the repo rate of 25 bps each “These are extremely involv- bank digital currency. A CBDC is Sankar had said if virtual cur-
have been modified, with an in the April 2022 and June 2022 ing technology and business essentially a virtual currency but rencies gain recognition, “national
upward revision in the Q1 estimate. reviews. If inflation springs a choices that one has to make. So, it is issued by the central bank and currencies with limited convert-
This has been offset by weaker negative surprise, the stance it will be difficult to pin a date on has a sovereign backing, unlike ibility are likely to come under
projections for the subsequent change may well be advanced to the it (CBDC) but we should be able to other virtual currencies. threat.”
three quarters, suggesting less December 2021 review, with a lift- come out with a model in the near The issue of the CBDC has While the RBI is working
back-ending of pent-up demand. off in rates starting as early as future, probably by the end of this crept up in the last few years with towards bringing out a CBDC, it
The Governor clearly stated that February 2022. year,” he said. the advent of private virtual cur- has serious apprehensions
the RBI remains in ‘whatever it Earlier, the deputy governor rencies, such as Bitcoin. While when it comes to private virtual
takes’ mode, referring to the desire The author is chief economist at ICRA had said that the RBI will intro- these private currencies have their currencies.

‘Spreading disinflation over 2-3 years to reduce output loss’

After the Monetary Policy Committee’s (MPC’s) decision to hold the benchmark rate at 4 per cent and loans was 146 bps, whereas for outstanding which they have responded to. If we look at
continue with its accommodative stance, RBI Governor SHAKTIKANTA DAS, deputy governors loans it was 101 bps. the results of all the banks (March 2021) and
MICHAEL DEBABRATA PATRA, M K JAIN, T RABI SANKAR, and M RAJESHWAR RAO took questions from compare them with the pre-Covid period,
the media and addressed the raging topics in the financial sector. Edited excerpts: Can you clarify the current account norms there is an improvement in all the
for smaller borrowers? parameters — capital adequacy, gross and
How does one read the conflicting extraordinary situation, wherein margins Rao: There is no blanket ban on opening of net NPAs, slippages, provision coverage
messages on inflation? were raised, taxes were hiked, there were current accounts. We have been quite ratio, and profitability. So, the sector is better
Das: We are dealing with extraordinary supply-side disruptions, so inflation went up flexible. And now taking into consideration positioned today than it was before the onset
situations and there are several currents and to 6.2 per cent on average. Now, we are some of the concerns put out by banks, we of Covid.
cross-currents. There are many conflicting looking at average inflation of 5.7 per cent, have extended the timeline and we will be
objectives that the RBI has to manage. The which, from a historical perspective, is a addressing the issues in consultation with What is your view on the government’s
policy action has to be nuanced, it cannot be remarkable improvement over 2021. So, the the Indian Banks’ Association and banks. move to bury retrospective tax?
uni-directional, or just black and white. This path of inflation is being calibrated Das: I believe this is a very good step and a
is precisely what we have tried to do. downwards to reach 4 per cent. We are What message is the RBI trying to send out timely one too. And, it’s definitely a
spreading disinflation over a period of 2-3 with the recent bans on multiple card welcome measure.
Is it fair to call the inflation spike years so that the loss of output is minimised. networks?
transitory? And can you give any timetable Das: As a regulator, it is our job to ensure Do you think the RBI has done enough and
on new bank licences? Transmission in existing loans has been compliance. So from time to time, we now it’s time for the government to come
Das: On the licences, we have formed an less. Is the RBI focusing on this? impose restrictions as required in out with fiscal measures?
external advisory committee and they are Das: We are focusing on it. The external individual cases. Das: The RBI is in a “whatever it takes” mode
going through the applications. For benchmarking introduced in 2019 has to support growth. As far as fiscal support is
transparency, we have put out the list of worked out quite well. From February 2019 Are you concerned about retail slippages? concerned, it has been very prudent,
the applicants. to July 2020, the transmission on fresh loans Jain: We are closely monitoring this. A little calibrated, and responsive. Initially, the
Patra: On the inflation front, if we all can has been 217 basis points (bps). For bit of stress is visible but it is not alarming focus was on the marginalised sections of
step back a little bit and look at it from a outstanding loans, it has been 117 bps. For and we are engaging with the regulated society, which then shifted to sectors that
historical perspective, things will get clear. outstanding loans, there is a cycle of loan entities constantly, particularly, the outlier were under stress due to the pandemic.
Between 2016 and 2020, we kept inflation at reset. In the initial pandemic period — banks and NBFCs. In the past, we advised
4 per cent. In 2021, there was a pandemic, an March-July 2021 — the transmission in fresh the entities to improve their provisions, More on www.business-standard.com

THE NEED OF THE HOUR IS NOT TO DROP OUR GUARD AND TO REMAIN (BURYING RETRO TAX) IS A VERY GOOD AND TIMELY STEP... AS FAR AS FISCAL
VIGILANT AGAINST ANY POSSIBILITY OF A THIRD (COVID) WAVE SUPPORT IS CONCERNED, IT HAS BEEN PRUDENT, CALIBRATED & RESPONSIVE
.
MUMBAI | 7 AUGUST 2021 5
<

91
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | 7 AUGUST 2021 1

PM unveils plan to boost exports India, China pull back

Says India needs a seamless, high-quality supply chain and low-cost logistics to expand exports
SHREYA NANDI The government had ear-
troops from Gogra; all
structures removed
New Delhi, 6 August “Considering “Our exporters doing lier said that targets have
the size of our business in different been disaggregated via

P
rime Minister Narendra
Modi on Friday spelt
out a strategy to boost
export of goods from India, a
move aimed at lifting a sag-
ging economy amid the out-
break of Covid.
Interacting with the heads
of Indian Missions abroad and
stakeholders of trade and
commerce virtually, Modi
pointed out four factors that
are very important for accel-
erating outward shipments
from India.
These include increasing
domestic manufacturing,
ironing out problems of trans-
port, logistics, need for the
Centre and state governments
to walk shoulder to shoulder
with the exporters and
expanding the international
market for Indian products.
The larger idea of the inter-
action aimed at encouraging
stakeholders towards expand-
ing India’s export potential
economy, our countries know very well regions and countries, com-
potential, the how big the impact of modity groups, and export
base of our stability is. The decision promotion councils.
manufacturing taken by India to get rid Ambassadors and high New Delhi is
and service of retrospective taxation
industry, it has shows our commitment,
commissioners have also
been given targets for their
optimistic of full
the potential to shows consistency in territory, breaking it up into PLA withdrawal
grow a lot” policies” various commodity groups.
The government is also work- AJAI SHUKLA
-NARENDRA MODI, Prime Minister ing out detailed strategies for New Delhi, 6 August
trade deals, promoting dis-
and utilising the local capa- “At present our exports are of merchandise exports in the tricts as export hubs, import Five days after the 12th round
bilities to fulfil global about 20 per cent of the GDP. current fiscal. India has met monitoring and using market of talks between Indian and
demand. Considering the size of our nearly a third of its annual tar- intelligence for exporters. Chinese senior military com-
Towards this, the Prime economy, our potential and get in the first four months of “It is time for a new jour- manders in Eastern Ladakh,
Minister said there is a need the base of our manufacturing 2021-22. ney with new goals for Brand the Indian government
for diversification of India’s and services industry, it has Over the last nine years, India. This is the time for us announced on Friday that
export basket as well as iden- the potential to grow a lot,” merchandise exports from to establish a new identity of troops from both sides have Disengagement has taken place only of the troops in contact on
tification of new products that Modi said. India have hovered around quality and reliability. We pulled back in the Gogra area the front lines in Ladakh FILE PHOTO
can be exported and relevant Robust exports can boost $260-330 billion, with the high- have to see that there is a nat- from the “face-off situation”
markets for such items and economic growth at a time est ever being $330 billion in ural demand for high value- that they have been in since involved creating a three-kilo- before the troops in contact,
prepare strategies for that. when private consumption as 2018-19. July saw the highest added products from India in May last year. metre “buffer zone” on either or in close proximity to the
Currently, India’s export bas- well as investment have been ever merchandise exports at every nook and corner of the “Both sides have ceased side of the agreed border. LAC, are pulled back.
ket has been dominated by tepid due to the disruption $35.17 billion. The government world,” he said. forward deployments in this Business Standard report- New Delhi, however, is
products like engineering caused by the pandemic. has set up a target of $1 trillion Besides, the Centre and area (Gogra) in a phased, coor- ed at the time (July 9, 2020, optimistic about negotiating a
goods, petroleum products, The interaction comes at a in 2027-28 for merchandise states are also trying to dinated and verified manner. Withdrawal from Galwan full PLA withdrawal. “With
gems and jewellery and phar- time when the Centre has set exports and $500 billion reduce regulatory burden for The disengagement process Valley puts Indian troops fur- this one more sensitive area of
maceuticals. a target of $400 billion worth (exports) in the next two years. exporters. was carried out over two days ther from LAC) that the mutu- face-off has been resolved.
i.e. 04 and 05 August 2021. The al pull-back agreement effec- Both sides have expressed
troops of both sides are now tively shifted the LAC in commitment to take the talks
in their respective permanent Galwan by one kilometre in forward and resolve the

6th bid round bases,” said the official state-

ment from New Delhi.
After the recent senior mil-
favour of the Chinese.
A second “synchronized
and organized disengage-
remaining issues along the
LAC in the Western Sector,” it
stated. Putting a brave face on

opens for oil itary commanders’ talks on

July 31, a joint statement was
issued, terming the talks “con-
ment” was negotiated by sen-
ior military commanders in
their 9th round of talks in
the tensions that still simmer,
New Delhi stated on Friday:
“The Indian Army along with

and gas blocks

Centre expects immediate
commitment of $300-400 mn
PAST WINNERS
Blocks awarded in OALP
round I to V
Vedanta 51
Oil India 25
ONGC
BP+RIL
IOCL
GAIL
BPRL
HOEC
Source: Ministry of Petroleum and
Natural Gas
TWESH MISHRA
New Delhi, 6 August
The Ministry of Petroleum
and Natural Gas on Friday
launched the sixth round of
bids under the Open Acreage
Licensing Programme
(OALP) to further boost
domestic hydrocarbon pro-
duction.
An official statement said
21 blocks, with an area of
approximately 35,346 square
kilometers (sq. km), are on
offer.
Potential investors would
be able to submit bids
through a portal till October
6. “Award of these blocks to
winning bidders is expected
by the end of November
2021,” the statement said.
In earlier rounds, the oil
ministry has awarded 105
blocks spanning an area of
around 156,580 sq. km which
attracted a total committed
investment of around $2.4
billion.
“It is expected that this
round would generate an
immediate exploration work
commitment of around
$300-400 million,” the state-
ment added.
The 21 blocks are spread
across 11 sedimentary basins
No. of blocks
24
1 in status quo.”
Total no.
1 of blocks
1
1 105
1 Indian territory in five sectors:
and include 15 onland
blocks, four shallow water
blocks and two ultra-deep
water blocks. Category-wise,
there are 12 blocks in catego-
ry-I basins, 4 in Category-II
and 5 in category-III basins.
An area of 156,580 sq. km
has already been awarded
under the five previous
rounds. This round will take
the total area for exploration
to 191,926 sq. km under the
Hydrocarbon Exploration
and Licensing Policy (HELP)
regime.
The HELP regime adopts
the revenue-sharing con-
tract model, a deviation from
the earlier production-shar-
ing contract model.
It comes with reduced
royalty rates, no oil cess,
marketing and pricing free-
dom, round-the-year bid-
ding, freedom to investors
for carving out blocks of
their interest, a single
licence to cover both con-
ventional and unconven-
tional hydrocarbon
resources.
After the fourth round,
bids are being carried out
under the further liberalised
policy terms, which focused
on production maximiza-
tion, the statement said.
structive”, and stating that
they “enhanced mutual
understanding.” However,
there is no statement from
Beijing relating to the troop
disengagement.
“All temporary structures
and other allied infrastruc-
ture created in the area by
both sides have been disman-
tled and mutually verified,”
said the Indian statement.
“This agreement ensures that
the Line of Actual Control
(LAC) in this area will be
strictly observed and respect-
ed by both sides, and that
there is no unilateral change
In May 2020, troops of
China’s People’s Liberation
Army (PLA) had crossed the
LAC in Ladakh and occupied
Depsang, Galwan River valley,
Gogra-Hot Spring and
Pangong Lake north bank.
PLA and Indian troops
clashed in the Galwan valley
on June 15, leading to the
deaths of 20 Indian and an
unknown number of Chinese
soldiers. On June 30, senior
military commanders from
the two sides negotiated a dis-
engagement plan, that
India crosses 500-million
mark for vaccine doses
RUCHIKA CHITRAVANSHI
New Delhi, 6 August
India on Friday crossed the
500 million-mark for the total
vaccine shots administered so
far, Union Health Minister
Mansukh Mandaviya said in a
tweet. “India soars high on
#COVID19 vaccination, his-
toric record of 50 crore doses
administered to date,” the
minister said. According to
the health ministry, more than
511 million vaccine doses have
been provided to states, of
which 23 million are still avail-
able to be utilised by states
and private hospitals. On
Friday, more than 4.3 million
doses were administered.
February. This involved
pulling back troops from the
Pangong Lake north and
south banks and creating a
demilitarised zone to separate
a large build-up that had taken
place in that sector, including
tanks from both sides.
The senior commanders
agreed in February that the
Pangong disengagement
would be followed up within
48 hours by negotiations for
troop pull backs in the remain-
ing sectors as well. However,
that never took place.
Now, after the Gogra dis-
engagement, there remains
the thorny issue of negotiating
a troop disengagement at
Depsang, where the Chinese
are 15 kilometres inside Indian
territory and have shown no
inclination to discuss with-
drawal.
Furthermore, disengage-
ment has taken place only of
the troops in contact on the
front lines in Ladakh.
Agreement has still to be
reached about the withdrawal
of an assessed 100,000 troops
from both sides that remain
deployed in the rear areas in
case fighting broke out. These
are unlikely to be withdrawn
GATHERING PACE
0-100 mn 85 days
100 to 200 mn 45 days
200 to 300 mn 29 days
300 to 400 mn 24 days
400 to 500 mn 20 days
AVERAGE DAILY
VACCINATION RATE
(IN MN)
May 2021 > 1.96
Jun 2021 > 3.98
Jul 2021 > 4.34
Source: Health Ministry and CoWIN data as of 8 pm
the Indo-Tibet Border Police
(ITBP) is totally committed to
ensure the sovereignty of the
nation and maintain peace
and tranquillity along the LAC
in the Western Sector.
Since the PLA intrusions
into Ladakh were detected in
May 2020, there have been no
formal government briefings
about the situation on the
LAC. The quantum of Chinese
forces, the extent of the intru-
sions and the details of the
operations carried out have
never been put in public
domain. The media has not
been given access to the oper-
ational areas.
The 15 months of con-
frontation with the PLA, and
the Galwan clash on June 15
have catalysed major organi-
sational and operational
changes within the Indian
military. In what experts have
termed “a pivot to the North”,
the Indian Army is changing
its operational posture to cater
for the realisation that China,
not Pakistan, constitutes the
main threat to India. An entire
Indian strike corps, along with
at least two infantry divisions,
have been redeployed to the
LAC as a deterrent to China.
TOTAL VACCINATION
DOSES
495,990,149
Dose > 1 ,386,688,372
Dose > 2 ,109,301,777
MOST DOSES GIVEN IN
Uttar Pradesh > 53,266,034
Maharashtra > 46,354,449
Gujarat > 35,594,297
Rajasthan > 34,589,613
Madhya Pradesh > 34,236,260

Share Distinctive Numbers Number

Kharif acreage improves but rains a worry

Sr. No. Folio Number Name of the shareholder(s) Certificate of
Number From To Shares
1 G11821 MRS GIBI GEORGE 3128545 450527281 450527600 320
2 074867 MANJULA DHAR 3130274 451003821 451003875 55
SANJEEB MUKHERJEE HARVESTING HOPE
RAMESHCHANDRA New Delhi, 6 August
CHIMANLAL SHETH, Sowing of kharif crops in million hectares as of August 6
3 GRA0308157 MR PRADIP CHIMANLAL 3308157 654981358 654982387 1030 Normal 2021 2020 % Chg vs % Chg vs
SHETH & MR CHIMANLAL The area covered under kharif
KESHAVLAL SHETH crops improved during the week acreage* normal 2020
RAMESHCHANDRA ended August 6 as the southwest Rice 39.56 31.01 31.88 -27.57 -2.73
CHIMANLAL SHETH, monsoon continued its good run
4 687267 MR PRADIP CHIMANLAL 3107703 446600551 446601470 920 over the central, western and
Pulses 13.52 11.94 11.73 -13.23 1.79
SHETH & MR CHIMANLAL
KESHAVLAL SHETH northern parts of the country. Coarse
Between last week and this, the
18.35 15.3 15.62 -19.93 -2.05
cereals
BHUPATHI RAYUDU
5 GRA0323235 3323235 656172853 656172871 19 shortfall in kharif acreage has nar-
PINNAMANENI Oilseeds 18 17.35 17.97 -3.75 -3.45
rowed from 4.71 per cent (as of July
JANARDAN KAMBLE & 30) to 2.36 per cent (as on August Cotton 12.35 11.61 12.36 -6.37 -6.07
6 443797 3120237 449266911 449267090 180
ARCHANA KAMBLE
6). Total 107.3 93.38 95.64 -14.91 -2.36
7 765111 RASIK SHAH & MAYUR SHAH 3107768 446609416 446609505 90 However, as compared to the
*Normal acreage is average acreage covered during the same period in last five
JYOSTNA KANTIVIJAYA & normal acreage (which is the aver- years
8 338706 3137418 466435421 466435955 535 age area covered during the same
MAHESH KANTIVIJAYA Source: Ministry of Agriculture
period in the past five years), the
sowing of kharif crops was almost
15 per cent down. bution of rainfall has caused major lower rainfall till August 5. tricts of central Maharashtra —
The relentless monsoon now is concern for farmers especially in “We may witness a crop shift in Kolhapur, Sangli and Satara —
posing a fresh set of problems for states like Gujarat (which accounts Gujarat from groundnut and cot- impacting crops like sugarcane,
the growers. Trade sources said for 40 per cent of groundnut and ton to castor, a hardy crop which paddy, and soybean,” the report
pulses in Rajasthan, Maharashtra 20 per cent of cotton acreage) can survive the prolonged water said.
and parts of Uttar Pradesh have which is at a cumulative deficit of stress. On the other hand, recent Overall, during the monsoon
suffered damages. 40 per cent from the onset of mon- heavy downpour in Maharashtra revival phase which started from
CRISIL Research in a report soon, and Odisha (which con- has been preliminarily estimated July 13, CRISIL said that the coun-
said while the overall monsoon has tributes 8 per cent of total paddy to damage nearly 100,000 hectare try has received 2 per cent more
shown a revival, the erratic distri- acreage) has received 25 per cent of crops, especially in some dis- rainfall till August 5.
.
MUMBAI | 7 AUGUST 2021 TAKE TWO 7 <

Hilton eyes the The first soft signal of

which has been running high
on occupancy and charging
rates as high as ~20,000 even
during the downturn over the

return to normalcy?
last couple years.

big box in India

“We missed out on dramatic
growth because of failed part-
nerships but are looking to get
past that now given that India
will be the third largest market
for hospitality in the world,” he
After two failed partnerships, the 102-year-old said, adding that they have at
least 12 hotel projects in the
international hospitality chain hopes to expand its pipeline. Other large markets
presence in the country with at least 12 mega-projects include the US and China.
Currently, he pointed out,
there is “extreme pressure” on
the industry with occupancies
across the board having crashed
from around 80 per cent to bet-
ween 30 and 40 per cent. “Ob-
viously we are turning to focus
on how to regenerate business,
and one initiative has been the
Hilton Honours points progra-
mme, which is a loyalty scheme
that earlier was only for lodging
but now also includes F&B.”
Key challenges for the Hilton
Group in India include bringing
back occupancies to earlier lev-
els, increasing their share of
inbound foreign business travel
guests, creating an F&B culture
and footprint, and pushing rates
back to pre-pandemic levels,
something which most hotels
are grappling with, said analysts
who track the sector but dec-
lined to be named.
PAVAN LALL
Mumbai, 6 August
ROOMS WITH A VIEW The broader question that
remains is this: Do hotel chains
(Offshore operators in India) n No of hotels really need big-box hotels and
(25,198) Figures in brackets: No of rooms is the mythology of the flagship
BANKER’S TRUST
TAMAL BANDYOPADHYAY
There is no surprise in the outcome
of the three-day meeting of the Monetary
Policy Committee (MPC) that ended
on Friday.
Based on “an assessment of the evolv-
ing domestic and global macroeconomic
and financial conditions and the out-
look”, the Indian central bank’s rate-set-
ting body has kept the policy rates
unchanged. The decision is unanimous.
It is also in favour of continuing with the
accommodative stance “as long as nec-
essary” to “revive and sustain growth on
a durable basis”. Just one of the six mem-
bers of the MPC did not support this.
Still, the subtext of this policy is a bit
different from the June policy. The
Reserve Bank of India (RBI) sounds rela-
tively more confident on growth now
and, at the same time, its concerns on
close at about 6.24 per cent (previous 17.2 per cent.
close was 6.207). A basis point is a hun- Like many other central bankers, the
dredth of a percentage point. RBI Governor has maintained the stance
RBI Governor Shaktikanta Das has, that driven by supply shocks, inflation is
however, strongly emphasised that the transitory; but the inflation projection of
increase in the size of the auction should the year has been raised substantially,
not be read this way; it’s nothing but a from 5.1 per cent to 5.7 per cent “with
tool for liquidity management. risks broadly balanced”. Even for the first
The excess liquidity in the system is quarter of fiscal 2023, the RBI projection
at its historic high now — around ~11 tril- for inflation is 5.1 per cent, that too on a
lion. Among others, the combination of relatively high base. The MPC’s inflation
the RBI’s secondary market G-sec acqui- target is 4 per cent with a 2 percentage-
sition programme (G-SAP) and redemp- point band on either side.
tions of a bunch of short-term treasury Clearly, the MPC is aware that the
bills in the second quarter will ensure threat of inflation is real. At the same
that the liquidity sugar rush continues time, the green shoots in Asia’s third
to flood the system. largest economy seem to be showing.
The VRRR, kept in If both the trends continue,
abeyance during the pan- The RBI sounds the RBI will be left with no
demic, was re-introduced in relatively more choice but to start unwind-
January, and since then the confident on growth ing the super-accommoda-
~2 trillion absorbed through now and its tive stance of the monetary
this window is being rolled concerns on policy sooner than later. It
over every fortnight. The inflation are clearly is bound to start doing so
RBI has now decided to higher. In fact, it has by February 2023, if not in
ramp up the size of the raised its inflation December 2022.
VRRR auction in phases to projection for the The policy statement
~4 trillion by the second half year closer to the says the MPC is conscious
of September. This is paral- upper end of the of its mandate of anchoring
lel to the fixed rate daily band that the MPC inflation expectations and
reverse repo window where is targeting will act as soon as the
banks earn 3.35 per cent for prospects for strong and
keeping excess money with the RBI. sustainable growth are assured. For the
Sounding more bullish on growth, time being, the RBI remains in “whatever
the policy statement says the domestic it takes” mode, with a readiness to deploy

H
ilton Worldwide Hot-
els, the storied interna-
tional hospitality chain
that was founded over a century
ago, is on the lookout to set up a
“big-box” hotel to augment and
bolster its presence here, its
leadership in India said.
Navjit Ahluwalia, who is
country head of Hilton India,
runs 21 hotels with around 3,500
keys, and has hotel brands such
as the Hilton, Hilton Garden
Inn, Doubletree and Conrad,
admits that the Hilton journey
in India had been slow but it is
on track to now focus on setting
up a flagship hotel either in
Mumbai or in New Delhi. And
that they are scouting for the
right partners.
A big-box hotel can be loose-
ly defined as a large complex
with several hundred rooms,
banquet halls, conference
rooms and multiple service
offerings that can include servi-
ce apartments, shopping arcad-
es and more. They are also more
complex projects to finance,
execute and develop as opposed
to smaller boutique assets.
Hilton had announced a
joint venture partnership in
2006 with realty player DLF in
a bid to expand the company’s
footprint in India but that never
panned out.
inflation are clearly higher. In fact, it has economic activity has started normal- all its policy levers — monetary, pruden-
or the hotel with character just raised its inflation projection for the year ising with the second wave of the pan- tial or regulatory — to nurture the
(13,000) that or does it just need a prime closer to the upper end of the band that demic ebbing; and although there is no “nascent and hesitant recovery”.
property to project its values? the MPC is targeting. rise in investment demand, better
Ahluwalia said Hilton’s inter- This — along with the doubling of size capacity utilisation, rising steel con- The writer, a consulting editor with
(10,000) national brands such as Curio of the 14-day variable rate reverse repo, sumption and higher imports of capital Business Standard, is an author and senior
and Tapestry do have a person- or VRRR, auctions, from ~2 trillion to ~4 goods, among others, should kick-start adviser to Jana Small Finance Bank Ltd
(7,000) ality and every chain needs a trillion in the second quarter of the finan- a “long-awaited revival”. It has kept its His latest book: Pandemonium:
(3,500) brand recognition icon. cial year — may encourage some of us to real GDP growth projection unchanged The Great Indian Banking Story
124 53 31 98 21 Industry-wise, the land- interpret the latest policy as a soft signal at 9.5 per cent for fiscal year 2022. For To read his previous columns,
scape is different now. Big-box to return to normalcy. This is why the 10- the first quarter of fiscal year 2023, the please log on to www.bankerstrust.in
Starwood Accor Hyatt Radisson Hilton hotels were largely developed year bond yield rose 4 basis points to real GDP growth estimate is pegged at Twitter: TamalBandyo
Marriott Group Group Group Group by real estate developers as they
were making money on resi-
Source: Companies
dential sales and using the prof-
Earlier still, the company Grand in Las Vegas, it has thou- its to build hotels that are really
attempted another tie-up with sands of rooms and the point is, commercial properties and
luxury player Oberoi Hotels how much is the demand in that very cash intensive, so they
between 2004 and 2007, which market to drive that sort of needed those profits to do so.
was a brand and marketing capacity,” said Patu Keswani, “Now this industry will go
alliance between the Hilton and founder of Lemon Tree Hotels. through some consolidation
the Oberoi’s Trident hotels, but “India only has two deep mar- because real estate developers
that also came to an end kets — Delhi NCR (National are also seeing consolidation.
because of differences between Capital Region) and Mumbai — The sector has seen a triple
the two chains. which will have the capacity to whammy with rentals, residen-
In the meantime, other for- absorb demand, and the high tial sales and hotels all slowing
eign chains set up big-box cost of land makes barriers high down but big business hotels
properties that have cemented as well.” Keswani is building a will return and the big-box
their reputations and estab- 670-key, million-square foot, hotel will be here in the long
lished presence in the local ~1,000-crore hotel close to the term,” Anuj Puri, chairman and
markets. Examples are Accor’s airport in Mumbai and is hope- founder, Anarock Property
Sofitel at the Bandra Kurla ful of getting it up and ready in Consultants predicted.
Complex in Mumbai, the JW around two years. The bottom-line is that all it
Marriott in Juhu and, to an Ahluwalia said despite the takes is one big-ticket hotel to
extent, even the Leela Hotel in absence of such large flagship change the perception of a cha-
Chanakyapuri, Delhi, despite hotels he sees glimpses of suc- in and put it back on the map,
its cost overruns. cess in key locations such as the Ahluwalia said, adding, “We
“If you look at the MGM Hilton Shillim in Lonavala, remain committed to India.”

As tech evolves, flying

vehicles will be very expensive
(Liberty will cost over
$559,000) but that’s true for
most technologies. The

cars get ready to take off engineering challenges are

DEVANGSHU DATTA
New Delhi, 6 August
The motto of the US state of
New Hampshire is “Live Free
or Die”. Appropriately enough,
NH is currently the only US
state offering legal
certification for flying cars. But
while such a vehicle sounds
like a figment of science
fiction, it could soon become
perfectly normal technology.
A month ago, the Slovak
company Klein Vision tested
its AirCar prototype 1 with a 35-
minute flight between Nitra
and Bratislava airports. The
AirCar’s 160 bhp BMW engine
can take it up to 2,500 metres,
propelling it through the air at
190 kmph for round trips of
1,000 km. Once it lands, it
takes under 3 minutes to fold
up the wings and become a
high-performance car. The
production version will have
an even more powerful engine.
AirCar is one of dozens of
flying cars, or drivable aircraft,
if you prefer, under develop-
ment. Wikipedia lists over 30
such designs in development,
or, in a few instances, already
legally cleared for public use.
Apart from AirCar, there’s
Terrafugia Transition, which is
described as a “drivable light
sports aircraft”. The Transition
has been cleared by America’s
Federal Aviation Admin-
istration and it can be used by
someone with a pilot’s licence.
This two-seater aims to meet
the US National Highway and
Traffic Safety Administration
driving safety standards by
2022. Meanwhile, Germany’s
Volocopter, is trying to
license its VoloCity as an
autonomous air taxi.
The Dutch company PAL-
V’s Liberty has been approved
for road usage in Holland. It’s
passed the road vehicle tests
and is seeking air certification.
interesting. Cars and planes
don’t have much in common.
Planes are light-weight and
streamlined for aerodyna-
mics. They can have fixed
wings (these need to be folded
if the vehicle is driven); they
can have rotors (ala helicopters
but again these need to be
folded) or they can use jets.
The directional controls are
very different in 3-D airspace
and on the ground.
Weight is less of a conside-
ration with cars. But cars must
be designed not to turn turtle
cornering at speeds, and
they’re built to protect
passengers in accidents.
Drivers will have to undergo urban commutes — VTOL Many cars have “anti-lift”
flight training to use it, capability lets it land on roofs, designs, like spoilers to
if they don’t already have or in parking lots. improve road-holding.
pilot licences. Audi-Airbus displayed The skies are less crowded
Alongside boutique engi- their collaborative Pop.Up than urban roads but aerial
neering outfits, transportation Next concept at the Geneva collisions, as and when they
majors are also interested in Motor Show in 2017. This is to occur, have a very high
air-car development. A joint be a self-driving, self-flying, fatality rate. A flying car must
team from BMW, Aston fully autonomous electric taxi. be designed to operate safely
Martin, Lockheed Martin and It uses four wheels to drive on in both modes and it must
Airbus is working on the the streets, and an eight-rotor receive certification for both
AeroMobil. This vehicle, unit for VTOL. road safety and air-safety.
which can also transform from The interest in such vehi- Moreover, regulators must
car to aircraft quickly, has a top cles is driven by e-commerce demarcate urban air-
speed of about 160 kmph on penetration and the popular- corridors to operate such
the ground and ity of ride-hailing. vehicles. They will need to
250 kmph in the The interest in such The pandemic develop high-tech, machine-
air. It’s already vehicles is driven has also led to a readable real-time maps of
undergone by e-commerce new focus on such corridors to reduce
thousands of penetration and personal tran- collision risks.
hours of testing the popularity of sport. Commu- If it’s autonomous, the
and the first ride-hailing. The ters would like to programming must handle
commercial pandemic has also avoid traffic jams both modes. If it’s driven-
versions are to led to a new focus and they’re reluc- /piloted, the person in charge
launch in 2023. on personal tant to use public must have both licences.
Japanese transport transport for fear Autonomy is the likely way
startup SkyDrive, of infection. forward. Even highly trained
which is backed by Toyota, is Evolving drone technologies pilots find it hard to control
testing its SD-03, an all-electric and AI developments have multi-rotor VTOL aircraft.
vehicle capable of vertical made it easier to dream up Morgan Stanley reckons
take-off and landing (VTOL). ambitious designs. the air-car market will
Hyundai is looking at an Clean, electric autonom- mature into a $1-trillion
electric VTOL air-car. General ous air-cars with VTOL capa- global industry by 2040. For
Motors’ Cadillac Vertile, which bility could alter how we live, comparison, the global
was on display at CES 2021, is work and travel as well as cons- automobile industry is worth
targeting a utilitarian market, umption patterns. Urban plan- around $2 trillion now. The
like the Volocopter. The single ning would change radically if investments pouring in and
passenger, all-electric Vertile is these catch on. And of course, the frenzied activity could
an autonomous quad-copter safety norms must evolve. mean faster development
with wheels. It’s designed for The “first editions” of such of the sector.
8 WORLD
>
MUMBAI | 7 AUGUST 2021 1

IN BRIEF China set to impose $1-bn fine SEC brings its

Hezbollah says it
fired rockets after
on Meituan over antitrust issues first DeFi case
Israeli airstrikes
Firm asked to revamp operations & end exclusivity pacts with some merchants
AGENCIES
on token sales
6 August MATT ROBINSON
6 August

C
hina plans to levy a
roughly $1-billion fine
on Meituan for abusing
its market position as antitrust
regulators wrap up a four-
month-old investigation into
the food delivery giant, accord-
ing to a person with knowledge
of the matter.
Soldiers stand next to an artillery unit on the Israeli side The State Administration
of the border with Lebanon PHOTO: REUTERS for Market Regulation could
announce the penalty in com-
The Hezbollah group said it and PM Naftali Bennett ing weeks and the figure could
fired a barrage of rockets swiftly convened a meeting still change ahead of the final
near Israeli positions close with top defense officials. decision, the person said, ask-
to the Lebanese border, cal- The attacks were a signifi- ing not to be identified discus-
ling it retaliation for Israeli cant escalation between sing private deliberations. The
airstrikes on southern Israel’s new government company will be required to
Lebanon a day earlier. and Iran-backed Hezbollah, revamp its operations and end
Israel said it was firing and comes amid rising ten- its exclusivity arrangements
back after 19 rockets were sions between Israel and with merchants known as “pick
launched from Lebanon, Iran. AP/PTI one from two,” the person
added. The Wall Street Journal
earlier reported the potential
US for consensus on ‘modest’ fine.
Meituan representatives
expansion of Security Council didn’t immediately respond to
requests for comment. The
The US has said it supports building a consensus for a antitrust watchdog had
“modest” expansion of the Council for both permanent announced an investigation
and non-permanent members, provided it does not into the company in April,
diminish its effectiveness or its efficacy and does not alter weeks after slapping a record
or expand the veto. "We believe that a reformed Security $2.8-billion fine on fellow inter-
Council that is representative, that is effective, and that is net giant Alibaba Group
relevant is in the best interest of the US and all of the UN Holding for abusing its market
member states," spokesperson Ned Price said. PTI dominance. Since then, the
tech crackdown has extended
to other aspects of the industry,
Afghan Taliban kill head of including the launch of a
cybersecurity investigation
Didi weighs giving up China Telecom
seeks $7.3 bn
data control to Beijing
in top 2021 IPO
Chinese ride-hailing firm Didi Global is in talks with state-
owned information security firm Westone to handle its data
China Telecom, one of the
three mainland telecom
management and monitoring activities, sources said, as part
of its efforts to placate domestic regulators.The sources
carriers booted off the NYSE,
is planning to raise 47.1
declined to be named as they were not authorised to speak billion yuan ($7.3 billion)
to the media. The largest Chinese ride-hailing group became from a listing in Shanghai
the target of an investigation by regulators in the country just that is set to be the world’s
days after it raised $4.4 billion in an initial public offering in biggest this year. The A-
the United States. The powerful Cyberspace Administration of shares were priced at 4.53
China (CAC) last month launched a data-related cybersecurity yuan apiece, above the
investigation into Didi, citing the need to protect national firm’s book value of 4.49
security and the public interest. REUTERS yuan each. BLOOMBERG
which Meituan is the largest — crackdown on online educa- to dwindle, adding billions of
to ensure workers earn at least
the local minimum wage while
tion. dollars in costs for China’s
largest corporations.
The US Securities and
Exchange Commission
brought its first case tied to the
booming decentralized
finance (DeFi) market, alleging
a company sold digital tokens
that should have been regis-
tered with the Wall Street reg-
ulator.
The SEC sued Cayman
Islands-based Blockchain
Credit Partners and two of its
top executives for illicitly offer-
ing securities through its DeFi
Money Market platform from
February 2020 to February
2021, according to a Friday
statement. The company sold
more than $30 million worth
of two types of tokens that the
SEC considered to be secu-
rities, which must be regis-
tered with the agency.
“Full and honest disclosure
remains the cornerstone of our
securities laws — no matter
what technologies are used to
offer and sell those securities,”
SEC Enforcement Director
Gurbir Grewal said in the state-
ment. The DeFi market has
exploded in recent months by
allowing traders to execute
transactions directly on the
blockchain without going
through brokers, banks, crypto
exchanges or other intermedi-
aries.
SEC Chair Gary Gensler has
repeatedly said that cryptocur-
rencies need more oversight,
while increasingly issuing
warnings about DeFi. This
week, he said that digital
tokens that mirror the price
moves of stocks likely need to
register with the regulator and
comply with its investor-pro-
tection rules. Such offerings
have been popular on DeFi
platforms.
In May, Gensler urged
House lawmakers to give the
SEC clear authority to police
crypto trading venues.
Blockchain Credit Partners’s
Gregory Keough and Derek
Acree will both pay fines of
$125,000, the SEC said. The
executives and the company
also agreed to pay $12.8 million
in disgorgement. They settled
the case without admitting or
denying wrongdoing.
BLOOMBERG

govt media department into fellow giant Didi Global

Inc. days after the firm’s block-
the internet industry regulator
announced a six-month cam-
Alibaba warns of higher
taxes
The company told some
investors during post-earnings
The Taliban shot and killed the director of Afghanistan's
Government Information Media Center on Friday, the
latest killing of a government official and one that comes
just days after an assassination attempt on the acting
buster US listing.
In July, authorities posted
regulations ordering China’s
online food platforms — of
Huawei revenue
paign to root out illegal online
behavior, further exacerbating
a sell-off in tech shares that
began with a wide-ranging
Alibaba Group Holding has
warned investors that years-
long government tax breaks for
the internet industry will start
calls this week that the govern-
ment stopped treating some of
its businesses as so-called Key
Software Enterprises.
defence minister. Taliban fighters on Friday intensified
clashes with Afghan forces and targeted militias allied
with the government, officials said, closing in on two
sinks as business
provincial capitals as foreign forces leave. AGENCIES
Pandemic deepens global hunger hurt by US curbs
World’s largest pension fund CHRISTINA GOLDBAUM BLOOMBERG
holds record $1.75-trn assets 6 August
China pledges 2 bn 6 August

Japan’s Government Pension Investment Fund posted a

fifth consecutive quarterly gain in its investments as
The economic catastrophe set off by
Covid-19, now deep into its second year,
returns from overseas assets helped make up for losses on has battered millions of people. In South
domestic equities. The world’s biggest pension fund Africa and many other countries, far more
gained 2.7 per cent for the quarter ended in June, have been pushed over the edge.
boosting assets under management by $45.4 billion to a An estimated 270 million people are
record 191.6 trillion yen, it announced on Friday. Overseas expected to face potentially life-threat-
stocks were its best-performing investment, returning ening food shortages this year — com-
8.6 per cent. BLOOMBERG pared to 150 million before the pandemic
— according to analysis from the World
Food Program, the anti-hunger agency of
America, Afghanistan and North Korea.
jabs to the world
Chinese President Xi Jinping pledged to
dramatically expand Covid-19 vaccine
exports to two billion doses this year,
matching commitments by Group of
Seven nations amid warnings about
inoculation shortages in the
developing world. BLOOMBERG
the absence of government support. Now,
Huawei Technologies posted
its steepest decline in
quarterly sales since a US
blacklisting hammered the
Chinese tech giant’s overseas
telecom equipment and
smartphone businesses.
The Shenzhen-based
company reported a 38 per
cent decline in sales to 168.2 billion yuan. Profit for the
billion yuan ($26 billion) in June quarter was 14.5 billion

Sharif’s application for visa the United Nations. The number of

people on the brink of famine, the most
The situation is particularly bleak in
Africa, where new infections have surged.
hunger has become a defining feature of
the growing gulf between wealthy coun-
the three months ended in
June, according to Bloomberg
yuan.
“These have been chal-

extension in UK rejected severe phase of a hunger crisis, jumped

Former Pakistani prime minister Nawaz Sharif's application
for visa extension has been turned down by the UK Home
Office with the right to appeal, according to media reports
on Friday. Sharif, 71, convicted in two corruption cases in
Pakistan, has been living in London, UK, since November
2019 after the Lahore High Court granted him permission to
go abroad for four weeks for medical treatment. The
decision has been appealed against at the Immigration
Tribunal, UK. A foreign citizen cannot stay in the UK for more
than six months at a time.
to 41 million people currently from 34
million last year, the analysis showed.
The World Food Program sounded the
alarm further last week in a joint report
with the UN’s Food and Agriculture
Organization, warning that “conflict, the
economic repercussions of Covid-19 and
the climate crisis are expected to drive
higher levels of acute food insecurity in
23 hunger hot spots over the next four
PTI months,” mostly in Africa but also Central
In recent months, aid organizations have
raised alarms about Ethiopia — where the
number of people affected by famine is
higher than anywhere in the world — and
southern Madagascar, where hundreds of
thousands are nearing famine after an
extraordinarily severe drought.
As another wave of the virus grips the
African continent, the toll has ripped the
informal safety net — notably financial
help from relatives, friends and neighbors
— that often sustains the world’s poor in
tries returning to normal and poorer
nations sinking deeper into crisis.
“I have never seen it as bad globally as
it is right now,” Amer Daoudi, senior
director of operations of the World Food
Program, said describing the food secu-
rity situation. “Usually you have two,
three, four crises — like conflicts, famine
— at one time. But now we’re talking
about quite a number of significant of
crises happening simultaneously across
the globe.” NYT
calculations from first-half
figures provided by the com-
pany. That follows a 17 per
cent decline in revenue for
the first quarter and a 11 per
cent drop in the three months
ended December.
For the first half, the com-
pany posted sales of 320.4 bil-
lion yuan and a profit margin
of 9.8 per cent, which trans-
lates into net income of 31.4
lenging times,” Rotating
Chairman Eric Xu said in a
statement Friday. A series of
Trump-era bans cut Huawei
off from its US partners and
other key chip suppliers such
as Taiwan Semiconductor
Manufacturing., forcing
the Chinese firm to
seek new cash cows in the
electric car, solar farm and
smart city sectors.

Messi’s departure from Barca is a mess everyone could see coming

RORY SMITH is not just a business arrangement.
His children cried, last August,
6 August

FC Barcelona cannot say it was not

warned.
It is not yet a year since the last time
a curt communiqué from Camp Nou
declared that Lionel Messi’s long affair
with the only club he has ever played for
was over, and yet here we are again, the
greatest player on this planet and also,
according to all available evidence, any
other, slipping from its grasp. To come
so close to losing Messi once might be
regarded as unfortunate. To do so twice
looks an awful lot like carelessness.
Of course, the memory of the last
journey down this road is sufficiently
fresh, and it is still difficult to imagine
Messi in any jersey other than
Barcelona’s for a reason. Barcelona is
more than his team; it is his home. His
bond to it is not simply contractual; this
when he announced he would be
leaving, when he filed the paperwork to
complete his decree nisi, and that was
enough to persuade him to stay. It
looked for all the world as if he would
go; his most ardent suitor, Manchester
City, was waiting, pen in hand, for his
signature. He stayed because he could
not, when it came down to it, leave.
Perhaps it will work out that way this
time, too. Perhaps there is some sliver of
hope for Barcelona’s fans to cling to still:
that it is an act of brinkmanship; that
the club’s brief statement Thursday on
its website declaring that it was the
“clear intention of both parties” for
Messi to remain, to see out his career in
Catalunya, laying all of the blame for
the breakdown of talks on the cruel
regulations of La Liga, preventing Messi
from being registered as a Barcelona
MESSI, THE MONEY-SPINNER
CONTRACT: Leaked NEW DEAL: Messi, now 34, CAN ANYONE AFFORD MESSI? The BRAND VALUE:
details of Messi's wanted to sign a new contract at Argentinian has been linked with Messi has vied with
last four-year Barcelona on reduced terms, but moves to two of the richest clubs Portugal's Cristiano
contract published the club had been unable to in European soccer - English Ronaldo to be the
in Spanish come up with an arrangement Premier League champions global face of world
newspaper El that also complied with the Manchester City, and Paris St soccer over the past
Mundo in January financial rules of Spain's La Liga Germain. Messi would come decade. Messi had
said it was worth a competition.The club had lined without a transfer fee as he is out earned $130 million
total of $655 up two new deals with Messi, of contract, but his wage over the past year -
million, thought to firstly a two-year deal made demands could be prohibitive for $10 million more
make it the most payable over five years, and then City who have just spent $139 than Ronaldo, who
lucrative in world a separate five-year deal, but million on England midfielder plays for Italian club
sport. neither had fit the criteria. Jack Grealish. Juventus.
player until the club has cut its swollen not be fulfilled,” it read. Perhaps exception just this one time, as they Messi will stay, again.
wage bill is a sign that this is just a play. Barcelona is putting the pressure on. have done all the other times that either Or perhaps not. No matter how it
“Both parties deeply regret that the Perhaps the authorities will buckle, Barcelona or its twin, repelling pole, plays out, that is the most curious
wishes of the player and the club will offer the club a workaround, make an Real Madrid, is in trouble. Perhaps element of the whole farrago. NYT

THE BS CROSSWORD #3379 BS SUDOKU #3430

ACROSS:
8 Middle Easterner catches you
and me getting back in (6)
9 Growth of conciliation
rejected by workers - a bad
sign (4,4)
10 It's customary not to have a
will (4)11Burning, he'd been
destroyed after taking to the
air (10)
12 Edith who regretted nothing
French (4)
13 Tricky situation angler
welcomes (3,2,5)
17 Parliamentary official who
cracks (4)
18 No hobo likes centring such
medieval penny (5)
19 No longer acting as a Yeoman
officer (4) to drink ? (4,6) 26 Depend upon this
Easy:
21 Teasing exercise that might 4 Not a fat tip (4) composition for lyre (4)
add to someone's stature? (3-7) 5 Ditch dug initially by a 27 There'll be questions asked ««
23 I must leave firm, former president (4) if this programme is Solution on Monday
betrayed (4) 6 Separate with the teeth (4) broadcast (4)
24 Money you don't get for 7 I'm dismal, when afflicted
nothing ? (4,3,3) by dizziness (6) SOLUTION #3378
28 A record's mountain range (4) 14 Doctor Ian comes round to
29 Left track I'll return by in take her back (5) SOLUTION TO # 3429
Wales (8) 15 You may have fun hare and
30 That old one about the it's a pretty good cause (10)
idiot (6) 16 Above dark figure put in the HOW TO PLAY
shade (10) Fill in the grid so that every
DOWN: 20 Marine disaster broke silo row, every column and
1 Destroy his model? (8) tablet (3,5) every 3x3 box contains the
2How one's progenitrix 22 Peers squeal when
digits 1 to 9
became angry with one's excited (6)
progenitor (4,3,3) 25 The sounds of
3 Where the drunkard learnt racketeers ? (4)
10 POLITICS
>
LS clears Bill to end retro
tax, Congress backs move
ADITI PHADNIS
New Delhi, 6 August
A
Bill to end all retrospec-
tive taxation imposed
on indirect transfer of
Indian assets was passed by the
Lok Sabha on Friday even as
the Opposition continued
protests against the alleged
snooping through the Pegasus
spyware and other issues. The
government’s move to scrap
the tax law, however, found
support from an unlikely cor-
ner — the Congress.
Union Finance Minister
Nirmala Sitharaman described
the 2012 legislation as “bad in
law and bad for the investors’
sentiments” and said there
were 17 litigations due to the
retrospective tax law and even
the Supreme Court had said in
2012 that the tax could not be
levied for indirect transfer of
shares of foreign companies.
“The Bill has been brought
as a clarification,” she said.
Rajendra Agrawal, who was
in the chair, declared the Bill
passed after clause-wise dis-
cussions of the Bill and a brief
statement by Sitharaman.
Sitharaman said in 2014 the
then Finance Minister Arun
Jaitley had made a commit-
> FROM PAGE 1
Sebi relaxes...
“This liberalisation will pro-
vide impetus to promoters
who were otherwise appre-
hensive towards listing, as the
reduction in the tenure for
lock-in assuages the liquidity
concerns that promoters oth-
erwise faced after the listing,”
said Gaurav Mistry, associate
partner, DSK Legal.
To reduce the disclosure
burden at the time of IPO, Sebi
has excluded companies hav-
ing common financial
investors from the definition
of promoter group. Also, the
disclosure requirements on
group companies have been
eased.
Controlling shareholders
In a move that will usher the
domestic capital markets into
a new era, the Sebi board
agreed in-principle to replace
the concept of promoter with
‘controlling shareholders’.
However, as this will involve
rewriting of several existing
regulations, it will be done in
a “smooth, progressive and
holistic manner”.
Sebi has said it will engage
with other regulators to
resolve regulatory hurdles,
prepare draft amendments to
securities market regulations,
and develop a road map for
implementation of the pro-
posed transition.
“In recent years, a number
of businesses and new-age
companies with diversified
shareholding and professional
management that are coming
into the listed space are non-
family owned and do not have
a distinctly identifiable pro-
moter group. Further, there is
an increasing focus on better
corporate governance with
responsibilities and liabilities
shifting to the board of direc-
tors and management,” Sebi
said in a release.
ESOP framework eased
The Sebi board approved the
merger of ‘sweat equity’ and
‘share-based employee bene-
fits’ regulations into a single
regulation called the Sebi
(Share-Based Employee
Benefits and Sweat Equity)
Regulations, 2021. Under this,
the time period for appropri-
ating the unappropriated
inventory has been extended
from the existing one year to
two years.
Also, the minimum vesting
period and the lock-in period
for all share benefit schemes
in the event of death have
been done away with. The
maximum yearly limit of
sweat equity shares has been
set at 15 per cent of the existing
share capital within the over-
all limit of 25 per cent for listed
companies and 50 per cent in
the case of companies listed
on the Innovators Growth
Platform.
Changes to AIF regulations
Sebi has done away with the
investment restrictions on the
residual portion of investable
funds of venture capital funds
(VCFs). It has also allowed cat-
egory-I AIF–VCF to invest at
least 75 per cent of the
investable funds in unlisted
equity shares or in companies
"On the withdrawal of
the retrospective tax
(Vodafone), I am glad
that we have put an
end to an issue that
has been troubling us
for 8 years,"
P CHIDAMBARAM,
Former finance minister
ment to set up a high-powered
committee to look into the pro-
visions of the 2012 law as the
NDA government did not
believe in retrospective taxes.
Backing the government’s
move, former Union Finance
Minister P Chidambaram
tweeted, “I am glad that we
have put an end to an issue that
has been troubling us for eight
years”, underlining that the
party was turning its back on a
tax provision that it had intro-
duced. The BJP has been in
listed or proposed to be listed
on an SME exchange.
“Now category-I VCFs will
have more flexibility to deploy
the 25 per cent of the
investible funds in debts of
companies which they are not
invested in, as well as invest-
ments in listed firms. This
should make the category-I
VCF structure more flexible
for the investment managers,”
said Yashesh Ashar, partner,
Bhuta Shah & Co.
‘Fit and proper’ criteria
Sebi has said the ‘fit and prop-
er’ status of persons acquiring
less than 2 per cent of its
shareholding will also be
made applicable to unlisted
stock exchanges and deposi-
tories. Also, the existing
requirement of seeking post-
facto approval of Sebi for
acquisitions between 2 per
cent and 5 per cent sharehold-
ing has been discontinued for
all eligible shareholders. The
stock exchanges and deposi-
tories being systemically
important institutions, their
shareholding is tightly regu-
lated by Sebi.
J&J seeks...
The company said it looks for-
ward to concluding its discus-
sions to accelerate the avail-
ability of its vaccine.
“The Emergency Use
Authorisation submission is
based on topline efficacy and
safety data from the Phase 3
ENSEMBLE clinical trial,
which demonstrated our sin-
gle-shot vaccine was 85 per
cent effective in preventing
severe disease across all
regions studied, and showed
protection against Covid-19
related hospitalization and
death, beginning 28 days after
vaccination,” J&J said.
Terming it an ‘important
milestone’, the J&J spokesper-
son the vaccine would come
to India through its collabora-
tion with Indian drug firm
Biological E in Hyderabad
which will produce it.
Earlier, Mahima Datla, MD
and CEO of Biological E, had
told Business Standard that
J&J was looking to produce
500-600 million doses at its
plant but did not specify
whether this is a per annum
figure or the total doses spec-
ified in the contract.
Petrol price...
“Petrol and diesel prices are
linked to international prices
of these commodities…
Presently, the crude and prod-
uct prices are higher with
crude prices moving between
$70 and $78 a barrel. It is
expected that they will remain
between $70 and $75 a barrel
in the near future,” Surana
added.
Prashant Vasisht, vice
president and co-head (corpo-
rate ratings) at ICRA, said,
“The impact of $1 a barrel in
the crude oil price is about 60
paise on petrol and 55 paise on
diesel, considering the taxes
in Delhi.”
“The impact of ~1 depreci-
ation in the exchange rate is
about 65 paise on petrol and
60 paise on diesel in Delhi,”
he said.
“In 2014, then FM Arun
Jaitley had made a
commitment to set up a
committee to look into the
provisions of the 2012 law...
We are fulfilling the words
given in this House..."
NIRMALA SITHARAMAN,
Union finance minister
power for seven years.
On Friday, the Lok Sabha
witnessed continuous protests
by the Opposition and if it had
been business as usual in
Parliament, the Congress
might have been forced to side
with the government in reject-
ing a Budget provision intro-
duced by its own Finance
Minister, Pranab Mukherjee.
Mukherjee acknowledged
freely that when he made the
proposal in the 2012 Budget,
his entire party was opposed to
Amazon
appeal...
The deal specified any dis-
putes would be arbitrated
under the Singapore
International Arbitration
Centre rules.
According to legal experts,
the Supreme Court’s decision
on Friday means that last
October’s Singapore arbitra-
tor’s award — that had found
merit in Amazon's objections
and had restrained Future
Retail from proceeding with
the merger deal with Reliance
Retail — is valid and enforce-
able in India.
The next phase of arbitra-
tion in Singapore is expected
within weeks, after which the
Future Group and Reliance
could explore further legal
action, sources said.
“It (SC verdict) puts all eyes
on the arbitral tribunal,” said
Faisal Sherwani, Partner, at
law firm L&L Partners. “For
now, the $3.4-billion deal will
remain on hold and subject to
the order of the Emergency
Arbitrator. Until the order is
vacated or revisited by the tri-
bunal, you can consider that
Amazon has put a spanner in
a valuable deal.” He added
that the pronouncement
appears to be fair and is a
reminder that ‘’party autono-
my reigns supreme’’ when it
comes to arbitration. “
Reading out the judgment
on Friday, Justice Nariman
said, "We have framed two
questions and answered them
as Emergency Arbitrator's
award holds good and can be
enforced under Section 17(2).
Appeal is allowed." A division
bench of the Delhi High Court
had stayed an order passed by
the single judge.
The single judge order of
the high court had upheld the
award of an emergency arbi-
trator. It directed attachment
of the properties and
restrained Future Retail
Limited from merging with
Reliance Retail. This order was
subsequently stayed by a divi-
sion bench, prompting
Amazon to appeal.
“We welcome the verdict
of the Supreme Court uphold-
ing the Emergency
Arbitrator’s award," said an
Amazon spokesperson. “We
hope that this will hasten a
resolution of this dispute with
the Future Group.” Future
Retail said the judgment
addresses two limited points
related to the enforceability of
the Emergency Arbitrator’s
order and not the merits of the
disputes. “FRL is advised that
it has remedies available in
law, which it will exercise,”
said Future Retail. The com-
pany added that the decision
of the Arbitral Tribunal is
awaited. “FRL intends to pur-
sue all available avenues to
conclude the deal to protect
the interests of its stakehold-
ers and workforce.”
Salman Waris, managing
partner at technology law firm
TechLegis Advocates and
Solicitors, said, “This decision
sends a very positive signal to
international players and for-
eign companies, reaffirming
that their rights would be pro-
tected in India under Indian
MUMBAI | 7 AUGUST 2021 1
it. Mukherjee wrote in his
memoirs that “Manmohan
Singh was convinced that the
proposed (retrospective tax)
amendment in the IT Act
would impact FDI inflows into
the country. I explained to him
that India was not a ‘no-tax’ or
‘low-tax’ country. Here all tax-
payers, whether resident or
non-resident, are treated equal-
ly. I insisted that as per our
country’s tax laws, if you pay
tax in one country, you need
not pay tax in the other country
of your business operation
which is covered by the Double
Tax Avoidance Agreement
(DTAA). But it cannot be a case
that you pay no tax at all. I clar-
ified that some entities had
done their tax planning in such
a way that they didn’t have to
pay tax at all. My intention was
clear: where assets are created
in one country, it will have to
be taxed by that country unless
it is covered by the DTAA.”
He added party president
Sonia Gandhi, and ministers
Kapil Sibal and P Chidambaram
also expressed the apprehen-
sion that the retrospective
amendments would create a
negative sentiment for FDI.
With inputs from PTI
law and as such would have a
long term impact on future
investment deals and
investors.” The decision
comes after the case went
back and forth across the
Delhi High Court, NCLT
(National Company Law
Tribunal) and the Supreme
Court, he noted.
RBI holds
rates...
“A pre-emptive monetary pol-
icy response at this stage may
kill the nascent and hesitant
recovery that is trying to
secure a foothold in extremely
difficult conditions,” he said
in his policy statement.
The inflation-targeting
central bank now expects the
consumer price index (CPI) at
5.7 per cent during 2021-22, up
from its earlier projection of
5.1 per cent.
The governor reiterated
the MPC was mindful of bring-
ing down the inflation rate to
foster the credibility of the
central bank and anchoring
inflation expectations.
In May and June, inflation
came at 6.3 per cent, above the
RBI’s tolerance level of 6 per
cent. The policy statement by
the MPC read “inflationary
pressures are being closely
and continuously monitored.
The MPC is conscious of its
objective of anchoring infla-
tion expectations”.
The RBI now expects infla-
tion at 5.9 per cent in the sec-
ond quarter; 5.3 per cent in the
third quarter; and 5.8 per cent
in the fourth quarter of 2021-
22. For the first quarter of the
next financial year, it expects
inflation at 5.1 per cent.
The recent inflationary
pressures “are evoking con-
cerns, but the current assess-
ment is that these pressures
are transitory and largely driv-
en by adverse supply-side fac-
tors”, the RBI governor said.
Harihar Krishnamurthy,
head of treasury of First Rand
Bank, said bond yields went
up because of the inflation
projection being revised
upwards, and not necessarily
for the liquidity measures.
“While the RBI says infla-
tion is transitory, the projec-
tions point otherwise,” said
Krishnamurthy.
Das said the outlook for
aggregate demand was
improving, “but the underly-
ing conditions are still weak.
Aggregate supply is also lag-
ging below pre-pandemic lev-
els”. While several steps have
been taken to ease supply con-
straints, “more needs to be
done to restore supply-
demand balance in a number
of sectors of the economy”, he
said in his speech.
The RBI governor defend-
ed his protracted rate pause
and lengthy accommodative
stance as a compulsion
brought by the pandemic.
“The conduct of monetary
policy during the pandemic
has been geared to maintain
congenial financial conditions
that nurture and rejuvenate
growth. At this stage, there-
fore, continued policy support
from all sides -- fiscal, mone-
tary, and sectoral -- is required
to nurture the nascent and
hesitant recovery.”
.
MUMBAI | 7 AUGUST, 2021 11 <

SecureKloud Technologies Limited

(Formerly 8K Miles Software Services Limited)
Regd. Off.: # 5, II Floor, Srinivasa Towers, Cenotaph Road, Teynampet, Chennai-600 018 Ph: 044-6602 8000
Email: contactus@securekloud.com | Website: www.securekloud.com | CIN: L72300TN1993PLC101852
EXTRACT OF THE STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30,2021
(Rs. in lakhs except EPS)
STANDALONE
Sr. Quarter ended Year ended
No. Particulars
30.06.2021 31.03.2021 30.06.2020 31.03.2021
Un-Audited Audited Un-Audited Audited
1 Total Income from Operations 1,048.37 759.84 1,447.93 4,017.52
2 Net Profit/(Loss) for the period (before tax, Exceptional and/or Extraordinary items) (119.84) (201.65) 610.50 24.87
3 Net profit/(loss) for the period before tax (after Exceptional and/or Extraordinary items) (119.84) (201.65) 610.50 24.87
4 Net profit/(loss) for the period after tax (after Exceptional and/or Extraordinary items) (213.28) (179.51) 440.66 (4.19)
5 Total Comprehensive income for the period (comprising profit/(loss) for the period
(after tax) and other Comprehensive Income(after tax) (213.28) (182.52) 440.66 (10.15)

6 Equity Share Capital (Face Value Rs. 5 per share fully paid up) 1,525.88 1,525.88 1,525.88 1,525.88
7 Reserves excluding Revaluation Reserves as shown in the
- - - 7,861.37
Audited Balance Sheet of previous year
8 Earning per share for the period (Face Value Rs. 5 per share)
for continuing and discontinued operations)
Basic (Rs.) 0.70 (0.59) 1.44 (0.01)
Diluted (Rs.) 0.61 (0.59) 1.44 (0.01)
CONSOLIDATED
Sr. Quarter ended Year ended
No. Particulars
30.06.2021 31.03.2021 30.06.2020 31.03.2021
Un-Audited Audited Un-Audited Audited
1 Total Income from Operations 9,061.82 8,274.87 8,854.60 34,960.69
2 Net Profit/(Loss) for the period (before tax, Exceptional and/or Extraordinary items) (1,063.28) (168.86) (465.91) 153.21
3 Net profit/(loss) for the period before tax (after Exceptional and/or Extraordinary items) (1,063.28) (168.86) (465.91) 153.21
4 Net profit/(loss) for the period after tax (after Exceptional and/or Extraordinary items) (326.60) (151.40) (636.08) 118.19
5 Total Comprehensive income for the period (comprising profit/(loss) for the period
(after tax) and other Comprehensive Income(after tax) (326.60) (154.41) (636.08) 112.23

6 Equity Share Capital (Face Value Rs. 5 per share fully paid up) 1,525.88 1,525.88 1,525.88 1,525.88
7 Reserves excluding Revaluation Reserves as shown in the
- - - 2,571.43
Audited Balance Sheet of previous year
8 Earning per share for the period (Face Value Rs. 5 per share)
for continuing and discontinued operations)
Basic (Rs.) (0.73) (0.37) (0.92) 0.52
Diluted (Rs.) (0.64) (0.37) (0.92) 0.52
Note:
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on
August 06, 2021. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available
on the websites of the Stock Exchange(s) viz., www.nseindia.com and www.bseindia.com and the Company viz., www.securekloud.com
2. The impact on net profit / loss, total comprehensive income or any other relevant financial item(s)due to change(s) in accounting policies
shall be disclosed by means of a footnote.
3. Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind-AS Rules / AS Rules, whichever is
applicable.
For SecureKloud Technologies Limited
SURESH VENKATACHARI
Place : Chennai Chairman
Date : August 06, 2021 DIN: 00365522

Extract of Unaudited Consolidated Financial Results for the Quarter ended 30 June 2021
(₹ in Million except per share data)
Quarter Ended Quarter Ended Year Ended
Sr. 30.06.2021 30.06.2020 31.03.2021
No (Unaudited) (Unaudited) (Audited)

1 Total Income from Operations 27,313.6 19,920.0 88,650.1

2 Net Profit for the period (before tax and exceptional items) 5,561.2 4,927.5 18,421.0
3 Net Profit for the period before tax (after exceptional items) 5,561.2 4,927.5 18,421.0
4 Net Profit for the period after tax (after exceptional items) attributable to the owners of the Company 4,681.2 4,220.1 15,850.2
5 Total Comprehensive Income for the period attributable to the owners of the Company 4,685.1 4,235.1 15,510.6
6 Paid-up equity Share Capital (Face Value per Share: ₹ 2 ) 239.1 239.1 239.1
7 Other Equity 73,528.2
8 Earnings Per Share (Face Value per share: ₹ 2 /- (not annualised for quarters)
a Basic (in ₹) : 39.15 35.30 132.57
b Diluted (in ₹) : 39.15 35.30 132.57
Notes:
1 Key numbers of Standalone Financial Results
a. Total Income from Operations 22,786.7 15,393.6 72,196.8
b. Profit Before Tax 5,290.0 4,791.3 18,843.0
c. Profit After Tax 4,692.7 4,261.6 16,850.8

2 The above unaudited consolidated financial results of the Company were reviewed and recommended by the Audit Committee on 5 August 2021 and
subsequently approved by the Board of Directors at its meeting held on 6 August 2021. The auditors have issued an unmodified report on the financial
results for the quarter ended 30 June 2021. The figures for the quarter ended 31 March 2021 are balancing figures between audited figures in respect
of the full financial year and the unaudited published year-to-date figures up to 31 December 2020, which were subjected to limited review.
3 The above is an extract of the detailed format of Quarterly/Year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the
SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Year ended Financial Results are available on
the Stock Exchange websites viz. www.bseindia.com and www.nseindia.com. The same is also available on the company website viz.
www.alkemlabs.com

By Order of the Board

For Alkem Laboratories Limited

B. N. Singh
Place: Mumbai Executive Chairman
Date: 6 August 2021 DIN: 00760310
12
>
MUMBAI | 7 AUGUST 2021 1

NACL Industries Limited

NACL
CIN: L24219TG1986PLC016607 BRIGADE ENTERPRISES LIMITED
Regd. Office: Plot No.12-A, “C” Block, Lakshmi Towers,No.8-2-248/1/7/78, Nagarjuna Hills, Punjagutta, Hyderabad-500082, Telangana State, India. Corporate Identity Number (CIN): L85110KA1995PLC019126
Phone : 040-24405100, Fax : 040-23358062, E-mail : investors@naclind.com, Website:www.naclind.com Regd. Office: 29th & 30th Floor, World Trade Center, Brigade Gateway Campus
Extract of the Statement of Standalone and Consolidated Financial Results for the 26/1, Dr. Rajkumar Road, Malleswaram-Rajajinagar, Bengaluru 560 055.
Quarter ended June 30, 2021 (` in Lakhs) Ph: +91-80-4137 9200, 2221 7017-18.
Standalone Consolidated Email: enquiry@brigadegroup.com Website: www.brigadegroup.com
Sl. Particulars Quarter Quarter Year Quarter Quarter Year
No. ended ended ended ended ended ended
Extract of the Unaudited Consolidated Financial Results for the
30.06.2021 30.06.2020 31.03.2021 30.06.2021 30.06.2020 31.03.2021 First quarter ended 30th June, 2021
(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)
(R in Lakhs)
1 Total Income from Operations 32,783 25,524 120,673 32,735 25,524 120,603
2 Net Profit for the period (before Tax & 1,905 804 7,396 1,899 827 7,466 Quarter ended Year ended
SI.
Exceptional and/or Extraordinary items) Particulars
No 30-06-2021 31-03-2021 30-06-2020 31-03-2021
3 Net Profit for the period before Tax, 1,905 804 7,396 1,899 827 7,466 (Unaudited) (Audited) (Unaudited) (Audited)
(after Exceptional and/or Extraordinary items)
4 Net Profit for the period after Tax, 1,431 536 5,029 1,425 559 5,099 1. Total Income from Operations 39,152 82,086 21,382 2,01,039
(after Exceptional and/or Extraordinary items) Net (Loss)/Profit for the period (before Tax, Exceptional
2. (7,666) 6,283 (8,580) (4,882)
5 Total Comprehensive Income for the period 1,412 524 5,008 1,406 546 5,077 and/or Extraordinary items)
[Comprising (Loss)/Profit for the period (after tax)
Net (Loss)/Profit for the period before tax (after Exceptional
and Other Comprehensive Income (after tax)] 3. (9,760) 2,655 (8,580) (12,510)
and/or Extraordinary items)
6 Paid-up Equity Share Capital 1,978 1,926 1,962 1,978 1,926 1,962
7 Earnings per Share (of ` 1 each) Net (Loss)/Profit for the period after tax (after Exceptional
4. (8,589) 1,958 (6,390) (9,641)
and/or Extraordinary items)
a) Basic 0.72 0.28 2.60 0.72 0.29 2.63
b) Diluted 0.72 0.28 2.60 0.72 0.29 2.63 Total Comprehensive (Loss)/Income for the period
5. [Comprising (Loss)/Profit for the period (after tax) and (8,589) 1,919 (6,444) (9,670)
NOTES : Other Comprehensive (Loss)/Income (after tax)]
1 These results were reviewed and recommended by the Audit Committee in their meeting held on August 4, 2021 and approved
by the Board of Directors in their meeting held on August 5, 2021. The Statutory Auditors have issued an unmodified conclusion 6. Equity Share Capital 22,962 21,091 20,438 21,091
in respect of the Limited Review for the quarter ended June 30, 2021.
2 The Board of Directors in its meeting held on August 5, 2021 have approved interim dividend of ` 0.10 per Equity Share of ` 1 Reserves (Other equity excluding Revaluation Reserve) as
7. 2,12,846
each. shown in the Audited Balance Sheet of the previous year
3 The above is an extract of the detailed format of Statement of Standalone and Consolidated Financial Results for the Quarter Earnings Per Share (of `10/- each)(not annualised)
ended June 30, 2021 filed with BSE Limited & National Stock Exchange of India Limited under Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of Statement 8. (a) Basic : (1.89) 1.88 (2.58) (2.24)
of Standalone and Consolidated Financial Results for the Quarter ended June 30, 2021 is available on the website of BSE & NSE (b) Diluted : (1.89) 1.87 (2.58) (2.24)
and Company's website at www.naclind.com By Order of the Board
Sd/-
Notes:
M. Pavan Kumar
Place : Hyderabad Managing Director & CEO 1. Brief of Standalone Financial Results for the quarter ended 30th June, 2021 is as follows: (R in Lakhs)
Date : August 5, 2021 (DIN:01514557)
Quarter ended Year ended
Particulars 30-06-2021 31-03-2021 30-06-2020 31-03-2021
(Unaudited) (Audited) (Unaudited) (Audited)
Revenue from Operations 23,964 61,346 15,231 1,52,398
Profit/(Loss) Before Tax 3,094 11,406 (404) 17,769
Profit/(Loss) After Tax 2,273 9,863 (316) 14,456

2. The above consolidated financial results of Brigade Enterprises Limited (‘the Company’), its subsidiaries and associate company (together
referred to as “the Group”) has been reviewed by the Audit Committee at their meeting held on 4th August 2021 and approved by the Board of
Directors of the Company at their meeting held on 5th August, 2021.
3. The above is an extract of the detailed format of quarter ended Financial Results (Standalone and Consolidated) filed with the Stock
Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of Financial
Results (Standalone and Consolidated) are available on the websites of the stock exchanges www.nseindia.com , www.bseindia.com and on
the Company’s website www.brigadegroup.com
4. During the quarter ended 30th June, 2021, the paid-up equity share capital has increased from `21,091 lakhs to ` 22,962 lakhs pursuant issue
of 18,656,716 equity shares by the company to qualified institutional buyers through QIP in accordance with the SEBI ICDR Regulations and
exercise of 45,862 stock options by certain employees and allotment of equity shares thereon.
5. The outbreak of Covid-19 pandemic globally and in India has caused significant disturbance and slowdown of economic activities.
Due to the lockdown announced by the Government, the Group’s operations were slowed down/suspended for part of the current quarter
and accordingly the unaudited consolidated financial results for the current quarter ended 30th June, 2021 are adversely impacted.
The Group has considered the possible effects that may result from the Covid-19 pandemic on the carrying value of assets including property,
plant and equipment, investment property, capital work in progress, intangible assets including under development, goodwill, investments,
inventories, land advances, deposits, loans, and receivables. In developing the assumptions relating to the possible future uncertainties in
the economic conditions because of this pandemic, the Group, as at the date of approval of the accompanying financial results has used
internal and external sources of information to assess the expected future performance of the Group. The Group has performed sensitivity
analysis on the assumptions used and based on the current estimates, the Group expects that the carrying amount of these assets as at the
period-end are fully recoverable. Further, the Group’s management has also made assessment of the progress of construction work on
its ongoing projects during the period of lockdown and has concluded that the same was only a temporary slowdown in activities and has
accordingly capitalised/inventoried the borrowing costs incurred in accordance with Ind AS 23.
For Brigade Enterprises Limited
Place: Bengaluru M.R. Jaishankar
Date: August 5, 2021 Chairman and Managing Director

 
 

     


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 MAHINDRA MANULIFE INVESTMENT MANAGEMENT
PRIVATE LIMITED
(Formerly known as Mahindra Asset Management Company Pvt. Ltd.) .
MUMBAI | 7 AUGUST 2021 13 <
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SONA BLW PRECISION FORGINGS LIMITED SONA BLW PRECISION FORGINGS LIMITED
CIN: L27300HR1995PLC083037 CIN: L27300HR1995PLC083037
Registered and Corporate Office: Sona Enclave, Village Begumpur Khatola, Registered and Corporate Office: Sona Enclave, Village Begumpur Khatola,
Sector 35, Gurugram, Haryana – 122004, India Telephone: +91 0124 476 8200 Sector 35, Gurugram, Haryana – 122004, India Telephone: +91 0124 476 8200
E-mail: investor@sonacomstar.com, Website: www.sonacomstar.com E-mail: investor@sonacomstar.com, Website: www.sonacomstar.com

Extract of the Consolidated unaudited financial results of Extract of the Standalone unaudited financial results of
Sona BLW Precision Forgings Limited for the Quarter ended June 30, 2021, Sona BLW Precision Forgings Limited for the Quarter ended June 30, 2021,
prepared in compliance with the Indian Accounting Standards (Ind-AS) prepared in compliance with the Indian Accounting Standards (Ind-AS)
(Figures in Million `, unless stated otherwise)
(Figures in Million `, unless stated otherwise)
S. Quarter ended Year Ended
S. Quarter ended Year Ended No. Particulars
No. Particulars 30.06.2021 31.03.2021 30.06.2020 31.03.2021
30.06.2021 31.03.2021 30.06.2020 31.03.2021 (Unaudited) (Refer Note No. 1) (Refer Note No. 1) (Audited)
(Unaudited) (Refer Note No. 1) (Refer Note No. 1) (Audited)
1. Income
1. Income
Revenue from operations 2,640.05 2,673.08 717.21 7,671.73
Revenue from operations 5,007.47 5,393.44 1,533.64 15,663.00
Other income 0.23 300.16 5.02 767.21
Other income 1.67 2.71 15.88 23.41
Total income 2,640.28 2,973.24 722.23 8,438.94
Total income 5,009.14 5,396.15 1,549.53 15,686.41
2. Total expenses 1,987.67 2,063.84 737.56 6,030.68
2. Total expenses 4,040.07 4,367.64 1,539.18 12,547.39
3. Profit/(loss) before exceptional items and tax 652.62 909.41 (15.33) 2,408.26
3. Profit/(loss) before exceptional items and tax 969.07 1,028.51 10.35 3,139.02
4. Exceptional item (Refer Note No. 3) (132.70) 139.06 - 139.06
4. Exceptional item (Refer Note No. 3) (132.70) 139.06 - 139.06
5. Profit/(loss) before tax 785.31 770.35 (15.33) 2,269.20
5. Profit/(loss) before tax 1,101.77 889.45 10.35 2,999.96
6. Total tax expense 201.36 125.42 (3.26) 388.78
6. Total tax expense 279.48 292.49 10.81 848.31
7. Profit/(loss) for the period/year 583.95 644.93 (12.07) 1,880.42
7. Profit/(loss) for the period/year 822.29 596.96 (0.46) 2,151.65
8. Other comprehensive income
8. Other comprehensive income
Other comprehensive (loss)/ income for the (0.10) 0.82 (0.10) (19.38)
Other comprehensive (loss)/ income for the 21.12 (1.03) 7.35 (12.44) period/year
period/year
Total comprehensive income/(loss) for the 583.86 645.76 (12.17) 1,861.04
Total comprehensive income/(loss) for the 843.41 595.93 6.90 2,139.21 period/year
period/year
9. Equity 5,832.89 5,729.80 471.54 5,729.80
9. Equity 5,832.89 5,729.80 471.54 5,729.80
10. Reserves (excluding Revaluation Reserve) 6,566.16
10. Reserves (excluding Revaluation Reserve) 7,309.21 as shown in the Audited Balance Sheet of the
as shown in the Audited Balance Sheet of the previous year
previous year
11. Earnings per equity share of face value of
11. Earnings per equity share of face value of ` 10 each (not annualised)
` 10 each (not annualised)
Earnings per share (Basic) (in `) 1.02 1.13 (0.02) 3.28
Earnings per share (Basic) (in `) 1.43 1.04 (0.00) 3.76
Earnings per share (Diluted) (in `) 1.02 1.13 (0.02) 3.28
Earnings per share (Diluted) (in `) 1.43 1.04 (0.00) 3.75
(See accompanying notes to the financial results)
(See accompanying notes to the financial results) Notes:
Notes: 1. The Unaudited Financial Results of the Company for the quarter ended June 30, 2021 ("UFR") have been prepared in
1. The Unaudited Financial Results of the Group for the quarter ended June 30, 2021 ("UFR") have been prepared in accordance with accordance with the Indian Accounting Standards notified under Section 133 of the Companies Act, 2013, as amended and
the Indian Accounting Standards notified under Section 133 of the Companies Act, 2013, as amended and read with relevant rules read with relevant rules thereunder. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
thereunder. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 2015, this Statement of UFR 2015, this Statement of UFR of the Company has been reviewed by the Audit Committee and approved by the Board of Directors at
of the Group has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held their respective meetings held on August 06, 2021. The UFR of the Company has undergone limited review by the Statutory
on August 06, 2021. The UFR of the Group has undergone limited review by the Statutory Auditors. The financial results for the Auditors. The financial results for the corresponding quarter ended June 30, 2020 and the preceding quarter ended March 31, 2021
corresponding quarter ended June 30, 2020 and the preceding quarter ended March 31, 2021 have not been reviewed by our have not been reviewed by our statutory auditors. However, the management has exercised necessary due diligence to ensure
statutory auditors. However, the management has exercised necessary due diligence to ensure that the financial results for these that the financial results for these periods provide a true and fair view of the Company's affairs.
periods provide a true and fair view of the Group's affairs.
2. The Company completed its maiden Initial Public Offer of 190,721,649 Equity Shares of the face value of Rs. 10/- each at an issue
2. The Company completed its maiden Initial Public Offer of 190,721,649 Equity Shares of the face value of Rs. 10/- each at an issue price of Rs. 291/- per Equity Share, comprising offer for sale of 180,412,371 shares by selling shareholders and fresh issue of
price of Rs. 291/- per Equity Share, comprising offer for sale of 180,412,371 shares by selling shareholders and fresh issue of 10,309,278 shares. The Equity Shares of the Company were listed on 24 June 2021 on Bombay Stock Exchange and National
10,309,278 shares. The Equity Shares of the Company were listed on 24 June 2021 on Bombay Stock Exchange and National Stock Exchange of India Limited.
Stock Exchange of India Limited.
3. Exceptional Items
3. Exceptional Items
Quarter ended Year Ended
Quarter ended Year Ended Particulars
Particulars 30.06.2021 31.03.2021 30.06.2020 31.03.2021
30.06.2021 31.03.2021 30.06.2020 31.03.2021 (Unaudited) (Refer Note No. 1) (Refer Note No. 1) (Audited)
(Unaudited) (Refer Note No. 1) (Refer Note No. 1) (Audited)
Initial Public Offer related (income)/expenses (132.70) 139.06 - 139.06
Initial Public Offer related (income)/expenses (132.70) 139.06 - 139.06
As per the terms of contract with the Selling shareholders, all Initial Public Offering (‘IPO’) related expenses were to be borne by the
As per the terms of contract with the Selling shareholders, all Initial Public Offering (‘IPO’) related expenses were to be borne by the Company and the Selling shareholders in proportion to the number of Equity Shares issued and/or transferred by each one of them
Company and the Selling shareholders in proportion to the number of Equity Shares issued and/or transferred by each one of them in the IPO respectively. However, in the event that the Issue was withdrawn by the Company or not completed for any reason
in the IPO respectively. However, in the event that the Issue was withdrawn by the Company or not completed for any reason whatsoever, all the Issue related expenses would have to be solely borne by the Company.
whatsoever, all the Issue related expenses would have to be solely borne by the Company.
During the year ended 31st March 2021, the Company had incurred expenses amounting to ₹ 143.23 million related to the
During the year ended 31st March 2021, the Company had incurred expenses amounting to ₹ 143.23 million related to the proposed IPO of the company. Considering the fact that the recovery of expenses incurred was not virtually certain as on 31st
proposed IPO of the company. Considering the fact that the recovery of expenses incurred was not virtually certain as on 31st March 2021, the management decided to charged off ₹ 139.06 million to the Statement of Profit and Loss as an Exceptional
March 2021, the management decided to charged off ₹ 139.06 million to the Statement of Profit and Loss as an Exceptional Expense and the remaining amount of ₹ 4.17 million was recorded under the head ‘Other Current Assets’.
Expense and the remaining amount of ₹ 4.17 million was recorded under the head ‘Other Current Assets’.
In the Quarter ended 30th June 2021, since the IPO has now been completed, the pro-rata IPO expenses recoverable from the
In the Quarter ended 30th June 2021, since the IPO has now been completed, the pro-rata IPO expenses recoverable from the selling shareholder have been recorded as an exceptional income in the Statement of Profit and Loss. For the selling shareholder’s
selling shareholder have been recorded as an exceptional income in the Statement of Profit and Loss. For the selling shareholder’s share of IPO expenses incurred in the current quarter, there is no impact on the Statement of Profit and Loss. Pro-rata IPO
share of IPO expenses incurred in the current quarter, there is no impact on the Statement of Profit and Loss. Pro-rata IPO expenses related to fresh issue of shares have been charged off to the equity in compliance with the applicable accounting
expenses related to fresh issue of shares have been charged off to the equity in compliance with the applicable accounting standards.
standards.
4. The utilisation of the net Initial Public Offering proceeds is summarised below:
4. The utilisation of the net Initial Public Offering proceeds is summarised below:
Objects of the Utilisation Unutilised
Objects of the Utilisation Unutilised Particulars amount
issue as per upto
Particulars issue as per upto amount as on
prospectus
prospectus as on
30.06.2021 30.06.2021
30.06.2021 30.06.2021 -
Repayment and Prepayment of identified borrowings 2,411.17 2,411.17
Repayment and Prepayment of identified borrowings 2,411.17 2,411.17 -
General Corporate Purposes 522.02 450.00 72.02
General Corporate Purposes 522.02 450.00 72.02
Of the unutilised net Fresh IPO Proceeds, Rs.8.83 Million were lying in the Montitoring Agency Account and the balance funds
Of the unutilised net Fresh IPO Proceeds, Rs.8.83 Million were lying in the Montitoring Agency Account and the balance funds were lying in the Public Offer Account
were lying in the Public Offer Account
5. The Company has considered the possible effects that may arise out of the still unfolding COVID-19 pandemic on the carrying
5. The Group has considered the possible effects that may arise out of the still unfolding COVID-19 pandemic on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. For this purpose, the
amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. For this purpose, the Company has considered internal and external sources of information up to the date of approval of the Consolidated Financial
Group has considered internal and external sources of information up to the date of approval of the Consolidated Financial Results. Based on the current estimates, the Company does not expect any significant impact on such carrying values. The
Results. Based on the current estimates, the Group does not expect any significant impact on such carrying values. The Group will Company will continue to closely monitor any material changes to future economic conditions.
continue to closely monitor any material changes to future economic conditions .
6. The Company operates in a single reportable business segment, "Automotive Components".
6. The Company operates in a single reportable business segment, "Automotive Components".
7. The previous period numbers have been regrouped/rearranged wherever necessary to conform to the current period presentation.
7. The previous period numbers have been regrouped/rearranged wherever necessary to conform to the current period presentation.
For and on behalf of the Board of Directors of For and on behalf of the Board of Directors of
SONA BLW PRECISION FORGINGS LIMITED SONA BLW PRECISION FORGINGS LIMITED
Sd/- Sd/-
Vivek Vikram Singh Vivek Vikram Singh
Date : 06th August, 2021 Managing Director and Group Chief Executive Officer Date : 06th August, 2021 Managing Director and Group Chief Executive Officer
Place : Gurugram DIN: 07698495 Place : Gurugram DIN: 07698495
14
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MUMBAI | 7 AUGUST 2021 1
>
MUMBAI | 7 AUGUST 2021 15 Abbo� India Limited
CIN : L24239MH1944PLC007330
Regd Office : 3, Corporate Park, Sion-Trombay Road, Mumbai - 400 071
Tel No.: 022-5046 1000/2000/6797 8888 Fax No.: 022-5016 9400
Email Id : investorrela�ons.india@abbo�.com Website : www.abbo�.co.in

Extract of Unaudited Financial Results for the Quarter ended June 30, 2021
(` in Crores except earnings per share)
Quarter ended Year ended
Sr.
Par�culars June 30, 2021 March 31, 2021 June 30, 2020 March 31, 2021
No.
Unaudited Audited Unaudited Audited
1 Total Income from Opera�ons 1,237.04 1,111.74 1,091.90 4,390.92
2 Net Profit for the period
(before Tax, Excep�onal and/or Extraordinary items) 263.59 201.88 242.50 925.95
3 Net Profit for the period before tax
(a�er Excep�onal and/or Extraordinary items) 263.59 201.88 242.50 925.95
4 Net Profit for the period a�er tax
(a�er Excep�onal and/or Extraordinary items) 195.76 152.47 180.35 690.69
5 Total Comprehensive Income for the period
[comprising Profit for the period (a�er tax) and Other
Comprehensive Income (a�er tax)] 196.08 159.68 179.34 691.94
6 Equity Share Capital 21.25 21.25 21.25 21.25
7 Reserves (excluding Revalua�on Reserve) as shown in
the Audited Balance sheet of previous year - - - 2,580.91
8 Earnings Per Share ` (Face value of ` 10/- each)
(not annualised except for the year ended March)
Basic : 92.12 71.75 84.87 325.04
Diluted : 92.12 71.75 84.87 325.04
Note : The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchange under Regula�on 33 of
the SEBI (Lis�ng Obliga�ons and Disclosure Requirements) Regula�ons, 2015. The full format of the Quarterly Financial Results is available
on the Stock Exchange website at www.bseindia.com and on the Company’s website at www.abbo�.co.in.
For and on behalf of the Board of Directors of
Abbo� India Limited
Anil Joseph
Place : Mumbai Managing Director
Date : August 6, 2021 DIN : 08753233

R SYSTEMS INTERNATIONAL LIMITED

CIN : L74899DL1993PLC053579
Registered Office : GF-1–A, 6, Devika Tower, Nehru Place, New Delhi- 110019
Tel : +91 120 4303500; Fax : +91 120 4082699; Website : www.rsystems.com; Email : rsil@rsystems.com
Extract of Standalone and Consolidated Financial Results for the Quarter and Six months Ended June 30, 2021
(Rs. in million, except per share data)
Particulars Standalone Financial Results Consolidated Financial Results
Three months ended Six months ended Three months ended Six months ended
30.06.2021 30.06.2020 30.06.2021 30.06.2021 30.06.2020 30.06.2021
(Refer Notes) (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (Unaudited)

Revenue from operations 1,335.28 1,037.98 2,550.64 2,735.67 2,103.84 5,212.20

Profit before tax and exceptional items for the period* 260.56 177.36 471.52 541.23 188.00 825.75
Net profit after tax and exceptional items for the period* 200.69 146.87 391.36 461.64 159.71 710.48
Total comprehensive income for the period [comprising profit for the period (after tax) 203.01 141.81 393.98 508.62 181.88 716.68
and other comprehensive income (after tax)]
Paid - up equity share capital (Face value Re. 1/- each) 119.64 119.61 119.64 119.64 119.61 119.64
Reserves excluding Revaluation Reserve# 3,309.28 2,627.32 3,309.28 4,148.61 3,262.74 4,148.61
Earnings per share (Face value of Re. 1/- each) (not annualised)*
Basic 1.68 1.23 3.27 3.86 1.35 5.94
Diluted 1.68 1.23 3.27 3.86 1.35 5.94
* The Company does not have any extraordinary item to report for the above periods.
# Represents balance as per the audited Balance Sheet of the previous year.
Notes:
1. The financial results for the quarter and six months ended June 30, 2021 have been prepared in accordance with the recognition and measurement principles laid down in Indian
Accounting Standard 34 ‘Interim Financial Reporting’ (‘Ind AS 34’). The above results were reviewed by the Audit Committee and have been approved by the Board of Directors
at their meetings held on August 06, 2021.
2. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended. The full format of the Quarterly Financial Results are available on the Stock Exchange websites i.e. www.bseindia.com,
www.nseindia.com and Company's website at www.rsystems.com.
For and on behalf of the Board of Directors of
R SYSTEMS INTERNATIONAL LIMITED
Sd/-
Lt. Gen. Baldev Singh (Retd.)
President & Senior Executive Director
Place : NOIDA
Date : August 06, 2021 DIN: 00006966
16
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MUMBAI | 7 AUGUST 2021

VIVID GLOBAL INDUSTRIES LIMITED

CIN NO. L24100MH1987PLC043911
Regd. Office : D-21/1, MIDC Tarapur Via Boisar, Dist. Palghar, Maharashtra
UNAUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2021
(Rs. In Lakhs)
PARTICULARS QUARTER ENDED YEAR ENDED QUARTER ENDED
30.06.2021 31.03.2021 30.06.2020
Unaudited Audited Unaudited
Total Income From operations 1,264.90 4,852.20 864.76
Net Profit/(Loss) for the period before Tax (before exceptional 49.17 221.65 44.21
items)
Net Profit/(Loss) for the period before Tax (after exceptional items) 49.17 221.65 44.21
Net Profit/(Loss) for the period after Tax (after exceptional items) 35.49 148.31 31.91
Total comperehensive income for the period (Comprising profit/ 35.49 148.31 31.91
loss) for the period (after tax) and Other comperenhensive Income
(after tax)
Paid-up Equity Share capital (Face value per share- Rs 5 each) 456.44 456.44 456.44
Reserves (excluding Revaluation Reserve) 927.94 892.45 794.31
Earnings per share in Rs.(Face value of Rs. 5 each)
Basic 0.39 1.62 0.35
Diluted 0.39 1.62 0.35
Basic and Diluted (After Dividend) - 1.42 -
Note:
1. The above is an extract of the detailed format for the quarter ended 30th June 2021 Financial Results filed
with the Stock Exchange under Regulation 33 of SEBI (Listing and other disclosure requirements) Regulation
2015. The full format of the Quarterly/ twelve months financial results are available on the stock exchanges
websites i.e. Bombay stock exchange & National stock exchange.
2. The impact on net profit / loss, total comprehensive income or any other Relevant financial item due to
change in accounting policies shall be disclosed by means of a footnote.
3. Exeptional and/or Extraordinary items adjusted in the statement of profit and loss in accordance with the
Ind - AS rules / AS rules whichever applicable.

For Vivid Global Industries Limited

Sd/-
Date : 06/08/2021 SUMISH S. MODY
Plae: MUMBAI MANAGING DIRECTOR

PUBLIC NOTICE
Shri Mohammed Yusuf B. Patel and Shrimati
Shaheda Yusuf Patel, a bonafide member of
the Lake Bloom Co-op Hsg. Society Ltd,
having address at Flat No.103, A-Wing, Lake
Bloom Co-op Hsg. Society Ltd, Off Lane Saki
Vihar Road, Near L & T Gt. No. 6., Powai,
Mumbai-400072 died on 11-8-2020 in
Mumbai and 18-8-2020 in Thane respectively,
without making any nomination. The Society
hereby invites claim/s or objection/s from the
heir/s or other claimant/s or objector/s to the
transfer of the said shares and interest of the
deceased member in the property of the
society within a period of 14 days from the
publication of this notice, with copies of
relevant documents and other proofs to
support the claim/s or objection/s. If no claim
/s or objection/s are received within the period
prescribed, the society shall be at liberty to
deal with the shares of the interest of the
deceased member in the manner provided
under the bye-laws of the society. In case of
any claim/s or objection/s kindly contact the
managing committee in the society office
within a period of 14 days from the publication
of this notice.
For and on behalf of the
Lake Bloom Co-op Hsg. Society Ltd
Sd/-
Chairman / Secretary
Place: Mumbai
Date: 07-08-2021
>
MUMBAI | 7 AUGUST 2021 17

E - AUCTION CIN:
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED
U67100MH2007PLC174759
18 1277545 [ 207- Deepak Maniram Singh
(Borrower)
EARC- ICICI Bank Ltd.,
Nariman Point ;
Rs.
24,72,690.50PS
Rs.
13,00,000/-
Rs.1,30,000/-
(Rupees One Lakh
09-09-2021 Physical

SALE NOTICE Retail Central Office : 1st Floor,Edelweiss House, Off CST Road, Kalina, Mumbai 400098. 00041441 ] / TRUST- &
Divya Deepak Singh 000405118304; (Rupees Thirteen and thirty thou-
Regd.Office : Edelweiss House, Off CST Road, Kalina, Mumbai 400098 DHFL
(Co-Borrower) SC-371 ICIC0000004 Lakhs Only) sand Only) 05.30 PM
E-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE SECURED ASSETS UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND
Property Description: All That Being Flat No A-1/603,6th Floor Admeasuring 530sq.Ft Built Up Area In Wing A-1 In Type A Building In Jidnyasa Co-Op Hou.Soc.Ltd To Be
ENFORCEMENT OF SECURITY INTEREST ACT, 2002 READ WITH PROVISO TO RULE 8 (6) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 ((“RULES”)
“RULES”) Constructed On Plot Of Land Bearing Survey No 129/1/D/1 Lying Being Situated Village Khidkali,Taluka And District Thane,Within Local Limits Of Thane Municipal Corporation
The financial facilities of various Selling Institutions mentioned below (hereinafter referred to as “Assignor”) have been assigned to Edelweiss Asset Reconstruction Company Limited acting
And In The Registration District And Sub District Thane :More Particularly Described In Doc No 1663/2016 Dt: 02-02-2016, At Sro Thane-6,And Bounded As Under: East - Open
in its capacity as trustee of various trusts mentioned below for each facility. Pursuant to the said assignments, EARC stepped into the shoes of the Assignor and exercises its rights as the secured
creditor. That EARC, in its capacity as secured creditor, had taken possession of the below mentioned immovable secured assets under 13(4) of SARFAESI Act and Rules there under. To Sky West - Flat No 604 North - Lift And Common Space South - Open To Sky.
Notice is hereby given to the public in general and in particular to the Borrower and Guarantor (s) that the below described immovable secured assets mortgaged in favor of the Secured 19 865841 [ 500- Nikhil Deepak Raulkar EARC- ICICI Bank Ltd., Rs. Rs. Rs. 90000/- 09-09-2021 Physical
Creditor, the physical possession of which has been taken by the Authorised Officer (AO) of Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” 0021106 ] of (BORROWER) Nariman Point ; 11,49,332.50PS 9,00,000/- (Rupees Ninety
TRUST- &
basis, for recovery of the amounts mentioned herein below due to EARC together with further interest and other expenses/costs thereon deducted for any money received by EARC from Deepak Datatraya Raulkar 000405118304; (Rupees Nine thousand
DHFL
Borrower and Guarantor. The Reserve Price and the Earnest Money Deposit are mentioned below for each property. (Co-borrower) SC-371 ICIC0000004 Lakhs Only) Only) 06.00 PM
Details of Secured Assets Put For Auction: Property Description: All Those Premises Bearing No.11, B-Wing, On The Ground Floor, Studio Apartment, Built Up Area Of 335sq.Ft Constructed On Plot No.68 To 73 & Survey No.102,
Sl Loan Account Name of Borrower / Trust Name of Bank & Branch, Total Outstanding Dues INR Reserve Price Earnest Money Date & Time Type Situated At Bhimashankar Hills,Tadwadi,Khandas Road Kashele,Off Karjat Murbad Road,Karjat Raigad Maharashtra 410201
No No & Selling Co Borrower Name Account Number & IFSC as on (in INR) Deposit (EMD) of Auction of 20 LAHM- Mukeshchandra K Panchal EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,20,000/- 10-09-2021 Physical
Institution Code 29-07-2021 in INR Possession (Borrower) Nariman Point ; 19,63,226.62PS 12,00,000/- (Rupees one lakh
STH000000954 TRUST- &
1 955544 [ 250- Mahesh Munilal Yadav EARC- ICICI Bank Ltd., Rs. Rs. 19,60,000 Rs.1,96,000 26-08-2021 Physical Mayaben Mukeshchandra 000405123774; (Rupees Twelve and twenty thou-
(BORROWER) Nariman Point ; 61,10,869.42PS (rupees nineteen (rupees one 7 /EHFL
0010316 ] / TRUST- & Panchal (Co-Borrower) SC-401 ICIC0000004 lakhs Only) sand Only) 10.30 AM
Anilkumar Munilal Yadav 000405118304; lakhs and sixty lakh ninety six Property Description: All That Property Bearing No. A/505, Shree Hari Residency ,Opp. Karnavati Appts-2, Nr. Shree Ram Residency, Lambha Narol Highway, Narol City :Ahmedabad State
DHFL
(Co-borrower) SC-371 ICIC0000004 thousand only thousand only) 10.30AM :Gujarat And Bounded As East: Corridor & A-504 ; West : Open To Sky ; North: Flat No.A-506 ; South: Open To Sky.
Property Description: Flat No 305,03rd Floor,Admeasuring 485 Sq.Ft(Built Up Area),Jivadani Darshan-Ii Chsl.,Constructed On Land No 92,Hissa No 11,Situated At Village :Virar,Tal: 21 LAHM- Madanlal Choudhary EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,20,000/- 10-09-2021 Physical
Vasai,Dist: Thane (Borrower) Nariman Point ; 25,49,242.96PS 12,00,000/- (Rupees one lakh
STH000006736 TRUST- &
2 LAUR0HL0000 Sachin Bhaskar Gawhale EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,20,000 26-08-2021 Physical Pushpa Madanlal Bhayal 000405123774; (Rupees twelve and twenty thou-
(Borrower) Nariman Point ; 36,26,568.84PS 12,00,000 (rupees one 0/ EHFL
045503 / EHFL TRUST- & (Co-Borrower) SC-401 ICIC0000004 lakhs Only) sand Only) 11.00 AM
Chanda Bhaskar Gawhale 000405123774; (Rupees twelve lakh twenty Property Description: All That Property Bearing Flat No B/14,Binali Apartment,Near Swami Petrol Pump,Nadiad Road,Kathlal,City: Kheda,State: Gujarat,Pincode:387630,Bounded As
Co-Borrower) SC-401 ICIC0000004 lakhs only) thousand only) 11.00 AM
Under: North - A Block South - C Block East - Flat No B-13 West - Staircase And Passage
Property Description: All That Part And Parcel Of The Property Bearing Row House No C-11,Admeasuring Total Built Up Area 764 Sq.Ft.,Gut No 269,Raje Harishchandra Co-Op Hsg
22 LAHM- Prakash Choudhary EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,20,000/- 10-09-2021 Physical
Soc.Mitmita Near Deogiri Valley Aurangabad 431001. Bounded By North : Row House No 12, South : Row House No 10 East : Road West : Row House No 26.
STH000006629 (Borrower) Nariman Point ; 25,49,179.20PS 12,00,000/- (Rupees one lakh
3 1431227 [ 104- Sainath Rayaban Mote EARC- ICICI Bank Ltd., Rs. Rs. 2,50,000 Rs.25,000 26-08-2021 Physical TRUST- &
Lila Choudhary 000405123774; (Rupees twelve and twenty thou-
(Borrower) Nariman Point ; 24,51,432.30PS (rupees two (Rupees twen- 0 / EHFL
00005385 ] / TRUST- & (Co-Borrower) SC-401 ICIC0000004 lakhs Only) sand Only) 11.30 AM
Renuka S Mote 000405118304; lakhs and fifty ty five thou-
DHFL Property Description: All That Property Bearing Flat No A/18 Binali ,Nr Swami Petrol Pump,Nadiad Road,Kayhal,City :Kheda,State: Gujarat,Pincode:387630 Bounded As Under: North -
(Co-Borrower) SC-371 ICIC0000004 thousand only) sand only) 11.30 AM
Open Space South - Other Wing And Society Space East - Road West – Flat No A-19.
Property Description: All that piece and parcel of open Plot No. 71, admeasuring 2820.16 Sq feet's, situated on Gut No 51, at Farola, Tq, Paithan, Dist Aurangabad, bounded as under :
East: Plot No. 72,73 ; West: 9.00 Meter Road ; South: Plot No 70 ; North: Plot & Field. 23 418FSP4022 Bharat joshi (BORROWER) EARC- ICICI Bank Ltd., Rs. Rs. 38,10,000/- Rs.3,81,000/- 10-09-2021 Physical
Madhavratna stainless steel Nariman Point ; 81,23,286.57PS (Rupees thirty (Rupees three lakhs
4 1061785 [104- Mr. Rajdeep Ramesh Sharma EARC- ICICI Bank Ltd., Rs. Rs.12,50,000/- Rs. 1,25,000/- 09-09-2021 Physical 5419 / BFL TRUST- &
(BORROWER); Nariman Point ; 21,95,428.36PS (Rupees Twelve (Rupees One Geetaben joshi Viral joshi 000405118414; eight lakhs and ten and eighty one thou-
00003863]of TRUST- & (Co-Borrowers) SC-376 ICIC0000004 thousand only) sand only) 12.00 NOON
Mrs.Rajashri Ramesh 000405118304; Lakhs Fifty thou- Lakh twenty five
DHFL Sharma (Co-borrower) SC-371 ICIC0000004 sand Only) thousand Only) 10.30AM Property Description: A Non Agricultural Plot No.29 Having Net Plot Area 195 Sq.Yards,I.E 163.04 Sq.Mts,(Whereas As Superbilt Up Area As 309sq.Yards I.E
Property Description: All That Piece And Parcel Of Flat No 06, First Floor,Building No D-1 (1bhk),Admeasuring 34.95sq.Mtrs, Dwarawati Residency Gut No 160,Mouje: Sawangi Tq. & Dist: Appx.258.36sq.Mtrs Including Roads,Ways,Common Plot ,Etc)Of The Scheme Known As Siddhi Vinayak Greens Forming Part Of The Land Of The New Block No 828/A/2 (Old
Aurangabad State : Maharashtra,Pincode 431001,Bounded By East : Flat No D-1/17, West : Compound Wall, North : Flat No D-2/5, South : Flat No D-1/5. Block No 828/A/2 829, 833/A Paiki & 833/B Of Mouje Kasindra ,Taluka:Daskaroi,District Ahmedabad.More Particularly Described In The Doc.No 4132/2015 Dt:27/08/2015 At Sro
5 928710 [ 104- Prakashkumar Jhanaklal EARC- ICICI Bank Ltd., Rs. Rs.7,00,000/- Rs. 70,000/- 09-09-2021 Physical ,Velajpur,Ahmedabad.Bounded As Under: East- Margin West- Road North- Margin And Plot No 28 South- Plot No 30.
00002820 ] Moheswar (Borrower) Nariman Point ; 8,90,438.09PS (Rupees
TRUST- (Rupees Seven & 24 413FSL824479 Shree Sai Enterprise EARC- ICICI Bank Ltd., Rs. 42,64,978.00PS Rs. Rs. Physical
Sarita Prakash Mokeshwar 000405118304; Seventy thou-
of DHFL 80 & 413FSL (Borrower) Rs. 9,93,392.53 1,44,000/-
(Co-Borrower) SC-371 ICIC0000004 Lakhs Only) sand Only) 11.00 AM TRUST- Nariman Point ; 14,40,0000/- 10-09-2021
Simaben Mohite (Rupees one
Property Description: All That Piece And Parcel Of Flat No G-6,Built Up Admg.45.81 Sq.Mtr Building Type Girijatmak ‘B’ Shree Ashtivinayak Vasaahat (Phase Ii) Project Constructed On The 82910800 & SC-376 Rs. 10,19,503.84 (Rupees fourteen &
Vikas Mohite
Land Admg 11196.233 Sq.Mtr.,Gut No 99, Village Gangapur (Jahangir),Tq. & Dist- Aurangabad Bounded As Under: East : Internal Road, West : Girijatmak A Flat No G-6, North : Girijatmak 000405118414; lakh forty four
413FSL824480 Veteran Elevators Pvt. Ltd. Lakhs and forty
B Flat No G-7, South : Girijatmak B Flat No G-5 thousand 12.30 PM
97 of BFL Vijay Mohite Mahesh ICIC0000004
6 1250186 [ 104- Rajesh Vishwanath Umbare EARC- ICICI Bank Ltd., Rs. Rs.3.50,000/- Rs. 35,000/- 09-09-2021 Physical thousand Only) Only)
(BORROWER) Nariman Point ; 6,99,178.83 PS (Rupees three (Rupees thirty Gaekwad (Co-Borrowers)
00004530 ] of TRUST- &
Yogita Ramesh Dhepe 000405118304; lakhs and fifty five thousand Property Description :All That Flat No D/403, Adm 638 Sq.Ft.,And Open Terrace Adm 800sq.Ft., 4th Floor Of Pavitra Flats,Situated In Land Bearing R.S No 41,C.S No 2035 Of
DHFL
(Co-Borrower) SC-371 ICIC0000004 thousand Only) Only) 11.30 AM Village Makarpura,Ta & Dist: Vadodara .Morefully Described In Sale Deed No 1377,Dt:19/05/2015 And Bounded As North: Flat No D/404 South: Flat No C/403 East: Flat No D/402
Property Description: All That Piece And Parcel Of Open Plot No 10,Admeasuring 105.00 Sq.Mtrs.,Situated On Gut No 121 To The Extent 81 R, Golden Sunrise-1,Situated At Shendra West: Pavitra Township
(Jahangir),Aurangabad Bounded As Under,More Particularly Described In Document No 539/2016,Dated 25-01-2016,Registered At Sro Aurangabad-2,Maharashtra East : Plot No 7, West : 25 HL/0104/H/16/1 Vora Dakshaben EARC- ICICI Bank Ltd., Rs. Rs. Rs. 10-09-2021 Physical
9.00 Mtr Road, North : Plot No 11, South : Plot No 9. (BORROWER) Nariman Point ; 29,36,508.62PS 10,00,000/- 100000/-
00009 / MHFL TRUST- &
7 1067931 [ 104- Shakib Habib Mohammad EARC- ICICI Bank Ltd., Rs. Rs. 1,50,000/- Rs.15,000/- 09-09-2021 Physical Jayesh Vinubhai Vora 000405118258; (Rupees ten (Rupees One
00003947 ]/ (Borrower) Nariman Point ; 10,79,957.84PS (Rupees one (Rupees fif- (Co-borrower) SC-370 ICIC0000004 Lakhs Only) lakh Only) 1.00 PM
TRUST- &
Farin Begam Mohammad 000405118304; lakh and fifty teen thousand Property Description: All That Part And Parcel Of The Mortgaged Property/House No 18,Girirj Park,City Survey No 362,Sheet No 21,Old Survey No 206,Paiki Hissa No
DHFL
Shakeeb (Co-Borrower) SC-371 ICIC0000004 thousand Only) Only) 12.00 noon 8,Mouje:Nandej,Ahmedabad 382435,Near Padmavati Society,Hathijan Village To Barejadi Road,Ahmedabad,Gujarat,Bounded As Under: East: Society Road West: Margin North: House
Property Description: All That Piece And Parcel Of Plot No 06,Admeasuring 78.00 Sq.Mtrs.Village House No 2864/06,Gut No 5 & 6 Sameer Nagar Near Shifa Row House Renuka Mata No 19 South: Society Road
Road Manatha City Jalna State: Maharashtra,Pincode 431203.More Particularly Described In Document No 309/2015 Dated 12-02 2015 At Sro Mantha Bounded By East : Gut No 5 Middle 26 HL/0190/H/1 Bharatkumar R Kayasth EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,35,000 10-09-2021 Physical
Part; West : Road; North : Plot No 5; South : Plot No 7 (Borrower) Minaxiben B 13,50,000/- (Rupees One
4/100220 Nariman Point ; 24,84,685.52PS &
8 1652463 [ 680- Saif Hussain Farooq Hussain EARC- ICICI Bank Ltd., Rs. Rs. 2,40,000/- Rs.24,000/- 09-09-2021 Physical Kayasth (Co-Borrower) TRUST- (Rupees thirteen lakhs thirty five
(BORROWER) Nariman Point ; 24,67,065.78PS (Rupees Two (Rupees of MHFL 000405118258
0002000 ] / TRUST- & Jaykumar Bharat Kayasth Lakhs and fifty thousand 01.30 PM
Farooq Ahmed Hussain 000405118304; lakhs and forty Twenty four (Co-Borrower) SC-370 ICIC0000004 thousand Only) Only)
DHFL
(Co-Borrower) SC-371 ICIC0000004 thousand Only) thousand Only) 12.30 PM Property Description: All That Part & Parcel Of The Property Consisting Of South Side Flat No. 102, 1st Floor, Adm. 1011 Sq.Ft. Along With Undivided Share In The Land Of Gopinathji
Property Description: All That Piece And Parcel Of Plot No 5,In Gut No 134,Door No 10-3-1510 Pin No.40410030269 Total Admeasuring 180 Sq.Mtrs.,Situated At Village Waghala,Nanded Situated At C.S. No. 50, Tika No. 3/1, Adm. 178.09 Sq.Mtr., Municipal House No. 887/102 Of Mouje Gandevi Nagar Palika, Tal-Gandevi, Dist. Navsari, Gujarat.
With The Jurisdiction Of N.W.M.C And Bounded By North : Part Of Gut No 84; South : 5mtrs Wide Road ; East : Open Land; West : Plot No 6;
27 HL/0222/H/13/1 Nayar P P (BORROWER) EARC- ICICI Bank Ltd., Rs. 7,78,409.62PS Rs. 4,50,000/- Rs. 10-09-2021 Physical
9 1294432 [ 188- Ajay M Vasudev EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,50,000/- 09-09-2021 Physical Krishna Automobiles
(BORROWER) Nariman Point ; 21,33,663.54 PS 15,00,000/- (Rupees One 00104 & Nariman Point ; & (Rupees four 45,000/- &
00001564 ]/ TRUST- & Autoelectricals TRUST-
Rubina Asgar Shaikh 000405118304; (Rupees Fifteen lakh fifty thou- HL/0222/H/13/1
DHFL (Co-borrower) 000405118258; Rs.4,55,013.39PS lakhs and fifty (Rupees Forty 02.00 PM
(Co-Borrower) SC-371 ICIC0000004 lakhs Only) sand Only) 1.00PM 00106 / MHFL Nayar Priyaben SC-370
Property Description: All That Flat/Shop No 305,Third Floor Of The Building Namely Glorious Lifestyle C-Wing ,Admeasuring 405sq.Ft. Carpet Area Or There About Land Bearing Survey No ICIC0000004 thousand only) five Only)
(Co-Borrower)
161 ,Hissa No 1 +2/3 Admeasuring H.R 0-03-2,Potkharaba 0-02-09 Assessed At Rs.0.10 Paise Lying Being Situated At Village Nilemore ,Nallasopara West, Taluka Vasai, Dist Palghara, Within Property Description: All That Part & Parcel Of The Property Consisting Of Flat No. B-407, 4th Floor, Tower-B, Sai Lata Apartment, Admeasuring 35.Sq.Meters, Near Vijay Society, Ajwa Road,
The Limit Of Nalasopara Nagar Palika ,Registration Sub District Of Vasai Registration District Of Palghar,Zilla Parishad Of Palghar, Jurisdiction Of Sub Registrar Vasai.
On The Land Bearing R S No.159/6 Paiki T P S No.6, F P No. 131/1, Bhd. Sardar Estate Society, Mauje Sayajipura, Tal-Dist. Vadodara, Gujarat And Bounded By East : Tower C, West :
10 773930 [ 139- Prashant Ganpat Nikam EARC- ICICI Bank Ltd., Rs. 11,94,377.07 Rs. Rs. 09-09-2021 Physical
Tower A; North: Flat No.403-Tower B; South: Flat No.405.
00000109 ] & (Borrower) Nariman Point ; & 10,00,000/- 1,00,000-
TRUST- & 28 LPUNLAP0000022995 Ashish L Somani EARC- ICICI Bank Ltd., Rs. 10,30,578.16PS Rs38,00,000/- Rs. 3,80,000/- 10-09-2021 Physical
1259053 [ 139- Nanda Ganpat Nikam 000405118304; (Rupees Ten (Rupees one lakh
Rs. 9,17,179.24 ps & (Borrower) Nariman Point ; & (Rupees thirty (Rupees three
00001601 ] / DHFL (Co-Borrower) SC-371 ICIC0000004 lakhs Only) Only) 1.30 PM TRUST- &
LPUNLAP0000018730 / Archana Somani 000405118252; eight Lakhs lakhs and eighty
Property Description: All That Flat No 401,4th Floor E-1 Wing, Admeasuring 300sq.Ft Built Up Area, Bhalchandra Nagar,Phase Iii, Survey No.3 A/1, (Old Survey No.283, Hissa No.8, Situated Rs. 59,24,007.67
EHFL (Co-Borrower) SC-378 ICIC0000004 Only) thousand Only) 02.30 PM
At Chandansar, Virar East,Tal-Vasai,Dist- Palghar,Within Jurisdiction Of Sub-Registrar Vasai
Property Description: All Thata Part And Parcel Of Property Bearaing Flat No 202,2nd Floor,Built Up Area 920 Sq.Ft,I.E 85.50 Sq.Fts Along With 8 %Undivided Share In The Common Area
11 LPUN- Durgesh Kumar Sharma EARC- ICICI Bank Ltd., Rs. Rs. Rs1,70,000/- 09-09-2021 & Physical
And Facilities,Girija Smruti Apt,Cts No 288 B,Rasta Peth,Taluka Haveli,Pune. Bounded As North - Cts No 288 South - Mr.Bhwarlal Mehta S Flat East - Road West- Cts No 287
STH000003048 (Borrower) Nariman Point ; 33,59,245.51ps 17,00,000/- (Rupees one lakh
TRUST- 02.00 29 650014062253 Nobel Impex (Borrower) EARC- ICICI Bank Ltd., Rs. Rs. Rs.2,60,000/- 10-09-2021 Physical
Ambalika Sharma 000405123774; (Rupees seven- and seventy
4 of EHFL Manjula M Jain 13,92,04,640.23 PS
(Co-Borrower) SC-401 ICIC0000004 teen lakhs Only) thousand Only) PM / IBL Nariman Point ; 26,00,000/- (Rupees two &
(Co-Borrower) TRUST-
Property Description: All That Consisting Of Flat No. 309 Admeasuring 855 Sq. Ft I.E., 79.46 Sq. Mtrs., Third Floor, In The Wing 'C', In The Building Known As "Kuber Properties "C" Co-
Indermal Jain (Co-Borrower) 000405123431; (Rupees twenty lakhs sixty 03.00 PM
Operative Housing Society Limited", Constructed On The Land Bearing S. No. 54 Hissa No. 18, Situated At Ambegaon Budruk, Taluka Haveli, District Pune North: Flat No.301 ; South: Flat
Narendra Jain (Co-Borrower) SC-353
No.308; East: Flat No.306; West: Open Space & Road ICIC0000004
Mohanlal Jain (Co-Borrower) six Lakhs Only) thousand only)
12 HM/0461/H/16/ Mayur Maganlal Salve EARC- ICICI Bank Ltd., Rs. Rs. Rs.70,000/- 09-09-2021 & Physical
(Borrower) Nariman Point ; 19,64,137.54 PS 7,00,000/- (Rupees sev- Property Description: All That Piece And Parcels Of Open Plot Bearing No.G-5 Admeasuring Approximately 3995/4794 Sq. Ft Of The Carpet / Built-Up Area Respectively On
100001 TRUST- 02.30
Kajal Mayur Salave 000405118258; (Rupees Seven enty thousand The Land Bearing Survey Nos.161/8, 147/4(Part)–7-8-9, 157/4/1a-1b, 157/5-6, 158/3, 158/4/2a, 158/4/2b, 158/5-6, 159/1, 159/2/1-2, 159/3/1, 159/3/2, 161/1-2-4, 161/3/1, 161/5
/ MHFL (Part)–7, 147/1, 161/6, 158/7, 147/12, 157/4/2 All Being Situated At Village Usatane, Taluka Ambernath, District Thane. State :Maharashtra.
(Co-Borrower) SC-370 ICIC0000004 lakhs Only) Only) PM
Property Description: All That Part & Parcel Of The Property Consisting Of Flat No A-11 With Parking, Admeasuring 550sq.Ft Third Floor, A-Wing, Sai Shrushti, Plot No 19, 20 And 21, S.No. 30 650002863907 Swastik Corporation EARC- ICICI Bank Ltd.,
90 (Old S. No.207), Bilawal, Balaji Nagar, Daund Gramin Pune, City :Pune State :Maharashtra -413801 (Borrower) Nariman Point ; Rs. 25,39,22,955.90
& TRUST-
13 LMUM0HL000 Sandeep Gaikwad EARC- ICICI Bank Ltd., Rs. Rs.8,90,000/- Rs.89,000/- 09-09-2021 Physical Sunita Govind Mundada
510003467200 000405123431 &
(Borrower) Nariman Point ; 56,19,429.29PS (Rupees eight (Rupees (Gurantor)
0059067 / TRUST- & SC-353
Kaosalya Changoji Gaikwad 000405123774; lakhs and ninety eighty nine / IBL Govind S Mundada ICIC0000004 2,11,52,298.35PS
EHFL (Gurantor)
(Co-Borrower) SC-401 ICIC0000004 thousand Only) thousand Only) 03.00 PM
Property Description: All That Part And Parcel Of The Property Bearing Apartment No 104 Of Carpet Area Admeasuring 32.69sq.Mtrs On 1st Floor, In The Building Known As Shiv Opal In PROPERTY NO.1 Property Description: All Right Title And Interest In The Immovable Property Bearing Plot No 49 Rs. Rs. 4,10,000/- Physical
10-09-2021
Phase-Ii, In The Complex Known As Wadhwa Rhodesia, Constructed On Survey No.158, Hissa No.9[P], Lying, Being And Situate At Revenue Village Kamatghar, Tal. Bhiwandi, Dist. Thane, Admeasuring 418 Sq. Mtrs In The Society Known As “Shivanjali Residency”Oad. Situated On The Non- 41,00,000/- (Rupees Four
Within The Limits Of Bhiwandi Nizampur City Municipal Corporation And Within The Limits Of Registration District Thane And Sub-Registration District Bhiwandi Agricultural Land Bearing Block No 1 And 2 (Before Amalgamation Block No 1 To 6) At Village : Bhatia, lakhs and ten &
Sub-District Choryasi, District Surat And The Said Property Is Surrounded As Under:: North : Plot (Rupees Forty thousand only
14 1396895 [ 263- Jayshree Baban Khambe EARC- ICICI Bank Ltd., Rs. Rs. Rs.90,000/- 09-09-2021 Physical 03.30 PM
(Borrower) Nariman Point ; 23,18,006.13PS 9,00,000/- (Rupees Ninety No 50 South : Plot No 48 East : Plot No 34 West : Road., Surat, Gujarat one Lakhs Only) Only)
00000410 ]/ TRUST- & PROPERTY NO.2 All Right Title And Interest In The Immovable Property Bearing Plot No 20 Admeasuring 673.66 Sq. Rs. 27,00,000/- Rs. 2,70,000/-
Amit Baban Khambe 000405118304; (Rupees Nine thousand 10-09-2021 Physical
DHFL (Co-Borrower) SC-371 ICIC0000004 Lakhs Only) Only) 03.30 PM Mtrs (As Per Village Form No 7/12 Admeasuring 672.96 Sq. Mtrs) In “Shiv Shakti Farms” Situated On (Rupees Twenty (Rupees Two
Property Description: Flat No. F-001, Ground Floor, Admeasuring 450sq.Ft Built Up Area, Building Known As Ratneshwar Apartment, Constructed On Land Bearing C.S.No.2773a/1/1, Land Bearing Block No 271, Khata No 257 Admeasuring 36321 Sq. Mtrs At Village Unn, Sub District lakhs and &
Navsari, District Navsari And Said Property Is Surrounded As Under:: North : Plot No 19 South : Seven Lakhs Seventy thou-
2773a/1/2, 2773a/1/3, Village: Kumbhar Ali Mahad, Nr. Veereshwer Temple. Taluka: Mahad, Dist: Raigad , State : Maharashtra Pincode:402109 More Fully Described In Doc No.3392/2016 04.00 PM
Dated:17.11.2016 Registered At Mahad, Maharashtra. Plot No 21 East : Road West : Plot No 11., Navsari, Gujarat Only) sand only Only)
15 1017819 [ 112- Kailash Gehrilal Shisodia EARC- ICICI Bank Ltd., Rs. Rs. 9,40,000/- Rs.94,000/- 09-09-2021 Physical PROPERTY NO.3 All Right Title And Interest In The Immovable Property Bearing Plot No 48 Admeasuring 460.70 Sq. Rs. Rs. Physical
(Borrower) Nariman Point ; 67,16,866.97PS (Rupees nine (Rupees ninety Mtrs In The Society Known As “Shivanjali Residency” Situated On The Non-Agricultural Land Bearing 10-09-2021
00002995 ]of TRUST- & 45,00,000/- 4,50,000/-
Manju Kailash Shisodia 000405118304; Lakhs Forty four thousand Block No 1 And 2 (Before Amalgamation Block No 1 To 6) At Village : Bhatia, Sub-District Choryasi, &
DHFL (Rupees four
(Co-Borrower) SC-371 ICIC0000004 thousand Only) Only) 04.00 PM (Rupees forty
District Surat And The Said Property Is Surrounded As Under:: North : Plot No 49 South : Road Lakhs Fifty
Property Description: All That Property Bearing Flat No 406, 4th Floor, B Wing, Admeasuring 580sq.Ft, Vakratunda Apartment, Constructe On Sy.No.153, Hissa No.2a, Boripakhadi, Tal 04.30 PM
East : Plot No 35 West : Road., Surat, Gujarat five lakhs Only) Thousand Only)
:Uran,State Maharashtra, Bounded By East : Staircase,Flat No 403,404, West : A Wing, North : Common Lift Space, South : Flat No 405
16 1401111 [ 250- Raghuraj Kandalgaonkar EARC- ICICI Bank Ltd., Rs. Rs. Rs.1,40,000/- 09-09-2021
00000397 ]/ (Borrower);
TRUST-
Nariman Point ; 41,29,790.19PS 14,00,000/-(Rupees (Rupees One
&
Physical
Important Information regarding Auction Process:
Madhavi V Kandalgaonkar 000405118304; Fourteen Lakhs Lakh Forty thou- 1 All Demand Drafts (DD) shall be drawn in favor of Trust name as mentioned above and payable at Mumbai.
DHFL
(Co-Borrower) SC-371 ICIC0000004 Only) sand Only) 04.30 PM 2 Last Date of Submission of EMD Received 1 day prior to the date of auction
Property Description: Flat No 303,Admeasuring 825 Sq.Ft (Built-Up Area),3rd Floor C-Wing,Bldg. No 10,Sai Moreshwar Phase Ii, Sy No 15 Hissa No.2, Mouje:Vanjarpada,Karjat 3 Place for Submission of Bids At Retail Central Office , Mumbai (mentioned above)
Taluka,Raigadh District,City: Neral East ,State :Maharashtra,Pincode:410201. E-Auction (https://auction.edelweissarc.in)
4 Place of Auction (Web Site for Auction)
17 1639137 [ 162- Hiralal Mahkulal Varma EARC- ICICI Bank Ltd., Rs. Rs.8,25,000/- Rs.82,500/- 09-09-2021 Physical
5 Contact Persons with Phone Nos. Mr. Anshuman More, Mobile No.7304948475
00002428 ]/ (Borrower) Nariman Point ; 22,59,293.81PS (rupees eight lakhs (Rupees eighty two
TRUST- & 6 Date & Time of Inspection of the Property As per prior appointment
Beby Hiralal Varma 000405118304; and twenty five thousand and five
DHFL For detailed terms and conditions of the sale, please refer to the link provided in EARC’s website i.e. https://auction.edelweissarc.in
(Co-Borrower) SC-371 ICIC0000004 thousand only) hundred Only) 05.00 PM
Property Description: Flat No 104,1st Floor,In Building No 8,Known As Sai Moreshwar Complex ,Admeasuring 290 Sq.Ft On Land Or Ground Bearing Survey No 15,Hissa No 2,Lying,Being And Date: 06.08.2021 Sd/- Authorized Officer
Situated Within The Limits Of Vanjarapada,Taluka-Karjat,And Sub Registration And District Raigad, Bounded As East : Other Wing, West : Flat No 102, North : Open To Sky, South : Flat No 105. Place Mumbai, Maharashtra For Edelweiss Asset Reconstruction Company Limited
 Procter & Gamble Health Limited
(formerly known as Merck Limited)
18
>
MUMBAI | 7 AUGUST 2021 1
CIN: L99999MH1967PLC013726
Regd. Office: - Godrej One, 8th Floor, Phirojshanagar, Eastern Express Highway,
Vikhroli East, Mumbai - 400079
Tel: (91-22) 6866 9000. Website: www.pghealthindia.com Email ID: Investorgrievance.im@pg.com
NOTICE is hereby given that following share certificate(s) issued by the Company are stated to be lost
/ misplaced and the registered holders thereof have applied to the Company for issue of duplicate
share certificates.
Folio No. Name of the Shareholder Share Certificate No. Distinctive Numbers No. of Shares
From To
A001228 Ashok Kumari N Jain 14325 2094684 2094708 25
The public is hereby warned against purchasing or dealing in any way with the above share
certificates. Any person(s) who has/have any claim(s) with the Company in respect of the said share
certificates should lodge such claims at its registered office at the address given above within 15 days
of the publication of this notice after which no claim will be entertained and the Company will proceed
to issue duplicate share certificates. For Procter & Gamble Health Limited
Sd/-
Place: Mumbai Milind Thatte
Date: August 06, 2021 Managing Director

PUBLIC NOTICE
Notice is hereby given that Ms.
Savita Prabhu Singh & Mr. Suraj
Kirti Patel joint owners in respect
of flat Nos. A-702 and B-702 had
sold their flats in Noble House Co-
operative Society Ltd., situated at
Old Plot No. F7 to 14, CTS No.
6 2 6 / 6 t o 11 , O ff V i l l a g e –
O s h i w a r a , A n d h e r i ( We s t ) ,
Mumbai – 400053. to Mr.
Rishank Tiwari vide agreement
executed between both the
parties dated 16/03/2021.
Further Mr. Rishank Tiwari had PUBLIC NOTICE
applied to Noble House Co- Notice is hereby given on behalf of my
operative Housing Society Ltd., clients Smt. BIMLESH KISHANCHAND
for membership of these two flats. AGARWAL, SMT. ANITA NARENDRA
It was observed that neither GUPTA, Shri ANNANYA NARENDRA
sellers nor buyer were able to GUPTAand NARENDRAKUMAR GUPTA
produce original copies of earlier who are intend to purchase the land with
registered agreements and structure from 1.) Smt. Hira Gajanan
Mahtre, 2) Parvati Tukaram Patil, 3) Lata
original share certificate to society
Jitendra Patil, 4) Shobha Anand Mahtre,
f o r v e r i fi c a t i o n .
5) Yogesh Anant Patil, 6) Pragati Bhupesh
The society hereby invites claims Patil with their all vested right, title,
or objections from the all such interest, possession in the said property
claimants/objector or objectors to owner admeasuring area 1500 Sq.mtrs.
the transfer of the said shares and with entire structure i.e. 120 Sq. Mtrs. out
interest of Ms. Savita Prabhu of total area 5027.30 Sq.mtrs. bearing
Singh & Mr. Suraj Kirti Patel in the Survey No. 59, Hissa No. 3, as per 7/12
capital/property of the society Extract, of which old CTS Number was
within a period of 14 days from the 1728 and old 1727 amalgamated into New
publication of this notice, with CTS No. 1723 (part), standing thereon
copies of such documents and corresponding old CTS No. 1728 and old
other proofs in support of 1727, thereon of Village - Eksar, Taluka -
his/her/their claims/objections for Borivali (West), Mumbai - 400092.
transfer of shares and interest of If any person's claim any right for above
Ms. Savita Prabhu Singh & Mr. said property should put up their claim,
Suraj Kirti Patel in the capital/ right, title, interest, possession pledge lien
property of the society. If no gift, tenancy ownership or any
claims/objections are received encumbrances in any nature for the said
within the period prescribed property may please inform about their
above, the society shall be free to claim within 14 days from the date of this
deal with the shares and interest notice being published to the Advocate at
of Ms. Savita Prabhu Singh & Mr. the address below or else the same will be
Suraj Kirti Patel in the treated as waived renounced and / or
capital/property of the society in relinquished in favour of my client.
such manner as is provided under Sd/-
the byelaws of the society. The
claims/objections, if any, received
RAVI K. DUBEY, Advocate
H/203, Poonam Shrusthi, Nr. Latif Park Masjid,
by the society for transfer of Opp. S.K. Stone, Mira bhayender Road, Miraroad (E),
shares and interest of Ms. Savita Date: 07/08/2021 Place: Mumbai
Prabhu Singh & Mr. Suraj Kirti
Patel in the capital/property of the
society shall be dealt within the
manner provided under the
byelaws of the society. A copy of
the registered byelaws of the
society is available for inspection
by the claimants/objectors, in the
office of the society / with the
Secretary of the society between
2 pm to 5 pm from the date of
publication of the notice till the
date of expiry of its period.
For and on behalf of
Noble House CHS. Ltd.
Sd/-
Hon. Secretary
Place: Mumbai Date: 07.08.2021

NXTDIGITAL LIMITED
(Formerly known as Hinduja Ventures Limited)
CIN: L51900MH1985PLC036896
Regd. Office: IN CENTRE, 49/50, MIDC, 12th Road, Andheri (East), Mumbai-400 093
Phone No. 022-28208585 | E-mail Id: investorgrievances@nxtdigital.in I web: www.nxtdigital.co.in
NOTICE
NOTICE
(For the attention of Equity Shareholders of the Company)
Transfer of Equity Shares of the Company to Investor Education and Protection Fund (IEPF)
BASF India Limited
This notice is published pursuant to the applicable provisions of the Companies Act, 2013 (“Act”) read with Investor Regd. Office : The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“Rules”) notified by Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India,
the Ministry of Corporate Affairs as amended from time to time. Tel: 022-62785600.
We create chemistry
Members are hereby informed that pursuant to Section 124(6) of the Act read with the Rules, all the shares in respect
of which dividend have remained unclaimed/unpaid for a period of seven (7) consecutive years or more, are required
to be statutorily transferred to the Investor and Education Protection Fund (“IEPF”) established by the Investor STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
Education and Protection Fund Authority. Rs. in million
As per the records of the Company, certain shareholders have not claimed the dividend declared and paid by the Corresponding
Company for the financial year 2013-14 and onwards for seven consecutive years. Accordingly, the shares wherein Preceding 3 months
the dividend for the financial year 2013-14 and onwards has remained unpaid/ unclaimed for seven consecutive Particulars 3 months 3 months ended in the Previous
years are liable to be transferred to IEPF, if not claimed by the shareholders in time. ended ended previous year year ended
Pursuant to the said Rules, the Company had sent individual communication to those members who have not 30/06/2021 31/03/2021 30/06/2020 31/03/2021
encashed their dividends for seven (7) consecutive years and whose shares are liable to be transferred to the IEPF, (Unaudited) (Unaudited) (Unaudited) (Audited)
requesting them to claim their unclaimed/unpaid dividend amount(s) for the financial year 2013-14 and onwards by Total income from operations 30,162.9 28,098.0 17,894.8 95,748.6
submitting the requisite documents to the Company's Registrar and Transfer Agent – KFin Technologies Private Net Profit/ (Loss) for the period (before tax, before
Limited on or before Wednesday, October 20, 2021 to enable processing of claims before the due date and in order exceptional items) 2,484.4 1,706.1 (406.9) 4,378.7
to avoid transfer of equity shares and unpaid/unclaimed dividend for the year 2013-14 to the IEPF. Exceptional items - (215.2) - 4,020.9
The Company has also uploaded the details of such members and shares due to transfer to IEPF on its Net Profit for the period (before tax, after exceptional
w e b s i t e a t w w w. n x t d i g i t a l . c o . i n M e m b e r s a r e r e q u e s t e d t o r e f e r t h e w e b - l i n k items) 2,484.4 1,490.9 (406.9) 8,399.6
Net Profit for the period (after tax, after exceptional items) 1,972.8 558.1 (311.8) 5,526.1
http://nxtdigital.co.in/investors/unclaimed-dividend/ to verify the details of unencashed dividends and shares liable
Total Comprehensive Income for the period (Comprising
to be transferred to IEPF.
Profit/(Loss) for the period (after tax) and Other
The concerned members, holding shares in physical form and whose shares are liable to be transferred to IEPF, may
Comprehensive Income (after tax)) 1,970.5 585.7 (319.0) 5,540.1
note that Company would be issuing duplicate share certificates in lieu of original share certificates held by them for
Equity Share Capital (Face value of Rs 10/- each) 432.9 432.9 432.9 432.9
the purpose of transfer of shares to IEPF as per Rules and upon such issue, the Original Shares which are registered
Reserves (excluding Revaluation Reserves) as shown in
in the name of the member will automatically stand cancelled and non-negotiable. The concerned members holding
the Balance Sheet of previous year - - - 17,428.6
shares in dematerialized form (DEMAT) may note that the Company shall inform the depository by way of corporate
Earnings Per Share (EPS):
action for transfer of shares in favor of the IEPF.
Basic and diluted EPS after exceptional items for the
In case the Company does not receive any communication from the concerned members by Wednesday, October period, for the year to date and for the previous year (not
20, 2021, the Company shall with a view to complying with the requirements set out in the Rule, transfer the shares to 45.6 12.9 (7.2) 127.7
annualised) (Face value of Rs 10/- each)
the IEPF without further notice in accordance with the requirement of the said Rules. Please note that no claim shall
Basic and diluted EPS before exceptional items for the
lie against the Company in respect of unpaid/unclaimed dividend and shares transferred to IEPF pursuant to the said
period, for the year to date and for the previous year (not
Rules.
annualised) (Face value of Rs 10/- each) 45.6 16.1 (7.2) 58.6
The members may please note that both the unpaid/unclaimed dividend and the shares transferred to IEPF including
Notes:
all benefits accruing on such shares, if any, can be claimed back by the concerned members from the IEPF by
following the procedure prescribed under the Rules. 1 The above is an extract of the detailed format of Quarterly/ Annual Financial Results filed with the Stock Exchanges
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full
In case of any clarification / assistance in this regard, the concerned member(s) may write to the Company's
format of the Quarterly/ Annual Financial Results are available on the Stock Exchange websites viz.,
Registrar and Transfer Agent – KFin Technologies Private Limited, Selenium Tower B, Plot No. 31- 32, Gachibowli,
www.bseindia.com and www.nseindia.com and the Investor Relations section of the Company’s website at
Financial District, Nanakramguda, Hyderabad - 500 032 or by sending an e-mail to einward.ris@kfintech.com or by
www.basf.com/in.
sending an email to the Company at investorgrievances@nxtdigital.in
2 The above financial results for BASF India Limited ('the Company') for the quarter ended June 30, 2021 have been
For NXTDIGITAL LIMITED reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on August 6,
(Formerly known as Hinduja Ventures Limited) 2021. The above results have been subjected to limited review by the statutory auditors of the Company.
Sd/- On behalf of the Board of Directors
Place: Mumbai Ashish Pandey CIN No.: L33112MH1943FLC003972 Narayan Krishnamohan
Date : August 05, 2021 Company Secretary Mumbai Managing Director
August 6, 2021 DIN : 08350849
>
MUMBAI |
Gillette India Limited
CIN: L28931MH1984PLC267130
Regd. Office: P & G Plaza, Cardinal Gracias Road, Chakala,
Andheri (E), Mumbai 400 099
Tel: (91-22) 2826 6000; Fax: (91-22) 2826 7337;
email ID: investorgil.im@pg.com;
website: in.pg.com
SUB: TRANSFER OF EQUITY SHARES OF THE COMPANY
TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of Section 124 of the Companies Act,
2013 read along with the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
(“IEPF Rules”) notified by the Ministry of Corporate Affairs (“MCA”)
on 28th February, 2017 including subsequent amendments, if any,
the Company is required to transfer all shares in respect of which
dividend has not been paid or claimed by the shareholders for
seven consecutive years or more in the name of Investor Education
and Protection Fund Suspense Account (“IEPF Suspense
Account”) with one of the Depository Participants to be identified by
the Investor Education and Protection Fund Authority (“IEPF
Authority”). Adhering to the various requirements set out in the
Rules, the Company is communicating individually to the
concerned shareholders whose shares are liable to be transferred
to the DEMAT Account of the IEPF Authority, at their latest
available address registered with the Company and has uploaded
full details of such shareholders and shares due for transfer to the
DEMAT Account of the IEPF Authority on its website at in.pg.com
In case the Company does not receive any communication from
the concerned shareholders by October 15, 2021 or such other
date as may be extended, the Company shall, with a view of
complying with the requirements set out in IEPF Rules, transfer the
shares to the DEMAT Account of the IEPF Authority by the due date
as stipulated in IEPF Rules, without any further notice as per
procedure stipulated in IEPF Rules which are as under:
i) In case shares held in physical form: by issuance of duplicate
share certificate(s) and thereafter by informing the depository
by way of corporate action to convert the duplicate share
certificate into DEMAT form and transfer in favour of the IEPF
Authority.
ii) In case shares are held in demat mode: by informing the
depository by way of corporate action, where the shareholders
have their accounts for transfer of the shares in favour of the
IEPF Authority.
The Concerned shareholders may note that, upon such transfer,
they can claim the said share(s) along with the dividend(s) from
IEPF Authority after following the procedure prescribed under IEPF
Rules. No claim shall, however, lie against the Company in
respect of the said unclaimed dividends and the shares
transferred as above.
For any queries on the subject matter, you may write to/contact the
Company’s Registrar and Share Transfer Agent, M/s MAS Services
Limited, T-34, 2nd floor, Okhla Industrial Area, Phase II, New Delhi
– 110 020, Phone: 011-26387281/82, Fax: 011- 26387384, e-mail:
info@masserv.com and/or to the Company at abovementioned
registered office.
For Gillette India Limited
Sd/-
Place: Mumbai Ghanashyam Hegde
Date: August 06,2021 Company Secretary
7 AUGUST 2021 19
PUBLIC NOTICE
Notice is hereby given that to Public
at large that my Client Mrs. Surekha
Janradhan Patil have lost original
Chain First Agreement for sale Dated
22.06.2007 Vide Registered 8057/
2007 between Mr. Dattatraya K. Patil
and Smt. Bhanumati Jaywant Patil in
respect of Flat No. 305, Third Floor,
Disha Apartment M.B. Estate, Virar
West TQ, Vasai Dist Palghar and any
person found or having any concerns
regarding the said Original documents
shall return the documents to me
within 14 Days from the publication of
this notice on my given below address.
All Persons claiming right, title and
interest on the said property or any
part thereof, by way of sale, exchange,
mortgage, gift inheritance, bequest,
possession, lien lease, easement or
otherwise howsoever are hereby
required to communicate the same to
undersigned in writing with full
particulars and details within 14 Days
from the date of publication hereof,
failing which shall be deemed to have
waived for all intents and purposes
and free from all encumbrances.
Mr. Amit N. Pandit
Advocate Highnd Court
11, Meghdoot Bldg, 2 Floor,
Opp. Virar Railway Station,
Virar West, Tal. Vasai, Dist. Palghar.
Date : 07.08.2021
UGRO CAPITAL LIMITED
Corporate Identification Number (CIN): L67120MH1993PLC070739.
Registered Office: Equinox Business Park, Tower -3, 4th Floor, LBS Marg,
Off BKC Road, Kurla (West), Mumbai 400070.
Tel: +91-22-48918686; Website: www.ugrocapital.com
E-mail: cs@ugrocapital.com
ANNUAL GENERAL MEETING NOTICE
Notice is hereby given that the 28th Annual General Meeting (“AGM”) of the
members of UGRO Capital Limited (‘the Company’) will be held on Wednesday,
1st September, 2021 at 11.00 a.m., through Video Conferencing (“VC”)/ Other
Audio Visual Means (“OAVM”) to transact the business specified in the Notice
convening the AGM of the Company. The Company has sent the Annual Report
of the Company for the Financial Year 2020-21 along with the AGM Notice and
E-voting procedure on 6th August, 2021 through electronic means to Members
whose e-mail address were registered with the Company/ the Registrar and
Transfer Agent/ Depositories in compliance with the applicable provisions
of the Companies Act, 2013, (“the Act”), circulars issued by the Ministry of
Corporate affairs dated May 05, 2020 read with circulars dated April 08, 2020,
April 13, 2020, May 5, 2020 and January 13, 2021 respectively and Securities
and Exchange Board of India (“SEBI”) dated May 12, 2020 and January 15, 2021.
In terms of Section 108 of the Act, read with Rule 20 of the Companies
(Management and Administration) Rules, 2015 and Regulation 44 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the
Company is providing the facility to its members to exercise their right to vote
by electronic means on any or all of the businesses specified in the Notice
convening the Twenty Eight AGM of the Company through e-voting services
of Central Depository Services (India) Limited (“CDSL”). The details pursuant to
the act are as under;
a) Members holding the shares either in Physical form or dematerialized
form, as on the cut-off date i.e; Wednesday, 25th August, 2021 are (“eligible
Members”), to exercise their rights to vote by the remote e-voting and
e-voting system in the AGM on any or all of the businesses specified in the
Notice convening the AGM of the Company.
b) The Register of Members and Share Transfer Books of the Company
will remain closed from Thursday, 26th August, 2021 to Wednesday,
1st September, 2021 (both days inclusive).
c) The remote evoting will Commence on Sunday, 29th August, 2021 at 9.00
A.M. (IST);
d) The remote evoting will end on Tuesday, 31st August, 2021 at 5.00 P.M. (IST);
e) The remote evoting module shall be disabled for voting thereafter and once
the vote on a resolution is cast by the Member, he/she shall not be allowed
to change it subsequently or cast the vote again;
f) The Members can participate in the AGM even after exercising their right to
vote through remote e-voting but shall not cast their vote again in the AGM;
g) The facility for evoting will also be made available during the AGM and
those members present in the AGM through VC Facility, who have not cast
their vote on the resolutions through remote e-voting are otherwise not
bared from doing so shall be eligible to vote through the e-voting system
during the AGM
h) Only a person whose name is recorded in the Register of Members or in
the Register of Beneficial Owners maintained by the Depositories as on the
Cut-off date i.e. Wednesday, 25th August, 2021, shall be entitled to avail the
facility or remote e-voting as well as evoting during the AGM;
i) Members who are holding shares in physical form or who have not
registered their email address with the Company/Depository or any person
who acquires shares of the Company and becomes a Member of the
Company after the Notice has been sent electronically by the Company,
and holds shares as of the cut-off date, i.e. Wednesday, 25th August, 2021,
such Member may obtain the User ID and password by sending a request
at helpdesk.evoting@cdslindia.com or rnt.helpdesk@linkintime.co.in
However, if a Member is already registered with CDSL for e-voting then
existing User ID and password can be used for casting vote;
j) The Annual Report for the financial Year 2020-21 alongwith the Notice
of the AGM is also available on the Website of the Company, i.e;
www.ugrocapital.com, website of the Stock Exchange i.e; BSE Limited and
also on the website of the CDSL at www.evotingindia.com
In case of any queries/ grievances relating to e-voting, Members may refer
to the Frequently Asked Questions (FAQs) and e-voting Manual for Members
at the HELP Section at the Website of the CDSL, i.e: www.evotingindia.com
or write an email to helpdesk.evoting@cdslindia.com or call on toll free no.:
1800 22 5533 or Contact Mr. Rakesh Dalvi, CDSL, at Marathon Futurex, A-Wing,
25th floor, NM Joshi Marg, Lower Parel, Mumbai 400013 or call on 022-
23058542/43
By Order of the Board of Directors
For UGRO Capital Limited
Sd/-
Date: 6th August, 2021 Aniket Karandikar
Place : Mumbai Company Secretary
20
>
MUMBAI | 7 AUGUST 2021 1

Investment that led to

Indian hockey’s bronze g i n n o v a t i o n
VAIBHAV RAGHUNANDAN
REUTERS

t e r
Fos owth i n
and gr
New Delhi, 6 August

I
n the immediate aftermath
of that frenetic game of
hockey, head coach Grah-
am Reid was asked if he under-
stood how much this medal
meant to a country whose
memory of Olympic triumph is
three generations past. “I don’t
understand... but I do,” Reid
said. His wordplay is under-
standable. Indian hockey’s par-
adox is in its starvation of suc-
cess and its support.
“It’s all about the process,”
former India forward Tushar
Khandker says. “The medal is
one of the greatest days in
Indian hockey, but if you look
at the larger picture only, then
you will miss the reality. You
have to look at everyone who
has worked through different
parts of the system to get this
medal for India.” In essence,
you have to look at where this
victory came from, built over
years and numerous failures.
In 2016, India won the
Junior Men’s World Cup in
Lucknow. Seven players from
that squad (Harmanpreet
Singh, Varun Kumar, Nilakanta
Sharma, Sumit, Gurjant Singh,
Mandeep Singh and Simranjeet
Singh) were in the team that
won bronze in Tokyo. The seven
were inducted into the system
at an early age, and despite the
various coaching and system
changes, became an integral
part of the national setup.
Investment, with a long-
term plan, state support and
interest led to the creation of
mechanisms for success. KC
Choudhary, a state sports dep-
artment coach in Bhubaneswar,
testifies to the efforts: “Look at
Sundargarh, the hotbed of Odia
hockey. A few years back, it did-
n’t have a proper ground. Now
there is an astro turf, proper
training facilities… we scout
and pick up a lot of talent from
there.” It helps, of course, to
have famous alumni.
Dilip Tirkey, former captain
of the Indian team and one of
REVENUE* EBITDA* EBT* PAT*
217% 371% 104% 107%
*Consolidated June Quarter YoY.
EXTRACT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2021
Indian hockey players with their medals in Tokyo (` in lakhs, except per equity share data)
India’s most capped players, is are employed by BPCL; many Consolidated Standalone
from Sundargarh. He says state others are with other oil corpo- Quarter ended Year ended Quarter ended Year ended
Sl.
support and federation initia- rations and public sector units. No. Particulars
30 June 2021 30 June 2020 31 March 2021 30 June 2021 30 June 2020 31 March 2021
tive turned the tide on what was The employment guarantees
a rough phase for Indian hock- regular pay and is a simple way Un-audited Un-audited Audited Un-audited Un-audited Audited
ey. While the Odisha govern- to also encourage more young- 1 Revenue from Operations 41,007.32 12,925.95 1,86,356.51 31,767.40 9,935.76 1,58,530.80
ment’s active involvement in sters to keep at the sport.
sponsoring the team is well doc- Still, everyone agrees that to 2 Net Profit / (Loss) for the period (before Tax, Exceptional items) 495.43 (3,664.99) 8,921.46 134.73 (2,784.89) 8,547.72
umented, Choudhary says this ensure this success endures, 3 Net Profit / (Loss) for the period before tax (a�er Exceptional items) 176.80 (4,011.18) 7,801.53 134.73 (2,784.89) 8,547.72
success may provoke more more is necessary, especially at
investment. “Maybe after this the grassroots. 4 Net Profit / (Loss) for the period a�er tax (a�er Exceptional items) 211.21 (3,113.47) 5,783.36 98.93 (2,081.73) 6,523.20
there will be an uptick in sup- On a winter afternoon in 5 Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period
port from corporations, but in 2016, standing on his terrace in 161.55 (3,019.07) 5,408.83 (2.09) (2,030.71) 6,123.00
(after tax) and Other Comprehensive Income (after tax)]
honesty, one can’t really say.” Lucknow, Ravinder Pal Singh,
6 Equity Share Capital 6,019.07 6,019.07 6,019.07 6,019.07 6,019.07 6,019.07
In the short-lived experi- a member of the last Indian
ment that was the Hockey India team to win gold at the 7 Reserves excluding revaluation reserves - - 74,418.43 - - 74,654.97
League (HIL), many companies Olympics (1980), sighed and
8 Earnings Per Share (Face value of ` 10/- per share)
(Jaypee, Wave Group, IDCO and said hockey had moved on.
MCL, to name some) bought “But it doesn’t matter,” he said. 1. Basic: 0.35 (5.17) 9.61 0.16 (3.46) 10.84
and put together teams. Well “Hockey is in our blood. The
compensated and sponsored, hope is that India will win 2. Diluted: 0.35 (5.17) 9.61 0.16 (3.46) 10.84
the rosters were filled with another medal in my lifetime. I
Note:
world-class foreign players — hope we will be a force again.”
a) The above is an extract of the detailed format of Quarter ended 30 June 2021 of Standalone and Consolidated Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other
ones often credited with enhan- A few hours later, inspiration Disclosure Requirements) Regulations, 2015. The full format of the Quarter ended Financial Results are available on the websites of the BSE and NSE at www.bseindia.com and www.nseindia.com respectively and on
cing the skills of domestic play- was delivered: India won the Company’s website at www.sandhargroup.com.
ers immensely. After five years Junior World Cup. And where For Sandhar Technologies Limited
of differing intensity, the exper- an earlier victory (2001) was Place: Gurugram (Haryana) JAYANT DAVAR
iment ended when Hockey Ind- squandered away by adminis- Dated: 6 August 2021 Co-Chairman and Managing Director
ia decided to review the event. trative mismanagement, this
But by then HIL had caught time the pieces were in place
mainstream attention, and for sustained success, one that
academies, schools and hockey arrived on August 5, 2021, with
coaches saw an uptick in their bronze in the Olympics — the
numbers. Where some entities country’s first medal in 41 years.
such as Coal India pulled out, Ravinder Pal Singh died on
others like Cairn India (2014-17) May 10, after contracting Covid-
and the Odisha government 19 during the peak of the second
joined in. Multiple players wave. His prediction was off by
employed with different corpo- three months. It’s time to ensure
rations testify that support has his hopes endure.
always extended to Indian
hockey in different ways. Five Longer version on
players in the Olympics squad www.business-standard.com

N BOOK REVIEW N

Immigrants’ song
SUHIT KELKAR perity. Parsis were also suppliers, grocers and
wine merchants to the British army and Indian

I
f you travel around the central and southern railways...” And while most Parsis were British
parts of Mumbai, not a month will go by loyalists, many were active in Swadeshi politics,
without you seeing or remembering a refer- such as “Dadabhai Naoroji, Madame Cama, Sir
ence to a Parsi — the name of a street, the sight Pherozeshah Mehta, and Khurshed Nariman”.
of a fire temple, a visit to an institution that ben- Puzzlingly, Naoroji gets only a short biographical
efited from or owes its existence to Parsi philan- passage; surely his importance merited more?
thropy. It’s no exaggeration to say that Parsis, to And Sir Pherozeshah Mehta, civic leader, Indian
a huge extent, made the city formerly known as National Congress co-founder and president,
Bombay what it is. The Parsi legacy is a living foundational figure for the Bombay Municipal
part of the city today as well. Like “sugar in water”, Corporation, founder of the Bombay Chronicle
as the old story of the Parsis’ arrival in India says. newspaper, is mentioned several times, but does
India, too, owes a lot to Parsis. The writer of this not get a biographical note.
book is Coomi Kapoor, of Parsi heritage herself. More happily, we are treated to engrossing
That foundational and legendary contributi- and briskly summarised histories of the Parsi
ons to sciences, arts, industry, social reform, and business families, the Tatas, the Wadias, the
philanthropy in India have come from Parsis — Godrejs, the Mistrys, the Poonawalas of, most
does the well-known story need repeating? Per- recently, Covishield fame, and others. Coming
haps yes, in today’s India, with its tendency to to other fields, too, we are given a glittering tour
forget, co-opt, or distort its his- of Parsi contributions; for ins-
tory. In this context, The Tatas, tance, art (Freddie Mercury and
Freddie Mercury and Other Zubin Mehta, for instance); me-
Bawas: An Intimate History of dicine (Farokh Udwadia, Hor-
the Parsis is relevant. masji Masina, among others);
This book is largely a celeb- uniformed forces (Sam Manek-
ration of the material and cul- shaw); law (Nani Palkhivala,
tural legacy of Parsis, from cen- Soli Sorabjee, Fali Nariman,
turies back to today, which is Sir Jamshedji Kanga, and oth-
all to the good, even if we know ers). It’s a good recap of the lives
many of the details already. I of newsmakers.
felt the book most intensely Equally interesting are the
where it illustrated cultural stories of Parsi women; here, I
traits we associate with many suppose, the author has the
Parsis — philanthropy, enter- opportunity to turn the spotlight
prise, civic-mindedness, a mix on dimly-lit or forgotten parts
of progressiveness and conser- of Indian history. We are told,
vatism, adaptability, honesty, “two important characteristics”
THE TATAS, FREDDIE
litigiousness, and more. MERCURY & OTHER BAWAS: shone in “many Parsi women;
The author begins with a AN INTIMATE HISTORY empowerment and a deep social
moving introduction to her fam- OF THE PARSIS conscience”. For instance, the
ily; its origins, its notable mem- Author: Coomi Kapoor Gandhian Mithuben Petit,
bers, its transition into the pres- Madame Bhikaiji Cama, the first
ent day. The book describes the Publisher: Westland Indian woman barrister Mithan
great ancient empires ruled by Pages: 320 Price: ~699 Jamshed Lam, the first Indian
Zoroastrian kings; the arrival of woman photojournalist Homai
the Parsis in India is described as briefly. We are Vyarawalla; better known are photographer and
told the Parsis adapted well — to local Indian screenplay writer Sooni Taraporevala, model and
customs, to the local ways and institutions; and actor Persis Khambatta; business leader, ex-par-
when European traders came to India, the Parsis liamentarian and philanthropist Anu Aga; crick-
“were quick to pick up the languages and knowl- eter Diana Edulji, who has given a great boost to
edge of the West, and to adapt to European skills, women’s cricket in India. And others.
customs and practices. They became the brokers, We are given a look into Parsi society; the
and at times moneylenders, for the Europeans”. Parsi enclaves known as Baugs, the decline in
The “establishment of the premier port in west- the birth rate among Parsis, the conservative
ern India”, namely Bombay, gave the Parsi and reformist initiatives within Zoroastrian-
community a massive boost. “Parsi families ism, the discrimination — “The woman is
began migrating from Gujarat to Bombay around excommunicated if she was married in a non-
the period when the Portuguese king gifted the Zoroastrian religious ceremony... her children
island to England in 1688 as part of his daughter cannot be brought up as Zoroastrians; whereas
Catherine’s dowry when she married Charles II”. the offspring of a Zoroastrian man who marries
The author makes an incisive point: “The Parsis out of the community are permitted to remain
are actually far older residents of Mumbai than in the faith”.
the Maratha settlers...” The book is well written and pacy. But it has
The book puts in perspective certain whispers glaring misspellings even in proper names,
about the Parsis. We are told that although it was including one that had me guffawing during my
the opium trade with China that made several walk in the street after a reading session. I won’t
Parsis rich, it was “essentially education and early tell you what it is and where it is: it will likely be
entry into industrialization under British colonial corrected in the next edition, and the book
rule that was the key to the community’s pros- should not be reduced to that howler alone.
 The Smart
QUICK TAKE: TATA CHEMICALS SURGES ON STRONG Q1 BEAT “Going forward, it boils down to which

Investor
countries can effectively immunise
Tata Chemicals hit a new high of ~844 as it rallied 10% in intra- their population…from that
day trades after its June quarter results beat expectations. On a perspective, developed markets
YoY basis, consolidated net profit surged to ~288 cr versus ~13.3 are indeed outperforming
cr, led by a 27% rise in revenue to ~2,977 cr and 490 bps jump emerging markets”
MUMBAI | in Ebitda margin to 20.2%. Motilal Oswal Securities said US, ZIJIAN YANG, Head of multi-asset
7 AUGUST 2021 India businesses drove the performance Asia Pacific with Allianz
Global Investors
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Shorter-term debt MFs in focus IPO rush adds stress

This comes as experts say RBI has signalled a shift towards policy normalisation
CHIRAG MADIA says that this may be seen as a nascent
to banking system
Mumbai, 6 August attempt by the RBI to ‘normalise’
monetary policy operations.
Four offers conclude, get over 10 mn retail applications

A
nticipating an increase in
interest rates over the
medium term, debt fund man-
agers are advising investors to focus
on funds with an average maturity
period of around one-three years.
The Reserve Bank of India (RBI)
on Friday kept the key policy rates
unchanged, but signalled a shift
towards policy normalisation.
Categories like low-duration funds,
money market funds, and short-dura-
tion funds are best suited in the current
environment, market participants say.
While the Monetary Policy
Committee decided to continue with
an “accommodative” stance, Sandeep
Bagla, chief executive officer of TRUST
Asset Management Company (AMC),
says the RBI’s policy is hawkish at the
margin.
“The RBI has acknowledged the
strong growth and negative surprise on
the inflation front. One of the MPC
members has voted for change in
accommodative stance. There is a dis-
tinct possibility that yields at the longer
end will inch up towards 6.5 per cent
gradually. Investors should invest in
bond funds with less than three-year
maturity to minimise interest-rate
risk,” added Bagla.
Typically, the prices of fixed-income
securities are dictated by prevailing
interest rates as they are inversely pro-
portional. When interest rates decline,
the prices of fixed-income securities
“Over the next six months, we
would expect the RBI to reduce the
excess liquidity in the banking system.
Accordingly, we would expect an
increase in the reverse repo rate from
3.35 per cent to 3.75 per cent, and as
growth stabilises, a subtle move away
from the accommodative stance and
then to a gradual beginning of rate
hikes to narrow the gap between short-
term rates, currently below 4 per cent
and current inflation (5.5 per cent),”
CHOICES AVAILABLE added Pathak.
In the last one year, some debt cat-
Average returns of certain debt fund categories — 1 year (%)
egories like money market funds, ultra-
3.82 short-term, and dynamic bonds have
3.62 3.68 4.30 4.32 4.36
provided returns of around 4 per cent.
In comparison, medium-duration and
credit risk funds have provided average
returns of 6.17 per cent and 8.13 per
cent, respectively.
Though there might be an increase
in interest rates, fund managers believe
investors willing to take some risk can
also look at credit risk funds.
“Credits remain an attractive play
Money Ultra Dynamic Banking Low Short for investors with a 3-5-year invest-
Market Short Duration Bond and PSU Duration Duration ment horizon as an improving eco-
Source: Value Research nomic cycle and liquidity support
assuage credit risk concerns, espe-
increase, and vice versa. due to the higher yield prospects as cially in higher quality names. While
So longer-duration debt instru- compared to the fixed rate overnight we remain selective in our selection
ments are more prone to intense vol- reverse repo. The RBI has decided to and rigorous in our due diligence,
atility when interest rates rise. increase the quantum under the VRRR we believe the current environment
To absorb additional liquidity in the to ~4 trillion in a phased manner. is conducive to credit exposure,”
system, the RBI announced a variable Pankaj Pathak, fund manager – added R Sivakumar, head of fixed
rate reverse repo (VRRR) programme fixed income, Quantum Mutual Fund, income at Axis MF.
SUNDAR SETHURAMAN & SAMIE MODAK
Mumbai, 6 August
The four initial public offerings (IPOs) that
closed on Friday garnered bids worth ~1.7
trillion and attracted over 10 million retail
applications, putting severe strain on the
banking system.
According to industry players, many
banks found it difficult to process the record
number of applications at the same time,
leading to higher failure rate and delayed
OTP messages.
Even other market intermediaries such
as stock exchanges and brokers saw
unprecedented load, which led to extension
of bidding time until 8 pm.
For the first time since 2007, four IPOs –
those of Devyani International, Exxaro Tiles,
Windlas Biotech, and Krsnaa Diagnostics –
were launched on the same day.
Given the ongoing IPO frenzy, retail inves-
tors piled on to all the offers. The retail por-
tion of the four issues was subscribed
between 24 times and 40 times until 6pm.
Overall, subscription was between 22 times
and 117 times for KFC and Pizza Hut franchi-
see Devyani International (see table).
Retail investors are individual investors
who invest up to ~2 lakh in an IPO. Investment
bankers said total retail bids for the four
issues were in excess of ~17,000 crore.
“This is a record amount mobilised from
retail investors on a single day. One can’t
rule out a higher number of failures or appli-
cation rejections,” said an investment banker
handling one of the share sales.
Typically, 30 per cent of applications
coming through the unified payments inter-
face (UPI) route in any IPO are rejected as
MAD RUSH
The four IPOs have attraced bids of over ~1.72
trillion (No. of times subscribed*)
QIB HNI Retail Overall
Windlas Biotech 24.4 15.73 24.13 22.40
Exxaro Tiles 17.67 5.36 39.90 22.58
Krsnaa Diagnostics 49.83 116.30 41.80 64.36
Devyani Intel 95.27 213.06 39.36 116.68
Source: Exchanges; Note: *At upper end; Date as of 6pm
raised borrowing rates for non-banking
financial companies (NBFCs).
“NBFCs that provide funding to HNIs
didn’t anticipate such demand. This led to
liquidity crunch and raised borrowing rates
on commercial papers by 200 basis points,”
said an industry official.
Devyani International’s IPO was sub-
scribed more than 200 times in the HNI cat-
egory, while Krsnaa Diagnostics was sub-
scribed 116 times.
Analysts said the listing gains seen by
recent IPOs had made retail investors exuber-
ant to the point where they overlooked com-
pany fundamentals. The four companies to
list before Glenmark Life, saw gains of between
65 per cent and 113 per cent on debut.

Glenmark Life Sciences ends flat on debut; HNIs incur losses banks are not able to process them and also
due to issues at the applicant’s end, such as
multiple entry, name and PAN mismatch,
Investment bankers are bracing for
another busy week with IPOs of Nuvoco
Vistas Corporation hitting the market on
SUNDAR SETHURAMAN basis, the P/E works out to 25 times, and non-acceptance of payment mandate. Monday and those of Aptus Value Housing
Mumbai, 6 August while its peers Divi’s Laboratories, Market winning streak Industry players said the huge demand Finance India, Chemplast Sanmar, and

Shares of Glenmark Life Sciences ended

Laurus Labs, and Shilpa Medicare are
trading at a P/E of 64, 36.1, and 36.5,
ends as RIL shares drop from high networth individuals (HNIs) CarTrade Tech on Tuesday.

with a gain of less than 4 per cent on
their stock market debut on Friday. The
subsidiary of Glenmark Pharmaceutic-
als saw its stock price end at ~746, up
~26 or 3.6 per cent over the issue price
of ~720 per share on the NSE, where
~1,545 crore worth of shares changed
hands. The stock hit a high of ~799 and
a low of ~738 in intra-day trade.
This debut performance was muted
compared with the previous four list-
ings, which had gained between 65 per
cent and 113 per cent.
Market observers said high net-
worth individuals (HNIs), who had
placed leveraged bets, incurred heavy
losses as their breakeven cost was in
excess of ~850 per share. The HNI por-
tion of the IPO had garnered 126 times
subscription. Overall, the IPO was sub-
scribed 45 times.
Glenmark Life Sciences, a developer
GLENMARK LIFE SCIENCES
Source: Bloomberg; compiled by BS Research Bureau
and manufacturer of active pharmaceu-
tical ingredients (APIs), is currently
valued at ~9,167 crore.
“Considering the FY21 adjusted
earnings of ~28.7 per share on post issue
respectively,” says a note by Marwadi
Financial Services.
Glenmark Life’s IPO comprised a
fresh issue of ~1,060 crore and an offer
for sale worth ~453.6 crore. After the IPO,
Glenmark Pharma’s stake will reduce
from 100 per cent to 82.84 per cent.
The company proposes to utilise the
net proceeds from the fresh issue to pay
for outstanding purchase consideration
to the promoter for the spin-off of the
API business, and for capital expendi-
ture requirements.
The company develops and man-
ufactures select APIs in chronic thera-
peutic areas, including cardiovascular
disease, central nervous system disease,
pain management and diabetes. The
company also provides contract devel-
opment and manufacturing operations
services to multinational and specialty
pharmaceutical companies.
The market’s four-day winning streak
came to an end on Friday after index
heavyweight Reliance Industries’
shares declined 2.1 per cent after the
Supreme Court ruled against the
merger of Future Retail with its arm
Reliance Retail.
The Sensex fell 215 points, or 0.4 per
cent, to end at 54,278. The index
gained 3.2 per cent during the week—
its biggest weekly advance since May
21. The Nifty50 index fell 56.4 points, or
0.35 per cent, to end at 16,238, with 27
of its components ending with losses.
This week’s gains come on the back
of aggressive buying by foreign
investors amid hopes of economic
revival, following improvement in key
high-frequency indicators. The
weakening of the US dollar and drop in
the US bond yields also are seen as
driving the risk appetite. BS REPORTER
NSE and IBBI ink pact for
research collaboration
Leading stock exchange NSE
on Friday said it has joined
hands with the Insolvency and
Bankruptcy Board of India
(IBBI) for research collabo-
ration. The objective of the col-
laboration is to create a resear-
ch ecosystem in the area of
insolvency and bankruptcy in
the country, the exchange said.
It further said that an efficient
insolvency and bankruptcy re-
solution system enables timely
resolution of financial stress,
balances interests of all stake-
holders, promotes entrepre-
neurship and increases avail-
ability of credit at optimal costs.
This, in turn, improves growth
prospects and builds institu-
tional strength in an economy.
IBBI is a unique regulator,
which regulates insolvency
professionals as well as insol-
vency processes.
Under this collaboration,
NSE and IBBI will focus on
enhancing the existing research
efforts in the areas related to
insolvency and bankruptcy in
India, promoting studies that
explore interlinkages between
the development of the insol-
vency process, financial mar-
kets and economy, it said.
Also, they will analyse the
effectiveness of insolvency
laws and practices across the
world and fostering evidence-
based policy recommenda-
tions to strengthen the insol-
vency framework in India. PTI

Not facing any Sebi probe Aditya Birla Sun Life AMC gets Sebi nod for IPO
on FPIs, APSEZ clarifies Fund
house’s DRHP, filed in April, had IN NUMBERS
been kept in abeyance by regulator
DEV CHATTERJEE
Mumbai, 6 August
India’s largest port and trans-
port utility firm, Adani Ports
& Special Economic Zone
(APSEZ), has said that it is not
facing any probe from the
market regulator the
Securities and Exchange
Board of India (Sebi) and has
made full disclosures on spe-
cific information requests
from the regulator in the past.
Soon after announcing its
results for the June quarter,
APSEZ officials informed
investors that the group had
nothing to do with the
Mauritius-based foreign port-
folio investment (FPI) entities
and the group founders have
clarified repeatedly that they
have no connection with
these FPIs.
To protect the interest of
minority shareholders,
APSEZ has already
approached the registrar and
the NSDL and it was con-
firmed that same day that the
equity accounts of these FPIs
were not frozen. On July 28,
NSDL rectified this, APSEZ
officials said.
APSEZ shares closed with
a rise of 2.5 per cent at ~710 a
share on Friday on the BSE.
The stock has gained after it
announced that its consoli-
dated revenue grew by 99 per
cent in the June quarter,
while its earnings before
interest, tax, depreciation,
and amortisation (Ebitda) hit
a high of 82 per cent. At the
same time, APSEZ’s market
share in all-India cargo rose
to 29 per cent and it recorded
its highest-ever quarterly vol-
ume growth of 83 per cent.
On reports of an investiga-
tion by the Directorate of
Revenue Intelligence, officials
said this was not applicable to
APSEZ, though one of the
group companies, Adani
Power, was issued a show-
cause notice five years back.
On the Myanmar project,
APSEZ said there has been no
violation of any sanction
guidelines issued by Office of
Foreign Assets Control
(OFAC) and has now applied
to OFAC for a general licence
to operate the port. Apart
from following the anti-brib-
ery and anti-corruption
guidelines, the company also
stated it would utilise the
compliance procedures
aimed at combating all pos-
sible corruption in the port
and it would abide by the
guidelines and compliance
programme of OFAC while
issuing a general licence.
CHIRAG MADIA
Mumbai, 6 August
Aditya Birla Sun Life Asset
Management Company
(AMC) has received final
approval from the Securities
and Exchange Board of India
(Sebi) for its initial public
offering (IPO).
Senior officials at the fund
house confirmed the develop-
ment but didn’t divulge a time
frame to launch the IPO.
“With the clearance we will
come out with the IPO very
Hindalco hits records in Q1 on rising commodity prices
Metals cycle is expec-
ted to stay strong and
aid the company, but
prices may top out
this fiscal
soon,” an official said.
Sources in the market say
the IPO size could be around
~2,000 crore and this will value
the asset manager at nearly
~15,000 crore.
The fund house had filed its
draft red herring prospectus
(DRHP) with market regulator
in April. However, the offer
document was put in abeyance
for some time due to an alleged
violation concerning a group
company. But now Sebi has
given its final go-ahead, clear-
ing the decks for the country’s
DEVANGSHU DATTA
Non-ferrous metals major
Hindalco beat expectations
with its June quarter (Q1FY22)
results. At the consolidated
level, it reported Ebitda (earn-
ings before interest, taxes,
Average assets under management (AAUM) for
April-June 2021 of listed entities
Fund House
HDFC Mutual Fund
Aditya Birla Sun Life Mutual Fund*
Nippon India Mutual Fund
UTI Mutual Fund
*Receives approval from Sebi for IPO
fourth mutual fund IPO.
At present, ABCL holds a 51
per cent stake and Sun Life has
a 49 per cent stake in the AMC.
Following the IPO, the total
promoter stake in the fund
THE COMPASS
$555 million, up 119 per cent
YoY and 10 per cent QoQ. Its
net income from continuing
operations was $303 million,
up 597 per cent YoY and 1,082
per cent QoQ. India opera-
tions also generated record
Ebitda and PAT.
~ Crore
416,949.92
275,453.92
240,364.38
187,210.24
Source: Amfi
house will fall from 100 per
cent at present to 86.5 per cent.
Aditya Birla Sun Life AMC
is India’s fourth-largest (and
the largest non-bank affili-
ated) fund house with assets
apart from higher shipments
(especially in copper and in
aluminium value-added pro-
ducts) and a higher-value pro-
duct mix. The Utkal Alumina
capacity expansion should go
into commercial production
in Q2 and the company is
under management (AUM) of
~2.74 trillion as of December
2020. The asset manager has
retained its fourth position in
terms of quarterly average
AUM since September 2011,
according to its DRHP. At the
end of March 2020, the fund
house ranked sixth in terms of
total folios — 7.2 million.
Data from the Association
of Mutual Funds in India
(Amfi) shows that the fund
house had an average AUM of
~2.75 trillion in the June
quarter (Q1). However, the
assets crossed the ~3 trillion-
mark in July.
More on business-standard.com
impact costs, since the indus-
trial processes involved in han-
dling aluminium and copper
are all extremely power-inten-
sive, end-to-end. If growth
stalls, especially global, the
bullish metals cycle would be
impacted, but that doesn’t

Oil heads for weekly loss as depreciation, and amortisa-

tion) of ~6,790 crore, up 16 per
cent quarter-on-quarter (QoQ),
The balance
strengthened with debt to
sheet

Ebitda ratio improving to 2.36x

investing in a downstream flat
rolled project in Odisha,
which will, however, go into
seem like a likely situation at
the moment. Rising inflation
in general could impact

delta’s spread shakes outlook and up 188 per cent year-on-

Oil pared earlier gains Friday as the dollar
strengthened following a better-than-expected
US jobs report, which fueled expectations that
the Federal Reserve is moving closer to rolling
back stimulus. West Texas Intermediate futures
were little changed and are set to fall 6.4 per
cent this week.
US payrolls rose in July by the most in
almost a year and the unemployment rate
declined. Oil prices continue to reel from the
impact on demand by the spread of the delta
variant of the coronavirus.
year (YoY).
Consolidated profit after
tax (PAT) was ~2,787 crore, up
China has imposed a patchwork of 493 per cent YoY and 45 per
increasingly strict restrictions on mobility to cent QoQ. Ebitda margins for
fight the spread of the highly infectious India reached a 13-year high of
Covid-19 variant. 37.5 per cent. Revenue of
After soaring in the first half of the year on ~41,358 crore was ahead of
surging demand, the latest chapter in the pan- ~25,283 crore (YoY) and ~40,507
demic has capped prices of not just oil but some crore (QoQ). All the three
other commodities as well. Demand is wobbling parameters were the highest-
just as the Organization and Petroleum ever since the Q1FY19 (since
Exporting Countries and its allies are gradually consolidated data is available).
returning production that they had shuttered Novelis’ quarterly
at the height of the pandemic. BLOOMBERG adjusted Ebitda was a record
from a June 2020 high of 3.8x
and ratings agencies raised the
credit ratings for both Novelis
and Hindalco. Gross debt is
down by ~16,345 crore and net
debt is down by ~10,389 crore.
Rising global metals prices
too contributed substantially
to the performance.
Internationally, aluminium
prices are at multi-year highs,
and copper prices are also
trending close to multi-year
highs. Per tonne realisations
from both industrial metals
were higher in the quarter,
production only in FY25.
Going forward, demand for
both metals is expected to
remain strong both domesti-
cally and globally. However,
the low-base effect of Q1 will
moderate. Nevertheless, the
rest of the year should see dou-
ble-digit expansion in
demand. The main driver may
be a recovery in the global
automobile industry.
Causes for concern would,
of course, include the contin-
uing pandemic. Apart from
that, rising fuel prices may
demand in India.
The metals cycle is
expected to stay strong for the
financial year and probably
through calendar 2022. Given
that Hindalco is a pure play
commodity, it could continue
to ride that wave. But prices
may top out sometime this fis-
cal, leading to a possible pla-
teauing in profits. The stock
has returned around 150 per
cent in the last year, comfort-
ably beating the benchmark
indices. It has returned 15 per
cent in the last month.
2 THE SMART INVESTOR
.>l
MUMBAI | 7 AUGUST, 2021
<

India growth key for US-focused funds can deliver despite long bull run
Invest with at least a seven-year horizon, via SIP, and limit exposure to 15%

upside in Cipla stock SARBAJEET K SEN

Equity markets both in India

and the United States (US) are
STELLAR PERFORMANCE
n1 year n3 years n5 years n7 years Returns (%)
rich returns,” says S Sridharan,
founder, Wealth Ladder Direct.

Can US performance

36.3

36.0
on a roll. While in India the BSE continue?

34.2

33.7
32.7
Success of new launches in the US will drive gains over medium term

29.9
29.4

30.1
Sensex and the Nifty50 crossed After correcting in March 2020,

28.2
26.6
24.4

24.4
54,000 and 16,000 points, US equities have also bounced

22.2
22.1
21.6

20.3

20.7
20.3

19.2
18.7
18.2
RAM PRASAD SAHU respectively, for the first time back. Valuations are not cheap.

16.8

17.8
INDIA OUTPERFORMS,

14.4
15.7

13.5
Mumbai, 6 August this week, in the US the S&P 500 This has given rise to doubts over

11.9
MARGINS EXPAND closed at a record high of 4,222, whether this market can contin-

C
ipla outperformed Street in ~ crore Q1FY22 YoY QoQ while the Dow Jones Industrial ue to perform. “Prima facie, valu-

NA
expectations in the June Average (DJIA) crossed 35,000 ations in the US do look high.
quarter (Q1FY22), posting its Revenues 5,504 26.6 19.5 for the first time. However, when we look at the

Feeder - Franklin U.S.

Equity Opportunities
India 2,710 69 50

Edelweiss US Value
highest-ever quarterly revenues. Its US-focused funds have per- price-to-earnings (P/E) ratio and

US Bluechip Equity

Nasdaq 100 ETF

Nippon India US
Motilal Oswal
operating performance too was bet- US 1,038 2 4 formed very well over the past earnings of the S&P 500, we

Equity Offshore
DSP US Flexible

ICICI Prudential
Franklin India

Opportunities

Fund Average
ter than Street expectations, aided South Africa 634 16 5 several years (see table): Average notice that the top 10 stocks have
by Covid-19 portfolio and one-off returns over the past seven years significantly driven up overall

Average
API 302 64 35

Equity
gains in the active pharmaceutical stand at 17.8 per cent annualis- valuation levels. The remaining

ingredient business.
The Cipla management
believes that the sales momentum
will continue in the current
financial year with the overall
domestic pharma market (exclud-
ing Covid sales) expected to grow
at 10-12 per cent. The company
aims to outperform its domestic
peers in FY22.
Despite a strong operating
performance and outlook, the
stock declined 3.7 per cent on
Friday. While most brokerages
have raised their earnings esti-
mates, the Street will keep an eye
on growth trajectory and margin
performance, given that the
quarter saw some one-time
gains. Say Anmol Ganjoo and
Shashank Krishnakumar of JM
Financial, “Normalised growth in
the core domestic business and
the sustainability of the elevated
margin levels (22-23 per cent in
FY22 based on management
guidance) will remain key near-
term monitorables.”
The sales trend in the Indian
market, which accounts for just
under half of revenues, will be a
key trigger for the stock. The India
business segment registered a
growth of 69 per cent year-on-year
(50 per cent sequential) on the
back of lower base and contribu-
tion from the Covid portfolio.
Adjusted for Covid contribution,
sales growth was 47 per cent.
The company highlighted that
the outperformance vis-a-vis
peers comes on the back of strong
volume growth in core therapies
as well as traction from new prod-
Ebitda 1,345 28.3 69
Ebitda (%) 24.5 32bps 717bps
Ebitda: Earnings before interest, taxes,
depreciation, and amortisation
bps: basis points
API: Active pharmaceutical ingredients
Source: Company
uct launches. While the contribu- of inhalers Advair, Abraxane and
tion of Covid-19 portfolio to over- one peptide launch, which could
all sales stood at high single digits, drive material shift in US sales tra-
the Street will await the impact jectory in FY23.”
once the Covid-related sales wear Margin trajectory is another
off like in June. key factor for the stock. Aided
New launches and traction in by strong gross margins and
the base business is expected to cost-control measures, the com-
drive the US busi- pany expanded its
ness, which is the margins by over 30
second largest TAKING A HIT basis points YoY to
geography by sales 24.5 per cent. It
for the company. It indicated that
posted a 2 per cent
YoY growth with the
margins adjusted
for the Covid port-
performance a tad folio is expected to
below expectations. be in the 22-23 per
Its US sales have cent range
been steady at $141 broadly in line
million over the last with FY21 levels.
four quarters. The stock has
Most analysts underperformed
expect some trac- the BSE Healthcare
tion in the second half of the cur- over the last six months as well
rent year, with larger gains com- as one year, with returns of
ing from FY23. Says Alankar 7.5 per cent and 24.5 per cent.
Garude of Macquarie Research,
“While Cipla has not disclosed its
upcoming complex launches in
While valuations at 24 times
one-year forward earnings esti-
mates are lower than historical
FY22, we do not anticipate a mate- averages, for the rerating to con-
rial improvement in US sales over tinue, Cipla has to successfully
the next two-three quarters, bar- execute its growth strategies in
ring continued benefit from scale- the US, where it has a robust
up of inhalers Albuterol and generics pipeline, as well as the
Brovana. The company continues branded businesses in India and
to highlight FY23 as a key year for South Africa, say analysts at
US launches with generic versions Emkay Research.
ed. In June 2016, there were only
six of these funds with asset
under management (AUM) of
~1,157.9 crore. By June 2021, their
count had swollen to 12 with
AUM of ~19,086.7 crore. IDFC US
Equity Fund-of-Fund (FoF) is
the latest fund to be launched in
this space. Its ongoing new fund
offer closes on August 12.
Diversification benefit
The key reason for
investing in a US fund
should be geographi-
cal diversification.
“Different markets
have different return
drivers and are at dif-
ferent stages of
growth. US-focused
funds offer good diver-
sification beyond the
domestic equity mar-
or ket,” says Bhavana Acharya, co-
founder, PrimeInvestor.in.
While the trend towards
international diversification has
begun in India, there is still a
long way to go. According to
Commodity markets worry as delta outbreak rattles China
The tone in global commodity
markets in the coming days will
be set in large part by China’s bat-
tle to tame its fast-spreading delta
coronavrius outbreak, with much
at stake for oil to agriculture mar-
kets as the world’s top raw mate-
rials buyer struggles to get the
Fund
490 stocks are more reasonably
valued and, therefore, offer long-
Average returns are for all US funds (direct). Only funds with at least five-year return included
here. Greater than one-year returns are compound annualised Source: MFI Explorer term potential,” says Kapoor.
This market could continue
to perform. “There are stocks
Vishal Kapoor, chief executive Also, an Indian investor gets with huge growth potential
officer (CEO), IDFC Asset exposure to emerging themes within the broader market that
Management Company (AMC). such as artificial intelligence, have not participated in the rally
“International diversification by machine learning, robotics, and yet,” adds Sridharan.
Indian investors through funds pharmaceutical research (for
is under 2 per cent of total equi- new molecules) that are not What should you do?
ty fund investments.” available in India. Invest in a US fund for the long
haul. “Investors must invest for
Different themes Low correlation at least five-seven years,” says
Developed markets US and Indian equities also have Acharya. Take the systematic
like the US offer low correlation. “Data on corre- investment plan (SIP) route to
Indian investors the lation shows that US and Indian average out acquisition cost.
opportunity to invest equities have moved differently Also, do not get carried away by
in global businesses across several periods, thereby the current high returns and
like Amazon, Google, offering effective diversification have more modest expectations
YOUR Adobe, and Facebook
that benefit from
and adding greater stability to a
portfolio consisting of invest-
from the future. “Limit your
allocation to 15 per cent of your
MONEY global growth. If you ments in both these geogra- equity portfolio,” adds Acharya.
invest in a portfolio of phies,” says Kapoor. Investors not keen on betting
US equities, for instance, the JP Indian investors also benefit on an actively managed fund
Morgan US Growth Fund that from currency movements. may invest in a US-focused
IDFC’s fund-of-fund will invest “Low correlation between the exchange-traded fund or index
in, nearly 41 per cent of the rev- two markets alongside rupee fund. Passive funds based on
enue of these companies come depreciation against the dollar both the Nasdaq 100 and S&P
from non-US markets. can help Indian investors reap 500 are available.
flare-up under control. curbs, and other restrictions are earnings front, the diary includes
Fears over the more infectious already hitting fuel consumption. numbers from No.2 gold miner
variant helped drive US crude A triptych of key reports on Barrick Gold Corp, a swathe of
below $70 a barrel this week, as crude oil’s outlook, including one European power utilities includ-
investors track efforts by Beijing, from OPEC, will offer more grist ing Germany’s RWE AG, plus
and other Asian governments, to on demand risks. Elsewhere, meat giants Tyson Foods Inc. and
halt serious outbreaks. In China, watch gas markets after a 1,000 Brazil’s JBS SA.Delta Blues
sweeping lockdowns, traffic per cent price-surge. And on the BLOOMBERG

Registered Office : Central Bank of India Building, 2nd Floor,

9, Arera Hills, Mother Teresa Road, Bhopal-462011
(Regd. Office: PSEB Head Office, The Mall, Patiala 147001.) (Subsidiary of Central Bank of India) CIN No. : U65922MP1991PLC006427
Corporate ldentification Number :U40109PB2010SGC033813 General Notice For Relocation / Shifting of Corporate Office of the Company
website:www.pspcl.in Mobile No: 96461-12344 This is to notify the General Public, Customers and Depositors of the Company Cent Bank Home Finance
Limited, that Corporate Office of the Company located at Central Bank of India Building, 2nd Floor, 9,
Short Notice E-Tender Enquiry No: 04/SE/MHP/2021-22/P-406 Arera Hills, Mother Teresa Road, Bhopal - 462011, Madhya Pradesh, will be Relocated & Shifted to new
SE/O&M Circle, MHP. Talwara invites e-tenders for Manufacture, Testing, Supply and office address at Central Bank of India, Mumbai Main Office Building, 6th Floor, MG Road, Fort, Flora
Delivery of 4 nos. Stator Air Coolers for Machine No.-2 (15MW) at Power House No.- Fountain, Hutatma Chowk, Mumbai-400023 after 90 days of the publication of this notice.
Registered office of the Company shall continue to operate at the present location Bhopal at existing
1 of Mukerian Hydel Project, PSPCL, Talwara (PB). Bid submission start date (onljne) address.
ts 06.08.2021 and Last Date for Bid Submission is upto 11:00 Hrs on 20.08.2021. Please refer to the official website https://www.cbhfl.com / toll free number 18008896606 or visit your
Interested bidders may visit following PSPCL e-procurement website for details; nearest Branch for any further assistance.
Sd/-
https://eproc.punjab.gov.in SE/O&M Authorised Signatory
C-290/21 76155/12/387/2021/6559 Circle, MHP. Talwara Date : 06/08/2021 Cent Bank Home Finance Ltd.

PPAP AUTOMOTIVE LIMITED

CIN: L74899DL1995PLC073281
Registered Office: 54, Okhla Industrial Estate, Phase-III, New Delhi-110020
Corporate Office: B-206A, Sector-81, Phase-II, Noida-201305, Uttar Pradesh
Tel: +91-120-2462552 / 53
Website: www.ppapco.in, E-mail ID: investorservice@ppapco.com

(` in lacs except for EPS data)

EXTRACT OF CONSOLIDATED FINANCIAL RESULTS OF PPAP AUTOMOTIVE LIMITED AND ITS SUBSIDIARIES AND JOINT
VENTURE FOR THE QUARTER ENDED 30TH JUNE, 2021 PREPARED IN COMPLIANCE WITH THE INDIAN ACCOUNTING
STANDARDS (IND-AS)
S.No. PARTICULARS Quarter Ended Quarter Ended Year Ended
30.06.2021 30.06.2020 31.03.2021
Unaudited Unaudited Audited
1 Revenue from operations 7,875.02 1,767.68 32,219.75
2 Profit before tax (574.93) (2,068.41) 323.01
3 Profit after tax for the period (445.25) (1,575.98) 209.75
4 Total Comprehensive Income for the period [Comprising Profit for the period (479.78) (1,575.98) 287.85
(after tax) and other Comprehensive Income (after tax)]
5 Profit attributable to:
(a) Owners of the Company (445.25) (1,575.98) 209.75
(b) Non-controlling interest – – –
6 Paid-up equity share capital (Face Value of `10/- each) 1,400.00 1,400.00 1,400.00
7 Earnings per share (of `10/- each)
(a) Basic (`) (3.18) (11.26) 1.50
(b) Diluted (`) (3.18) (11.26) 1.50
Notes :
1) Financial results of PPAP Automotive Limited (Standalone information) (` in lakhs)
Particulars Quarter Ended Quarter Ended Year Ended
30.06.2021 30.06.2020 31.03.2021
Unaudited Unaudited Audited
Revenue from operations 7,864.63 1,762.22 32,118.27
Profit before tax (440.92) (1,926.86) 633.86
Profit after tax for the period (331.46) (1,439.86) 483.61
2) The above is an extract of the detailed format of Quarterly / Annual 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 of the Quarterly / Annual Financial
Results are available on the Stock Exchanges website (www.bseindia.com and www.nseindia.com) and on Company’s website (www.ppapco.in).
3) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on
6thAugust, 2021.
4) The above consolidated financial results includes results of PPAP Tokai India Rubber Private Limited, joint venture of the Company in which the Company
holds 50% stake and two subsidiary companies. The Company together with its subsidiaries is herein referred to as the Group.
5) The Group is primarily engaged in the business of manufacturing and sale of automotive components. The Group is also engaged in manufacturing and sale
of mould, dies and other products, moulded parts for non-automotive segment. In the context of Ind AS-108 “Operating Segment”, automotive component
is the only reportable operating segment.
6) The Group has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying value of property, plant and
equipment, investments, inventories, receivables and other current assets. In developing the assumptions relating to the possible future uncertainties in the
global economic conditions because of this pandemic, the Group has used internal and external sources on the expected future performance of the Group
and based on current estimates, the Group expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group’s
financial results may differ from that estimated as at the date of approval of these financial results.
For PPAP AUTOMOTIVE LIMITED

Place: New Delhi Abhishek Jain

Date: 6th August, 2021 (CEO & Managing Director)

Taking Challenges, Together

.>l
MUMBAI | 7 AUGUST, 2021 STOCKS 3 <

> STOCK
IN THE > Vodafone Idea > BASF India > Future Retail

NEWS Top gainer

among BSE500
Hits fresh all-time
high at ~3,436
Hits lower circuit
at 10 per cent OF THE DAY
companies on the BSE on the BSE Havells India
~5.9 PREVIOUS CLOSE ~2,863.0 PREVIOUS CLOSE ~58.4 PREVIOUS CLOSE Hits new all-time high
~7.1 CLOSE ~3,390.3 CLOSE ~52.6 CLOSE at ~1,259, up 29 per cent
p 19.5% UP p 18.4% UP q 9.9% DOWN from 3-month low

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
6 Aug ’21 Chg (%) Con Std 6 Aug ’21 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 Ports 710.7 2.5 0.7 26.2 79.3 IOC 105.9 1.9 0.7 4.6 3.9 price price (%) price price (%)
Asian Paints 2966.5 -0.7 1.9 81.5 83.8 ITC 214.3 -0.5 3.6 20.0 19.3 Easy Trip Plan 499.0 475.2 7.7 499.0 499.0 Gujarat Gas 734.0 737.2 -4.5 496.5 281.0
MOST BULLISH MOST BEARISH
Axis Bank 740.9 -1.1 2.7 31.6 29.7 JSW Steel 757.4 -0.8 1.4 12.7 13.3 Adani Enter 1555.0 1536.4 7.2 1718.5 1718.5 Metropolis Heal 2853.5 2888.7 -3.9 2250.0 1519.2
Bajaj Auto 3847.9 0.8 0.7 19.8 21.9 RBL Bank 178.8 177.6 0.7 REC 155.1 156.5 -0.8 Tata Chem 844.0 824.0 7.1 844.0 844.0 Cipla 908.9 911.0 -3.6 870.0 701.5
Kotak Mah Bank 1777.2 0.3 3.6 35.4 47.9
Bajaj Fin 6224.3 -0.4 2.3 85.0 95.6 Coal India 146.9 146.1 0.5 Dr Lal PathLabs 3933.9 3963.1 -0.7 Adani Power 93.2 93.2 5.0 167.1 167.1 Ambuja Cem 402.4 403.9 -3.6 300.2 197.5
L&T 1610.4 -1.0 3.1 18.2 19.2
L&T Finance Hol 89.7 89.2 0.5 Eicher Motor 2727.5 2747.4 -0.7 Subex 61.9 61.1 4.5 74.5 74.5 CAMS 3279.0 3284.1 -3.5 2200.9 1260.0
Bajaj Finsrv 14005.7 0.1 1.2 54.5 1251.4 Mah & Mah 758.3 -0.1 1.1 52.0 350.9 Bank of Baroda 83.8 83.4 0.5 Canara Bank 156.3 157.4 -0.7 GAIL 154.0 148.8 4.1 170.0 170.0 Tata Steel BSL 94.2 95.6 -3.0 87.0 20.0
Bharti Airtel 607.9 1.5 2.0 294.6 - Maruti Suzuki 7100.8 1.0 1.3 48.9 43.6 Astral 2255.9 2245.3 0.5 Hindalco 439.4 442.2 -0.6 Himadri Sp Chem 52.0 51.0 4.1 62.4 64.0 Burger king 176.7 177.8 -3.0 126.9 108.4
BPCL 455.6 0.5 0.6 6.1 5.2 Nestle India 18020.7 -1.0 0.9 - 78.6
Britannia 3604.0 -0.2 0.6 50.8 50.8 Aarti Inds 963.2 955.4 3.6 987.2 987.2 Nat Alum 93.0 93.7 -3.0 65.1 29.2
NTPC 117.7 1.0 0.8 7.8 7.9
Cipla 911.3 -3.6 0.6 28.9 27.7 BSE NSE Century Tex 803.7 792.4 3.6 833.4 833.4 Zomato 130.1 131.2 -2.7 114.0 114.0
Coal India 146.1 0.4 0.4 7.1 11.8
ONGC 116.7 -0.2 0.8 9.0 12.8 Index Stock Index Stock PUT-CALL RATIO Adani Trans 975.0 967.8 3.4 1647.7 1647.7 Venkys India 3032.1 3046.8 -2.7 1630.1 1050.3
Power Grid 175.0 -0.1 0.8 10.1 10.2 Happiest Minds 1433.0 1426.6 3.2 1580.8 1580.8 PI Inds 3137.1 3146.0 -2.6 2521.6 1810.0
Divis Lab 4916.0 -0.2 0.9 65.8 66.8 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2089.1 -2.1 9.3 27.5 42.2 IndusInd Bank 1033.2 1029.2 3.1 1067.1 1119.2 Zee Enter 195.8 196.7 -2.5 181.5 148.8
Dr Reddys 4786.3 0.1 0.8 45.8 48.3 Contracts - - 222922 780995
SBI 435.7 -1.4 2.3 15.5 17.1 Market 1427.1 2618.0 0.5 IDFC First Bank 49.5 49.2 2.8 62.0 69.3 RBL Bank 176.1 177.5 -2.4 175.4 156.0
Eicher Motor 2747.4 0.6 0.5 55.8 56.5 Open Int.(000) - - 15783 4800309
SBI Life Ins 1150.7 1.4 0.7 - 89.3 Adani Total Gas 935.0 925.0 2.8 1680.0 1680.0 Muthoot Finance 1506.8 1547.0 -2.4 1152.5 1000.0
GAIL 148.8 4.1 0.4 10.8 10.7 Shares(In Mn) - - 8.0 1959.0 Top 5 PC Ratio Bottom 5 PC Ratio
Shree Cement 28386.6 -2.0 0.5 - 44.3 Astral 2265.8 2247.5 2.6 2294.5 2294.5 DLF 341.0 343.0 -2.4 245.0 140.4
Grasim Ind 1531.0 -0.4 0.8 29.4 108.3 Value(~ crore) - - 19210 64444
Sun Pharma 785.2 -0.1 1.2 31.4 92.9 Hero MotoCorp 1.0 Trent 0.2
HCL Techno 1050.0 -1.1 1.6 24.9 31.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 300.1 0.1 0.7 - - Kotak Mah Bank 0.9 L&T Tech Ser 0.2
HDFC 2628.1 -1.3 6.6 25.3 39.6 Contracts - - 32709056 2658176
Tata Steel 1428.9 -1.2 1.6 22.9 12.6 Bharti Infratel 0.9 Torrent Phar 0.2
HDFC Bank 1492.7 0.5 9.0 25.9 25.7
HDFC Std Life 673.4 0.6 0.8 100.1 112.4 TCS 3309.8 0.8 4.7 35.6 36.9
Open Int.(000)
Shares(In Mn)
-
-
-
-
185404
1153.9
3859649
5298.0
HDFC 0.9 Nippon Life Ind 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1264.6 1.3 1.1 25.5 28.0 Tech Mahindra 0.9 Metropolis Heal 0.2
Hero MotoCorp 2833.8 0.5 0.5 19.4 19.1 Value(~ crore) - - 2831906 226577 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 442.2 -0.2 0.9 28.5 100.0 Titan Company 1787.8 -0.6 1.0 163.1 131.4 BSE+NSE BSE+NSE
UltraTech 7527.7 -1.7 1.2 34.5 34.9 1 Reliance Ind 1324340.7 BS200 Raghuvir Syn 40.6
HUL 2371.5 0.6 2.9 69.7 68.5 (~ crore) (Mn shrs)
ICICI Bank 697.7 -0.7 6.7 26.3 26.5 UPL 777.3 0.0 0.6 19.8 174.2 ACTIVE CALLS ACTIVE PUTS Adani Enter 2298.5 15.2
2
3
TCS
HDFC Bank
1224457.6
826329.8
DOWN DOWN 7 DAYS
IndusInd Bank 1029.5 3.2 0.9 - 23.8 Wipro 598.0 -0.5 1.2 28.1 33.9 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Colgate -8.3 Nippo ETF -35.7
Tata Chem 2070.9 25.0 4 Infosys 702897.3
Infosys 1650.2 -0.2 8.5 34.6 37.5 Nifty 50 16238.2 â-0.3 100.0 26.8 29.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Bharti Airtel 1815.1 29.9 5 HUL 557113.7 UP 3 DAYS Canopyfin -29.8
Index Index 6 ICICI Bank 483113.4 Piramal Entp 6.2 SBEC Sugar -28.3
INDEX PE SHRS TRDS 1 YR SBI 1729.3 39.4
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
12/08/21
12/08/21
16300
16400
63.4
39.5
3.5 24.7
3.1 96.0
Nifty
Nifty
12/08/21
12/08/21
16300
16200
48.0
47.6
2.0 -22.3
2.9 20.7
Reliance Ind 1682.1 8.0
7
8
HDFC
SBI
474912.3
388800.2
Adani Trans
Kotak Mah Bank
5.7
5.5
Bambino Agro
Acemen
-19.6
-17.1
Asian Paints 2968.7 -0.7 2.2 81.6 83.8 L&T 1609.8 -1.0 3.7 18.2 19.2 SENSEX 30.5/33.0 7.2 213 13 17 42.7 Glenmark Life 1643.0 21.5 HDFC Bank 4.1
NIFTY 50 26.8/29.3 375.8 4819 23 27 45.0 Nifty Bank 12/08/21 36000 36.5 1.5 83.8 Nifty 12/08/21 16250 29.4 1.1 17.0 9 Bajaj Fin 375632.4 Welspun Inv -16.1
Axis Bank 741.5 -1.0 3.2 31.6 29.8 Mah & Mah 758.4 -0.1 1.2 52.0 350.9 Nifty 12/08/21 16500 30.3 2.7 52.4 Nifty Bank 12/08/21 35800 28.2 0.5 123.1 Tata Steel 1452.4 10.1 10 Kotak Mah Bank 352708.9 Siemens 2.8
C = CONSOLIDATED; S = STANDALONE Bright Bros -15.5
Bajaj Auto 3849.4 0.8 0.8 19.8 21.9 Maruti Suzuki 7102.2 1.1 1.5 48.9 43.6 Nifty 12/08/21 16350 24.2 1.5 119.7 Nifty 12/08/21 16000 25.3 3.1 30.5 Adani Ports 1296.5 18.2 11á Bharti Airtel 333805.0 Torrent Pwer 2.3
Bajaj Fin 6223.2 -0.4 2.7 85.0 95.6 UP 3 DAYS
Nestle India 18095.1 -0.7 1.1 - 78.9 CASH DERIVATIVES Stock Stock HCL Techno 1232.7 11.7 12â Wipro 327713.9 JSW Energy 2.3
Bajaj Finsrv 14004.3 0.1 1.4 54.5 1251.3 TURNOVER BSE NSE BSE NSE DOWN A-1 Acid 28.7
NTPC 117.7 1.0 0.9 7.8 7.9 Vodafone Idea 26/08/21 8 263.3 72.7 7.9 Vodafone Idea 26/08/21 6 78.8 36.1 34.5 Vodafone Idea 1074.7 1539.8 13 HCL Techno 285028.2
Bharti Airtel 607.8 1.5 2.4 294.6 - Vodafone Idea 26/08/21 7 246.5 51.8 -7.0 Vodafone Idea 26/08/21 7 63.2 33.6 34.8 CAMS -5.9 JTL Infra 24.7
Power Grid 175.1 0.0 1.0 10.1 10.2 VALUE(IN ~ CRORE) 4776 63510 - 3142137 ICICI Bank 1039.0 14.9 14 Asian Paints 284752.9
Dr Reddys 4785.3 0.0 0.9 45.8 48.3 Vodafone Idea 26/08/21 9 148.8 87.4 2.5 Vodafone Idea 26/08/21 5 62.6 35.1 2.7 15 ITC 263858.4 Zomato -5.9 Barbeque Nation 24.3
Reliance Ind 2089.1 -2.1 10.9 27.5 42.2 SHARES(IN MN) 936.3 3553.9 - 8418.9 HDFC Bank 1036.2 7.0
HCL Techno 1050.4 -1.0 1.8 24.9 31.5 TRADES(000) 3057 19814 - 19164 Vodafone Idea 26/08/21 10 143.8 91.5 7.2 Vodafone Idea 26/08/21 4 35.4 30.0 -1.6 16 Avenue Supermar 228601.3 Bombay Dyng -5.7 Jindal Photo 21.1
SBI 435.7 -1.4 2.7 15.5 17.1 GAIL 1028.7 68.3
HDFC 2630.0 -1.2 7.7 25.3 39.7 Vodafone Idea 26/08/21 6 63.8 29.7 -22.1 Vodafone Idea 26/08/21 3 17.3 23.5 -0.9 17 Axis Bank 227302.6 Ashok Leyland -5.0 Lotus Choco 21.0
Sun Pharma 785.2 -0.1 1.4 31.4 92.9 Cipla 933.0 10.2
HDFC Bank 1493.7 0.5 10.6 26.0 25.7 MARKET-CAP (~ CR) TRADED TOTAL 18 L&T 226113.5 Godrej Prpty -4.6 HB Stock 20.9
HUL 2371.1 0.5 3.4 69.7 68.5 Tata Steel 1428.8 -1.2 1.8 22.9 12.6
Piramal Entp 839.4 3.2 19 Bajaj Finsrv 222863.6 Sun TV Net -4.6 Solid Stone 20.8
TCS 3310.2 0.8 5.5 35.6 36.9 BSE 24,024,388 24,145,347
ICICI Bank 697.4 -0.7 7.8 26.3 26.5
IndusInd Bank 1029.2 3.1 1.1 - 23.8 Tech Mahindra 1264.9 1.4 1.3 25.5 28.0 NSE 23,719,774 23,824,423 SPURT IN VOLUMES Hindalco
IndusInd Bank
834.7
823.3
18.7
8.0
20
21
UltraTech
Maruti Suzuki
217283.0
214543.3
Godrej Cons
Others
-4.3 DOWN 3 DAYS
Titan Company 1788.1 -0.6 1.2 163.2 131.4 DERIVATIVES 17,420,687 17,420,687 Samkrg Pist -28.5
Infosys 1650.4 -0.3 9.9 34.6 37.5 Company Days 2-week Avg Change Close *Price 22 Sun Pharma 188381.0 UP 7 DAYS
TCS 811.5 2.5 PPAP Auto -15.3
ITC 214.4 -0.4 4.3 20.0 19.3 UltraTech 7527.3 -1.7 1.4 34.5 34.9 Volume Volume % price %chg 23 JSW Steel 183054.6 Cineline India 105.0
Kotak Mah Bank 1779.0 0.4 4.2 35.5 47.9 BSE SENSEX 54277.7 â-0.4 100.0 30.5 33.0 TRADING ACTIVITY Repro India 434994.0 12760.6 3308.9 403.5 14.0
Tata Power
JSW Steel
730.1
711.4
53.8
9.3
24 Nestle India 174472.5 GTC 61.5 Sri KPR Industr -14.8
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Tata Steel 171794.3 Rajnish Welines 44.9 Refnol Resin -14.7
Greenlam Inds 549482.0 16857.8 3159.5 1449.1 10.0 SAIL 702.9 49.3
Equity Debt Equity Debt 26á Adani Enter 168973.3 P G Foils -14.5
Net Net Net Net Tata Invest 1059938.0 44276.4 2293.9 1281.4 11.7 Nakoda Group 42.7
Kotak Mah Bank 682.9 3.8 27â Titan Company 158747.5 Future Retail -14.5
WORLD INDICES On 05 Aug -543 61 - - BASF India 1083656.0 51971.4 1985.1 3390.3 18.4 Tata Consumer P 641.2 8.2 28 ONGC 146686.1
Sportking India
RPEL
40.7
40.7 Raja Bahadur -14.3
On 04 Aug 3466 144 - - Tata Chem 24955134.0 1481151.7 1584.8 824.0 7.1 Infosys 638.0 3.9 29 Adani Ports 145097.0
Indices Close % Chg* Indices Close % Chg*
On 03 Aug 2098 -471 - - Accuracy Shippi 927790.0 60765.2 1426.8 120.7 19.7 30 Adani Green En 142520.4 (T+2) cycleStocks which rose/fell continuously
HDFC 576.0 2.2
Americas (Aug 05,21) Asia/Pacific (Aug 06,21) On 02 Aug -1488 408 - - Mazda 148275.0 9943.5 1391.2 639.0 17.4
Dow Jones 35064.3 0.8 Straits Times 3177.2 0.1 On 30 Jul -2558 116 - - Kalyan Jeweller 19175196.0 1655003.7 1058.6 66.8 -5.8
Aug till date 3533 142 - - Narayana Hruday 3369879.0 296616.5 1036.1 540.2 7.3
Nasdaq Composite
S&P/ TSX Composite
14895.1
20375.5
0.8
0.2
Jakarta Composite
Kospi
6203.4
3270.4
0.0
-0.2 2021 till date 47224 -23629 1786 80273 Century Ext 4727172.0 424939.7 1012.4 11.0 18.2
BOARD MEETINGS INTRA-DAY
Europe/Africa (Aug 05,21) Shanghai Se Comp 3458.2 -0.2 Quarterly Surana Tele ASM Tech Guj Petronet Vinyl Chem
DAX 15773.0 0.2 Stock Exchange of Thai 1521.7 -0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Suyog Telematic Galaxy Bearings Igarashi Mtrs Vipul Ltd
AUGUST 07 Group IF HB Leasing Nilkamal Yash Chemex
CAC 40 6788.3 0.1 Kuala Lumpur Comp 1489.8 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 IRB InvIT Fund Integra Tele Satin creditcar Group P
FTSE 100 7122.8 0.0 Taiwan Taiex 17526.3 -0.4 NET Net Fut OI Opt OI OI Bank of Baroda Group P Key Corp Suven Life Coastal Road
HIGH *Greenlam Inds . . . . . 1493.5 *Karma Energ . . . . . . . . 36.8 *Mohite Inds . . . . . . . . . 22.7
IBEX 35 8835.5 0.0 Volatility (Aug 05,21) BS 200 *Binayak Tex . . . . . . . 1408.6 *Optimus Finance . . . . . 35.4 *Sanblue Corp . . . . . . . . 22.2 Divis Lab Guj.Contain. Mayur Floor Tata Invest Garodia Chem
On 05 Aug -95 -159 0.2 1.1 1.5
Asia/Pacific (Aug 06,21) CBOE S&P 500 17.2 -0.6 On 04 Aug -4137 106 0.2 1.7 1.5 *Avenue Supermar . . 3625.0 *Tata Invest . . . . . . . . 1303.4 *Margo Fin . . . . . . . . . . . 34.0 *Akshar Spintex . . . . . . . 22.2 Hind Copper Group P Minaxi Text Timken India Group P
Nikkei 225 27820.0 0.3 CBOE Dow Jones 16.9 -5.7 On 03 Aug 6882 537 0.2 1.6 1.5 *Piramal Entp . . . . . . 2687.0 *Barbeque Nation . . . 1215.0 *Porwal Auto . . . . . . . . . 33.8 *Natural Biocon . . . . . . 20.8 Indiab Real Pulsar Intl. Purohit Cons Group B Sashwat
On 02 Aug 4514 725 0.2 1.3 1.5 *Tech Mahindra . . . . . 1272.6 *Jindal Poly . . . . . . . . 1145.1 *HB Stock . . . . . . . . . . . . 33.8 Neo Infracon . . . . . . . . . 20.6 Group A Group T Radhagobind Com Agri-Tech I Sreechem Res
Hang Seng 26179.4 -0.1 * Change over previous close
On 30 Jul -3771 1569 0.2 1.0 1.5 *Havells I . . . . . . . . . . 1258.9 *Shivalik Rasaya . . . . 1107.0 *Global Offshore . . . . . . 33.4 *Globus Power G . . . . . . 20.6 Advanced Enzyme Affle I Som Datt Fin Alphageo (I) T.N.Steel Tu
*Tata Chem . . . . . . . . . 844.0 *Ramkrshn Frg . . . . . 1100.0 *Sanrhea Tech . . . . . . . . 33.2 *Superb Pape . . . . . . . . . 20.3 Amber Enter Ind Balkrishna Pap Super Tan Birla Tyres Group T
MAJOR INDICES Aug till date
2021 till date
7164
187062
1209
-3576
-
-
-
-
-
- *Tata Consumer P . . . . 798.0 *Ebbetf0425 . . . . . . . 1057.0 *Bridge Sec . . . . . . . . . . 32.9 *NMS Impex Globa . . . . 20.1 DCB Bank Integra Garment Zenith Fibre Chemcon Sp Chem Bharat Wire
*JSW Steel . . . . . . . . . . 776.5 *Themis Medi . . . . . . 1000.0 *Comfort Finance . . . . . 32.9 *Flomic Global . . . . . . . . 20.0 Dollar Inds JP Associat Group Z Ester Ind Chemtech Inds
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*Easy Trip Plan . . . . . . 499.0 *RPEL . . . . . . . . . . . . 871.3 *Bharat Bh Sh . . . . . . . . 31.5 Trishkt Elct . . . . . . . . . . . 19.6 Guj Ind Power Tainwala Chm Suraj Produc Ganges Sec Gayatri Highway
S&P BSE Sensex 54,492.8 54,492.2 54,633.6 54,210.3 54,277.7 -215.1 -0.4 *Tata Power . . . . . . . . . 136.8 *Alicon Cast . . . . . . . . . 869.9 N K Indust. . . . . . . . . . . . 30.8 *Jindal Cap . . . . . . . . . . . 19.4 IFB Ind Group X AUGUST 08 IFB Agro Ind Genus Pap & B
*Nat Alum . . . . . . . . . . . . 97.5 *GNA Axles . . . . . . . 777.9 Rajnish Welines . . . . . . . 30.8 JSW Hold Arunis Adobe Group B Indraprst Md Hind Nat Gl
S&P BSE Sensex 50 17,097.9 17,104.8 17,143.2 17,020.8 17,039.6 -58.3 -0.3
S&P BSE SECTORAL INDICES Others *JTL Infra . . . . . . . . . . . 769.0 *Asia Pack . . . . . . . . . . . 30.3
LOW
BS 200
Neogen Chem Bajaj Steel Dynamic Cables Kamdhenu Hinduja Glb
S&P BSE-100 16,597.5 16,608.4 16,645.0 16,534.6 16,551.0 -46.5 -0.3 *Edels Niftyees . . . . 21328.0 *Medicam Bio . . . . . . . 748.0 *Steel Strip . . . . . . . . . . 29.4 NRB Bearings HB Estate D R&B Denims Kirloskar Inds Incredible Ind Jeevan Scient Virat Crane JSG Leasing AUGUST 10 Ahluwalia Co
Prev cls Close % Chng NONE Power Mech Pro Indag Rubber AUGUST 09 Laxmi Organic Indo Tech T
S&P BSE-200 7,061.7 7,068.5 7,082.7 7,039.6 7,045.9 -15.9 -0.2 *Sanofi India . . . . . . . 9022.9 *Acrysil . . . . . . . . . . . . . 712.0 *Barak Vally . . . . . . . . . 28.6 Kiran Vyapar WPIL Ltd Kakatiya Tex BS 200 Ashoka Build
Auto 22,941.1 22,978.4 0.2 *Vijay Solvex . . . . . . . 5410.8 *Goldiam Intl . . . . . . . . 674.5 *Maesgetf . . . . . . . . . . 27.9 Others Quick Heal Josts Engg BS 200 Malu Paper Inspirsys Solut Ludolow Jute Group XT KJMC Fina CAMS Balaji Telef
S&P BSE-500 22,263.8 22,292.4 22,341.1 22,206.2 22,224.4 -39.4 -0.2 Bankex 40,801.3 40,731.3 -0.2 *Sportking India . . . . 4727.0 *Yasho Inds . . . . . . . . . 629.8 Indsil Hydro . . . . . . . . . . 27.8 *Grandeur Prod . . . . . . 172.0 VRL Logistics Mysore Petro Balram Chini Man Ind Nahar Ind Lynx Mach ABVL Natraj Prot Coal India Century Ply
Cons. Durables 36,704.7 36,578.9 -0.3 *Lakshmi Mill . . . . . . . 3740.0 *Shri Dinesh . . . . . . . . . 614.0 *S P Cap Fin . . . . . . . . . . 27.8 *Garnet Intl . . . . . . . . . . 19.8 Group B Natural Caps Bombay Dyng Pokarna Reliance Power Pankaj Poly Alfa ICA Nihar Info IRB Infra Chalet Hotels
S&P BSE IPO 12,469.6 12,493.1 12,506.1 12,344.7 12,379.4 -90.2 -0.7
Cap. Goods 23,845.6 23,782.4 -0.3 *BASF India . . . . . . . . 3435.6 *Venus Remed . . . . . . . 592.5 *Looks Health Se . . . . . . 27.7 Evexia . . . . . . . . . . . . . 17.7 Ashima Nikhil Adhsv Clean Science T Praxis Home Ret Super Spg Prerna Infra Ambar Proteins Pasari Spg Jindal Steel Cochin Ship
S&P Dollex-30 6,030.1 - - - 6,009.5 -20.6 -0.3 *Mac Charles . . . . . . . . 590.0 *Shree Pacet . . . . . . . . . 27.1 *Bhakti Gems . . . . . . . . . 16.2 Atul Auto Nikki Glob Indian Hotel RS Software Group X Resonance Sp BKV Inds Rama Vision Lupin Eveready Ind
FMCG 13,696.6 13,683.7 -0.1 *Fairchem Organi . . . 2149.0
Nifty 50 16,294.6 16,304.4 16,336.8 16,223.3 16,238.2 -56.4 -0.3 Healthcare 26,432.9 26,369.7 -0.2 *National Std . . . . . . . 1929.8 *Suven Pharma . . . . . . 589.8 *Raaj Medisfe I . . . . . . . 27.0 *Tiaan Consumer . . . . . 14.4 Bhagya Inter Rajoo Engg MRF Savita Oil BFL AFL Rishiroop BLS Infotech Ramchandra Leas Manapp Finance Galaxy Surfacta
Infra 243.3 244.6 0.5 *Aarti Surfactan . . . . 1885.0 *IDFC-Sen MF . . . . . . . 573.1 *Pasupati Spg . . . . . . . . 25.3 Future Mar Net . . . . . . . 11.9 Bhagynagar Prop Restile Cera Petronet LNG Shalby Captial Trade L Sabrimala Inds Computer Pt Rungta Irrig Max Fin Sre Godrej Agrovet
Nifty next50 39,678.9 39,757.8 39,861.7 39,685.6 39,762.9 84.0 0.2 Dodla Dairy Shree Stl Wr Shree Cement Shiva Texya Crane Infra
IT 31,638.1 31,677.6 0.1 *Shaily Engg . . . . . . . 1858.0 *Hind.Everest . . . . . . . 559.6 *Tarini Intl . . . . . . . . . . . 23.8 *Gautam Gems . . . . . . . 11.5 SAR Auto Pr Coromndl Eng Salasar Inv Max Health Guj Alkalies
Nifty 500 13,981.6 13,996.6 14,029.8 13,946.1 13,954.7 -26.9 -0.2 Metal 21,256.7 21,150.4 -0.5 *Savita Oil . . . . . . . . . 1780.0 Aut Corp Goa . . . . . . . . 547.0 *Vaarad Vent . . . . . . . . . 23.4 *Aviva Inds . . . . . . . . . . . . 9.2 Gallant Isp Sir Shadi L Subex Steel Exchng Dhanlax Roto Saven Techno Duke Offshor Sylph Tech Mothersons S Honda Power
Oil & Gas 15,750.3 15,762.3 0.1 *Quant Index ETF . . . 1692.0 *Creative Cast . . . . . . 471.5 *Omkar Spec . . . . . . . . . 23.4 *Rander Corp . . . . . . . . . . 4.4 Gallant Mtal Sumedha Fisc Venkys India Sundaram Fin DHP India Steelcast Fischer Chemic Group Z Siemens Huhtamaki India
India VIX 12.9 12.9 13.2 11.6 12.6 -0.3 -2.0
Power 2,646.2 2,672.1 1.0 IIFL Wealt . . . . . . . . 1654.5 Ind.Link Chain . . . . . . . 452.0 *Proseed India . . . . . . . . 23.3 *SVP Housing . . . . . . . . . 4.3 India Nip E Sunedison Inf Group A TechIndia Nirma Divya Grant TCFC Finance Genus Prime Inf Jet Airways Trent IFCI
Nifty CPSE 2,042.2 2,041.9 2,061.5 2,040.1 2,044.7 2.5 0.1 *Sagar Cem . . . . . . . . 1595.0 *Zensar Tech . . . . . . . . 430.0 Zodiac Ventur . . . . . . . . 22.9 *Hypersoft Tech . . . . . . . 4.2 MBL Infra Xtglobal Infote Astrazen Ph The Hi-Tech Gea Garware Syn. Transgl.Food Gratex Ind Mardia Samy Zomato India Glycol
PSU 7,828.1 7,821.9 -0.1
MSE SX 40 31,903.6 31,903.6 31,903.6 31,786.1 31,786.1 -117.5 -0.4 Realty 3,251.9 3,219.2 -1.0 SMS Pharma Group XT GATI TN Petro Intern Comb Vedavaag Sys Guj Cotex Paramnt Cos Group A Infibeam Aven
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< ACC
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 (921.9) (921.8) (2388.1) (2392.2)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 930.0 927.0 2385.0 2382.1
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 963.2 963.5 2399.4 2398.8
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 928.0 926.1 2332.7 2335.4
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 955.4 956.3 2340.4 2341.4
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 208K 2357K 19231 517K
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 67.4 67.5 22.3 22.3
company name is followed by shares traded, and also the 52 Wk H/L 987/484 987/483 2456/1290 2455/1289
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 34631 34664 43949 43968
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
Adani Enter« Adani Green En Adani PortsH Adani Power Adani Total Gas« Adani Trans m m H m H m « m mH H < « « « « m m «
(1432.6) (1432.3) (896.4) (889.7) (693.3) (693.5) (88.8) (88.2) (900.2) (906.7) (936.2) (947.0)
O 1417.0 1422.0 900.0 892.0 694.9 693.0 89.6 92.2 907.0 886.0 936.2 945.0 O O
1555.0 1555.0 920.0 921.0 719.9 719.9 93.2 92.6 935.0 935.0 975.0 975.0
w 1417.0 1422.0 882.0 882.0 692.3 691.5 89.0 89.1 884.0 886.0 920.0 930.0 w w
1536.4 1536.7 911.3 910.6 710.7 710.7 93.2 92.6 925.0 925.0 967.8 964.4
928K 14250K 37707 1079K 735K 17505K 1589K 4322K 33964 187K 11871 125K K K K K K K K K K K K K K K K K K K
145.1 145.1 - - 26.2 26.2 16.1 16.0 - - 83.4 83.1
W 1718/181 1717/180 1394/343 1390/342 901/312 901/312 167/35 167/35 1680/153 1679/153 1648/231 1645/230 W W
M 168973 169001 142520 142411 145097 145107 35927 35696 101726 101726 106434 106060 M M

Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch BPCL
(3562.6) (3564.1) (749.2) (749.3) (3818.7) (3818.8) (6247.9) (6248.3) (13994.2) (13994.9) (2497.4) (2497.3) (308.2) (308.2) (82.5) (82.4) (1651.8) (1651.2) (838.3) (838.2) (176.7) (176.6) (780.7) (781.2) (598.9) (598.7) (57.2) (57.3) (384.0) (384.1) (402.1) (402.1) (14865.8) (14876.8) (453.6) (453.5)
O 3560.0 3569.0 748.0 747.0 3835.0 3833.0 6299.0 6285.0 14080.0 14070.0 2505.0 2510.0 O 308.9 307.2 82.5 82.4 1660.9 1654.2 840.0 838.0 177.0 176.9 778.0 782.6 O 596.0 594.5 57.1 56.9 383.9 384.2 402.5 403.0 14969.1 14876.0 452.1 454.0
3625.0 3593.0 757.3 757.7 3871.0 3872.4 6299.0 6299.5 14111.7 14108.7 2506.7 2510.0 308.9 308.0 84.6 84.6 1694.7 1695.0 845.9 846.1 179.8 179.8 805.6 805.6 616.9 617.0 58.8 58.9 386.9 386.9 404.6 404.2 15020.7 15035.0 462.9 463.0
w 3522.1 3520.0 738.9 738.8 3798.5 3797.3 6211.5 6211.0 13975.1 13975.0 2442.1 2441.8 w 300.1 300.0 82.2 82.2 1653.1 1650.0 818.1 817.7 175.1 175.0 777.4 776.9 w 588.0 588.5 56.6 56.6 383.0 382.9 398.8 398.7 14854.3 14841.9 452.1 454.0
3529.1 3529.2 741.5 740.9 3849.4 3847.9 6223.2 6224.3 14004.3 14005.7 2449.2 2449.2 303.7 303.9 83.4 83.4 1671.3 1671.4 828.6 827.8 175.4 175.4 780.3 779.6 607.8 607.9 57.6 57.6 383.7 383.6 402.5 402.4 14903.0 14901.3 455.8 455.6
8907 129K 183K 6523K 10308 504K 55442 730K 7120 137K 15808 279K 275K 7075K 4184K 48295K 25148 394K 96450 1925K 389K 7938K 76385 1515K 1349K 28520K 1658K 30135K 35569 946K 77413 1182K 1959 39646 312K 4059K
185.7 185.7 29.8 29.7 19.8 19.8 95.6 95.6 54.5 54.5 41.0 41.0 24.1 24.1 52.0 52.0 - - 118.2 118.1 20.7 20.7 116.4 116.3 294.6 294.6 - - 68.2 68.2 29.6 29.5 50.9 50.9 5.2 5.2
W 3625/1949 3624/1955 800/400 799/400 4361/2823 4361/2822 6475/3009 6477/3007 14925/5401 14925/5400 2558/1237 2559/1238 W 430/251 431/251 100/40 100/40 1736/1215 1737/1214 872/528 873/527 192/86 192/86 832/405 832/405 W 623/394 623/394 80/27 80/27 488/363 488/363 434/140 435/140 16900/11322 16830/11265 494/325 494/325
M 228601 228611 227303 227119 111390 111345 375632 375699 222864 222886 47343 47343 M 48916 48940 43103 43129 21479 21481 80477 80404 42738 42738 36331 36298 M 333805 333860 20039 20039 46061 46055 11174 11171 43949 43944 98874 98831

Britannia« BSEH Cadila Healt« CAMS Canara Bank CDSL CGCELH Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Deepak NitrtH
(3610.9) (3611.1) (-) (1229.8) (584.8) (584.6) (3402.9) (3402.8) (156.5) (156.4) (-) (1347.3) (460.5) (460.1) (539.7) (539.7) (945.2) (945.4) (153.1) (153.1) (145.4) (145.4) (4766.2) (4768.5) (1654.4) (1654.3) (698.9) (699.0) (842.2) (841.8) (905.0) (905.3) (589.5) (589.5) (2108.6) (2108.1)
O 3617.9 3611.2 - 1234.5 586.5 584.0 3403.0 3380.0 156.0 156.5 - 1312.5 O 460.2 462.0 535.1 536.0 943.0 939.0 153.9 153.9 145.9 145.6 4779.0 4780.0 O 1665.6 1654.0 702.0 699.0 845.0 845.1 906.0 905.4 590.0 590.0 2120.0 2118.4
3630.0 3620.0 - 1241.6 592.0 592.0 3403.0 3391.0 158.7 158.8 - 1355.0 472.0 472.0 539.5 539.5 943.0 939.0 154.8 154.8 148.5 148.5 4840.0 4840.0 1665.6 1655.0 706.3 706.8 867.3 868.0 917.0 917.6 596.1 596.6 2152.0 2152.5
w 3589.1 3590.1 - 1214.5 583.0 582.8 3279.0 3275.0 155.5 155.6 - 1312.5 w 458.3 458.0 523.1 522.6 908.9 909.0 152.8 152.9 145.3 145.3 4761.7 4762.0 w 1640.0 1640.0 688.3 687.9 841.1 841.1 896.9 896.4 584.1 584.1 2111.0 2111.0
3604.2 3604.0 - 1217.6 586.1 585.8 3284.1 3282.6 157.3 157.4 - 1336.7 461.2 461.2 528.6 528.8 911.0 911.3 153.3 153.2 146.3 146.1 4787.6 4789.7 1643.5 1643.2 690.7 690.4 859.4 858.3 900.6 900.9 585.2 585.2 2120.0 2120.5
8369 258K - 231K 110K 1268K 27452 209K 741K 9688K - 152K 57439 769K 154K 1977K 427K 9728K 50039 802K 340K 10812K 8384 403K 15283 373K 68531 1580K 39470 678K 35394 646K 70141 2453K 174K 1290K
50.8 50.8 - 7.6 28.1 28.1 - - 7.8 7.8 - - 46.4 46.4 30.7 30.7 28.9 28.9 19.1 19.1 7.1 7.1 58.1 58.1 41.8 41.8 60.4 60.4 17.8 17.8 40.4 40.4 57.8 57.8 67.9 67.9
W 4004/3318 4005/3317 -/- 1410/466 674/358 674/358 3742/1260 3741/1260 174/82 175/82 -/- 1579/347 W 498/246 499/247 601/203 601/202 997/702 997/704 200/117 200/117 165/110 165/110 5225/1881 5230/1881 W 1823/1323 1823/1322 748/352 748/351 956/682 956/682 933/412 934/411 619/472 620/471 2160/567 2156/567
M 86824 86820 - 5479 59999 59968 16036 16029 25895 25911 - 13969 M 28956 28953 43361 43377 73486 73510 11322 11318 90161 90037 29013 29025 M 44702 44695 42081 42063 25213 25183 24965 24973 103449 103458 28916 28923

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(4050.4) (4052.6) (598.9) (599.0) (28.8) (28.8) (976.0) (976.0)
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4070.2 4069.0 605.6 605.8 29.1 29.2 986.3 987.7
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K K K K K K K K K K K K K K K K 11402 184K 180K 3407K 4593K 13113K 21939 K K K K
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HCL INFOSYSTEMS LIMITED

CIN: L72200DL1986PLC023955
Regd. Off.: 806, Siddharth, 96 Nehru Place, New Delhi 110 019.
Phone number: +91 120 2520977, 2526518-19; Fax: +91 120 2523791
Website: www.hclinfosystems.in; Email ID: cosec@hcl.com
Unaudited Consolidated Financial Results for the quarter ended June 30, 2021
` Lakhs
Sl. Quarter ended Quarter ended Year ended
No. Particulars 30.06.2021 30.06.2020 31.03.2021
(Unaudited) (Unaudited) (Audited)
1. Total income from operations 3,579 11,512 46,602
2. Net Profit / (Loss) for the period (before tax, Exceptional (2,145) (3,686) (19,475)
and/or Extraordinary items) from continuing operations
3. Net Profit / (Loss) for the period before tax (after exceptional 4,058 (3,686) (19,475)
and/or Extraordinary items) from continuing operations
4. Net Profit / (Loss) for the period after tax (after exceptional 4,058 (3,686) (19,673)
and/or Extraordinary items) from continuing operations
5. Net Profit / (Loss) for the period before tax (after exceptional – – –
and/or Extraordinary items) from discontinued operations
6. Net Profit / (Loss) for the period after tax (after exceptional – – –
and/or Extraordinary items) from discontinued operations,
including disposal
7. Net Profit / (Loss) for the period after tax (after exceptional 4,058 (3,686) (19,673)
and/or Extraordinary items)
8. Total comprehensive income for the period [comprising 4,079 (3,670) (19,793)
Profit / (Loss) for the period (after tax) and other
comprehensive income (after tax)]
9. Paid up equity share capital 6,584 6,584 6,584
10. Reserves (excluding Revaluation Reserve) (30,591)
11. Earnings Per Share (of `2/- each) (for continuing and
discontinued operations) -
Basic : 1.23 (1.12) (5.98)
Diluted: 1.23 (1.12) (5.98)

Unaudited Standalone Financial Results for the relevant periods are as follows
` Lakhs
Quarter ended Quarter ended Year ended
PARTICULARS 30.06.2021 30.06.2020 31.03.2021
(Unaudited) (Unaudited) (Audited)
Total income from operations 1,085 7,488 24,099
Net Profit / (Loss) for the period before tax and exceptional items (1,328) (3,137) (11,388)
Net Profit / (Loss) for the period before tax and after exceptional 4,992 (3,479) (20,476)
items
Profit /(Loss) after tax and after exceptional items 4,992 (3,479) (20,476)
Total comprehensive income for the period [comprising Profit / 4,992 (3,479) (20,501)
(Loss) for the period (after tax) and other comprehensive income
(after tax)]
Notes : -
1). After recommendation by the Audit Committee, these results have been approved and taken on record by the Board of Directors
at its meeting held on August 06, 2021. The results have been subjected to a limited review by the statutory auditors.
2). The above is an extract of the detailed format of Quarterly/Yearly Financial Results filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The full format of the consolidated
and standalone Quarterly/Yearly Financial Results are available on the Stock Exchange websites (www.bseindia.com and
www.nseindia.com) and also available at the company’s website www.hclinfosystems.in.
By order of the Board
for HCL Infosystems Limited
Sd/-
Place : Noida Kaushik Dutta
Date : August 06, 2021 Director

HCL INFOSYSTEMS

Balkrishna Industries Limited

CIN NO: L99999MH1961PLC012185
Regd. Office: B-66, Waluj MIDC, Waluj Industrial Area, Aurangabad 431 136. Tel No.: +91 22 6666 3800, Fax: +91 22 6666 3898
Email : shares@bkt-tires.com, Website: www.bkt-tires.com
Extract of Unaudited Financial Results for the Quarter ended 30th June 2021
(Rs. In Lakhs)
STAND ALONE CONSOLIDATED
QUARTER ENDED YEAR ENDED QUARTER ENDED YEAR ENDED
Particulars
30-06-2021 31-03-2021 30-06-2020 31-03-2021 30-06-2021 31-03-2021 30-06-2020 31-03-2021
Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited
Total income from operations 181307 174589 92872 575792 180287 175345 94261 578319
Net Profit / (Loss) For the period
(before tax, Exceptional items) 48466 49451 16186 153099 48404 50276 17227 155492
Net Profit / (Loss) For the period before tax
(after Exceptional items) 48466 49451 16186 153099 48404 50276 17227 155492
Net Profit / (Loss) For the period after tax
(after Exceptional items) 33120 37220 12181 115538 33056 37995 13156 117753
Total Comprehensive Income for the period
{comprising Profit/(Loss) for the period (after tax)
and Other Comprehensive Income (after tax)} 32337 41343 10143 121109 31872 41925 10877 122352
Equity Share Capital 3866 3866 3866 3866 3866 3866 3866 3866
Other Equity (excluding Revaluation Reserve) 596855 596116
Earnings Per Share ( Basic & Diluted)
( Face value of Rs.2/- each) 17.13 19.25 6.30 59.77 17.10 19.65 6.81 60.91
Notes:
The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI(Listing and other Disclosure Requirements)Regulation ,
2015. The full format of the Quarterly Financial Results are available on www.nseindia.com and www.bseindia.com and on Company website www.bkt-tires.com
For Balkrishna Industries Limited
Sd/-
Arvind Poddar
th
Date : 6 August, 2021 (Chairman & Managing Director)
Place : Mumbai DIN : 00089984

NOTICE

NOTICE is hereby given that DSP Trustee Private Limited, the Trustee to DSP Mutual Fund (‘Fund’) has approved the distribution
under Income Distribution cum Capital Withdrawal (‘IDCW’) Option(s) of the below mentioned scheme(s) of the Fund.
Record Date: August 13, 2021
Quantum of IDCW Face Value NAV as on August 05, 2021
Name of Scheme(s) Plan(s) Option(s)
(` per Unit)# (` per Unit) (` per unit)
DSP Tax Saver Fund Regular IDCW 0.500 10 20.317
DSP Tax Saver Fund Direct IDCW 0.500 10 57.392
# The per unit rate is same for individual and other category of investors.
Distribution of the above IDCW is subject to the availability and adequacy of distributable surplus.
Pursuant to payment of IDCW, the NAV of the IDCW Option(s) of the aforesaid Scheme(s) of the Fund would fall
to the extent of payout and statutory levy, if any.
IDCW amount will be paid to all those Unit Holders/Beneficial Owners whose names appear in the records of the Registrar and
Transfer Agent, Computer Age Management Services Limited/statement of Beneficiary Owners maintained by the Depositories under
the IDCW Option(s) of the aforesaid Scheme(s) as on the Record Date. The Payout shall be subject to tax deducted at source (TDS)
as applicable.

Unit holders are advised to update change of address / bank details, if any, with depository participant(s) in advance of the Record
Date.
Any queries/clarifications in this regard may be addressed to:
DSP Investment Managers Private Limited (“AMC”)
CIN: U74140MH1996PTC099483
Investment Manager for DSP Mutual Fund
Mafatlal Centre, 10th Floor, Nariman Point, Mumbai 400 021
Tel. No.: 91-22 66578000, Fax No.: 91-22 66578181
Toll-free: 1800 208 4499 or 1800 200 4499
Email ID: service@dspim.com Website: www.dspim.com

Unit holders are requested to update their PAN, KYC, email id, mobile number and nominee details with the AMC as well as check
for any unclaimed redemptions or IDCW payments.
Place: Mumbai
Date: August 07, 2021
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
6
>
MUMBAI | 7 AUGUST 2021 1
l

PUBLIC NOTICE NOTICE REGARDING LOST OF SHARE CERTIFICATE OF

NOTICE is hereby given that Share Certificates of M/s. PERMANENT
MAGNETS LIMITED in the name(s) of G. K. Shankar & RAMCO SYSTEMS LIMITED
D. M. Shetty have been lost or mislaid and application has been made to Regd. Office : 64 Sardar Patel Road, Taramani, Chennai-600 113.
the Company to issue duplicate in lieu thereof. We, Ramanathpur Sampath Iyengar Lakshmi J/T Late Ramanna R. S. I.
residing at No. 685,17th Main, MEI Layout, Nagasandra Post, Bangalore-560
Certificate Distinctive No. of 073 the registered holder(s) of the under mentioned shares held in the
Shareholder / Applicant Name Folio No.
No. Nos. Shares above said company, hereby give notice that the share certificate in respect
G. K. Shankar (1st Holder) 193071- 4029541- of the said shares have been lost and I have applied to the Company for
G01122 400
D. M. Shetty (Joint Holder) 193078 4029940 issue of duplicate certificate. Any person having claim in respect of the said
Any person who has a claim in respect of the said shares should lodge such shares should lodge such claims with the Company at its above referred
claim with the Company’s Registrars & Transfer Agents at “ADROIT address within 15 days from this date, else the company will proceed to issue
CORPORATE SERVICES PVT. LTD.” 19, Jaferbhoy Industrial duplicate certificate and no further claim will be entertained by the Company
Estate 1st Floor, Makhwana Road, Marol Naka, Andheri (E), Mumbai-400 059 thereafter.
within 15 days from the date of publication of this Notice, else the Company Folio No. Certificate No. Distinctive Nos. No. of Shares
will proceed to issue Duplicate Certificates. 00002086 51165 12767486-12767585 100
sd/-
Date : 07.08.2021 Mr. G. K. Shankar Date : 07.08.2021 Ramanathpur Sampath Iyengar Lakshmi
Place : Mumbai Shareholder / Applicant Place : Bangalore J/T Late Ramanna R. S. I.
Rameshwar Media Rameshwar Media

HIGH ENERGY BATTERIES (INDIA) LIMITED

CIN: L36999TN1961PLC004606
(An ISO 9001:2008 & ISO 14001:2015 Company)
Regd. Office: “ESVIN House”, 13 Old Mahabalipuram Road, Perungudi, Chennai 600096
Phone:044-24960335, Email: investor@highenergyltd.com
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021
Rs.in Lakhs
Quarter ended Quarter ended Quarter ended Year ended
Particulars 30th June , 2021 31st March, 2021 30th June, 2020 31st March, 2021
(Unaudited) (Audited) (Unaudited) (Audited)
Total Income from Operations 1080.02 2327.36 391.19 7795.41
Net Profit / (Loss) for the period
159.19 701.86 (208.87) 2398.82
[before tax and Exceptional items]
Net Profit / (Loss) for the period before tax
159.19 701.86 (208.87) 2398.82
[after Exceptional items]
Net Profit / (Loss) for the period after tax
116.81 514.39 (158.74) 1832.93
(after Exceptional items)
Total Comprehensive Income for the period
[Comprising Profit / (Loss) for the period (after tax) 136.64 474.58 (130.55) 1817.94
and Other Comprehensive income (after tax)]
Equity Share Capital 179.28 179.28 179.28 179.28
      
 ! "" #$ % & '())***)
Other Equity (excluding Revaluation Reserve) as +,&  -./""'-)001-+*220/. 1 )0** )"* 00** 3*))("2///"*.4
shown in the audited Balance Sheet of the _ _ _ 4014.35 5 

 
6
 
previous year 
       
Earnings Per Share (of Rs.10/- each) Basic and   
       
  
 
  
 
    
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* %45+-6.-#7-7(-+8-9-'&'&-1:   ('$ '&'& 
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(By Order of the Board) $            "    
 

for HIGH ENERGY BATTERIES (INDIA) LIMITED    *

Place: Chennai G. A. PATHANJALI         "    8!
 
   

Date: 06.08.2021 Managing Director '&'&;'(      

     
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