FRIDAY, 26 NOVEMBER 2021
18 pages in 1 section
MUMBAI
~10.00
VOLUME XXVI NUMBER 75
THE MARKETS ON THURSDAY
Sensex 58,795.1
Nifty 17,536.3
Nifty Futures* 17,588.9
Dollar
Euro
Brent crude ($/bbl)
~74.5
~83.6
80.8##
Gold (10 gm)### ~47,496.0
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
VIRUS
TRACKER
RISE IN CASES
LOWER THAN
WEDNESDAY
Total 34,544,882
Active cases Recovered
109,940 33,967,962 466,980
ê1,541 é10,264
1,202,641,846
Vaccination é
8,233,485
WORLD Total
259,708,659
Deaths
5,179,299
STRICTLY SCREEN FLYERS
FROM HONG KONG,
SOUTH AFRICA: GOVT
The Centre on Thursday asked all states and
Union Territories to conduct rigorous
screening and testing of all international
travellers coming from or transiting
through South Africa, Hong Kong and
Botswana, where a new Covid-19 variant
of serious public health implications has
been reported. In a letter to additional
chief secretaries or principal secretaries or
secretaries (Health) of the states and union
territories, Union Health Secretary Rajesh
Bhushan asked them to ensure that
samples of travellers turning positive are
sent to the designated IGSLS or genome
sequencing laboratories promptly. “This
variant is reported to have a significantly
high number of mutations, and thus, has
serious public health implications for the
country, in view of recently relaxed visa
restrictions and opening up of
international travel. It is therefore
imperative that all international travellers
travelling from and transiting through
these countries, (they are part of the ‘at
risk’ country category of international
travellers coming to India),” he said.
The contacts of these international.
NEW COVID VARIANT IN SOUTH
AFRICA HAS 10 MUTATIONS
*T&C Apply
Dashboards and trackers: Covid made data new normal
NIVEDITA MOOKERJI
New Delhi, 25 November
Data was described as ‘new oil’ some
years ago, but the pandemic has put it
in a different place altogether with
dashboards and data trackers making
sense of everything from the strains
of Covid-19 to the range of vaccines,
from life to workplace and everything
else. It’s the exponential rise of data
that has powered Covid war rooms all
over the world, including in India.
While experts in the area have shared
their enthusiasm about so much
data, they have also brought out the
gaps and inequalities around it.
Pointing at the phenomenal rise in
data research and analytics, Dr Amita
Gupta, deputy director, Johns
Hopkins University Center for
Clinical Global Health Education,
said at least half a million scientific
papers have been published on
Covid, besides more than 193,000
other types of papers related to the
economic, scientific and social
impact of the pandemic. Data
chg#
p 454.1
p 121.2
p 52.7 ECONOMY & PUBLIC AFFAIRS P6
~74.4 **
~83.4**
81.4 **
JEWAR AIRPORT TO BE LOGISTICS
p
~103.0
GATEWAY FOR NORTH INDIA: PM
P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H 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
Govt may hold 26%
INDIA
é9,119
Deaths
in privatised PSBs
To move amendments to provide for reducing shareholding
é396
NIKUNJ OHRI
Nagpur, 25 November
T
he Centre may continue to
hold at least 26 per cent stake
Note: Total cases
include 1 migration;
in public sector banks (PSBs)
arrow shows 1-day
change; figures as
that are being considered for
of 10:00 pm IST;
Sources: Ministry privatisation, sources aware of the
of Health and
Family Welfare; development said. Currently, the
CoWin.gov.in;
government is looking at privatising
Johns Hopkins
Resource Center
two banks.
At present, the government has
to hold 51 per cent in PSBs at all
times, according to the Banking
Companies (Acquisition and
Transfer of Undertakings) Act,
1970. Now, the Banking Laws
(Amendment) Bill 2021, which
will provide for reducing the
government's minimum sharehold-
ing in PSBs to 26 per cent, is set to be
introduced in the upcoming session
of Parliament.
The reduction of the government’s
floor shareholding to 26 per cent in
PSBs will enable institutional and pub-
lic investment, in turn helping the
exchequer with better receipts, sources
said. This would also help in privatisa-
tion and meeting the disinvestment
targets, besides reducing lenders’
dependence on the government for
capital infusion, they added.
Although the government would
keep its shareholding limited to 26 per
cent, it may not bring it down to that
level at one go. The quantum of stake
reduction in these banks would be
FRL guilty of financial irregularities: Amazon Telcos may
4> PEERZADA ABRAR
Bengaluru, 25 NovemberAMAZON’S ALLEGATIONS Amazon letter an
P8 E-commerce giant Amazon has written
to the independent directors of Future
Retail (FRL), including Gagan Singh,
afterthought,
says Future group on I-Day
Ravindra Dhariwal and Jacob Mathew,
and its audit committee, providing data
and alleging that there have been sig-
nificant financial irregularities to the
prejudice of public shareholders, banks,
creditors, and third-party suppliers.
Amazon has said this warrants a thor-
ough and independent examination of
all relevant facts and related-party
transactions, including of past financial
years, by an independent agency.
Separately, Amazon has written to
Securities and Exchange Board of India
Chairman Ajay Tyagi, seeking the with-
drawal of the regulator’s conditional
approval granted to FRL related to the
LACK OF RELIABLE
NUMBERS TO
ACCURATELY PORTRAY
THE COVID-19 PANDEMIC
MAY RESULT IN THE
DANGEROUS EQUATION
‘NO DATA IS EQUAL TO NO
PROBLEM’”
DR AMITA GUPTA,
DEPUTY DIRECTOR, JOHNS HOPKINS
UNIVERSITY CENTER FOR CLINICAL
GLOBAL HEALTH EDUCATION
research and analytics is valued more
now than it was before the pandemic,
according to Dr Gupta, who’s a US-
based specialist in infectious
diseases. “During the pandemic,
among many things that are
unprecedented, data and data
analytics added to that mix. There’s
data flowing whichever way you
look,” she said in an interaction with
Business Standard.
Take for instance, CoWIN. The
www.business-standard.com
COMPANIES P2
AIR INDIA TO PREPAY
DEBT WORTH ~12,900 CR
Crypto firms mull
moving offshore
amid ban buzz
DEEPSEKHAR CHOUDHURY & SHIVANI SHINDE
CHANGES IN | Banking Laws
(Amendment)
| Amendments to empower
central govt to make a
Bengaluru/Mumbai, 25 November
THE OFFING Bill 2021 to scheme for privatisation
The buzz around the ban on cryptocurrencies
provide for of banks in consultation in India has created an uncertain environment
reducing with RBI for crypto exchanges. Ecosystem players work-
Centre’s ing in spaces like non-fungible tokens and
| Legislation to have
shareholding blockchain too are in a tizzy. Many founders
new provisions
in PSBs to are planning to move their businesses to either
for disqualification the UAE or Singapore.
26% of directors According to the data from Venture
| Changes to include | New
Intelligence, funding for crypto- and block- VC INVESTMENTS IN CRYPTO
chain-related start-ups in India rose 20-fold
terms and conditions provisions will this year. While CY2020 saw five such start- & RELATED START-UPS
for service of be included to ups receiving $8 million, 24 companies No. of
chairman, wholetime
directors, and board
protect action
taken in good
attracted $502 million this year to date.
The data from Tracxn shows that 376 firms
Year Deals Amount ($ mn)
2017 2 1
of directors faith have been founded in cryptocurrencies since
2011. Similarly India saw 711 start-ups being
2018 5 6
2019 5 8
founded in the blockchain category and
directors. Besides, these new sections around 12 in the NFT category. 2020 5 25
decided while finalising the contours would be included to make it man- Harsh Rajat, founder of EPNS (Ethereum 2021* 24 502
of the transaction. datory for every director to disclose Push Notification Service), said: “If such a *As of Nov 24, 2021
According to the amendments interests in corporates. thing (ban) happens, we would have to move
being proposed, the legislation would The Bill will also insert clauses to out of India. Our lawyers are looking at what TOP INVESTMENTS IN 2021
empower the government to make a determine the remuneration and com- to do in such a situation.” Funding received ($ mn)
260
scheme for privatisation of PSBs in con- pensation for whole-time directors and EPNS is developing a communication 90
sultation with the Reserve Bank of officers carrying out material risk-tak- layer on the Ethereum blockchain and the
India (RBI). The amendments also seek ing and control function of new priva- start-up has raised $1.6 million in seed fund-
to replace provisions of the Companies tised banks. It would also include ing from the likes of crypto evangelist and
Act, 1956, with the Companies Act, amendments to bring about changes former Coinbase executive Balaji Srinivasan
2013, for conditions for auditors of for retirement of directors and to facili- and noted Silicon Valley angel investor
PSBs, among others. tate a scheme for board of directors of Naval Ravikant. 25 25
The legislation will also have provi- new privatised banks. “But we would not like to go elsewhere as
17
sions regarding the disqualification of To protect decision making of bank then we would have to work as employees or
directors. It will also include terms and executives, a new provision will also be consultants with other venture capital firms Coin CoinDCX Vauld CoinSwitch* Faze
conditions for service of the chairman, included in the law to protect them for at first till we can get a company registered in Switch* Tech
whole-time directors, and board of action taken in good faith. our names outside,” he added. Turn to Page 13 > *Separate investments Source: Venture Intelligence
ring in 5G
| FRL consistently entered into significant
related-party transactions with various
Future Group entities, some of which
depend predominantly on FRL for their
Amazon is not a shareholder or SURAJEET DAS GUPTA
business creditor of Future Retail and hence New Delhi, 25 November
| FRL generated a cash buffer by delaying has no locus standi to send the
payments to third-party creditors, letter, a Future group spokesperson The government is engaged in talks with telecom
possibly to pay related parties first said in response to a query. firms for a launch of commercial 5G services in
“Amazon’s letter is nothing but some cities by Independence Day and has assured
an afterthought and a counterblast them that spectrum auction will take place in
merger deal with Reliance. The letter utory authorities/regulators/enforce- to the show-cause notice by the April-May, providing them a three to four-month
has also been sent to top officials of the ment agencies also to enquire and Competition Commission of India window for the rollout.
stock exchanges. investigate into the financial state- against Amazon in pursuance of A top executive
Amazon’s letter to the FRL inde- ments, and records, including related- the complaint by Future Coupons of a leading telecom
pendent directors, dated November 24, party transactions and discussions in Pvt Ltd seeking withdrawal of the gear company said MISSION 5G
which Business Standard has accessed, board, and audit committee CCI’s approval for Amazon’s the deadline was | Telecom gear makers
states: “Given the nature of disclosure meetings, in the interest of public investment into FCPL,” said feasible in some cas- say they will need 4-6
and findings, a careful and detailed shareholders, banks, creditors, and the spokesperson. Turn to Page 13 > es. “It can be
weeks to deploy 5G
examination must be made by stat- third party suppliers.” Turn to Page 13 > achieved in some
cities as it will take network in a city
us 4-6 weeks to | Commercial orders
deploy a network, need to be signed by
once the equipment
or components have
reached India. But
to do so, we need
|
January 2022, they add
Telcos say deadline is
stiff and will depend
the pandemic, MyGov CEO Abhishek commercial con- on various contentious
IF THERE ARE Singh said the Covid chapter on the tracts with telcos to issues, such as
10 ATTRIBUTES MyGov site had started in February be finalised by 5G auctions
FOR EVERY CASE 2020. “We were brainstorming about January so we know
| Say
OF VACCINATION, it and realised very little was known what orders they are
meaningful
about Covid, including what was placing and in
WE HAVE AT LEAST meant by asymptomatic and what which circles or deployment of
10 BILLION DATA quarantine implied in this context. cities. We have to 5G will take
POINTS AVAILABLE Things needed to be explained,” he activate our till end of
TO US FOR SLICING said. A chatbot was also set up on supply chain, next year
Whatsapp in March 2020 for easy especially as
AND DICING” access, and in ten days some 10 there is a chip
million users came on to the shortage,” he said.
R S SHARMA,
CEO, NATIONAL HEALTH platform, according to Singh. The executive
AUTHORITY AND CoWIN Surveys during the pandemic also said that the final
hit a high. LocalCircles is one such orders, which include spe-
tech backbone for the Covid-19 Authority and CoWIN. The day when organisation which has conducted a cific quantities such as how many radios to take
vaccination process has India did over 20 million survey once in three or four days in which band, can be tweaked in April based on
administered around 1.2 billion jabs vaccinations in September, the rate of throughout the pandemic. Sachin the spectrum won. Also, the deadline can be met
so far. The attributes or the data inoculation was 1,000 per second, he Taparia, chairman and CEO of if only mid-band spectrum is being used and not
points linked to the vaccine and the added to explain the quantum and LocalCircles, put the figure of surveys a combination of mid-band as well as millimetre
people who have been jabbed could speed of data generation. at 200-plus since Covid-19 surfaced. wave spectrum which is more complex.
run into several billions. “If there are MyGov, the government’s citizen Pre-pandemic, the number was at Telcos are, of course, taking aggressive steps
10 attributes for every case of engagement platform, too has seen half of this level, according to anyway, such as testing their 5G network capa-
vaccination, we have at least 10 an exponential increase in data Taparia. “We raised issues with the bilities through trial runs. Bharti Airtel, in alli-
billion data points available to us for during Covid. Among other things, it government before they actually ance with Nokia, successfully conducted 5G
slicing and dicing,” according to RS maintains a page dedicated to the became issues,’’ he said. trials on the 700 band on Thursday on the out-
Sharma, CEO of National Health pandemic. Recalling the early days of Turn to Page 3 > skirts of Kolkata. Turn to Page 3 >
2 COMPANIES MUMBAI | FRIDAY, 26 NOVEMBER 2021
> Dixon Technologies India > AurionPro Solutions > Tata Consultancy Services > Mukta Arts > James Warren Tea
STOCKS Partners Acer India to Bags contract from Selected as strategic Launches 9 multiplex Board to consider
IN THE NEWS manufacture 500,000 UPSRTC for integrated partner by South32 to screens in Ahmedabad, buyback of shares
laptops in India ticketing system enhance IT operation Punjab and Odisha on November 29
~5,220.8 CLOSE ~217.3 CLOSE ~3,445.5 CLOSE ~50.8 CLOSE ~249.10 CLOSE
p2.9% UP* p5.0% UP* p0.1% UP* p10.0% UP* p8.8% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
IL&FS resolves ~1,275-cr loans,
Hero, Honda festive period output lowest in 7 yrs
exits technology business SHALLY SETH MOHILE
Mumbai, 25 November
SKIDDING PRODUCTION demand to pick up in the
coming quarters on the back
The IL&FS Group has completed sale of its HERO MOTOCORP of improving macro-eco-
52.26 per cent stake in Terracis Technologies Production at India’s top two- 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 nomic indicators and vacci-
(TTL) to Falcon SG Holdings of Philippines. wheeler makers, Hero October 661,756 636,266 622,303 770,959 512,234 804,742 538,228 nation.
With this, IL&FS has resolved approximately MotoCorp and Honda Like Hero, HMSI curtailed
~1,275 crore of its group debt and completely Motorcycle and Scooters India November * 506,361 516,271 633,468 559,294 591,102 590,000 352,000 production in the two afore-
exited the technology business. This (HMSI), has been estimated to Total 1,168,117 1,152,537 1,255,771 1,330,253 1,103,336 1,394,742 890,228 mentioned months. The local
transaction forms part of the overall IL&FS have slumped to its lowest arm of the Japanese two-
Group resolution estimate of ~61,000 crore. This is an equity positive in seven years in October and HONDA MOTORCYCLE AND SCOOTERS INDIA wheeler maker, which, on
transaction wherein the entire debt has been taken over by the new November. October 405,309 468,547 469,415 511,699 393,427 501,680 393,555 average, produces more than
promoter, IL&FS said in a statement. TTL was formerly known as Sales of motorcycles and November* 319,179 346,876 471,181 482,935 437,402 435,988 260,000 800,000 units, made 653,555
IL&FS Technologies. Falcon SG is a wholly-owned subsidiary Falcon scooters failed to gather in the festive months of the
Investments, a part of Gateway Partners and Avenue Capital Group. momentum even during the Total 724,488 815,423 940,596 994,634 830,829 937,668 653,555 current year, the lowest in
Apart from some foreign banks and institutions, SBI, Axis Bank, and festive months, leaving the *Estimates Source: Siam, industry sources seven years.
Indian Bank were key Indian lenders to the company. BS REPORTER companies saddled with a pile Y S Guleria, director (sales
of unsold stocks. and marketing), HMSI,
The two firms account for nearly 1.4 million units in the work from home policies have constitute 4-5 per cent of the had witnessed sequential declined to comment.
Joyville’s sales Airtel conducts 5G close to 60 per cent of the same period last year. affected sales, said ICRA in a market. growth in dispatches in Though in a smaller pro-
bookings jump trial in 700 MHz domestic two-wheeler market In addition to a sharp 25 recent report. An ana- October 2021 over September portion, other two-wheeler
and the skidding production per cent increase in prices of “One can also THE TWO COMPANIES lyst at a 2021. While the first phase of makers including TVS Motor
3x to ~450 crore band with Nokia volumes reinforce the poor motorcycles and scooters in not discount the ACCOUNT FOR 60% domestic the festive season was slow to and Bajaj Auto cut production
Shapoorji Pallonji's housing Telecom operator Bharti Airtel demand and structural slow- the last couple of years, a disruption OF THE DOMESTIC brokerage take off, the demand in the in October and November to
platform Joyville has clocked on Thursday said it has down facing the world’s slowdown in rural sales, cou- created by e-two TWO-WHEELER concurred. second phase of the festive align supply with slow
nearly threefold jump in its conducted India's first 5G trial largest two-wheeler market. pled with high fuel prices, has wheelers, which MARKET. DECLINING “E-two season saw an uptick, the demand and correct inven-
sales booking at ~450 crore in the 700 MHz spectrum band The companies have stocks for been keeping buyers away. are a lot easier on PRODUCTION VOLUMES wheelers spokesperson added. tories at their channels.
during the first half of this in partnership with Nokia. The 45-55 days at their channels, The sluggish rural sales the wallet with all REINFORCE THE have started “After the festive season, ICRA Ratings estimates
financial year on strong demonstration, which was according to dealer sources. have been attributed to agri- the incentives and POOR DEMAND nibbling at our inventory is for five-six domestic two-wheel volumes
demand for mid-income conducted on the outskirts of For the first time in seven sentiment caused by an lower running AND STRUCTURAL the market of weeks, and with the delay in to contract by 1-4 per cent
residential properties, a top Kolkata, also marked the first years, Hero MotoCorp, the uneven monsoon and delayed costs,” said a SLOWDOWN FACING internal com- harvesting due to the late year-on-year in 2021-22, fol-
company official said. Joyville 5G trial in eastern India, the market leader, produced harvesting across regions. dealer, adding, if THE WORLD’S LARGEST bustion withdrawal of monsoon in lowing a weak festive season
had sold properties worth ~160 company said in a statement.. fewer than a million units In urban markets, the one took into TWO-WHEELER MARKET engine-pow- many parts of the country and performance for the industry.
crore in the corresponding Airtel used equipment from during the festive months. It delay in reopening schools account all the ered two the ongoing marriage season, CRISIL Research also esti-
period of the last fiscal year. PTI Nokia's 5G portfolio. PTI is estimated to produce a and colleges, job losses and high and low speed e-two wheelers.” a pickup in demand is mates two-wheeler sales to
cumulative 890,228 units dur- salary cuts (after the pan- wheelers launched in the past A spokesperson for Hero expected,” he pointed out. end the year with a 3-6 per
Royal Enfield starts MG Motor India ing the two months against demic came), and extended year and a half, they would MotoCorp said the company The company expects the cent year-on-year decline.
assembly unit, CKD adopts wind-solar
facility in Thailand hybrid energy
Royal Enfield on Thursday said
it has started local assembly
unit and CKD (completely
MG Motor India has tied up
with CleanMax to become the
first passenger car company to Air India to prepay RIL recasts Jamnagar unit
knocked down) facility in
Thailand. This is the company's
adopt wind-solar hybrid
energy, a statement said on
to grow in hydrogen space
third local assembly unit after
Argentina, and Colombia in
Latin America. The unit will act
as a distribution hub for all
other countries in South-East
Thursday. Clean Max Enviro
Energy Solutions (CleanMax)
will supply 4.85 Mw of wind-
solar hybrid power to MG
Motor's manufacturing facility
~12,900 cr; board TWESH MISHRA
New Delhi, 25 November

Asia, including Indonesia and
Vietnam.
Kirloskar family
dispute: SC seeks
meets on Monday
in Halol. It plans to expand to Reliance Industries’ (RIL)
PTI 150 Mw by 2022. PTI hiving off its Jamnagar
gasification project into a
India Inc Ebitda to wholly-owned subsidiary is a
see significant step towards its plans to grow

views of Atul, others
The Supreme Court on
Thursday asked industrialist
Atul Chandrakant Kirloskar and
growth: Moody’s
Benefiting from strong consu-
mer demand and high comm-
odity prices, firms will show
NCDs expected to be repaid by govt through AIAHL in the hydrogen space.
This gasification project at
DEV CHATTERJEE & ANEESH PHADNIS Jamnagar was set up to
Mumbai, 25 November
DEBT PLAN produce syngas to meet the
energy requirements of RIL’s

T
13 others, made respondents significant growth in Ebitda over he board of directors of Air India will crude oil refinery. It, however,
by Kirloskar Brothers in an next 12-18 months, Moody’s meet on November 29 to finalise a plan ~ 46,262 cr could be monetised for
appeal, to apprise it of their said. It said growing government to prepay debt worth ~12,900 crore to Debt to be transferred to Air India expanding the company’s new
opinion on the issue of spending on infrastructure will the lenders. Assets Holding energy business. “The gasifi-
mediation to settle the family support the demand for steel The loans were raised by the airline as cation unit will no longer serve add chemicals) — all now
feud related to assets. PTI and cement. BS REPORTER non-convertible debentures and will be repaid ~ 15,300 cr just the refinery,” an RIL offi- make it a highly profitable
RIL shares
by the airline as part of the government’s sale Debt to be serviced by Tata Sons cial told Business Standard. investment after multiple
of the airline to the Tata group.
~ 2,700 cr
The refinery off-gases pro- years of challenges,” it said in jump over 6%
JSW Energy moves renewable A banking source said the airline was pay-
ing very high interest of between 9.05 per cent Cash to be paid
duced from this project earlier
served as fuel. They have now
a research report.
The RIL official said the TAKING STOCK (In ~)
biz to wholly-owned unit and 10.05 per cent on its NCDs.
According to the plan, the NCDs are
by Tata to govt
for the acquisition
been repurposed into feed-
stock for the refinery off gas
volume of blue hydrogen pro-
duced from this project can be
JSW Energy has re-organised its green (renewable) and grey (the- expected to be repaid by the Indian govern- cracker (ROGC). “This enables scaled up as the demand for
rmal) businesses. It said all the existing and upcoming renewable ment through AIAHL before the Tatas take production of olefins at com- hydrogen grows. “The gasifier
energy businesses will be housed under JSW Energy Neo, its wholly- over the airline next month. petitive capital and operating output of carbon dioxide is
owned subsidiary. This is in line with the announcement made by Air India had debt of ~62,361 crore as on costs. Syngas as a fuel ensures highly concentrated and can
the company on July 30. “This move will help the company in March 2020, of which Air India will be trans- reliability of supply and helps be easily captured, lowering Shares of Reliance
building and streamlining its renewable portfolio and setting up a ferring debt worth ~46,262 crore to the gov- reduce volatility in the energy the cost of carbon capture. Industries (RIL) were in
holding structure, which is efficient for fundraising and unlocking ernment-owned entity, AIAHL. costs. Syngas is also used to This should also help heavy demand on
value for shareholders. In May 2021, JSW Hydro Energy had issued The Tata group had agreed to take over Air produce hydrogen for con- reduce RIL’s net carbon foot- Thursday as it jumped over
green bonds of $707 million, which was the largest hydro green India at an enterprise valuation of ~18,000 sumption in the Jamnagar print and eventually help inte- 6 per cent, helping market
bond issuance in Asia,” a company statement said. BS REPORTER crore. Of this, the Tata group will take over Air refinery,” RIL said in a state- grate with plans on hydrogen benchmarks close with
India’s debt worth ~15,300 crore and pay ~2,700 ment late Wednesday. electrolysers and solar/renew- huge gains. The market
crore to the Indian government. According to Morgan able electricity,” Morgan heavyweight stock

Feel free to wear flip flops:
Hinduja heir to bank staff
Karam Hinduja, the 31-year-old
grandson of Srichand Hinduja,
the patriarch of the
$18-billion British-
Indian Hinduja
Group, says he
wants to stay true to
his grandfather’s
values while trying
to remake Hinduja
Bank Switzerland to
attract a more modern clien-
tele. In an interview, Karam
Bankers said Tata Sons, which has the
highest credit rating, will be able to refinance
Air India’s residual loans worth ~15,300 crore
at a far lower rate, bankers said. “The lower
finance cost will help the Tata group to turn
said he told his employees to around the airline faster. The group used the
be more like the bank’s clients, same strategy in Bhushan Steel,” a banking
who may just as source said.
likely have made An email sent to Air India did not elicit any
their fortunes as response. A Tata spokesperson declined to
tech entrepreneurs comment.
as from finance. “If In an extraordinary general meeting of
your client is in shareholders held on October 26, they
shorts, t-shirt and a approved the transfer Air India’s four subsid-
pair of flip flops, feel iaries — AI Airport Services (AIASL), Alliance
free to do the same, Air Aviation (AAAL), AI Engineering Services
meet them at their level,” the (AIESL), and Hotel Corporation of India (HCI
executive said. BLOOMBERG ) to Air India Assets Holding (AIAHL) at book
Stanley, RIL’s announcement
to separate its pet coke gasifier
assets is another step towards
monetising the potential syn-
ergies between its existing
energy infrastructure and new
energy plans.
“While investors have been
skeptical about returns on the
value to AIAHL. pet coke gasifier business for
The effective date of transfer of invest- the past five years, the envi-
ments, along with the receivables, would be ronment of high global gas
mutually decided between Air India and prices, gasifier's ability to pro-
AIAHL. duce hydrogen which can be
Air India will be filing a petition with the converted into blue hydrogen
National Company Law Tribunal (NCLT) seek- (using carbon capture), and
ing its approval for the demerger of its sub- gasifier output of syngas (valu-
sidiaries and transfer of debt. able in producing higher value
Stanley research report said.
RIL said as the company
transitions to renewables as its
primary source of energy,
more syngas will become avail-
able for upgradation to high
value chemicals including C1
chemicals and hydrogen.
“Further, carbon dioxide
released during the process of
producing hydrogen is highly
concentrated and easy to cap-
ture, substantially reducing
the cost of carbon capture.
Overall, these steps will help
sharply reduce the carbon
footprint of the Jamnagar
complex,” the statement said.
jumped 6.10 per cent to
close at ~2,494.40 on BSE.
During the day, it zoomed
6.46 per cent to ~2,502.80.
On NSE, it gained 6.36 per
cent to close at ~2,501. It
was the biggest gainer on
both the benchmark
indices. In volume terms,
477,000 shares were
traded on BSE and over
19.5 million on NSE. The
BSE 30-share benchmark
index jumped 454.10
points or 0.78 per cent to
close at 58,795.09, helped
by rally in RIL shares. PTI

E-bike Corbett creates a boom Import duty cut to fast-track new tech: BMW
with 30K pre-orders in 14 days To launch three EVs in next 180 days “THE LAUNCH OF THREE
SHINE JACOB
Chennai, 25 November
At a time when Ola is stealing
the show in the electric two-
wheeler space, Tamil Nadu-
based Boom Motors is creating
waves in tier 2 and 3 markets
by getting 30,000 pre-orders
worth ~330 crore within a fort-
night since bookings started
for its bike brand Corbett.
The company has tied up
with TVS Group’s Ki Mobility
Solutions for its after-market
service.
It has also signed a mem-
orandum of understanding
with the Government of Tamil
Nadu this week to set up a new
unit in Coimbatore.
It was on November 12 that
the company started bookings
for Boom Corbett — it can hit
a top-speed of 75 kilometre per
Boom has tied up with
TVS Group’s Ki Mobility
for after-market service
hour with the two-battery
option and support 200-kilo
loading. The company is set to
start its first delivery this week
for some business-to-business
customers. “We have so far
received 30,000 pre-orders
that may bring in ~330 crore
revenue for the company. More
than 60 per cent of these orders
are from tier 2 and 3 cities like
Coimbatore, Kanchipuram,
Chittoor, Ernakulam, Mysuru,
and Visakhapatnam,” said
Anirudh Narayanan, chief exe-
cutive officer, Boom Motors.
The tie-up with Ki Mobility
Solutions, a part of TVS
Automobile Solutions, will
ensure customers get access to
a wide service network across
250-plus towns for service,
insurance, roadside assistance,
charging stations, and spare
parts availability.
Ki Mobility Solutions,
through myTVS, is associated
with 2,500 garages across the
country.
It is India’s first full-stack
online-to-offline digital plat-
form that operates the myTVS
brand. It has started training
500 technicians across the
country to service electric
vehicles.
SHALLY SETH MOHILE
Mumbai, 25 November
A reduction in the import
duty on electric cars — even
for a limited two to three years
— will help spur demand, fast-
track adoption of new tech-
nologies, and give manuf-
acturers a window to test the
market before commencing
local production, said Vikram
Pahwa, president and chief
executive officer, BMW India.
Joining other luxury
carmakers, including
Mercedes-Benz, Audi, and
JLR in the electric mobility
race, BMW India plans to
launch three electric cars —
starting with the flagship all-
electric compact sport utility
vehicle (SUV) iX in the next 30
days, followed by the Mini
electric (a luxury hatchback in
three months), and BMW i4
sedan in six months.
All models will be
imported, attract high duty,
and command a super-
premium price positioning.
India levies an import duty of
100 per cent on imported cars
if the cost, insurance, and
freight (CIF) value exceeds
$40,000 or has a petrol or
diesel engine with a displa-
cement greater than 3,000cc
and 2,500cc, respectively. For
cars that have a CIF value of
less than $40,000, the duty is
60 per cent.
Global luxury carmakers,
including Tesla, have been
lobbying with the Indian
government to reduce duties
on imported electric vehicles
(EVs). “What we are asking for
is a support mechanism to
fast-track new technologies
Mini and BMW Motorrad) had
announced plans of launc-
PURE EVs IS THE NEXT hing 28 products. The launch
of three pure EVs is the “next
MAJOR STEP. THE major step”, said Pahwa,
NEW MODELS HAVE adding, the new models have
given the Munich-headqu-
GIVEN THE MUNICH- artered firm “fantastic
HEADQUARTERED FIRM results”. BMW has sold 6,987
FANTASTIC RESULTS” cars and SUVs in the first 10
months of this calendar year,
Vikram Pahwa which is a 38.5 per cent year-
President and CEO, on-year (YoY) growth. Even
BMW India the motorcycle business —
Motorrad — has seen sales
jump 195 per cent YoY to 4,225
units in the same period,
doubling from last year.
by way of a duty cut for a traction, test the market, and This is even as the
limited time frame for limited then take investment semiconductor shortage has
volumes,” Pahwa said. For decisions for local production been delaying deliveries.
instance, if a manufacturer is accordingly, he said. “I think BMW globally, owing to its
given permission to import we are being very reasonable. flexible production system,
10,000 EVs at a reduced duty We totally understand that has managed the shortage
within three years, it allows Make In India is the right way.” better than its rivals. It expects
the company to bring the In the beginning of this the shortage to continue into
technology, create enough year, BMW India (including next year as well, Pahwa said.
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 COMPANIES 3 <

ITC kicks off trials Covaxin efficacy against

Delta updated to 65.2%
of nasal spray for SOHINI DAS
Mumbai, 25 November

Bharat Biotech has updated

ZyCoV-D likely next month
India’s fourth Covid-19 tax (GST). Sources say

Covid prevention
the efficacy of Covaxin to 65.2
per cent against the Delta vari-
ant in The Lancet Infectious
Diseases journal published on
November 23.
ISHITA AYAN DUTT & SOHINI DAS “Bharat Biotech commends
Kolkata/Mumbai, 25 November the investigators from the All
India Institute of Medical
vaccine is likely to be available
next month as sources say
Cadila Healthcare’s ZyCoV-D,
the world’s first plasmid DNA
vaccine, will be launched in
December. The launch may
pave the way for Covid-19 jabs
for adolescents as the vaccine
vaccinations for children may
start in January. “It is likely to
start with co-morbid and
vulnerable children in
January, and by March, it is
likely to be made open for all
children,” a source in the
know said.

D
iversified conglomerate ITC has started
clinical trials of a nasal spray for Covid-
19 prevention.
An ITC spokesperson confirmed the devel-
opment but said the company is “unable to
share more details at the current moment as
the clinical trials are underway”.
Sources, however, indicated that the product
was being steered by ITC Life Sciences and
Technology Centre (LSTC) in Bengaluru. The
spray has the potential to be effective in pre-
venting infection as well as transmission of
Covid-19. Internal trials had also found it to be
effective against other viruses like common
cold. The trials could take about three months,
they said. The company has received approvals
from ethics committees and is registered with
Clinical Trial Registry — India, they added.
Antimicrobial nasal and mouth sprays have
been gaining popularity in recent months.
Pharma majors like Cipla and Glenmark have
tried their hands at this. Cipla, for example,
launched Naselin antiviral nasal spray with
povidone iodine that can act as a first line of
defence against SARS-CoV-2 virus. The nasal
spray has anti-viral, anti-bacterial, and anti-fun-
gal properties that can offer protection against
viruses and other germs that cause common
upper respiratory tract illnesses like cold, sinu-
sitis, or flu.
Glenmark has tied up with Canadian biotech
firm SaNOtize to manufacture, market, and dis-
tribute its NONS for Covid-19 treatment in India
and other Asian markets. Glenmark aims to
launch the NONS under the brand Fabispray in
the second half of the 2021-22 financial year.
The company is conducting phase 3 trials in
India to see its effectiveness against Covid-19.
If trials show that these work in prevention,
there could be several uses of such sprays, espe-
cially at a time when schools, colleges, offices,
and public transport are opening.
Cadila Healthcare had developed a product
called Viroshield, an enzyme-based mouth
spray, and also done a pilot. It has not yet
launched the product commercially.
ITC LSTC has around 350 scientists who
broadly work on six research platforms — health
& wellness, beauty & hygiene, agro forestry &
ITC LIFE SCIENCES: IN THE WORKS
350
6 research platforms
Health & wellness,
Scientists beauty & hygiene,
agro forestry & crop
800+ sciences, sustainable
Patents filed packaging,
3 centres of consumer & sensory
excellence: Bio sciences, and
sciences, agri measurement
sciences, materials sciences
crop sciences, sustainable packaging, consumer
& sensory sciences, and measurement sciences.
According to Sagacious IP, a global intellec-
tual property research and consulting firm, ITC
topped the list of Indian private companies that
filed patents in India in health care and pharma
between 2015 and 2020 at 453 filings. It had
noted that ITC was among the top 15 companies
to file patents in India.
Though not yet confirmed, the nasal spray
would most likely be launched under the
“Savlon” brand. Through the pandemic, ITC
had launched a slew of products — from disin-
fectant sprays, masks to wipes —under the
Savlon brand in keeping with consumer
requirements. That pushed the Savlon con-
sumer spend to more than ~1,000 crore in FY21,
a fourfold jump over the previous year and
about 15-16 times since its acquisition in 2015.
The nasal spray, according to sources, is to
build on the health and hygiene platform.
Diversification is not quite new to ITC. To
hedge against headwinds in cigarettes, it had
created multiple drivers of growth and the two-
decade-old non-cigarettes FMCG (Savlon is a
part) is the youngest entrant in the portfolio.
Sciences (AIIMS) on the
BBV152 study published in The
Lancet Infectious Diseases.
These results provide evidence
on the effectiveness of Covaxin
in real-life settings,” tweeted
Bharat Biotech.
Hyderabad-based vaccine
manufacturer added that an
effectiveness result of 50 per
cent achieved during the peak
Covid-19 Delta variant wave in
India, in a high-risk study pop-
ulation of physicians and
health care workers in a hospi-
tal environment and who are
challenged repeatedly with
high viral loads, provides
insights into the efficacy and
effectiveness of Covaxin.
“These results compare
well with the 65.2 per cent effi-
cacy against the Delta variant
obtained during the controlled
Phase 3 clinical trials of
Covaxin conducted among the
general population. This study
also shows that Covaxin meets
the World Health Organization
efficacy criteria for Covid vac-
cines for the dreaded Delta
variant,” said the company.
As an independent study
by researchers based on real-
world assessment showed that
Bharat Biotech’s Covaxin to be
50 per cent effective against
symptomatic Covid disease,
experts say more real-world
studies are required now.
Real-world data, however,
shows that vaccines are work-
ing against severe disease and
hospitalisations. The study,
titled Effectiveness of an inac-
tivated virus-based SARS-CoV-
2 vaccine, BBV152, in India: a
test-negative, case-control
study assessed 2,714 workers at
is approved for use in children Meanwhile, Zydus is areas, possible because
aged 12 years and above. working with a Korean > FROM PAGE 1 women shouldered the bur-
The company did not wish partner to commercialise den of childcare and home-
to comment. Cadila
Healthcare (Zydus Cadila)
ZyCoV-D in South Korea in
2022. Zydus will provide Covid data... schooling during lockdowns.
As for the future of data, her
had said in the first week of manufacturing licences and There’s tremendous value of answer is: “with the pandemic
November it had received an transfer the plasmid DNA the high-frequency data com- hitting government budgets,
order to supply 10 million vaccine technology to ing mostly from the govern- funding will be the main factor
doses of ZyCoV-D to the Enzychem Lifesciences. ment during the pandemic, that steers where research
Centre. The vaccine has been Enzychem will make 80 Chief Economist at the goes in the future.’’
priced at ~265 per dose and the million doses of the vaccine in Confederation of Indian
needle-free applicator is
being offered at ~93 a dose,
2022 and some of this
production could come to
Industry (CII) Bidisha Ganguly
said. When asked to compare
Telcos...
excluding goods and services India, a source said. SOHINI DAS data generation and analysis Vodafone Idea is expected to
with other countries, she said, do the same in Pune and has
“in general, western nations tied up with Ericsson for the
Sputnik Light vax in India by Dec have much richer data.” Citing
the example of unemploy-
purpose. However, telcos have
also made clear their appre-
Sputnik Light Covid-19 vaccine is likely to be launched in ment, she said weekly data is hensions. “It’s a difficult dead-
India by December, according to news agencies. given in many countries line even though it is informal.
Russian Direct Investment Fund has Serum Institute as unlike in India. ‘’In India, it’s One can at the most do one
its production partner in India. Its Chief Executive Kirill also difficult because large city or two or in an area within
Dmitriev said the company believes that Sputnik Light will number of jobs are in the infor- the city just to demonstrate
play a big role in the vaccination campaign. mal sector.” that 5G has arrived. It will also
Meanwhile, Russia's Health Ministry will register the Dr Gupta of Johns Hopkins depend on auctions — the
Sputnik vaccine for children aged 12-17, with shots expected also pointed at the other side base price finally agreed upon.
to be available at the end of December. AGENCIES of data. While elaborating on A more meaningful deadline
how the data revolution has would be the end of the year
helped in decision making, as one could cover key cities
AIIMS in Delhi, from April 15– Indian Council of Medical she said the challenge is in fig- in a circle,” said another execu-
May 15, who were symptomatic Research, said Bharat Biotech’s uring out what’s quality data. tive of a telco.
and underwent RT-PCR test Phase 3 trial was done on the Referring to ‘democratisation’ One key stumbling block of
for Covid detection. The results general population, while the of data, she said one has to this plan is the DoT has just
were published in The Lancet AIIMS study was on hospital look out for what’s reliable. She referred the issue of the base
Infectious Diseases journal. employees highly exposed to said, “I think LMIC (low- and price (telcos say is too high) of
Results of an interim study the virus, especially during a middle-income countries) 5G spectrum back to Trai. The
recently published in The raging second wave. such as India have lagged regulator will not only relook
Lancet showed that two doses He said, “The efficacy behind in collecting, present- at the base price of mid-band
of Bharat Biotech’s Covaxin, against severe disease, hospi- ing and sharing their data. spectrum, it will also need to
also known as BBV152, had 77.8 talisation, intensive care unit Lack of reliable numbers to fix a base price for the crucial
per cent efficacy against symp- admission, or death is almost accurately portray the pan- millimeter band. Sources say
tomatic disease. 100 per cent. The 50 per cent demic may result in the dan- Trai’s report might take until
Explaining the difference efficacy is against symptom- gerous equation ‘no data is March after which it has to be
between the headline efficacy atic Covid disease. No vaccine equal to no problem’,’’ she said. cleared by the Cabinet.
number and the real-world is protecting against break- Also, data has revealed Another issue is that many
analysis on hospital employ- through infection. What is inequalities. As Dr Gupta telcos have raised objections
ees, Jacob John, former head important to see is whether it pointed out, female authors to a possible move in the DoT
of Centre for Advanced is protecting against severe dis- trailed behind growth from to go for a staggered and piece-
Research in Virology at the ease and hospitalisations.” male authors across all subject meal auction of spectrum.
4 ECONOMY & PUBLIC AFFAIRS
>
A ‘POTENT PLATFORM’
SPR release may only have
a $2 impact on crude price
There’ll be no gain in long term since US stocks have to be replenished next yr
JYOTI MUKUL
New Delhi, 25 November
I
ndia’s decision to release 5 million
barrels of crude oil from its strategic
petroleum reserves (SPR) is the cul-
mination of its efforts to forge an alliance
with some of the largest consuming
countries to counter production cuts by
producing nations.
Adding teeth to India’s naval prowess, the Navy on Thursday Experts, however, said this could bring
commissioned submarine INS Vela in Mumbai, with the in a benefit of only $2 a barrel in the price
Chief of the Naval Staff Admiral Karambir Singh calling it a of crude oil in the short term, with no gains
“potent platform” with an ability to undertake the entire in the long term since the stocks released
spectrum of submarine operations. This is the fourth of the in the US are in the nature of loans that
six submarines the Navy is inducting under the Kalvari have to be replenished next year.
class submarine Project 75 PHOTO: KAMLESH PEDNEKAR Besides, the release can lead to a push-
back from producing countries.
According to Aditya Gandhi, vice-
IN BRIEF president, Publicis Sapient, the estimate
is that the releases will bring down oil
Govt working on new legal price by about $2 in the short term but
will aid prices in the long run.
framework on tech, internet “In the short term, it is also possible
that OPEC+ may push back its planned
A new and modern legal framework will production increases for Q1, nullifying
start taking shape in the country around some effect of the release,” he said.
technology and internet, and the data The US will release 50 million barrels
protection bill is the first step towards of crude oil from its SPR. The White
that, Minister of State for Electronics and IT House said China, India, Japan, South
Rajeev Chandrasekhar (pictured) said on Korea, and the UK would join it in releas-
Thursday. Chandrasekhar further said ing strategic oil stocks.
digitalisation of the government and The UK said it would allow firms to vol-
public services is going to be “rapid” and untarily release up to 1.5 million barrels.
soon-to-be-unveiled Digital India 2.0 will seek to accelerate on Brent was trending above $81 a barrel,
the gains made over the past seven years. The government is unimpressed by the release announce-
committed to ensuring that internet and technology remain ments. “Markets are already off their
open, safe, secure and accountable, as 1.2 billion Indians come peaks from October, with part of the
online in next few years, the minister added. PTI decline likely due in part to the threat of
SPR releases,” said Paul Sheldon, chief
geopolitical adviser to S&P Global Platts
Centre forms panel to frame Analytics. “Any further impact of an
actual SPR release will not be sustained
community kitchen scheme as balances would not change dramati-
cally and OPEC+ would be less inclined
The government has decided to constitute a group of secretaries to increase its production,” Sheldon said.
from states, along with senior officers of the Centre, to deliberate on “But the largely unprecedented price-
a framework of community kitchens scheme as directed by the related release could serve to establish a
Supreme Court of India. The group which will be headed by food new short-term ceiling.”
secretary of Madhya Pradesh will comprise of food secretaries of Even though this is the largest SPR
eight states, namely Kerala, Odisha, Uttar Pradesh, Gujarat, Assam, release ever, it falls short of the markets’
Bihar, and West Bengal, apart from Madhya Pradesh. Next meeting expectations.
of the officers will be held on November 29 to work out the “The markets were expecting the
framework for the scheme. BS REPORTER release to be in the range of 100-120 mil-
lion barrels; however, it may end up in
the range of 65-80 million barrels across
Additional ~1K cr allocated for various nations,” said Gandhi.
The US release would largely be of
MNREGA this month, says govt sour crude whereas the markets needed
sweet crude, he said.
The finance ministry allocated ~10,000 crore earlier this month as “This may help avoid risks of higher
an interim measure for the rural employment guarantee scheme oil prices during winter. The International
over and above the budgetary allocation, the Ministry of Rural Energy Agency had predicted supply
Development said on Thursday. Further, allocation may be made would exceed demand. This has uncer-
upon assessment of demand during the revised estimate stage,
said the rural development ministry — the nodal ministry for the
implementation of Mahatma Gandhi National Rural Employment
Guarantee Scheme. PTI
Yuan emerging as strong benchmark for ~: Experts
Telangana, Kerala top in H1 capex; ANUP ROY
UP, Maha among laggards: CARE Mumbai, 25 November
Telangana and Kerala lead the capital expenditure chart of states in The Chinese yuan is increasingly
the first half of 2021-22 while the biggest two spenders, Uttar Pradesh becoming the key gauge to deter-
and Maharashtra, are the laggards with not even spending a fifth of mine the movement in rupee-dollar
the budgeted amount, thereby pulling down the overall capex by exchange rate, say currency dealers.
states to a low 28.4 per cent in the period, shows a report by Care While there is no official acknowl-
Ratings. State spending is necessary to help nurture the fledgling edgement yet, if the Reserve Bank of
recovery as private capex is still a far cry. PTI India (RBI) is officially intervening
in the currency market in tandem
with yuan movement, the currency
Ensure adequate publicity for market for some time will adjust its
positions based on how China treats
narcotics destruction, says FM its currency.
The reason for this is to preserve
Finance Minister Nirmala Sitharaman on Thursday exhorted customs India’s export competitiveness. Not
officials at the country's largest container port JNPT to ensure only is China an export competitor,
adequate publicity for the destruction of narcotics. The finance other currencies in the region also
minister, who was on a visit to Jawaharlal Nehru Port Trust (JNPT), readjust based on yuan movement.
also urged customs officials to aim for 'zero daily assessment “In line with Atmanirbhar
pendency' and faster release of cargo, an official statement said. The Bharat, there seems to be a con-
comments come weeks after the confiscation of a very large quantity scious effort to not let the rupee get
of narcotics substances at Mundra Port, and the subsequent reports overvalued against the yuan since it
of the port in Gujarat banning all shipments from Iran. PTI would hurt domestic manufactur-
ing,” said Abhishek Goenka, manag-
ing director and chief executive
German financial institution officer, IFA Global.
“We have seen rupee-yuan trade
invests $20 mn in Annapurna in narrow ranges for prolonged
DEG, a German general development finance institution, has made
equity investment of ~150 crore ($20 million) in Annapurna Finance,
Odisha-based Micro Finance Institution. Besides improving capital
base, DEG investment would be used for enhancing credit formal
financing eco-system women borrowers in rural India. After the first
wave of Covid-19, DEG would be the second capital investment
1 in 4 informal workers now on central database
INDIVJAL DHASMANA
raised by the Annapurna, following attracting $30 million invest-
ment from Nuveen Global Impact Fund in March 2021. BS REPORTER
New Delhi, 25 November
Almost 27 per cent of workers in
the unorganised sector have reg-
CBI’s Praveen Sinha named istered on the e-Shram portal,
which completed three months of
Interpol’s Asia delegate launch on Thursday.
The portal was launched on
CBI Special Director Praveen Sinha August 27 to enable the govern-
(pictured) was on Thursday elected as a ment to frame policies for infor-
delegate for Asia on the executive
committee of the Interpol, capping an
mal workers by having a centra-
lised database for them.
"intense" and "well-coordinated" As many as 92.16 million
campaign across the world by India, workers have joined the portal as
official sources said. The elections for of 5 pm on Thursday. According
various positions for the top panel were to SBI Research, there are 344
held were at the ongoing 89th Interpol million unorganised workers in
General Assembly in Istanbul. "This was a the country.
tough election with India running against four other contestants from West Bengal topped the list of
China, Singapore, Republic of Korea and Jordan for two posts, said a workers on the portal at 22.9 per
source. The Interpol (International Criminal Police Organisation) brings cent, followed by Uttar Pradesh
together police forces from around 190 countries and has emerged as at 18.9 per cent, Odisha (13.2 per
a vital body for tackling the rising spectre of trans-national crimes and cent), Bihar (10.9 per cent) and
terrorism. The sources said crucial support of friendly countries was Jharkhand (5.1 per cent).
sought during bilateral engagements at different levels and Indian The top ten states accounted
embassies and high commissions across the world regularly followed for 87 per cent of the registration,
up the matter with their host governments. PTI while the top four states had a
MUMBAI | FRIDAY, 26 NOVEMBER 2021 1
NEW COVID VARIANT
Strictly screen
flyers from HK,
Botswana &
S Africa: Govt
PRESS TRUST OF INDIA
New Delhi, 25 November
The Centre on Thursday
asked all states and Union
Territories to conduct rigor-
ous screening and testing of
all international travellers
coming from or transiting
through South Africa, Hong
Kong and Botswana, where a
new Covid-19 variant of
serious public health impli-
cations has been reported.
INDIA’S STRATEGIC PETROLEUM RESERVES
In a letter to additional
chief secretaries or principal
secretaries or secretaries
(Health) of the states and
Phase I: Indian Strategic Petroleum Phase II: The government gives union territories, Union jected to rigorous screening
Reserve Limited (ISPRL) establishes approval in July 2021 to establish Health Secretary Rajesh and testing, as per MoHFW
petroleum storage facilities with total 2 additional commercial-cum- Bhushan asked them to Guidelines,” he said.
capacity of 5.33 million tonnes (mt) strategic facilities of 6.5 mt through ensure that samples of trav- The contacts of these
public-private partnership mode ellers turning positive are international travellers must
n Vishakhapatnam 1.33
sent to the designated IGSLS also be closely tracked and
n Mangaluru 1.5 n Chandikhol 4.0 or genome sequencing labo- tested as per MoHFW guide-
ratories promptly. lines.
n Padur 2.5 n Padur 2.5 It has now been reported “You are also requested to
Note: All figures in mt by the National Centre for ensure that samples of trav-
Disease Control (NCDC) that ellers turning positive are
tainties due to a possible Covid lockdown Department of Energy report. multiple cases of a Covid-19 sent to the designated IGSLS
impact in Europe, and capital and opera- The US’ SPR was established in variant B.1.1529 have been promptly as per the INSA-
tional constraints, because of which response to the Arab oil embargo of 1973 reported in Botswana (3 cas- COG Guidance Document
OPEC members may not be able to pro- and 1974 and acts as “an insurance policy es), South Africa (6) and Honk issued by this Ministry dated
duce to their quota,” he added. against potential interruptions in US Kong (1 case), Bhushan said 15 July, 2021,” the letter said.
These factors will play an important
part in short-term prices. In the long
petroleum supplies, whether originating
from domestic or international supply
in the letter.
“This variant is reported
Bhushan said state sur-
veillance officers must also
term, the issue is different because with
the move towards electric vehicles (EVs)
disruptions, natural disasters, sabotage,
or acts of terrorism”, according to the
to have a significantly high
number of mutations, and
establish close coordination
with their designated/tagged
and the push to decarbonise, producers Department of Energy. thus, has serious public IGSLS for expediting results
do not have enough of an incentive to Under a 1974 treaty with 29 countries health implications for the of genomic analysis, so that
invest in supply increases. forming the International Energy country, in view of recently necessary public health
Until EVs cause a reduction in the use Agency, the US agreed to hold inventories relaxed visa restrictions and measures may be undertaken
of oil, chances are that markets will equal to at least 90 days of net crude and opening up of international by the states and union terri-
remain tight, he said. petroleum product imports. travel. It is therefore impera- tories in case presence of vari-
S&P Global Platts Analytics cites the Under IEA rules, the UK, too, is tive that all international trav- ant of concern or variant of
Department of Energy data to say the US obliged to hold the equivalent to 90 days ellers travelling from and interest is reported by the
SPR stockpile had 604.5 million barrels of net imports — recently they were transiting through these INSACOG network.
as of November 19. About 58 per cent of equivalent to around 4 million tonnes. countries, (they are part of “It is critical for the states
this is sour crude and 42 per cent sweet. The US has about 600 million barrels the ‘at risk’ country category and UTs to adhere to the over-
The US could move as much as 2.12 mil-
lion barrels a day (b/d) of SPR crude to
of strategic reserves. “Though China does
not share this data, however, they said in
of international travellers
coming to India) and also
arching Test-Track Treat-
Vaccinate principle to ensure
global markets. As much as 1.74 million
b/d of additional marine distribution
2017 that they had about 280 million bbl
and they bought significant volumes
including all other ‘at risk’
countries indicated in the
stringent implementation of
containment measures as per
capacity would likely be needed in the when the prices were down during the revised Guidelines for MoHFW guidelines, and to
event of a major disruption, such as an pandemic. Unlike the US and China, International Arrivals issued prevent the spread of
attack on Saudi Arabia’s Abqaiq oil-pro- which have huge reserves, Indian vol- by this ministry dated VoC/Vols and formation of
cessing facilities, according to a umes are very small,” said Gandhi. November 11, 2021, are sub- clusters of cases,” he said.
RUPEE TRACKS YUAN MOVEMENT WEAKENING RUPEE
Price of 1 CNY in ~ over
Price of 1 $ in ~ Price of 1 $ in CNY two years
periods and those ranges shifting through the RBI or market sources, ated against 38 countries out of 40 formance of the rupee to increase its
higher periodically. The rupee has but currency dealers say this is log- in the basket, observed economic overvaluation on REER basis to 9.4-
weakened around 14 per cent against ical, bearing in mind the stress on research firm QuantEco. 9.9 per cent in November — the
the yuan since February 2020. There exports. The pairing was at around Even as the dollar index, which strongest level in nearly four years,”
is, therefore, a sense that there could 11.66 on Thursday. measures the greenback’s strength QuantEco wrote in a report.
be a soft peg to the yuan,” he added. Tracking yuan movement is against global major currencies, “Seen from a historical context,
According to a report in a busi- important for the market because appreciated 2.9 per cent in the current negative correlation
ness daily, the central bank could be the rupee has significantly outper- November — its largest monthly between the dollar index and rupee-
informally targeting a level of 11.5 for formed its trading peers of late. On gain in five years — the rupee appre- dollar is getting ripe for reversal.
the rupee-yuan, and also asked cur- a real effective exchange rate (REER) ciated 0.7 per cent. Other emerging This holds from a REER perspective
rency dealers about their option
deals on this pairing. Business
basis, which measures the local cur-
rency’s strength against its export
market currencies fell during this
time.
as well, where historical reversals in
overvaluation have got triggered in
Standard could not confirm it competitors, the rupee has appreci- “We estimate this relative outper- the 8-12 per cent range,” it added.
In the future, more schemes
THREE-MONTH would be rolled out through the
portal, he said.
SCORECARD The portal is the first-ever
national database of unorganised
344mn 92.16mn workers, including migrant
total workers in workers, construction workers,
workers
in informal
informal sector
registered on
gig and platform workers.
Workers registered on the por-
sector eShram portal tal are being given accidental
insurance cover. They will be eli-
26.8% gible for ~2 lakh on death or per-
manent disability and ~1 lakh in
informal workers registered
on eShram portal the case of partial disability.
About ~704 crore has been
budgeted for the portal for
five years.
share of 66 per cent. workers are from agriculture, have shared their bank accounts As part of the process,
With a share of 51.96 per cent constituting 52 per cent of the with the government,” said the workers are issued an
in total registrations, female total, followed by construction at Soumya Kanti Ghosh, chief eco- e-SHRAM card containing a
workers beat their male 10 per cent and domestic, house- nomic advisor at SBI Research. 12-digit unique number.
counterparts. hold workers at 9 per cent. D P S Negi, Principal Advisor Workers can register
Most registrations have come About 87.95 per cent of at the Ministry of Labour and themselves using Aadhaar
from the age group of 18-40 years workers have shared their bank Employment said two-three number and bank account
— at 61.18 per cent. Over 92 per details on the portal. social schemes of the govern- details, apart from filling other
cent of those registered have “This would help the govern- ment would be linked to the por- necessary details like date of
monthly income of up to ~10,000. ment frame policies for the tal in December. He said the birth, home town, mobile
As expected, most of the workers because most of them schemes are yet to be identified. number, and social category.
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 5 <

NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION

Members are hereby informed that pursuant to the provisions of section 108 and 110 and other applicable provisions of the Companies
Act, 2013 read with the Companies (Management and Administration) Rules, 2014 (Cumulatively “Act”), SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), Secretarial Standard - 2 issued by the Institute of Company
Secretaries of India and other applicable laws and regulations, if any, including any statutory modification(s) or re-enactment(s) thereof
for the time being in force, Surya Roshni Limited ('The Company') is seeking approval from its Members via passing of Resolutions as
set out in the Postal Ballot Notice dated 26th October, 2021 (“Postal Ballot Notice”) by way of electronic voting (“e-voting/remote e-
voting”) only.
In terms of relevant provisions of the Act and in accordance with the guidelines issued by the by the Ministry of Corporate Affairs, inter-
alia, for conducting Postal Ballot through e-voting vide General Circulars Nos. 14/2020, 17/2020, 22/2020, 33/2020, 39/2020 and
10/2021 dated April 8, 2020, April 13, 2020, June 15, 2020, September 28, 2020, December 31, 2020 and June 23, 2021 respectively
(“MCA Circulars”), the process of sending Postal Ballot Notice along with the instructions regarding remote e-voting through email to all
those Members, whose email address is registered with the Company / Depositories/Depository Participants / Registrar and Share
Transfer Agent of the Company (“R & TA”).The facility of casting the votes by the members (“e-voting”) will be provided by National
Securities Depository Limited (NSDL) and the detailed procedure for the same shall be provided in the Postal Ballot Notice.
In compliance with the said MCA Circulars read with the SEBI Circular/s, electronic copies of the Notice of Postal Ballot dated 26th
October, 2021 have been sent on 25th November, 2021 to all the members, whose email IDs are registered with the Company/
Depository participant(s)/ Company R & TA on the cut-off date 19th November, 2021.In view of the current circumstances prevailing due
to COVID-19 pandemic and in compliance with the requirements of the MCA Circulars, physical copy of Postal Ballot Notice along with
Postal Ballot Forms and pre-paid business envelope will not be sent to the shareholders for this Postal Ballot and shareholders are
required to communicate their assent or dissent through the remote e-voting system only.
The Postal Ballot Notice will also be available on the website of the Company www.surya.co.in and on the website(s) of the stock
exchanges i.e. BSE Limited and National Stock Exchange of India at www.bseindia.com and www.nseindia.com respectively, where
the Company's shares are listed.
Members, who are holding shares in physical/electronic form and their e-mail addresses are not registered with the Company/their
respective Depository Participants, are requested to register their e-mail addresses at the earliest by sending scanned copy of a duly
signed letter by the Member(s) mentioning their name, complete address, folio number, number of shares held with the Company along
>kj[k.M ljdkj with self-attested scanned copy of the PAN Card and self-attested scanned copy of any one of the following documents viz., Aadhar
Card, Driving License, Election Card, Passport, utility bill or any other Govt. document in support of the address proof of the Member as
xzkeh.k dk;Z foHkkx] registered with the Company for receiving the Notice of Postal Ballot by email to info@masserv.com Members holding shares in demat
form can update their email address with their Depository Participants. Post successful registration of the email, the member would get
eq[; vfHk;ark dk dk;kZy;] a soft copy of the notice and the procedure for e-voting along with the User ID and Password to enable e-voting for this Postal Ballot.
102]f}rh; rYyk] vfHk;a=.k Hkou]dpgjh jksM]jk¡ph In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for
Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or
i=kad& fnukad& send a request at evoting@nsdl.co.in
fufonk jí lacaf/kr lwpuk All the members are informed that:
,rn~ }kjk lwfpr fd;k tkrk gS fd xzkeh.k dk;Z foHkkx] 1. The Special Businesses as set out in the Notice of Postal Ballot will be transacted through voting by electronic means only;
dk;Z ize.My] lkgscxat ds fufonk vkea=.k la[;k& 03/2021- 2. The remote e-voting shall commence on Monday, November 29, 2021 at 9.00 a.m. (IST),
3. The remote a-voting shall end on Tuesday, December 28, 2021 at 5:00 p.m.;
22/RDD(RWA)/SAHEBGANJ, fnukad& 08-04-2021] PR 4. During this period, members of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date
NO.- 245339 ds }kjk izdkf'kr fufonk ds Øekad ¼5-½ of 19th November, 2021, may cast their vote by remote e-voting on the Postal Ballot Notice.
vkbZMsUVhfQds'ku la[;k& RDD(RWA)/SAHEBGANJ/05/ 5. Members may note that the remote e-voting module shall be disabled by the NDSL after the aforesaid date and time for voting and
2020-21 dksVkyiks[kj QkVd ls jgheVk¡M+ caxky lhek rd once the vote on a resolution is casted by the member, the member shall not be allowed to change it subsequently;
6. Aperson who is not a Member as on the cut-off date should treat this Notice for information purposes only;
iFk dk lqn`<+hdj.k ¼ya& 1-900 fd0eh0½ dk;Z vifjgk;Z 7. The Board of Directors has appointed Mr. D P Gupta of M/s SGS Associates, Practicing Company Secretary (FCS 2411 & C.P. No.
dkj.ko'k jí dh tkrh gSA uksMy inkf/kdkjh 1509), as scrutinizer for conducting the entire postal ballot process by way of remote e-voting in a fair and transparent manner.
PR 257805 Rural Work Department(21-22).D bZ&izksD;qeZUV lsy 8. The Scrutinizer will submit its final report after the conclusion of voting but not later than closing of the business hours on 29th
December, 2021 to the Chairperson or Mr. Krishan Kumar Narula, Chairman of the Audit Committee and Chairman of Nomination
and Remuneration Committee (NRC) or the Company Secretary of the Company or to such other person authorized by them.
9. The result of voting will be announced by the Chairperson or Mr. Krishan Kumar Narula, Chairman of the Audit Committee and
Chairman of NRC or the Company Secretary or such other person as authorized by them, on or before Wednesday, 29th December,
2021. The results along with the Scrutinizer's Report, will be placed on the Company's website at www.surya.co.in and
simultaneously be communicated to the Stock Exchange Mumbai and National Stock Exchange of India (NSE) and NSDL
By Order of the Board
for SURYA ROSHNI LIMITED
sd/-
B B SINGAL
th
Dated: 25 November, 2021 Sr. V.P & COMPANY SECRETARY
Place: New Delhi Membership No. A-10781

KERALA WATER AUTHORITY

e-Tender Notice
Tender No : SE/PHC/KKD/08/2021-22
JAL JEEVAN MISSION -PHASE III - Kakkur Grama Panchayath
EMD : Rs. 100000/- Tender fee : Rs. 7500/- Last Date for
submitting Tender : 06-12-2021 05:00:pm Phone : 04952371046
Website : www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
Superintending Engineer
KWA-JB-GL-6-571-2021-22 PH Circle Kozhikode
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | FRIDAY, 26 NOVEMBER 2021 1

PM cites Jewar example to list Non-life insurers stare

at steep loss ratios as
double-engine govt’s infra push PHOTO: PTI non-Covid claims bite
Lays foundation A TIMELINE SUBRATA PANDA
Dec 2020:
stone for Noida Nov 2019: Zurich Consultants
Mumbai, 25 November

International Airport wins the bid appointed for design While Covid-related claims
to develop the and planning have tapered off following the
Airport airport, pips GMR and April 2021: devastating second wave,
Adani group by Pre-qualification non-Covid claims — espe-
PRESS TRUST OF INDIA offering ~400.97 per process begins for cially those arising out of
Jewar (UP), 25 November infectious diseases — have
passenger as revenue airport construction
spiked, adding to the burden
share tender

T
aking a swipe at pre- of non-life insurers, who have
vious governments, Oct 2020: Forty- Aug 2021: Agreement seen their loss ratios in the
Prime Minister year-long concession signed with SBI for health segment suffer in the
Narendra Modi on Thursday pact signed for ~3,725-crore loan past 18-20 months owing to
said Uttar Pradesh was kept in design, development mounting bills.
deprivation and darkness for Aug 2021: Master Claims from dengue,
and operation of plan gets approvals
seven decades but the state is malaria, and chikungunya
now getting what it always PM Narendra Modi and UP CM Yogi Adityanath during the foundation airport from all govt bodies have been particularly high
deserved and is making its stone laying ceremony for Noida International Airport in Jewar, UP this year. While these mon- shelled out upwards of ~20,000
mark internationally under a soon-related ailments spike crore in Covid-related health
PREMIUMS TO RISE?
“double-engine” BJP rule.
After laying the foundation What passengers can expect as UP’s crown jewel set to take off every year, this year the claims
have been higher. Experts say nClaims from
non-infectious diseases
claims since the onset of the
pandemic. These claims were
stone for the Noida such claims will come down as unanticipated as they were not
International Airport at Jewar Capacity: Phase I to have a single runway NEW WINGS Quicker connecting time winter sets in but it will be a see a spike factored in while designing the
in Uttar Pradesh, which would and passenger handling capacity of 12 Two-terminal complex n The design of the airport focuses on bad year for insurers as far as nCovid claims have been product. Last year, they got
be one of the largest in Asia, mn passengers a year n The airport will be developed in four low-operating costs and seamless and the health segment is con- falling for the past few some respite as non-Covid
Modi highlighted the develop- Date of opening: Expected to be phases under the master plan and will fast transfer process for passengers cerned and loss ratios will def- months in sync with fall claims were muted, but this
ment activities in the poll- operational in 2024 be able to handle 70 mn passengers a n The airport will also have a swing initely go for a toss. in number of cases year the claims scenario for
bound state and said the new Area: Spread over 1,334 hectares (ha), year. Will have two passenger terminals aircraft stand concept, providing “Last year, claims due to nOverall loss ratios of health insurers has been par-
airport will help the state the airport is being developed as a n Terminal 1 will have a capacity of flexibility to airlines to operate an aircraft infectious diseases were very ticularly bad because of the
insurers to get impacted
become an export-centre public-private partnership between the 30 million passengers per year for both domestic and international low, given people were mostly adversely this year second wave and now the spike
whereby even MSMEs will have UP government and Zurich Airport n Terminal 2 will have a capacity of flight from the same aerobridge without indoors due to Covid-19. This in non-Covid claims.
easier access to overseas mar- 40 million passengers per year having to reposition the aircraft. This will year, as Covid-19 has receded, nAverage claim size has Amit Chhabra, chief, health
kets. “We are making sure that Cost n Terminal 1 will be built in two stages: ensure quicker aircraft turnarounds and people are resuming their nor- gone up, which is a cause business, Policybazaar.com,
the projects do not get stuck, n Zurich Airport is investing ~5,700 cr in The first for 12 million passengers a year, smooth passenger transfer process mal lives, infectious diseases for concern said, “Spike in claims from
do not keep hanging... we try Phase I. It has tied up ~3,725 crore in debt the second with an additional capacity have risen and so have the nPremiums are expected infectious diseases is still con-
to ensure that the infrastruc- from State Bank of India of 18 million passengers per year Reliance on green energy claims. The year before Covid to rise if this trend continues tinuing. There is rampant
ture work is completed within n Civil Aviation Secy Rajiv Bansal pegged n Terminal 2 will also be built in two n The airport plans to implement hit, claims from infectious dis- increase in dengue cases, espe-
the stipulated time,” Modi the airport Phase I project cost at ~8,916 stages technologies and processes like zero- ease were normal. From the cially in the northern parts of
said at the event which was cr. The UP government is spending n The forecourts for both terminals will emission fuels and maximise the use of claims perspective, it will be a fever (typhoid) and viral pneu- the country. This has always
attended by a large number ~4,326 cr on land acquisition, have direct access to a single ground renewable energy sources, such as solar difficult year for insurers and monia are also on the rise.” been the trend but this year it
of people. rehabilitation, and settlement, he said transportation centre power COMPILED BY ANEESH PHADNIS loss ratios will get impacted,” “Such trends will certainly has been particularly high.”
said Sanjay Datta, chief, under- impact the loss ratios of the Another worrying trend is
writing & claims, ICICI industry. Our loss ratios are a bit that the claim size of non-Covid
Lombard General Insurance. higher than what we had antic- claims have been rising and if
s Speaking on similar lines,
Bhaskar Nerurkar, head –
ipated in the first six months of
the fiscal year,” he added.
this continues, it may warrant
a revision in health insurance
health claims, Bajaj Allianz According to data released premiums sooner than later.
Extract of Consolidated audited financial results General Insurance, said, “At by Niva Bupa Health During an interview to
for the quarter and year ended 30 September 2021 Bajaj Allianz General Insurance, claims for infec- Business Standard, Bhargav
(R in millions) Insurance, non-Covid claims tious diseases have seen a rise Dasgupta, MD & CEO, ICICI
have gone up by 68 per cent of about 500 per cent during Lombard, had said the elective
Quarter ended Year ended year-on-year because last year the period of April-September, surgery spike could be tempo-
No. Particulars
30 September 30 September 30 September 30 September there was a lockdown and this followed by claims related to rary, but the average claim size
2021 2020 2021 2020 year things are a bit open. We the digestive system with a rise spike is structural. “If I com-
(Audited) (Audited) (Audited) (Audited) are seeing a good number of of 123 per cent. Overall, there pare the present cost to what it
1 Total revenue from operations 42,961 35,468 136,392 99,465 dengue claims from some has been a 33 per cent rise in was two years ago, there is a 20
2 Net Profit for the period before tax from continuing operations 4,222 4,491 14,199 10,369 parts of the country such as health insurance claims per cent increase. If this sus-
Pune, Mumbai, Ahmedabad, between April and September tains, it will have some reper-
3 Net Profit for the period after tax from continuing operations 3,216 3,357 10,501 7,695
and New Delhi. Other ailments over the last year. cussions on insurance pre-
4 Net Profit/(Loss) for the period before tax from discontinued - (75) 859 (13)
such as gastroenteritis, enteric Non-life insurers have miums,” he had said.
operations
5 Net Profit/(Loss) for the period after tax from discontinued operations - (55) 403 (9)
6 Net Profit for the period 3,216 3,302 10,904 7,686
7 3,309 3,567 11,175 7,520

StanC’s non-banking arm

Total Comprehensive Income for the period [Comprising of Profit/(Loss)
for the period and Other comprehensive income (after tax)]
8 Equity Share Capital 712 712 712 712
9 Reserves (excluding Revaluation Reserves) - - 102,778 94,208
10 Earnings Per Share (EPS) of ` 2 each (in Rupees) *
- Basic and diluted EPS for continuing operations
- Basic and diluted EPS for discontinued operations
9.03
-
9.43
(0.15)
29.49
1.13
21.62
(0.03)
ramps up retail book fast
- Basic and diluted EPS from total operations 9.03 9.28 30.62 21.59 ANUP ROY
Mumbai, 25 November
* not annualised except year end EPS
Notes: Standard Chartered Capital, the non-banking
1 On 1 March 2021, Siemens Limited (“The Holding Company”) acquired 99.22% equity share capital of C&S Electric Limited from its financial company (NBFC) of the oldest for-
promoters for a preliminary sale share consideration of ` 21,588 million, payable in cash, on cash free/debt free basis on terms and eign bank in the country, is tapping India’s
conditions that are mutually agreed between the parties to the transaction. mass-affluent customer base to build a qual-
ity retail book, thus complementing its parent
The fair value of assets and liabilities acquired have been determined provisionally in accordance with IND AS 103 ‘Business Combinations’. in its renewed retail push.
The purchase price has been provisionally allocated to the assets acquired and liabilities assumed based on the estimated fair values at Even as the non-bank operates at an arm’s
the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has been allocated to goodwill. The length from the bank, tapping cream cus-
Group believes that the information provides a reasonable basis for estimating the fair values of assets and liabilities acquired, but the tomers is easier for the NBFC. Standard
potential for measurement period adjustments exists based on a continuing review of matters related to the acquisition. The purchase Chartered Bank has 100 branches in the
price allocation is expected to be completed within one year. The provisional value of goodwill as on 30.09.2021 is ` 11,450 million. country, but so is its obligation to open
2 During the previous year, the Group’s operations and financial results were adversely impacted by the lockdown imposed to contain the roughly 40 per cent of its branches in rural
spread of Coronavirus (COVID-19) since last week of March 2020. The operations gradually resumed with requisite precautions during the areas. An NBFC has no such obligation as of
quarter ended 30 June 2020 with limited availability of workforce and disrupted supply chain. Consequently, the results for the year now. Most foreign banks have curtailed
their retail ambitions in India. Citibank is
ended 30 September 2020 were affected. Further during the current year, the operations for the year ended 30 September 2021 were
selling its consumer business, while Royal
impacted due to the second wave of COVID-19.
Bank of Scotland exited its retail business in
The expenses incurred during shutdown and partial shutdown in respect of continuing operations for the year ended 30 September 2021 India in 2016. Barclays sold its retail business
and 30 September 2020 were ` 262 million and ` 2,847 million, respectively. in 2011-12. HSBC and BNP Paribas have their
3 On 1 January 2021, the Holding Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender NBFC arms now, but they are not aggressive
Drives Private Limited for a final consideration of ` 3,759 million (after adjusting the consideration of ` 4,400 million for changes in net in retail push. Standard Chartered, under
current assets and capital expenditure as per the terms and conditions agreed between the parties). The gain on the sale transaction India CEO Zarin Daruwala, planned to bring
is ` 487 million for the year ended 30 September 2021. The tax expense on this transaction is ` 362 million (including write-off of the bank’s share in retail to at least 40 per
deferred tax assets of ` 302 million) for the year ended 30 September 2021. The results for the same has been disclosed as discontinued cent, from 25 per cent now.
operations. Standard Chartered Capital is a subsidiary
4 The Holding Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement
of Standard Chartered Bank UK and was
established in 2003. From 2018-19 it focused
GIVEN THE NUMBER OF MSMEs IN THE
on 22 October 2021, for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, subject to more on the retail, expecting robust demand COUNTRY, WE ARE JUST SCRATCHING
fulfilment of conditions precedent as agreed between the parties.
5 The specified items of the standalone financial results of the Company for the quarter and year ended 30 September 2021 are given
from entrepreneurs of India’s 45 million
micro, small and medium enterprises
THE SURFACE
below: (MSME). The products offered to these entre- PRASHANT KUMAR,
(R in millions) preneurs are loans against property, loans Managing director and chief executive officer,
against shares, and business instalment StanC Capital
Quarter ended Year ended
loans. “Given the number of MSMEs in the
30 September 30 September 30 September 30 September country, we are just scratching the surface,”
Particulars
2021 2020 2021 2020 said StanC Capital’s managing director and
(Audited) (Audited) (Audited) (Audited) chief executive officer Prashant Kumar in an grow to about ~5,000 crore and in about 4-
Total revenue from operations 39,997 35,190 129,631 98,694 interview with Business Standard. 5 years, this book is expected to rise to ~8,000
Net Profit for the period before tax from continuing operations 4,304 4,455 14,306 10,206 The average ticket size is between ~75 lakh crore. And yet, Kumar doesn’t consider it
Net Profit for the period after tax from continuing operations 3,230 3,331 10,627 7,574 and ~1 crore on the retail side. This does not aggressive lending.
Net Profit / (Loss) for the period before tax from discontinued operations - (75) 859 (13) include personal loans yet, which will be “Our NPAs are just at around 0.5 per cent.
introduced sometime next year in a fully dig- Our leverage is roughly 3.9x, and we have
Net Profit / (Loss) for the period after tax from discontinued operations - (55) 403 (9)
ital format. The average tenure of the cor- capped it at 5x. If you look at other NBFCs,
Total Comprehensive Income for the period 3,321 3,539 11,301 7,398 porate loan book is about three years. “This they lend some 6-7 times their capital,”
6 The Board of Directors of the Holding Company have recommended a dividend of ` 8 per share for the year ended 30 September 2021 is doing well, too, except for one particular Kumar said.
amounting to ` 2,849 million. account which is seeing a bit of stress,” said The parent bank is solidly behind the
Kumar, without elaborating. NBFC operation. It has already put in $100
The above is an extract of the detailed format of Quarterly / Annual financial results filed with the Stock Exchanges under Regulation 33
The overall gross non-performing asset million of capital, and would also put another
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly / Annual Standalone
(NPAs) at the end of FY21 was 0.50 per cent, $25 million in the next year. The NBFC has
and Consolidated financial results are available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and on while the net NPA was 0.20 per cent. The firm about ~700-800 crore of credit lines from all
the Company’s website (www.siemens.co.in). had earned a profit of ~64 crore on a revenue major banks, including the parent.
of ~254 crore in FY21. The AAA-rated firm, “Our cost of funds is sub-6 per cent, and
Place: Mumbai For Siemens Limited one in only 10 such NBFCs, has enough cap- we lend at not over 9.25-9.50 per cent,” Kumar
Date: 24 November 2021 ital and line of credits to fuel its expansion in said. The NBFC would also not cannibalise
the coming years. on the parent’s effort. “Most of the banks in
Siemens Limited It will now expand its branch network India have a subsidiary chasing similar kinds
Sunil Mathur
Registered office: Birla Aurora, Level 21, Plot No. 1080, from 11 now to 15 next year and ramp up the of business. There is no overlap.
Managing Director and
Dr. Annie Besant Road, Worli, Mumbai - 400030 headcount to about 200 from 120. With a The opportunities are huge, but the pres-
Chief Executive Officer
Corporate Identity Number: L28920MH1957PLC010839 capital of ~1,000 crore, the asset size grew ence is limited,” said Kumar. But he doesn’t
Tel.: +91 22 6251 7000; Fax: +91 22 2436 2404 from about ~1,700-1,800 crore in FY20 to deny that the NBFC would indeed capitalise
Email / Contact: Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact ~2,981 crore in FY21 and now stands at over on the brand name. “Yes, our name borrows
Website: www.siemens.co.in ~3,700 crore, of which retail book is about 60 the brand of our parent, and yes, I am part of
per cent. By next year, total assets should Standard Chartered,” Kumar said.
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 TAKE TWO 7 <

A question of How altering an asteroid’s path

Central Economic Intelligence
Bureau, “mandated to ensure
effective interaction and coor-
dination” among all the agen-
cies concerned in the area of
economic offences. It also func-
coordination
tions as the clearing house of all
economic intelligence and pro-
vides a platform for such
exchange between various
agencies within the Department
of Revenue and other intelli-
The Ordinance extending the terms of heads of four key gence and enforcement agen-
investigative agencies could offer one, albeit suboptimal, cies, including the Intelligence
Bureau, RAW and the CBI.
solution to a chronic weakness among 15-odd agencies Compare this with the Financial
Intelligence Unit set up two
SUBHOMOY BHATTACHARJEE decades later as the “central
New Delhi, 25 November national agency responsible for
receiving, processing, analysing
today could save Earth tomorrow
DEVANGSHU DATTA craft on a three-year mission to idea of what could happen.
New Delhi, 25 November carry out further observations. Volcanic explosions cause
You may wonder why NASA global cooling for similar rea-
NASA’s Double Asteroid is spending $300 million on sons. This phenomenon has
Redirection Test, or DART mis- DART. The answer harks back been studied many times, start-
sion, which launched on
November 24, plans to do some-
to an age-old threat to which the
Earth has never possessed a
ing with the Krakatoa explosion
of 1883 in the Sunda Strait
thing simple in essence and satisfactory defence. The solar between the Indonesian islands
ambitious in scale. It intends to system is cluttered with rocks of Java and Sumatra. Apart from
crash a small object into a much of various sizes, moving at setting off tsunamis and seismic
larger object at a very high veloc- various speeds. events, that volcanic eruption,
ity, and to measure how much About 6,000 of these inter- which was around four times as

I
magine a cricket team
where every member is des-
ignated a captain. It is not
hard to figure out the result. Or
imagine a mountaineering
team in which every member
has the right to decide to stop
or begin a climb. These
examples are useful to under-
stand how the relations among
India’s national investigation
teams have shaped up in recent
years. Of the 15-odd national
investigation agencies at the
Centre, there has been a rank
creep. The heads of most of
them hold the same rank, that
of special secretary to the
Government of India.
In this context, the Centre’s
November 15 Ordinance can be
read as an attempt to change
the order of seniority among the
more prominent of them. The
Ordinance notes that from now,
the term of the Director of
Intelligence Bureau (IB),
Secretary of Research and
Analysis Wing (RAW) and the
Directors of Central Bureau of
Investigation (CBI) and
Enforcement Directorate (ED)
will be extendable by up to five
years from their original span
of two years.
The number of years these
officers will be in power will
make them effectively senior to
all the others occupying corner
rooms in all the other agencies.
This is extremely significant.
Indian Administrative Service
and Indian Police Service offi-
cers in a batch usually get pro-
moted together even at the top
ranks, such as additional secre-
tary or special secretaries. They
also retire together. With the
Ordinance, however, the CBI
director, for instance, will still
be in office long after his batch-
mates have retired. The next
heads of, say, the National
Investigation Agency (NIA) or
that of National Intelligence
Grid, or NATGRID, will be
clearly junior to him, batch-
wise, if not in rank.
This is a significant change
not least because among all the
investigation agencies at the
Centre, the extent of coordina-
tion is often abysmal. It has
become a huge challenge when
new patterns of crime, includ-
ing those in cyber space, have
spread. One of the reasons for
the lack of cooperation is that
all incumbents feel they are
equal, and unless asked to do
so, do not reach out to each oth-
DIFFUSE RESPONSIBILITIES
Key agencies and their reporting ministries
Agency
Central Bureau of Investigation
Enforcement Directorate
Serious Fraud Investigation Office
Director General (Investigations)
—Direct Tax
Central Economic Intelligence Bureau
Department of Revenue Intelligence
NTRO
Intelligence Bureau
NATGRID
National Intelligence Agency
Narcotics Control Bureau
Defence Intelligence Agency
Research and Analysis Wing
Financial Intelligence Unit
Central Bureau of Narcotics
er with tips or feedback.
Leaderships at the central gov-
ernment have often tried to sort
out these problems by creating
coordination agencies but with
little success. Instead, those
coordinating agencies have
become just one more investi-
gating institution in the list.
This is quite unlike the poli-
cy-making apparatus in the
financial sector. After some
reservations over rank, the
banking, marketing and insur-
ance regulators have recognised
the need for inter-agency coor-
dination and meet every half
year at the Financial Stability
and Development Council,
headed by the finance minister.
In between, there are sub com-
mittees like the one headed by
the Reserve Bank of India gov-
ernor, which meet more fre-
quently, to sort out troubles
among them. The Financial
Stability and Development
Council is a follow-up of the
erstwhile High Level
Committee for Coordination of
Capital Markets in place since
the mid-nineties. The leader-
ship role is well established.
In contrast, the first
National Conference of
Investigation Agencies at an all-
Ministry
DoPT
Finance
Corporate Affairs
Finance
Finance
Finance
PMO
Home
Home
Home
Home
Defence
Cabinet Secretariat
Finance ministry
Finance ministry
India level was held as late as
in August 2016. The initiative
by the Bureau of Police
Research and Development
(BPR&D) and the NIA was
meant to “provide a platform
for the country’s different law
enforcement agencies to come
together and discuss a coordi-
nated strategy to tackle crime”.
Even this has not taken off.
There has been no similar such
event since then. Instead,
almost all the agencies organise
their own events. For instance,
last week, the prime minister
attended the 56th Conference
of Director Generals of Police
and Inspector Generals of
Police. Some of the chiefs of var-
ious other investigation agen-
cies, who are of inspector gen-
eral (IG) and director general
(DG) police rank, also attended.
The CBI organises its annual
vigilance awareness and anti-
corruption events, and so on.
The results are evident. Little
information gleaned by these
agencies is shared with others
and that’s not just because some
of the agencies report to the
home ministry and others to the
finance ministry, though that
exacerbates the problem. In
1985, the Centre set up the
and disseminating information the crash alters the movement sect the Earth every year. Most powerful as the largest hydrogen
relating to suspect financial of the larger object. burn up through friction when bomb ever tested, pushed global
transactions. (It) is also respon- The DART impactor space- The planet has suffered at they enter the atmosphere. temperatures down for a year.
sible for coordinating and craft is about 2 cubic metres least one mass extinction (This is also what happens to The Earth has suffered at
strengthening efforts of national in size (ignoring its solar array, caused by asteroid strike, most satellite debris.) But a big least one mass extinction
and international intelligence, which has a much greater when no land animal that enough asteroid may not burn caused by asteroid strike. The
investigation and enforcement wingspan). It massed about weighed over 25 kg survived up completely. In that case, we Cretaceous–Paleogene (K–Pg or
agencies in pursuing the global 610 kg at launch, and will be have a meteor strike. A big K-T) extinction event was a
efforts against money launder- about 550 kg at impact. Its ion enough meteor strike could lead mass extinction of three-quar-
ing and related crimes”. engine will accelerate it to a of the velocity and although the to mass extinction. ters of all species about 66 mil-
Similar is the case with nar- speed to 6.6 km per second spacecraft is dwarfed in mass While we have the tools to lion years ago. No land animal
cotics, in the news now. The
Narcotics Control Bureau
(around 23,770 kmph) before it
crashes into the targeted
by Dimorphos, it is moving at a
high enough velocity to disturb
detect such a large asteroid, we
lack any defence to it. The
that weighed over 25 kg sur-
vived. This is what wiped out
(NCB), under the Ministry of “moonlet”, Dimorphos. the moonlet — much like a bul- mechanics of such a catastro- the dinosaurs. The Chicxulub
Home Affairs, chases trade and Dimorphos is a roughly let weighing a few grams can phe would be similar to what’s crater in Mexico is the impact
production of illicit cannabis spherical blob of rock, about 160- knock a 100 kg man off his feet. known as a “nuclear winter”. point of the asteroid, which
and poppy and any other types 170 metres in diameter, which The mission will be pho- Ever since the bombings of must have been 10 km or more
of drugs. The Department of orbits a much larger asteroid, tographed from LICIACube Hiroshima and Nagasaki in in diameter.
Revenue Intelligence, or DRI, Didymos, about 780-800 metres (Light Italian CubeSat for 1945, the spectre of nuclear win- The threat of such an aster-
under the finance ministry also in diameter. This double aster- Imaging of Asteroids), a cubesat ter has hung over civilisation. If oid strike is one reason for
monitors the trade of narcotics oid system is about 7.8 million built by the Italian space agency you have enough in the way of colonising the moon and Mars,
but across borders. There is also km away at its nearest approach and carried by the spacecraft. large explosions, or a single and storing DNA repositories in
the Central Bureau of Narcotics, to Earth. The impact is sched- The LICIACube will be explosion that’s large enough, safe places. While no known
again under the finance min- uled for the next time it is close launched 10 days or so before dust thrown into the atmos- asteroid larger than 140 metres
istry, to monitor licit production to Earth, in late September or the impact to start making phere will block off sunlight for in diameter has a significant
of poppy (for medicinal purpos- early October 2022. observations as it makes a fly- a period that may last for years. chance of hitting Earth in the
es, for instance) and processing If all goes well, Dimorphos, by of the binary asteroid system. That would lead to a mass next 100 years, only an estimat-
chemicals. Finally, there is the with a mass of many million Any last-minute adjustments to extinction. Plants die because ed 40 per cent of large asteroids
state police, which does 85 per tonnes, will be slightly disturbed the spacecraft’s trajectory will they can’t carry out photosyn- have been located as of now. If
cent of the seizures but, as each and shift a little closer to its “par- be done after LICIACube has thesis; animals die for lack of DART works as advertised, it
state government acknowl- ent” Didymos. Its orbital period taken close-range observations food and due to a drastic fall in would offer some hope that an
edges, could do far more. There will be altered. The kinetic ener- of Dimorphos. In 2024, the temperature. There’s an ice age. asteroid big enough to cause a
are several more such examples, gy of any object depends on the European Space Agency (ESA) While a nuclear winter hasn’t mass extinction could be
but each highlights why these mass multiplied by the square intends to send another space- occurred, we have a pretty good knocked off-course.
agencies are unable to push
prosecution in finance and oth-
er crimes effectively.
While there have been justi-
fiable concerns that the provi-
sions in the Ordinance to offer
year-by-year extension to the
chiefs of CBI, ED, IB and RAW
will make for political encroach-
ment, it is also true that the
current poor level of convictions
for all sorts of crimes is no adver-
tisement for the current model.
Investigators at all levels
complain that prosecutions suf-
fer because evidence is not
shared. It took 20 years for a
Multi-Agency Centre, formed in
2001 to track terrorism and
cross-border infiltration data
after the Kargil war, to be revised
and expanded to form a
National Memory Bank under
the IB this year.
The data has started flowing,
but it will take leadership to
decide on its importance,
agnostic of who has collected it.
As of now, all the chiefs of these
agencies not only have the same
rank, they are also often from
the same batch in many cases.
It is impossible to establish an
effective command structure in
the circumstances. The
Ordinance could be a way, how-
ever, to produce desired results.

Kurien, the maverick was not as easy as it sounds today. Many

powerful politicians had envisaged the
extension of their empires by controlling
the distribution of the gifted commodities.
Business Standard
MUMBAI EDITION
On his birth centenary, remembering the legacy Kurien merrily stepped on their toes and
Printed and Published by Sangita Kheora
made them (and the bureaucrats) accept
of the man behind the White Revolution OF entirely on NDDB’s terms. All through on behalf of Business Standard Private
Limited and Printed at M/s. Dangat Media
this period, Kurien refused to move to Delhi
Private Limited, 22 Digha M.I.D.C., TTC
SHREEKANT SAMBRANI and conducted his business from Anand, Industrial Area, Vishnu Nagar, Digha, Navi
which gradually transformed itself from a Mumbai, 400708 and M/s. Dainik
“I’ll make shoe polish in it!” The speaker of sleepy town to be the milk capital of India. Bhaskar, Plot no. 10.11, Sector B,
that thundering line, depending on the nar- Despite numerous hiccups, the pro- Industrial Area, Govindpura, Bhopal
rator, is either India’s first prime minister gramme worked. It went through four iter- (M.P.)-462023. & Published at
Jawaharlal Nehru or Verghese Kurien ations and lasted 26 years from 1970. Kurien H/4 & I/3, Building H, Paragon Centre, Opp.
whose birth centenary we celebrate today, had established a highly successful Birla Centurion, P.B.Marg, Worli, Mumbai- 400013
on November 26. The event was the inau- marketing organisation, Gujarat Editor : Shailesh Dobhal
guration of India’s first milk drying plant, Cooperative Milk Marketing Federation,
a part of the Anand Cooperative Milk Union also based in Anand. By the early 1990s, RNI NO: 66308/1996
(Amul) in 1956. The reason for it was that a India had become the world’s largest milk Readers should write their feedback at
committee of international dairy experts producer and an attractive entry point for feedback@bsmail.in
Fax : +91-11-23720201
had opined that buffalo milk, which is what multinationals. Kurien saw this as a major
Amul collected from its thousands of mem- threat and lobbied successfully to keep For Subscription and Circulation
bers, could not be dried by using the same multinationals away from India. The fed- enquiries please contact:
technology employed abroad to dry cow eration has carried on that task faithfully, Ms. Mansi Singh
Head-Customer Relations
milk. Either way, it shows Kurien’s ability now vastly more powerful with an annual Business Standard Private Limited.
to defy handed-down wisdom. Invariably, programme of National Dairy Development turnover of $8 billion. H/4 & I/3, Building H,Paragon Centre, Opp.
this defiance was for the greater good of Board (NDDB), a statutory body of OF’s measure of success is provided by Birla Centurion, P.B.Marg, Worli,
small farmers in India Government of India he headed from its a major statistic: While foodgrain production Mumbai - 400013
In 1956, Kurien was just 35, having had inception in 1965 till 1998. In the mid-1960s, went up about three times from about 108 E-mail: subs_bs@bsmail.in
the experience of managing India’s first the European Economic Community was million tonne in 1970-71 to 300 million tonne “or sms, REACHBS TO 57575
dairy cooperative for seven years. But he sitting on a mountain of butter and milk in 2019-20, milk production increased by
Overseas subscription:
was convinced that the lot of his members, powder, the surplus it could not consume an astounding nine times in the same period (Mumbai Edition Only)
almost all of whom had only a few buffaloes, or sell abroad. It planned to gift a large chunk from 21 million tonne to over 200 million
often just one or two, could not be bettered of it to India, then just recovering from a tonne. The per capita availability of milk in One year subscription rate by air mail
INR 51765 : USD 725
unless the problem of seasonality of the ani- series of major droughts and everyone’s India now exceeds 400 gm.
mal’s milk production was properly favourite charity destination. Kurien realised All this had a most important effect on DISCLAIMER News reports and feature articles in
Business Standard seek to present an unbiased pic-
addressed. It was a universal that the free distribution of the family decision-making. Now that they ture of developments in the markets, the corporate
one as far as dairying is con- He was convinced that this gift in India would kill the had regular, dependable and often sizeable world and the government. Actual developments
cerned. Western countries and the lot of his members nascent market for dairy prod- cash income supplementing their periodic can turn out to be different owing to circumstances
New Zealand dealt with it by could not be bettered ucts, bringing their producers and uncertain crop incomes, they could beyond Business Standard’s control and knowledge.
Business Standard does not take any responsibility
separating the surplus milk in unless the problem of again to the edge of ruination. see dairying as an enterprise, and not a for investment or business decisions taken by read-
the flush season into its fat and seasonality of animal’s He then devised a plan subsistence or default occupation. The mar- ers on the basis of reports and articles published in
non-fat components through milk production was whereby NDDB would receive ket power asymmetry was effectively the newspaper. Readers are expected to form their
drying and recombining them properly addressed the commodities on behalf of countered by cooperatives, which are large own judgement.
Business Standard does not associate itself with or
to form milk again in the lean the government and sell the enough to enjoy economies of scale through stand by the contents of any of the advertisements
season. Kurien wanted to try the same strat- recombined milk in India (which was still the use of technology. Their concern accepted in good faith and published by it. Any
egy in India. He had persuaded Unicef to very short of it, with just under 70 gm avail- has moved from remunerative prices to claim related to the advertisements should be
gift the plant and Nehru was to inaugurate able per person per day) at market prices. It their stability, value-addition and surplus directed to the advertisers concerned.
Unless explicitly stated otherwise, all rights reserved
it. The plant worked despite the doom-say- would then use the funds generated from generation for all. by M/s Business Standard Pvt. Ltd. Any printing,
ing of the negative nellies. The rest, as they the sales to revamp the entire dairy econo- Kurien would surely have been more publication, reproduction, transmission or redissem-
say, is history. my, by promoting cooperatives of the Anand than a little amused by the current brouha- ination of the contents, in any form or by any
means, is prohibited without the prior written con-
Over the next five decades, Kurien was pattern in selected districts, with a central ha about the farmers’ agitation. He would
sent of M/s Business Standard Pvt. Ltd. Any such
to display his ability to defy others’ wisdom modern dairy to process the milk. Seventy think: Why ask for support prices or monop- prohibited and unauthorised act by any person/legal
and persuade them to accept his choice per cent of these funds were to be loans on oly procurement, when farmers’ organisa- entity shall invite civil and criminal liabilities.
many times. The most famous example of soft terms and the rest as grant. Although tions can powerfully and effectively lobby No Air Surcharge
this is Operation Flood (OF), the signature Prime Minister Indira Gandhi backed it, this to protect their own interests?
8 WORLD
>
MUMBAI | FRIDAY, 26 NOVEMBER 2021

IN BRIEF
Don’t have illusions over
Opec weighs policy shift after Samsung heirs
commit $13-bn
Taiwan, China tells US
There is no room for compromise over Taiwan and the
US-led crude release pledge shares to buy
United States should not have any illusions about this,
China's Defence Ministry
said on Thursday, adding Saudi Arabia, Russia consider pausing planned output hikes time for tax bill
“The US has said a lot that Washington had of BLOOMBERG
of irresponsible things late made a series of AGENCIES 25 November
and done a lot of ‘provocations’ on several 25 November
provocative things issues. China says the Samsung Group’s heirs have pledged stock

on Taiwan” issue of Taiwan is the
most sensitive in its ties
WU QIAN with the US. Asked at a
China defence ministry monthly news briefing in
spokesperson Beijing to comment on
Sino-US military ties in
the light of US president Joe Biden virtually meeting his
Chinese counterpart Xi Jinping, Chinese Defence
Ministry spokesman Wu Qian said having a healthy and
stable relationship was good for both. “However the US
has said a lot of irresponsible things and done a lot of
provocative things on Taiwan, the South China Sea, and
close up reconnaissance by warships and aircraft," Wu
said. REUTERS
Migrant deaths: France,
UK play blame game
Britain and France swapped recriminations for the
deaths of at least 27 migrants after their boat
capsized in the Channel on Wednesday as they tried
to cross the dangerous shipping passage in winter
weather. After Boris Johnson accused France of not
doing enough to stop people from trying to get to
the UK, French Interior Minister Gerald Darmanin
said Britain’s labour market acts as an incentive to
try to reach the country. BLOOMBERG
Coal mine fire in Siberia
kills 11, dozens trapped
A fire at a coal mine in Russia's Siberia killed 11 people
and injured more than 40 on Thursday, with dozens
of others remaining trapped, authorities said. Efforts
to rescue those trapped in the mine were halted on
Thursday afternoon because of an explosion threat,
and rescuers were rushed out of the mine,
administrators of the mine told the Interfax news
agency. The blaze broke out in the Kemerovo region
in southwestern Siberia. A total of 285 people were in
the mine at the time of the incident. AP
Vitol to buy rest of Vivo
T
op oil producers Saudi Arabia
and Russia are planning to
put on hold their recent
efforts to provide the world with
more crude after Washington and
other countries said they would
release stored oil to help lower prices,
a WSJ report said, attributing the
development to people familiar with
the discussions.
Riyadh and Moscow have led
OPEC and a group of other oil-pro-
ducing countries in coordinating
output closely amid a demand shock
last year caused by the pandemic.
Other members of that cartel,
including the UAE, aren’t convinced
a pause is necessary, according to
these people, the report stated.
This comes as oil prices steadied
on Thursday, as investors eyed how
major producers respond to the US-
led emergency oil release designed
to cool the market and with
Organization of the Petroleum
Exporting Countries (Opec) expect-
ing the release to swell inventories.
Brent crude futures gained 7
cents to $82.32 a barrel at 1127 GMT.
US West Texas Intermediate (WTI)
crude futures fell 12 cents, or 0.2 per
cent, to $78.27 a barrel.
Opec expects the US release to
swell a surplus in oil markets by 1.1
million barrels per day (bpd), a
source from the group said.
The Opec, Russia and allies,
together called OPEC+, will meet on
December 1-2 to set policy. “The bold
move from the oil importers has
opened the door wide open for
Opec+ to adjust its supply policy
downwards at its next (meeting on)
December 2, 2021,” Rystad Energy
analyst Louise Dickson said.
Opec+ has been adding 400,000
barrels per day of supply since
August, unwinding record output
Opec expects the US release will further increase the surplus in oil markets by 1.1 million barrels a day
China non-committal on America’s request
China, the world's largest crude
importer, was non-committal
about whether it will release oil
from its reserves as requested by
Washington, while OPEC sources
said the US action has not made the
producer group change course.On
Tuesday, U.S. President Joe Biden's
administration announced plans to
release millions of barrels of oil from
strategic reserves in coordination
with other large consuming
nations, including China, India and
cuts made last year when pandemic
curbs slammed demand.
Three sources said Opec+ is not
discussing pausing its oil output
increases, despite the decision by the
US, Japan, India and others to
release emergency oil stocks.
Opec members the UAE and
Kuwait said they were fully com-
mitted to the Opec+ agreement and
Japan, to try to cool prices.
The US has made the largest
commitment for a reserves release
at 50 million barrels of pre-
approved sales along with loans to
the market, but without China, the
action would have less impact.
There was no further
announcement from Beijing on
Thursday after China on Wednesday
said it was working on its own
reserves release, confirming a
Reuters report last week that China
had no prior stance ahead of next
week's meeting.
Iraq, also an Opec member, said
it backs continuing Opec+'s existing
plan of raising output by 400,000
bpd a month, saying the outlook for
the oil market was unclear due to
turbulence in global markets.
High oil prices have added to
inflationary concerns. A coordinated
REUTERS
would release oil according to
its needs.
On Tuesday, Biden had told a
briefing China "may do more".
Rumours of coordinated action
drove crude prices lower ahead of
the US announcement, but the
international market rose more
than 3 per cent on Tuesday as
Washington confirmed it would tap
its strategic reserve and the market
lacked clarity on China's intentions.
REUTERS
release could add around 70-80 mil-
lion barrels of crude supply to mar-
kets, analysts at Goldman Sachs said.
The US Department of Energy
has launched an auction to sell
32 million barrels of strategic petro-
leum reserves for delivery between
late December to April 2022. It
plans to release another 18 million
barrels soon.
worth more than $13 billion in one of the
world’s largest collateral commitments,
mostly to buy time to pay a massive inher-
itance tax bill.
Since April, Jay Y. Lee and his family
have committed part of their stakes in four
of the conglomerate’s firms, including
Samsung Electronics Co. and de-facto
holding company Samsung C&T Corp., fil-
ings show. Among the 500 members of
the Bloomberg Billionaires Index, only
Oracle Corp.’s Larry Ellison has pledged
more shares.
Most of the Samsung stock is parked
with a court as col-
lateral for the The arrangement
inheritance tax is relatively
levy of more than common among
12 trillion won the rich in South
($10.1 billion). The Korea, where the
heirs of Lee Kun- death tax rate can
hee, the group’s be as high as 60%.
patriarch who In order to pay in
died last year, instalments, the
revealed in April law requires
they would settle collateral worth
the bill in six 120% of the
installments over amount due
five years. “It’s the
best way for the Samsung family to pay
the huge tax,” said Chung Sun-sup, chief
executive officer of corporate-analysis
firm Chaebul.com in Seoul. “The easiest
way would be cashing in their stakes, but
they wouldn’t want to reduce their own-
ership. Pledging shares for tax install-
ments doesn’t affect their voting rights.”
The arrangement is relatively common
among the rich in South Korea, where the
death tax rate can be as high as 60%. In
order to pay in installments, the law
requires collateral worth 120% of the
amount due. The sum is decided based
on the closing stock prices the day before
an agreement is made.
The Lees have deposited stock that is
now worth $10.7 billion with the Seoul
Western District Court, the filings show.

Energy in $2.3-bn deal

A fund backed by trading giant Vitol Group agreed to buy
Vivo Energy in a deal valuing the Africa-focused fuel
retailer at about $2.3 billion. The transaction will bring
Vivo assets back in house for the oil trader, which sold
No iPhones
for Turks
New Covid variant in S Africa has
10 mutations; 8 more than Delta
shares in the retailer in 2018 in what was one of the
biggest initial public offerings on the London Stock
Exchange that year. Vitol, which owns 36 per cent of after lira’s
Vivo, will pay $1.85 a share in cash for the rest, the
trading house said on Thursday. BLOOMBERG historic dip AGENCIES “Bottom line is B.1.1.529

World’s biggest IKEA store

REUTERS
Istanbul, 25 November
25 November

A new variant of Covid-19,

opens in the Philippines
Turks attempting to buy
iPhones and other elec-
tronics received online error
IKEA opened its biggest store in the world in the Philippines, messages on Wednesday,
with the new 730,000 square foot facility in Manila a including from Apple Inc's
cornerstone of the home-furnishings giant’s expansion local website, after a historic
plans in Asia. Thursday’s opening was feted with an 15% plunge in the lira the
event held at the store’s cafeteria where IKEA’s cult-favorite day before caused havoc for
Swedish meatballs were served to some attendees. prices.
They were accompanied for the big day by a The currency slipped
special Philippine twist -- adobo sauce. The spread houses back towards its record low
a two-level 270,000 square foot store, dining area and on Wednesday, driven by
showroom; warehouses; an e-commerce facility; and a call worries over broader fallout
centre. BLOOMBERG for the economy after
President Tayyip Erdogan
defended recent sharp rate
cuts despite widespread
Moses & Peppa Pig: Boris criticism and calls for a
reversal.
feared to have a high
amount of spike mutations
unseen before, has been
detected in South Africa,
with authorities there con-
firming 22 positive cases
associated with it on
Thursday.
Scientists said that the
new variant has at least
10 mutations, compared
to two for Delta or three
for Beta.
Dr Tom Peacock, a virol-
ogist at Imperial College
London, had posted details
of the new variant classed
as B.1.1.529 on his Twitter
account earlier this week,
may already be quite wide-
spread in SA [South
Africa],” Dr Peacock
tweeted on Thursday.
The National Institute
for Communicable
Diseases (NICD), the
national public health insti-
tute of South Africa, con-
firmed that B.1.1.529 has
been detected in South
Africa and 22 positive cases
of variant B.1.1.529 recorded
following genomic sequen-
cing collaborations.
“It is not surprising that
a new variant has been
detected in South Africa,”
said Professor Adrian
Puren, NICD Acting
Executive Director.
"Although the data is
EU proposes 9-month limit on vaccine
validity for travel January 10 onwards
The European Union is
recommending a 9-month
time limit for the validity of
Covid-19 vaccinations for
travel into and within the
bloc and also is proposing to
prioritise vaccinated
travelers. The European
Commission is proposing
that member states should
continue welcoming all
travelers inoculated with
shots approved by the bloc,
according to a document
seen by Bloomberg. It also
called for countries to
reopen as of Jan. 10 to all
those who have used
vaccines approved by the
World Health Organization.
EU Justice Commissi-
oner Didier Reynders
announced on Thursday a
new internal EU travel
framework based more on
individuals’ vaccination or
recovery status than on
caseloads in the countries
they’re coming from. A
separate announcement on
the external travel rules is
scheduled for later
Thursday. The proposed
updates introduce the new
time limit for the validity of
Covid inoculations, making
clear that boosters will be
needed beyond the 9-month
period. But the EU said it
wasn’t ready to propose a
validity period for
certificates issued based on
booster shots.
The commission is also
proposing to extend its rules
on the EU digital certificate
beyond next summer,
Reynders said. BLOOMBERG

speech has Brits worried The lira has lost 43% of following which scientists limited, our experts are

Boris Johnson has been criticised by senior business

its value this year and more
than 22% since the begin-
leaders and Conservative MPs for a “rambling” speech ning of last week alone.
to top industry figures that saw him extensively praise A Turkish spokesperson
Peppa Pig World, compare himself to Moses, and for Apple was not immedi-
imitate the noise of an accelerating car. The prime ately available to comment.
minister’s sprawling address to the Confederation of Apple's Turkish website
British Industry was accused of lacking seriousness and stopped sales of most pro-
professionalism. Johnson lost his place during the ducts, displaying a "Not cur-
speech and spent 20 seconds repeating “forgive me” as rently available" message.
he shuffled the printed pages on his podium into some The local prices of phones
semblance of order. AGENCIES and computers were some
10% below U.S. prices fol-
lowing the sudden depreci-
Interpol appoints UAE ation in the lira.
have been weighing in on
what is being considered a
variant of concern – though
it is yet to be formally cate-
gorised in the UK.
Scientists the world over
will be watching the new
variant for signs of gaining
momentum or spreading
more widely and rapidly.
The high number of spike
mutations are concerning
from the point of view of
both higher transmissibil-
ity and immune evasion.
working overtime with all
the established surveil-
lance systems to under-
stand the new variant and
what the potential implica-
tions could be,” he said.
The South African
authorities said the
detected cases and percent-
age of people testing posi-
tive are both increasing
quickly, particularly in the
country’s most populated
province of Gauteng, North
West and Limpopo regions.
EU okays Pfizer shot for kids between 5-11
The European Union's drug regulator on
Thursday authorised Pfizer's coronavirus vac-
cine for use on children from 5 to 11 years old,
clearing the way for shots to be administered
to millions of elementary school pupils amid
a new wave of infections sweeping across the
continent. It is the first time the European
Medicines Agency has cleared a Covid-19 vac-
cine for use in young children.
The agency said it “recommended granting
an extension of indication for the Covid-19 vac-
cine Comirnaty to include use in children aged
5 to 11.” At least one country facing spiking
infections didn't wait for the EMA approval.
Authorities in the Austrian capital, Vienna,
already have begun vaccinating the 5 to 11 age
group. Europe is at the epicenter of the pan-
demic and the World Health Organisation has
warned the continent could see deaths top 2
million by the spring unless urgent measures
are taken. Earlier this week, Germany's health
minister Jens Spahn said shipping of vaccines
for younger children in the EU would start on
December 20. BLOOMBERG

official as president
Interpol on Thursday elected a contentious official
from the United Arab Emirates as its new president
during the international law enforcement body's
annual General Assembly held in Istanbul. Maj. Gen.
Mao-era coal coupons show China’s crisis isn’t over
Ahmed Naser al-Raisi, inspector general at the United BLOOMBERG with netizens reminded of the has stockpiles at power plants
Arab Emirates' interior ministry, was elected for one 25 November Mao era when households in on track to hit a seasonal
four-year term. He has been accused by human rights the world’s most populous record by the end of
groups of involvement in torture and arbitrary A local government in China country had to purchase their November, according to the
detentions in the UAE. The vote for president was is resurrecting coal coupons daily necessities with quotas National Development and
being closely watched since the first-ever Chinese — a relic of Mao Zedong’s set by the government Reform Commission. Still,
president of the body, Meng Hongwei, vanished planned economy days — to because of meteorologists in
midway through his four-year term on a return trip to ensure its citizens have shortages.
The coupons are the country have
China in 2018. AP access to heating fuel as they Shanxi is one of
coming after coal warned a weak-to-
brace for a bitter winter. China’s largest
shortage drove up moderate La Nina
Shuozhou, located in the coal mining
prices and led to pattern is forecast
heart of coal country in provinces, and
widespread power in the coming
Gadhafi son disqualified Shanxi province, has
distributed coupons to
Shuozhou home
to the nation’s
curbs in October.
Each coupon is
months, with
frigid weather and
from Libya prez race 47,000 families to help them
purchase the heating fuel, the
biggest open-pit
mine. As part of
good for
tonnes of
two continuous
droughts likely
Libya's top electoral body on Wednesday disqualified official China Youth Daily the country’s
subsidised coal, hitting some
the son and onetime heir apparent of the late reported on Wednesday. efforts to replenish
enough for each regions.
dictator Moammar Gadhafi from running for Each coupon is good for two supplies, Shanxi
household to last China’s
president in elections to be held next month, citing tons of subsidized coal, A monumental push to boost mine output has led to record coal production REUTERS promised to
through winter benchmark
his previous convictions. The name of Seif al-Islam enough for each household to export an extra 53 million thermal coal futures on the
Gadhafi appeared on a list of ineligible candidates last through the winter and widespread power curbs last balance for now, but the just in case, the state-backed tons this winter, including 16 Zhengzhou Commodity
issued by the country's High National Elections early spring. month. A monumental push coldest weather is still ahead. newspaper said. million from Shouzhou. Exchange are up 11% this
Committee. Libya is set to hold the first round of The coupons are coming to boost mine output has led Villagers have begun The return of coupons has The increased coal week. They had tumbled by
presidential elections on December 24. AP after a shortage of the fuel to record production that’s stockpiling dried corn cobs been sparking a flurry of output, at more than 12 more than half after hitting a
drove up prices and led to brought the market back into and firewood in their yards discussion on social media, million tons a day nationally, record in mid-October.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

ILLUSTRATION: BINAY SINHA

Volume XXVI Number 75
MUMBAI | FRIDAY, 26 NOVEMBER 2021 GROWTH MATTERS
GDP per capita PPP*

India’s health check Bangladesh

1990 2000 2010
1,544 2,014 3,063 5,013 6,808
2020 2025

NFHS points to new demographic challenges China 1,409 3,431 8,836 16,216 21,340
India 1,664 2,361 4,180 6,172 8,425

T
he fifth edition of the National Family Health Survey (NFHS-5) offers
Myanmar n/a 1,130 2,893 4,969 4,258
clues to the future direction of policy-making that, if read correctly, could
help India maximise a shortening window of demographic opportunity Nepal 1,598 2,058 2,697 3,839 4,503
that is open to it. The headline finding — that for the first time the pro- Pakistan 2,827 3,341 4,164 4,886 5,546
portion of women exceeded men at 1,020 against 1,000 —is heartening, not least Russia 21,433 14,530 23,857 26,596 30,437

Economic heft and

because it reverses and improves on previous trends. In the 2005-06 NFHS, the USA 40,382 50,145 54,438 60,069 69,560
ratio had been at parity before declining sharply to 991:1,000 in the 2015-16 NFHS, PPP - Purchasing Power Parity; * In 2017 international US dollars
a period that saw India grow more prosperous. The marginal improvement in the Source: IMF, World Economic Outlook database, Oct 12, 2021
sex ratio at birth from 919:1,000 in the earlier edition of the survey to 929:1,000 in
sition. In this context, the table provides a listing of

foreign policy posturing

the latest one for 2019-21, but still lower than the natural sex ratio at birth of 952:
1,000, however, suggests that India has some way to go before the social bias for the
boy child disappears. From a long-term perspective, the demographic transition
implicit in the decline in the total fertility rate (TFR) to 2, below the replacement
rate of 2.1 should be of some concern because it suggests that India is ageing faster
than anticipated. The proportion of the population below 15 years of age has dropped
precipitately from 35 per cent in NFHS 2005-06 to 25.5 per cent in the latest survey.
These broad findings raise two key concerns. One is the multiple divides
the gross domestic product per capita from 1990 till
2020 and projections for 2025 for China, India, the US
and some of India’s neighbours, Bangladesh, Pakistan,
Nepal and Myanmar.
From 2010 to 2020, China’s per capita income
India’s foreign policy options are circumscribed by its relatively rose from 16.2 to 27 per cent to that of the US. Since
the time of the Soviet Union’s break-up in 1990-91,
inadequate economic size and technological capabilities Russia’s per capita had decreased from 53.1 to 44.3
per cent that of the US by 2020. Yet, even in 2020,

C
implicit in the disaggregated data. The obvious one is the urban-rural divide with hina’s economic rise and technological excel- titled “Vladimir Putin — Russia’s new era of oppres- China’s per capita income is only 61 per cent that of
the TFR in the former at 1.6 against 2.1 in rural India. The second is the north- lence are well recognised in world capitals. It sion —It will lead to confrontation with the West”. Russia. Simple per capita comparisons need to be
south divide in terms of the sex ratio with most states north of the Vindhyas report- has been less acknowledged till very recently The Economist is typical of Western publications in complemented by several other indicators such as
that China’s economic heft has contributed to its justifiably condemning integration with inter-country value chains and
ing fewer women than men. The picture we have, then, is a younger and male- aggressive external posturing, including armed intru- Mr Putin’s violations of human rights within technological tie-ups with global corporations.
dominated society in the north relative to the south and northeast, and this has sions into Indian territory, extravagant claims over all Russia, such as the targeting of Alexei Navalny. Effectively, the sophistication and international
worrying electoral and economic implications. Some of these tensions were evident of Arunachal Pradesh and now even when interacting Russia’s military technology prowess is cited too, competitiveness of domestically produced goods,
in protests when the 15th Finance Commission used the states’ demographic per- with the West. The Indian government has at times which is evident from the fact that India and China military equipment and services provide a measure
formance as a criterion for devolution. Two, having made progress on fertility, the not sufficiently factored into its foreign policy calculus have recently bought the S-400 missile defence sys- of a nation’s economic well-being, and concomi-
need for quickly ramping up social infrastructure, including health, education, the changes in the economic size, trade, foreign direct tem from that country. However, Russia’s enormous tantly foreign policy options. In addition to China’s
investment-related numbers and military strength of economic potential gets limited coverage in the higher per capita income, it has left India far behind
and water, becomes even more urgent. In this context the picture of general ill- neighbouring and major powers. Among other causal English media since its trade and investment inter- in technological achievements.
health among India’s population, especially children, is concerning. factors, this is mainly because the actions with the rest of the world have Economic and military strength combined with
More adult Indians are overweight and anaemic. Though the share of under- Indian Ministry of external affairs remained mostly that of a significant internal factors have led to an increasingly belliger-
weight men and women has fallen, the share of overweight Indians and those (MEA) and that of commerce and source of oil, gas and minerals. ent China. Consequently, the insidious menace to
who are anaemic has risen. As with earlier surveys, the proportion of anaemic industry, and finance tend to work By contrast, the West has a ten- democracies, and particularly in Asia, is from China.
in silos except for coordination dency to overlook China’s oppres- Given Russia’s dependence on China as a voracious
women is higher than that of men, but both genders have shown an increase in
meetings usually prior to heads of sion of millions of people living consumer of its fossil fuel exports, it is surprising that
the latest survey. Undernutrition in children has fallen at a slower pace: Between government meetings in Delhi or within its own borders, for example the West keeps pushing Russia towards China. The
the 2005-06 and 2015-16 surveys, the incidence of stunting in children below five foreign capitals. At the same time, the Uighurs and Tibetans. 19th century Russian playwright and short story writer
years of age fell a sharp 10 percentage points. In the latest survey, the drop has there is better coordination Obviously, this difference in the Anton Chekhov is believed to have remarked, “Any
been just three percentage points. The trend is similar when it comes to child between the MEA and the Ministry West’s posture towards China and idiot can face a crisis – it’s day to day living that wears
mortality. These findings appear out of sync with the remarkable increases in of Defence and hopefully by now it Russia is because Western real and you out”. It is similar for foreign policy issues. After
includes scenario analysis about financial sector companies continue the Chinese intruded into Indian territory in 2020,
households with access to clean fuel, sanitation, bank accounts, and the use of
future developments along the Line JAIMINI BHAGWATI to profit enormously by having the Indian armed forces rose heroically to the chal-
hygiene products by women. They are pointers perhaps to limitations in the reach of Actual Control with China. invested in mega-scale production lenge. However, it was anticipatory intelligence-for-
and coverage of sanitation (the lack of which has been a major cause of stunting) The past animosity between of goods and services in China. This eign policy analysis and corresponding military pre-
and other welfare schemes. Rather than making serial announcements of grand the West and the Soviet Union has continued into makes economic sense because China has the paredness that was lacking. Former foreign secretary
new schemes, focusing on maximising the efficiency of the ones we already have the 21st century, albeit with some dilution against largest adequately trained workforce in the world A P Venkateswaran is rumoured to have remarked
should be the priority. Russia. For reasons that have to do with the fears of at wage levels which are way below those of devel- when the then prime minister Rajiv Gandhi had asked
the Baltic republics, Ukraine, Poland and Russian oped economies and Russia too. This wage-cost the MEA to do more to bolster India’s image that “the
intervention in Syria, the US and west European advantage enables China to be a huge exporter of a image cannot be brighter than the original”. In a sim-
countries have exaggerated the dangers stemming range of engineering products. China’s international ilar vein, the bottom line about Indian strategic think-
from Russia. Western concerns did sound somewhat clout is also due to its huge investments around the ing is that howsoever well-conceived it cannot make

Time for caution legitimate following the 2014 Russian occupation of world and because it is currently the highest
Crimea in Ukraine. However, the West needs to importer of commodities such as coal, iron-ore, oil
understand that Russia too is nervous about the and agricultural products.
up for the country’s systemic economic-technological
deficiencies and societal schisms.

Higher valuations will not support a sustained rally European Union’s expansion towards the East to Any country’s revenue collections and hence j.bhagwati@gmail.com .The author is a former Indian
include former Warsaw Pact countries. The capacity to invest and grow is primarily determined ambassador, World Bank head of corporate finance and

I
ndian equities have seen a correction over the past one month, which has, Economist’s November 13 issue carries an article by the size of that country’s economy and its compo- currently distinguished fellow at CSEP
so far, pulled the benchmark Nifty down 5.7 per cent from its record peak.
This follows up on a remarkable rally, which pushed the markets up by 130
per cent from a panic low in late March 2020 during the first lockdown. In
addition, there has been frenetic activity in the primary market with a multitude
of issues getting over-subscribed and listing at a premium. The rally was backed
by easy money conditions, with most central banks including the Reserve Bank
The grim calculus behind Afghan tragedy
I
of India (RBI) maintaining a combination of high liquidity and low interest rates. t’s been more than three months since the tions” against the group, the nature of the militancy to UN reports, one in two Afghan faces emergency
It was also marked by a sharp improvement in corporate profitability starting Taliban came to power in Afghanistan, and the across the Durand Line is such that given the history levels of acute food insecurity and more than 3 mil-
from the second half of 2020-21. This is due to low base effects, low interest situation in that country continues to worsen by of systemic violence and state-fuelled terrorism, lion under 5-year-olds are expected to face acute
rates, and tax cuts, despite weak consumption demand. The recent correction, the day. The ongoing humanitarian crisis has been groups often have overlapping allegiances and com- malnutrition by the end of the year. The effects of
exacerbated by the standoff between the Taliban and mitments to the militant-criminal nexus that helps the Covid-19 pandemic along with the humanitarian
however, carries signs that it could be the harbinger of a deeper trend reversal. the Islamic State Khorasan or IS-K, the lack of access serve them. The Haqqani Network, a loyal proxy of crisis have wreaked havoc across the country, as a
Foreign portfolio investors (FPIs) have been heavy and consistent buyers through to food, medicines and cash reserves. The Taliban, Pakistan’s Inter-Services Intelligence agency, have direct result of the Taliban and US policy decisions.
the last fiscal year, with most of their advisories signalling “overweight” on Indian now in a position of ultimate power, have shown the been allies of the Taliban with the group’s founder’s With each side quick to blame the other, the onus
equities. They bought over ~2.75 trillion worth of equities in the last fiscal year. world that they can defeat the military might of the son Siraj Haqqani now serving as the interior minister falls on regional nations, including India to attempt
However, a few days ago, various FPIs indicated a reversal of attitude by United States by simply outlasting them. However, in the Taliban government. The Haqqanis have also to mitigate a worsening disaster.
downgrading India to “neutral” or “equal-weight”. They all cited similar reasons. they are struggling on the governance front — in in the past partnered with the Islamic State, providing India recently hosted a security conference with
their ability to demonstrate to technical assistance to them for national security advisors of regional nations, includ-
India valuations are far higher than other comparable markets; India is impacted the Afghan people, the interna- carrying out attacks, including ing the Central Asian Republics, Russia and Iran,
by inflation, which may force the RBI to hike interest rates by February 2022; tional community and to their the brutal attack on the gurdwara underscoring New Delhi’s continuing salience in the
and higher energy prices are leading to elevated costs. This change in attitude fighters across the country that in Kabul in March 2020. While Afghan matrix. The Delhi Declaration brought
could translate into lower FPI investment or even some net selling. Indeed, this they have the capability to lead the Haqqani Network remains together like-minded nations, all of whom remain
fiscal year has seen net selling of about ~3,447 crore by FPIs. The global economy a nation, maintain law and extremely close to the Taliban, eager for an inclusive government in power in
order and provide a function- who in turn are at odds with the Afghanistan, rather than the current one that enjoys
is also seeing growth downgrades, with several red flags cited by bears. The Fed
ing economic system. Islamic State, the rationale for Pakistani patronage. Notably absent from the regional
has started to taper its bond-buying programme and indicated that it might One of the foremost security the Haqqanis assisting the grouping, were Pakistan and China, who remain
accelerate the pace of tapering, and some investors believe that rates will rise challenges for the Taliban gov- Islamic State has been to provide against any Indian involvement in Afghanistan.
earlier than expected, given inflationary trends. Meanwhile, Europe’s economic ernment comes from IS-K. cover to the Taliban, as the Nonetheless, the Delhi Declaration highlighted the
recovery has been impacted by a fresh wave of Covid cases, which has led to a There remain between 2,000 HARSH V PANT & KRITI M SHAH chosen counter-terrorism “extraordinary degree of convergence” between a
downgrade of growth prospects across the European Union. and 3,000 IS-K fighters in experts and “keepers of the large and important group of regional countries on
Afghanistan, with majority of them concentrated in peace”. Pakistan has in fact encouraged the Haqqani the future of Afghanistan. Soon after the conference,
Most worryingly, China’s real estate sector seems to be over-leveraged.
eastern Nangarhar province, where they occupy some Network to build on its ties with the IS-K in order to Pakistan was prompted to allow Indian humanitarian
Evergrande is only one of several players teetering on the edge of debt default. of the key drug smuggling routes into Pakistan, tradi- retain its leverage in Afghanistan and ensure that the assistance, in the nature of 50,000 MT of wheat to
Since real estate and associated construction activities and financial services tionally controlled by the Taliban. The IS-K remains IS-K can front attacks for the Haqqanis or Lashkar-e- transit over land to Afghanistan. While this remains
contribute 29 per cent of China’s gross domestic product, this is certainly cause an amalgamation of former Taliban, al-Qaeda, Tehrik- Taiba while Pakistan can claim plausible deniability. a small gesture, much more will have to be done to
for global concern. It has already led to corrections in commodity markets, with e-Taliban Pakistan and other smaller jihadist group This complicated dynamic between Taliban, IS-K and help alleviate the suffering of millions.
every industrial metal falling substantially over the last month. Even energy fighters coming together under the established brand- Haqqani Network ensures that whatever the situation, As winter approaches, the suffering of the people
name of the Islamic State, challenging the Taliban on the Pakistani deep state maintains a strong degree of of Afghanistan will worsen. Cut off from the world
prices, which were high on a global demand overhang, are softening now on
their home turf. As traditional rivals, the IS-K views influence in Afghanistan. and having to contend with an orthodox and repres-
projections of likely over-supply from January 2022. Returning to India-specifics, the Taliban’s coming to power in Kabul in August 2021 Another challenge for the Taliban government sive Taliban government, Afghans are facing the
the base effect has worn off. Many firms are approaching pre-Covid levels of as an opportunity to frame them as deceitful and ille- has been securing desperately-needed humanitar- brunt of Pakistan’s decades old policy of nurturing
activity. While growth is expected to remain strong through 2022-23, the market gitimate, given their collaboration with the United ian assistance. Since they came to power and faced militant groups. As Islamabad and Rawalpindi con-
is also valued at 24 PE for forward earnings, which is historically high. According States and their links with the Pakistan state. While the brunt of an international embargo, the Taliban tinue to play one group against the other and use
to the Goldman advisory, India is valued 60 per cent higher than comparable the Taliban has been an insurgency group for decades, have had to control the economic fallout of their Afghanistan as their playground to achieve their
in an ironic twist they must now demonstrate their rule. Aside from the obvious implications of the warped security goals, the suffering of innocent
economies. Hence, investors may consider most of the positives are already
counter-insurgency capabilities as IS-K violence rages embargo the Afghan people have been forced to deal Afghans is hardly a priority for them.
reflected in the prices. Market direction is always unpredictable. But a combina- across the country in an effort to paint the Taliban as with— acute shortages of food, medicinal drugs,
tion of high valuations, smart money pulling back, and the end of base effects ineffective governors. lack of cash reserves leading people to have no Pant is professor at King’s College London and director of
should induce a degree of caution among domestic individual investors. Although, the Taliban has sent more than 1,300 access to their savings, all while millions remain dis- research at Observer Research Foundation (ORF). Shah is
fighters to Nangahar to “increase the tempo of opera- placed amid growing impoverishment. According an associate fellow at ORF

A robot didn’t write this review MIT-designed Halicin, which is an

others in the same genre is the fact that
three stalwarts from different walks of
life — Henry Kissinger, Eric Schmidt
and Daniel Huttenlocher —have col-
laborated on it, producing an
unusually rich tapestry of thought
leadership that covers statecraft, diplo-
BOOK REVIEW macy, entrepreneurship, technology,
and academic brilliance.
SRIVATSA KRISHNA Let us consider some of the
extremely disturbing questions that the
know that AI can make these choices
but it is impossible to figure out its pref-
erence ordering even by those who pro-
gram it, for what goes into the black box
of the decision-making is something
completely unknown to humans yet.
The book has some remarkable
examples. The first one is about
AlphaZero, a chess game purely trained
on machine learning that beat every
known chess player and computer game
antibiotic that could kill bacteria that
is resistant to all known strains of anti-
biotics till then. MIT said it would be
obtained results that were beyond the
capacity of human minds to compute.
In other cases, it obtained results by
methods that humans could, retro-
in individual cases, how it makes deci-
sions using the data that it collects and
the risk of the data being used to exploit
those very people from whom it is col-
“prohibitively expensive” to do it via spectively, study and understand. In lected (and how to mitigate it) are not
traditional methods of drug discovery. others, humans remain uncertain to discussed in any detail.
Instead, AI, while it did not need to this day how the programs achieved Today there are many AI programs
understand why the their goals. available that by using simple tools can
molecules worked, THE AGE OF AI And The book has a write a book review (or even an aca-
could scan the Our Human Future remarkable chapter demic thesis) by just skimming some
library of candi- Author:Henry A. on current technol- parts of the book. Does it mean that
dates to identify Kissinger, Eric ogy platforms and columnists and book reviewers might
one that would per- Schmidt and Daniel how they influence be out of a job soon? I’m quite sure that
form a desired Huttenlocher our lives today and in the years to come you may be
albeit still undiscov- Publisher: Hachette will do so in the reading this review written entirely by

I
t is extremely unusual for a book to
shock and give hope both at once.
To provoke, yet calm the mind, to
alarm yet relieve, to show why artificial
intelligence (AI) will transform,
remake the world and us in ways yet
unimagined. Deeply insightful yet dis-
turbing, the book asks what in the
future will define and set apart a
human from AI and why humans
should be worried and elated at the
future of AI. It is exceptionally well
written. What sets apart the book from
book touches on. Suppose an AI engine
driving a car predicts that killing the
occupants would save many more in the
event of an upcoming crash and the
decision must be made in seconds.
What should it do? Should it protect the
occupants of the car or kill them to save
many more in other vehicles nearby?
Suppose an AI-controlled weapons sys-
tem predicts that killing a thousand
people in a war-like situation will lead to
saving a million more lives. How should
the system respond? It is disturbing to
in the world. What made it different
from any of its predecessors was that it
was not taught by humans. Instead it
was simply fed the rules of chess, told to
maximise the wins, and it did the rest.
GarryKasparov after seeing it com-
mented that chess had been shaken to
its roots. As AI breached the limits of the
game, players who had spent their lives
mastering it watched and learned as
they saw it sacrificing unusual pieces,
including the Queen, to win.
Likewise, yet another AI beast is the
ered function: To
kill a strain of bacte-
ria for which there
was no known anti-
biotic. Halicin was like a chess game
with thousands of pieces, hundreds of
victory conditions, and rules that are
only partially known. After studying
just a few thousand cases, AI found a
new antibiotic that no human had
perceived.
What marks a turning point in
human history is the fact that AI
future. Where it
Pages: 256
Price: ~799 could have done
better is to explain
the human-
machine collaboration and partnership.
This theme recurs throughout the book
but there is no cogent analysis of how
these interactions can be either
designed or executed in the years ahead
except for some high-level thoughts on
how user data is being used to create
better machine learning. Questions
such as how machine learning operates
a robot. Whether it is as good as a
human review, or even better time will
tell, but in the age of soaring newsprint
prices, declining forests (and need to
conserve paper) and declining sub-
scriptions and ad revenues thanks to
digital, I’m sure editors would love to
be free to use an AI tool that can review
any book in a few minutes!
The reviewer is an IAS officer, not a robot.
These views are personal,
not AI or machine-generated
 QUICK TAKE: DIXON TECHNOLOGIES UP ON GLOBAL PLANS
The Smart "The market has moved the timing of

Investor
The stock of contract manufacturer Dixon Technologies thefirst-rate hike now to June of 2022
(India) was up nearly 3 per cent in trade on Thursday. Plans which implies this earlier end to
to expand to the global bulb LED market and new product QE is already priced in. The
MUMBAI | categories such as refrigerators/telecom are expected to
market is going to struggle
FRIDAY, 26 NOVEMBER 2021 until we get more data"
push up growth in FY23/24. Anand Rathi Research has
PRIYA MISRA, Global head of
upgraded the stock to a buy given these initiatives rates strategy, TD Securities
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

Firms widen IPO price bands

Change triggered by Sebi discussion paper; difference between upper, lower ends rises to 3.6%
Siemens Q4 damp
squib, but strong
SUNDAR SETHURAMAN
Mumbai, 25, November

The price band for initial public offerings

(IPOs) has widened after a nudge from the
Securities and Exchange Board of India
(Sebi), with the average difference rising to
3.6 per cent after the regulator issued a dis-
cussion paper in this regard.
The average difference between the
minimum and maximum price that com-
panies set for 10 IPOs that came before the
discussion paper was 2.3 per cent.
In October, Sebi issued a discussion
paper highlighting the extremely narrow
band companies were fixing for their IPOs.
However, the market appeared to have
received the message even before the reg-
ulator could firm up final rules.
“Bankers typically like to price the issue
at the top end of the price band. And, gen-
erally, have a good intuition of the what
will be acceptable pricing,” said V
Jayasankar, senior executive director, head
of equity capital markets, Kotak
Investment Banking.
Under the current rules, IPOs can be
made either through book building or
fixed price method. In the book-building
process, the issuer offers a price band,
and the final issue price is determined
based on demand. There is a maximum
gap of 20 per cent prescribed between the
upper and lower end. However, as there
is no minimum gap prescribed — several
IPOs had a gap of just ~1-2 between their
upper and lower ends.
“Lately, it is observed that the price
band as provided by the issuer company
on the mainboard is extremely narrow,
sometimes as small as ~1, ~2 or ~3. An anal-
ysis of issues from 2010 demonstrates that
the average price band range has reduced
significantly. The objective of a fair and
transparent price discovery mechanism in
a book-built issue appears to have been
diluted over time due to evolving market
practices,” Sebi had said in the discussion
paper dated October 4.
It had sought market feedback on main-
taining a minimum 5 per cent difference
between the upper and lower ends of the
price band.
TAKING A CUE
Average difference (%)
3.6
2.3
IPOs post-discussion IPOs before discussion
paper paper
Source: PRIME Database
Note: 10 IPOs before and after the discussion paper considered
Investment bankers said the price
bands became narrower as price discovery
happened during roadshows for institu-
tional investors. And the published price
band became a mere legal formality as the
book building process became more
dependent on institutional investors.
“As a legal process, you need a price
band. If you are clear you don’t want to do
an issue below a particular price, then you
keep a band because it’s a legal require-
ment. So, the best way is to keep a price
band with a ~1 or ~2 difference. To a large
extent, every issue is pre-sold,” said GS
Ganesh, founder, Inga Capital.
According to Sebi regulations, if a com-
pany launches an IPO that fulfils the
requirements of minimum average operat-
ing profit, net tangible assets, net worth, a
maximum of 50 per cent of the shares
should be allotted to institutional investors.
revenue expected
In case a company does not fulfil the
requirements, the IPO can only be through
Rising commodity and logistics costs impacted
the book-building process, and at least 75
per cent should be issued to institutional
margins in Sept qtr and remain an overhang
investors. In the case of a fixed-price issue,
at least 50 per cent should be issued to
retail investors. BROKERAGE CALLS
One other reason for the course correc- Firm Recommendation Target Price (~)
tion by companies is the negative press
about the failure of book building. Credit Suisse Neutral 2,400
“Someone has raised an issue asking if Nomura Neutral 2,355
fair book building is happening. The whole Antique Stock Broking Buy 2,595
concept of book building was to determine
a price. Today, it is all becoming a fixed- Haitong Int’l Research Outperform 2,520
price offering. Where is the band playing a Motilal Oswal Securities Neutral 2,065
role in the discovery of price? If there is a
Axis Research Sell 1,720
proper price band, there should be inves-
tors even in the middle of the band. Today, Edelweiss Securities Buy 2,660
investors are there on the upper band, and Recommendations over Wednesday & Thursday Source: Bloomberg
institutional investors are usually in the
upper band,” said Ganesh.
Bankers welcomed the Sebi’s initiative ADITI DIVEKAR Despite a strong product portfolio,
saying it would give retail investors more Mumbai, 25 November brokerages feel the company needs to
say in the IPO’s pricing. surprise on order intake to meet reve-
“It’s a good move by Sebi, especially for Siemens’ shares declined 5.5 per cent nue growth expectations.
retail and HNI investors. It increases their to ~2,152 apiece on the BSE on “Order inflow grew 5 per cent YoY
say on the book-building process with a Thursday as the company's earnings in September quarter to ~3,380 crore,
wider price band. With a smaller price missed Street estimates amidst pres- but moderated sequentially. Strong
band, there was no potential for anybody sure on margins. order inflows are imperative for its
to participate or do any book building,” Yet, most brokerages have a neu- future outlook, given the rich val-
said Pranjal Srivastava, partner, investment tral, buy or outperform recommen- uations,” Motilal Oswal Securities
banking, Centrum. dation even as cost pressures may (MOSL) said in a report.
continue in the near-term. They The company’s order book reached
believe that Siemens is poised to an all-time high of ~13,500 crore as of
benefit in the long term as private September. “We expect the overall

Equity fund mobilisation slows in October

capital expenditure improves, pace of new orders and revenues to
thanks to diverse end-market expo- stay healthy going ahead with better
sure and product portfolio. Ebitda (earnings before interest, taxes,
“The company’s addressable mar- depreciation and amortisation)
In the current financial year, equity funds mobilised over ~30,817 crore per month, on average ket opportunity has been expanding,
led by improving pri-
growth,” Edelweiss said in its report.
Though the top line
CHIRAG MADIA strategy of accumulation,” said vate capex spending of the company is
Mumbai, 25 November MOBILISATION BY EQUITY FUNDS ICICI Direct Research in a note. and larger manufac- OUTPERFORMER expected to grow in the

The volatility in the Indian equity

markets has led to a slowdown in
mobilisation by equity funds,
with inflows trending downward
in the past few months as lump-
sum investors have stayed away
due to lofty valuations.
According to data from the
Association of Mutual Funds in
India (Amfi), equity funds mobil-
ised ~28,671.39 crore in October,
against ~36,656.66 crore in
September. In the current finan-
cial year, equity funds have
mobilised over ~30,817 crore per
month on average.
Between July and September,
mobilisation rose above ~30,000
crore each month as investors
favoured the new fund offer
(NFO) route— inflows touched
~42,100 crore in July, the highest
so far this year, as equity NFOs
collected ~13,709 crore.
“Investors have been investing
only through NFOs in the last few
months. The industry has been
aggressive in pushing NFOs and
I believe this will be a big worry if
there is a sharp correction in
Indian equities,” said a senior
industry official.
IN LAST SIX MONTHS
Mobilisation (~ cr)
33,668.76
28,671.39 36,656.66
May ‘21 Jun ‘21
Source: Amfi
Since July, fund houses have
raised over ~27,151 crore through
NFOs in equity funds alone. The
amount increases to ~57,000
crore in the last four months if
NFOs of all categories of
schemes are considered.
26,911.09
42,100.88
25,633.64
Jul ‘21 Aug ‘21 Sep ‘21
“In the last few months, we
have been advising investors to
avoid putting lump sums, given
the significant rally across sectors
and broader markets. Investors
are advised to not get swayed by
ongoing volatility and resort to a
Over the past month, returns
from the Sensex have decreased
by 3.33 per cent, while in the last
week it was 2.02 per cent. The
slowdown in gross inflows for
equity funds also impacted net
inflows in October. Equity funds
saw net inflows of ~5,214 crore in
October, as against ~8,677 crore
in September.
However, inflows through the
systematic investment plan (SIP)
route is a source of comfort for
the industry, totalling ~66,973
crore so far this year, after rising
above ~10,000 crore in
Oct ‘21 September and October.
Jimmy Patel, MD and CEO of
Quantum AMC, says: “The SIP
book remains very strong even
as lump-sum investors have
stayed on the side-lines due to
high valuations. Having said
that, we believe we might con-
tinue to see higher inflows into
equity schemes.”
turing footprint.
Unlike peers, Siemens
coming months, bro-
kerages feel rising com-
is a play on both public modity prices and high
infrastructure, private logistics costs could
capex revival with impact margins in com-
additional upside from ing quarters as well.
new segments,” In the September
Edelweiss report said. quarter, the company
The company reported a consoli-
reported a consoli- dated margin of 10.4
dated top line of ~4,233 per cent, a decrease of
crore in the September quarter, up 23 280 basis points (bps) YoY.
per cent year-on-year (YoY) and 47 per “Siemens has the most diversi-
cent sequentially. Revenues from fied portfolio, with offerings across
smart infrastructure and digital indus- various end-markets, which enables
tries rose considerably year-on-year, it to capture wider growth opportu-
while mobility and energy segment nities. Underlying margin has weak-
revenues saw significant sequential ened across various key segments,”
increase. Its consolidated net profit in said MOSL.
the quarter stood at ~321 crore, up from EBITDA margin missed Nomura’s
~138 crore in the previous quarter, but estimate of 12 per cent and consensus
a decline from ~330 crore last year. estimate of 12.6 per cent. Management
The September quarter is the final has highlighted elevated commodity
quarter of financial year 2020-21 (FY21) and logistics cost pressures as key rea-
for Siemens as it follows an October- sons for the miss on margins, said ana-
September financial year. lysts at Nomura.

THE COMPASS Markets stage Indians’ foreign investments

Near-term growth trajectory
remains strong for Wipro
Margins expected to sustain on operating leverage
RAM PRASAD SAHU
After a strong performance
over the last few quarters,
India’s third largest informa-
tion technology firm, Wipro,
is eyeing an accelerated reve-
nue growth trajectory. The
company posted 6.9 per cent
sequential dollar revenue
growth as against the tier-1
firms’ average of 4.4 per cent
in the September quarter (Q2).
Growth over the last few
quarters was led by client
mining, partnerships, acqui-
sitions, and focus on key
markets and sectors. The
company made its largest-
The Cloud-related pipeline is pening of facilities. However,
about a third of the com- Aniket Pande of Prabhudas
pany’s overall deal pipeline. Lilladher Research believes
a comeback as
RIL rebounds
PRESS TRUST OF INDIA
Mumbai, 25 November
Equity benchmark Sensex overcame a
wobbly start to close with smart gains on
Thursday, propelled by hectic buying in
index heavyweight Reliance Industries amid
expiry of monthly derivative contracts. A
depreciating rupee, persistent foreign fund
outflows and mixed global cues capped the
gains, traders said.
Reversing the previous session's losses, the
30-share index ended 454.10 points or 0.78 per
cent higher at 58,795.09. Similarly, the broader
NSE Nifty surged 121.20 points or 0.70 per cent
to close at 17,536.25. Reliance Industries hogged
the limelight in the Sensex pack, soaring 6.10
per cent, followed by ITC, Infosys, Tech
Mahindra, Kotak Bank, Titan and Bharti Airtel.
On the other hand, IndusInd Bank, Maruti,
ICICI Bank, HUL, Axis Bank, Bajaj Auto and
increase 28% in 12 months
Lower remittance share, higher growth amid diversification play
SACHIN P MAMPATTA
HIGHER GROWTH RATE FOR
Mumbai, 25 November
INVESTMENTS ABROAD
Indians looking for investment opportunities abroad
have remitted over half-a-billion dollars in the last
12 months, which is an increase of around 28 per
cent over the previous year. Though still a small frac-
tion of overall remittances, the growth rate indicates
strong appetite for foreign investments.
Indians invested $593.5 million in the 12 months
ended September 30, shows the Reserve Bank of
India’s data. The rolling 12-month figure for August
was similar at $593.6 million. Both these numbers Note: Growth rate is annual, calculated based on remittances over a
rolling 12-month period, compared with a similar period a year ago
represent the highest value of remittances for equity
and debt investments made over a 12-month period
since at least March 2012. AT HALF-YEAR MARK: REMITTANCES ARE
The analysis considered 12-month periods to OVER 70% OF FY21'S TOTAL
smoothen out any seasonal variations in investment n Half-yearly equity/debt investments (as % of previous
financial year’s total investments)
patterns. Indians are allowed to send abroad n Half-yearly remittances (as % of previous financial year’s
$250,000 each under the Liberalised Remittance total remittances)
Scheme (LRS). The data is released with a lag, and
50.8
49.5

44.0

ever acquisition worth $1.45 Though growth is the IT major can sustain L&T were among the laggards, shedding as the latest data is for September.
47.1

72.3
68.3

67.8

70.3

billion when it bought UK- expected to be strong, the margins on expectations of much as 1.27 per cent. "Indian markets closed Most of the money is utilised for studies abroad
59.5

30.4

based financial services firm
Capco in April.
The company expects
growth to come from large
deals and through expansion
of market share in accounts
worth more than $200 mil-
lion. Its top 10 customers’
contribution grew 33 per
cent year-on-year in Q2,
which was ahead of the com-
pany’s average.
Given Wipro’s focus on
enhancing capabilities and
expanding its services portfo-
lio, especially in the digital
space, the Street expects the
company to sustain its growth
momentum. Cloud-related
services accounted for 30 per
cent of revenues in Q2, grow-
ing at an average of 6 per cent
over the last four quarters.
Street will keep an eye on the lower subcontracting costs, in positive today on the back of short covering or travel, with the categories accounting for 65.9 per
margin trajec- pyramid opti- ahead of F&O monthly expiry. However, market cent of overall remittances.
tory. Despite The company misation, and sentiment is likely to remain weak amid rising However, considering the increase in retail inves-
salary revisions, expects growth to higher operat- inflation and fresh COVID-19 cases in different tors and the rising appetite for diversification, a
Sep ‘17 Sep ‘18 Sep ‘19 Sep ‘20 Sep ‘21
integration of come from large ing leverage. parts of the world. number of brokerages in India have initiated tie-ups
Note: Looks at remittances (for investments, and overall) as percentage
new acqui- deals and through Though the "The Fed's minutes from its latest meeting, that would allow local investors to buy shares abroad. of total during the previous financial year.
sitions and expansion of market stock has gained released on Wednesday, indicated that the cen- Many have pitched this as a means of diversifi- Source: RBI, Business Standard calculations
higher invest- share in accounts 23 per cent over tral bank was open to speeding up the pace of cation which targets the fact that only a single-digit
ments, the com- worth more than the last six asset tapering and that could hurt the global proportion of remittances have historically been 70.3 per cent of what was seen in the whole of the
pany was able to $200 million. months, it has market sentiment. However, strong economic used to fund investments abroad. An average of only previous financial year. The corresponding figure
limit the Its top 10 customers’ traded flat over data in US and lowest unemployment data in 3.7 per cent of overall remittances have gone towards for equity and debt investments is 72.3 per cent. An
sequential contribution grew the past three last 52 years have boosted global investors' con- such investments in the last 12 months. analysis of corresponding data for previous years
decline of oper- 33% YoY in Q2 months and fidence," said Arijit Malakar, Head Research The investment growth rate has been steadier shows that this is the first time in five years that
ating profit underper- (Retail) of Ashika Stock Broking. than overall remittances, which jumped to a multi- September numbers have run up so far ahead of the
margins to 17.7 formed peers Indian markets opened on a mixed note fol- year high of $1.97 billion in September. This came previous financial year (see chart 2).
per cent in Q2, on the back over the past few months. lowing mixed Asian market cues as investors after a drop in remittances after the pandemic’s out- This last happened in September 2016, when half-
of revenue growth and oper- Given strong growth expec- digested Bank of Korea raising rates along with break as people shelved travel plans. Investments yearly remittances were 89.2 per cent of the previous
ating efficiencies. tations on the back of resurgence of COVID-19 cases in Europe, said have grown at a steadier double-digit growth rate, financial year’s total investments.
The company has guided demand for transformation- Narendra Solanki, Head- Equity Research coming in at 27.7 per cent for September compared Global financial majors including Morgan
for margins in the 17-17.5 per related technologies as well (Fundamental), Anand Rathi. to 5.2 per cent for remittances overall (see chart 1). Stanley, Nomura, UBS, and Goldman Sachs have
cent range, but there could as stable margins, investors Sectorally, BSE energy, realty, healthcare, And the pace seems to be increasing, lumpy suggested that Indian equities may already have
be cost headwinds from with a 2-3 year horizon can telecom, utilities and oil and gas indices though the remittance flow might be as pent-up run up past their peak, with some suggesting that
higher travel costs and reo- consider the stock on dips. climbed up to 4.47 per cent, while capital goods, demand asserts itself. The total remittances at the other markets like China and Indonesia are likely
auto, bankex and finance closed lower. half-yearly mark in September are already more than to perform better.
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 THE SMART INVESTOR 11 <

Analysts bet on bank Avoid e-lenders that make tall promises

Look out for red flags like absence of KYC, sanction letter, and loan agreement
stocks as credit revives
Cautious on corporate segment; retail, SME loans grow 15-20%
SANJAY KUMAR SINGH

As many as 600 of the 1,100

digital lending apps available in
ILLUSTRATION: BINAY SINHA India are illegal, according to a
NIKITA VASHISHT paper published recently by a
New Delhi, 25 November BELOW BENCHMARK working group of the Reserve
Bank of India (RBI). Before the
PRECAUTIONARY MEASURES
n Before downloading a loan
app, check how many times it
has been downloaded; avoid
those that have been
downloaded only a small
number of times
the ratings on Play Store to
get a sense of the prevailing
consumer sentiment
about the app
n When following the steps for
CEO, KreditBee, and co-
founder, FACE (Fintech
Association for Consumer
Empowerment).
Don’t get trigger-happy with
permissions
Once you download the app,
don’t give blanket permissions.

B
anks’ earnings in the Septe-
mber quarter of financial year
2021-22 (Q2FY22) provided a
glimmer of hope for the cyclical sec-
tor as the formation of non-perform-
ing assets (NPAs) peaked with credit
growth picking up.
Growth in advances rose for large
private banks in Q2, with ICICI Bank,
HDFC Bank, IndusInd Bank, and
Federal Bank reporting a sequential
uptick of 3.5–5 per cent. While Kotak
Mahindra Bank reported a sharp
growth of 8 per cent quarter-on-
quarter (QoQ), Axis Bank witnessed
flattish trends. Within this, corporate
growth remained muted for HDFC
Bank; declined 2–5 per cent for Axis
Bank and ICICI Bank; but grew
strongly at 7–9 per cent for Kotak
Mahindra Bank and IndusInd Bank.
Among public sector banks, State
Bank of India (SBI) reported growth
of 4.61 per cent year-on-year (YoY)
in the domestic loan book, while Ba-
nk of Baroda (BoB) reported a 2 per
cent YoY growth in total loan book.
With the economy getting back
on its feet after the second wave of
Covid-19, analysts expect overall
credit growth to accelerate on the
back of strong momentum in con-
sumer retail credit, including mort-
gages, cards, and personal loans.
“Banks reported a healthy perfor-
mance on improved business growth
and asset quality trends, resulting in
an earnings beat across most of the
sector. We expect this growth
momentum to continue as econom-
ic activity recovers,” said analysts at
Motilal Oswal Financial Services in
an earnings review report.
Analysts at Credit Suisse, on the
other hand, are more optimistic
and expect double-digit growth in
credit offtake during the second
half (H2) of FY22.
“Bank loan growth that has lan-
guished at 6 per cent over the past
year is expected to move to double
digits on the back of improving
demand and bank risk appetite.
Retail, and small and medium
enterprises’ (SME) loans are both
growing at 15-20 per cent. Improved
risk appetite is now visible in unse-
cured loans, growing 4-8 per cent,
and should help broad base the
retail growth,” said Ashish Gupta,
research analyst at Credit Suisse, in
a report co-authored with Kush
Shah and Jayant Kharote.
Corporate loans
While retail loans are driving the
overall credit book, analysts believe
a broad-based credit offtake recov-
ery will depend on the corporate
loan book. Credit Suisse believes
that since deleveraging has sta-
bilised in some sectors (such as tele-
com, oil and gas), corporate loans
will not become a drag on system
growth in H2FY22.
Analysts at domestic brokerages,
however, remain cautious on the
corporate segment and expect
growth to remain sluggish.
“Corporate growth was sluggish
(in Q2FY22) due to under-utilisation
of capacities and deleveraging, forc-
ing a few PSBs to cut growth guid-
ance by 100-200 basis points (bps).
Therefore, we trim our systemic
credit growth estimates to 8 per cent
from 9 per cent for FY22,” said ana-
lysts at Emkay Global.
Siddharth Purohit, equity ana-
lyst at SMC Global, concurs. He says
system-wide credit growth will
remain in the high single digits in
FY22 as corporates are turning to
the money market, rather than
financial institutions, to avail of
loans at competitive rates.
Considering these trends, ana-
lysts at Credit Suisse and Prabhudas
Lilladher prefer ICICI Bank, Axis
Bank, HDFC Bank, and SBI. ICICI
Bank remains the top pick for
Emkay Global, followed by SBI,
HDFC Bank, and Axis Bank.
“We like IndusInd Bank, too, as
we see a turnaround story with
strong provision/capital buffers in
place, though better handling of ma-
nagement changes and evergreen-
ing allegations would have been
appreciated. Among small/mid-size
banks, we like Federal, Indian Bank,
and Equitas SFB,” it said.
working group’s wide-ranging
suggestions are adopted by the
regulator, borrowers need to
safeguard themselves.
They can do this by exercis-
ing due diligence, instead of
rushing to borrow money from
any entity that makes alluring
promises.
Does the app follow a process?
The biggest indicator of the
genuineness of a digital lend-
ing app is whether it follows a
process. The app must fulfil
KYC (know your customer)
requirements before it lends
any money. “It could be an e-
KYC or offline KYC. A genuine
lender will always ask for proof
of identity and address. It will
also ask for proof of income to
determine credit worthiness,”
says Mahesh Shukla, founder
and chief executive officer
(CEO), PayMe India.
Next, the digital lending app
should issue a sanction letter.
Remember that the app only
facilitates the origination of
loans. There is always a bank or
a non-banking financial compa-
ny (NBFC) at the back end that
provides the money. The sanc-
tion letter will contain a sum-
Big investors bought more Paytm stock after rout
ONE97 COMMUNICATIONS
(PAYTM) (Price in ~)
n Avoid apps not available on
Google Play Store — which have
to be downloaded from a link
emailed to you
n Read the reviews and check
mary of the key elements of the
loan: The name of the lender
bank or NBFC, amount, interest
rate, and processing fee.
The digital lender must also
provide you with a loan agree-
ment. This is a detailed docu-
ment of five pages or more. “Go
through the loan agree-
ment so that you get to
know all the details of
the terms and condi-
tions of the loan, the
repayment schedule,
the action the lender
could take if you don’t
repay, and so on,” says
Shukla.
YOUR
If the entity bypasses MONEY
these steps, that should
raise a red flag.
Who’s the lender at
the back-end?
Borrow only from a player that
is backed by an RBI-regulated
Several of the biggest investors in
Paytm’s record-breaking initial
public offering added to their
stakes in the Indian fintech giant
after shares plunged by as much as
41 per cent, according to people
familiar with the matter.
BlackRock and Canada Pension
Plan Investment Board were
among so-called anchor investors
in the IPO that bought more Paytm
taking a loan, take screenshots,
which will prove handy if you
have to file a complaint
n Also download the loan
agreement and save it with you
for the same reason
entity—a bank or an NBFC. If
there are problems, you will
have recourse to the regulator.
“Lenders that don’t have a bank
or NBFC at the back end but are
lending are engaging in an ille-
gal activity,” says Gaurav
Chopra, founder and CEO,
IndiaLends, and
founding member of
Digital Lending
Association of India
(DLAI).
Borrowers must
make sure they receive
direct communication
from the bank or
NBFC. “There have
been cases of illegal
apps misusing the
names of banks/NBFCs, which
makes it essential that you
receive direct communication
from the player at the back
end,” says Madhusudan
Ekambaram, co-founder and
shares on Tuesday and
Wednesday, the people said.
The stock climbed for a third
day on Thursday, rallying as much
as 7 per cent to ~1,875 in early
Mumbai trading. That’s still a fair
distance away from its issue price
of ~2,150. The size of this week’s
purchases by anchor investors
couldn’t immediately be learned.
Representatives for BlackRock and
“Only give permissions that are
relevant to the lending pro-
cess,” says Chopra. For
instance, you may give access
to the camera for the KYC, or to
your gallery if you have to
upload a document stored on
your phone.
If you share your data with
legitimate apps, and not
obscure ones, you are likely to
be safer.
“The app must offer the
option of withdrawing access.
The absence of such an option
is also a red flag,” says Shukla.
Don’t accept misbehaviour
The RBI has laid out clear
guidelines regarding the prac-
tices recovery agents can follow.
If a customer feels the agent has
crossed these well-defined
boundaries, he should file a
complaint with the bank/NBFC.
“Many banks/NBFCs outsource
recovery to a collection agency
and may not be aware of their
practices,” says Ekambaram. If
the bank/NBFC does not
resolve your issue, file a
complaint with the
ombudsman. In extreme cases,
file a complaint with the cyber-
crime department.
CPPIB declined to comment.
Paytm’s early tumble ranked
among the worst debuts by a major
technology company since the
dot-com bubble era of the late
1990s. Any sign that influential
money managers like BlackRock
are doubling down on the compa-
ny may help ease concern about
the sustainability of an Indian
stock-market boom. BLOOMBERG

— TENDER CARE — — Advertorial

NMDC AWARDED 5 STAR RATING BY BANK OF INDIA CONDUCTS BLOOD

MINISTRY OF MINES DONATION DRIVE AT MUMBAI HEAD OFFICE
MDC received a ank of India Officers’

N total of nine 5-star

ratings for three
years for all its operating
iron ore mines viz.
Kumaraswami, Bacheli
Deposit-5, Deposit 14
NMZ and Deposit No 10
at the 5th National
Conclave on Mines and Minerals. Minister of Mines Pralhad Joshi
felicitated Dilip Kumar Mohanty, Director (Production) NMDC for
the sustainable mining efforts of the company. Union Minister of
ParliamentaryAffairs, Coal and Mines, Pralhad Joshi chaired the
5th National Conclave on Mines and Minerals and allotted over 52
mineral blocks to State Governments. He also launched an
e-portal to ease the accreditation process. The Ministry of Mines
awarded 5 Star Ratings for the years 2017-18, 2018-19, 2019-20
to mines practicing sustainable and responsible mining.
Receiving the award on behalf of NMDC, Director (Production)
Dilip Kumar Mohanty said, “As a key stakeholder in the Indian
mining industry, it is our responsibility to implement production
processes that are energy efficient and sustainable. The 5 Star
Rating is a testimony to our commitment towards environment
conservation.”Congratulating the team on the award,
Shri Sumit Deb, CMD, NMDC said, “Over the years, our mining
complexes have moved towards digitalization. NMDC has
adopted safe, scientific, and environment friendly methods of
mining that have a minimum impact on the environment. We
continue to progress on various environment and energy
conservation initiatives in line with our motto of being an
eco-friendly miner to the nation.”
B Association (Mumbai &
Goa) Unit organized
Blood Donation Camp at Bank
Of India Head Office, BKC,
Mumbai on 25-November 2021.
This noble initiative was carried out in association with
Kokilaben DhirubhaiAmbani Hospital Blood Bank. The camp was
inaugurated by BOI MD & CEO Shri Atanu Kumar Das,
Federation of Bank of India Officers’ Association General
Secretary Shri Sunil Kumar. The occasion was also graced by
Executive Directors Shri R Rajagopal, Shri M Kartikeyan &
Shri Swaroop Das Gupta, General Manager (HR)
ShriAshok Pathak & other office bearers of the Federation of Bank
of India Officers’ Association. Notably, Executive Director
Shri M Kartikeyan, General Manager (HR) Shri Ashok Pathak &
Bank of India Officers’ Association (Mumbai & Goa) Unit
General Secretary Shri Nilesh Pawar enthusiastically donated
blood on the inaugural occasion. The organizer of this philan-
thropic event, General Secretary Shri Nilesh Pawar expressed
immense satisfaction about ardent response received to the camp,
wherein more than 200 units of blood were collected. He also pro-
fusely thanked Bank Management for extending wholehearted
co-operation in making the event successful.
NSE ORGANIZES ‘RING THE BELL
CEREMONY’ TO MARK THE CELEBRATION
OF WORLD INVESTOR WEEK 2021
ational Stock

UBI LAUNCHES UNION DIGI CONNECT

N Exchange of India
Ltd (NSE) took part
in ‘Ring the Bell for
Financial Literacy’ with an
ON THE OCCASION OF 103rd FOUNDATION DAY
objective to raise aware-
elebrating the theme of Digital Transformation, on the eve ness about the importance

C of 103rd foundation day, on 11-November 2021, the

Union Bank of India,
launched Union Digi Connect,
of investor education &
protection and highlight the various initiatives of securities
regulators in these two critical areas.
a new age fully Digital service As a part of this initiative, NSE rang the closing bell to mark the
outlet at Market Square Mall, beginning of the World Investor Week 2021 in the presence of
Madiwala, Bengaluru.Adher- Shri G P Garg, Executive Director, SEBI. NSE is celebrating WIW
ing to the concept, the outlet 2021 with SEBI as the National Coordinator under the aegis of IOSCO.
was virtually inaugurated by During this week, more than 600 events including physical and vide
Raj Kiran Rai G, MD & CEO, UBI. Customers can visit the digital mediums would be conducted by NSE across India. Focused
outlet for availing various Banking services like Account opening, awareness sessions along with trading members for their new
Cash deposit, Cash withdrawal on digital mode. investors in securities markets in last two years would also be
conducted. The investor awareness campaigns will also be
BoI’s CSR ACTIVITY AT CSI HR. SECONDARY amplified on NSE’s digital Platform for investor education.
SCHOOL FOR THE DEAF AT SANTHOME Mr. Vikram Limaye, MD & CEO, NSE said: “The ringing of the
closing bell marks the celebration of World Investor Week 2021. The
increased retail participation in today’s Indian capital markets can
be attributed to the higher awareness levels, availability of informa-
tion and investment tools at everyone’s fingertips and investible
surplus. Investor education is a key priority for NSE to strengthen
engagement with communities across the country. NSE has always
focused on what is in the best interests of the Indian economy,
ank of India officials Monika Kalia,ED, Sharada Bhushan Rai, markets and investors and in improving the financial wellbeing of

B GM-NBG(S), Subrata Kumar Roy ZM-Chennai Zone,

Ashok Venkatesh Padiyar, DZM-ChennaiZone hadvisitedthe
CSI Hr Secondary School for the deaf at Santhome. Xerox Machine
and Fans for the class rooms were donated on behalf of the Bank
under the CSR activity.
people.” On this occasion, Shri G P Garg, ED, SEBI said: “Always
invest with knowledge and proper understanding of risks for your
well-being and financial freedom. It’s our collective responsibility to
make the securities market ecosystem secure for the new and
existing investors.”
12 STOCKS
>
MUMBAI | FRIDAY, 26 NOVEMBER 2021 1

> STOCK
IN THE > Aegis Logistics > Fine Organic Industries > Reliance Industrial Infra

NEWS Top gainer among

BSE500 traded
Hits fresh life time
high at ~3,840
Hits upper circuit
at 20 per cent OF THE DAY
companies on BSE on BSE Torrent Power
~202.1 PREVIOUS CLOSE ~3,630.2 PREVIOUS CLOSE ~613.9 PREVIOUS CLOSE Hits new high at ~561,
~237.8 CLOSE ~3,771.5 CLOSE ~736.6 CLOSE Up 79 per cent
p 17.7% UP p 3.9% UP p 20.0% UP in last one year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
25 Nov ’21 Chg (%) Con Std 25 Nov ’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 762.5 -0.1 0.7 30.5 106.4 ITC 231.3 1.6 3.6 21.7 20.2 price price (%) price price (%)
Asian Paints 3144.3 -0.4 1.8 92.7 93.6 JSW Steel 680.9 -0.3 1.2 8.2 9.4 Prestige Est 473.6 467.5 7.2 522.0 522.0 Siemens 2099.4 2151.9 -5.5 2071.7 1396.6
MOST BULLISH MOST BEARISH
Axis Bank 679.9 -0.8 2.4 29.0 22.9 Kotak Mah Bank 2035.1 1.2 3.8 40.4 56.0 Torrent Phar 3019.5 2994.4 6.3 3248.0 3248.0 InterGlobe Avia 2060.0 2071.2 -3.1 1697.0 1356.4
Bajaj Auto 3391.7 -0.5 0.6 15.2 18.8 Vodafone Idea 11.7 11.7 0.4 Siemens 2136.7 2154.9 -0.8 Vedanta 373.2 367.6 6.3 385.8 385.8 Metropolis Heal 2933.8 2946.5 -2.8 2630.9 1820.7
L&T 1849.9 -0.7 3.3 29.7 36.7
Bajaj Fin 7125.8 -0.7 2.4 97.3 98.7 Power Grid 204.9 204.3 0.3 Laurus Labs 532.4 535.1 -0.5 Laurus Labs 538.6 534.4 6.3 679.4 723.6 HPCL 314.5 316.4 -2.5 253.8 203.9
Mah & Mah 891.2 -0.2 1.1 61.1 46.8
Dr Reddys 4607.3 4591.6 0.3 Apollo Tyres 221.5 222.5 -0.4 Reliance Ind 2502.8 2494.4 6.1 2750.0 2750.0 Indian Bank 152.5 153.2 -2.4 118.8 65.6
Bajaj Finsrv 17368.9 -0.2 1.4 65.4 664.5 Maruti Suzuki 7572.5 -1.3 1.3 52.1 56.9 Dalmia Bharat 1983.7 1978.3 0.3 Ramco Cements 986.8 990.6 -0.4 Apollo Hosp 5749.7 5714.2 6.0 5845.3 5845.3 Firstsource 170.2 172.0 -1.8 165.0 66.5
Bharti Airtel 765.2 0.8 2.4 138.7 - Nestle India 19178.1 0.5 0.9 - 82.5 Mah & Mah 893.5 891.2 0.3 Federal Bank 92.6 92.9 -0.4 Indiabulls Hous 229.9 226.6 5.5 264.5 313.5 HAL 1350.5 1352.9 -1.8 1232.2 760.2
BPCL 400.1 -0.8 0.5 5.4 4.6 NTPC 135.2 -0.1 0.8 9.0 9.3
Britannia 3573.4 -1.4 0.5 54.0 53.3 Adani Trans 2020.7 2020.5 5.0 2025.0 2025.0 Ipca Labs 2012.2 2024.4 -1.7 2006.7 1786.1
ONGC 155.1 1.1 1.0 12.0 6.3
Cipla 900.0 0.7 0.6 28.1 27.0 BSE NSE Trident 54.9 54.9 5.0 54.9 54.9 Amara Raja 622.4 624.3 -1.6 616.5 616.5
Coal India 158.6 -0.3 0.4 7.1 10.4
Power Grid 204.3 0.5 0.9 11.8 8.8 Index Stock Index Stock PUT-CALL RATIO Nazara techno 2375.3 2374.1 4.9 3354.4 3354.4 IOC 124.6 125.7 -1.6 104.7 84.1
Reliance Ind 2493.0 6.0 10.3 30.2 46.4 PI Inds 3030.0 2998.1 4.0 3533.3 3533.3 Dalmia Bharat 1970.6 1978.7 -1.6 1841.5 944.3
Divis Lab 4799.8 2.5 0.8 64.2 60.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 490.6 -0.5 2.4 15.3 17.0 Jubilant Ingrev 619.9 610.6 3.9 878.0 878.0 Britannia 3566.2 3570.9 -1.4 3536.6 3317.9
Dr Reddys 4591.6 -0.1 0.7 39.0 47.2 Contracts - - 586362 2239199
SBI Life Ins 1159.5 -0.4 0.7 - 93.9 Market 1287.5 2760.9 0.5 Clean Science T 2240.0 2206.8 3.9 2353.6 2353.6 Can Fin Home 608.3 614.8 -1.4 508.0 432.0
Eicher Motor 2520.4 -0.7 0.4 41.3 44.0 Open Int.(000) - - 17474 5724128
Shree Cement 26670.5 -0.8 0.5 - 36.5 Delta Corp 295.2 293.1 3.7 308.6 308.6 PNB 39.9 40.0 -1.4 35.7 30.9
Grasim Ind 1766.8 1.1 0.9 34.0 50.6 Shares(In Mn) - - 23.3 5555.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 782.9 0.5 1.1 30.1 89.0 Chemplast Sanma 643.5 620.1 3.7 826.4 826.4 Containr Crp 618.5 622.6 -1.3 614.1 364.7
HCL Techno 1124.8 0.5 1.5 26.4 33.6 Value(~ crore) - - 52759 164662
Tata Consumer P 807.8 1.1 0.6 102.6 104.9 Dalmia Bharat 1.4 Atul 0.1
HDFC 2867.8 -0.5 6.6 27.7 40.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 492.8 0.8 1.1 - - Escorts 1.2 JK Cement 0.1
HDFC Bank 1526.0 0.5 8.5 26.6 25.2 Contracts - - 143632401 2531082
Tata Steel 1173.7 -0.4 1.2 4.5 5.5 JSW Steel 0.8 NTPC 0.2
HDFC Std Life 688.8 0.2 0.8 102.5 120.3
Hero MotoCorp 2594.7 -1.0 0.4 17.8 16.7 TCS 3445.9 0.1 4.5 34.8 35.6
Open Int.(000)
Shares(In Mn)
-
-
-
-
291098
5061.0
3757304
4080.6
Vedanta 0.8 ONGC 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1559.4 1.4 1.2 29.8 30.4 Adani Enter 0.8 Ramco Cements 0.2
Hindalco 447.1 -1.1 0.8 28.8 30.0 Value(~ crore) - - 13091646 195895 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
HUL 2349.1 -1.1 2.7 69.0 66.4 Titan Company 2397.8 0.9 1.3 218.8 129.0 BSE+NSE BSE+NSE
UltraTech 7608.8 0.4 1.1 34.4 34.8 1 Reliance Ind 1582282.7 BS200 SBC Exports 84.1
ICICI Bank 751.1 -1.2 6.7 28.4 26.8 (~ crore) (Mn shrs)
IndusInd Bank 959.3 -1.1 0.8 - 19.5 UPL 727.3 0.8 0.5 17.5 145.1 ACTIVE CALLS ACTIVE PUTS Reliance Ind 4916.5 20.0
2
3
TCS
HDFC Bank
1274524.9
844586.9
UP 7 DAYS Promax Power 80.0
Infosys 1722.4 1.6 8.0 34.7 36.7 Wipro 636.7 0.0 1.2 28.8 35.6 Trident 40.5 Manugraph I 46.3
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg PAYTM 2561.5 14.2 4 Infosys 724383.2 Shree Pacet 40.8
IOC 125.7 -1.5 0.7 5.5 4.5 Nifty 50 17536.3 á0.7 100.0 25.2 27.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Latent View 1595.9 23.9 5 HUL 552120.8 DOWN
Jindal Photo 40.7
Index Index 6 ICICI Bank 521132.1 Muthoot Finance -13.5
INDEX PE SHRS TRDS 1 YR Vedanta 1539.9 42.6 Jin Poly Inv 40.6
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
25/11/21
25/11/21
17500
17550
293.3
268.1
4.2 -38.2
5.1 73.1
Nifty
Nifty
25/11/21
25/11/21
17500
17400
247.3
222.6
6.5 100.5
4.2 20.8
ICICI Bank 1374.5 18.3
7
8
HDFC
SBI
519484.0
437796.3
M & M Fin
ICICI Prud Life
-10.3
-9.7
Raghuvir Syn 40.6
SENSEX 29.3/32.5 6.8 243 14 16 34.1 Tata Power 1364.2 57.0 DOWN 7 DAYS
Asian Paints 3143.7 -0.5 2.1 92.6 93.6 L&T 1849.0 -0.6 3.9 29.7 36.6 Nifty 25/11/21 17600 240.0 5.1 -20.7 Nifty Bank 25/11/21 37300 170.9 2.8 331.4 9 Bajaj Fin 430466.4 Maha Gas -8.3
NIFTY 50 25.2/27.9 255.9 4514 23 27 36.4 Chennai Ferro -30.1
Axis Bank 680.0 -0.8 2.8 29.0 23.0 Mah & Mah 891.0 -0.2 1.3 61.1 46.8 Nifty Bank 25/11/21 37500 181.8 2.6 71.3 Nifty 25/11/21 17450 141.9 2.1 81.7 Zee Enter 1097.4 32.5 10 Bharti Airtel 420112.1 Axis Bank -7.3
C = CONSOLIDATED; S = STANDALONE Kreon Fin -30.0
Bajaj Auto 3390.4 -0.7 0.7 15.1 18.8 Maruti Suzuki 7570.0 -1.2 1.5 52.1 56.8 Nifty Bank 25/11/21 37400 144.9 2.0 454.4 Nifty 25/11/21 17300 141.8 4.0 -1.7 Apollo Hosp 961.8 1.7 11 Kotak Mah Bank 403593.4 UP 3 DAYS
Vitesse -30.0
Bajaj Fin 7131.7 -0.4 2.8 97.4 98.8 Nestle India 19188.4 0.4 1.0 - 82.5 CASH DERIVATIVES Stock Stock IRCTC 872.1 10.2 12 Wipro 348899.4 Zee Enter 14.2
TURNOVER BSE NSE BSE NSE
Aspira Pathiab -28.6
Bajaj Finsrv 17354.1 -0.5 1.6 65.4 663.9 NTPC 135.2 -0.1 1.0 9.0 9.3 Vodafone Idea 30/12/21 12 171.6 36.8 526.2 Vodafone Idea 30/12/21 10 56.5 23.8 106.1 Zomato 825.7 52.0 13 Avenue Supermar 316863.2 Laurus Labs 13.2 Veer Global -27.8
Bharti Airtel 765.0 0.8 2.8 138.6 - Power Grid 204.2 0.5 1.0 11.8 8.8 VALUE(IN ~ CRORE) 4692 62353 -13504962 Vodafone Idea 25/11/21 11 146.7 22.5 -60.6 Vodafone Idea 30/12/21 11 31.9 11.4 5333.3 14 HCL Techno 305272.1 Glenmark 12.9
Indiabulls Hous 825.2 37.1 Comfort Finance -26.5
Dr Reddys 4592.5 -0.2 0.8 39.0 47.2 SHARES(IN MN) 535.8 2568.7 - 14720.5 Vodafone Idea 30/12/21 11 140.2 64.7 710.5 Vodafone Idea 30/12/21 9 17.5 15.4 105.6 15 Asian Paints 301543.7 Angel One 12.0
Reliance Ind 2494.4 6.1 12.0 30.3 46.4 Vodafone Idea 815.3 723.3 Ravileela Gr -22.1
HCL Techno 1125.0 0.5 1.8 26.4 33.6 TRADES(000) 3076 21040 - 64620 Vodafone Idea 30/12/21 13 110.4 22.0 406.5 Vodafone Idea 25/11/21 11 13.7 2.3 -37.7 16 ITC 285017.1 Jubilant Ingrev 11.8
SBI 490.6 -0.5 2.8 15.3 17.0 Tata Motors 806.9 16.4 UP 3 DAYS
HDFC 2871.0 -0.3 7.8 27.7 40.3 Vodafone Idea 30/12/21 14 62.1 11.9 750.0 Vodafone Idea 30/12/21 12 10.4 8.0 1166.7 17 Bajaj Finsrv 276173.1 Easy Trip Plan 11.0
Sun Pharma 782.2 0.5 1.3 30.1 88.9 Ajanta Soya 49.4
HDFC Bank 1524.3 0.4 10.0 26.5 25.2 MARKET-CAP (~ CR) TRADED TOTAL Infosys 804.9 4.7 18 L&T 259756.8 Ami Organics 10.0
Tata Steel 1173.7 -0.4 1.4 4.5 5.5 Dhruv Consult 44.0
HUL 2349.9 -1.1 3.1 69.1 66.4 HDFC Bank 795.3 5.2 19 Maruti Suzuki 228673.0 DOWN
TCS 3445.5 0.1 5.3 34.8 35.6 BSE 26,621,852 26,845,038 Gss Infotech 38.3
ICICI Bank 750.9 -1.2 7.8 28.3 26.8
IndusInd Bank 959.1 -1.3 0.9 - 19.5 Tech Mahindra 1558.8 1.2 1.5 29.8 30.4 NSE 26,341,914 26,457,921 SPURT IN VOLUMES Maruti Suzuki
Axis Bank
787.0
678.9
1.0
10.0
20á
21
Adani Trans
Adani Green En
222211.1
219719.9
IndusInd Bank
Pidilite Ind
-4.7
-4.1
Atishay
Precision Camsh
37.1
35.4
Titan Company 2398.0 0.9 1.5 218.8 129.0 DERIVATIVES 19,452,105 19,452,105
Infosys 1722.5 1.5 9.4 34.7 36.7 Company Days 2-week Avg Change Close *Price 22â UltraTech 219673.1 Maruti Suzuki -3.7
SBI 664.6 13.5 Dr Lalchandani 33.3
ITC 231.3 1.5 4.3 21.7 20.2 UltraTech 7610.1 0.4 1.3 34.5 34.8 Volume Volume % price %chg 23 Titan Company 212890.0 Asian Paints -3.7 Manaksia Steels 32.9
Kotak Mah Bank 2035.0 1.1 4.5 40.4 56.0 BSE SENSEX 58795.1 á0.8 100.0 29.3 32.5 TRADING ACTIVITY Birla Nifty ETF 114973.0 1724.5 6567.0 19.6 -89.9
Kotak Mah Bank
Bharti Airtel
662.6
662.3
3.3
8.7
24 Axis Bank 208569.6 IndiaMART Int -3.5 DOWN 3 DAYS
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 ONGC 194994.3 Manapp Finance -2.8
Trejhara Sol 715720.0 31996.6 2136.9 67.6 20.0 TCS 657.7 1.9 Birla Gold ETF -99.0
Equity Debt Equity Debt 26 Adani Enter 193916.7
Net Net Net Net DPSC 1299778.0 58458.5 2123.4 20.0 19.8 PVR -2.7 06Ard -27.0
Nykaa 647.6 2.8 27 Sun Pharma 187673.2
WORLD INDICES On 24 Nov -8054 -1350 - - Kranti Inds 112689.0 5096.5 2111.1 38.8 20.0 HDFC 643.7 2.2 28 Nestle India 185014.1
Others
UP 7 DAYS
National Std
Golkunda Dmd
-14.3
-14.2
On 23 Nov -4660 -1077 1508 900 Compuag Info 3771745.0 190411.1 1880.8 28.6 18.1 Tata Steel 598.4 5.1 29 Adani Total Gas 183336.7
Indices Close % Chg* Indices Close % Chg*
On 22 Nov -2110 -111 1675 1323 Rel Ind Infra 2288790.0 125521.3 1723.4 736.6 20.0 30 JSW Steel 164490.5 (T+2) cycleStocks which rose/fell continuously
Escorts 581.2 3.2
Americas (Nov 24,21) Asia/Pacific (Nov 25,21) On 18 Nov 2345 1119 1084 635 Total Transport 239252.0 14991.1 1496.0 56.4 9.1
Nasdaq Composite 15845.2 0.4 Jakarta Composite 6699.4 0.2 On 17 Nov 1135 63 -157 -67 Aro Granite 805845.0 50511.8 1495.4 75.4 19.9
Nov till date 7049 1046 11155 11304 R System Intl 1640483.0 103396.1 1486.6 286.9 20.0
S&P/ TSX Composite
Dow Jones
21548.4
35804.4
0.4
0.0
Taiwan Taiex
Stock Exchange of Thai
17654.2
1648.5
0.1
-0.1 2021 till date 49554 1075 44896 126180 Narayani Steels 601412.0 40006.7 1403.3 11.1 3.7
BOARD MEETINGS INTRA-DAY
Europe/Africa (Nov 24,21) Straits Times 3221.5 -0.2 Group Warrants and NOVEMBER 27 Metalyst Forg: To consider and
IBEX 35 8831.7 0.5 Shanghai Se Comp 3584.2 -0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Equity Shares Axita Cotton: Audited Stand- approve Unau-
Purpose on Preferential To consider alone Financial dited Financial
DAX 15926.0 0.3 Kuala Lumpur Comp 1517.6 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock basis to Pro- and approve Results along Results for the
CAC 40 7062.0 0.3 Kospi 2980.3 -0.5 NET Net Fut OI Opt OI OI NOVEMBER 26 moter, Pro- the following: with the Audi- quarter and
HIGH *Kirl Pneu . . . . . . . . . . . 450.0 *J.R.Foods . . . . . . . . . . 10.8 LOW
FTSE 100 7298.9 0.2 Volatility (Nov 24,21) BS 200 *Jindal Photo . . . . . . . . 440.1 *Gold Coin Heal . . . . . . . 10.6 Radhe Devlop: moter Group, 1. To increase tor’s Report of half year ended
On 24 Nov -1305 1263 0.2 1.8 2.1 BS 200
Asia/Pacific (Nov 25,21) CBOE Dow Jones 17.5 -2.0 On 23 Nov 1110 3188 0.2 1.8 2.2 *Escorts . . . . . . . . . . . 1833.7 *TD Power . . . . . . . . . . 435.0 *Vani Comm. . . . . . . . . . 10.4 To increase and Investors. in the Autho- the Company on September
Hero MotoCorp . . . . . 2581.5
Nikkei 225 29499.3 0.7 CBOE S&P 500 18.6 -4.1 On 22 Nov 4571 2683 0.2 1.7 2.2 *Torrent Pwer . . . . . . . 560.7 *TV Today . . . . . . . . . . . 430.9 *Parvati Sweet . . . . . . . 10.0 the borrowing To consider rised Share for the 30, 2021. In fur-
Colgate . . . . . . . . . . . . 1446.0
On 18 Nov 8337 18 0.2 1.3 2.2 *Trident . . . . . . . . . . . . . 54.9 *Kiduja India . . . . . . . . 430.3 *Rasi Electro . . . . . . . . . . 9.8 limits of the the proposal Capital of the Quarter and therance to our
Hang Seng 24740.2 0.2 * Change over previous close Others
On 17 Nov -2113 97 0.2 1.7 2.2 Others *Agarwal Inds . . . . . . . 425.5 *Delta Ind Res . . . . . . . . . 9.0 Company U/s. for acquisition Company and Year ended letter dated
Spandana Sph . . . . . . . 425.5 180 (1)(C) of of assets by subsequent al- March 31, November
*Wendt . . . . . . . . . . . . 5426.9 *Deep Polymers . . . . . 417.1 *Captial Trade L . . . . . . . . 9.0
MAJOR INDICES Nov till date
2021 till date
23022
240073
-91
-14714
-
-
-
-
-
- *Fine Organic In . . . . 3840.0 *Jin Poly Inv . . . . . . . . . 400.3 Orient Trade . . . . . . . . . . . 8.8
Huhtamaki India . . . . . 229.0 the Companies Issue of Equity teration to the 2021 will be 14th, 2021 and
*Raghuvir Syn . . . . . . . 351.7 *Integ.Proein . . . . . . . . . . 8.8 Swan Energy . . . . . . . . 117.0 Act, 2013, To Shares for Memorandum considered pursuant to
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Esab India . . . . . . . . . 3018.1
*GRM Overseas . . . . . . 343.8 *Orient Green . . . . . . . . . 8.7 Shanti Edu Init . . . . . . . . 95.0 fix the date, consideration of Association and dissemi- Regulation
*MTAR techno . . . . . . 2390.4
*TCI Exp . . . . . . . . . . . 2318.4 *Inflame Applian . . . . . 340.4 *Odyssey Corp . . . . . . . . . 8.3 Transgl.Food . . . . . . . . . 58.0 time and other than of the Com- nated on Sat- 29(1) of the Se-
S&P BSE Sensex 58,341.0 58,363.9 58,901.6 58,143.9 58,795.1 454.1 0.8
*GSK Pharma . . . . . . . 1824.7 *Radhe Devlop . . . . . . . 326.0 Sudal Ind . . . . . . . . . . . . . . 8.3 *Bslsenetfg . . . . . . . . . . 55.5 venue of EGM cash. To con- pany. 2. To urday, curities and Ex-
S&P BSE Sensex 50 18,249.9 18,263.6 18,404.8 18,184.2 18,377.7 127.9 0.7 S&P BSE SECTORAL INDICES *Neogen Chem . . . . . 1526.0 Chalet Hotels . . . . . . . . 292.5 *Hittco Tools . . . . . . . . . . 8.2 Gini Silk . . . . . . . . . . . . . . 44.7 and to approve sider disin- recommend & November 27, change Board
*KEI Ind . . . . . . . . . . . 1145.5 *R System Intl . . . . . . . 286.9 *Sarda Press . . . . . . . . . . 7.8 *ETF ABSLNN50ET . . . . 44.0 the draft no- vestment of approve issue 2021. of India (Listing changes, it is alone and con- vember, 2021, a tors of the cial Results for
S&P BSE-100 17,786.2 17,804.3 17,932.4 17,708.3 17,909.1 122.9 0.7 Prev cls Close % Chng
*Carborundm . . . . . . 1008.0 *Gokaldas Exp . . . . . . . 284.0 *Amforge Ind . . . . . . . . . . 6.8 *Birla Gold ETF . . . . . . . 43.5 tice calling the Equity Shares of Bonus Parvati Sweet: Obligations and hereby in- solidated) of the Notice is hereby Company will the Half Year
S&P BSE-200 7,590.6 7,598.1 7,651.8 7,558.5 7,642.4 51.8 0.7 Auto 25,517.6 25,417.8 -0.4 *Home First Fin . . . . . . 883.9 *Elgi Equip . . . . . . . . . . 280.1 *Spectra Ind . . . . . . . . . . . 6.7 *ABSL Bk ETF . . . . . . . . . 37.0 EGM and other held by the Shares to the Meeting of the Disclosure Re- formed that a Company for given pursuant be held at the ended 30th
Bankex 42,721.0 42,630.5 -0.2 *Sharda Motor . . . . . . . 859.0 *Reliance Chm . . . . . . . 274.0 *Gravity (I) . . . . . . . . . . . . 6.7 *CDG Petc . . . . . . . . . 16.4
incidental Company in its existing Equity Board of direc- quirements) meeting of the the quarter and to Regulations registered of- September,
S&P BSE-500 23,907.8 23,941.0 24,103.1 23,811.5 24,072.4 164.6 0.7
Cons. Durables 43,172.4 43,442.5 0.6 *Aut Corp Goa . . . . . . . 826.6 *Kopran . . . . . . . . . . . . 262.7 *Escorts Fin . . . . . . . . . . . 6.7 matter Subsidiary, Shareholders tors of the Regulations, directors of the half year ended 29(1)(a) of the fice of the Com- 2021 among
*Milgrey Fin . . . . . . . . . . . 9.5
S&P BSE IPO 13,429.1 13,492.2 13,746.7 13,469.2 13,650.5 221.3 1.6 Cap. Goods 28,202.4 28,070.8 -0.5 *DHP India . . . . . . . . . . 809.9 *Comm Syn Bags . . . . . 245.0 *Kiran Print . . . . . . . . . . . 6.6 thereto, and i.e., Zodiac De- of the Com- Company will 2015 read with Company shall September Securities and pany on other items.
*Nova Pub I . . . . . . . . . . . 8.7
FMCG 13,970.2 13,996.7 0.2 *Shri Dinesh . . . . . . . . . 794.8 *Sanmit Infra . . . . . . . . 244.4 *Shree Bh Ppr . . . . . . . . . 6.4 Any other item velopers Pri- pany. 3. To be held to con- the uniform be held on Sat- 30th, 2021. Exchange Board Saturday, 27th
S&P Dollex-30 6,442.0 - - - 6,478.2 36.2 0.6 *Macro Inter. . . . . . . . . . . 6.8
Healthcare 24,946.3 25,328.2 1.5 Raymond . . . . . . . . . . . 636.0 *Ganesh Hsg . . . . . . . . 243.5 *Ncl Research . . . . . . . . . 6.3 with the per- vate Limited consider other sider and ap- Listing Agree- urday 27th No- SDC Techno: To of India (Listing day of No- NOVEMBER 29
*Innovative Idea . . . . . . . 5.0 mission of and to appoint business items prove the ment entered
Nifty 50 17,415.1 17,417.3 17,564.4 17,351.7 17,536.3 121.2 0.7 Infra 278.2 278.9 0.3 *Sindhu Trade . . . . . . . 634.2 *Ajanta Soya . . . . . . . . 241.8 *Bartronics . . . . . . . . . . . 6.2 vember, 2021, consider and Obligations and vember,2021 at Dolphin Medi:
IT 34,144.2 34,448.5 0.9 *GCM Comm & Der . . . . . 3.7 Chair. Registered with the per- special busi- into by Reli-
*PG Elect . . . . . . . . . . . 620.0 *Asit C Mhta . . . . . . . . . 238.6 *Ashirwad Cap . . . . . . . . . 6.1 for the consid- approve In con- Disclosure Re- 04.00 PM., to To consider and
Nifty next50 43,216.0 43,287.8 43,684.0 42,870.1 43,588.7 372.7 0.9 Metal 19,703.1 19,762.1 0.3 *Vikas Proppant . . . . . . . 1.5 Zodiac Ventur: Valuer for val- mission of the nesses along ance Commu-
*Borosil Renewab . . . . 590.2 *KPI Global Infr . . . . . . 234.6 *Sawaca Bussn . . . . . . . . 6.0 eration and con- tinuation with quirements) consider, ap- approve notice,
Nifty 500 15,046.5 15,057.6 15,166.7 14,984.7 15,150.6 104.1 0.7 Oil & Gas 18,255.7 18,472.2 1.2 *Dr Agarwals . . . . . . . . 589.6 *Salzer Elec . . . . . . . . . 234.2 *Clio Info . . . . . . . . . . . . . 6.0 *Raj.Petro . . . . . . . . . . . . . 1.3 To consider uation of Com- Chairman. with other rou- nications firmation of the the Intimation Regulations, prove and take venud and date
Power 3,617.1 3,642.0 0.7 *Sastasundar Ven . . . . 575.0 *Triveni Engg . . . . . . . . 230.0 *Mayur Floor . . . . . . . . . . 5.8 *Shalimar Prd . . . . . . . . . 0.5 the proposal pany’s Consoildtd C: tine busi- Limited (‘Com- unaudited fi- dated 05th No- 2015 that a on record, of 29th Annual
India VIX 17.1 17.1 18.1 16.0 16.7 -0.4 -2.6 PSU 8,609.9 8,592.0 -0.2 *Punjab Alkal . . . . . . . . 229.0 *SAB Events . . . . . . . . . . . 5.4 *Sun Retail . . . . . . . . . . . . 0.4 for Issue of investment in Quarterly Re- nesses. pany’) with the nancial results vember, 2021 meeting of inter-alia, the General Meet-
Security & Inte . . . . . . . 548.6
Nifty CPSE 2,340.6 2,347.0 2,358.3 2,317.8 2,350.0 9.4 0.4 Realty 4,039.2 4,114.5 1.9 Convertible the Subsidiary. sults Reliance Com: stock ex- (both stand and 12th No- Board of Direc- Audited Finan- ing etc.,
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< Abbott India
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 (940.8) (940.8) (19226.6) (19167.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 940.0 940.9 19201.1 19237.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 953.8 955.0 19414.7 19404.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 932.6 935.0 19142.6 19120.3
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 948.9 948.5 19293.1 19318.0
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 36149 648K 608 11434
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 54.6 54.6 57.1 57.2
company name is followed by shares traded, and also the 52 Wk H/L 1168/537 1168/536 23902/13970 23934/13960
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 34396 34383 40998 41051
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’.

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MUMBAI | FRIDAY, 26 NOVEMBER 2021 ECONOMY & PUBLIC AFFAIRS 13

Cases drop after festival

season, so does testing
31 of the 35 states/UTs analysed report a decline in number of Covid tests
RUCHIKA CHITRAVANSHI and the severity of illness,”
& ISHAAN GERA said Jayprakash Muliyil,
New Delhi, 25 November Chairman of the Scientific
Advisory Committee of the

W
eeks after the peak ICMR NIE.
festival season, Muliyil also said that break-
Covid infections through infections would hap-
across the country continue to pen, but since immunity in
decline, but so do the daily India is mostly induced by nat-
testing numbers, shows a ural infection, it is expected to
Business Standard analysis. last much longer. “In countries
While the number of cases such as the US where people
after Diwali and Dussehra fell had vaccine-induced immuni-
to less than 12,000, the num- ty, much more breakthrough
ber of tests were down by more cases are happening. This also
than 22 per cent compared to explains the large number of
the pre-festival season. cases we saw in Kerala since
Of the 35 states/Union their immunity was not
DOWNWARD TRAJECTORY
Territories for which data is through natural infection,” he % chg in tests between % chg in cases between
analysed, 31 added. pre- and post- pre- and post-
states reported a The number festival season festival season
decline in testing. The number of deaths has Andhra Pradesh -33.7 -70.4
Some states of deaths has also come down Arunachal Pradesh -71.3 -86.9
were exceptions come down from 408 daily Assam -27.6 -28.6
and it shows in from 408 daily deaths during
Bihar 44.2 -20.9
their test num- during the the pre-festival
bers. In West pre-festival season to 280 Chhattisgarh -15.4 8.1
Bengal, for season to 280 in deaths in the Delhi -20.0 16.5
instance, the the post-festival post-festival Goa -42.4 -65.3
number of tests season season. Gujarat -25.2 45.3
went up in the 20 The fatality Haryana -13.2 3.7
days following rate has Himachal Pradesh -15.1 -21.0
Durga Puja festivities. This remained stagnant at 1.35 per J&K -10.9 -3.1
was accompanied by an cent. However, some states Jharkhand 12.6 74.2
increase in the number of cas- have witnessed a rise in
Karnataka -25.1 -59.6
es, which rose 23 per cent to daily deaths.
845 daily cases. In Karnataka, daily deaths
Kerala -33.6 -54.0
A similar trend could be have increased from 6 to 14 in Madhya Pradesh -15.0 -16.5
seen in Jharkhand. However, the pre- and post-festival Maharashtra -35.0 -64.2
in Bihar — where the number season, respectively. Manipur -35.7 -67.5
of tests went up — cases Maharashtra and Tamil Nadu Meghalaya -40.0 -78.4
remained minuscule. It is witnessed an almost doubling Mizoram -35.5 -59.3
important to note that more of deaths, from 28 to 51 and Nagaland -53.4 -59.2
than 90 per cent of the tests 13 to 22, respectively, during Odisha -6.0 -44.0
done in Bihar daily are rapid this period.
Punjab -14.1 -6.1
antigen tests and not the gold- According to a study, even
standard of testing, the RT- in the case of natural infection,
Rajasthan -25.8 17.1
PCR test. the antibody level may fall Sikkim -34.5 -75.2
In Tripura, however, cases after a year but it will plateau Tamil Nadu -28.0 -44.1
are down even as tests rise. and continue to have T-cell or Telangana -22.5 -28.4
the memory cell response for Tripura 12.8 -40.9
Expert view a long time. Uttar Pradesh -24.4 -36.0
“The problem is that when you “If we are lucky, the immu- Uttarakhand -33.8 -26.9
test in the absence of clinical nity from Covid-19 could last West Bengal 4.8 23.1
symptoms, the virus will con- a long time. The evidence from India -22.2 -52.0
tinue hanging around and Sars1 shows that the immunity
Excludes UTs, except for Delhi and J&K. The period from September 19-October 8 is
show positive results. The data did not disappear even after taken as pre-festival season and October 29-November 18 as post-festival season
of public importance is deaths 18 years,” Muliyil added. Sources: Ministry of Health and Family Welfare, state portals, BS analysis

> FROM PAGE 1 are hoping a similar thing will
happen in India also. Within the
industry, we have heard of sev-
Crypto... eral founders moving business-
es to Dubai and Singapore due
Several NFT platforms said
they would not need to shut
shop in the case of a ban. NFT
platforms will be able to move
to a system where NFTs can be
malicious allegations.”
A query sent to Amazon
remained unanswered till the
time of going to press.

Chingari, a short video app that
gained prominence following
the ban on Chinese apps last
year, said recently it would
adopt a crypto-led model for
monetisation and incentivising
creators on its platform. Its
native crypto token GARI cur-
rently has a market capitalisa-
tion of $30 million.
Founder and Chief
Executive Officer (CEO) Sumit
Ghosh told Business Standard
on Thursday: “If there is a ban,
we would have to scrap the
crypto token-based monetisa-
tion model for India and fall
back on advertising. However,
Chingari is expanding to coun-
tries like Indonesia and the
crypto model should not be a
problem there.”
Several other founders
Business Standard spoke to said
though a ban was unlikely, the
environment was uncertain
and many had chosen to move
their companies to other
regions. “Globally governments
have not banned cryptos but
they have been regulated. We
> BS SUDOKU
SOLUTION TO #3523
to the FUD (fear, uncertainty,
and doubt) phenomenon,” said
Abhishek Singh Rajpurohit, co-
founder AcknoLedger, a
blockchain project that maps,
monetises and distributes Web
3.0 digital assets. It recently
raised $1.53 million as a seed
fund from 30 investors and ven-
ture capitalists.
Crypto start-up Vauld,
which allows Indian users to
only hold and trade digital
assets, said it hoped there
would be a grandfathering
clause that would allow its users
to exit their investments with-
out panic-selling. The start-up
is based in both Bengaluru and
Singapore, where it has to date
even facilitated crypto loans of
$500 million.
“If cryptos are banned,
Indian developers would no
longer get into decentralised
finance and be left out of the
tremendous innovation that is
happening in the crypto world.
It would be a shame,” said
Darshan Bathija, founder and
CEO of Vauld.
#3524
Medium
«««
Solution
tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every
column and every
3x3 box contains
the digits 1 to 9
traded in terms of a central
bank digital currency or even a
fiat currency, but it could dis-
rupt business. “Building such a
system would involve the co-
operation of intermediaries like
payment gateways and banks
— and that would take at least
two months,” said Toshendra
Sharma, the founder of
NFTcally, founded this year
and it is incorporated in the US.
According to crypto
exchange WazirX founder
Nischal Shetty, a ban would
mean flight of crypto and
blockchain start-ups from
India. “The government will
take middle ground.
Otherwise, what would happen
to the 15-20 million crypto
investors in India who hold
more than $4 billion in assets?
Who will buy their holdings,”
he asked.
Future group...
“The allegations contained in
Amazon’s letter are being made
as part of a legal dispute that is
being dealt with by the
Supreme Court, high court and
other regulatory forums.”
The spokesperson said the
Board of FRL had formed a cri-
sis management committee to
deal with the situation arising
out of Covid lockdowns, nation-
wide store closures, and the sale
of pledged shares impacting all
aspects of the company’s func-
tioning. “It was the committee’s
job to raise questions with the
management. Various ques-
tions were raised by the com-
mittee from time to time and
these were clarified through
detailed explanations by man-
agement with supporting doc-
uments and presentations to
their satisfaction, as well as
through special audits, wherev-
er required.”
The spokesperson said all
related-party transactions and
records of fund utilisation were
on record and part of the public
disclosures made by the com-
pany as part of standard gov-
ernance practices. “There is
nothing new that is being
brought to the notice, except
for false speculations being cre-
ated out of selective excerpts
from these documents,” said
the spokesperson. “One should
understand the motivation
behind these allegations and
the timing of the same, rather
than rely on these baseless and
Amazon...
Amazon is fighting a legal bat-
tle with FRL to stop the Kishore
Biyani-led retailer’s $3.4 billion
deal with Reliance Industries
Limited (RIL).
“A bare perusal of FRL’s
publicly available financial
statements, including the latest
financials for FY 2020-202…
discloses, on a prima facie
basis, prejudice may have been
caused to the public sharehold-
ers, banks, creditors, and third
party suppliers of FRL,”
Amazon said in the letter.
It said that similar concerns
had also been discussed at the
meeting of the audit committee
of FRL held on March 23, 2020.
The committee had observed
that there was a sudden
increase in debt from February
2020 to March 23, 2020.
“The Committee members
expressed grave concern regar-
ding the deteriorating financial
position, in spite of various
equity and debt fund mobilisa-
tions concluded in December
’19 and March ’20 quarter and a
detailed explanation of all sig-
nificant transactions undertak-
en by the Company was sought
by the Committee members,”
the letter said.
Amazon said that FRL has
consistently entered into
“Significant Related Party
Transactions” with various
Future Group entities, includ-
ing with Future Enterprises
Limited, Future Supply Chain
Solutions Limited, Future
Consumer Limited, Future
Corporate Resources Private
Limited, Future Lifestyle
Fashions Limited and others.
Some of these related parties
depend predominantly on FRL
for their business.
“Amazon is bringing these
facts to the attention of the
Independent Directors so that
such Directors, consistent with
their statutory and fiduciary
obligations, can evaluate and
investigate these issues… in the
interests of public sharehold-
ers, creditors, bankers and
third party suppliers of FRL,”
the letter said. It added that
FRL and several related parties
were in the process of imple-
menting a composite scheme
of arrangement. This among
other things, will result in the
dissolution of FRL, and the
permanent divestiture of its
business, it said.
 14
>
MUMBAI | FRIDAY, 26 NOVEMBER 2021 1
MUMBAI METROPOLITAN REGION DEVELOPMENT AUTHORITY PUBLIC NOTICE
(A Government of Maharashtra Undertaking) Smt. ASHA RANI CHOPRA, a member
Plot No.14 &15, MMRDA New Office Building, 5th floor, Engineering Division, Bandra Kurla Complex, Bandra (E), of the Gemstar Commercial Complex
Mumbai- 400051 Tel. 26594000, Fax : 26591264 Website : https://mmrda.maharashtra.gov.in Premises Co-operative Society Ltd.,
E-Mail : nitin.kamble@mailmmrda.maharashtra.gov.in Having address at C.T.S. No. 348 A/1,
Village Valnai, Ramchandra Lane Extn.,
e-TENDER NOTICE Malad (West), Mumbai - 400064 AND
jointly holding Office Premises No. 209,
Name of Work : Repairing of Residential tenements in 3 SRA Buildings 2nd Floor in the building of the society,
i) Sanjivani Co.Op Hsg.Society ,CTS No. 118 (pt.), 119 (pt.), 121,122,123,124,125,126 (pt.),129 (pt.), died on 18/04/2009 without making any
& 155 (pt.) off, Mauje-Borla, Chembur, Govandi. ii) Malvani Mahakali Nagar SRA Co.Hsg. Society, nomination.
CTS No.2841 (pt.) ,Village Malvani,Malad (W) iii) Chawla Chaul SRA Hsg. Society Ltd., CTS No. 218, 218 The society hereby invites claims or
objections from the heir or heirs or other
(1 to 28) Village Malad (N), taluka Borivali, Iraniwadi, Kandivali (W),Mumbai. claimants/ objector or objectors to the
Cost of Blank Tender Earnest Money transfer of the said shares and interest of
Estimated Cost Contract Period the deceased member in the capital/
Form (Per Each) Deposit property of the society within a period of
Rs.38,52,173/- Rs. 560/- (Including 12 % 01 (One) Month 14 days from the publication of this
Rs. 38,530/- notice, with copies of such documents
(Excluding GST) GST) (Including monsoon) and other proofs in support of his/ her/
• Bid documents download : 29/11/2021 (16.00 hrs.) to 06/12/2021 (16.00 hrs.) their claims/ objections for transfer of
• Last date of online submission: 07/12/2021 (16.00 hrs.) shares and interest of the deceased
Member in the capital/ property of the
Note :- The e-Tender can be downloaded from e-Tendering Portal: https://etendermmrda. society. If no claims/ objections are
FORM 'Z'
maharashtra.gov.in. Any additional information, Corrigendum & help for uploading & downloading received within the period prescribed
(See Sub-Rule [11(d-1)] of Rule 107) above, the society shall be free to deal
Possession Notice For Immovable Property the e-tender, may be availed by contacting MMRDA’s e-tendering service desk at the following id:
with the shares and interest of the
etendersupport@mailmmrda.maharashtra.gov.in or call us on 022-26597445. deceased Member in the capital/
Whereas, the undersigned being the Mr. N.D.Tembare, Special Recovery officer,
For further information if required you may please contact Shri.N.M.Kamble, Executive Engineer, property of the Society in such manner
of the Dnyandeep Co-operative Credit Soc.Ltd. Mumbai, Kolsewadi Branch as is provided under the bye-laws of the
under the Maharashtra Co-operative Societies Act 1960, Rules 1961, Sec-156, on Telephone number 022-26594134 Sd/-

Fulrani
society. The claims/ objections, if any,
Rule-107 issued a demand notice dated 01/01/2019 calling upon the judgment Date : 26/11/2021, Place : Mumbai ( N.M.Kamble) received by the Society for transfer of
debtor Mr.Sandip Bhikaji Khavdkar & Mrs.Sakshi Sandip Khavdkar (Co-Loanee No : MMRDA/ED/R&R/BUILDING NO.3 /BORIVALI /2021 Executive Engineer shares and interest of the deceased
)to repay the amount mentioned in the Demand Notice issued by this office, member in the capital/property of the
Society shall be dealt with in the manner
Rs.3,97,664/- ( Rs.Three lakh Ninty Seven Thousand Six Hundread Sixty Four provided under the bye-laws of the
Only ) with date of receipt the said notice and the judgment debtor having failed Society. A copy of the registered Bye-
to repay the amount, the undersigned has issued a notice for attachment dated laws of the Society is available for
23/08/2019 and attached the property described herein below. inspection by the claimants/ objectors, in
the office of the society/ with the
The judgment debtor having failed to repay the amount, notice is hereby given Secretary of the society between 11 AM
to the judgment debtor and the public in general that the undersigned has taken to 6 P.M. from the date of publication of
possession of 107 [11(d-1)] of the Maharashtra Co- operative Societies Rules. the notice till the date of expiry of its
period.
The judgment debtor in particular and the public in general is hereby given to
the judgment debtor and the public in general that the undersigned has taken For Gemstar Commercial Complex
possession of 107 [ 11 D ( D-1 ] of the Maharashtra Co-operative Societies Premises Co-op Soc. Ltd.
Rules, 1961. Sd/-
Hon. Secretary
The judgment debtor in particular and the public in general ( Specially –Adavali Place: Mumbai Date: 26/11/2021
Dokhali ) is hereby cautioned not to deal with the property and dealings with
the property will be subject to the charges of the Dnyandeep Co-op. Credit Soc.
Ltd. Mumbai. for an amount Rs.3,50,042/- ( Rs. Three Lakh Fifty Thousand Forty
Two Only ) and interest thereon.
Description of the Immovable Property
All that part and parcel of the property consisting of:- Room No-9, Chwal No -
9 C-Site Rajaram Patil Nagar Ramkrishna Site,haji Malag Road ,Advali Dokhali
(Area of 250 Sq.Ft.,) PUBLIC NOTICE FOR LOSS OF
Date : 13/11/2021 Sd/- ARTICLE OF AGREEMENT
Place : Thane Special Recovery Officer, Notice is hereby given to the Public that the
(Maharashtra Co-Op. Societies Act 1960 Section 156 & two link documents namely, 1) Article of
Rules 1961, Rule 107) Agreement executed on dated 22nd April,
1968 and registered on dated 05th
February, 1971 between M/s Buildwell
Corporation as the Vendor of the One Part
and Khushroo Darasha Mistry as the
Purchaser of the Other Part AND 2)
CORPORATE IDENTITY NO. L65110MH1985PLC038137) Unregistered Agreement for Sale executed
Registered office: 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051 (MH.). on dated 11th December, 1980 between
Corporate Office : Kotak Infinity, Zone-II, 4th Flr., Bldg. No. 21, Infinity Park, Off. W. E. Highway, Goregaon, Mumbai-400 097 (MH.): Khushroo Darasha Mistry as the Vendor of
Br. /Regional Off.: 4th Flr. 166/16, CST Rd., Kolivery Vill., Kunchi Kurve Ngr., Nr. Hotel Hare Krishna Santacurz(E), Mumbai-400 098(MH): the One Part and Mr. Girishchandra Desai &
PUBLIC NO TICE FO R E-AUCTIO N CUM SALE Mr. Subhashchandra Desai as the
NOTICE is hereby given to the public in general and in particular to the Borrower / Co-Borrower / Guarantor that the below described immovable property Purchasers of the Other Part for the
mortgaged to the Authorised Officer of KOTAK MAHINDRA BANK LIMITED, the Symbolic Possession of which has been taken by the Authorised Officer of KOTAK property bearing addressed at Flat No. – 7,
MAHINDRA BANK LIMITED, will be sold on “AS IS WHERE IS”, “AS IS WHAT IS” and “WHATEVER THERE IS” basis, offers are invited to submit online through the Web on the 1st Floor, Rupal Apartment No. 1,
Portal of our e-Auction Service Partner, M/s. C1 India Pvt. Ltd. i. e. www.c1india.com by the undersigned for sale of the immovable property of which particulars
Rupal Co-operative Housing Society Limited,
are given below:-
98 Dada Saheb Phalke Road, Dadar (E ),
Name of the Borrower(s) /Guarantor(s) /Mortgagor(s) Demand Notice Dt. & Amt. Description of the Immovable properties Mumbai 400014 (“the said Flat”) has been
All the piece and parcel of the immovable properties lost/ misplaced. These documentsare the
Demand Notice Date : bearing :- Bungalow No. .13 Prem Niwas, Admn. 2278Sq. ft. link documents with respect to above said
Loan Account No. : CSG5109449, BBA_WC 0655XBD15002751- Flat. Shri. Deepak Shahand Mrs. Saroj
06.06.2016 (211.63 Sq. mts.) (Inclusive of the area of balcony /Balconies
CRE001-1, BBA_WC 0655XBD15002400-CRE001-1, BBA_WC
` 1,09,79,944.81 at Rajvilas Haveli Kothi CHSL. Phase I and II situated at land Deepak Shahare in possession of the above
6552190000021 & bearing CRN No. 32700952
(Rs. One Crore Nine Lacs bearing Gut No. 64 Hissa No. 1, Hissa No. 2 and Hissa No. said Flat since 26th August, 1991. On behalf
1) M/s. Ashu International (Borrower)
Seventy Nine Thousand Nine 3 and also Gut No. 68 Hissa No. 1(p), 2(p), 3(p), 1A, 2A, 3A, of the client, Shri. Deepak Shahand Mrs.
2) Mr. Pankaj Premchand Ahluwalia (Co-Borrower)
Hundred Forty Four & Eighty Soham Gardens, Village Chitalsar Manpada Ghodbunder Saroj Deepak Shah (Owners of the above
3) Mrs. Mohnika P Ahluwalia (Co-Borrower)
One paisa) as on 06.06.2016 Road, Tal. Thane (W) Thane-400 610, Maharashtra.Land said flat) the undersigned advocate hereby
Area :- 2278Sq. ft. Type Of Possession :- SYMBOLIC
invites claims or objections, if any, for the
Reserve Price Earnest Money Deposit (EMD) 10% of the Bid Amount transfer of said flat. In case of any claims/
` 4,79,52,000/- (Rs. Four Crore Seventy Nine Lakhs Fifty Two Thousand Only) ` 47,95,200/- (Rs. Fourty Seven Lakh Ninety Five Thousand Two Hundred Only) objections kindly intimate the undersigned
advocate alongwith the relevant documents
Date of Inspection of Immovable properties Date /Time of Auction
to support their claims/objections within 14
20.12.2021 from 1100 Hrs. to 1200 Hrs. 22.12.2021 from 1100 Hrs. to 1200 Hrs. days from the date of publication of this notice.
LAST DATE FOR SUBMISSION OF OFFERS / EMD :- 21.12 .2021 TILL 5.00 P. M. In absence of any claim within stipulated
Important Terms & Conditions of Sale: period, it shall be deemed that the property
(1) The Auction is conducted as per the further Terms and Conditions of the Bid document and as per the procedure set out therein. Bidders may go through the has no claim by virtue of lost agreement.
website of our E-Auction Service Provider, M/s. C1 India Pvt. Ltd. i.e. https://www.bankeauctions.com for bid documents, the details of the secured asset put Place : Mumbai
up for e-Auction and the Bid Form which will be submitted online; (2) All the intending purchasers /bidders are required to register their name in the Web Portal Date : 26.11.2021 Sd/-
mentioned above as https://www.bankeauctions.com and generate their User ID and Password in free of cost of their own to participate in the e-Auction on Kiran Jadhav
the date and time aforesaid; (3) For any enquiry, information, support, procedure and online training on e-Auction, the prospective bidders may contact the M/s. Advocate, High Court
C1 India Pvt. Ltd. Department of our e-Auction Service Partner M/s. Vinod Chauhan, through Tel. No.: +91 7291971124, 25, 26, Mobile No.: 9813887931 & E-mail Flat No. – 6, 1st Floor, Rupal Apartment No. 1,
ID: delhi@c1india.com & support@bankeauctions.com; (4) To the best of knowledge and information of the Authorised officer, there is no encumbrance in the Rupal Co-operative Housing Society Limited,
property /ies. However, the intending bidders may inspect the property and its documents as mentioned above or any other date & time with prior appointment
and they should make their own independent inquiries regarding the encumbrance, title of property/ies put on e-Auction and claims /right /dues /affecting the
98 Dada Saheb Phalke Road,
property prior to submitting their bid. The e-Auction advertisement does not constitute any commitment or any representation of KMBL. The property is being Dadar (E ), Mumbai 400014
sold with all the existing and future encumbrances whether known or unknown to KMBL. The Authorised officer /Secured Creditor shall not be responsible in any
way for any third party claims / rights / dues; (5) For participating in the e-Auction, intending purchasers/bidders will have to submit / upload in the Web Portal
(https://www.bankeauctions.com) the details of payment of interest-free refundable Earnest Money Deposit (EMD) of the secured asset as mentioned above by
way of Demand Draft in favour of ‘KOTAK MAHINDRA BANK LIMITED’ payable at Delhi along with self-attested copies of the PAN Card, Aadhaar Card, Residence
Address Proof, Board Resolutions in case of company and Address Proof as specified above.
The Borrower (s) /Mortgager(s) /Guarantor(s) are hereby given STATUTORY 15 DAYS NOTICE UNDER RULE 6 (2), 8 (6) & 9 (1) OF THE SARFAESI ACT to discharge
the liability in full and pay the dues as mentioned above along with upto date interest and expenses with in fifteen days from the date of this notice failing which
the Secured Asset will be sold as per the terms and conditions mentioned above. In case there is any discrepancy between the publications of sale notice in English
and Vernacular newspaper, then in such case the English newspaper will supersede the vernacular newspaper and it shall be considered as the final copy, thus
removing the ambiguity. If the borrower /guarantors /mortgagers pays the amount due to Bank, in full before the date of sale, auction is liable to be stopped.
For detailed terms and conditions of the sale, kindly visit our official website https://www.kotak.com/en/bank-auctions.html or contact the Authorised Officer
Mr. Ranjit Mhase @ 9004005560 & Mr. Chirag Lokhande@ 9773758208 at above mentioned Regional office of Bank.
Special Instruction :- e-Auction shall be conducted by our Service Provider, M/s. C1 India Pvt. Ltd. on behalf of KOTAK MAHINDRA BANK LIMITED (KMBL),
on pre-specified date, while the bidders shall be quoting from their own home / offices / place of their Bid as per their choice above the Reserve Price. Internet
connectivity and other paraphernalia requirements shall have to be ensured by bidders themselves. Please note that failure of Internet connectivity (due to
any reason whatsoever it may be) shall be sole responsibility of bidders and neither KMBL nor C1 India Pvt. Ltd. shall be responsible for these unforeseen
circumstances. In order to ward-off such contingent situation, bidders are requested to make all the necessary arrangements /alternatives whatever required so
that they are able to circumvent such situation and still be able to participate in the e-Auction successfully. However, it is requested to the Bidder(s) not to wait till
the last moment to quote/improve his /her Bid to avoid any such complex situations.
Date : Mumbai, Maharashtra Sd/- Authorized Officer
Place : 26.11.2021 For Kotak Mahindra Bank Limited

PUBLIC NOTICE FOR LOSS

OF AGREEMENT FOR SALE
Notice is hereby given to the Public that the
Unregistered Agreement for Sale executed
on dated13th December, 1983, between
Smt. Savitri Shivaling Madalgiand Shri.
Sunil S Madalgi as the Vendors of the One
Part and Mr. Karim Sadrudin Jiwani as the
Purchaser of the Other Part for the property
bearing addressed at Flat No. – 8, on the 1st
Floor, Rupal Apartment No. 1, Rupal Co-
operative Housing Society Limited, 98 Dada
Saheb Phalke Road, Dadar (E ), Mumbai
400014 (“the said Flat”) has been lost/
misplaced. This document is one of the link
documents with respect to above said Flat.
Shri. Deepak Shahis in possession of the
above said Flat since 5th March, 1988. On
behalf of the client, Shri. Deepak Shah (Owner
of the above said flat), the undersigned
advocate hereby invites claims or objections,
if any, for the transfer of said flat. In case of
any claims/objections kindly intimate the
undersigned advocate alongwith the relevant
documents to support their claims/ objections
within 14 days from the date of publication of
this notice. In absence of any claim within
stipulated period, it shall be deemed that the
property has no claim by virtue of lost
agreement.
Place : Mumbai
Date : 26.11.2021
Sd/-
Kiran Jadhav
Advocate, High Court
Flat No. – 6, 1st Floor, Rupal Apartment No. 1,
Rupal Co-operative Housing Society Limited,
98 Dada Saheb Phalke Road,
Dadar (E ), Mumbai 400014
FORM 'Z'
(See Sub-Rule [11(d-1)] of Rule 107)
Possession Notice For Immovable Property
Whereas, the undersigned being the Mr. N.D.Tembare, Special Recovery officer,
of the Dnyandeep Co-operative Credit Soc.Ltd. Mumbai, Kolsewadi Branch
under the Maharashtra Co-operative Societies Act 1960, Rules 1961, Sec-156,
Rule-107 issued a demand notice dated 23/09/2016 calling upon the judgment
debtor Shri. Vasant Yashwant Kambale (Loanee) & Mrs. Shobha Vasant Kambale
(Co-Loanee) to repay the amount mentioned in the Demand Notice issued by
this office, Rs.7,55,015/- ( Rs. Seven Lakh Fifty Five Thousand Fifteen Only )
with date of receipt the said notice and the judgment debtor having failed to
repay the amount, the undersigned has issued a notice for attachment dated
26.07.2021 and attached the property described herein below.
The judgment debtor having failed to repay the amount, notice is hereby given
to the judgment debtor and the public in general that the undersigned has taken
possession of 107 [11(d-1)] of the Maharashtra Co-operative Societies Rules.
The judgment debtor in particular and the public in general is hereby given to
the judgment debtor and the public in general that the undersigned has taken
possession of 107 [11 D (D-1)] of the Maharashtra Co-operative Societies Rules,
1961.
The judgment debtor in particular and the public in general (Specially Dhokali,
Nandavali Kalyan) is hereby cautioned not to deal with the property and
dealings with the property will be subject to the charges of the Dnyandeep Co-
op. Credit Soc. Ltd. Mumbai. for an amount Rs.8,27,367/- ( Rs. Eight lakh Twenty
Seven Thousand Three Hundread Sixty Seven Only ) and interest thereon.
Description of the Immovable Property
All that part and parcel of the property consisting of:- Flat No-302,Third Floor
C-Wing, Sai Plaza Servey No-32,Adavali ,Dokhali Nandavali Kalyan (E), (Area
of Flat 408 Sq.Ft.,)
Date : 10/11/2021 Sd/-
Place : Thane Special Recovery Officer,
(Maharashtra Co-Op. Societies Act 1960 Section 156 &
Rules 1961, Rule 107)
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 15 <

BHOPAL SMART CITY DEVELOPMENT CORPORATION LIMITED JHARKHAND URBAN INFRASTRUCTURE

Zone-14, Bhopal Municipal Corporation, BHEL, Govindpura, DEVELOPMENT COMP
COMPANY(JUIDCO)
ANY(JUIDCO) LIMITED
Bhopal-462023 (M.P.) Phone : 0755-2477770 (A Government of Jharkhand Undertaking)
Email : smartcitycell@bmconline.gov.in, www.smartcitybhopal.org
Bhopal, Dated 25.11.2021
3rd Floor
Floor,, Pragati Sadan, Kutchery Chowk, Ranchi 834001.
Ph No.: 0651-2225878, E-Mail: juidcolimited@gmail.com
Bhopal Smart City Development Corporation Limited dh vksj ls fuEukafdr dk;Z gsrq MPBSCDCL/
CIN: U45200JH2013SGC001752
TENDER No.-223 vkWuykbu fufonk,a vkeaf=kr dh tkrh gaS :-
S. Tender Name Cost of Bidding Estimated Earnest Date and Purchase
CORRIGENDUM – 1
No. (MPBSCDCL/ Document Cost Money Time of of Tender NIT No: - JUIDCO Ltd./Transport Nagar/Ranchi/Tender/2872/2021 - 415
TENDER No.-223) (non- of Work Deposit/ Pre-bid End Date Tender ID: - 2021_UDD_52694_1
refundable) Bid Security meeting Ref PR No.: - 255876
Name of the work - “Development of Transport Nagar (Phase 1) at Ranchi in the
1. "Design & Development of Rs. 20,000/- Rs. Rs. 03.12.21 27.12.21 State of Jharkhand on EPC mode including DLP of 3 years”
Smart Park Phase-03 at (Twenty 5,38,05,263/- 5,38,100/- at 15.00 at 17:30 All the bidders are hereby informed that Corrigendum 01 for the Tender ID:
Y-Junction of Smart Road Thousand (Five Crore (Five Lakhs Hrs. Hrs. 2021_UDD_52694_1 Name of the work: -“Development of Transport Nagar (Phase 1) at Ranchi
Near Regional science Rupees) Thirty Eight Thirty Eight in the State of Jharkhand on EPC mode including DLP of 3 year” has been published on the e-
center under, Smart City Lakhs Five Thousand procurement website of Government of Jharkhand (https://jharkhandtenders.gov.in) and they may
Bhopal" (MPBSCDCL/ Thousand and one submit their bid proposal accordingly.
TENDER No.-223) Two Hundred hundred Sd/-
Sixty Three Rupees) Project Director (Technical)
PR 257827 Urban Development(21-22).D JUIDCO Limited, Ranchi.
Rupees)
RFP nLrkost ,oa fufonk lacaf/kr foLr`r tkudkjh www.mptenders.gov.in ij ns[kh tk ldrh gSA
e-iz- ek/;e@102771@2021 eq[; vfHk;ark

DHUNSERI
INVESTMENTS LTD
Address: 4A, Dhunseri House,
Woodburn Park, Kolkata, West Bengal,
Notice is hereby given that the share
certificate No 4391 with Distinctive no(s)
6499222-6499246 in respect of Folio No
A00981 Registered in the name of ASHIT
SHANTILAL SHAH is/are reported to be
lost and the company has received
application for issue of duplicate share
certificate(s). If no objection from any
interested person is received by the
company's registrars Maheshwari
Datamatics Pvt. Ltd., 23, R.N. Mukherjee
Road, Kolkata 700001, within 15 days
from the publication hereof the company
will proceed to issue duplicate share
Certificate(s) to the applicant(s).
Sd/-
ASHIT SHANTILAL SHAH
Place: Mumbai Date: 26/11/2021
Registered office : 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051 (MH).
Branch Office : 4th Flr. 166/16, CST Road, Kolivery Village, Kunchi Kurve Nagar, Near Hotel Hare
Krishna Santacurz (East), Mumbai-400 098 (MH):
POSSESSION NOTICE (FOR IMMOVABLE PROPERTY)
(As per Appendix IV read with Ru le 8 (1) of the Sec u rity Interest (Enforc ement) Ru les, 2 002 )
WHEREAS, the undersigned being the Authorised Officer of Kotak Mahindra Bank Limited a banking company within the meaning of the Banking
Regulation Act, 1949 having its Registered Office at : 27 BKC, C-27, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 and Branch
Office at : Admas Plaza, 4th Floor, 166/16, CST Road, Kolivery Village, Kunchi Kurve Nagar, Near Hotel Hare Krishna, Santacurz (East), Mumbai-
400 098 under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) and in exercise
of the powers conferred under sections 13(2) and 13(12) read with Rule 8(1) of the Security Interest (Enforcement) Rules, 2002 issued a Demand Notice
dated mentioned below under Section 13(2) of the said Act calling upon you being the Borrowers /Co-Borrowers /Guarantors (Names and Addresses
Mentioned Below) to repay the amount mentioned in the said notice and interest thereon within 60 days from the date of receipt of the said notice. The
borrowers mentioned herein below having failed to repay the amount, notice is hereby given to the borrowers mentioned herein below and to the public
in general that the undersigned has TAKEN POSSESSION of the property described herein below in exercise of powers conferred on me under sub-section
(4) of Section 13 of the Act read with Rule 8of the Security Interest (Enforcement) Rules, 2002. The borrowers mentioned here in above in particular and
the public in general are hereby cautioned not to deal with said property and any dealings with the property will be subject to the charge of Kotak
Mahindra Bank Limited having Branch Office at : Admas Plaza, 4th Floor, 166/16, CST Road, Kolivery Village, Kunchi Kurve Nagar, Near Hotel
Hare Krishna, Santacurz (East), Mumbai-400 098 for an amount as mentioned herein under and interest thereon. The borrower’s attention is invited to
provisions of sub-section (8) of Section 13 of the Act, in respect of time available, to redeem the secured assets.
Date of Possession Description of Immovable Property
Sr. Name of Customer Borrower(s) / taken in to Possession (As per Appendix
Date of Demand Notice U/s. 13(2) read with
No. Co-Borrower(s) & Guarantor(s) IV read with Rule 8(1) of the Security
rule 9of SARFAESI Act Along with Amt. in `
Interest (Enforcement) Rules, 2002)
1. Ms. Dimpi Nitin Hinduja (Borrower) 2 3.11.2 02 1
2. Mr. Nitin Rajeshlal Hinduja (Co-Borrower) All that Piece and parcel of
 All Having Address at : Flat No. 604, Jai Bhawani Tower Demand Notice Dated : 23.07.2021 property bearing : Flat No. 1202,
1 Loan Amount : ` 40,72,323.34
Nehru Chowk, Opp. Bank of Baroda, Ulhasnagar-421 002, Yogi Dham Building No. A7, Kingstone
Dist. Thane.  Also at : Flat No. 1202, Yogi Dham Building No. (Rs. Forty Lakhs Seventy Two Thousand CHSL., Near Yogi Dham Bus Stop, Gauri
A7, Kingstone CHSL., Near Yogi Dham Bus Stop, Gauri Pada, Three Hundred and Twenty Three and Pada, Kalyan (W)-421 301, Dist. Thane.
Kalyan (W)-421 301, Dist. Thane. Thirty Four Paisa Only) as on 23.07.2021
2 2 .11.2 02 1
1. Mr. Mohan Vishwanath Gangal (Borrower) All that Piece and parcel of property
Demand Notice Dated : 22.07.2021
 Having Address at : 258/1, Chintamani Building, Agra bearing : Shop No. 3, admeasuring
2 Loan Amount : ` 27,98,020.88
Road, Opp. Gokual Pura, Kalyan (W), Thane-421 301.  Also 110 sq. ft., Ground Floor, Vrundavan
(Rs. Twenty Seven Lakhs Ninety Eight
at : Shop No. 3, Ground Floor, Vrundavan Prasand CHS., Tilak Prasand CHSL., Tilak Chowk, Near IDBI
Thousand Twenty and Eighty Eight Paisa
Chowk, Near IDBI Bank, Kalyan (W)-421 301, Dist. Thane. Bank, Kalyan (W), Dist. Thane.
Only) as on 20.07.2021
1. Mr. Faiyaz Farooque Syed (Borrower)
2 2 .11.2 02 1
2. Mrs. Varsha Syed All that Piece and parcel of
 All Having Address at : Building No. 11, R. No. 202, New Demand Notice Dated : 30.07.2021 property bearing : Flat No. 1602,
3
MHADA Colony, Maharahstra Nagar, Near Edenwood, Thane Loan Amount : ` 16,94,309.89 16th Floor, Building No. 18, Lavender
West- 400607;  Also at : Flat No. 1602, 16 Floor, Building No. (Rs. Sixteen Lakhs Ninety Four Thousand Everest World, Village : Dhokali
th

18, Lavender Everest World, Village : Dhokali, Kholshet Road Three Hundred Nine and Eighty Nine Paisa Kholshet Road, Thane (W)-400 607.
Thane West-400 607, Only) as on 28.07.2021
Date : 26.11.2021 Sd/-
Place : Kalyan /Thane, Maharashtra Authorised Officer, Kotak Mahindra Bank Limited
16
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MUMBAI | FRIDAY, 26 NOVEMBER 2021 1
.
MUMBAI | FRIDAY, 26 NOVEMBER 2021 17 <

Future Generali India Insurance Company Limited

(IRDAI Regn. No. 132 • CIN: U66030MH2006PLC165287)
Registered Office & Corporate Office: Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai - 400 083.

UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021
FORM NL-2A-B-PL Form B - BS
Profit and Loss Account for the half year ended FORM NL-3-B-BS FORM NL-20
September 30, 2021 (₹ lakhs) Balance Sheet as at September 30, 2021 (₹ lakhs) ANALYTICAL RATIOS SCHEDULE
Sr. Particulars For the half year For the half year Schedule As at As at For the half year For the half year
Sr.
No. Sep 30, 2021 Sep 30, 2020 Particulars Ref. Form September September Particulars ended September ended September
No.
30, 2021 30, 2020 30, 2021 30, 2020
1 Operating Profit/(Loss)
(a) Fire Insurance (1,047.80) 773.52 Source of Funds 1 Gross Direct Premium Growth Rate 14% 12%
(b) Marine Insurance 706.36 (556.15) Share Capital NL-8 90,480.37 90,480.37
2 Gross Direct Premium to Net Worth 1.56 1.54
(c) Miscellaneous Insurance 4,199.63 7,011.56
Share Application Money Received - -
2 Income from investments 3 Growth rate of Net Worth 12% 21%
(a) Interest, Dividend & Rent – Gross 4,025.17 3,320.17 Stock Options Outstanding 2,802.91 1,340.33
4 Net Retention Ratio 63% 58%
(b) Profit on sale of investments 401.54 293.02 Reserves and Surplus NL-10 26,161.24 14,377.18
(c) (Loss on sale/ redemption of investments) (1.52) (105.90) 5 Net Commission Ratio 2% 5%
(d) Amortization of Premium/Discount on (82.68) (43.10) Fair Value Change Account
6 Expense of Management to Gross Direct Premium 32% 29%
Investments Shareholders' Funds 16.97 (164.15)
3 Other Income - - 7 Expense of Management to Net Written Premium 50% 48%
Policyholders' Funds 57.70 (649.42)
TOTAL (A) 8,200.70 10,693.12 8 Net Incurred Claims to Net Earned Premium 70% 67%
4 Provisions (other than taxation) Borrowings NL-11 - -
9 Claims paid to claims provisions 26% 14%
(a) For diminution in the value of investments (1,847.12) 1,431.54 TOTAL 1,19,519.18 1,05,384.31
(b) For doubtful debts 21.46 26.12 10 Combined Ratio 111% 110%
(c) Others (to be specified) - - Application of Funds
11 Investment income ratio 0.79% 0.77%
5 Other Expenses INVESTMENTS-Shareholders NL-12 1,22,075.67 85,377.29
(a) Expenses other than those related to 367.83 375.95 12 Technical Reserves to Net Premium Ratio 3.41 3.77
INVESTMENTS-Policyholders NL-12A 4,26,267.74 3,83,162.77
Insurance Business 13 Underwriting Balance Ratio (0.13) (0.08)
(b) Bad debts written off 0.44 - Loans NL-13 - -
14 Operating Profit Ratio 2% 7%
(c) Interest on subordinated debt - - Fixed Assets NL-14 4,487.02 3,473.53
(d) Expenses towards CSR activities 250.42 41.38 15 Liquid Assets to Liabilities Ratio 0.11 0.10
(e) Penalties - - DEFERRED TAX ASSET (Net) 4,846.49 3,509.42
16 Net Earning Ratio 4% 7%
(f) Contribution to Policyholders' A/c - - Current Assets
(i) Towards Excess Expenses of Management 1,667.56 - 17 Return on Net Worth Ratio 4% 6%
Cash and Bank Balances NL-15 1,375.91 13,024.50
(g) Others 18 Available Solvency argin Ratio to Required
(i) Investments written off 1,056.63 - Advances and Other Assets NL-16 68,066.38 87,949.28
TOTAL (B) 1,517.22 1,874.98 Solvency Margin Ratio 1.58 1.65
Sub-Total (A) 69,442.29 1,00,973.79
Profit Before Tax (A-B)                                 6,683.48 8,818.13 19 NPA Ratio
Current Liabilities NL-17 3,72,347.81 3,58,790.50
Provision for Taxation / MAT (1,649.86) (2,412.68)
Provisions NL-18 1,35,252.20 1,12,322.00 Gross NPA Ratio 0.53 1.01
Deferred Tax (142.97) 125.39
Profit / (Loss) after tax 4,890.66 6,530.84 Sub-Total (B) 5,07,600.01 4,71,112.50 Net NPA Ratio - 0.17
Appropriations 20 Debt Equity Ratio - -
NET CURRENT ASSETS (C) = (A - B) (4,38,157.73) (3,70,138.71)
(a) Interim dividends paid during the year - -
(b) Final dividend paid - - Miscellaneous Expenditure 21 Debt Service Coverage Ratio - -
(c) Transfer to any Reserves or Other Accounts - - (to the extent not written off or adjusted) NL-19 - - 22 Interest Service Coverage Ratio - -
(to be specified ) - -
Debit balance in Profit and Loss Account - - 23 Earnings per share 0.54 0.72
Balance of profit / loss brought forward 21,270.58 7,846.34
Balance carried forward to Balance Sheet 26,161.24 14,377.18 TOTAL 1,19,519.18 1,05,384.31 24 Book value per share 12.90 11.50

FORM NL-1-B-RA REVENUE ACCOUNT FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2021 (₹ lakhs)
Fire Marine Miscellaneous Total
Sr.
Particulars For the half year For the half year For the half year For the half year For the half year For the half year For the half year For the half year
No.
ended Sept 30, 2021 ended Sept 30, 2020 ended Sept 30, 2021 ended Sept 30, 2020 ended Sept 30, 2021 ended Sept 30, 2020 ended Sept 30, 2021 ended Sept 30, 2020
1 Premiums Earned (Net) 7,649.81 5,572.94 3,092.97 2286.02 1,00,661.38 92,448.90 1,11,404.16 1,00,307.86
2 Profit/Loss on sale/redemption of Investments 236.71 133.68 37.81 15.67 1,287.47 655.29 1,561.99 804.63
3 Interest, Dividend & Rent - Gross 2,465.21 2,483.57 372.61 274.34 12,717.29 11,506.27 15,555.11 14,264.18
4 Others
(a)Other Income
(i)Miscellaneous Income 5.99 1.43 2.63 0.50 79.81 18.76 88.43 20.69
(b)Contribution from Shareholders Fund - - - - - - -
(i)Towards Excess Expenses of Management - - - - 1,667.56 - 1,667.56 -
TOTAL (A) 10,357.73 8,191.61 3,506.02 2576.53 1,16,413.51 1,04,629.22 1,30,277.25 1,15,397.36
6 Claims Incurred (Net) 7,996.46 4,459.13 1,313.69 1970.16 68,799.58 61,028.73 78,109.72 67,458.02
7 Commission (2,179.58) (29.20) 563.12 378.43 3,729.81 4,103.52 2,113.35 4,452.75
8 Operating Expenses related to Insurance Business 5,588.65 2,988.16 922.86 784.08 39,684.49 32,485.41 46,195.99 36,257.66
9 Premium deficiency - - - - - - - -
TOTAL (B) 11,405.52 7,418.09 2,799.66 3132.68 1,12,213.88 97,617.67 1,26,419.06 1,08,168.43
10 Operating Profit/(Loss) C= (A - B) (1,047.80) 773.52 706.36 (556.15) 4,199.63 7,011.56 3,858.19 7,228.92
11 APPROPRIATIONS
Transfer to Shareholders' Funds (1,047.80) 773.52 706.36 (556.15) 4,199.63 7,011.56 3,858.19 7,228.92
Transfer to Catastrophe Reserve - - - - - - - -
Transfer to Other Reserves - - - - - - - -
TOTAL (C) (1,047.80) 773.52 706.36 (556.15) 4,199.63 7,011.56 3,858.19 7,228.92
Insurance is the subject matter of solicitation.
For and on behalf of the Board of Directors
Reach us

Notes: 1) This disclosure is made in accordance with and as per the definition given in IRDAI Circular No. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30th 2021 1800-220-233, 1860-500-3333, 022-6783 7800 general.futuregenerali.in
2) The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 16, 2021 and have been subject to limited Sd/-
review by statutory auditor
3) Previous year figures have been regrouped wherever necessary to make them comparable with those of the current year. Anup Rau
fgcare@futuregenerali.in Follow us on Facebook / Twitter
Trade Logo displayed above belongs to M/S Assicurazioni Generali – Societa Per Azioni and used by Future Generali India Insurance Co Ltd. under license. Managing Director and Chief Executive Officer
18
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MUMBAI | FRIDAY, 26 NOVEMBER 2021 1

India now has more women than URBAN AREAS lation research centre at Institute
of Economic Growth. “Sex ratio
WERE MUCH WORSE at birth and overall sex ratio dif-
THAN RURAL fer by virtue of migration
States/UTs with less than 1,000 streams. It cannot be directly
drawn from a declining sex

men but sex ratio at birth still low

females per males
ratio at birth that the overall sex
Urban 22
ratio will also remain skewed
Rural 14 moving forward.”
Total 13 Himachal Pradesh, Jammu
National Family Health Survey (2019-21) and Kashmir, Chandigarh,
Chhattisgarh and Ladakh wit-
SEX RATIO HAS IMPROVED, BUT SIX STATES WITNESSED A DECLINE NFHS-4 (2015-16) NFHS-5 (2019-21)
sex ratio (859) among all states. nessed a decline in sex ratios
Females per 1000 males Kundu points to a catch-22 compared to 2015-16, while

1,187
1,088

1,090
1,063
situation — that development Lakshadweep saw it improve to

1,078
1,062
1,068

1,121
1,112
1,050

1,066
1,049
1,039

1,049
1,049

1,049
1,040
1,036

1,033

1,016

1,021

1,018
1,020

1,005
1,000
1,019

1,015

1,018
1045
1,009

1,022
1,002

1,027

1,007
1,012
1,015

1,012
1,017

1,007
1034

1,011
1,011
998
may empower women but it 1,187 from 1,022. The sex ratio for

995
997

993

968

990
991

979
977
958

965

966
973

963

971
950
970
948

938

948

942
971
952
934
926

905

917
913
876
brings down the number of girl Delhi increased 59 in favour of

854

827
813
children. “This is the case in
most of the northern states.
Urban sex ratio for children is
lower than rural for the same
reason. Overall urban sex ratio
is low also because of male selec-
tive migration from rural to
females during this period.
But the headline number
does not present a complete pic-
ture. The sex ratio at birth for the
country was still 929 females per
males — an improvement from
919 in 2015-16, but still lower

and Nicobar
Arunachal

Chandigarh

Andhra
Pradesh
Pradesh
Chhattisgarh
Haryana
Jharkhand
Madhya
Pradesh
Odisha
Punjab

Nagaland
Sikkim
Telangana
Tripura
West Bengal
Rajasthan
Tamil Nadu
Uttar Pradesh
Uttarakhand

Delhi
Puducherry
Andaman

Assam
Bihar
DNH & DD
Goa
Gujarat
Himachal
Pradesh
Kashmir

Kerala
India

Jammu and
Karnataka

Lakshadweep
Ladakh
Maharashtra

RUCHIKA CHITRAVANSHI
& ISHAAN GERA
New Delhi, 25 November
1,000 men, India has 1,020
women. If that’s a reason to
celebrate, there is a cause for
concern, too, since the sex ratio
National Family Health Survey (2019-21)
data comes, has also found
that the sex ratio is better in
rural areas compared to
urban centres.
Manipur
Mizoram
Meghalaya
urban areas,” he adds. than the natural standard of
Data also indicates that six 952 female births per 1,000
states saw a decline in sex ratio male births.
compared to 2015-16. Analysis indicates that 19
Experts say the decline in sex states/UTs had a lower sex ratio
ratio at birth calls for an urgent than the natural standard, and
However, analysis also shows males in urban areas. where these are available, sex need to strengthen pre-concep- the sex ratio at birth was more
that 13 states and union territo- “It has been observed that in determination goes up and sex tion and prenatal diagnostic skewed in urban areas than rural
ries still have more males than backward states and districts, ratio declines.” technique norms. centres. Twenty-nine states had
females. In a rural versus urban the female-male ratio is better The union territory of Dadra So, does a decline in sex ratio a lower sex ratio at birth than the

I
ndia’s overall sex ratio —
women per thousand men
— is now at a level seen in
developed countries. For every
at birth continues to be lower NFHS 2019-2021 indicates analysis, the sex ratio was found as medical facilities are yet to and Nagar Haveli and Daman at birth signify a worsening of natural standard in urban areas
than what is naturally expected. that India has made significant skewed in favour of males in become easily available,” says and Diu had the worst urban sex sex ratio going forward? as compared to 21 states that had
The fifth National Family Health strides in the last five years — in rural areas of 14 states, while 22 Amitabh Kundu, research advi- ratio: 775 women per 1,000 men. “Not necessarily,” says worse than natural standards in
Survey (NFHS), from where this 2015-16, the sex ratio was just 991. states had a sex ratio favouring sor, Oxfam, adding, “In districts And Delhi had the worst rural Suresh Sharma, head of popu- rural areas.

Not-so-young DELIVERY STATUS

Fertility levels (children per woman)
On Monday, economic data on health
ADITI PHADNIS
rate has reached 2 children per
indicative of acute contempo-
rary factors. Fertility treatment
clinic Seeds of Innocence has
are all factors leading to low
fertility rate currently,” says
Gauri Agarwal founder &

future as fertility Meghalaya 3.3 New Delhi, 25 November women compared to 2.2 in seen a surge of 7 per cent in fertility specialist, Seeds of
2015-16, which means women patients in the last one year. innocence & Genestrings
Bihar 3.1
On the heels of the National are giving birth to fewer “Lifestyle, profession, late Diagnostics.
Uttar Pradesh 2.5 Nine states Family Health Survey-5 (NFHS- children than before indicating marriage, egg freezing to

rate dips Jharkhand

Delhi
2.5
2.5
have higher
fertility levels in
rural areas than
5), which revealed new
demographic trajectories
including the replacement level
better knowledge and use of
family planning services, two-
thirds of the currently married
ensure healthy delivery later More on business-standard.com

RUCHIKA CHITRAVANSHI
& ISHAAN GERA
New Delhi 25 November
With India’s fertility rate —
children per woman —
declining from 2.2 to two
between 2015-16 and 2019-21,
we could be seeing a demo-
graphic shift towards an
ageing population.
India’s fertility rate has
fallen below the replacement
level fertility of 2.1, as defined
by the UN Population
Division. A fall below the
replacement level indicates a
shift of demography towards
an ageing population.
Population experts say
changing lifestyles and life
choices as well as government
health schemes are reasons
for this shift. Due to the
National Health Mission, the
institutional delivery mecha-
nism has improved, which
has led to a decline in infant
mortality. “Fertility rate has
come down because many are
adopting the two-child norm
to avail of benefits of govern-
ment schemes,” says Suresh
Sharma, head of population
research centre at Institute of
Economic Growth.
Infant mortality and
under-five mortality has
reduced from 40.7 to 35.2 and
49.7 to 41.9, respectively. This,
however, does not affect the
calculated replacement level
Manipur 2.4 the national of fertility, the government will, women (in the ages 15 to 49) are
Mizoram 2.2 average on Monday, unveil extensive using family planning methods
Rajasthan 2.1 economic data related to health to delay or limit pregnancies in
and the broader economy. NFHS-5 compared to only 53.5
Madhya Pradesh 2.1 National Family Health
New data will relate to per per cent in NFHS-4. This means
Survey 5 (2019-21)
India 2.1 capita spending on health better quality of life for families
and proportions of the GDP as resources are not spread as
fertility. “The percentage of problem of high dependency to health spending. thin, but it also means India will
women getting married below in a decade-and-a-half as Health ministry sources said have to begin thinking about its
the age of 18 years has gone China is facing today. the NFHS-5 marked some areas ageing population sooner.
down, while that of women While 32 of the 37 states for celebration but also some
choosing not to marry and of witnessed a decline in fertility markers that should cause Longer version on
divorces has gone up. Fertility levels, Tamil Nadu and Kerala concern. While the total fertility business-standard.com
rate is, therefore, declining,” reversed the trend in the last
says Amitabh Kundu, five years. In Kerala, the fertil-
research advisor, Oxfam. ity rate increased from 1.6 to during this period. However, Pradesh, Jharkhand and
Kundu adds that with a 1.8, and in Tamil Nadu rose despite an increase, Tamil Manipur have the highest fer-
total fertility rate (TFR) of 2, from 1.7 to 1.8. Nadu and Kerala had one of tility levels — even higher
the population is likely to sta- Fertility rates in the lowest fertility rates across than the national average.
bilise sooner than projected Telangana, Tripura and the country. Fertility experts also said
and we will face a serious Punjab remained the same Bihar, Meghalaya, Uttar that a declined fertility rate is