THURSDAY, 21 OCTOBER 2021

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

NEW DELHI
~10.00
VOLUME XXVII NUMBER 288

THE MARKETS ON WEDNESDAY chg#

Sensex 61,260 q 456.1

Nifty 18,266.6 q 152.1
Nifty Futures* 18,316.7 p 50.1 WORLD P8 ECONOMY & PUBLIC AFFAIRS P6
Dollar
Euro
Brent crude ($/bbl)
MARKET CLOSED
MARKET CLOSED
84.7
~74.9 **
~87.1**
84.5 #
FACEBOOK RENAMING REPORT INDIA STICKS TO STAND ON FARM
Gold (10 gm)### 47,358 p ~164.0
# Previous day’s close; *(October) premium on Nifty Spot at 6pm
IST;### Market rate exclusive of VAT; Source: IBJA
SPARKS VIRAL SPECULATION SUBSIDY AMID WTO D-G VISIT
P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

VIRUS
TRACKER
ACTIVE CASES
LOWEST IN
229 DAYS PSBs told to push PM: Reforms to make
INDIA us atmanirbhar in oil
Total 34,108,996
Active cases Recovered
178,098 33,478,247 452,651
ê5,020 é19,446
é14,623
Deaths

é197
financial inclusion
Centre also asks them to expand pension, insurance coverage
TWESH MISHRA
New Delhi, 20 October

India wants to increase domes-

Ambani, chairman and manag-
ing director,

chairman, Vedanta, among

Reliance
Industries, and Anil Agarwal,

tic oil and gas production after others.

Vaccination
996,542,015
é 5,964,909
WORLD Total
241,745,902
Deaths
4,916,684
SPECTRUM DUES: Vi
BETS ON MORATORIUM
Vodafone Idea (Vi) has decided to avail of the
four-year moratorium on spectrum dues.
This will give the stressed telecom operator a
fresh lease of life and allow it to make
investments in new services and technology.
Telcos have been given time till October 29 to
communicate whether they wish to avail a
moratorium on payment of spectrum dues
and adjusted gross revenue (AGR).
THE SMART INVESTOR P10
Indices fall for 2nd day on
inflation, valuation worries
The benchmark indices fell for the second day
as investors assessed the impact of rising
inflation on corporate earnings. Valuation
concerns amid a spike in bond yields and
commodity prices also led to some profit-
taking, following the sharp rise in recent weeks.
UBS SAYS INDIAN MKTS ‘EXTREMELY
EXPENSIVE’, TURNED ‘UNATTRACTIVE’P10
COMPANIES P2
Swiggy introduces period
time-off policy for women
In what is potentially a global first, food delivery
aggregator Swiggy has introduced a two-day
paid monthly period time-off policy for all
regular female delivery partners. On opting to
NIKUNJ OHRI it has undertaken reforms in Daniel Yergin, vice-chair-
New Delhi, 20 October
FESTIVE PMJDY account holders as of
October 10.
the sector to attract invest-
ment. This comes at a time
man, IHS Markit, was among
the global oil industry experts
PUSH
T
Note: Total cases
include 1 migration;
he Centre has asked pub- The Reserve Bank of India’s when the country's crude oil present at the interaction.
lic sector banks (PSBs) to (RBI’s) financial inclusion index, import bill has zoomed over Modi listed the upstream oil
arrow shows 1-day
change; figures as
of 9 pm IST; sources: aggressively target finan- which captures the extent of 3x, compared with 2020-21 and gas reforms undertaken in
Ministry of Health cial inclusion, expand financial inclusion in the coun- when oil prices breached $85 the last seven years. An official
and Family Welfare;
CoWin.gov.in; Johns pension and insurance coverage try, for the year ended March per barrel. statement said these included
Hopkins Coronavirus
Resource Center and, at the same time, use finan- 2021 was 53.9, as against 43.4 for Prime Minister Narendra Prime Minister Narendra Modi ones in exploration and licen-
cial technology (fintech) to extend the period ended March 2017. Modi on Wednesday met on Wednesday met around 30 sing policy, gas marketing, pol-
credit to borrowers during the fes- For operative PMJDY around 30 senior executives senior executives from global oil icies on coalbed methane, coal
tive season through co-lending accounts, banks have been from global oil majors and firms and urged them to boost gasification, and the recent
arrangements.
As PSBs have started their credit
asked to cover every household
under the PM Jeevan Jyoti
urged them to boost India's
local production.
India's local production reform in the Indian Gas
Exchange.
outreach programmes to support
the economy, the government is
Bima Yojana (PMJJBY). They
have been told to identify
An official statement said
the interaction was attended by
(CEO), Rosneft, Amin H Nasser,
president and CEO, Saudi
He added that such reforms
would continue with the goal to
planning district-wise loan melas, PMJDY beneficiaries up to 40 industry leaders, including Igor Aramco, Bernard Looney, CEO, make India 'atmanirbhar' in
similar to the ones organised in years of age and cover them Ivanovich Sechin, chairman BP, Olivier Le Peuch, CEO, the oil and gas sector.
October 2019. These are expected under the PMJJBY, the PM and chief executive officer Schlumberger, Mukesh Turn to Page 13 >
to be launched next month. Suraksha Bima Yojana, and the
Banks have been given a broad > PSBs to target individuals aged Atal Pension Yojana (APY).
outline by the government, rang- 21 years without bank accounts Account holders above 50 years of
ing from financial inclusion to
signing co-lending agreements
> Aim to provide 100% RuPay
cards to PMJDY account holders in
age should be covered under the
PMSBY.
PURI CALLS FOR REDUCING RED-HOT: KERRY BACKS
3> with non-banking financial com-
panies (NBFCs) and microfinance
metro and urban areas
> Cover PMJDY account holders
Of the total 436.4 million
PMJDY accounts, 368.6 million, or
CRUDE OIL PRICES INDIA ON SOLAR SECTOR
institutions (MFIs). Banks have with PMJJBY, PMSBY, APY by 85.6 per cent, were operative as on India has taken a firm stand on the increase in The US Special Presidential Envoy for Climate
been asked to identify individuals
who are 21 years of age, through
classifying them in three August 18. The PMJJBY and
PMSBY were launched in 2015 to
global crude oil prices which have sent domestic
retail prices spiralling. Union Petroleum Minister
Change John Kerry on Wednesday termed India a
“red-hot investment destination” for the solar
segments
the voters’ list, and do not have a
> Provide Kisan Credit Cards to
provide life and accidental insur- Hardeep Puri emphasised sector, saying the country has
bank account. Banks will have to ance cover of ~2 lakh each to all that the OPEC and its allies set an example for
open accounts for such individ- PM-KISAN beneficiaries beneficiaries enrolled under the should factor in the views of developing nations by
uals under the Pradhan Mantri Jan >Enter into co-lending schemes through their banks, with the consuming countries reaching 100 Gw of
Dhan Yojana (PMJDY). arrangements with NBFCs, MFIs annual premiums of only ~330 and that want lower prices.He renewable energy capacity.
In order to give a digital push, ~12, respectively. Cumulative said retail prices were at Kerry was addressing the
state-owned lenders have been and urban areas, and 90 per cent enrolments under the PMJJBY are their highest levels ever assembly of the ISA just
given a target to provide RuPay account holders in semi-urban little over 100 million, and 230 mil- because of supply weeks ahead of the crucial
cards to 100 per cent account and rural areas. About 315 million lion under the PMSBY. regulations maintained global climate
holders under the PMJDY in metro RuPay cards had been issued to Turn to Page 13 > by oil-producing conference COP26 in
nations. 4> Glasgow, UK. 4>
Future Retail party to
dispute with Amazon,

says Singapore panel

take this time-off, the delivery partner receives
a minimum earnings guarantee.

ADITYA KALRA
> RESULTS RECKONER New Delhi, 20 October

Quarter ended Sep 30, 2021; Common Sample Future Retail must take part in arbitra-
of 105 companies (Results available of 127 cos) tion over a commercial dispute with
SALES Amazon.com Inc, a Singapore arbitra-
tion panel ruled on Wednesday, reject-
Sep 30, 2020 4.9% ~1.91 trn ì ing the Indian retailer’s bid to avoid
Sep 30, 2021 20.2% ~2.30 trn ì the process.
NET PROFIT Amazon is trying to block Future’s
$3.4 billion sale of its retail assets to
Sep 30, 2020 27.8% ~37,838 cr ì Indian market leader Reliance
Sep 30, 2021 8.2% ~40,939 cr ì Industries, accusing it of breaking con-
tracts. Future denies any wrongdoing. THE BIG BATTLE
After the Singapore arbitrator put
> Future argued it should be excluded
the deal on hold last year in an interim
decision, Future argued it should be
from arbitration because Amazon had
excluded from arbitration because
initiated it incorrectly
Amazon had initiated it incorrectly > Arbitration panel said the three
under a contract it signed with another agreements at the heart of the
Future group company. Future-Amazon dispute must be read
In an order on Wednesday, which is together, and not separately
not public but has been reviewed by
> It said the tribunal has jurisdiction
Reuters, the panel disagreed with
over Future Retail in this arbitration
Future. It said the three agreements at
the heart of the Future-Amazon dis- > The dispute started after Future
pute must be read together, and not entered into a deal last year to sell its
separately, as Future argued. retail, wholesale and logistics
Turn to Page 13 > businesses to Reliance

Hotels expect a happy New Year

Hopeful of doing good EYEING BETTER DAYS
business as tourism > Leisure locations saw revenue
surpassing 2019 levels during
picks up during festivals Dussehra weekend
> Hotels expect the trend to continue
during Christmas and New Year
SHALLY SETH MOHILE
Mumbai, 20 October > Recovery on a full-year basis
still 6 to 12 months away, say
After a better-than-expected Dussehra industry insiders
weekend, hospitality firms are hopeful > Domestic travellers to be the
of ending the year on a positive note by mainstay despite easing of travel
doing good business over Christmas restrictions
and the New Year.
Typically, year-end bookings kick in
two to four weeks before the season are likely to start around November and
begins. Owing to pandemic-related peak in December,” said Monisha Airfares soar 30-45%
uncertainties, hotels are seeing a signifi-
cant reduction in the booking window,
Dewan, senior area director for sales
and distribution, South Asia, at Marriott
on Diwali demand
with travellers waiting till the last International. Airfares on certain flight routes are 30-
minute to make hotel reservations. Marriott, the world's largest hospital- 45 per cent higher year-on-year (YoY) in
But, going by the consistent trend of ity chain, expects the overall occupancy the run-up to Diwali, steered by higher
a sequential uptick in the revenue per in the current quarter to increase 10-15 demand. Same time last year, airlines
average room (RevPar) since July this per cent year-on-year. It also expects the were allowed to operate at 70 per cent
year, hospitality firms are optimistic of a average daily rates (ADRs) to lift by capacity. The government has since
good ending to the year. around 15 per cent y-o-y as the overall withdrawn the ceiling on capacity.
“With government restrictions eas- demand, including corporate travel,
ing, we are anticipating a very good gains momentum. Turn to Page 13 > ANEESH PHADNIS WRITES P2
Christmas and New Year. The bookings
2 COMPANIES
STOCKS > Rallis India
IN THE NEWS
*OVER PREVIOUS CLOSE
>
IN BRIEF
Good Glamm buys media, lifestyle
content platform ScoopWhoop
The Good Glamm Group, a leading
content-to-commerce conglomerate,
has acquired ScoopWhoop, digital media
& lifestyle content platform. The financial
details of the deal were not disclosed. This
is the second acquisition by The Good
Glamm Group in a month. In early
October, the group acquired baby and
mother products brand The Moms Co for ~500 crore. ScoopWhoop
has a male audience of over 60 per cent, which paves the groups
entry into content-to-commerce for the fast-growing male
segment. Over the next three years, the group will invest ~500 crore
in the men’s category. New Delhi-based ScoopWhoop will continue
to work as an independent brand and media house within the
Good Glamm Group.
Microsoft launches
programme for
AI-focused start-ups
Technology major Microsoft
has launched a programme
for nurturing and scaling
start-ups that are leveraging
artificial intelligence (AI).
Microsoft AI Innovate is a
10-week initiative that
will support start-ups in
India leveraging AI
technologies, helping them
scale operations, drive
innovation, and build indu-
stry expertise. BS REPORTER
Revolt Motors plans
to fully localise
products by January
Revolt Motors on Wednesday
said it aims to fully localise its
product range by January next
year. The company, which will
re-open bookings of its electric
motorcycle – RV400 — across
70 cities from Thursday,
currently has been able to
achieve localisation of
around 70 per cent. PTI
Rajeev Mantri named
chief financial
officer of Citi India
Citi on Wednesday announced
the appointment of Rajeev
Mantri as chief financial officer,
Citi India, and cluster finance
head, South Asia, effective
October 5. He will report to Ashu
Khullar, CEO, Citi India and Tim
Monger, Asia Pacific CFO, Citi. He
takes on the role from Niraj
Parekh, who will move to New
York as the head of financial
planning and analysis for the
institutional clients group. PTI
AstraZeneca launches clinical
data insights division in India
AstraZeneca on Wednesday said it launched a clinical data and
insights division in India for data-related management of its
clinical trials. The Bengaluru-based clinical data and insights (CDI)
division is a critical advancement to support a growing global
portfolio and build on internal data expertise, the drug firm said
in a statement. The CDI division works across therapy areas and
portfolios, supporting early and late-stage clinical programmes
from Phase 1 to Phase 3, with an integrated end-to-end approach
for clinical data, analytics, insights and risk management.
UTTARAKHAND FLOODS
Auto firms resume
ops, but normalcy
to take some time
SHALLY SETH MOHILE
Mumbai, 20 October
Manufacturing units of auto
companies in flood-hit
Uttarakhand resumed
operations on Wednesday, a
day after most of them shut
their plants.
The National Disaster
Response Force on
Wednesday said it rescued
more than 1,300 people from
flood-hit areas and enhanced
its rescue teams from 15 to 17.
At least 46 people have died
in rain-related incidents in
the state so far.
Some of the major auto-
mobile manufacturers,
including Tata Motors, Bajaj
Auto, and Ashok Leyland,
and their suppliers have
plants in the hill state.
Officials at these companies
said they closed the plant for
a day on Tuesday.
They declined to com-
ment on the loss in the pro-
duction volumes. Suppliers
to these manufacturers said
the firms would compensate
for the production loss.
“We shut down for a cou-
ple of days and are now back
on track,” said Rakesh
Q2FY22 consolidated
profit drops nearly
32% YoY to ~56 crore
~282.5 CLOSE
q7.1 DOWN*
BS REPORTER
Mahindra XUV700
logs 65K bookings
in two weeks
Mahindra & Mahindra (M&M)
on Wednesday said the
deliveries of its model XUV700
would begin from month-
end. The deliveries of petrol
variants will start from October
30 while that of diesel trims
from the last week of Nove-
mber. The firm said it garn-
ered 65,000 bookings of XUV
700 in two weeks of the
process. It had opened
bookings on October 7. PTI
OnePlus promotes
Navnit Nakra as head
of India region ops
Smartphone maker OnePlus
on Wednesday said it has
elevated Navnit Nakra as its
India CEO and head of OnePlus
India region operations. As
part of this new senior
leadership role, Nakra will
spearhead the company's
business operations and
overall strategy for the India
region, a statement said. PTI
REC raises $75-mn term
loan from Sumitomo
Mitsui Banking Corp
State-run REC on Wednesday
said that it raised a $75 million
(about ~561 crore) term loan
from Sumitomo Mitsui
Banking Corporation. The
proceeds from this facility
shall be utilised to fund
power sector projects as
permitted under the external
commercial borrowing
guidelines of the Reserve
Bank of India. PTI
PTI
Sharma, executive director,
Bajaj Auto. Its Pantnagar
plant makes Discover
and a few more models and
has a monthly capacity of
150,000 units.
The production has
resumed, but it would take
another week or so before
normalcy can be restored as
the premises remain water-
logged, said an official at a
component maker that
supplies to Bajaj Auto and
other companies.
“The company will make
up for the loss by making the
same models at its Waluj
plant,” said the supplier cited
above.
“We ran operations with
low attendance on
Wednesday,” said an official
at another supplier.
A spokesperson at Tata
Motors said the Pantnagar
plant was shut for a day on a
precautionary basis. The
company has a capacity to
make 1,200 vehicles a day
and is currently making
650-700 units per day, said
a supplier.
Ashok Leyland has also
resumed operations, said a
company spokesperson.
NEW DELHI | THURSDAY, 21 OCTOBER 2021
> Snowman Logistics
Reports profit of ~47 crore
>Mindtree
Partners Western Asset
> Ramkrishna Forgings
Wins export order worth
> IndusInd Bank
Launches EMI on debit
in Q2FY22 against loss to drive enterprise ~52 crore in mining & cards to commemorate
of ~2 crore in Q2FY21 innovation and earthmoving segment the festive season
transform IT services
~45.1 CLOSE ~4,775.9 CLOSE ~1,208.7 CLOSE ~1,201.1 CLOSE
p5.1% UP* p0.7% UP* p0.8% UP* p0.6% UP*
Airfares up 30-45% on sky-high Diwali demand
ANEESH PHADNIS
Mumbai, 20 October
routes, including Mumbai-
Delhi and Mumbai-Kolkata, are
TOP TEN ROUTES BOOKED FOR DIWALI chase behaviour, which had
become last-minute purchase
30 per cent higher YoY; Beng- (Tickets purchased 20-25 days in advance) (in ~) behaviour during the pan-
Airfares on certain flight routes aluru-Kolkata and New Delhi- | Nov 13-16, 2020 | Nov 4-6, 2021 | % change demic,” said Bajpai.
are 30-45 per cent higher year- Kolkata are 40 per cent and According to Indiver
on-year (YoY) this Diwali, 45 per cent higher, respectively. Rastogi, president and group
steered by higher demand. However, fares on Delhi-Patna head-global business travel,
Same time last year, air- and Bengaluru-Patna routes Thomas Cook (India) & SOTC,
lines were allowed to operate are 25 per cent lower YoY. holiday queries have surged
Kolkata 6,068
– Varanasi 6,899
8,829
Pune 6,596
- Kolkata 6,599
- Delhi 6,348
6,639
Mumbai 5,058
Bengaluru 5,465
at 70 per cent capacity. The The availability of trains, over 5x, signalling robust pent-
Mumbai 4,198
Delhi - 4,180
Mumbai 5,955
5,295
Bengaluru 3,955
- Delhi 5,474
- Delhi 6,561
- Patna 7,650
7,082
- Kolkata 5,557
Mumbai 6,115
government has since with- compared with last year, could up demand and with it, a
drawn the ceiling on capacity. be a factor for the drop in fares return of consumer confidence
Delhi
- Patna
Bengaluru
-Patna
Moreover, last November, to Patna. The fares used for in air travel.
daily traffic was less than 50 comparison are 20-25 days “It is not surprising that air-
per cent of pre-pandemic prior to Diwali. fares are seeing an increase,
times; it has now increased to “We have observed an inc- 45 40 30 30 8 17 12 -25 -25 -1 albeit at a more moderate level
70-75 per cent. Increased occu- rease in bookings from trav- Average one-way fare Source: ixigo of 10-20 per cent, primarily to
pancy, coupled with upward ellers heading home or plan- top leisure routes like Jaipur,
revision in fare bands by the ning a Diwali getaway. With of ixigo. fuelling month-on-month traf- try executive. Port Blair, Goa, Srinagar, and
government, has translated international destinations eas- Domestic airlines flew fic growth. Growing travel confidence Kochi. We do expect to see a
into higher fares during the ing Covid-19 policies and pro- 327,923 passengers on Sunday While demand is looking has also resulted in a shift in rationalisation of pricing, with
festival months. tocols, we expect the demand (October 17) — the highest since strong, cost pressure is rising advance purchase pattern the government's recent
According to the data com- for leisure travel to shoot up the resumption of air travel on concurrently. “Aviation turbine trends. The share of bookings announcement permitting
piled by travel portal ixigo, the further for the new year,” said May 25, 2020. Rapid vaccina- fuel price is nearly double YoY for travel beyond 30 days has domestic carriers to operate at
average one-way economy Aloke Bajpai, co-founder and tion and the easing of state- and fare hikes are much lower increased in October, indicat- 100 per cent of their pre-Covid
class fares on the top 10 booked group chief executive officer wide restrictions have been in comparison,” rued an indus- ing pre-planned advance pur- capacity,” added Rastogi.
Retail, digital growth may RNaval lenders
ask bidders to
drive Reliance Q2 earnings
ADITI DIVEKAR
THE ESTIMATES
sweeten offers
Mumbai, 20 October DEV CHATTERJEE in 2009-10. Of this, only seven
Net sales EBITDA PAT Mumbai, 20 October OSVs were delivered till 2015-
M
ukesh Ambani-led Reliance 16. ONGC then cancelled the
Industries is expected to post % change % change % change Lenders have started negotia- order and invoked the bank
strong growth in consolidated ~cr QoQ YoY ~cr QoQ YoY ~cr QoQ YoY tions with top two bidders of guarantees in 2018-19, leading
net profit led by a robust rise in earnings Reliance Naval and to additional financial bur-
RELIANCE INDUSTRIES (CONSOLIDATED)
before interest, tax, depreciation, and Engineering, asking them to den on the company. An arbi-
ammortisation (EBITDA) in the Bloomberg 145,143 3.7 30.5 24,640 -10.7 6.2 12,887 5.0 34.7 sweeten their bids for the tration petition filed by the
September quarter. The gains will be led bankrupt company. company against ONGC is
by growth in retail, digital-telecom busi- Centrum Broking 172,190 23.0 54.8 24,780 6.0 30.8 14,600 5.7 37.7 The two bidders — Hazel currently pending.
ness, and steady petrochemicals margins, Mercantile and Naveen After the company was
HDFC Securities 162,700 16.3 46.3 26,600 13.7 40.2 14,300 16.3 49.2
estimate analysts. Jindal group — are left in the sent for debt resolutions, its
“We expect RIL’s consolidated EBITDA Morgan Stanley 179,664 28.4 61.5 24,988 6.9 31.9 14,974 8.2 42.6 fray for the company that has orders dried up and it
to increase 13.7 per cent quarter-on-quarter defaulted to ~12,500 crore of reported revenues of ~75 crore
Motilal Oswal Sec 148,600 6.2 33.6 23,400 0.0 23.8 11,100 -9.8 15.6
(QoQ) to ~26,600 crore and 40.2 per cent
on year-on-year (YoY) basis,” said analysts
bank debt. a loss of ~1,621 crore for the
“We have asked both the financial year ended March
at HDFC Securities in a report.
YES Securities 151,158 8.0 35.9 23,746 1.5 25.6 14,473 4.8 36.5
companies to 2021.
The oil-to-chemicals (O2C) business of RELIANCE JIO better their bids Once opera-
India’s most valuable company is esti- and we have tional, the com-
mated to see its EBITDA per tonne of crude Motilal Oswal Sec 18,789 4.4 7.5 9,081 5.4 21.0 3,713 6.1 30.6 received positive pany will be able
processed to increase 22 per cent sequen- feedback,” said a to support the
Morgan Stanley NA - - 9,028 4.8 20.3 3,847 9.9 35.3
tially, owing to improvement in gasoil source close to Indian defence
cracks by 28 per cent YoY, said the report. Source: Bloomberg, Brokerage reports the development. forces by man-
Higher oil prices should translate to a While the top bid- ufacturing tech-
healthy increase in revenues in Q2 over Some moderation in petchem deltas, under preview, but would still be 4 per cent der, Mumbai- nology intensive
the year-ago period as well as sequentially. however, are seen impacting O2C’s below the pre-second Covid wave run rate based Hazel ships in India,
Brent crude is currently hovering around EBITDA on sequential basis, said analysts of Q4FY21,” said a Morgan Stanley report. Mercantile, has thus saving for-
$85 a barrel compared to $75 at the end of at Motilal Oswal Securities in their report. Brokerages remain divided on the aver- offered ~2,100 THE LENDERS eign exchange. At
June quarter and about $40 at the end of The company’s retail business EBITDA age revenue per unit (ARPU) for the crore, Jindal has ARE PLANNING present, defence
Q1FY21. There could be some inventory is seen rising with fashion, jewellery and quarter in RIL’s telecom business. proposed around TO CLOSE THE ships are con-
gains too, leading to better margins in the electronics sales recovering and margins At one end, YES Securities’ report ~400 crore to the DEAL IN NEXT structed in the
O2C business. inching towards pre-pandemic levels, said stated that both company’s retail and lenders. TWO WEEKS government-
“We expect RIL’s gross refining margin
(GRM) to rise by $0.5 per barrel to $7.3
brokerages.
Easing of lockdown restric-
refinery business would partially offset the
plausible sequential decline in ARPU in
The lenders
are planning to
BY VOTING ON
BOTH REVISED
owned yards and
in foreign coun-
per barrel sequentially in Q2FY22 and tions during the quarter will the Jio Infocom business of the company. close the deal PROPOSALS tries.
refinery utilisation rates normalise also support growth in the On the other hand, Morgan Stanley within the next One of the bid-
up to 105 per cent. Refining mar- retail segment, leading to an said it expects telecom subscriber addition two weeks by vot- ders, who with-
gins, especially diesel, should rise increase in businesses’ of 14 million during September quarter, in ing on both revised proposals. drew from the process, said
further as global demand recovery EBITDA in the period under line with the previous quarter’s trend. This The company, which the company was worried
and gas to oil switching for power preview, said the JM should be a key driver behind a 5 per cent makes warships and offshore over the time taken by the
generation/industrial fuels (due to Financial Institutional sequential rise in telecom earnings, supply vehicles, was sent to lenders to take a decision in
higher gas prices) has led to diesel Securities report. although the foreign brokerage estimates the National Company Law the IBC despite a deadline
cracks rising above $10 per “The estimated ARPUs to rise slightly by 1.5 per cent QoQ Tribunal (NCLT) in January specified in the code.
barrel, and reduction revenues for to ~140 per month. HDFC Securities, too, last year after it defaulted on “We looked at a couple of
of diesel inventories the retail busi- expects ARPU to rise a bit. “We have esti- its debt repayments. IBC companies, including
has supported hig- ness will rise mated 15 million user additions in Q2 and The company’s debt went Reliance Naval, but the time
her jet fuel cracks at 43 per cent ARPU of ~141.6, up 2.3 per cent QoQ.” up after it failed to deliver the taken by the lenders and the
$14 per barrel,” said sequentially Going ahead, the government’s tele- ships in time to ONGC. The subsequent litigation with
a report by in the com sector reforms should be supportive oil major had placed an order other parties discouraged us
Morgan Stanley. period of ARPU increases, said brokerages. for 12 offshore supply vessels to go further,” the bidder said.
Swiggy rolls out two-day paid period break
PEERZADA ABRAR & NEHA ALAWADHI
Bengaluru/New Delhi, 20 October
June, it said it has set a goal of reac-
hing 10 per cent female delivery
female delivery partners were
implemented.
partners by 2021-end, starting with An NPS survey done at the end of
In what is potentially a global first, Bengaluru, Hyderabad, and Pune. September highlighted a 23-point
food delivery aggregator Swiggy has Swiggy’s Shah said the company jump in satisfaction among women
introduced a two-day paid monthly is ensuring to stay cognisant of the delivery partners from six weeks ago.
period time-off policy for all regular challenges women delivery partners In the same period, the number of
female delivery partners. On opting face. “Creating an environment that women delivery partners in
to take this time-off, the delivery part- encourages women to consider Bengaluru has doubled, with other
ner receives a minimum earnings delivering with Swiggy is a priority.” cities also seeing a small growth.
guarantee. One such initiative by Swiggy is “Swiggy understands the pain of a
Other initiatives include enabling access to vehicles. Several women woman in the field and period leave
access to vehicles, access to hygienic who are interested in onboarding will definitely motivate more women
restrooms, and implementing safety with Swiggy either lack access to to choose this platform and be
measures for female delivery personal motor vehicles, or don’t independent,” said Komal, a delivery
partners. have a driver’s licence. Swiggy is partner from Chennai.
Mihir Shah, vice-president for addressing this issue in two ways. With the emergence of
operations at Swiggy, said the First, assuring them that delivery by technology-enabled gig work
discomfort from being out and about bicycle is a viable option for short- platforms, over 200 million people
on the road while menstruating is SWIGGY’S FEMALE DELIVERY PARTNERS distance orders. In fact, 22 per cent of are considered part of the gig
probably one of the most underr- 99% of them are under the 24% are earning an income for the women delivery partners deliver workforce globally, according to a
eported reasons why many women age of 45 the first time on bicycles. Second, it is working report by consulting firm Boston
don’t consider delivery to be a viable with electric mobility partners to Consulting Group and Michael &
gig. “To support them through any 89% of them have one or 42% Pay their children’s facilitate electric mobikes (sub-25 Susan Dell Foundation.
menstruation-related challenges, more children education with their earnings kmph) on rent. India’s gig economy is set to treble
we’ve introduced a no-questions- 40% use their earnings to 32% want to further their studies Another initiative is access to over the next three-four years to 24
asked, two-day paid monthly period contribute to household expenses Source: Company hygienic restrooms. Shah said Swig- million jobs in the non-firm sector,
time-off policy for all our regular gy has worked with restaurant from the existing 8 million, said the
female delivery partners,” said Shah, partners in Kochi and is expanding report. The report estimates that the
in a company blogpost, adding, In 2016, Swiggy onboarded its first partners would be compensated for this to other large cities to address gig economy has the potential to
“This industry-first initiative gives female delivery partner in Pune. their loss of commission too," said this need gap. More recently, the firm service up to 90 million jobs in India’s
them the option to voluntarily take “Since then, we have been striving to Rituparna Chakraborty, co-founder has partnered Shell to provide its non-farm economy alone, transact
time off during their menstrual cycle build inclusivity and diversity across and executive vice-president, delivery partners access to restrooms over $250 billion in the volume of
and be eligible to a minimum earn- the platform,” said Shah. TeamLease Services, a staffing firm. across all their petrol stations. work, and contribute an incremental
ings guarantee during that time.” “It is an interesting move and we Last year, rival company Zomato Swiggy said the safety of delivery 1.25 per cent to India's gross domestic
SoftBank-backed Swiggy has over shall have to see if this is sufficient to announced a period leave policy, partners is of utmost importance to product over the long term.
200,000 delivery partners, of which motivate and attract women delivery allowing female employees to take it. Measures like ‘safe zones’ and
1,000 are women delivery partners. partners. Am assuming the delivery up to 10 period leaves in a year. In capping delivery hours at 6 pm for More on business-standard.com
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 COMPANIES 3 <

Vi accepts 4-year payment Jio gains 649,000 users in

moratorium on AGR dues Aug, Airtel adds 138,000
MEGHA MANCHANDA
New Delhi, 20 October THE NUMBER GAME
ANEESH PHADNIS notification by DoT will be considered | Reliance Jio | Bharti Airtel | Vodafone Idea (in mn)
Mumbai, 20 October by the board within the stipulated time India’s largest telecom operator

7.90

5.50
frame,” it said. Reliance Jio gained 649,000

4.80

6.50
4.30

4.05
V
odafone Idea (Vi) has decided to The company’s stock gained 6.4 per mobile users in August, leading

3.70

3.50

3.8
avail the four-year moratorium cent on Wednesday and closed at ~10.64 the subscriber addition tally,

1.90
on spectrum dues. This will give on the BSE. according to latest data by the

1.10

0.64
-4.60
0.60

-4.30

-0.83
0.50
-1.80

-1.40
the stressed telecom operator a On September 15, the Union Cabinet Telecom Regulatory Authority

-4.3

fresh lease of life and allow it to make
investments in new services and
technology.
Telcos have been given time till
October 29 to communicate whether
they wish to avail a moratorium on pay-
ment of spectrum dues and adjusted
gross revenue (AGR).
The department of telecom (DoT)
has given them 90 days to consider the
option of converting the interest that
will accrue during the moratorium
period into equity.
The government has also informed
the companies about modalities of
debt-to-equity conversion, relevant date
for pricing the shares and the pricing
formula, among others.
While Vi has decided to avail a mor-
atorium on spectrum dues, it is yet to
take a similar call on AGR.
In a stock exchange filing, the com-
pany said its board of directors have
SHARES UP
(Price in ~)
Compiled by BS Research Bureau
Source: Bloomberg
approved the option of deferment of the
company’s spectrum auction instal-
ments for a period of four years
(October 2021 to September 2025).
“The other options offered in the
approved a relief package for the tele-
com sector that included a four-year
moratorium on AGR and spectrum pay-
ments. It also included reduced bank
guarantees and the option of converting
operators’ principal statutory dues into
equity at the end of the moratorium
period – or after four years.
Vi’s total gross debt as of June-end
stood at ~1.91 trillion. It comprised
deferred spectrum obligations, AGR
liability and bank loans. This includes
deferred spectrum payment obligations
of ~1.06 trillion and AGR dues of over
~62,000 crore.
Chief executive officer Ravinder
Takkar had earlier said that the reforms
package will help address the concern
of investors and create a great opportu-
nity to get funding.
“I think the four-year moratorium
period is long enough to get the com-
pany back on track,” he had said.
of India (Trai). Bharti Airtel
added 138,000 users while
Vodafone Idea lost 833,000
subscribers during August.
Reliance Jio's mobile base
stands at 443.8 million, that of
Bharti Airtel’s is 354.1 million
and Voda Idea 271 million.
In July, Reliance Jio gained
6.5 million subscribers, cem-
enting its market lead, while
Bharti Airtel added 1.9 million
customers during the month.
Jio's subscriber base stood at
443.2 million in July, according
to the data. Airtel’s total wire-
less subscriber count rose to
354 million in July. Vodafone
Idea, which got a fresh lease of
life with a new telecom pack-
age announced recently, lost
1.4 million wireless users dur-
ing July, as its subscriber count
slipped to 271.9 million.
As of July, Reliance Jio has
0.13
Feb March April May June July August
Source: Trai
BSNL to offer Inmarsat’s GX satcomm services in India
British satellite operator Inmarsat Holdings said it’s the first foreign operator to get India’s approval to
sell high-speed broadband to planes and shipping vessels. Inmarsat will access the market via Indian
state-owned telecommunications company Bharat Sanchar Nigam, after BSNL received a licence
from India’s Department of Telecommunications, the London-based firm said in a statement
Wednesday. A representative for the Indian government didn’t immediately respond to a request for
comment outside of ordinary business hours. Inmarsat has struck deals with Indian airline SpiceJet
and the Shipping Corp of India, Chief Executive Officer Rajeev Suri said in an interview. BLOOMBERG
22.91 per cent. The telecom sec- of revenue on which levies are ude the scrapping of spectrum
tor has got a shot in the arm paid, and allowing 100 per cent usage charge for airwaves
with the Cabinet approving a foreign investment through the acquired in future auctions.
blockbuster relief package for automatic route. The measures Meanwhile, Trai data sho-
the industry. This includes a are aimed at providing relief to wed that the number of tele-
four-year break for companies companies like Vodafone Idea phone subscribers in India

Risks of further slip in Voda Idea 37.34 per cent wireless market
share, Bharti Airtel is at 29.83
per cent and Vodafone Idea at
from paying statutory dues,
permission to share scarce air-
waves, change in the definition
that have to pay thousands of
crores in unprovisioned past
statutory dues. They also incl-
increased to 1.2 billion at the
end of July 2021, a monthly
growth rate of 0.57 per cent.

financial profile lower, say lenders

ABHIJIT LELE down significantly in the last
Mumbai, 20 October STACK OF SELECT two quarters from the levels of

Lenders of Vodafone Idea Ltd

have said the risks of the com-
pany’s financial profile wor-
sening further are lower now
— thanks to the recent relief
package to the telecom sector
— and this will further help
eliminate the need to hike
interest rates, at least for now.
Along with infusion of
funds, lenders said they
expected the promoters to
work on tariff revision.
Bank executives said they
have begun a modelling exer-
cise on Vi’s financial profile
that is likely to emerge from
the government’s package,
which might have created
some room for using a part of
current cash-flows to make
payments for NCDs.
In September 2021, the gov-
ernment cleared a package
allowing telcos a moratorium
on the payment of adjusted
gross revenue (AGR) dues as
well as spectrum payments
prospectively for the next four
years.
Under the relief package,
the company is required to
make the first tranche of AGR
payments in March 2022,
while the spectrum payments
are to resume from April 2022.
“With everything being
worked out, and the possibility
of raising capital in the coming
days, things are expected to be
under control,” an official of a
Mumbai-based large public
sector bank said.
The company reported a
loss of ~7,319.10 crore in
Q1FY22. According to rating
agency Brickwork Ratings, the
company’s net worth has been
wiped out on account of the
FINANCIAL ~120 in Q2FY21 and Q3FY21 to
~107 in Q4FY21 and ~104 in
OBLIGATIONS Q1FY22, respectively. The fall
Amount in ARPU has also affected the
company’s revenue and prof-
Total gross debt ~1.91 trn itability at the EBITDA level.
Deferred spectrum ~1.06 trn A public sector bank offi-
payment obligation cial said of the ~40,000 crore
AGR liability ~62,180 cr that Vi owed, more than half
was non-fund-based limits
Bank & FI debt ~23,400 cr (guarantees given for spec-
Source: Quarterly performance report
June 2021
trum, etc.), a requirement that
will now be reduced.
The official said once guar-
continued losses and has antees are returned, some
turned negative. Its net debt parts will turn into fund-based
stood at ~1.9 trillion at the end limits for Vi’s expansion plan.
of June 2021. He further said worries that
The EBITDA, which has the government will encash
shown improvement in the last bank guarantees were a thing
few quarters, remains lower of the past with a moratorium
than the company’s financial of four years on government
cost and the company’s liquid- payments.
ity position is stretched. Another executive with
Vi has debt obligations of private bank said there have
more than ~7,000 crore matur- been statements about pro-
ing in Q3-Q4 FY22. In August moters putting in money
2021, the agency had down- (equity). This needs to
graded its debentures from happen soon as the company
“BB-” to “B”. has upcoming payments on
The company’s average debentures maturing through
revenue per user has come the second half.

India Inc may

see higher pay
with 9.3%
hike in 2022, FORE SCHOOL OF MANAGEMENT
says report “Adhitam Kendra”, B-18, Qutub Institutional Area, New Delhi - 110016

PRESS TRUST OF INDIA

Mumbai, 20 October FULL TIME FELLOW
Higher salaries in India are PROGRAMME IN
making a comeback with MANAGEMENT
9.3 per cent hike being
expected in 2022, from 8 per
(FPM Batch 2022-2023)
cent in 2021, and with com- (Approved by AICTE)
panies planning to give
employees larger raises as
they face mounting chal-
lenges of attracting and
retaining employees, accord- ADMISSION CRITERIA:
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ELIGIBILITY:
To Know More:
Salaries are projected to www.fsm.ac.in/full-time-fpm
see a median salary increase Candidates must possess one of the following
of 9.3 per cent next year qualifications to apply for Fellow Programme in
compared to the actual Management:
median salary increase of 8 First Class Master’s Degree or equivalent / Professional Application
per cent in 2021, according qualifications such as CA/ICWA with degree / Five year Deadline:
to the 'Salary Budget Integrated Master’s degree programme in any December 13, 2021
discipline / Four Year/Eight Semester Bachelor’s
Planning Report' by global
Degree in Engineering (B.E./B.Tech./B. Arch.).
(Monday)
advisory, broking and solu-
tions company Willis
SELECTION CRITERIA:
Towers Watson.
India's projected salary
Valid
Valid score
scoreof of
CATCAT
/GRE/ / GRE
GMAT// GATE
GMAT/ JRF-UGC
/ GATE // Programme
CSIR / FORE Entrance
JRF-UGC/CSIR test andtest
/ FORE Entrance Research Proposal
and Research Commencing:
increase is the highest in (tentative) Presentation
Proposal (tentative) Presentation. June / July, 2022
Asia-Pacific for the next year
The candidates
The candidateswill
willbe
beshort-listed
short-listedonfor
theadmission on
basis of their
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improved business outlook academic record, performance in the competitive
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examinations and Research Proposal
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MINIMUM TWO YEARS OF WORK EXPERIENCE
The Salary Budget http://fpmadmissions.fsm.ac.in/register
Planning Report is a bi- AREAS OF SPECIALISATION:
annual survey conducted Communication, Economics & Business Policy,
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June 2021, with 1,405 com- Marketing, Quantitative Techniques & Operations
panies across sections of Management, International Business, Strategy,
industries from 13 markets Organizational Behaviour & Human Resource.
in Asia-Pacific, including FINANCIAL SUPPORT:
435 companies in India. FPM scholars will receive financial support including
The report further scholarship, contingency grant, conference grant, etc.
showed that a majority (52.2
per cent) of companies in
India have projected a posi- For any queries, please call us on 011- 41242433, +91-8447255049
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up from 37 per cent in the
fourth quarter of 2020, which
point towards a much-antic-
ipated economic recovery.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 21 OCTOBER 2021 1

IN BRIEF
RBI imposes ~1-crore penalty
on Paytm Payments Bank
The Reserve Bank of India (RBI) on
Wednesday imposed a monetary penalty of
~1 crore on Paytm Payments Bank for
submitting information that did not reflect
the factual position, which is an offence
under Section 26 (2) of the Payments and
Settlement Act. “After reviewing the written
responses and oral submissions made
during the personal hearing, the RBI determined that the
aforementioned charge was substantiated and warranted the
imposition of a monetary penalty,” the RBI said. The central
bank has also imposed a penalty of ~27.78 lakh on Western
Union Financial Services for non-compliance with Money
Transfer Service Scheme (MTSS) directions. BS REPORTER
YES Bank may take 2 more years
to stabilise, says ex-SBI chief
Crisis-hit YES Bank has shown remarkable
progress after its management was taken by
the clutch of investors led by State Bank of
India (SBI) last year and may take two more
years to stabilise, said former SBI chairman
Rajnish Kumar (pictured). “The situation in
which YES Bank was, you have to give three
years time at least for it to stabilise... it has
shown remarkable progress as the condi-
tion was very bad when SBI salvaged it,” he told PTI while sharing
a sneak peek of his memoir. In his book titled ‘The Custodian of
Trust’, Kumar said that SBI was reluctant to play the lender of last
resort role for the YES Bank but circumstances compelled it to
rescue the country’s fourth largest private sector lender.
Nirav Modi UK extradition appeal
to be heard on December 14
A British court will hear on December 14 an appeal filed by
fugitive diamond merchant Nirav Modi against his extradition
from the UK to India to face charges of fraud and money
laundering in the estimated $2-billion Punjab National Bank
(PNB) scam case. The 50-year-old jeweller, who remains
behind bars at Wandsworth Prison in south-west London since
his arrest in March 2019, was granted permission to appeal
against the Westminster Magistrates' Court extradition order on
mental health and human rights grounds. High Court judge
Martin Chamberlain had ruled on August 9 that arguments
presented by Modi's legal team concerning his “severe
depression” and “high risk of suicide” were arguable at a
substantial hearing. PTI
Lakhimpur violence shouldn’t be
an ‘unending story’: SC to UP govt
Observing that the probe into the Lakhimpur Kheri violence
should not be an “unending story”, the Supreme Court on
Wednesday rapped the Uttar Pradesh government again, saying
the court was getting the impression that the state police was
dragging its feet, and also ordered the protection of witnesses.
Noting that the UP government is required to “dispel” that
impression, the top court said the state should ensure recording
of statements of witnesses before magistrates and their
protection. “We think you are dragging your feet, please dispel
that impression,” observed the top court, and red-flagged the
issue of non-recording of statements of nearly 40 prosecution
witnesses, of the total 44, before judicial magistrates under
section 164 of the CrPC.
One soldier dies, 4 LeT militants
India talks tough, pushes
for lowering crude price
High prices have made India rethink energy transition strategy
TWESH MISHRA
New Delhi, 20 October
I
ndia has taken a firm stand on the
increase in global crude oil prices
which have sent domestic retail
prices spiralling. It also indicated that due
to high prices, there could be a change in
its energy transition plan, where natural
gas was to act as the bridge fuel to move
away from more polluting coal.
Union Petroleum Minister Hardeep
Puri emphasised that the Organization
of the Petroleum Exporting Countries
and its allies (collectively called Opec+)
should factor in the views of the consum-
ing countries that want lower prices.
Speaking at the ongoing India Energy
Forum by CERAWeek, Puri said retail
prices were at their highest levels ever
because of supply regulations main-
tained by oil-producing nations.
“Crude oil accounts for nearly 20 per
cent of our import bill. Our fuel import
PTI
bill has jumped from $8.8 billion (in the
quarter ended June 2020) to $24 billion
in the quarter ended June 2021. You
could see a surge in inflation, which
could also increase the cost of producing
and transporting goods,” he said.
Oil-producing countries, however,
said the present surge in demand is a
reflection of the continuing dependence
upon oil, although Puri reminded how
global crude oil prices fell to $19 a barrel
when lockdowns were imposed in March
2020, adversely impacting producers.
Union Petroleum Secretary Tarun
Kapoor said price volatility was not good
for either producers or consumers.
“The price of natural gas has shot up.
There is a natural gas supply mismatch
of just 5 per cent, but the price went up
10x,” said Kapoor.
“We have to now rethink because we
had plotted a path where we planned to
shift to renewables and use natural gas
as a fuel in the medium term,” he said,
asking oil producers to step in to deal
with the crisis.
Saudi Arabia, however, said its role
was limited and there was no shortage of
crude oil. “Saudi Arabia has always has
been the guardian of (oil market) stabil-
ity, but unfortunately, we see our role
extremely limited, because the issue is
not the availability of crude oil,” said its
Energy Minister Abdulaziz bin Salman
Al Saud, adding there were enough
buyers for crude oil.
PTI AT 1.48 MN, EPF SEES RECORD NET PAYROLL IN AUGUST
The formalisation of the economy
gained further momentum in
India red-hot
investment
destination
“THE IMPACT
IS VISIBLE...
OUR FUEL
“IT IS CLEAR
THAT WHILE
THE WORLD
for solar: Kerry
SHREYA JAI
IMPORT BILL RIGHTLY New Delhi, 20 October
HAS JUMPED EMBRACES
FROM THE ENERGY The US Special Presidential Envoy for Climate Change John
$8.8 BN (IN TRANSITION, Kerry on Wednesday termed India a “red-hot investment des-
JUNE 2020) WE WILL NEED tination” for the solar sector, saying the country has set an
TO $24 BN IN OIL AND GAS example for developing nations by reaching 100 Gw of renew-
able energy capacity.
JUNE 2021. FOR MANY
YOU COULD SEE A SURGE IN DECADES TO COME. THE CURRENT
Kerry was addressing the Fourth Assembly of the
International Solar Alliance (ISA) just weeks ahead of the crucial
INFLATION WHICH COULD DEMAND IS DYNAMIC, AND IS global climate conference
ALSO INCREASE THE COST OF THEREFORE A WAKE-UP CALL TO COP26 in Glasgow, UK.
PRODUCING AND CONTINUE TO INVEST IN THE The session was hosted by
R K Singh, union minister for
TRANSPORTING GOODS” ENTIRE ENERGY SECTOR TO AVOID power, new and renewable
HARDEEP PURI, UNION PETROLEUM A DEEPER SUPPLY CRUNCH” energy. Singh said after the
MINISTER SULTAN AHMED AL JABER, CEO, ADNOC GROUP Covid-19 pandemic, it has
become an absolute necessity
to enable livelihoods, clean and
India asks Qatar for cargoes sustainable energy solutions to
all. “The ISA was founded to
too expensive in 2015 bring the global community
together, synergise our efforts,
leverage our complementar- INDIA IS A CLOSE
The global energy shortage has prompted India to ask Qatar, the world’s biggest ities to overcome such barriers. PARTNER AND
supplier of liquefied natural gas, for around 50 cargoes it deemed too expensive six The ISA can provide energy
THE US STRONGLY
years ago.
State-linked importer Petronet LNG asked Qatargas to deliver the cargoes in the
access for 800 million people
who lack energy access world- SUPPORTS INDIA’S
coming year, on top of the approximately 115 cargoes that its long-term contract
stipulates for 2022, according to people familiar with the discussions. Normally,
wide,” Singh said, adding that
by 2022, India will have 175 Gw
GOAL OF REACHING 450
companies do not retroactively claim cargoes after initially declining them. of renewable energy and GW OF RENEWABLE
Petronet’s unusual move underscores the desperation of buyers as supply
disruptions from Peru to Russia and a voracious post-pandemic rebound in energy
450 Gw by 2030.
He said India is on its way to
ENERGY BY 2030
demand push spot prices to record highs. meet its Intended Nationally JOHN KERRY, US special
“We have requested Qatar to give us the pending 50 cargoes next year,” Akshay Determined Contributions presidential envoy for climate
Kumar Singh, chief executive officer of Petronet, said on the sidelines of the (INDC) for climate change miti- change
CERAWeek India Energy Forum. “We require the cargoes now.” BLOOMBERG gation committed during the
Paris COP21.
Kerry said the US strongly
He said there was no shortage of crude Need long-term contracts with supports India’s goal of reaching 450 Gw of renewable
oil, but its alternatives were in short fixed price energy by 2030. “India is a red-hot investment destination for
supply. “We still have low stocks in gaso- Kapoor later said there was a need for solar power and that can be true for every single member of the
line, gas, a serious bottleneck in infras- long-term contracts of crude ISA. Still, there are serious headwinds ahead for solar’s rise.
tructure, and also in coal,” he added. oil with a fixed or closed to fixed price India is a close partner and 450 Gw target is absolutely doable
Sultan Ahmed Al Jaber, chief execu- component. and will be done,” said Kerry.
tive officer of the Abu Dhabi National Oil
Company, acknowledged that the global
“If 70 per cent of IndianOil’s contracts
are on fixed prices, and 30 per cent on
He said with 1,000 Gw of installed energy, solar would play
the biggest role in a completely carbon-free electric power sector
economic growth was a challenge for the
energy sector since energy demand out-
floating, then it is manageable. But if the
entire basket goes up, then it is not. We
by 2035. However, he put the blame for carbon emissions on
developing nations. “But it’s not enough for the US to invest in
stripped supply. "It is clear that while the need to explore if we can tie up a large solar energy. Nearly 90 per cent of greenhouse gas emissions
world rightly embraces the energy transi- percentage of oil to fixed or close to fixed come from outside the US and that’s why the ISA is so critical.”
tion, we will need oil and gas for many dec- prices,” he said. Singh, however, pointed out that the available carbon space
ades to come. The current demand is Kapoor also said crude oil contracts has been taken up by the developed world.
dynamic, and is, therefore, a wake-up call should be for longer than one year, “For the developing world to develop, this carbon space
to continue to invest in the entire energy and should be benchmarked to a com- needs to be free for the developing countries. They need to
sector to avoid a deeper supply crunch,” modity, or basket of commodities to enable access to electricity but it should be done in a clean way,”
he added. lower volatility. Singh said.
FORMALISATION OF ECONOMY GAINS GROUND

1.48
August, with Covid-induced Payroll data (in mn) n New subscribers n Exits (in mn)
eliminated in J&K gunfight n Rejoined after exiting n Net addition

1.31
lockdowns easing. The New Exits Rejoined Net
Employees’ Provident Fund subscribers after exiting addition
1.09

Security forces on Wednesday eliminated four militants, (EPF) saw net addition of 1.48
1.03

1.03
1.02

FY19 13.94 12.29 4.46 6.11

0.95

0.95
including two commanders of Lashkar-e-Toiba (LeT), who were

0.92
million subscribers, which was a
0.87

0.9
0.84

involved in the killing of migrant labourers in Jammu and record high. Monthly average 1.16 1.02 0.37 0.51
0.78

0.78

0.75
0.74

Kashmir, police said. While two ultras were killed in the

0.67

The numbers — also called

0.64

encounter at Dragad in Shopian, two more were eliminated in a FY20 11.04 10.99 7.81 7.86
0.6

net payroll data — were higher Monthly average 0.92 0.91 0.65 0.66
gunbattle in Kulgam district, a police official said, adding so far
15 terrorists have been killed in two weeks. One soldier lost his in each of the first four months 0.39
of the current financial year FY21 8.55 9.79 8.94 7.7
life while two others sustained injuries in the Shopian
operation. "Police and Army #neutralised LeT district than the average monthly figure Monthly average 0.71 0.82 0.75 0.64
commander (Gulzar Ahmad Reshi) of Kulgam and one other, of previous years. The data was
who were involved in #killings of two poor labourers from released for the first time in indicator of jobs in the economy as Insurance Corporation and the
there is overlap between this data, National Payment System. April May June July Aug
Bihar on 17/10/21 at Wanpoh," IGP Kashmir zone Vijay Kumar said September 2017.
in a tweet. PTI It should not be taken as an that of the Employees’ State COMPILED BY INDIVJAL DHASMANA Source: EPFO

India saves 2 mn kids from death, but 4 mn undernourished

The fall in the Global Hunger Index score is not absolute, but relative to other countries
ABHISHEK WAGHMARE
Pune, 20 October
The recently published Global
Hunger Index (GHI) report says,
“It is difficult to be optimistic
about hunger in 2021.” And that’s
an observation that applies to the
entire world.
Though the GHI score for the
world has fallen consistently in the
last two decades, the pace of
hunger eradication has slowed
down in the last few years. The
World GHI score fell from 28 in
1998-2002 to 25.1 in 2004-2008,
to 20.4 in 2010-2014 and 17.9 in
2016-2020.
However, there are concerns
that globally, the prevalence of
undernourishment, or
insufficient calorie intake, has
risen in the last two years. And
India is no exception.
Quick methodology
The four indicators used in
calculating the GHI score are: The
proportion of undernourishment
— insufficient calorie intake; child
mortality — percentage of
children who die before turning
five; prevalence of stunting — low
height for age; and prevalence of
wasting — low weight for height.
These parameters are in
different units and not
comparable to each other. In order
to club them, they are
standardised by giving a
ceiling/floor to each parameter,
and then converting the absolute
value for a country to a value
relative to the ceiling/floor.
The score is arrived at by taking
the weighted average of the four
parameters, in weights ratio
33.3:33.3:16.67:16.67 respectively,
in the order mentioned above.
The final score lies between 0
and 100, zero being the best
outcome possible in the current
state of global hunger and 100
being the worst.
Fall in rank is relative
to others
While India’s position has
slipped in the GHI rank, its
overall GHI score has actually
improved in the last few years —
from 28.8 to 27.5. Lower score
translates to lower hunger.
The fall in ranking is thus
relative. It means that despite
India’s improvement in score,
many other countries made
faster improvements in the last
few years.
For instance, Ethiopia was
behind India in the period
2010-2014, with a GHI score of 33.5.
It is now ahead of India, with the
score at 24.1. North Korea also
moved up — from 29.1 to 25.2.
Gains and losses in
absolute terms
Two of the four GHI indicators
have worsened and two have
improved for India. But what
do these changes mean in
absolute terms?
According to the report, the
Business Standard looked at data
WHAT MATTERS MOST ABSOLUTE LOSSES from six countries to ascertain
Weighting of different parameters AND GAINS India’s situation.
in GHI Change from 2010-2014 India is 40 per cent below the
33.33 global average vegetable
16.67 Undernourishment period to 2016-2020 period
consumption. An average Indian
Wasting Parameter Impact consumes 80 kg of vegetables in a
Child mortality Fell by 2 mn year, compared to 140 kg globally,
according to OurWorldInData, a
Stunting Fell by 4 mn
global data repository.
Undernourished Fell by 4 mn Fruits are another category of
33.33 population
nutritious food, and India falls 30
16.67 Child per cent behind the world here.
Stunting mortality Wasting Rose by 2.5 mn
The average Indian eats 56 kg of
Source: GHI report, WeltHungerHilfe, Concern Source: GHI report, Registrar General of
India, BS calculations fruit per year, compared to
Worldwide
78 kg globally. India falls to sixth
INDIA’S IMPROVEMENT SLOWER INDIA LAGS IN NUTRITIOUS FOOD CONSUMPTION place among the small group
THAN GLOBAL AVERAGE Consumption in kilograms per year per person, 2017 | Veggies | Fruits | Meat analysed here.
“In the majority of safety net
GHI score 170
124 schemes, the focus is mostly on
India World Ethiopia N Korea Pak 113 105 113 providing a cereal-based diet,
93 100
1998-2002 38.8 28 53.5 39.5 36.7 80 77 79 thus lacking in diet diversity,
68 63 72
56 57 with minimal use of food groups
2004-2008 37.4 25.1 43.4 33.1 33.1 51
like millets, pulses, vegetables
2010-2014 28.8 20.4 33.5 29.1 32.1 4 7 and dairy,” Neha Pathania,
senior nutritionist, Paras
2016-2020 27.5 17.9 24.1 25.2 24.7 India Vietnam Brazil US Russia Nigeria
Source: GHI report, WeltHungerHilfe, Concern Worldwide Hospitals, Gurugram, told
Source: OurWorldInData, Food and Agriculture Organisation
Business Standard.
The trend is similar in meat
proportion of the undernourished population, this means that the under five years from dying. undernutrition; child stunting, consumption, too. An average
in the country has increased from number of wasted children in reflecting chronic Indian consumes 3.78 kilograms of
15 per cent to 15.3 per cent of the India went up from The problem of nutrition undernutrition; and/or child meat in one year! In Vietnam, with
population. Although this looks 17.2 million to 19.7 million in the While describing the high mortality, reflecting children’s similar levels of GDP per capita as
marginal in percentage terms, it span of a few years (considering variation in the range of values hunger and nutrition levels.” India, meat consumption is a
translates to more than an that 0-4 year olds make up 114 across countries, the GHI report The latter is a major problem whopping 15 times higher.
additional 4 million people. million of India’s population). says: “For some countries, high for India. In Nigeria, it is 7.15 kg, whereas
Also, the prevalence of However, stunting is slowly scores are driven by high rates of The country boasts of in Indonesia, meat consumption
children who have low weight for coming under control. Using the undernourishment, reflecting a implementing the world’s biggest stands at 11.7 kg per year.
their height has increased same population proxy, India has lack of calories for large swathes food security programme. But Bangladesh, too, has a higher meat
massively — from 15.1 per cent to been successful in saving 4 million of the population. For others, even so, India falls behind on intake than India — 4.04 kg per
17.3 per cent. kids from the scourge of stunting high scores result from high levels nutrition, which is key for person per year, according to
At the current level of projected and saved nearly 2 million kids of child wasting, reflecting acute complete human nourishment. OurWorldInData.
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 5 <

This is only an advertisement for information purposes and not for publication, distribution or release directly or indirectly outside India. This is not a prospectus announcement. All capitalized terms used and not defined herein shall have the meaning assigned to them in the letter of offer dated
September 22, 2021 (the “Letter of Offer” or “LOF”) and the Addendum to the Letter of Offer dated October 5, 2021 (the “Addendum”) filed with the stock exchanges, namely BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” and together with BSE, “Stock Exchanges”)
and the Securities and Exchange Board of India (“SEBI”).

BHARTI AIRTEL LIMITED

Our Company was originally incorporated as ‘Bharti Tele-Ventures Limited’ on July 7, 1995 at New Delhi, as a public limited company under the Companies Act, 1956 and a certificate of incorporation was granted to our Company by the Registrar of Companies, National Capital Territory of Delhi
and Haryana (“RoC”). Our Company received the certificate of commencement of business from the RoC on January 18, 1996. Subsequently, the name of our Company was changed to ‘Bharti Airtel Limited’ pursuant to which a fresh certificate of incorporation was granted on April 24, 2006 by
the RoC. For details of change in the Registered Office of our Company, see “General Information” on page 86 of the LOF.
Registered Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram, Haryana, 122 015, India; Tel: +91 12 4422 2222; Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi 110 070, India; Tel: +91 11 4666 6100
Contact Person: Mr. Rohit Krishan Puri, Deputy Company Secretary and Compliance Officer; Tel: +91 11 4666 6100; E-mail: compliance.officer@bharti.in; Website: www.airtel.in; Corporate Identity Number: L74899HR1995PLC095967

PROMOTER OF OUR COMPANY: BHARTI TELECOM LIMITED

FOR PRIVATE CIRCULATION TO THE ELIGIBLE EQUITY SHAREHOLDERS OF BHARTI AIRTEL LIMITED (OUR “COMPANY” OR THE “ISSUER”) ONLY
ISSUE OF UP TO 392,287,662 PARTLY PAID-UP EQUITY SHARES OF FACE VALUE OF ` 5 EACH (“RIGHTS EQUITY SHARES”) OF OUR COMPANY FOR CASH AT A PRICE OF ` 535 PER RIGHTS EQUITY SHARE (INCLUDING A PREMIUM OF ` 530 PER RIGHTS EQUITY SHARE) AGGREGATING UP TO ` 209,873.90
MILLION* ON A RIGHTS BASIS TO THE ELIGIBLE EQUITY SHAREHOLDERS OF OUR COMPANY IN THE RATIO OF 1 (ONE) RIGHTS EQUITY SHARES FOR EVERY 14 (FOURTEEN) EQUITY SHARES HELD BY THE ELIGIBLE EQUITY SHAREHOLDERS OF OUR COMPANY (THE “ISSUE”) ON THE RECORD DATE, THAT
IS, ON TUESDAY, SEPTEMBER 28, 2021 (THE “RECORD DATE”).
*Assuming full subscription and receipt of all Call Monies with respect to Rights Equity Shares
Amount payable per Rights Equity Share* Face Value (in `) Premium (`) Total (`)
On Application 1.25 132.50 133.75
Two more additional calls as may be decided by the Board / Committee of the Board from time to time 3.75 397.50 401.25
Total (`) 5.00 530.00 535.00
*For further details on Payment Schedule, see “Terms of the Issue” on page 434.

NOTICE TO THE ELIGIBLE EQUITY SHAREHOLDERS OF OUR COMPANY

ISSUE CLOSES TODAY

ASBA* Simple, Safe, Smart way of making an
application - Make use of it !!!
*Applications Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account. For further details check section on
ASBA below.

Facilities for applying the Issue: In accordance with Regulation 76 of the SEBI ICDR Regulations, the ASBA Circulars, all Investors desiring to make an Application in the
Issue are mandatorily required to use the ASBA process or the R-WAP process. Investors should carefully read the provisions applicable to such Applications before
making their Application through ASBA or R-WAP.
The Application Form can be used by the Eligible Equity Shareholders as well as the Renouncees, to make Applications in the Issue basis the Rights Entitlement credited in their
respective demat accounts or demat suspense escrow account, as applicable. For further details on the Rights Entitlements and demat suspense escrow account, see “Terms of
Issue-Credit of Rights Entitlements in demat accounts of Eligible Equity Shareholders” on page 447 of LOF.
Investors are requested to note that Application in this Issue can only be made through ASBA or by R-WAP facility. Further, this R-WAP facility in addition to ASBA is onetime
relaxations made available by SEBI in view of the COVID 2019 and shall not be a replacement of the existing process under the SEBI ICDR Regulations. For guidance on the
application process through R-WAP and resolution of difficulties faced by investors, you are advised to read the frequently asked question (FAQ) on the website of the registrar at
https://rights.kfintech.com and the website of our Company at www.airtel.in.
ASBA FACILITY: Investors are required to have an ASBA enabled bank account with an SCSB, prior to making the Application. Investors may submit the Application Form in physical
mode to the Designated Branches of the SCSB or online/ electronic Application through the website of the SCSBs (if made available by such SCSB) for authorizing such SCSB to
block Application Money payable on the Application in their respective ASBA Accounts. Investors should ensure that they have correctly submitted the Application Form and have
provided an authorisation to the SCSB, via the electronic mode, for blocking funds in the ASBA Account equivalent to the Application Money mentioned in the Application Form, as
the case may be, at the time of submission of the Application.
For the list of banks which have been notified by SEBI to act as SCSBs for the ASBA process, please refer to https://www.sebi. gov.in/sebiweb/other/OtherAction.do?doRecognised-
Fpi=yes&intmId=34.
Please note that subject to SCSBs complying with the requirements of the SEBI circular bearing reference number CIR/CFD/DIL/13/2012 dated September 25, 2012, within the
periods stipulated therein, Applications may be submitted at the Designated Branches of the SCSBs. Further, in terms of the SEBI circular bearing reference number CIR/CFD/
DIL/1/2013 dated January 2, 2013, it is clarified that for making Applications by SCSBs on their own account using ASBA facility, each such SCSB should have a separate account in
its own name with any other SEBI registered SCSB(s). Such account shall be used solely for the purpose of making an Application in the Issue and clear demarcated funds should
be available in such account for such an Application.
The Lead Managers, our Company, its directors, its employees, affiliates, associates and their respective directors and officers and the Registrar shall not take any responsibility for
acts, mistakes, errors, omissions and commissions etc., in relation to Applications accepted by SCSBs, Applications uploaded by SCSBs, Applications accepted but not uploaded by
SCSBs or Applications accepted and uploaded without blocking funds in the ASBA Accounts. For further details, see section - Terms of Issue - Making of an Application through
the ASBA process on page 436 of LOF.
R-WAP FACILITY: In accordance with the SEBI Rights Issue Circulars, a separate web based application platform, i.e., the R-WAP facility (accessible at https://rights.kfintech.com),
has been instituted for making an Application in the Issue by resident Investors. Further, R-WAP is only an additional option and not a replacement of the ASBA process and R-WAP
facility should be utilized only in the event that Investors are not able to utilize the ASBA facility for making an Application despite their best efforts.
At the R-WAP, resident Investors can access and submit the online Application Form in electronic mode using the R-WAP. Resident Investors, making an Application through R-WAP,
shall make online payment using internet banking or UPI facility. Prior to making an Application, such Investors should enable the internet banking or UPI facility of their respective
bank accounts and such Investors should ensure that the respective bank accounts have sufficient funds.
For guidance on the Application process through R-WAP and resolution of difficulties faced by the Investors, the Investors are advised to carefully read the frequently asked
questions, visit the online/ electronic dedicated investor helpdesk (https://rights.kfintech.com and www.airtel.in) or call helpline number (+91 40 6716 2222). For further details, please
refer to “Terms of the Issue- Making of an Application through the Registrar’s Web-based Application Platform (“R-WAP”) process” at para 3 (II) of Addendum.
ELIGIBLE EQUITY SHAREHOLDERS MAY PLEASE NOTE THAT THE RIGHTS EQUITY SHARES CAN BE ALLOTTED ONLY IN DEMATERIALIZED FORM AND TO THE SAME
DEPOSITORY ACCOUNT IN WHICH THE EQUITY SHARES ARE HELD BY SUCH APPLICANT ON THE RECORD DATE.
MAKING OF AN APPLICATION BY ELIGIBLE EQUITY SHAREHOLDERS ON PLAIN PAPER: An Eligible Equity Shareholder in India who is eligible to apply under the ASBA
process may make an Application to subscribe to the Issue on plain paper in case of non-receipt of Application Form as detailed above. In such cases of non-receipt of the Application
Form through e-mail or physical delivery (where applicable) and the Eligible Equity Shareholder not being in a position to obtain it from any other source may make an Application to
subscribe to the Issue on plain paper with the same details as per the Application Form that is available on the website of the Registrar, Stock Exchanges or the Lead Managers. An
Eligible Equity Shareholder shall submit the plain paper Application to the Designated Branch of the SCSB for authorising such SCSB to block Application Money in the said bank
account maintained with the same SCSB. Applications on plain paper will not be accepted from any address outside India.
Please note that the Eligible Equity Shareholders who are making the Application on plain paper shall not be entitled to renounce their Rights Entitlements and should not utilize the
Application Form for any purpose including renunciation even if it is received subsequently.
PLEASE NOTE THAT THE APPLICATION ON PLAIN PAPER CANNOT BE SUBMITTED THROUGH R-WAP.
The Application on plain paper, duly signed by the Eligible Equity Shareholder including joint holders, in the same order and as per specimen recorded with his/her bank, must reach
the office of the Designated Branch of the SCSB before the Issue Closing Date and should contain the following particulars:
1. Name of our Company, being Bharti Airtel Limited; 2. Name and address of the Eligible Equity Shareholder including joint holders (in the same order and as per specimen recorded
with our Company or the Depository); 3. Folio Number (in case of Eligible Equity Shareholders who hold Equity Shares in physical form as on Record Date)/DP and Client ID; 4.
Except for Applications on behalf of the Central or State Government, the residents of Sikkim and the officials appointed by the courts, PAN of the Eligible Equity Shareholder and
for each Eligible Equity Shareholder in case of joint names, irrespective of the total value of the Equity Shares applied for pursuant to the Issue. 5. Number of Equity Shares held
as on Record Date; 6. Allotment option – only dematerialised form; 7. Number of Rights Equity Shares entitled to; 8. Number of Rights Equity Shares applied for within the Rights
Entitlements; 9. Number of additional Rights Equity Shares applied for, if any (applicable only if entire Rights Entitlements have been applied for); 10. Total number of Rights Equity
Shares applied for; 11. Total amount paid at the rate of ` 133.75 per Rights Equity Share; 12. Details of the ASBA Account such as the SCSB account number, name, address and
branch of the relevant SCSB; 13. In case of non-resident Eligible Equity Shareholders making an application with an Indian address, details of the NRE/ FCNR/NRO account such
as the account number, name, address and branch of the SCSB with which the account is maintained; 14. Authorisation to the Designated Branch of the SCSB to block an amount
equivalent to the Application Money in the ASBA Account; 15. Signature of the Eligible Equity Shareholder (in case of joint holders, to appear in the same sequence and order as they
appear in the records of the SCSB); and 16. All such Eligible Equity Shareholders are deemed to have accepted the following:
Purchaser Representations and Transfer Restrictions
Any person who acquires Rights Entitlements and / or Rights Equity Shares, by its acceptance of the Letter of Offer / Abridged Letter of Offer or of the Rights Entitlements or Rights
Equity Shares, will be deemed to have declared, represented, warranted and agreed with our Company and the Lead Managers as follows:
• It will comply with all laws, regulations and restrictions (including the transfer restrictions contained herein) which may be applicable in your jurisdiction and it has obtained or will
obtain any consent, approval or authorization required for it to purchase and accept delivery of Rights Entitlements and / or Equity Shares, and it acknowledges and agrees that
none of us or the Lead Managers and their respective affiliates shall have any responsibility in this regard;
• It certifies that it is, or at the time the Rights Entitlements and / or Rights Equity Shares are purchased will be, (a) the beneficial owner of such Rights Entitlements and / or Rights
Equity Shares, it is located outside the United States of America (within the meaning of Regulation S), and it has not purchased the Rights Entitlements and / or Rights Equity
Shares for the account or benefit of any person in the United States or entered into any arrangement for the transfer of Rights Entitlements and / or Rights Equity Shares or an
economic interest therein to any person in the United States; or (b) it is a broker-dealer acting on behalf of a customer and its customer has confirmed to it that (i) such customer
is, or at the time the Rights Entitlements and / or Rights Equity Shares are purchased will be, the beneficial owner of such Rights Entitlements and / or Rights Equity Shares, (ii)
such customer is located outside the United States of America (within the meaning of Regulation S), and (iii) such customer has not purchased the Rights Entitlements and / or
Rights Equity Shares for the account or benefit of any person in the United States or entered into any arrangement for the transfer of the Rights Entitlements and / or Rights Equity
Shares or an economic interest therein to any person in the United States;
• It understands and agrees (or if it is a broker-dealer acting on behalf of a customer, its customer has confirmed to it that such customer understands and agrees) that the Rights
Entitlements and / or Rights Equity Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act, have not been and will
not be registered under the Securities Act or any state securities laws in the United States; if, in the future, it decides to offer, resell, renounce, pledge or otherwise transfer such
Rights Entitlements and / or Rights Equity Shares, or any economic interest therein, such Rights Entitlements and / or Rights Equity Shares or any economic interest therein may
be offered, sold, renounced, pledged or otherwise transferred only (A) in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S under the Securities Act;
and (B) in accordance with all applicable laws, including the securities laws of the States of the United States and any other jurisdiction in which such offers or sales are made;
• It is not an affiliate of our Company or a person acting on behalf of an affiliate;
• It agrees (or if it is a broker-dealer acting on behalf of a customer, its customer has confirmed to it that such customer agrees) that neither it, nor any of its affiliates, nor any person
acting on its behalf, are purchasing the Equity Shares as a result of any or directed selling efforts (as defined in Regulation S under the Securities Act);
• It will base its investment decision on a copy of the Letter of Offer and the Abridged Letter of Offer. It acknowledges that neither the Company nor any of its affiliates nor any other
person (including the Lead Manager) or any of their respective affiliates has made or will make any representations, express or implied, to it with respect to the Company, the
Issue, the Rights Entitlements and / or Rights Equity Shares, the accuracy, completeness or adequacy of any financial or other information concerning the Company, the Issue
or the Rights Entitlements and / or Rights Equity Shares, other than (in the case of the Company only) the information contained in the Letter of Offer and the Abridged Letter of
Offer, as it may be supplemented;
• It is a sophisticated investor and has such knowledge and experience in financial, business and investments as to be capable of evaluating the merits and risks of the investment
in the Rights Entitlements and / or Rights Equity Shares. It is experienced in investing in private placement transactions of securities of companies in similar jurisdictions. It and any
accounts for it is subscribing to the Rights Entitlements and / or Rights Equity Shares for (i) are each able to bear the economic risk of the investment in the Rights Entitlements
and / or Rights Equity Shares, (ii) will not look to the Company or the Lead Managers or any of their respective shareholders, directors, officers, employees, counsels, advisors,
representatives, agents or affiliates for all or part of any such loss or losses that may be suffered, (iii) are able to sustain a complete loss on the investment in the Rights Equity
Shares, (iv) have no need for liquidity with respect to the investment in the Rights Equity Shares, and (v) have no reason to anticipate any change in its or their circumstances,
financial or otherwise, which may cause or require any sale or distribution by it or them of all or any part of the Rights Entitlements and / or Rights Equity Shares. It acknowledges that
an investment in the Rights Entitlements and / or Rights Equity Shares involves a high degree of risk and that the Rights Entitlements and / or Rights Equity Shares are, therefore, a
speculative investment. It is seeking to subscribe to the Rights Entitlements and / or Rights Equity Shares in the Issue for its own investment and not with a view to distribution.
• It will notify any transferee to whom it subsequently offers, sells, renounces, pledges or otherwise transfers and the executing broker and any other agent involved in any resale of
the Rights Entitlements and / or Rights Equity Shares of the foregoing restrictions applicable to the Rights Entitlements and / or Rights Equity Shares and instruct such transferee,
broker or agent to abide by such restrictions.
• It acknowledges that our Company will not recognize any offer, sale, renunciation, pledge or other transfer of such Rights Entitlements and / or Rights Equity Shares made other
than in compliance with the above-stated restrictions; and
LEAD MANAGERS TO THE ISSUE
R
• It acknowledges that our Company, the Lead Managers, their respective affiliates and others will rely upon the truth and accuracy of the foregoing acknowledgements, rep-
resentations and agreements and agrees that, if any of such acknowledgements, representations and agreements deemed to have been made by virtue of its acquisition of
Rights Entitlements and the Rights Equity Shares are no longer accurate, it will promptly notify our Company, and if it is acquiring any of such Rights Entitlements and / or
Rights Equity Shares as a fiduciary or agent for one or more accounts, it represents that it has sole investment discretion with respect to each such account and that it has full
power to make the foregoing acknowledgements, representations and agreements on behalf of such account.
• Investors are requested to strictly adhere to these instructions. Failure to do so could result in an Application being rejected, with our Company, the Lead Managers and the
Registrar not having any liability to the Investor. The plain paper Application format will be available on the website of the Registrar at https://rights.kfintech.com.
For details of procedure for application by the Eligible Equity Shareholders holding Equity Shares as on the Record Date, see “Terms of the Issue” on page 434 of the LOF.
NOTICE TO INVESTORS: The distribution of the LOF, the Abridged Letter of Offer, the Application Form, the Rights Entitlement Letter, any other offering material and the issue
of Rights Entitlement and the Equity Shares on a rights basis to persons in certain jurisdictions outside India are restricted by legal requirements prevailing in those jurisdictions.
Persons into whose possession the LOF, the Abridged Letter of Offer, the Application Form or the Rights Entitlement Letter may come, are required to inform themselves about
and observe such restrictions.
Our Company is undertaking the Issue on a rights basis to the Eligible Equity Shareholders and the Abridged Letter of Offer, the Application Form, the Rights Entitlement Letter
and other Issue material will be sent/ dispatched only to the Eligible Equity Shareholders who have provided Indian address. In case such Eligible Equity Shareholders have
provided their valid e-mail address, the Abridged Letter of Offer, the Application Form, the Rights Entitlement Letter and other Issue material will be sent only to their valid e-mail
address and in case such Eligible Equity Shareholders have not provided their e-mail address, then the Abridged Letter of Offer, the Application Form, the Rights Entitlement
Letter and other Issue material will be dispatched, on a reasonable effort basis, to the Indian addresses provided by them. For further details, see section “Notice to Investors”
on page 13 of the LOF.
OVERSEAS SHAREHOLDERS: The distribution of the LOF, Abridged Letter of Offer (ALOF) or application form or any other offering material and the issue of Rights Equity
Shares, to persons in certain jurisdictions outside India may be restricted by legal requirements prevailing in those jurisdictions. Persons into whose possession the LOF, ALOF or
application form or any other offering material may come are required to inform themselves about and observe such restrictions. Our Company is making the Issue on a rights basis
to the Eligible Equity Shareholders and will dispatch the LOF, ALOF and application form to such shareholders who have provided an Indian address. Those overseas shareholders
who do not update our Company with their Indian address or the address of their duly authorized representative in India, prior to the date on which we propose to dispatch the LOF,
ALOF and application form, shall not be sent the LOF, ALOF and application form. No action has been or will be taken to permit the Issue in any jurisdiction where action would
be required for that purpose. Accordingly, the Rights Entitlement or Rights Equity Shares may not be offered or sold, directly or indirectly, and the LOF, ALOF and application form
may not be distributed in any jurisdiction, except in accordance with legal requirements applicable in such jurisdiction.
The LOF, ALOF and application form shall be dispatched to non-resident Eligible Equity Shareholders at their Indian address only as provided to our Company.
NO OFFER IN THE UNITED STATES
The Rights Entitlements and the Rights Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities
Act”), or any United States state securities laws and may not be offered, sold, resold or otherwise transferred within the United States or the territories or possessions thereof (the
“United States” or “US”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Rights Entitlements and
Rights Equity Shares referred to in the LOF are being offered and sold (i) in “offshore transactions” as defined in, and in compliance with Regulation S under the securities act
(“Regulation S”) to existing shareholders located in jurisdictions where such offer and sale of the rights equity shares is permitted under applicable laws of such jurisdictions and
(ii) (by the company only) in the United States to “Qualified Institutional Buyers” (as defined in Rule 144a under the Securities Act) (“U.S. QIB”) in transactions exempt from the
registration requirements of the Securities Act. The offering to which the LOF relates is not, and under no circumstances is to be construed as, an offering of any Rights Equity
Shares or Rights Entitlements for sale in the United States or as a solicitation therein of an offer to buy or transfer any of the said securities, except in each case to persons in the
United States who are invited directly by the Company and who are U.S. QIBS. accordingly, you should not forward or transmit the LOF in or into the United States at any time
(other than to U.S. QIBS).
Neither our Company, nor any person acting on behalf of our Company, will accept a subscription or renunciation from any person, or the agent of any person, who appears to be,
or who our Company, or any person acting on behalf of our Company, has reason to believe is, in the United States when the buy order is made (other than persons in the United
States who are QIBs). Envelopes containing a application form should not be postmarked in the United States or otherwise dispatched from the United States (other than from
persons in the United States who are QIBs) or any other jurisdiction where it would be illegal to make an offer under the LOF. Our Company is making the Issue on a rights basis
to the Eligible Equity Shareholders and will dispatch the LOD or Abridged Letter of Offer and application form only to Eligible Equity Shareholders who have provided an Indian
address to our Company. Any person who acquires Rights Entitlements or Rights Equity Shares will be deemed to have declared, warranted and agreed, by accepting the delivery
of the LOF, that (i) it is not and that at the time of subscribing for the Rights Equity Shares or the Rights Entitlements, it will not be, in the United States when the buy order is made,
or (ii) it is a QIB in the United States, and, in each case is authorized to acquire the Rights Entitlement and the Rights Equity Shares in compliance with all applicable laws and
regulations. Our Company reserves the right to treat as invalid any application form which: (i) appears to our Company or its agents to have been executed in or dispatched from
the United States (unless the application form is submitted by a QIB in the United States); (ii) does not include the relevant certification set out in the application form to the effect
that the person accepting and/or renouncing the application form does not have a registered address (and is not otherwise located) in the United States (unless the application form
is submitted by a QIB in the United States), and such person is complying with laws of jurisdictions applicable to such person in connection with the Issue, among others; (iii) where
a registered Indian address is not provided; or (iv) where our Company believes acceptance of such application form may infringe applicable legal or regulatory requirements; and
our Company shall not be bound to issue or allot any Rights Equity Shares in respect of any such application form.
LAST DATE FOR APPLICATION: The last date for submission of the duly filled in the Application Form or a plain paper Application is, Thursday, October 21, 2021, i.e., Issue
Closing Date. Our Board or any committee thereof may extend the said date for such period as it may determine from time to time, subject to the Issue Period not exceeding 30
days from the Issue Opening Date (inclusive of the Issue Opening Date).
If the Application Form is not submitted with an SCSB, uploaded with the Stock Exchanges and the Application Money is not blocked with the SCSB, on or before the Issue Closing
Date or such date as may be extended by our Board or any committee thereof, the invitation to offer contained in the LOF shall be deemed to have been declined and our Board
or any committee thereof shall be at liberty to dispose of the Equity Shares hereby offered, as set out in “-Basis of Allotment” on page 457.
Please note that on the Issue Closing Date, Applications will be uploaded until 5.00 p.m. (Indian Standard Time) or such extended time as permitted by the Stock Exchanges.
Please ensure that the Application Form and necessary details are filled in. In place of Application number, Investors can mention the reference number of the e-mail received
from Registrar informing about their Rights Entitlement or last eight digits of the demat account. Alternatively, SCSBs may mention their internal reference number in place of
application number.
APPLICANTS MAY PLEASE NOTE THAT THE EQUITY SHARES CAN BE TRADED ON THE STOCK EXCHANGES ONLY IN DEMATERIALISED FORM.
LISTING: The existing Equity Shares of our Company are listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, and together with BSE, the
“Stock Exchanges”). Our Company has received “in-principle” approvals from BSE and NSE for listing the Rights Equity Shares through their letters dated September 20, 2021,
respectively. For the purposes of the Issue, the Designated Stock Exchange is BSE.
DISCLAIMER CLAUSE OF SEBI: It is to be distinctly understood that submission of LOF to SEBI should not in any way be deemed or construed that SEBI has cleared or ap-
proved the LOF. The investors are advised to refer to the full text of the “Other Regulatory and Statutory Disclosures - Disclaimer Clause of SEBI” on page 426 of the LOF.
DISCLAIMER CLAUSE OF BSE (Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE should not, in anyway, be deemed or construed
that the LOF has been cleared or approved by BSE; nor does it in any manner, warrant, endorse or certify the correctness or completeness of any of the contents of the LOF. The
investors are advised to refer to the full text of the “Other Regulatory and Statutory Disclosures - Disclaimer Clause of BSE” on page 430 of the LOF.
DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by the NSE should not in any way be deemed or construed that the LOF has been
cleared or approved by the NSE nor does it certify the correctness or completeness of any of the contents of the LOF. The investors are advised to refer to the full text of the “Other
Regulatory and Statutory Disclosures - Disclaimer clause of NSE” on page 430 of the LOF.
BANKER TO THE ISSUE AND REFUND BANK: Kotak Mahindra Bank Limited
MONITORING AGENCY: Axis Bank Limited
DISPATCH AND AVAILABILITY OF ISSUE MATERIAL: In accordance with the SEBI ICDR Regulations, the Abridged Letter of Offer, the Application Form, the Rights Entitlement
Letter and other Issue material will be sent/ dispatched only to the Eligible Equity Shareholders who have provided Indian address. In case such Eligible Equity Shareholders have
provided their valid e-mail address, the Abridged Letter of Offer, the Application Form, the Rights Entitlement Letter and other Issue material will be sent only to their valid e-mail
address and in case such Eligible Equity Shareholders have not provided their e-mail address, then the Abridged Letter of Offer, the Application Form, the Rights Entitlement Letter
and other Issue material will be dispatched, on a reasonable effort basis, to the Indian addresses provided by them.
Further, the Letter of Offer will be sent/ dispatched to the Eligible Equity Shareholders who have provided Indian address and who have made a request in this regard. In case such
Eligible Equity Shareholders have provided their valid e-mail address, the Letter of Offer will be sent only to their valid e-mail address and in case such Eligible Equity Shareholders
have not provided their e-mail address, then the Letter of Offer will be dispatched, on a reasonable effort basis, to the Indian addresses provided by them. In accordance to above,
the dispatch of ALOF, the Rights Entitlement Letter and Application Form has been completed in electronic form through email and physically through registered post/speed post
on September 30, 2021 by the Registrar.
Investors can access the LOF, the Abridged Letter of Offer and the Application Form (provided that the Eligible Equity Shareholder is eligible to subscribe for the Equity Shares
under applicable laws) on the websites of:
(i) our Company at www.airtel.in; (ii) the Registrar at https://rights.kfintech.com; (iii) the Lead Managers, i.e. (a) Axis Capital Limited at www.axiscapital.co.in, (b) J.P. Morgan India
Private Limited at www.jpmipl.com; (c) Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm; (d) Kotak Mahindra Capital
Company Limited at www.investmentbank.kotak.com; (e) BofA Securities India Limited at www.ml-india.com;; (f) BNP Paribas at www.bnpparibas.co.in; (g) Goldman Sachs (India)
Securities Private Limited at www.goldmansachs.com; (h) HDFC Bank Limited at www.hdfcbank.com; (i) ICICI Securities Limited at www.icicisecurities.com; and (j) JM Financial
Limited at www.jmfl.com. (iv) the Stock Exchanges at www.bseindia.com and www.nseindia.com.
Eligible Equity Shareholders can also obtain the details of their respective Rights Entitlements from the website of the Registrar (i.e., https://rights.kfintech.com) by entering their
DP ID and Client ID or Folio Number (for Eligible Equity Shareholders who hold Equity Shares in physical form as on Record Date) and PAN. The link for the same shall also be
available on the website of our Company (i.e., www.airtel.in). Investors can access frequently asked questions and online/ electronic dedicated investor helpdesk for guidance on
the Application process and resolution of difficulties faced by the Investors on https://rights.kfintech.com and www.airtel.in
Please note that neither our Company nor the Registrar nor the Lead Managers shall be responsible for non-dispatch of physical copies of Issue materials, including
the LOF, the Abridged Letter of Offer, the Rights Entitlement Letter and the Application Form or delay in the receipt of the LOF, the Abridged Letter of Offer, the Rights
Entitlement Letter or the Application Form attributable to non-availability of the e-mail addresses of Eligible Equity Shareholders or electronic transmission delays or
failures, or if the Application Forms or the Rights Entitlement Letters are delayed or misplaced in the transit.
All capitalised terms not defined herein shall carry the same meaning as ascribed to them in the Letter of Offer and the Addendum.

Axis Capital Limited
1st Floor, Axis House, C-2, Wadia International Centre
Pandurang Budhkar Marg, Worli, Mumbai 400 025
Maharashtra, India
Telephone: +91 22 4325 2183
E-mail: bal.rights@axiscap.in
Investor Grievance E-mail: complaints@axiscap.in
Website: www.axiscapital.co.in
Contact Person: Harish Patel/Akash Aggarwal
SEBI Registration Number: INM000012029
Goldman Sachs (India) Securities Private Limited
951-A, Rational House, Appasaheb Marathe
Marg, Prabhadevi, Mumbai 400 025,
Maharashtra, India
Telephone: +91 22 6616 9000
E-mail: bhartiairtelrights2021@gs.com
Investor Grievance E-mail:
india-client-support@gs.com
Website: http://www.goldmansachs.com
Contact Person: Rishabh Garg
SEBI Registration No.: INM000011054
J.P. Morgan India Private Limited
J.P. Morgan Tower, Off. C.S.T. Road, Kalina,
Santacruz - East, Mumbai - 400098; Maharashtra, India
Telephone: +91 22 6157-3000
Email: bharti_rightsissue@jpmorgan.com
Investor Grievance Email:
Investorsmb.jpmipl@jpmorgan.com
Website: www.jpmipl.com
Contact Person: Saarthak Soni
SEBI Registration Number: INM000002970
LEAD MANAGERS TO THE ISSUE
HDFC Bank Limited
Investment Banking Group, Unit No. 401 & 402,
4th Floor, Tower B, Peninsula Business Park,
Lower Parel, Mumbai 400 013; Maharashtra, India
Telephone: +91 22 3395 8233
E-mail: bal.rights@hdfcbank.com
Investor Grievance E-mail:
investor.redressal@hdfcbank.com
Website: www.hdfcbank.com
Contact Person: Harsh Thakkar / Ravi Sharma
SEBI Registration No.: INM000011252
Citigroup Global Markets India Private Limited
1202, 12th Floor, First International Finance Centre,
G-Block, C-54 & C-55, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 098, Maharashtra, India
Telephone: +91 22 6175 9999
Email: BhartiAirtel.RightsIssue@citi.com
Investor Grievance Email: investors.cgmib@citi.com
Website: www.online.citibank.co.in/rhtm/citigroupglo-
balscreen1.htm; Contact Person: Nirmiti Varkanthe
SEBI Registration Number: INM000010718
ICICI Securities Limited
JM Financial Limited
ICICI Venture House, Appasaheb Marathe
7th Floor, Cnergy, Appasaheb Marathe Marg,
Marg, Prabhadevi, Mumbai - 400025; Prabhadevi, Mumbai 400 025,
Maharashtra India
Maharashtra, India
Telephone: +91 22 6807 7100 Telephone: +91 22 6630 3030; + 91 22 6630 3262
E-mail: bharti.rights2021@icicisecurities.com
Email: airtel.rights@jmfl.com
Investor Grievance E-mail:
customercare@icicisecurities.com Investor Grievance Email:
Website: www.icicisecurities.com grievance.ibd@jmfl.com
Contact Person: Sameer Purohit / Website: www.jmfl.com
Akhil Mohod Contact Person: Prachee Dhuri
SEBI Registration Number: INM000011179 SEBI Registration Number: INM000010361
BofA SECURITIES
Kotak Mahindra Capital Company Limited BNP Paribas BofA Securities India Limited
27BKC, 1st Floor, Plot No. C-27, “G” Block, Bandra BNP Paribas House, 1-North Avenue, Maker Maxity, Ground Floor, “A” Wing One BKC, “G” Block, Bandra Kurla
Kurla Complex, Bandra (East), Mumbai – 400051, Bandra – Kurla Complex, Bandra (E), Mumbai 400 051 Complex Bandra (East), Mumbai 400 051
Maharashtra, India Maharashtra, India Maharashtra, India
Telephone: +91 22 4336 0000 Telephone: +91 22 3370 4000 Telephone: +9122 6632 8000
E-mail: bal.rights@kotak.com E-mail: dl.bal.rights@asia.bnpparibas.com E-mail: dg.bharti_rights@bofa.com
Investor Grievance E-mail: kmccredressal@kotak.com Investor Grievance E-mail: indiainvestors.care@asia. Investor Grievance E-mail: dg.india_merchantbanking@
Website: www.investmentbank.kotak.com bnpparibas.com; Website: www.bnpparibas.co.in bofa.com
Contact Person: Mr. Ganesh Rane Contact Person: Soumya Guha Contact Person: Deepa Salvi; Website: www.ml-india.com
SEBI Registration Number: INM000008704 SEBI Registration Number: INM000011534 SEBI Registration No.: INM000011625
REGISTRAR TO THE ISSUE COMPLIANCE OFFICER
Mr. Rohit Krishan Puri
Deputy Company Secretary and Compliance Officer
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi 110 070; India
KFin Technologies Private Limited
Telephone: +91 11 4666 6100; E-mail: compliance.officer@bharti.in
(Formerly known as Karvy Fintech Private Limited)
Address: Selenium, Tower B, Plot No- 31 and 32, Investors may contact the Registrar to the Issue or our Deputy Company Secretary and Compliance
Officer for any pre-Issue or post- Issue related matters. All grievances relating to the ASBA process may
Financial District, Nanakramguda, Serilingampally, be addressed to the Registrar to the Issue, with a copy to the SCSB giving full details such as name,
Hyderabad, Rangareddi 500 032; Telangana, India.
address of the Applicant, contact number(s), e-mail address of the sole/ first holder, folio number or
Telephone Number: +91 40 6716 2222; demat account, number of Equity Shares applied for, amount blocked, ASBA Account number and the
Designated Branch of the SCSB where the Application Forms, or the plain paper application, as the
Fax: +91 40 2343 1551; Toll free number: 18003094001;
case may be, was submitted by the Investors along with a photocopy of the acknowledgement slip. For
Website: www.kfintech.com; Email: bhartiairtel.rights@kfintech.com; grievances relating to the R-WAP process, Investors may access the frequently asked questions and
Investor grievance e-mail: einward.ris@kfintech.com; online/ electronic dedicated investor helpdesk for guidance on the Application process and resolution of
Contact Person: M Murali Krishna; difficulties faced by the Investors will be available on the website of the Registrar (https://rights.kfintech.
SEBI Registration No.: INR000000221 com) and our Company (www.airtel.in). Further, they may contact the Registrar on its helpline number
provided for guidance on the Application process and resolution of difficulties is +91 40 6716 2222.

For BHARTI AIRTEL LIMITED

Sd/-
Date: October 20, 2021 Rohit Krishan Puri
Place: New Delhi Deputy Company Secretary and Compliance Officer

Bharti Airtel Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its Equity Shares and has filed the Letter of Offer dated September 22, 2021 (“LOF”) with the Securities and Exchange Board of India and the Stock Exchanges. The LOF
is available on the websites of SEBI at www.sebi.gov.in, BSE at www.bseindia.com and NSE at www.nseindia.com and on the websites of the Lead Managers to the Issue i.e. Axis Capital Limited (www.axiscapital.co.in), J.P. Morgan India Private Limited (www.jpmipl.com), Citigroup Global Markets India Private Limited (www.online.citibank.co.in/rhtm/citigroupglo-
balscreen1.htm), Kotak Mahindra Capital Company Limited (www.investmentbank.kotak.com), BNP Paribas (www.bnpparibas.co.in), BofA Securities India Limited (www.ml-india.com), Goldman Sachs (India) Securities Private Limited (http://www.goldmansachs.com), HDFC Bank Limited (www.hdfcbank.com), ICICI Securities Limited (www.icicisecurities.com),
JM Financial Limited (www.jmfl.com). Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the section “Risk Factors” on page 22 of the LOF for details of the same.
The Rights Entitlements and Rights Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or under any securities laws of any state or other jurisdiction of the United States of America (the “United States” or “U.S.”) and may not be offered, sold, resold, allotted, taken up, exercised,
renounced, pledged, transferred or delivered, directly or indirectly, within the United States or to or for the account or benefit, of U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)) except pursuant to an applicable exemption from, or a transaction not subject to, the registration requirements of the Securities Act and in compliance
with any applicable securities laws of any state or other jurisdiction of the United States. Adfactors
6 POLITICS & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 21 OCTOBER 2021 1

India sticks to its stand on RBI’S RECURRING PAYMENT GUIDELINES

fisheries, farm subsidies

This comes as WTO D-G reaches India for three-day visit
20 days later, consumers still face
SHREYA NANDI
New Delhi, 20 October

India will continue to stand its

makers, industry lobby groups,
start-ups, fintechs, as well as
officials from the National
Payments Corporation of
disruptions as banks not ready
ground on long-pending issues
pertaining to agriculture and
India.
This is also the D-G’s first
Many banks, merchants not fully compliant yet despite extension of deadline
fisheries subsidies at the World visit to India, and assumes sig- SUBRATA PANDA Consequently, the RBI, to prevent majors are live with HDFC Bank for
Trade Organization (WTO), nificance, with the crucial Mumbai, 20 October any inconvenience to customers, merchant standing instructions.
said a senior government offi- WTO 12th ministerial confer- HICCUP decided to extend the timeline to Few other large lenders, including

M
cial on Wednesday. ence expected to kick off at the ore than two weeks have September 30, 2021. But it also said Kotak Mahindra Bank, have complied
Even as India has been This is WTO Director-General end of next month. passed since the Reserve n AROUND 60-70% OF any further delay in ensuring com- with the new guidelines while many
keen on finalising fisheries Ngozi Okonjo-Iweala’s first The official further said it is Bank of India’s (RBI's) new STANDING INSTRUCTIONS NOT plete adherence to the framework will are yet to go live.
subsidies agreement at the visit to India not right to say India is not in guidelines on e-mandates for recur- GOING THROUGH, A SOURCE SAID attract stringent supervisory action. Responding to a Business
WTO, with irrational subsidies favour of the agreement or ring payments came into effect but “For the start-up community, most Standard query, Sanjeev Moghe,
and overfishing by many coun- “Only when these sugges- blocking negotiations. “India consumers are still taking to social n Multiple solutions are available of the software and other services executive vice-president & head,
tries hurting Indian fishermen, tions are discussed, deliber- has its own proposal on the media platforms to complain about for the banks to implement were set up through cards, and it has cards & payments, Axis Bank, said,
it has maintained that in its ated, and in some manner table. If it is India’s proposal the disruptions they are facing. been time-consuming to ensure they “Axis Bank is fully compliant with
current shape, the agreement incorporated into the revised versus someone else's, then the This comes as most stakeholders n But banks have to put this on don’t fail since they are mission-crit- the new rules of RBI on recurring
is not balanced. text, can we start text-based Indian proposal is much more in the ecosystem have not put in place priority, experts said ical,” said Vipul Sharma, payments.”
“The present text is imbal- negotiations,” added the offi- stringent on countries that systems in accordance with the new member, Fintech Associa- “While Axis Bank is ready & live,
anced. Only when India's sug- cial. The official’s comments have created the problem of rules, resulting in many transactions n Disruptions may continue tion for Consumer the readiness of other partners in the
gestion is considered and come in the backdrop of WTO overfishing and overcapacity,” not going through. for some time Empowerment (FACE). “We ecosystem, including merchants, is at
incorporated suitably, will it be Director-General (D-G) Ngozi he clarified. Industry sources said most banks n In the long term, should see this disruption different stages,” he added.
a balanced text for negotia- Okonjo-Iweala’s three-day visit India has recently sub- are still not ready, especially the these rules will going on for a few months since Among card issuing companies,
tions. The present text cannot to the national Capital, starting mitted a proposal on the agree- smaller ones. Some of the bigger ones most payments are on a VISA cards are enabled for registering
lead to better
form the basis of negotiations. Wednesday. ment on fisheries subsidies that have complied with the new regula- monthly basis. Customers, who merchant standing instructions,
We have suggested a proposal Okonjo-Iweala had a bilat- says that countries engaged in tions at the very last moment, thus
consumer have completed payments in according to RBI guidelines.
on getting future policy space eral meeting with Commerce distant water fishing going bey- not allowing the payment aggregators experience October, will again face issues MasterCard and DinersClub are also
and common but differenti- and Industry Minister Piyush ond their natural geographical to test the process completely before with some platforms in now compliant. India’s indigenous
ated responsibility for different Goyal on Wednesday. She is area should stop giving sub- going live. November as well,” he added. card network Rupay is also expected
categories of countries,” said a expected to meet key industry sidies in areas beyond their Recurring transactions for inter- While banks, card networks, mer- to follow suit soon. American Express
senior government official. leaders, including vaccine exclusive economic zone. national merchants are not going chants, and payment companies are is yet to comply with the regulations.
through at all. And, around 60-70 per scrambling to comply with the new “There are multiple solutions
cent of the standing instructions for guidelines, US-based tech giant Apple available in the market for banks to
recurring transactions are not going is promoting its wallet payments for implement so that customers do not
through, a source aware of the devel- subscription-based payments in India. face any issues with regard to recur-
, opment, said. In its notification to customers, it ring payments. Most banks, except for
CIN - L17120TG1962PLC000923
The blame has to be put on banks said, “If you use a credit or debit card a few large ones, are not prepared as
Regd. office : Surya towers, 6th Floor, 105 S.P Road, Secunderabad - 500003.
Ph.:040-27819856 / 27885200 email : slcmltd@suryalakshmi.com; website : www.suryalakshmi.com; because despite getting ample time for subscriptions, transactions may far as the new guidelines are con-
to comply with the new guidelines, get declined by banks and card cerned. However, if they take it on
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30/09/2021
(Figures in Rs. Lacs) they did not put all the systems in payments through their cards. issuers. If you add funds to your Apple high priority, solutions such as
3 Months Year to Date Corresponding place, a source said. If they had done American Express and smaller banks ID balance, your subscription pay- Razorpay would take a few days to
Ended figures for 3 Months ended all the back-end work in time, the cus- are not yet compliant with the RBI ments will continue until that balance implement,” said Harshil Mathur,
Current in the tomers would not have faced such dis- rules. In the mid to long term, these is depleted,” the US tech giant said. chief executive officer (CEO) & co-
Particulars period ended previous year ruptions. The Payments Council of new rules will provide more conven- Among banks, HDFC Bank, the founder, Razorpay.
30-09-2021 30-09-2021 30-09-2020
Unaudited Unaudited Unaudited India went to the RBI to extend the ience to customers.” largest credit card issuer in the coun- Payment gateway firms such as
1 Total Income from operations (net) 18544.54 33739.29 9963.57 timeline by another month but the The framework for processing e- try, has complied with the new RBI Razorpay, Billdesk, PayU have come
2 Net Profit(+)/Loss (-) for the period (before RBI did not agree, he added. mandates for recurring online trans- regulations on standing instructions up with solutions that will help
Tax, Exceptional and/or Extraordinary items) 707.58 1228.45 (953.80) Vishwas Patel, chairman, actions was supposed to kick in from for recurring payments. As many 20 banks, customers, and merchants
3 Net Profit(+)/Loss (-) for the period before Payments Council of India, said, “Yes, April 1 but many stakeholders merchants, including over-the-top navigate through this issue by regis-
Tax(after Exceptional and/or Extraordinary items) 711.47 1769.28 (940.21)
the consumers are facing disruptions approached the regulator saying they (OTT) platforms, insurance com- tering their mandates on their
4 Net Profit(+)/Loss (-) for the period after
Tax(after Exceptional and/or Extraordinary when it comes to making recurring need more time to implement it. panies, tech giants and telecom customised platforms.
items) from continuing operations 424.20 1148.83 (651.45)
5 Net Profit(+)/Loss (-) for the period after
Tax(after Exceptional and/or Extraordinary

Private health sector growth static: Paul

items) from discontinued operations (2.17) (44.59) 656.00
6 Net Profit(+)/Loss (-) for the period after
Tax(after Exceptional and/or Extraordinary
items) from continuing and discontinued
operations 422.03 1104.24 4.55
7 Total Comprehensive Income for the period
(Comprising Profit / (Loss) for the period ‘Wave 2’ vax machine right. Let’s together
set it right, reposition and WHO chief, Mandaviya talk Covaxin, evolving strains of the Sars-
CoV-2 virus, one can vaccinate
(after tax) and Other Comprehensive
Income (after tax)) 397.68 1,125.75 (26.22) in the works refine the scheme,” Paul said.
Praising the private sector
resuming Covishield supply to COVAX a person with one dose of a
vaccine based on the original
8 Paid-Up Equity Share Capital
(Face value -Rs 10)
1667.23 1667.23 1667.23
for Covid-19 hospitals for their work during WHO chief Tedros Adhanom Minister Mansukh strain (current vaccines in use
9 Reserves (excluding Revaluation reserves 21527.39 the pandemic, Paul said that Ghebreyesus discussed the Mandaviya. are based on the original
as shown in the Balance Sheet of previous RUCHIKA CHITRAVANSHI & SOHINI DAS even though the public sector issue of the emergency use “Had a call with @man- Wuhan strain of Sars-CoV-2),
accounting year New Delhi/ Mumbai, 20 October did its part, the best critical listing of Bharat Biotech's sukhmandviya, India's and a second dose of a vaccine
10 Earnings Per Equity Share
(of Rs.10/- each) In Rs. care across the nation often Covid-19 vaccine Covaxin Health Minister, to discuss based on one of the newer ver-
(a) For Continuing operations (Basic & Diluted) 2.54 6.89 (3.91) Calling for expanding the pri- came from the private sector. and resumption of supplies #India's ongoing #COVID19 sions of the virus.
(b) For Discontinued operations vate health sector, V K Paul, He asked the private sector of the Serum Institute of vaccination programme; the Such a multivalent
(Basic & Diluted) (0.01) (0.27) 3.93 member-health NITI Aayog, to visualise the next six or nine India-manufactured need for a global pandemic approach would give reason-
(c) For Continuing & Discontinued operations said on Wednesday that the months to build important AstraZeneca vaccine to the agreement; digital health; & able immunity against differ-
(Basic & Diluted) 2.53 6.62 0.03
growth in private health space building blocks for improving COVAX facility among other traditional medicine. We wel- ent strains of the virus. These
Notes: had been static at a time when the health infrastructure of topics during a telephonic come India's support to are called Wave 2 vaccines,
1. The above results for the quarter ended 30th September, 2021, were reviewed by the Audit
Committee and approved by the Board of Directors at the meeting held on 20th October, 2021 and the health infrastructure needs the country. conversation with Health strengthen WHO, incl. via and these are already in the
Statutory Auditors have carried out limited review. to be ramped up in the country. The country has one hos- flexible, sustainable financ- works, she said.
2. The above is an extract of detailed format of Quarterly Financial results filed with the Stock
Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) He said schemes such as pital bed per thousand. It has ing,” Ghebreyesus tweeted The scientific community
Regulations, 2015. The full format of the quarterly financial results is available on the Stock the Ayushman Bharat Digital to be increased to at least 2 on Tuesday. is also thinking about Wave 3
Exchange websites www.nseindia.com, www.bseindia.com and Company website Mission are a game changer hospital beds per thousand, The WHO Director- vaccines — where a single
www.suryalakshmi.com
For and on behalf of Board of Directors and private hospitals must he said. General said that he also dis- dose would give long-term
join the programme. “I request He called on the state gov- cussed with Mandaviya vac- immunity and broader cover-
Place : Secunderabad Paritosh Agarwal you to introspect and think. ernments to increase their cine equity issues: “the age against various strains,
Date : 20.10.2021 Managing Director
We have to. Can we look at budgets on health care — from resumption of Kang said.
what models in the private the current 4-4.5 per cent to SII/AstraZeneca vaccine N K Arora, chief of National
sector should now emerge?” almost 8 per cent. supplies to #COVAX; the Immunization Technical
Paul added. Asking companies to send Covaxin Emergency Use Advisory Group, pointed out
The Prime Minister Jan suggestions for the upcoming Listing process; and tech- that while the gap between the
Arogya Yojana would increase Budget, he said: “We are nology and license shar- earlier pandemic and this one
its ambit. “PM JAY is here to together to see that the health ing through C-TAP.” is 100 years, the next pan-
stay, and it is the main vehicle sector receives allocation in PTI demic could be much earlier.
for secondary and tertiary care the spending paradigm of Arora also said that chil-
and therefore we have to state and centre.” dren play a role in transmis-
reposition ourselves to align The NITI Aayog member Newer vaccines nowhere in the world do we sion of the virus, and thus
with this.” also sought inputs from the Experts feel that one needs to have the original strain in cir- they need to be vaccinated.
He said the model should private sector on conversion prepare for the future waves culation now,” said “Prioritisation should be
shift from high return, low vol- of district hospitals into med- of the coronavirus pandemic Gagandeep Kang, microbiol- co-morbid children, and all
ume to a high volume and ical colleges through public — multivalent Covid vaccines ogist and professor at adverse events need to be
modest return. “Let us not have private partnership mode. Six are in the works already. A big Christian Medical College, monitored very carefully and
the people of India be left out hospitals in Uttar Pradesh, he positive is that no vaccine is Vellore. closely. We cannot stop vacci-
of this universal health cover- said, are on the block as part completely failing against any She added that as for nating children because we do
age because we cannot set the of this option. particular strain. “However, future preparedness against not have data,” Arora said.

N ALL IN A DAY N

Govt issues revised norms Banks’microloanportfolio L&T Finance

for international visitors contracts 7% in June qtr net profit
Travellers fully vaccinated and coming from a country with
which India has reciprocal arrangements for mutual accept-
Micro loan portfolio of
lenders shrunk by 7 per cent
banks, finance companies,
according to CRIF Highmark.
falls 15% YoY
ance of WHO approved Covid-19 vaccines shall be allowed to ~2.36 trillion in the June The credit information L&T Finance Holdings Ltd’s
to leave the airport and need not undergo home quarantine quarter (Q1FY22) over ~2.53 bureau in Q1 review said the (LTFH) consolidated net
and testing from October 25, accord- trillion in Q4FY21 (on eco- microfinance sector was profit declined 15 per cent,
ing to the revised guidelines for inter- nomic disruption owing to quick to recover to pre-pan- on a year-on-year (YoY)
Travellers from national arrivals released on second wave of Covid-19 pan- demic level by Q4FY21. The basis to ~224 crore in the
South Africa, Wednesday. They will, however, have demic. The quarterly decline enquiries for loans showed an September quarter.
Brazil, Bangladesh, to produce a negative Covid-19 RT- in gross loan portfolio (GLP) upturn with month-on- However, sequentially it
Botswana, China, PCR report. If partially or not vacci- was seen across all lender month rise of 7 per cent in rose by about 26 per cent,
Mauritius, New nated, the travellers need to under- types, including commercial September 2021. ABHIJIT LELE from ~178 crore in Q1, which
Zealand Zimbabwe take measures which include coincided with the second
and countries in submission of sample for post-arrival wave of pandemic.
Europe, including Covid-19 test at the point of arrival
the UK, would after which they will be allowed to
TN sets the ball rolling Dinanath Dubhashi,
Managing Director & Chief
need to follow
additional
leave the airport, home quarantine
for seven days, re-test on the eighth
on BharatNet project Executive, LTFH, said,
profits declined in Q2 due to
measures on day of arrival in India and if negative, To ensure the availability of Corporation (Tanfinet), a contraction in loan book
arrival in India further self monitor their health for high-speed internet connec- special purpose vehicle, is and higher rate of taxation.
next seven days. tivity in Tamil Nadu under implementing the project at Its stock closed 0.9 per cent
These guidelines for international the BharatNet Project (Tamil a sanctioned cost of ~1,815.32 lower at ~91.45 per share on
arrivals supersede of all guidelines issued on the subject on Nadu Fibernet Project), the crore. It aims to provide 1 the BSE. “Covid 2.0 as well
and after February 17, 2021, the Union health ministry said. state government has initi- Gbps bandwidth connectiv- as skewed monsoon and
“The existing guidelines (issued on 17th February 2021 ated the project by tying up ity to all Gram Panchayats. A other macro-economic fac-
with subsequent addendums) for international arrivals in with system integrators like total of 12,525 Gram tors have had an impact on
India have been formulated taking a risk-based approach,” Larsen and Toubro, ITI Ltd Panchayats will be covered the business environment
the ministry said. This Standard Operating Procedure shall and third-party agency under the project via optical in Q2,” he said.
be valid from October 25 till further orders. PTI BECIL. Tamil Nadu FibreNet fibre cable. SHINE JACOB ABHIJIT LELE
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 TAKE TWO 7 <

Telangana on a ‘meet or beat’ spree Fossil fuel

plans evade
Paris limits
In a bid to attract job-creating investment, the state is focusing on besting incentives that other states offer — and it seems to be working
BS REPORTER
SHINE JACOB
Chennai, 20 October
IN THE ZONE tic and rubber, engineering, and
research and development. These sec-
20 October

PROJECTS CLEARED UNDER TS-IPASS tors together saw investments of Despite increased climate

“Y
ou can mention what the
other states are offering, we
will meet or beat their
offer,” Telangana Industries Minister
K T Rama Rao told a group of visiting
French investors last week. It’s a reflec-
tion of the frenzy with which
Telangana Rashtra Samiti (TRS) gov-
ernment of India’s youngest state —
it was formed in 2014 — seeks to trans-
form itself into an investment desti-
nation of choice.
IT, pharma, aerospace and life sci-
ences are the focus but the list of com-
panies that have shown interest in set-
ting base in the state recently covers
a much wider ambit — Microsoft,
Amazon, US-based Triton Electric
Vehicle, Welspun and ITC. Microsoft,
too, is planning a ~15,000-crore data
centre near Hyderabad.
According to the latest data shared
with Business Standard, the state has
attracted as many as 16,639 units invit-
ing ~2.23 trillion worth of investments
creating close to 2 million jobs in a
span of seven years since its forma-
tion. Out of this, over ~2 trillion came
from 933 large business units and
~22,480 crore came from 15,706 micro,
small and medium enterprises.
A major advantage that the state
has over others is the coordination
between the father-son duo — Chief
Minister K Chandrashekar Rao whose
TRS came to power in 2014, and his
son, K T Rama Rao, better known as
KTR. The state has formed a special
team to aggressively reach out to
investors and better the investment
sops being offered by other states.
Take the case of Kitex Group, the
world’s second-largest children’s
Category Number Investment Employment around ~41,312 crore in the past seven ambitions and net-zero com-
of Units (in Cr.) years. It is this aggressive nature that mitments, governments still
led to an increase in Telangana’s share plan to produce more than
MSME 15,706 22,480.09 283,004 in national GDP by 26 basis points to double the amount of fossil
Large 933 200,670.54 1301,852 5 per cent in 2020-21 against 4.74 per fuels in 2030 than what
cent a year before, despite being hit would be consistent with
Total 16,639 223,150.63 1584,856
by Covid-19. Like other states that are limiting global warming to
TOP 5 INVESTMENTS SECTORS focusing on local hiring, the state has 1.5°C, according to the 2021
also said that it will not demand reser- Production Gap Report by
Sector Number Investment Employment vations in the private sector because leading research institutes
of Units (in Cr.) that may be counter-productive. and the UN Environment
Pharmaceuticals 1,112 18,893.41 93,976 The downside is that the impact Programme (UNEP).
and Chemicals this warp-speed industrialisation is The report, first launched
allegedly having on the environment. in 2019, measures the gap
Food Processing 2,754 7,154.33 64,516 One consequence has been rapid between governments’ plan-
Plastic and Rubber 1,086 5,742.53 28,692 deforestation. “They are only thinking ned production of coal, oil,
about investment numbers, not the and gas and the global pro-
Engineering 3,238 5,199.59 5,8317
impact on the environment,” said P duction levels consistent
R&D 244 4,322.68 28,802 The coordination between the CM and his son, K T Rama Rao (pictured) is an advantage for the state Uday Krishna, founder, Vata with meeting the Paris
Source: Govt of Telangana Foundation, a Hyderabad-based NGO. Agreement temperature lim-
apparel maker. Soon after the promot- tation of our strengths and offerings. addressed, he said. — to attract investment. For example, he pointed out if the its. Two years later, the report
er Sabu M Jacob announced plans to Please advise how we can take this This approach to problem-solving When Malabar Group Chairman forest department doesn’t give clear- released on Wednesday
shift out of Kerala, officials from sev- forward with you and your team.” — truly single-window — may have M P Ahammed decided to set up a ance for cutting trees within 15 days, found the production gap
eral states, including Tamil Nadu, When Jacob raised concerns about played its part in pushing the state gold and diamond jewellery manu- it is deemed as approved, according largely unchanged.
Maharashtra, Gujarat, Delhi and travelling during Covid-19, the state from 13th spot in the all-India ease of facturing unit along with a refinery, to the state’s policy. “Two months of Over the next two decades,
Madhya Pradesh, had reached out to arranged a chartered flight. The rest doing business rankings in 2015, to he had entrusted an independent lockdown reduced our temperature governments are collectively
him. But what came as a surprise was is history. Kitex has now first, second and third spot agency to look at various states. “We by 5 degrees during the summer. That projecting an increase in oil
a WhatsApp message from KTR, with- committed investments respectively in 2016, 2017 looked at Karnataka, Tamil Nadu, itself shows the impact of rising indus- and gas production, and only
in hours after the exit announcement. to the tune of ~2,400 crore The state is ready and 2019. Maharashtra and West Bengal. The trialisation without thinking about a modest decrease in coal pro-
It said: “Warm Greetings from offering around 22,000 to pull out all the Accordng to a top offi- only thing that Telangana told us is nature,” he added. duction. Taken together, their
Telangana! I hope you, your loved direct and 18,000 indirect stops — including cial, a core team from all they need jobs, we are ready to match Critics indicate that the lack of plans and projections see
ones and the Kitex family are well and jobs. “I felt like dealing tax incentives and departments constantly or beat what others are offering you. opposition parties is making matters global, total fossil fuel produc-
safe. I wanted to personally reach out with the CEO of a multi- free water— to works with investors to Even land prices are significantly low- worse. In the 2018 Assembly elections tion increasing out to at least
to you to present Telangana as the national company and attract investment ensure all clearances with- er than other states, and that cost will TRS, which is an ally of the ruling 2040, creating an ever-widen-
next destination in Kitex’s growth not a politician,” he said. in 15 days through its plat- also be reimbursed in the form of tax National Democratic Alliance at the ing production gap.
journey. I am confident that the com- Even after the deal, Jacob is part form, the Telangana State Industrial sops once we set up the unit,” Centre, won 88 seats, more than 70 “The devastating impacts
bination of policy offerings, infrastruc- of two WhatsApp groups: one with Project Approval and Self- Ahammed said. He had announced per cent of the total 119 seats. The par- of climate change are here for
ture and ease of doing business that him, KTR and Ranjan as members Certification System (TS-iPASS). The a ~750-crore investment plan in ty registered a thumping win in recent all to see. There is still time to
Telangana offers will enable Kitex to and another with 15 top officials from state is also ready to pull out all the September 2021, offering 2,500 jobs. local body elections too. Political suc- limit long-term warming to
seamlessly set up and operationalise all the departments, including indus- stops — including tax incentives, free This aggressive job focus has led cess, therefore, will only strengthen 1.5°C, but this window of
a new base outside Kerala. My tries and environment. The moment water and electricity and even setting to the generation of 2,74,303 jobs in this “meet or beat” strategy — and the opportunity is rapidly clos-
Principal Secretary Jayesh Ranjan can the company raises an issue on one up zero-discharge facility and water the top five sectors — pharmaceuticals long-term consequences will be set ing,” says Inger Andersen,
take you through a detailed presen- of these platforms, it is immediately re-use units and road infrastructure and chemicals, food processing, plas- aside for another day. executive director of UNEP.

Water governance reform Andhra Pradesh State

FiberNet Limited
Proposals are invited from interested agencies for RFPs
1. Selection of Agency for supply of GPON Enterprise CPE boxes
The fifth and last in a series of weekly articles on the new National Water Policy 2. Selection of Agency for conducting Third Party Audit for AP Fiber Grid
Phase I Network
Details of the RfPs and corrigenda may be downloaded from the website:
www.apsfl.in or on e-procurement platform tender.apeprocurement.gov.in
NO. 5686 SD/- For Managing Director, APSFL

MIHIR SHAH

The decision to form

the Ministry of Jal Shakti in
2019 was an important mile-
stone in reforming water
governance in India. It
brought together under one
umbrella the departments
dealing with drinking water
and irrigation. Ever since
Independence, the governa-
nce of water has suffered
from at least three kinds of
“hydro-schizophrenia”: that
between irrigation and drink-
ing water, surface and grou-
ndwater, as also water and
wastewater. The new Nat-
ional Water Policy (NWP) sug-
gests urgent action to over-
come each of these divisions.
Government departments
at the Centre and states have
generally dealt with just one
side of these binaries, work-
ing in silos, without co-ordi-
nation with the other side. As
a result, critical inter-connec-
tions in the water cycle have
been ignored, seriously
aggravating water problems.
We fail to see the link
between rivers drying up and
over-extraction of groundwa-
ter, which reduces the base-
flows needed by rivers to
have water even after the
monsoon. Placing drinking
water and irrigation in silos
has meant that aquifers pro-
viding assured sources of
drinking water dry up over
time, because the same
aquifers are used for irriga-
tion, which consumes much
higher volumes of water.
This has adversely impacted
availability of safe drinking
water in many areas. And
when water and wastewater
are separated in planning,
the result generally is a fall
in water quality, as waste-
water ends up polluting sup-
plies of water.
The Central Water
Commission (CWC) set up in
1945 is India’s apex body deal-
ing with surface water and the
Central Ground Water Board
(CGWB) set up in 1970 is the
one handling groundwater.
Over several decades, even as
ground realities and under-
standing of water have both
undergone a sea change, the
CWC and CGWB have
remained virtually unre-
formed, working in pristine
isolation from each other,
with little dialogue or co-ordi-
nation between them. The
same pattern is visible in the
corresponding bodies at the 9) Knowledge Management enduring partnerships with
state level. Ironically, even as and Capacity Building primary stakeholders of water.
groundwater use has grown Division to generate and Thus, the NWC, and its coun-
in significance, becoming disseminate knowledge terparts in the states, must
India’s single most important on water, as also build include farmers, water practi-
water resource today, ground- requisite capacities within tioners, academia, industry
water departments have only and outside government. etc. and build respectful part-
gotten progressively weaker Both at the Centre and in nerships with all of them,
over time. the states, government based on mutual learning.
The NWP suggests merger departments dealing with The indigenous knowledge of
of the CWC and CGWB to form water resources today include our people, with a long history
a multi-disciplinary, multi- professionals predominantly of water management, is an
stakeholder National Water from just civil engineering, invaluable intellectual
Commission (NWC). The pol- hydrology and hydrogeology. resource that should be fully
icy visualises that this exercise Despite the avowed commit- leveraged. The unique
at the Centre would become ment to rejuvenating our experience and insights of
an exemplar for all states to rivers, we have never had a women must also be actively
follow. Bridging multiple silos, single river ecologist or eco- drawn upon.
the NWC would include the logical economist in any Problems have often aris-
following divisions, which department handling water en in the water sector owing
would work in close co-ordi- anywhere in India. Despite to varying and sometimes
nation with each other: 1) the fact that agriculture takes conflicting understanding,
Water Security Division to up most of our water, we do perspectives and positions on
guide the fulfilment of nation- not have even one agronomist key issues, between the
al goals pertaining to drinking within the water bureaucracy. Centre and states, as also
water; 2) Irrigation Reform While it is clear that water across states. There is, there-
Division to more effectively management always needs fore, an urgent need for an
meet the overarching national community mobilisation, institutional mechanism that
goal of “har khet ko paani” water departments have nev- facilitates constructive dis-
(water to every farm); er included social mobilisers. cussions, translating into
3. Participatory Groundwater The NWP argues that the mutually agreed actions on
Management NWC and its the ground that can at best
Division to The indigenous counterparts in prevent conflicts or at least
ensure sustain- knowledge of our the states need find time-bound resolution
able and equi- people, with a experience and for existing disputes. The
table manage- long history of water expertise in all NWP suggests that this could
ment of India’s management, is an these disci- be done either by creating a
most important invaluable intellectual plines, without new inter-state council or by
resource; 4) resource that should be which solutions recasting and activating the
River fully leveraged. The to India’s com- existing National Water
Rejuvenation unique experience and plex water prob- Resources Council. The
Division to insights of women lems will council should also facilitate
work towards must also be actively remain elusive. water reforms as per the
revival of drawn upon Since systems needs of states and facilitate
India’s river sys- such as water capacity enhancement
tems; 5) Water Quality are greater than the sum required to implement the
Division to reflect the highest of their constituent parts, paradigm shift proposed in
priority to be given to this solving water problems the NWP. The council should
aspect; 6) Water Use requires understanding be equipped with the requi-
Efficiency Division to improve whole systems, deploying site multi-disciplinary
performance on this parame- multi-disciplinary teams and expertise and multi-stake-
ter in all economic activities; a trans-disciplinary approach, holder representation, to
7) Urban and Industrial Water as is the case in the best water enable it to play this role in
Division to meet these emerg- resource departments across the most effective manner.
ing national challenges; the globe.
8) Democratisation of Data Wisdom on water is not the The writer is Distinguished
Division to ensure the devel- exclusive preserve of any one Professor, Shiv Nadar University.
opment of a 21st century section of society. The NWP, He chaired the Committee to
national water database, with therefore, enjoins the state draft the new National Water
user-friendly access to and central governments to Policy set up by the Ministry of
primary stakeholders of water; build a novel architecture of Jal Shakti in 2019
8 WORLD
>
NEW DELHI | THURSDAY, 21 OCTOBER 2021

Meta? Horizon? Facebook renaming report sparks viral speculation

Rebranding may reposition Facebook as a metaverse company, with marquee apps like Facebook, Instagram and WhatsApp under a new parent structure
VLAD SAVOV
20 October
The report that Facebook Inc. plans
to change its corporate name
prompted a flurry of online specula-
tion as industry followers rushed to
register their guesses.
Suggestions on Twitter included
simple ones like “FB” and a return to
“The Facebook.” The Verge, which
reported the plan on Tuesday, said the
new name could have something to do
with “Horizon” after a virtual reality
platform the company has been devel-
oping. That would be a nod to Chief
Executive Officer Mark Zuckerberg’s
ambition for Facebook to eventually be
known better for its metaverse —refer-
ring to the trendy proposition that the
next evolution in online connectivity
will be people living, working and inter-
acting in an immersive virtual world —
than its social network.
“Meta” is another contender put for-
ward by, among others, Samidh
Chakrabarti, the company’s former civic
integrity chief. The web address
meta.com currently redirects to
meta.org, the home of a biomedical
research discovery tool developed
under the stewardship of the Chan
Zuckerberg Initiative, which is co-
founded by the Facebook CEO. That
suggests Zuckerberg has a head start on
any other contender looking to secure
the ultimate name for a metaverse firm.
The aim of the rebranding would be
to reposition Facebook as a metaverse
company, The Verge said, with the mar-
quee apps and services like Facebook,
Instagram and WhatsApp likely main-
Mark Zuckerberg had voiced his
ambition for Facebook to eventually
be known better for its metaverse
taining their branding under a new par-
ent structure not unlike that practiced
by Google and its parent Alphabet Inc.
Facebook declined to comment.
Supporting the Meta idea are several
factors: Silicon Valley firms favor brief
domain names as a mark of prestige,
with Alphabet calling abc.xyz home.
Any company named Meta would also
be able to lay claim to the term “meta-
verse” as its own rather than the generic
descriptor it currently is.
In 2017, the Chan Zuckerberg
Initiative acquired a company called
Meta that developed artificial intelli-
gence technology for searching scien-
tific papers. It now resides at meta.org.
A separate augmented-reality startup
with the same name was sold in 2019 to
a buyer called Meta View, which
planned to develop an AR headset. Its
website is metavision.com.
Facebook is planning to announce
a name change by October 28, The
Verge said. BLOOMBERG
Britain fines Facebook
$70 mn for breaching
order in deal with Giphy
Britain’s competition watchdog fined
Facebook $69.4 million on Wednesday for
violating rules during the UK investigation into
the social media giant’s purchase of Giphy. The
Competition and Markets Authority said
Facebook failed to provide required
information during the probe. It said it gave the
platform multiple warnings and “considers
that Facebook’s failure to comply was
deliberate”. The authority launched a probe in
June last year into the takeover of the GIF-
sharing platform amid worries about a
“substantial lessening of competition”. AP
Firm cannot be trusted
with managing digital
currency: US lawmakers
A group of US lawmakers said Facebook Inc
cannot be trusted to manage cryptocurrency
and urged the social media platform to
discontinue immediately a small pilot of its
cryptocurrency wallet named Novi, which was
launched on Tuesday. US Democratic senators
voiced their opposition to Facebook’s two-year-
old effort to launch a cryptocurrency and
digital wallet. “Facebook cannot be trusted to
manage a payment system or digital currency
when its existing ability to manage risks and
keep consumers safe has proven wholly
insufficient,” the senators wrote. REUTERS

IN BRIEF
Gopinath, IMF’s
Bitcoin darts to Mt 66K Citigroup’s Asia
retail units may
1st woman chief on historic ETF launch draw bids from
economist, exits Pandemic-era liquidity, speculative bets & hopes of wider adoption fuel surge DBS, StanChart
IMF’s Chief Economist Gita
Gopinath will leave her job
BLOOMBERG
20 October
CRYPTO BAZOOKA MANUEL BAIGORRI, CHANYAPORN CHANJAROEN & NABILA AHMED
20 October
Bitcoin ( in $)
in January next year and

B
return to the prestigious itcoin rallied to a record, topping DBS Group Holdings Ltd. and Standard Chartered Plc are
Harvard University's $66,000 for the first time, as opti- among the lenders planning to bid for Citigroup Inc. con-
Economics Department, mism surged for greater main- sumer banking assets in Asia as the US lender divests
according to the global stream acceptance in the wake of the suc- units across five markets in the region, according to people
financial institution. cessful launch of the first exchange-traded familiar with the matter.
The 49-year-old promi- fund for US investors. Binding bids for Citigroup’s retail assets in Indonesia,
nent Indian-American While the historically volatile digital the Philippines, Taiwan and Thailand are due on Friday,
economist had joined the currency spent recent days hovering in a while offers for the India unit
International Monetary narrow range as it approached its previous are due next week, said the
Fund (IMF) as the Chief April high, the vault above happened people, who asked not to be
Economist in January 2019. much faster: the price added more than a identified because the informa-
She was the John thousand dollars in a minute just after the tion is confidential.
Zwaanstra Professor of open of stock exchanges in the US. Big The sales offer the buyers a
International Studies and
Economics at Harvard
Gita Gopinath’s impact on
the IMF’s work has been
moves tied to significant chart levels have
been a common phenomenon in the little
Crypto shares ride BTC ETF creates options chance to scale up high-end
credit card and wealth busi-
University when she joined ‘tremendous’, said IMF more than a decade history of cryptocur- rally to outstrip stocks for crypto leverage nesses — whose appeal to banks
the Washington-based chief Kristalina Georgieva rency trading. lies primarily in their high fees
global lender. IMF Managing “It’s a validating moment,” said Jesse Global cryptocurrency-linked shares are After the second-busiest exchange-traded rather than interest income —
Director Kristalina economist of the IMF. She Proudman, co-founder and chief executive outperforming the traditional equity sectors debut on record, options on the ProShares Binding bids for in regions that no longer fit in
Georgieva on Tuesday was also the Director of the at Makara, a crypto advisory firm. “It’s no atop this year’s stock market leaderboard, Bitcoin Strategy ETF will begin trading on Citigroup’s retail Citigroup’s refreshed strategy.
announced that the search Research Department of the longer a question of does this asset class helped by Bitcoin’s rally to a record high. A Wednesday. It means investors will be able to assets in Indonesia, Under Chief Executive
for Gopinath's successor IMF. Harvard University continue to exist — I think that’s a really collection of two dozen global crypto stocks hedge or lever up underlying positions in the the Philippines, Officer Jane Fraser, the bank is
would begin shortly. had extended her leave of meaningful mark in the history of the linked to coin mining, trading and investing first US-listed fund tracking futures on the Taiwan and Thailand exiting 13 markets across Asia
“Gita’s contribution to absence on an exceptional broader digital-asset class.” have soared 91 per cent this year. BLOOMBERG world’s biggest digital currency. BLOOMBERG are due on Friday, and Europe, the Middle East
the Fund and our member- basis by one year, which has Bitcoin has climbed to its latest high while offers for the and Africa. Its Australia busi-
ship has been truly remark- allowed her to serve as Chief atop a tide of pandemic-era liquidity, spec- India unit are due ness was sold to National
able — quite simply, her Economist at the IMF for ulative bets and expectations of wider adjusted to China’s broadsides. blocking a Bitcoin lending program at next week Australia Bank Ltd. in August.
impact on the IMF’s work three years. adoption by institutional investors. The Amid all the price hysteria, many Coinbase Global Inc. Critics have also cast The Asia sales come as the
has been tremendous,” Gopinath also helped ride was volatile: the token plunged below quarters of the Wall Street establishment doubt on claims the asset’s scarcity makes bank reshapes its business around more profitable units
Georgieva said. set up a Climate Change $30,000 in June amid criticism of its nurse a deep skepticism about Bitcoin’s it a long-term store of value and note its like investment banking, and focuses its wealth busi-
Mysuru-born Gopinath team inside the IMF. energy consumption and China’s crypto- role in finance. Securities regulators are slow uptake as a unit of exchange. ness around hubs in Hong Kong, London, Singapore
is the first-ever woman chief PTI currency crackdown. It then began to stepping up their scrutiny of cryptocur- Bitcoin rose 4.1 per cent to $66,722 as and the United Arab Emirates. Citigroup plans to raise
recover in part as the crypto sector rency, with the US government effectively of 10:45 a.m. in New York. $150 billion in new money and hire 2,300 staff in Asia
for wealth management by 2025. Singapore’s DBS plans
Swiss court rejects Google to submit binding offers for both Indonesia and Taiwan,
the people said. BLOOMBERG
appeal over cloud contract
A Swiss court has dismissed Google’s bid to block the award
Ma leaves China in a first since crackdown
of a government cloud computing contract worth up to
$119million to rival bidders. “In an interim decision, the
Federal Administrative Court rejects Google’s request to
BLOOMBERG
20 October
Morning Post. Ma is abroad for a series of
business meetings, including a tour of the
SOME HOPE Netflix wins ‘Squid
Game’ of streaming
Alibaba Group Holding Price in HK $
grant suspensive effect to its appeal. The Federal Office for agricultural industry and environmental
Buildings and Logistics may therefore conclude the public Jack Ma, the co-founder of Alibaba Group technology in Spain, the paper said.
cloud contracts with the selected tenderers,” the court said Holding Ltd., is traveling to Europe for An Alibaba spokesperson declined to
in a statement on Wednesday. The decision may be the first time since a bruising government comment on Ma’s whereabouts, referring Netflix Inc. posted its best
appealed to the Swiss supreme court. REUTERS crackdown on his tech empire, according queries to his foundation. The foundation subscriber growth of the
to Hong Kong media reports. didn’t immediately respond to an year, beating Wall Street
The 57-year-old billionaire is in Spain emailed request for comment. estimates thanks to the pop-
48 dead, 31 missing in Nepal after a stop in Hong Kong, according to a
report in the Alibaba-owned South China
Beijing kicked off sweeping reforms of
the private sector a year ago by pulling
ularity of “Squid Game,” its
breakout drama from South
after landslide, heavy floods the plug on a planned initial public offer-
ing by Ant Group Co., an Alibaba affiliate Source: Bloomberg
Korea. The company added
4.38 million subscribers in
Landslides and floods triggered by heavy rain across Nepal Jack Ma is said to also founded by Ma. That was followed the third quarter, according
have left 48 people dead and 31 missing in the last 48 hours be abroad for a by an antitrust probe of the e-commerce giant Meituan and private tutoring to a statement Tuesday,
and the army and police have been deployed for rescue and series of business giant Alibaba for alleged abuses of companies. Alibaba paid a record $2.8 bil- exceeding projections of
Squid Game-inspired trade
relief operations, officials said on Wednesday. Ilam, an meetings, its market power. Ma, who typically lion antitrust fine and promised to reform 3.72 million. Netflix expects
union members attend a
eastern Nepal district, recorded the highest number of including a tour of kept a prominent profile, largely disap- its practices. to sign up 8.5 million cus-
rally in South Korea.
deaths at 11 followed by Doti where 9 people were killed, the agricultural peared from public view in the months Alibaba’s shares — and China tech tomers in the final three
Netflix added 4.38 million
according to the Ministry of Home Affairs. Prime Minister industry and that followed. stocks more broadly — have rallied as months of 2021, compared
subscribers in Q3 PHOTO: AP/PTI
Sher Bahadur Deuba has announced appropriate relief to environmental The Communist Party’s investors wager that the worst of the with Wall Street estimates of
the families of the deceased and those affected by the technology campaign moved on to other crackdown is over. Alibaba shares surged 8.32 million, thanks to an upcoming shows.
floods and landslides. PTI in Spain targets, including delivery as much as 9.2 per cent on Wednesday. “unprecedented” slate of BLOOMBERG

Burberry appoints Versace boss as CEO with a £6-mn ‘golden hello’

Jonathan Akeroyd oversaw the sale of Versace to US group Michael Kors while Burberry, the 165-year-old group, had been searching for a chief since June
REUTERS & BLOOMBERG
London, 20 October
Burberry Group Plc chose Jonathan Akeroyd from
Italian fashion house Gianni Versace SpA as its
new chief executive officer, tapping a proven
turnaround expert to continue the trench coat
maker’s push to become a top-tier luxury label.
Akeroyd, a 54-year-old Briton who led the
revival of Alexander McQueen before taking over
at Versace, will join the British brand in April. He’ll
replace Marco Gobbetti, who is leaving to run
Salvatore Ferragamo SpA.
Akeroyd would earn an annual salary of 1.1
million pounds ($1.5 million) plus bonuses, and
would be granted cash and share payments worth
about 6 million pounds for incentives he forfeits at
Versace, Burberry said.
The appointment ends months of uncertainty
at the 165-year-old group, which had been
searching for a replacement for Gobbetti since
June, when he announced his shock departure
mid-way into a multi-year turnaround plan to take
the brand further upmarket.
Akeroyd will take over in the midst of a
turnaround at Burberry, with Gobbetti’s plan to
elevate the label’s image showing progress but still
158 per cent year on year and a return to profit after
TURNAROUND KING LUXE CHALLENGE the Covid-19 impact a year earlier.
However, its pre-pandemic annual sales of
| Akeroyd started as a store significantly expanding | Akeroyd may have to keep $843 million are still well below a $2 billion target
set by Capri for the brand.
manager at Harrods in its stores in the US focusing on luxury handbags,
Akeroyd, who ran Alexander McQueen from
London and later became and Chinese markets a segment which has weathered 2004 to 2016, led the brand through the turbulent
its merchandising director | In 2016, he joined the pandemic better than period following the death of its eponymous
| In 2004, he was named Gianni Versace Spa ready-to-wear or some founder in 2010, tapping Sarah Burton as creative
CEO of Alexander McQueen, as chief executive make-up products director. The label got a public boost when Kate
a British luxury brand | Will need to invest in digital Middleton wore an Alexander McQueen dress for
| He reorganised it, her wedding to Prince William the following year.
| He spurred its turnaround accelerating its growth capabilities with more
Akeroyd also led an extensive store expansion.
by launching an and overseeing its consumers shopping online “He did the groundwork that allowed
accessories range, sale to Michael Kors, | Will also have to keep navigating Alexander McQueen to take off,” said Luca Solca,
appointing Sarah Burton renamed as Capri Jonathan Akeroyd will take over in the ESG concerns, coming from an analyst at Sanford C Bernstein.
as creative director, and Holdings, in 2018 midst of a turnaround at Burberry investors and consumers Berenberg analysts said Akeroyd had “lots of
luxury CEO experience of leading houses — as
well as brand turnarounds”.
incomplete. In the past, the fashion house was June levels, were up slightly on Wednesday. Burberry Chair Gerry Murphy said. But UBS analysts were more solemn in their
seen as a mid-market luxury brand, lacking the Burberry, known for its trench coats, Akeroyd accelerated growth during his five note. “The timing of his start date suggests
diversification of industry giant LVMH, whose trademark plaid and TB monogram, said Akeroyd, years at Italy’s Versace and oversaw the sale of the Burberry is unlikely to present an updated
products range from Louis Vuitton bags to Dom a 54-year-old Briton, was the right choice to build house, known for its opulent, ostentatious style, to strategy until Q3/Q4 2022 at the earliest, thus
Perignon Champagne. on its creative heritage. US group Michael Kors, now known as Capri delaying its turnaround even further,” they wrote.
Shares in Burberry, which have extended “Jonathan is an experienced leader with a Holdings, in 2018. Like other luxury brands, Burberry was hit
losses since the announcement of Gobbetti’s strong track record in building global luxury Versace’s revenues rebounded in the latest by Covid-19, but it has recovered, driven by
departure and were trading down 19 per cent on fashion brands and driving profitable growth,” quarter reported, with revenue of $240 million up demand in Asia.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

ILLUSTRATION: BINAY SINHA

Volume XXVII Number 288
SUBSIDY ADVANTAGE
NEW DELHI | THURSDAY, 21 OCTOBER 2021 PLI by industry (~crore)
Auto & auto components 57,000

Reform fuel pricing Aviation (drones)

Batteries
120
18,000
Govt must follow a transparent mechanism
Electronic hardware 47,000

T
he government’s approval of the full privatisation of Air India has raised
Food processing 10,900
expectations that the disinvestment of Bharat Petroleum Corporation
Limited (BPCL) may be carried out effectively and as planned before Medical devices 18,400
the end of this financial year. Yet there are broader questions about
Steel 6,300
the management of the fuel economy that must be asked at this point. The big-
gest question surrounds the management of the prices of petrol, diesel, and Pharmaceuticals 21,900
liquefied petroleum gas or LPG. The fact is that, while these prices have techni-

What is PLI for?

cally been freed up in recent years, in the same period price changes have often Renewable energy 4,500
been put on hold in times of political sensitivity, such as before a crucial Assembly Telecom equipment 12,200
election. There is little doubt that the three state-controlled oil marketing com-
panies (OMCs) continue to be given pricing guidance by the Union government, Man-made fibre &
10,700
technical textiles
even if the administered price mechanism has been wound down and companies The Production-Linked Incentive scheme must drive learning to
allowed to set their own prices at the pump. White goods
A successful bidder for BPCL will want to set prices to maximise profits — compete, not manufacture (AC components)
6,200
and, indeed, would be justified in expecting that the broader market for fuel is
Source: Invest India

T
not being undermined by government policy towards the two other OMCs. At he Production-Linked Incentive (PLI) scheme dominated Indian politics. It did not work then. Will
the moment, given the global run on the price of crude oil and high domestic has spawned fresh and welcome interest in it work now?
investing in domestic manufacturing. It will Our 1970s focus on indigenisation forced Indian
taxes, the old problem of “under-recoveries” — an enforced per-unit loss on
cost ~2 trillion (around 1 per cent of gross domestic pro- Making PLI work industry to learn things that were both useful and
sales of petrol, diesel and LPG — seems to have re-appeared. OMCs are not duct, or GDP) over five years. The winds of current Local production must lead to greater competitive- useless. Ensuring that learning is useful means
only having to manage under-recoveries, according to reports, on every litre of industrial policy continue to blow inward. Since 2017, ness, which in turn is about building technical capa- choices of which component to make in-house,
petrol and diesel sold, but also have to deal with a loss of ~100 or so on every we have raised tariffs on thousands of tariff lines, cov- bility. That requires learning — learning how to man- source locally, or import must be made on purely
gas cylinder sold in the household retail market. This system cannot be allowed ering 60 per cent of items we import. Our simple aver- ufacture efficiently, and learning how to further commercial grounds by the firm itself. R&D effort
to endure beyond the disinvestment of BPCL. If a profit-seeking BPCL sets a age Customs duty of 17 per cent is now the highest of develop product technology. So investment in R&D is is essential, but it must be focused on innovation,
cost per litre that is in keeping with commercial reality, it will find itself undercut all emerging economies. PLI is meant to deepen domes- essential to long-run competitiveness in these 13 tech- not indigenisation.
by OMCs that continue to take direction from the government on pricing, tic supply-chains and so, over time, promote greater nology-intensive fields. So what should we do now? I still believe we
which naturally would create an unsustainable market. The household LPG competitiveness in Indian industry. Will it work? Industrial policy and construction equipment: would have been better off without the PLI scheme,
market is even more problematic, with the government insisting that mandated The PLI scheme provides a subsidy, typically 4-6 Thirty years on, Ashok Desai’s Technology Absorption with the ~2 trillion it will cost us taxpayers spent on
per cent of sales, for firms in 13 sectors to make a list of in Indian Industry remains one of the best books in building infrastructure and improving logistics to
prices for cylinders will stay; and the government yet to reimburse OMCs the
“desirable” end products, components the field. A chapter in the book make all of India more competitive instead of bene-
sums they have lost under the Pradhan Mantri Ujjwala Yojana, which add up
or assemblies. Various industry mini- compares the construction fiting a few firms. But the scheme exists. PLI approv-
to ~3,000-4,000 crore. stries publish lists of items to indigenise. equipment industry in India and als have been granted for the great bulk of the
The government has, on the one hand, tried to maintain some elements of Firms propose items they will manufac- South Korea. Poclain of France schemes. It is a done deal. What can we do now to
price control, while on the other hand it has turned to fuel taxes to fill the giant ture in a green-field or brown-field facil- licensed the technology to pro- make the best of where we are?
gaps in its revenue. There is no argument that a high tax on carbon is a good ity with a specified minimum invest- duce hydraulic excavators to L&T Three things. Some firms have been arguing that
thing, but it should be logical and economy-wide and not scattershot and ment that varies by sector and the size in 1973 and Hyundai in 1974. In the zero date should move forward by two years, so
imposed largely for fiscal reasons. Effectively, the government has sought to of a firm. The scheme goes together with 1983, the Korean firm made 630 providing two more years of subsidy. Ignore them.
squeeze not just consumers but also, for political reasons, the companies that tariffs, fairly high ones, on the finished excavators to L&T’s 70. Korean Firms bid for the PLI scheme with their eyes open;
serve as intermediaries. A more rational fuel pricing system is overdue. The product and often on the components excavators sold for 125 per cent of stick to the agreed contracts. Ensure that all conditions
outline of such a system has long been known: Direct transmission of global involved. Some examples: Mobile the world price; L&T’s sold for attached to the scheme — such as export commit-
phones have over the last three years three times the world price. It was ments — are honoured for the subsidy to be paid.
fuel prices to consumers, with OMCs competing on the margins; a consistent
fuel tax that is in keeping with the shadow price of carbon and is shared between
been subject to an import duty of 20 per
cent. This has prompted most phones
INDIA’S WORLD? not for want of trying or technical
effort. L&T employed twice as
Ignore, too, other industries clamouring for their own
PLI scheme. In short, remove any further scope for
the Union and the states; and direct subsidies, out of the Union Budget, for sold in India to be locally made, in one NAUSHAD FORBES many engineers working on exca- bureaucratic discretion.
those sections of society that are most vulnerable to fluctuating or high prices of the 270 mobile phone factories, up vators as did the Korean firm. But Second, make achievement transparent, and
for petrol, diesel and LPG. The disinvestment of BPCL is the right time to intro- from two in 2014, in the country today. But mobiles Indian government policy in the 1970s forced indige- publish the results. Let all know which firms have
duce this long-term tax and pricing reform. made in India have limited local value-addition — the nisation above all else: L&T’s excavators had a domes- won which contracts for what committed volume,
number I’ve heard is around 10 per cent. PLI aims to tic content of 70-80 per cent, to 40-60 per cent in and how each is doing in adhering to the terms of
deepen local supply chains with a subsidy on their Korea. An excessive focus on indigenisation led the contract.
components. Finished air-conditioners now attract a directly to a lack of competitiveness. And third, be clear of the sell-by date. No company

Towards zero hunger tariff of 25 per cent, with PLI schemes for manufactur- Consider an alternative route to success by fast-
ing compressors, control units and other components, forwarding to 2021. The British firm JCB is every-
all protected by tariffs. Similarly, PLI incentivises local where in the construction equipment industry in
should have any doubt about the duration of the
scheme; it runs for five years and there will be no exten-
sion. Accompany that with a graded reduction in all
Food programmes must focus on nutrition production of Active Pharmaceutical Ingredients that India today. JCB has five factories in India, including tariffs on the finished product and the components
are needed to make drugs. its biggest worldwide. India is now its largest market, going into it —such that come 2025, all these products

H
ow does India fare vis-à-vis other countries in feeding its under-
nourished populace and ensuring sustainable food security for
them? The answer to this question cannot be categorical, especially
considering the divergent findings of the couple of global indices
on this issue that have come out in the past few days. While the Global Hunger
Index (GHI) 2021 places India at a lowly 101st position among 116 countries,
below many of its smaller neighbours like Pakistan, Bangladesh and Nepal,
the Global Food Security Index (FSI) 2021 puts it in a marginally better position.
It ranks India 71st among 113 countries with an overall score higher than that
of Pakistan, Sri Lanka, Nepal and Bangladesh. However, the common refrain
of the two reports is that far more needs to be done to move towards achieving
These moves prioritise tariffs and import substi- accounting for half of group turnover, and a higher must be able to compete without protection.
tution over trade liberalisation and export promotion. share of profits. India is also its largest investment Hopefully, PLI will have worked in developing deeper,
In PLI, India is not alone. As The Economist pointed destination (a sixth factory focused on exports is com- and so more competitive, supply chains. But compet-
out earlier this year, governments in many countries, ing up), and contains its largest design centre. JCB ing with the best in the world, at home and abroad,
China and India among them, have dusted off the old now uses India as a base for exporting to over one must be our sole metric for whether PLI has worked.
idea of import-substituting industrialisation (ISI). The hundred countries, with exports up 300 per cent this
various PLI schemes bristle with words and phrases year. Export success is the best affirmation of com- ndforbes@forbesmarshall.com. The writer is Co-Chairman
like “boost domestic manufacturing”, “indigenisa- petitiveness there is. India’s manufacturing future Forbes Marshall, Past President, CII, Chairman of Centre
tion” and “localisation”. ISI was the prevailing agenda should look like JCB — a remarkable Indian man- for Technology Innovation and Economic Research and
of our trade policy for the 20 years when Indira Gandhi ufacturing success story without any PLI subsidy. Ananta Aspen Centre

Zee-Invesco: Disclosure in instalments

the Sustainable Development Goal of zero hunger by 2030.
Interestingly, the government lost little time to rebut the results of the
GHI, perhaps on valid grounds, by pointing out that these are based on limited

information collected through Gallup poll. But it would certainly be hard to
dismiss the inferences drawn by the FSI, which are based on over 50 parame-
ters, including household income and economic inequality. As a result, the
FSI assigns relatively higher scores to India compared to its neighbours, barring
China, for factors like food availability, its quality and safety, and protection
of natural resources for food production. But, oddly enough, it rates India
poorly in the case of affordability of food. This is debatable given that India
has put in place a unique Right to Food Act under which highly subsidised
food grains are being supplied to nearly two-thirds of the population. This
programme, moreover, is supported by several other free food distribution
schemes, many of which have been scaled up due to the Covid-19 pandemic.
These are also being supplemented by the distribution of raw and cooked
food by innumerable social, religious and philanthropist organisations.
That said, the basic reality that cannot be brushed aside is that while
India has managed to surmount hunger, as normally manifested in starvation
deaths, it has failed to do so in the case of malnutrition, which is still rampant.
Deficiency of protein and various key vitamins and minerals, which retards
physical growth of children and causes ill-health among adults, is fairly com-
mon. This is borne out by the National Family Health Survey (NFHS)-4 (2015-
16) and revalidated by the NFHS-5 (2019-20). The NFHS-4 had found that 38.4
per cent kids below five had low height for their age (technically called
“stunted”) and about 21 per cent had low weight for their height (dubbed as
“wasted”). The NFHS-5, while more or less endorsing these findings, goes a
step further to conclude that the nutritional status of kids below five has
actually tended to worsen in some states.
The genesis of poor nutrition can, indeed, be traced in the flawed basic
approach of most food-aid programmes. They aim primarily at filling the
bellies rather than providing nutritionally balanced and healthy diets. The
need, therefore, is to diversify the meals supplied through welfare programmes
by including non-cereals and nutrient-enriched fortified foods to make the
meals nutritionally balanced and wholesome. Even small, but well-advised,
changes in the menus of these programmes can make a noticeable difference
in the nutritional profile of the beneficiaries.
I
t was a performance even a consummate actor tigate the role of both Invesco and Zee for their pro- Sony but was happy to “facilitate” the deal with RIL?
would find difficult to match. Amidst an ugly longed silence on the issue. Also, Invesco didn’t have any issue at least till February
battle with Invesco, a teary-eyed Subhash By Invesco’s own admission, its role was that of 2021 (when the RIL offer was being discussed) with
Chandra appealed to the people’s court on prime- a “facilitator” in the proposed deal between RIL Mr Goenka continuing as MD of Zee. So, what changed
time television a fortnight ago to support Zee against and Zee. This basically meant Invesco was okay so drastically in just eight months? That remains a jig-
a foreign company, which, he said, was bent on with the terms offered by RIL. No one knows why saw puzzle.
snatching the “crown jewel” of lndia’s media empire. it is now fighting a very public battle on similar Invesco must answer this fundamental question to
The 70-year-old media mogul was essentially trying terms offered by Sony. counter the allegations that it was using corporate gov-
to turn a personal battle with the US fund into an Consider this. The deal with Sony gifts a 2 per cent ernance as merely an excuse to pursue some other inter-
India Inc-versus-foreign predator debate. stake to the promoters of Zee for “non-compete,” even ests. Zee said when Mr Goenka expressed governance
There was more. Mr Chandra said though the current MD & CEO of Zee concerns in relation to the deal, especially surrounding
when a foreign company offered him will continue to run the merged the valuation gaps, he was informed by Invesco that
$500 million to buy Zee in 1994, he entity for the next five years. This, the deal would be closed with or without him.
told the eager buyer, “India is not for Invesco says, is dilutive to all other While it is up to the regulators to figure out the
sale. Today, when we are in a similar shareholders, which it considers veracity of this claim, the fact is that Mr Chandra and
situation, I will tell them the same unfair. The second concern relates to his team have delivered a big punch to protect his and
thing.” Then came the punchline: “If the Zee-Sony announcement that the his son’s kingdom. Invesco should act fast to match
you (Invesco) want a fight, then I will Zee promoter family will have the the firepower. That’s because voting rules currently
fight back” for the sake of the “real right to raise their stake from 4 per allow a director to be voted out by a simple majority of
owners” — Zee’s 250,000 shareholders cent to 20 per cent, leading Invesco shareholders. But new rules to come into effect less
and 90 million Indian viewers. to conclude that it is “no more than than three months from now will require 75 per cent
Invesco has already got a bitter
taste of the fierce fightback. Zee’s
POWERPOINT camouflage on the part of Zee to
divert and distract from the primary
shareholder approval for board appointments.
The critical issue is why Invesco is objecting to a
latest revelation that the US fund, SHYAMAL MAJUMDAR issues before the company.” deal that allows Mr Goenka to continue in the top job
which held an 18 per cent stake, was Fair enough. But according to the but ensures that Sony will control majority of the
trying to broker a takeover deal with Reliance RIL-Zee proposal, upon completion of the merger, the board. From a corporate governance standpoint, that’s
Industries (RIL) earlier this year, has opened a acquirer will hold a majority stake in the merged entity not a bad outcome at all. Even the markets seem to
Pandora’s box. Proxy advisory firm InGovern’s and Mr Goenka will continue as the MD & CEO of the believe that, going by the surge in the Zee stock. Just
Shriram Subramanian has said Invesco’s war against merged entity. In addition, he was offered employee three years ago, Invesco had acquired an additional 11
Zee seems to be a takeover battle under the guise of stock options with no vesting conditions, representing per cent stake in Zee without seeking a board position
shareholder activism. approximately 4 per cent of the shareholding of the and said that the “additional investment underscored
Also, if Zee not disclosing the potential RIL deal merged entity. This is in addition to the 4 per cent the our continued confidence in the management’s ability
much earlier highlighted corporate governance failure, promoter family already holds. to deliver long-term growth and financial returns.”
it was equally baffling as to why Invesco did not dis- This basically makes it clear that the terms of the So, in the interest of its own credibility, Invesco
close its role of a matchmaker at the time of requi- two proposed deals are not fundamentally different. should not toe the disclosure-in-instalments line taken
sitioning an extraordinary general meeting for the Under both, Mr Goenka will stay at the helm and the by the Zee promoters. It has a golden opportunity to
removal of Punit Goenka as managing director & chief promoter family’s stake will go up. If that’s the case, go one-up by disclosing everything at one go and reveal
executive officer. The market regulator should inves- why did Invesco oppose the terms of the deal with an alternate feasible plan for Zee’s future.

‘The ‘65’ deconstructed underestimated his resolve.

ship, especially its charismatic foreign
minister, Zulfikar Ali Bhutto, wanted
to grab some territory and deal a
crushing blow to India, relying on
international mediation in its favour if
it won a quick war. Pakistan’s pres-
BOOK REVIEW ident, General Ayub Khan also had
much contempt for dhotiwallahs.
DEVANGSHU DATTA In ‘65, Pakistan was muscled up with
new arms donated by the Americans,
The ’65 was also a strange war in mili-
tary terms. Months of simmering ten-
sions and small skirmishes exploded into
really large battles, with massive artillery
barrages and large-scale armoured
assaults. Both air forces conducted
ground attacks, bombing raids, and
fought aerial duels.
Nine months of conflict saw action
across the entire Western border, from
Kargil to the Rann of Kutch. In addition,
the Pakistanis shelled Dwarka from the
sea, and bombed airfields in Bengal as
and threaten Lahore, and passed up on
an attempt to penetrate deep into Sindh
from Rajasthan.
The trouble started with skirmishes in
the Rann of Kutch. After several months
of this, Pakistan launched “Operation
Gibraltar”. That involved arming a bunch
of tribals commanded by regular troops
operating in mufti,
and infiltrating them
into Kashmir. While
India was still strug-
gling to control this
incursion, Pakistan
assaults. The counter-attack pushed the
Pakistanis back all the way to the West
Bank of the Ichhogil Canal and the sub-
urbs of Lahore. But India failed to cross
the Ichhogil in force. While this was hap-
pening, the Pakistanis punched another
armoured assault into the southern part
of Indian Punjab, capturing Khem Karan.
That thrust was
1965: A Western also halted by the
Sunrise: India’s skin of the teeth,
war with Pakistan with India winning
a defensive
Author:Shiv Kunal armoured battle.
Verma
Personality clashes between
Chaudhuri and frontline commanders
like Harbaksh Singh and Jogi Dhillon
also caused roadblocks. Mr Verma
also says Chaudhuri simply didn’t
care to integrate the IAF into opera-
tions, and did not share aerial recon-
naissance data of the Ichhogil with
troops on the ground.
In the aftermath, the Soviets ham-
mered out an agreement at Tashkent.
India returned captured territory; the
Pakistanis agreed not to mention
Kashmir. Shastri died within a few hours

T
his account of the Indo-Pak War of
1965 may seem somewhat confus-
ing at first read. That isn’t the
author’s fault. “The ’65” was the most
confusing of all Indo-Pak conflicts in
terms of underlying geopolitics, battles,
and outcomes. The first Indo-Pak War in
1947-48 centred on control of the erst-
while Kingdom of Kashmir; 1971 was
about Bangladesh. Why’65 happened at
all is less than obvious.
Shiv Kunal Verma speculates, per-
haps correctly, that it may boil down in
part to personality. Pakistan’s leader-
courtesy the Southeast Asia Treaty
Organisation alliance. India’s equivalent
armaments were mostly a generation
behind Pakistan’s Patton tanks, F-86
sabres, F-104 Starfighters, tank-busters
and artillery. Pakistan wasn’t supposed
to use any of this gear against India but
that was a treaty clause it would ignore.
India was also still reeling from the
1962 debacle, with its army demoralised
and in blame-game mode. Moreover,
the death of Nehru in 1964 had put the
unassuming, soft-spoken Lal Bahadur
Shastri in charge and Ayub seriously
well as civilian centres in Amritsar,
Ambala, Jodhpur, etc. India bombed the
Peshawar airbase, at the other end of
Pakistan, and captured over 2500 square
km of Pakistani territory. Both sides at
different times, came within an ace of
forcing possibly decisive victories.
Pakistan almost managed to cut the
“Chicken’s Neck” connecting Punjab to
J&K with an armoured assault. There
was a point when the Indian army chief,
General J N Chaudhuri considered aban-
doning Amritsar. India, too, missed out
on chances to cross the Ichhogil Canal
launched Operation
Grand Slam, the afore-
mentioned assault of
the Chicken’s Neck.
Outnumbered and
outgunned, Indian
forces struggled to hold their ground in
front of Akhnoor, and the Pakistanis
inexplicably failed to follow through on
initial successes, giving the defenders
time to regroup.
In order to take pressure off this sec-
tor, India counter-attacked in Punjab, tar-
geting Lahore and Sialkot with armoured
In the fog of war, of signing this.
Publisher: Aleph both sides suffered Given the passage of 56 years, many
from woeful lack of of the other principals are also dead. This
Pages: 509 intelligence. makes it even harder to understand what
Price: ~999 Neither knew the went wrong, and why. Given that ambi-
size and disposition guity, you may or may not agree with
of the other’s forces; India was unaware Mr Verma’s trenchant criticisms.
Pakistan even possessed a second Regardless, he’s done an excellent job of
armoured division! Both made absurd providing detailed accounts of each the-
plans due to operating on guesswork. atre and of the air war, buttressed by the
This may explain to some extent, why views of many who fought in that long-
neither side seized its opportunities. ago conflict. The book is going to become
Mr Verma is unsparing in his criti- a standard reference work due to the
cism of India’s higher command. sheer weight of detail.
 The Smart
QUICK TAKE: L&T TECHNOLOGY DIPS AFTER RUN UP “I don’t think the Fed is going to act or hike

Investor
very aggressively in part because
After an upward move over the last week, the stock of they have this inflation view,
L&T Technology Services gave up some of the gains but also because we are going
shedding over 3 per cent. Most brokerages are, however, to be in a slowing growth
positive after strong Q2 results, upward revision of environment by the end
NEW DELHI | growth guidance and prospects for the engineering,
of next year”
THURSDAY, 21 OCTOBER 2021 research and development segment ESTY DWEK,
CIO, FlowBank SA
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

Mid, small-caps lead market’s fall Indian bourses

Nifty Midcap 100 declines 2.2%, small-cap gauge down over 2.4% ; expect choppiness ahead, say experts
SUNDAR SETHURAMAN
Mumbai, 20 October
T
he benchmark indices fell
for the second day as
investors assessed the
impact of rising inflation
on corporate earnings. Valuation
concerns amid a spike in bond yields
and commodity prices also led to
some profit-taking, following the
sharp rise in recent weeks.
The S&P BSE Sensex fell
456 points, or 0.74 per cent, to end
at 61,260, while the Nifty50 index
tumbled 152 points, or 0.8 per cent,
to close at 18,266.
The declines were sharper in the
mid- and small-cap space. The Nifty
Midcap 100 declined 2.2 per cent for
a second day in a row, with 77 com-
ponents seeing a fall. The Nifty
Smallcap 100 dropped 2.4 per cent,
adding to 1.7 per cent to the fall in
the previous session.
Analysts said the inflationary
pressure seen by companies such as
Hindustan Unilever and Nestlé
India has made the Street temper its
earnings growth expectations.
The earnings announcements
so far have been a mixed bag. Of
the eight Nifty50 firms that have
reported earnings, four have
beaten analyst estimates, while
two have met expectations and two
have disappointed.
LOSING MOMENTUM TOP 5 NIFTY GAINERS & LOSERS
Additionally, metal stocks fell as
base metal prices slipped after China
announced measures to tackle the
energy crisis that had pushed up
global commodities prices. The BSE
Metal index fell 2.3 per cent, with
Vedanta and Hindalco dropping
nearly 4 per cent each.
“The ongoing market correction
is not an overreaction and can sus-
tain in the near-term due to high val-
uations,” said Vinod Nair, head of
research, Geojit Financial Services.
Globally, the September quarter
NSE Nifty50
earnings season has put a spotlight
on stagflation fears. Investors’ risk
appetite has been hit by rising en-
ergy costs and reduced central bank
support. The US Federal Reserve is
set to begin its tapering programme
next month. However, the US cen-
tral bank has indicated that interest
rate hikes are not imminent.
The India Vix index, a gauge
of volatility, rose 5.4 per cent to
18.3, signalling more volatility
in the days ahead.
“The tepid start to the earnings
(As on Oct 20, 2021)
GAINERS
Bharti Airtel
State Bank of India
Tata Motors
IndusInd Bank
Axis Bank
LOSERS
Hindalco Industries
Titan Co
Hindustan Unilever
Bharat Petroleum Corp
Bajaj Finserv
Source: Bloomberg, exchanges; compiled by BS Research Bureau
season has led to profit-taking and
global cues have also not been
very encouraging. Going ahead,
we expect choppiness to continue
due to the weekly expiry and the
scheduled earnings of some of the
index majors. It's prudent to
restrict leveraged positions for the
time being and let the markets sta-
bilise,” said Ajit Mishra, vice-pres-
ident, Religare Broking.
The market breadth was neg-
ative, with 2,322 stocks declining,
978 advancing on the BSE, and 311
are extremely
expensive: UBS
Price (~) Change 1D (%)
708.5 4.0 Says valuation ‘too wide’ vis-a-vis Asean
499.9 2.4
486.9 1.0
BEATING PEERS
1,201.7 0.6
804.8 0.4
513.0 -3.9
2,411.4 -3.0
2,478.7 -2.7
441.1 -2.6
18,603.2 -2.5
stocks were locked in the lower cir-
cuit. Titan was the worst-perform-
ing Sensex stock, declining 3 per SAMIE MODAK Asean, two areas with similar
cent. HUL fell 2.6 per cent, Bajaj Mumbai, 20 October growth dynamics and occasional
Finserv fell 2.4 per cent, and NTPC perceived macro vulnerabilities,
fell 2.3 per cent. Bharti Airtel and Foreign brokerage UBS has looks too wide to justify. We note
SBI gained the most at 4 per cent said the Indian stock market that both in India and Taiwan,
and 2.7 per cent, respectively. has turned “unattractive” retail investors have played an out-
Barring telecom, all the because of “extremely expen- side role, which while difficult to
sectoral indices fell. Consumer sive” valuations relative to the predict in terms of reversing,
durables and basic material stocks Asean (Association of Southeast creates an additional potential
fell the most, and their gauges Asian Nations) countries. headwind if this demand
declined 3.4 per cent and 2.5 per The brokerage has an ‘under- unwinds,” MacLeod has said.
cent, respectively. weight’ stance on India along with The brokerage said the earn-
Taiwan and Australia (just down- ings momentum in India is seen
graded from ‘neutral’). fading, while the scope of an eco-
“In our framework, Taiwan, nomic rebound this year is slim.

Mirae Asset MF’s AUM crosses ~1-trillion mark
The fund house, launched in 2008, has seen its assets grow over 10 times in over 5 years
CHIRAG MADIA
Mumbai, 20 October
Mirae Asset Mutual Fund
(MF) has become the latest
to join the club of firms with
assets under management
(AUM) of ~1 trillion. The
firm, which started opera-
tions during the global
financial crisis of 2008, has
seen its assets grow more
than 10 times in the last
five-and-a-half years.
The fund house, known
for its equity offerings, plans
to strengthen its debt port-
folio. Speaking about the
milestone, Swarup
Mohanty, chief executive
officer of Mirae Asset
Investment Managers
(India), said: “I think it is
time to strengthen the debt
investment team as the bulk
Australia and India look unattrac-
tive, especially on valuations/earn-
ings and Asean generally looks
positive,” said UBS strategists, led
Also, low real yield and an over-
valued currency make India vul-
nerable to US Federal Reserve’s
(US Fed’s) tapering.
by Niall MacLeod, in their APAC The UBS assessment indicates
Equity Strategy note released on that other Asian markets could
the debt side too.” Mirae Asset MF has wit- Wednesday. attract a higher share of foreign
~1-TRILLION CLUB At present, the fund
house manages eight equity
nessed a significant surge in
new clients, with investor on
UBS is currently ‘overweight’
Indonesia, Philippines,
flows, leading to relative underper-
formance in domestic equities.
Growth of assets under management (AUM) funds with AUM of folios crossing 4.37 million Singapore, Malaysia, and China Since August, the Indian
of Mirae Asset MF ~84,281 crore, three hybrid (with close to 1.54 million (upgraded from ‘underweight’) — markets have benefited because
AUM (~ cr) % of AUM growth funds having an AUM of systematic investor plan markets that have underper- of regulatory issues in China.
2016 6,495 112 ~7,211 crore and nine debt investors). The SIP flows formed India this year. However, that trade seems to be
funds with AUM of have also grown significantly The benchmark Nifty has reversing now.
2017 14,846 129
~7,146 crore. It also manages to ~796 crore in September. gained 30.3 per cent so far this year, “We’ve been ‘underweight’ on
2018 22,646 53 AUM of ~2,568 crore The fund house had an even as the MSCI APAC (excluding Chinese equities since summer
2019 42,635 88 under six ETFs and four AUM of just ~6,495 crore in Japan) has remained flat. 2020. A recovered economy and
fund of fund schemes. 2016, which increased to Thanks to its sharp outper- expensive market faced tighter
2020 64,031 50 The ~37-trillion worth MF ~42,635 crore in 2019 and formance, India’s valuation pre- monetary policy while the rest of
2021* 100,841 57 industry has a higher share ~64,031 crore in 2020. mium has expanded to record the region offered better cyclical
*Till 14 Oct; Source: Company of debt assets at ~14.2 trillion, Data from Value Research levels of 90 per cent versus the recovery prospects and more
followed by equity at ~12.8 shows that two of its equity MSCI Emerging Market Index, attractive valuations. [Sixteen]
trillion as of September end. funds – Mirae Asset Large compared with a 10-year average months on we reverse this call,”
of the money is still on the ing a track record and then While equity funds help Cap andMirae Asset Emer- of 43 per cent. UBS said. “Relative valuations have
debt side. On the equity side having a graded asset fund houses to make money, ging Bluechip fund – have “India, like Taiwan, looks very also reversed and should look
we had an approach of growth. This is something debt funds increase the asset AUM of ~30,456 crore and poor on our scorecard framework. better in 2022. Regulatory concerns
launching a product, build- we would like to unfold on size of the company. ~21,263 crore, respectively. The relative valuation of India to are also overdone in our view.”

IRCTC dives 31% from SC dismisses Sebi’s appeal in PNB HF case

Tuesday’s record high PRESS TRUST OF INDIA
New Delhi, 20 October

The Supreme Court on

Stock had risen over 300% in 6 months before the fall
DEEPAK KORGAONKAR
Mumbai, 20 October
The shares of Indian Railway
Catering and Tourism
Corporation (IRCTC) tanked
over 18 per cent in
Wednesday’s intra-day trade
to ~4,371 on the BSE, com-
pared with its previous close,
amid heavy volumes. At
close, it was at ~4,432.95 -
down 17.3 per cent on the
BSE. A combined 21-million
equity shares changed hands
on the National Stock
Exchange and the BSE.
With this, the stock is
down 25 per cent in the past
two trading days as a result
of profit booking. The fall is
steeper if the all-time high of
~6,393 it scaled to in
Tuesday's intra-day trade is
taken into consideration.
The stock of the state-
owned travel support servic-
es has tumbled 30.7 per cent
from its record high of
~6,393, amid buzz that the
government is appointing a
regulator for the rail sector.
A sharp decline in the
stock price has seen inves-
tors lose ~32,000-crore
wealth in the past two days.
According to
Wednesday’s closing,
IRCTC’s market capitalisa-
tion (m-cap) declined to
~70,927 crore. Its m-cap had
touched ~1.02 trillion in
intra-day trade on Tuesday.
In the past six months,
the stock had appreciated
nearly 300 per cent, from the
levels of ~1,612, before its
descent. In comparison, the
S&P BSE Sensex is up 30 per
cent during the same period
till Tuesday.
Further, IRCTC shares
will turn the ex-date for the
stock split in the ratio of 1:5
dent submits that an applica-
tion has been moved before
the appellate tribunal to with-
draw the appeal. In view of the
However, it soon hit a road-
block after a proxy advisory
firm red flagged the preference
issue, contending it was not in
Wednesday dismissed as subsequent developments, the interest of the promoter
infructuous the appeal filed by where the respondent does not and the minority shareholders
capital markets regulator SEBI want to pursue the matter, this of the company.
against the Securities Appellate appeal is dismissed as infruc- Soon after, SEBI intervened
Tribunal's order in a matter tuous," the bench also com- and asked the company not
related to the PNB Housing prising Justice B R Gavai said. to go ahead with the plan
Finance Ltd's Rs 4,000 crore A two-member bench of the until a valuation of its shares
equity capital raise plan. Securities Appellate Tribunal is done by an independent reg-
A bench headed by Justice (SAT) on August 9 gave a split istered valuer.
L Nageswara Rao was verdict, saying there was a dif- PNB Housing Finance had
informed by the counsel for ference of opinion between the holders on the fund raise plan. tors led by US-based private fixed the preference issue price
the PNB Housing Finance Ltd members of the bench. The voting was part of a equity player Carlyle Group. at Rs 390 apiece, much lower
that it has decided not to pro- The SAT directed that its special resolution to seek On May 31, the housing than the stock price prevailing
ceed with the issue and moved interim order of June 21, 2021 shareholders' approval for the finance company promoted at that time.
an application before the will continue till further orders, Rs 4,000 crore equity raise by state-owned lender However, the company
appellate tribunal to withdraw restraining PNB Housing plan of PNB Housing by allot- Punjab National Bank (PNB) defended the decision, saying
the appeal. Finance from disclosing the ting preference shares and had announced the capital it followed SEBI regulations
"Counsel for the respon- voting results by the share- warrants to a handful of inves- raise plan. while fixing the issue price.
FREE FALL
THE COMPASS
( in ~)
Jubilant FoodWorks’ Q2 fails to satisfy investor appetite
After rallying ahead DEVANGSHU DATTA per cent in Q2FY21. The age increased to 307 cities, and it will push its stake in
Ebitda margins, though, were versus 298 cities in the pre- DPEU to 49.9 per cent by
of results, stock sees Jubilant FoodWorks deliv- up quarter-on-quarter versus vious quarter. end-October. It is also raising
a steep 8.7% fall ered good results in the 23.8 per cent in Q1. Inflation hit margins. This its stake in the Bangladesh
on Wednesday second quarter of financial In many other ways, the was seen in food and fuel operator, Jubilant Golden
year 2021-22 (Q2FY22) but results seemed to meet, or costs. On a YoY basis, raw Harvest, to 90 per cent by
failed to meet high investor beat, expectations. Consoli- material expenses rose 43 per exercising a call option to
expectations. As a result, the dated revenues were up cent, while overall expendi- buy an additional 39 per cent
on October 28. IRCTC has which the number of shares extremely highly-valued 36.7 per cent YoY and 24.9 per ture was up 38 per cent. Both stake (it already held
fixed October 29 as the of the company increases stock saw sustained selling cent QoQ at ~1,116.2 crore. those growth rates, which 51 per cent). It is also pushing
record date to ascertain the but the m-cap stays the and fell a steep 8.7 per cent Ebitda was up 33 per cent YoY were affected by high infla- to increase its grasp of
name of shareholders enti- same. Existing shares split, on Wednesday. and 35.7 per cent QoQ. Profit tion, exceeded revenue digital data-science technol-
tled to the subdivision/split but the underlying value The disappointment was after tax (PAT) rose 58.1 per growth rates. The company ogy, which should impart
of equity shares of ~10 each remains unchanged. As the mostly on same-store sales cent YoY and 73.5 per cent professed to be satisfied with more efficiency.
into five equity number of growth (SSSG) in Domino’s, QoQ to ~119.8 crore. The PAT growth rates in new brands – Technically speaking, the
shares at a face After touching shares increases, which was much lower than margin expanded to 10.7 per Hong’s Kitchen and Ekdum! stock started trading above
value of ~2 each. ~1 trillion intraday the price per consensus estimates. cent over 9.3 per cent YoY and as well as in Dunkin Donuts. ~4,000 in early September. It
The board of on Tuesday, the share goes down. Investors were expecting 7.7 per cent QoQ. The company is investing shot up to a record high of
IRCTC approved firm's m-cap IRCTC is the 30-35 per cent SSSG year-on- The company seems on in international franchises. It ~4,590 on Monday. The sell-
a stock split in ended around only entity year (YoY), whereas it was target to open 150-plus new has initiated a reverse off has now pulled it down to
the ratio of 1:5 on ~71,000 crore on authorised by 26.3 per cent. Another let- stores this fiscal. It opened 20 bookbuilding process to ~3,965. The delivery to trade
August 12. Wednesday the Indian down was lower like-for-like new stores in Q1, and opened increase its stake in DP ratio is around 20 per cent in
A stock split is Railways to pro- growth for stores opened a record 60 new stores in Q2. Eurasia (DPEU), which is the cash segment, which is
generally under- vide catering before the previous fiscal, The customer base has listed on the London Stock not bad. In the derivatives
taken to make the stock services to the national which was 29 per cent. The expanded with app down- Exchange. DPEU is the segment, there’s a lot of open
more affordable to small transporter, online railway third area of disappointment loads of around 7.2 million in master Domino’s franchisee interest in the 3,700 put and
retail investors and increase tickets, and packaged drink- was a small dip in operating Q2, which added over 10 per in Azerbaijan, Turkey, Russia the 3,500 put. If the sell-off
liquidity. It refers to splitting ing water at railway stations margin (Ebitda to sales) YoY cent to the total base of 71.3 and Georgia. Jubilant held an continues, there will be sup-
the face value of shares, in and trains in India. to 25.8 per cent, versus 26.5 million. The citywide cover- indirect 32.8 per cent stake port at those two levels.
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 THE SMART INVESTOR 11 <

High input costs dent Don’t let your debt force you into a Squid Game
Nestlé’s performance
Paying off your most expensive debt initially is a more cost-effective approach
BINDISHA SARANG est rate. Once you have paid

Squid Game, a South Korean

Tried, tested ways off that one, move to the one
with the next highest interest

India business show on Netflix that is cur- to avoid debt trap rate, and so on. This method
rently topping the popularity will also help you pay off your
n Address the root causes that led
remains charts, is all about a group of
people trapped in debt who
to the debt trap in the first place
dues faster.

strong, sees
5th straight
quarter of 10%
plus growth
BELOW BENCHMARK
EARNINGS MISS IN Q2
Figures in ~ crore Q3CY20 Q3CY21 % change
Net Sales 3,525 3,865 9.6
Operating profit 918 982 6.9
OPM (%) 26.0 25.4 -64 bps
Net profit 587 617 5.2
bps: basis points, OPM: Operating profit margins
Compiled by BS Research Bureau Source: Capitaline
RAM PRASAD SAHU The company continues to be
Mumbai, 20 October consistent on the sales growth
front, posting another 10 per cent
N
estlé India’s September plus growth in the domestic busi-
quarter (Q3CY21) perform- ness. If the Q2CY20 quarter is
ance was a tad below expec- excluded, the 10.1 per cent growth
tations, even though it saw double- in Q3CY21 is the seventh consecu-
digit growth, as inflation pressures tive quarter of double-digit growth.
dented both the profit margins and Growth, according to the com-
bottom line. The company follows a pany, was aided by a recovery in orga-
January-December financial year. nised trade, acceleration in e-com-
Given higher costs, brokerages ha- merce channel sales, and traction in
ve cut their calendar year CY21-23 ea- the rural segment. Analysts at CLSA
rnings estimates by 2-6 per cent. The estimate volume growth in the quarter
stock, which has gained 18 per cent at 7-9 per cent and say that despite rel-
since the beginning of May, was down atively higher pricing power, penetra-
marginally on Wednesday, as a result.
Brokerages do not expect much
tion efforts reduced pricing growth.
Within the Maggi portfolio, nood-
upside from these levels, given near- les, Masala-ae-Magic registered good
term margin pressures and stretched growth on a high base, while sauces
valuations. At the current price, the posted weak growth because of lower
most expensive stock in the FMCG in-home consumption with the wan-
large-cap space is trading at 57 times ing of the Covid-19 impact. Milk pro-
its CY23 earnings estimates and con- ducts (toddler range, Milkmaid), con-
tinues to command a sizable val- fectionery (Kitkat, Munch, Milkybar)
uation premium over peers. The Nifty and beverages (Nescafe) posted
FMCG average valuations are 36 strong double-digit growth.
times, while its top six rivals are trad- Despite steady growth on the top
ing at an average of just over 50 times. line, a surge in raw material (edible
MARGINS TRENDING DOWN
n Gross margin (%)
56.0 56.2 57.9 58.9 58.4 56.8 55.5
Q1CY20 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21 Q3CY21
Source: Kotak Institutional Equities
oil, packaging) prices led to 240 basis
points (bps) dip in gross margin to
55.5 per cent, almost 200 bps lower
than analyst estimates. Lower
employee costs and other expenses
helped contain the operating profit
margin reduction year-on-year (YoY)
to 85 bps at 24.2 per cent.
Larger peer Hindustan Unilever
(HUL) too saw a dip in gross and
operating margins of 140 bps and 40
bps, respectively. In addition to
higher palm oil and crude oil prices,
what dented HUL’s profitability were
higher packaging and freight costs.
Both firms highlighted a sustained
rise in raw material costs and are
looking at cost optimisation
strategies to maintain margins.
While Nestlé's Q3CY21 perform-
ance across key brands has been
strong and prospects in the pack-
aged foods business are bright, the
stock captures most of the near-
term upsides. Investors can look at
the stock on dips for the long term
to benefit from premiumisation,
volume growth and pricing power
that Nestlé enjoys.
enter a series of survival
games. Thankfully, in real life,
you don’t need to play such
games to get out of a debt cri-
sis if you follow some time-
tested financial strategies.
Debt consolidation
Handling several loans and
keeping track of multiple pay-
ments isn’t easy. Under the
debt consolidation strategy,
you take a fresh loan to clear
all your existing liabilities.
Adhil Shetty, chief execu-
tive officer (CEO) Bankbazaar,
says: “Typically, debt consoli-
dation allows you to combine
multiple small debts into one.
This loan may come with more
favourable repayment terms,
such as a lower interest rate
and affordable EMIs. It also
helps you keep a tab on your
overall debt and simplifies
repayment as fewer payments
have to be tracked.”
A debt consolidation loan
comes with a debt agreement,
which stipulates that the loan
amount can be used only to
repay existing loans and that
the loans would be closed
within a fixed period, without
delays. It may also restrict you
from borrowing further during
the consolidation period.
V Swaminathan, CEO,
Andromedia and Apnapaisa,
says: “It is only possible to
Fisdom launches stock broking services
Online wealth management firm
Fisdom, which has backing of
venture capital firm Naspers, has
forayed into the stock broking
business. “The new venture will
offer a comprehensive product
suite to the customers including
equity, derivatives, IPOs, sovereign
gold bonds, currencies and ETFs,”
the firm said. At present, Fisdom
operates a successful MF distribut-
consolidate debts that
are not tied to a particular
asset. Unsecured loans like
credit card dues, personal
loan, and education loan can
be consolidated.”
Consolidating your
debt can also improve
your credit score.
Swaminathan says,
“The repayment of
revolving credit can
help you reduce the
utilisation rate on
your credit card below
30 per cent.
Consistent, on-time
payments and overall
debt reduction will also
improve your credit rating.”
Most expensive debt first
This is the strategy that most
financial planners and debt
ion platform. The broking foray
comes amid a frenzy to open new
accounts underpinned by the buo-
yancy in the market. The number of
demat accounts in the country ha-
ve more than doubled to 70 million
so far this year. It said it will offer a
low-fee structure with premium
offerings such as research coverage
on 3,500 individual scrips, and pr-
oprietary screeners. BS REPORTER
n If it was the Covid crisis that
caught you off guard, it means
you did not have an emergency
fund
n Build an emergency fund equal
to at least three months’
expenses before you begin to
repay your debts
n If you don't know where your
money goes, make a simple
budget and stick to it
n If you are addicted to shopping,
take the help of a financial
coach or a psychologist
counsellors swear by. Rank all
your loans by interest rate –
from the most to the least
expensive – and knock off the
most expensive one first.
“Start with credit card debt,
which is always the
most expensive, fol-
lowed by unsecured
debt, like a personal
loan. Getting rid of
the most expensive
debt first is also a
cost-effective
YOUR
approach,” says Raj
Khosla, managing
MONEY director of
MyMoneyMantra.
First, make the minimum
payment on all loans to avoid a
default. Once you have done
that, use any surplus you have
to pre-pay a part of the debt
that carries the highest inter-
We expect gold imports to rise: GJEPC
The country’s gold imports are
expected to grow further in the
coming months on account of
peak demand during the festive
and wedding seasons, Gems and
Jewellery Export Promotion
Council (GJEPC) said. Gold imports
zoomed to about $24 billion
during April-September 2021. The
council said that the imports
have witnessed a fluctuating
Debt snowball
Here, you pay off your debt in
the order of smallest to largest
balance, irrespective of inter-
est rate. Make the minimum
payment on all your loans, and
then use your surplus money
to pay off your smallest debt
first. When that is paid, move
to the next smallest, and so on.
“This method boosts confi-
dence. There is a positive psy-
chological impact when you
knock off your first debt, even
if it is small,” says M Barve,
founder of MB Wealth
Financial Solutions. In 2016,
researchers for the Harvard
Business Review found that
the snowball method is
actually the most effective.
Paying down the account
with the smallest balance
tends to have a powerful effect
on people’s sense of progress,
and they feel motivated to stay
on track. There’s no doubt that
it’s a more expensive
approach, and takes longer,
but it’s the most successful.
Note that certain loans are
subject to prepayment
charges, and you should con-
sider this before making an
early payment.
If your total EMI payments
exceed 35-40 per cent of your
monthly income, use these
strategies to avoid a Squid
Game-like debt trap.
trend during the last six months
and have come at par with the
statistics of the pre-covid years.
Gold imports in May (12.98
tonnes) and June (17.57 tonnes)
were severely hit by the second
Covid wave that resulted in
nationwide lockdowns and
paralysed several industries for a
brief period including gem and
jewelry, it added. PTI

Noble Bank Noble Bank

H.O.: 1st Floor, M.P. Road-1, Raghunathpur, H.O.: 1st Floor, M.P. Road-1, Raghunathpur,
Noida, Gautam Buddh Nagar Noida, Gautam Buddh Nagar
APPENDIX IV See rule 8(1) APPENDIX IV See rule 8(1)
POSSESSION NOTICE OF IMMOVABLE PROPERTY POSSESSION NOTICE OF MOVABLE PROPERTY
Whereas, The Undersigned being the Authorized Officer of Noble Whereas, The Undersigned being the Authorized Officer of Noble
Co-operative Bank Ltd. under the Securitisation and Reconstruction of Co-operative Bank Ltd. under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise
of powers conferred under Section 13(12) read with Rule 3 of the Security Interest of powers conferred under Section 13(12) read with Rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice dated 22nd July, 2020 calling (Enforcement) Rules, 2002 issued a demand notice dated 29th July, 2020 calling
upon the borrower M/s. Ushaan Viable Works to repay the amount mentioned
upon the borrower Mr. Prashant Khatua to repay the amount mentioned in the
in the demand notice being Rs. 25,24,606/- (Rupees Twenty Five Lakhs Twenty
demand notice being Rs. 3,77,469/- (Rupees Three Lakhs Seventy Seven
Four Thousand Six Hundred Six Only) alongwith the allocable simple interest,
penal interest, legal expenses & other misc expenses within 60 days from the date Thousand Four Hundred Sixty Nine Only) alongwith the allocable simple
of receipt of the said notice. interest, penal interest, legal expenses & other misc expenses within 60 days from
The borrower having failed to repay the amount, notice is hereby given to the the date of receipt of the said notice.
borrower and the public in general that the undersigned has taken constructive The borrower having failed to repay the amount, notice is hereby given to the
possession of the property described herein below in exercise of powers conferred borrower and the public in general that the undersigned has taken constructive
on him under sub section (4) of section 13 of Act read with Rule 8 of the Security possession of the property described herein below in exercise of powers conferred
Interest Enforcement Rules, 2002 on this the 18th Day of October of the year 2021. on him under sub section (4) of section 13 of Act read with Rule 8 of the Security
The borrower in particular and the public in general is hereby cautioned not Interest Enforcement Rules, 2002.
to deal with the property and any dealings with the property will be subject to The borrower in particular and the public in general is hereby cautioned not
the charge of Noble Co-operative Bank Ltd. for an amount of Rs. 21,43,034/- to deal with the property and any dealings with the property will be subject to
(Rupees Twenty One Lakhs Forty Three Thousand And Thirty Four Only) the charge of Noble Co-operative Bank Ltd. for an amount of Rs. 2,09,910/-
and applicable interest thereon. (Rupees Two Lakhs Nine Thousand Nine Hundred Ten Only) and applicable
The borrower’s attention is invited to the provisions of sub-section 8 of interest thereon.
section 13 of the Act, in respect of time available, to redeem the secured assets. The borrower’s attention is invited to the provisions of sub-section 8 of
DESCRIPTION OF THE IMMOVABLE PROPERTY
section 13 of the Act, in respect of time available, to redeem the secured assets.
All that part and parcel of the property consisting of Residential flat bearing
DESCRIPTION OF THE MOVABLE PROPERTY
house number 52-C (Second Floor), Block B-5, Dhawalgiri Apartments, Sector-
34, Noida, District GB Nagar. Bounded: On the North By: As per Site Plan, On Registeration No.: UP 16BR 8996, Registeration Date: 18th Dec, 2017,
the South By: As per Site Plan, On the East By: As per Site Plan, On the West Model Name: Maruti Swift Dzire VXI, Engine No.: 105632, Chasis No.:
By: As per Site Plan 224661, Horse Power: 1197CC
Dated: 18.10.2021 Sd/- Authorised Officer Dated: 18.10.2021 Sd/- Authorised Officer
Place: Noida Noble Co-operative Bank Ltd. Noida Place: Noida Noble Co-operative Bank Ltd. Noida

APPENDIX IV APPENDIX IV APPENDIX IV

[See rule 8 (1)] [See rule 8 (1)] [See rule 8 (1)]
POSSESSION NOTICE POSSESSION NOTICE POSSESSION NOTICE
(for immovable property) (for immovable property) (for immovable property)
Whereas, Whereas, Whereas,
The undersigned being the Authorized Officer of the INDIABULLS The undersigned being the Authorized Officer of INDIABULLS COMMERCIAL The undersigned being the Authorized Officer of the INDIABULLS
HOUSING FINANCE LIMITED (CIN: L65922DL2005PLC136029) under the CREDIT LIMITED (CIN:U65923DL2006PLC150632) under the Securitisation COMMERCIAL CREDIT LIMITED (CIN:U65923DL2006PLC150632) under
and Reconstruction of Financial Assets and Enforcement of Security Interest the Securitization and Reconstruction of Financial Assets and Enforcement of
Securitization and Reconstruction of Financial Assets and Enforcement of
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Security Interest [Act, 2002 (54 of 2002)] and in exercise of powers conferred Security Interest [Act, 2002 (54 of 2002)] and in exercise of powers conferred
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
under Section 13 (12) read with Rule 3 of the Security Interest under Section 13 (12) read with Rule 3 of the Security Interest
dated 30.08.2019 calling upon the Borrower(s) DEEPAK YADAV PROPRIETOR
(Enforcement) Rules, 2002 issued demand notice dated 23.06.2021 (Enforcement) Rules, 2002 issued demand notice dated 05.05.2021
OF DEEPAK TRADERS AND RAKHI YADAV to repay the amount mentioned
calling upon the Borrowers ANUMOD SHARMA, BHAWANA SHARMA, in the Notice being Rs.29,10,626/- (Rupees Twenty Nine Lakh Ten Thousand calling upon the Borrowers SIKKA PROMOTERS PRIVATE
PRAVEEN SHARMA, NEELIMA SHARMA AND APRA AUTO (INDIA) Six Hundred Twenty Six only) against Loan Account No.HLLANOI00481135 LIMITED, GURINDER SINGH SIKKA, KUSHAM KAUR ALIAS
PRIVATE LIMITED (GUARANTOR) to repay the amount mentioned in the as on 29.08.2019 and interest thereon within 60 days from the date of receipt of KUSUM KAUR, GURNEET SINGH SIKKA, H.S.SIKKA ALIAS
notice being Rs.5,45,95,953.45/-/- (Rupees Five Crore Forty Five Lakh the said Notice HARVINDER SINGH SIKKA, G.S.PROMOTERS PRIVATE LIMITED AND
Ninety Five Thousand Nine Hundred Fifty Three And Paisa Forty Five The Borrower (s) having failed to repay the amount, Notice is hereby given SIKKA KARS GLOBAL PRIVATE LIMITED to repay the amount mentioned in the
Only) against Loan Account No. HLAPDCP00147485 on 05.06.2021 and to the Borrower (s) and the public in general that the undersigned has taken notice being Rs.24,50,86,059.16/- (Rupees Twenty Four Crore
interest thereon within 60 days from the date of receipt of the said notice. possession of the property described herein below in exercise of Fifty Lakh Eighty Six Thousand Fifty Nine and Paisa Sixteen only)
powers conferred on him under Sub-Section (4) of Section 13 of the Act read against Loan Account No. HLLANOI00380332 on 29.04.2021 and
The Borrower (s) having failed to repay the amount, Notice is hereby given
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 14.10.2021 interest thereon within 60 days from the date of receipt of the said notice.
to the Borrower (s) and the public in general that the undersigned has taken
The Borrower (s) in particular and the public in general is hereby cautioned not
symbolic possession of the property described herein below in exercise of The Borrower (s) having failed to repay the amount, Notice is hereby given
to deal with the property and any dealings with the property will be subject to the
powers conferred on him under Sub-Section (4) of Section 13 of the Act read to the Borrower (s) and the public in general that the undersigned has taken
charge of the INDIABULLS COMMERCIAL CREDIT LIMITED for an amount of
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 14.10.2021 Rs. 29,10,626/- (Rupees Twenty Nine Lakh Ten Thousand Six symbolic possession of the property described herein below in exercise of
The Borrower (s) in particular and the public in general is hereby cautioned not Hundred Twenty Six only) as on 29.08.2019 and interest thereon. powers conferred on him under Sub-Section (4) of Section 13 of the Act read
to deal with the property and any dealings with the property will be subject to The Borrower’s attention is invited to provisions of Sub-Section (8) of with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 18.10.2021
the charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount Section 13 of the Act in respect of time available, to redeem the secured The Borrower (s) in particular and the public in general is hereby cautioned not
of Rs.5,45,95,953.45/-/- (Rupees Five Crore Forty Five Lakh Ninety Five assets. to deal with the property and any dealings with the property will be subject to the
Thousand Nine Hundred Fifty Three And Paisa Forty Five Only) as on DESCRIPTION OF THE IMMOVABLE PROPERTY charge of the INDIABULLS COMMERCIAL CREDIT LIMITED for an amount
05.06.2021 and interest thereon. FLAT NO. S-3 HAVING SUPER AREA MEASURING 1000 SQ. FT., i.e., 92.90 of Rs.24,50,86,059.16/- (Rupees Twenty Four Crore Fifty Lakh Eighty Six
The Borrower’s attention is invited to provisions of Sub-Section (8) of SQ. MTR. ON THE 2ND FLOOR (WITHOUT ROOF RIGHTS) AND CAR Thousand Fifty Nine and Paisa Sixteen only) as on 29.04.2021 and interest
Section 13 of the Act in respect of time available, to redeem the secured PARKING SPACE IN BASEMENT HAVING AREA MEASURING 270 SQ. FT. AND thereon.
assets. COLLECTIVELY THE TOTAL COVERED AREA OF THE BASEMENT AND 2ND The Borrower’s attention is invited to provisions of Sub-Section (8) of
DESCRIPTION OF THE IMMOVABLE PROPERTY FLOOR IS ADMEASURING 117.98299 SQ. MTR. CONSTRUCTED ON PLOT Section 13 of the Act in respect of time available, to redeem the secured
PROPERTY BEARING NUMBER 21 BUILT ON LAND MEASURING 333.33 NO. II-A-20, SECTOR-2, NEHRU NAGAR- II, GHAZIABAD- 201001, UTTAR assets.
SQUARE YARDS IN BLOCK C-2, SITUATED IN LAYOUT PLAN OF WAZIRPUR PRADESH DESCRIPTION OF THE IMMOVABLE PROPERTY
RESIDENTIAL SCHEME, PRESENTLY KNOWN AS ASHOK VIHAR, PHASE-II, THE SAID FLAT NO. S-3 IS BOUNDED AS UNDER: HOTEL-THE FERN, PLOT NO. 290 & 291, MEASURING 550 SQUARE YARDS,
NEW DELHI-110052 AND BOUNDED AS UNDER: EAST : OPEN AREA WEST : FLAT NO. S-4 SITUATED IN SECTOR – 29, GURUGRAM – 122001, HARYANA, WHICH IS
NORTH - ROAD 60’ WIDE SOUTH - SERVICE LANE 15’ WIDE NORTH : PASSAGE SOUTH : HOUSE NO. II/19 BOUNDED AS FOLLOWS:
EAST - NURSERY SCHOOL WEST - PROPERTY NUMBER C-2/20 Sd/ Sd/ EAST : AS PER TITLE DEED WEST : AS PER TITLE DEED
Date : 14.10.2021 Authorized Officer
Date : 14.10.2021 Authorized Officer NORTH : AS PER TITLE DEED SOUTH : AS PER TITLE DEED
Place : New Delhi INDIABULLS HOUSING FINANCE LIMITED Place : GHAZIABAD INDIABULLS COMMERCIAL CREDIT LIMITED
Date : 18.10.2021
Sd/
Place : GURUGRAM Authorized Officer
INDIABULLS COMMERCIAL CREDIT LIMITED
12 STOCKS
>
NEW DELH THURSDAY, 21 OCTOBER 2021

> STOCK
IN THE > RCTC > Larsen & Toubro nfotech > Transport Corp of nd a

NEWS Top oser among

A group stock
H ts resh a -t me
h gh at ~7 55
Advanced or
cont nuous 9 sess on OF THE DAY
on BSE n a row Century P yboards
~5 363 0 PR V OU O ~6 847 8 PR V OU O ~473 9 PR V OU O H ts new h gh at ~576
~4 433 0 O ~6 940 4 O ~564 7 O Up 35 per cent n
q - 7 3% DOWN p 4% UP p 9 2% UP a month

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
20 Oct ’21 Chg (%) Con Std 20 Oct ’21 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s low Close % chg* 3mth low 52 wk low
Company Day’s high Close % chg* 3mth high 52 wk high
Adani Ports 794.9 0.3 0.7 29.3 88.7 ITC 246.6 0.3 3.7 23.1 22.2 price price (%) price price (%) IRCTC 4371.3 4433.0 -17.3 2263.2 1291.0
Asian Paints 3169.6 -0.4 1.8 87.1 89.5 JSW Steel 685.2 -0.9 1.1 11.5 12.0 Metropolis Heal 2958.4 2909.1 5.8 3241.0 3241.0 Deepak Nitrt 2501.1 2557.4 -12.1 1881.9 703.3
MOST BULLISH MOST BEARISH
Axis Bank 804.8 0.4 2.7 34.3 32.3 Kotak Mah Bank 2015.5 -1.0 3.6 40.2 54.3 BHEL 73.6 73.0 4.7 78.7 79.5 Navin Fluo 3326.5 3501.9 -9.3 3326.5 2036.7
Bajaj Auto 3848.7 -1.6 0.6 19.8 21.9 Zee Enter 322.5 320.1 0.7 Metropolis Heal 2829.4 2907.6 -2.7 Bharti Airtel 713.8 708.5 4.0 738.8 738.8 Dixon Tech 5009.5 5214.3 -8.8 3760.0 1801.0
L&T 1806.7 -2.1 3.1 20.4 21.5
Bajaj Fin 7761.4 0.3 2.5 106.0 119.2 Escorts 1447.3 1438.4 0.6 Ipca Labs 2292.6 2309.2 -0.7 Devyani Interna 125.4 124.5 4.0 141.1 141.1 Jubilant Fd 3901.2 3965.2 -8.5 3208.2 2099.6
Mah & Mah 899.4 -2.0 1.1 61.7 110.5
Max Fin Sre 985.6 979.5 0.6 JK Cement 3196.1 3213.2 -0.5 Zee Enter 325.0 320.3 3.4 362.9 362.9 Sona BLW Precis 613.7 644.0 -7.9 394.0 295.2
Bajaj Finsrv 18603.2 -2.5 1.4 72.41662.2 Maruti Suzuki 7590.8 -0.8 1.2 52.2 46.6 Bharti Infratel 304.7 303.0 0.6 Infosys 1793.1 1802.4 -0.5 Bank of Baroda 93.2 92.2 3.1 94.8 99.8 Aarti Inds 983.0 1014.1 -7.8 862.1 487.4
Bharti Airtel 708.5 4.0 2.3 367.9 - Nestle India 19277.7 -0.5 0.8 - 82.9 BHEL 73.3 72.9 0.5 HCL Techno 1228.8 1232.9 -0.3 Indus Towers 313.4 303.1 2.7 332.6 332.6 PI Inds 3017.2 3048.6 -6.4 2895.1 1982.5
BPCL 441.1 -2.6 0.6 5.9 5.2 NTPC 146.3 -2.3 0.9 9.7 9.8
Britannia 3762.0 -0.9 0.5 53.1 53.0 Canara Bank 197.3 195.5 2.5 204.3 204.3 IEX 756.9 789.4 -6.3 379.0 181.0
ONGC 154.9 -2.3 0.9 12.0 12.7
Cipla 905.9 0.0 0.6 28.8 27.6 BSE NSE SBI 507.4 500.0 2.4 507.4 507.4 Angel Broking 1356.5 1396.6 -6.1 1008.9 223.0
Coal India 180.5 -2.2 0.5 8.1 14.7
Power Grid 194.4 -2.2 0.8 11.3 8.5 Index Stock Index Stock PUT-CALL RATIO Indian Hotel 224.5 219.2 1.9 237.5 237.5 Oracle Fin 4610.3 4681.5 -5.9 3993.1 2933.1
Reliance Ind 2700.4 -1.2 10.7 35.5 54.5 Max Health 345.0 341.4 1.6 472.6 472.6 Ami Organics 1246.0 1250.5 -5.8 841.2 841.2
Divis Lab 5116.4 -1.5 0.8 68.4 67.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 499.9 2.4 2.4 17.8 19.6 Federal Bank 94.4 94.1 1.4 96.5 96.5 Gland Pharma 3519.8 3539.6 -5.3 3519.8 1701.0
Dr Reddys 4753.9 -1.0 0.7 45.5 48.0 Contracts - - 397923 1183923
SBI Life Ins 1168.8 -2.1 0.6 - 90.8 Market 1653.5 3339.4 0.5 L & T Infotech 7155.0 6940.4 1.4 7155.0 7155.0 Clean Science T 1991.8 2021.4 -5.0 1422.9 1422.9
Eicher Motor 2651.2 -1.9 0.5 44.2 45.7 Open Int.(000) - - 15259 5275819
Shree Cement 27457.4 -0.9 0.5 - 38.1 Adani Enter 1606.7 1589.8 1.3 1672.6 1718.5 Laxmi Organic 499.7 499.7 -5.0 251.8 143.0
Grasim Ind 1692.5 -1.5 0.8 32.5 66.3 Shares(In Mn) - - 16.2 2079.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 814.9 -1.5 1.1 32.6 96.5 City Union Bk 169.7 167.9 1.1 173.3 199.8 Siemens 2201.8 2211.2 -4.7 1919.5 1249.0
HCL Techno 1232.9 0.1 1.6 29.0 36.8 Value(~ crore) - - 37596 112279
Tata Consumer P 827.0 -1.9 0.6 106.7 110.3 Dalmia Bharat 1.1 JK Cement 0.1
HDFC 2795.1 -1.0 6.2 27.0 42.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 486.9 1.0 1.1 - - Balkrishna I 0.9 MRF 0.2
HDFC Bank 1673.9 -0.9 9.0 29.1 27.7 Contracts - - 72742320 3884678
Tata Steel 1343.3 -1.7 1.3 7.8 8.4 Bajaj Finsrv 0.8 Persistent S 0.2
HDFC Std Life 703.4 0.1 0.8 104.6 117.5
Hero MotoCorp 2816.0 -2.1 0.4 19.3 17.2 TCS 3608.9 -0.7 4.6 36.5 37.2
Open Int.(000)
Shares(In Mn)
-
-
-
-
259325
2692.8
4733659
6113.5
Tata Motors 0.8 NTPC 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1539.3 0.0 1.2 31.0 34.2 Bajaj Fin 0.7 SBI Life Ins 0.2
Hindalco 513.0 -3.9 0.9 33.1 59.3 Value(~ crore) - - 6971791 386382 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
HUL 2478.7 -2.7 2.7 72.8 70.1 Titan Company 2411.4 -3.0 1.2 220.0 177.2 BSE+NSE BSE+NSE
UltraTech 7129.6 -0.6 1.0 32.3 32.6 (~ crore) (Mn shrs)
1 Reliance Ind 1711585.4 BS200 Sangam India 40.6
ICICI Bank 745.9 -0.2 6.3 28.1 28.4
IndusInd Bank 1201.7 0.6 1.0 - 27.8 UPL 715.9 -2.4 0.5 18.3 160.4 ACTIVE CALLS ACTIVE PUTS IRCTC 9716.0 21.0
2 TCS 1334579.8
UP 7 DAYS Kiduja India 40.6
Wipro 702.0 -1.3 1.3 31.8 39.2 3 HDFC Bank 926700.6 DOWN 7 DAYS
Infosys 1802.4 -1.1 8.1 36.3 38.4 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Tata Power 5560.3 243.5 4 Infosys 757203.9
IOC 130.6 -2.4 0.7 5.7 4.8 Nifty 50 18266.6 â-0.8 100.0 28.7 31.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
IEX 3011.0 38.2 5 HUL 582559.8
DOWN KRL
HG Industries
-30.1
-30.0
INDEX PE SHRS TRDS 1 YR Index Index Tata Motors 3000.7 62.0 6 ICICI Bank 517113.5
UP 3 DAYS Sanrhea Tech -30.0
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
21/10/21
21/10/21
18500 115.1
18400 101.5
6.6 70.9
4.6 240.9
Nifty
Nifty
21/10/21
21/10/21
18300 122.5
18200 94.6
2.2
2.9
-31.2
16.6
Reliance Ind 2340.2 8.6 7 HDFC 505473.3 Devyani Interna 10.6 Adhinath Tex -30.0
SENSEX 32.5/35.6 48.4 342 7 23 51.1 SBI 1885.7 37.8 8 Bajaj Fin 468493.2 Metropolis Heal 9.9 Raaj Medisfe I -29.9
Asian Paints 3168.7 -0.5 2.1 87.1 89.5 L&T 1807.1 -2.1 3.6 20.4 21.5 Nifty 21/10/21 18600 81.0 6.2 39.9 Nifty 21/10/21 18400 88.0 1.2 -49.7
Axis Bank 804.9 0.4 3.1 34.3 32.3 NIFTY 50 28.7/31.7 371.3 6003 11 39 53.5 9 SBI 446185.4 Shriram TrFn 4.0 Pratiksha Ch -29.9
Mah & Mah 899.5 -1.9 1.3 61.7 110.5 Nifty 21/10/21 18300 66.9 3.2 322.7 Nifty Bank 21/10/21 39500 69.9 1.4 20.9 Bharti Airtel 1730.4 24.6
C = CONSOLIDATED; S = STANDALONE 10á Bharti Airtel 416874.7
Bajaj Auto 3848.0 -1.6 0.7 19.8 21.9 Maruti Suzuki 7592.5 -0.8 1.4 52.3 46.6 Nifty 21/10/21 18700 59.7 4.4 23.5 Nifty 21/10/21 18250 55.8 1.2 37.6 Infosys 1727.1 9.5 Nippon Life Ind 2.7 TTI Enter -29.9
Bajaj Fin 7761.7 0.4 3.0 106.0 119.2 11â Kotak Mah Bank 399491.5 Mindtree 1.8 UP 3 DAYS
Nestle India 19273.7 -0.5 1.0 - 82.9 CASH DERIVATIVES Stock Stock Deepak Nitrt 1510.8 5.7
Bajaj Finsrv 18598.9 -2.4 1.7 72.41661.8 TURNOVER BSE NSE BSE NSE 12 Wipro 384697.4 Paras Defence 58.1
NTPC 146.3 -2.3 1.0 9.7 9.8 NTPC 28/10/21 150 77.8 64.9 0.1 Tata Power 28/10/21 200 36.4 6.4 20.2 HUL 1446.1 5.7
Bharti Airtel 708.5 4.0 2.6 367.9 - 13 HCL Techno 334416.7 DOWN TMRVL 50.6
Power Grid 194.3 -2.1 0.9 11.3 8.4 VALUE(IN ~ CRORE) 14060 94151 - 7508047 ITC 28/10/21 250 74.3 25.1 31.2 NTPC 28/10/21 145 29.7 8.1 -7.9 TCS 1432.8 4.0
Dr Reddys 4757.5 -0.9 0.8 45.6 48.0 14á Asian Paints 303936.9 Angel Broking -14.8 AMD Ind 28.1
Reliance Ind 2699.9 -1.2 12.5 35.5 54.5 SHARES(IN MN) 634.0 3321.5 - 10902.0 SBI 28/10/21 500 60.7 10.2 -22.8 Tata Power 28/10/21 220 26.6 4.8 -0.7
HCL Techno 1232.4 0.0 1.9 29.0 36.8 L & T Infotech 1379.8 2.0 15á ITC 303818.6 Sunedison Inf 19.8
SBI 500.0 2.4 2.8 17.8 19.6 TRADES(000) 4572 30877 - 37500 Tata Power 28/10/21 230 44.5 5.6 148.9 ITC 28/10/21 240 23.2 8.4 -3.4 Avenue Supermar -13.5
HDFC 2795.5 -0.9 7.2 27.0 42.2 ICICI Bank 1334.8 17.8 16â Avenue Supermar 298651.1 Navin Fluo -11.0 Khadim India 18.8
Sun Pharma 814.8 -1.5 1.3 32.6 96.4 Bank of Baroda 28/10/21 100 42.9 14.0 -2.4 Tata Power 28/10/21 210 22.7 5.6 51.2
HDFC Bank 1673.5 -0.9 10.5 29.1 27.7 MARKET-CAP (~ CR) TRADED TOTAL ITC 1309.5 53.3 17â Bajaj Finsrv 295982.1 Polycab India -10.4 Mahindra CIE 16.0
HUL 2479.4 -2.6 3.2 72.9 70.1 Tata Steel 1342.8 -1.8 1.5 7.8 8.4 18 L&T 253827.3
Zee Enter 1264.5 39.9 Jubilant Fd -10.1 Axel Polymer 15.7
TCS 3607.9 -0.7 5.3 36.5 37.2 BSE 26,930,611 27,059,813 19 Axis Bank 246831.4
ICICI Bank 745.6 -0.2 7.4 28.1 28.4 DOWN 3 DAYS
IndusInd Bank 1201.1 0.6 1.1 - 27.7 Tech Mahindra 1539.2 0.0 1.4 31.0 34.2 NSE 26,590,540 26,696,196 SPURT IN VOLUMES Jubilant Fd
HCL Techno
1251.7
1177.5
3.0
9.5 20 Maruti Suzuki 229354.2
IndiaMART Int
Century Tex
-10.0
-9.9 Tyroon Tea -22.4
Titan Company 2412.4 -3.0 1.4 220.1 177.3 DERIVATIVES 19,990,561 19,990,561
Infosys 1800.5 -1.2 9.4 36.2 38.4 Company Days 2-week Avg Change Close *Price 21 Titan Company 214168.4 Others Arshiya -20.0
Tata Steel 1102.3 8.1
ITC 246.6 0.2 4.4 23.1 22.2 UltraTech 7135.7 -0.5 1.2 32.3 32.6 Volume Volume % price %chg 22 UltraTech 205977.7 UP 7 DAYS MEP Infra Dev -19.0
Kotak Mah Bank 2014.5 -1.0 4.2 40.2 54.3 BSE SENSEX 61260.0 â-0.7 100.0 32.5 35.6 TRADING ACTIVITY UTI Bank ETF 106927.0 1495.4 7050.4 40.0 1.3
Bajaj Fin
HDFC
1070.2
1045.6
1.4
3.7
23á Sun Pharma 195483.0 Ashapuri Gold 43.3 Pacific Inds -18.4
C = Consolidated; S = Standalone (~ crore) FIIs MF 24â ONGC 194868.5 National Std 40.7 CSL Finance -17.2
One Point One S 1456186.0 26646.1 5364.9 41.3 5.0 L&T Tech Ser 1010.1 2.0
Equity Debt Equity Debt 25 Adani Trans 186731.2
Net Net Net Net 11Qpd 162819.0 7142.2 2179.7 4.1 -9.7 Raghuvir Syn 40.7 Ishan Dyes -16.6
HDFC Bank 988.9 5.9 26 Nestle India 185837.0
WORLD INDICES On 19 Oct 49 -428 - - Transport Co 3164561.0 157630.8 1907.6 564.7 19.2 Mindtree 941.4 2.0 27 Adani Green En 184529.7
Kreon Fin
Gita Rebewable
40.6
40.6
Securekloud Tec -15.7

On 14 Oct 1479 -367 - - Arihant Fond 567854.0 43074.2 1218.3 36.9 20.0 Avenue Supermar 936.1 2.0 28 Adani Enter 174840.7
Indices Close % Chg* Indices Close % Chg*
On 13 Oct 1256 64 - - Natl Steel A 912191.0 76901.3 1086.2 6.1 5.0 29 JSW Steel 165662.8 (T+2) cycleStocks which rose/fell continuously
ACC 929.4 4.0
Americas (Oct 19,21) Asia/Pacific (Oct 20,21) On 12 Oct 255 -95 -421 2121 Mukta Arts 388604.0 40445.8 860.8 47.2 9.9
Nasdaq Composite 15129.1 0.7 Stock Exchange of Thai 1637.6 0.4 On 11 Oct -325 -661 509 -6 We Win 150000.0 15750.0 852.4 30.4 4.8
Oct till date 3746 -2783 1755 8530 Niehspe 130810.0 15471.6 745.5 5.4 -9.9
Dow Jones
S&P/ TSX Composite
35457.3
21087.0
0.6
0.5
Kuala Lumpur Comp
Straits Times
1606.3
3198.1
0.0
0.0 2021 till date 63285 -1652 29637 121542 ACC 4035548.0 478213.1 743.9 2263.2 0.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Oct 19,21) Jakarta Composite (Oct 19) 6656.0 0.0 Quarterly VST Ind Group Z Group B Wagend Infra
IBEX 35 9012.1 0.2 Taiwan Taiex 16887.8 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Group B Opto Circuit Control Prnt Ve
OCTOBER 21 20 Microns OCTOBER 22 CyberTech Zenotech Lab
DAX 15526.4 0.1 Shanghai Se Comp 3587.0 -0.2 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 21st Cnt Fin BS 200 Dodla Dairy Group XT
FTSE 100 7219.2 0.0 Kospi 3013.1 -0.5 NET Net Fut OI Opt OI OI Asian Paints 63 Moons CGCEL Gautam Gems Adcon Ca
HIGH *V R Films . . . . . . . . . . . 445.0 *P.Polysac . . . . . . . . . . . 88.9 *LOW
CAC 40 6660.9 -0.1 Volatility (Oct 19,21) BS 200 *Systematix . . . . . . . . . 419.0 *Artson Engg . . . . . . . . . 79.6 BS 200 Biocon Jubilant Ind Federal Bank Inventure Prismx Glob
On 19 Oct 2543 -1967 0.2 1.6 1.9
Asia/Pacific (Oct 20,21) CBOE S&P 500 15.7 -0.1 On 18 Oct -1908 -1168 0.1 1.4 1.9 *L & T Infotech . . . . . . 7155.0 *Monte Carlo Fas . . . . 414.1 *P H Capital . . . . . . . . . . 77.9 Strides Pharma . . . . . . 536.6 Containr Crp Kabra Extrus Gland Pharma Growt Shr Prec Ste
Hang Seng 26136.0 1.4 CBOE Dow Jones 15.2 -5.2 On 14 Oct 3225 -298 0.1 1.2 1.9 *Coforge . . . . . . . . . 6029.4 Shopp Stp . . . . . . . . . . . 299.7 *Kapashi Comm . . . . . . 75.2 Others ICICI Lombard Kirl Pneu HDFC Std Life Kirl Ferro Vardh Concre
On 13 Oct 1110 -225 0.1 1.6 1.8 *Bata India . . . . . . . . . 2212.6 *Mahi Lifespc . . . . . . . . 299.3 *Simmonds M . . . . . . . . 73.9 Transgl.Food . . . . . . . . . 92.7 IEX Macrotech Polycab India Omkar Spec West Leisure
Nikkei 225 29255.6 0.1 * Change over previous close
On 12 Oct -608 -1462 0.1 1.4 1.8 *G R Infraprojec . . . . . 2145.0 *Deep Polymers . . . . . 249.6 *Unison Met . . . . . . . . 73.2 *KIFS Financial . . . . . . . 32.6 IndiaMART Int Devlp PVR Palm Jewels OCTOBER 23
*Infosys . . . . . . . . . . . 1848.3 *Sangam India . . . . . . . 245.2 *Roni Households . . . . . 73.0 *Trescon . . . . . . . . . . . 31.4 Indian Hotel Music Broad- Reliance Ind Pil Italica Lif BS 200
MAJOR INDICES Oct till date
2021 till date
15441
217496
-8326
-8915
-
-
-
-
-
- *Tech Mahindra . . . . . 1576.0 *Sanmit Infra . . . . . . . . 216.0 *Comfort Finance . . . . . 70.0 *Suvidhaa info . . . . . . . . 15.0 JSW Steel cast Tata Consumer Pioneer Dist Ami Organics
*ICICI Bank . . . . . . . . . 757.4 *Proseed India . . . . . . . 194.5 *Universal Auto . . . . . . . 69.5 *I Bright St . . . . . . . . . . . 15.0 LIC Hsg Fin Rane Eng Val P Ponni Sugar ICICI Bank
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*SBI . . . . . . . . . . . . . . . . 507.4 *Flomic Global . . . . . . . 176.9 Abhinav Capital . . . . . . . 68.7 *Tiaan Consumer . . . . . . 9.8 Mphasis Tanla Soluts Tata Elxsi Shanthi Gear MCX
S&P BSE Sensex 61,716.1 61,800.1 61,880.4 61,109.3 61,260.0 -456.1 -0.7 *Trident . . . . . . . . . . . . . 43.4 *R&B Denims . . . . . . . . 171.0 *Alfavision . . . . . . . . . . . 67.2 *Nutech Glob . . . . . . . . . . 9.7 Trident Trident Texo- YES Bank Stylam Inds Group A
Others *ASRL . . . . . . . . . . . . . 170.6 *Alan Scott Inds . . . . . . . 65.6 *Mfsintrcrp . . . . . . . . . . . 8.8 TVS Motor fab Group A Surana Solar Orient Ele
S&P BSE Sensex 50 19,304.0 19,330.2 19,347.4 19,087.3 19,144.3 -159.7 -0.8 S&P BSE SECTORAL INDICES *National Std . . . . . . . 7409.3 *Chennai Ferro . . . . . . 168.3 *Vaksons Auto . . . . . . . . 65.3 *Joy Realty . . . . . . . . . . . . 8.6 Group A Group T ABB Power TCI Develop Seshasa Pprs
*Quant Index ETF . . . 1950.0 *Kiduja India . . . . . . . . 149.3 *National Gen . . . . . . . . 59.6 *Aviva Inds . . . . . . . . . . . . 8.4 Agro Tech Fd CG Power India Wendt Group B Sahyadri Ind Indus Towers Tec VSSL Choksi Imag
S&P BSE-100 18,691.8 18,715.7 18,725.8 18,444.4 18,512.6 -179.2 -1.0 Prev cls Close % Chng
*Hind.Everest . . . . . . 1716.0 *Praveg Communic . . . 141.2 *Mafang . . . . . . . . . . . 57.0 *Shukr Bullions . . . . . . . . 7.9 Bank of Maha Rajratan Glb Apollo Pipes Group M Autom Stamp Smruthi Or- Ramco Ce- Orient Cement Group M Classic Filam
S&P BSE-200 7,967.8 7,976.2 7,979.1 7,849.9 7,882.8 -85.0 -1.1 Auto 26,025.1 25,715.5 -1.2 *Sasken Comm . . . . 1519.6 *CG Power . . . . . . . . . . 137.2 *Garnet Intl . . . . . . . . . . 56.5 *KDLL . . . . . . . . . . . . . . 7.3 Borosil Re- Group X Chennai Petr Kwality Rudra Glo ganic ments Prakash Ind ANG Life- Devki Leas
Bankex 45,019.2 44,997.3 0.0 *Raghuvir Syn . . . . . . 1092.7 *Anand Rayons . . . . . . 134.9 *RSD Fin . . . . . . . . . . . . . 56.2 *Generic Phar . . . . . . . . . 7.0 newab Duncan Engg Hind Zinc Pharma Tatva Chintan ZF Steering SRF Quick Heal science Dhruv Est
S&P BSE-500 25,062.3 25,088.9 25,090.7 24,652.4 24,765.3 -297.1 -1.2 Cons. Durables 45,362.7 43,838.0 -3.4 *Sonata Soft . . . . . . . 1030.0 *Tayo Rolls . . . . . . . . . . 134.4 *Amco India . . . . . . . . . . 55.9 Kapil Raj Fin . . . . . . . . . . . 6.6 Cigniti Tech Enkei Wheel Huhtamaki Group P Vimta Labs Group XT Tech Mahindra Suven Life Group X Maruti Sec
S&P BSE IPO 13,260.1 13,281.1 13,285.5 12,787.6 12,887.2 -372.8 -2.8 Cap. Goods 27,516.3 27,030.3 -1.8 *Jin Poly Inv . . . . . . . . . 132.1 *GKP Printing . . . . . . . . 54.8 *Ari.Tourneso . . . . . . . . . . 5.5 Gateway Dist Fervent India Ind.Link Chain Group IF Athena Global Group A Swaraj Engin Charms Inds Sagar Prod
TCNS Clothing C . . . . . 775.0
FMCG 14,826.2 14,615.0 -1.4 *Parshva Ent . . . . . . . 130.2 Advitiya Trade . . . . . . . . 52.0 SREI Infra Fin . . . . . . . . . . 4.9 Heritage Pharma INOX Leisure Group T IRB InvIT Fund T CEAT Group B Divya Grant Shangar Decor
S&P Dollex-30 6,751.2 - - - 6,713.1 -38.1 -0.6 *ICICI Sensex-ET . . . . . 699.0
Healthcare 25,869.9 25,499.2 -1.4 Foods Pranav.Spin Jubilant Darshan Orna Group M
*UTI Sensex-ETF . . . . . 657.6 K P Energy . . . . . . . . . . 123.3 *Trident Texofab . . . . . . 51.8 *Paos Inds . . . . . . . . . . . 4.7 Gayatri Tiss CSB Bank ABSL AMC Hardcast Wud Sumeru Ind
Infra 287.3 282.5 -1.7 IDBI Bank Virinchi Con Pharmo Steel Str Wh U H Zaveri
Nifty 50 18,418.8 18,439.9 18,458.3 18,209.4 18,266.6 -152.2 -0.8 IT 36,218.7 35,864.6 -1.0 *Century Ply . . . . . . . . 576.1 *Asit C Mhta . . . . . . . . . 117.6 * Archidply Deco . . . . . . 48.3 Cityman . . . . . . . . . . . . . . 3.4 Sportking India Dwarikes Sug Aurionpro Sl LKP Sec Tilak Vent
*Pokarna . . . . . . . . . . . 575.4 *Specia Rest . . . . . . . . . 110.9 *Worth Invest & . . . . . . 47.2 *Meglon Infra . . . . . . . . . 3.2 IIFL Securities Group XT Kajaria Cer VSL Group P Suraj Ind GMDC Bigbloc Const Magalam Org Welcure Drug
Nifty next50 44,085.5 44,097.2 44,122.2 43,029.3 43,322.7 -762.8 -1.7 Metal 21,888.7 21,382.1 -2.3
Oil & Gas 19,084.4 18,749.0 -1.8 *Transport Co . . . . . . . 568.6 *IM+Capitals . . . . . . . 105.8 *Mukta Arts . . . . . . . . . . 47.2 *JLA Infraville . . . . . . . . . 2.7 Lemon Tree Easun Cap Mah Holidays Group X Gothi Plas OCTOBER 25 ICRA Digicontent Mahan Ind OCTOBER 26
Nifty 500 15,757.9 15,768.0 15,776.4 15,497.0 15,568.7 -189.2 -1.2 Power 3,542.2 3,475.0 -1.9 *Borosil Renewab . . . . 509.7 *Globus Power G . . . . . 103.8 *Jayatma Ent . . . . . . . . 46.5 *Raj.Petro . . . . . . . . . . . . . 2.0 Hot Mar Subros Amal Group X BS 200 Jagran Prak Goodluck I Parshrti Inv BS 200
PSU 9,024.7 8,901.7 -1.4 *Nahar Spg . . . . . . . . . 495.1 *Gensol Engg . . . . . . . . 102.9 *D B Realty . . . . . . . . . . . 44.5 *Sun Retail . . . . . . . . . . . . 0.7 Sasken Comm Globe Comm Sundaram Cly Bharat Seats Ahd Stelcrft Coforge Kansai Nerol Home First Fin Sharp India Ambuja Cem
India VIX 17.4 17.4 18.9 15.2 18.3 0.9 5.4 Realty 4,114.3 4,037.0 -1.9 *Radhe Devlop . . . . . . . 101.4 *Upsurge Inv . . . . . . . . . 43.9 *Shalimar Prd . . . . . . . . . 0.5 South Ind Bk Kkalpana Supreme Ind Indo-City I Jasch Ind Colgate Maha Scoot Karda Constru Som Datt Fin Axis Bank
*Somany Home . . . . . . 478.9
Nifty CPSE 2,472.6 2,478.6 2,478.6 2,405.3 2,417.7 -55.0 -2.2 Sterlite Tch Plasti TCI Exp Sacheta Met KKalpana Inds HDFC AMC Newgen Soft Orbit Exports Group XT Bajaj Fin
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ACC
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (1099.8) (1102.3) (2245.5) (2242.8)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 1107.8 1110.3 2287.0 2289.0
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 1107.8 1110.3 2358.0 2359.0
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 983.0 970.5 2222.0 2221.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 1014.1 1013.3 2263.2 2263.6
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 179K 3067K 218K 3818K
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 61.8 61.8 20.7 20.7
company name is followed by shares traded, and also the 52 Wk H/L 1168/487 1168/487 2506/14902509/1485
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 36761 36730 42501 42508
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Adani Enter« Adani Green En Adani PortsH Aditya Bir Fa Alembic PharmaH Alkem LabsH m « m mH H < « « « « m m « m H
(1569.8) (1569.4) (1180.2) (1181.3) (791.7) (792.3) (255.0) (254.6) (793.8) (794.1) (3848.4) (3842.1)
O 1577.9 1574.0 1198.0 1195.0 795.9 792.0 252.7 254.7 787.0 791.0 3750.1 3790.0 O O
1606.7 1607.4 1210.0 1210.0 803.0 802.9 256.8 256.6 791.4 793.0 3865.5 3869.0
w 1539.7 1539.1 1143.7 1122.3 777.4 777.5 245.5 245.4 768.0 767.9 3742.4 3738.3 w w
1589.8 1589.7 1179.9 1179.2 795.1 794.9 252.3 252.5 776.8 776.7 3829.6 3824.1
427K 2769K 382K 242K 744K 5467K 344K 3566K 13189 281K 4614 143K K K K K K K K K K K K K K K K K K K K K K
150.1 150.1 - - 29.3 29.3 - - 14.7 14.7 28.1 28.0
W 1718/303 1717/303 1394/677 1390/678 901/341 901/341 276/144 276/144 1150/721 1145/720 4068/2544 4070/2540 W W
M 174841 174835 184530 184420 162340 162299 23653 23672 15267 15266 45783 45717 M M

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(7731.0) (7739.3) (19054.1) (19076.6) (2580.7) (2584.4) (316.1) (315.8) (89.4) (89.3) (2118.0) (2118.9) (823.2) (823.8) (206.9) (206.9) (790.7) (791.1) (681.0) (681.1) (69.7) (69.6) (344.3) (344.4) (432.9) (432.7) (17278.8) (17258.4) (452.8) (453.0) (3796.1) (3795.9) (-) (1371.0) (526.6) (527.1)
O 7740.0 7741.0 19052.0 19063.0 2580.7 2562.5 316.1 316.0 89.0 89.1 2119.0 2119.7 O 823.0 823.0 206.9 206.9 790.7 792.0 681.1 683.4 70.4 69.9 346.9 344.5 O 436.0 432.5 17260.0 17260.0 452.9 452.0 3796.1 3800.0 - 1371.0 526.6 526.1
7830.0 7833.6 19058.8 19063.0 2580.7 2577.3 320.3 320.4 93.2 93.1 2212.6 2212.8 823.0 823.0 210.2 210.2 798.5 799.0 713.8 713.9 73.6 73.6 346.9 346.7 436.0 434.6 17413.5 17435.6 452.9 452.9 3917.7 3917.4 - 1389.0 528.5 527.9
w 7577.1 7575.0 18411.1 18404.3 2442.8 2442.3 311.1 311.0 86.9 86.9 2078.1 2076.1 w 795.0 794.4 202.9 202.9 761.9 761.9 681.1 681.4 68.3 68.3 340.8 340.8 w 414.3 414.4 17000.0 17001.9 436.5 436.4 3741.1 3740.0 - 1311.1 515.1 515.0
7761.7 7761.4 18598.9 18603.2 2487.7 2487.2 316.6 316.6 92.2 92.2 2088.2 2085.4 799.5 799.6 204.8 204.8 774.4 774.1 708.5 708.5 73.0 72.9 341.8 341.8 416.0 415.7 17150.5 17145.3 441.1 441.1 3761.9 3762.0 - 1343.3 517.2 517.2
282K 1103K 44308 225K 108K 408K 967K 5166K 6102K 76835K 65515 1715K 266K 965K 1329K 5361K 336K 2744K 3400K 21217K 8988K 90667K 429K 1610K 208K 1889K 4006 33419 1146K 6543K 124K 523K - 556K 97088 1159K
119.2 119.2 72.4 72.4 35.2 35.2 25.1 25.1 16.4 16.4 - - 101.4 101.4 24.7 24.7 67.4 67.4 367.9 367.9 - - 60.7 60.7 30.5 30.5 58.6 58.6 5.2 5.2 53.1 53.1 - 8.3 23.4 23.4
W 8020/3102 8050/3101 19320/5515 19325/5511 2724/1307 2724/1306 430/259 431/259 100/41 100/41 2213/1265 2213/1264 W 872/589 873/588 222/86 222/86 847/445 845/445 739/397 739/396 80/27 80/27 488/328 488/328 W 458/173 458/173 18557/11322 18570/11265 503/338 503/338 4152/3318 4153/3317 -/- 1478/466 674/405 674/404
M 468493 468475 295982 296051 48087 48078 50995 50995 47654 47680 26837 26802 M 77655 77665 49889 49902 36056 36040 416875 416875 25402 25384 41031 41031 M 11550 11542 50577 50561 95686 95686 90623 90627 - 6045 52941 52946

CAMS Can Fin HomeH Canara Bank CDSL Chola InvH CiplaH City Union Bk« Clean Science T« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Deepak NitrtH Delta Corp« Divis LabH
(3084.7) (3085.8) (683.0) (682.3) (190.8) (190.7) (-) (1355.0) (608.8) (608.3) (906.2) (906.2) (166.1) (166.4) (2128.1) (2123.5) (184.4) (184.5) (5852.9) (5861.4) (1636.9) (1636.1) (667.0) (667.3) (840.7) (841.2) (910.2) (908.3) (605.5) (605.3) (2910.1) (2925.9) (276.8) (276.3) (5193.8) (5192.1)
O 3129.0 3117.7 677.3 682.0 191.0 190.2 - 1359.0 610.5 610.3 907.8 905.0 O 166.0 165.7 2125.0 2109.0 183.0 182.7 5905.8 5864.7 1640.0 1637.1 668.2 672.2 O 840.0 840.0 912.3 914.9 607.5 607.0 2880.0 2871.0 276.8 278.0 5190.0 5182.1
3129.0 3134.0 697.0 697.3 197.3 197.4 - 1390.0 615.9 616.1 912.8 912.7 169.7 169.8 2125.0 2123.4 183.2 183.4 6029.4 6030.0 1648.2 1648.4 685.6 686.0 845.0 845.7 921.0 921.4 608.0 607.9 2880.2 2886.0 280.0 279.8 5290.0 5292.0
w 3017.6 3016.3 668.5 668.6 186.6 186.7 - 1295.0 590.2 590.1 900.4 900.0 w 163.3 163.3 1991.8 1992.0 177.5 177.4 5684.4 5680.0 1606.0 1605.3 665.6 665.3 w 821.4 820.6 871.0 871.1 591.2 591.1 2501.1 2500.0 263.8 263.5 5090.2 5089.2
3091.9 3094.1 683.3 682.9 195.5 195.3 - 1374.8 594.8 594.8 905.2 905.9 167.9 167.9 2021.4 2021.7 180.5 180.5 5815.7 5820.4 1613.8 1613.6 674.2 674.3 836.0 835.5 883.3 883.2 593.1 592.7 2557.4 2555.1 272.2 272.3 5117.2 5116.4
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- - 19.3 19.3 10.7 10.6 - - 34.6 34.6 28.7 28.8 20.3 20.3 - - 8.1 8.1 70.6 70.7 41.0 41.0 59.0 59.0 17.3 17.3 30.5 30.5 58.6 58.6 81.9 81.8 961.9 962.2 67.4 67.4
W 4064/1260 4067/1260 721/418 722/430 204/84 204/84 -/- 1579/454 634/237 634/235 1005/706 1005/707 W 200/143 200/143 2354/1423 2354/1422 204/111 204/111 6029/2078 6030/2078 1823/1407 1823/1406 754/365 754/365 W 956/690 956/693 1065/429 1064/429 659/483 659/493 3020/703 3020/704 306/107 307/107 5425/3015 5425/3015
M 15098 15108 9097 9092 35457 35430 - 14366 48811 48815 73014 73074 M 12404 12404 21467 21470 111206 111237 35254 35283 43895 43890 41076 41085 M 24528 24514 24484 24481 104854 104775 34883 34852 7262 7265 135835 135815

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(1487.1) (1486.4) (183.3) (183.1) (3736.6) (3737.3) (516.0) (515.7) (41.8) (41.8) (1007.5) (1007.8) (2396.6) (2390.4) (320.1) (319.8)
O O 1480.0 1491.0 183.2 O 3750.0 3737.0 511.6 515.7 42.4 42.1 1015.2 1015.2 2397.0 2385.0 319.6 320.0
1504.1 1505.0 3750.0 3737.0 521.0 521.0 42.6 42.6 1019.0 1018.8 2408.8 2410.9 320.5 320.6
w w 1422.9 1422.0 w 3519.8 3511.4 503.6 503.3 40.4 40.4 988.1 987.5 2262.2 2262.1 310.4 310.0
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K K K K K K K K K 112K 1646K K K K K K K K K K K 10185 202K 86652 914K 2102K 22937K 373K 993K 174K 1743K 285K 2662K
20.1 20.1 - - 14.0 14.0 - - 58.3 58.3 - - 14.1 14.1
W W 1572/1100 1572/1100 W 4350/1701 4350/1700 691/442 691/442 46/23 46/23 1139/644 1138/646 2598/902 2598/906 438/295 438/295
M M 19396 19393 M 58156 58213 14282 14276 25321 25321 101457 101483 64166 64205 7876 7872

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AI sale will re-energise
aviation sector, says PM
Praising vaccination rate, Modi says this will inspire confidence in tourists
VIRENDRA SINGH RAWAT
Lucknow, 20 October
P
rime Minister Narendra
Modi on Wednesday
said the divestment of
Air India would re-energise
domestic aviation.
“The country has taken a
big decision with regards to Air
India for ensuring that the civil
aviation sector functions pro-
fessionally while providing
safety and passenger ameni-
ties,” Modi said, addressing a
ceremony after inaugurating
the Kushinagar International
Airport in Kushinagar district
of Uttar Pradesh.
Earlier this month, the salt-
to-software conglomerate Tata
Group emerged as the success-
ful bidder for Air India. Its
holding company Tata Sons,
through its wholly-owned sub-
sidiary Talace Private Ltd, had
submitted the winning bid of
~18,000 crore as the enterprise
value of the national carrier.
Without explicitly referring
to Tata Group, the PM under-
lined that the sale of Air India
would inject fresh energy into
the sector. “A similar decision
has been taken to open
domestic defence airspace for
civil use, which has led to the
curtailment of the distance
and travel time on several air
routes.”
Meanwhile, referring to the
fast pace of Covid-19 vaccina-
tions in India, he said that it
would evoke confidence
> FROM PAGE 1
Modi...
Talking about the oil sector,
he said the focus has shifted
from ‘revenue’ to ‘production’
maximisation. He also spoke
about the need to enhance
storage facilities for crude oil.
He further spoke about the
rapidly growing natural gas
demand in the country.
Modi also talked about the
current and potential gas
infrastructure development,
including pipelines, city gas
distribution, and liquefied
natural gas regasification ter-
minals.
Hotels...
Dewan is drawing comfort
from the optimal occupancy
seen at the leisure properties
of Marriott during festivals
and long weekends.
So are others. “Dussehra
was a good week with demand
from leisure travellers peak-
ing, especially in destinations
such as Goa, Jaipur and
Udaipur. Cities such as
Mumbai and Delhi also saw an
> BS SUDOKU
SOLUTION TO #3493
NEW DELHI | THURSDAY, 21 OCTOBER 2021
Prime Minister Narendra Modi at the foundation stone laying
ceremony of various development projects in Kushinagar on
Wednesday
among foreign tourists by bol-
stering India’s image as a “vac-
cinated country”, which is safe
for travelling.
Modi said flying academies
were being set up at five air-
ports while the existing rules
had been rationalised for
training the youth. About
1,000 new aircraft were pro-
jected to be added to the
domestic air fleet owing to the
accelerated growth in the sec-
tor and the development of
new airports. He also men-
tioned the road map for drones
and manpower needed for the
new-age segment.
“I am confident the civil
aviation sector will become the
symbol of the speedy growth
and economic development in
the country.”
Built at a cost of ~260 crore,
the Kushinagar airport is
increase in guest footfalls due
to relaxations, with a signifi-
cant increase in business trav-
el. Airline capacity has also
been increased to the 2019
scheduling,” said Kerrie
Hannaford, vice president,
commercial, Accor India &
South Asia.
Although travellers are not
booking till late, it is not mak-
ing hospitality firms less opti-
mistic, said Hannaford. Like
Marriott, Accor is expecting a
good demand for leisure des-
tinations around Christmas
and the New Year.
“As international travel
opens, we can also expect
demand from outbound des-
tinations such as South-East
Asia and the UAE,'' said
Hannaford.
After an 18-month hiatus,
with effect from Òctober 15,
the Indian government start-
ed granting tourist visas to for-
eigners wanting to come to
India on chartered flights.
From November 15, this will
be extended to regular flights.
The relaxation in travel
norms a month before the
peak holiday season comes as
a big relief to the battered hos-
pitality sector that has been
forced to rely solely on domes-
tic tourists for business.
Ajay Bakaya, managing
director, Sarovar Hotels,
believes domestic travellers
will continue to be the main-
stay for hotels for some time
as foreigners are unlikely to be
rushing to India for a holiday,
restrictions or no restrictions.
# 3494
Medium:
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Solution
tomorrow
HOW TO PLAY
Fill in the grid so that
every row, every col-
umn and every 3x3
box contains
the digits 1 to 9
PHOTO: PTI
spread over 590 acres and
boasts world-class facilities. It
also has UP’s largest runway of
3,200 metres and a width of 45
metres.
The opening ceremony
was marked by the arrival of a
Sri Lankan Airlines flight car-
rying a large delegation,
including Buddhist monks
and pilgrims.
Modi said the airport
would realise the global
tourism potential of the
domestic Buddhist Circuit and
boost the socioeconomic
development of the entire
Eastern UP region. “The air-
port will not only provide
direct air connectivity and
provide jobs, but help the
farmers, traders, small busi-
nesses, entrepreneurs,
tourism industry, hotels and
tour operators.”
During the Dussehra week-
end, Sarovar saw its RevPar
reaching 90 per cent of what
it was in 2019. “With a recov-
ery every month, we expect it
to be similar during Christmas
and the New Year considering
that both fall on the weekend,”
said Bakaya.
For the annual recovery to
reach 2019 levels, though, it
may still take another six to 12
months.
Nikhil Sharma, regional
director, Eurasia, Wyndham
Hotels & Resorts EMEA, said
that as restrictions ease in
India, Sri Lanka and Nepal
owing to vaccinations and
fewer cases, it is seeing brisk
demand for Christmas and the
New Year with many resort
locations now fully booked.
"We expect to see a surge
in bookings for other destina-
tions closer to the period.
Dubai is back on the charts as
an international inbound
market and we are seeing pos-
itive momentum in Sri Lanka
with flight connectivity open-
ing up,” said Sharma.
The relaxation in norms is
already reflecting on the
searches of online travel
aggregators and booking plat-
forms. Ritu Mehrotra, regional
manager, South Asia, at
Booking.com, said it is seeing
interest in travel to countries
like Canada, the UAE, the UK
and France during Christmas
and the New Year.
“Within India, leisure des-
tinations such as Goa, Manali,
Jaipur, Udaipur and Shimla
are some of the most searched
destinations from December
25 to January 1, 2022,” said
Mehrotra.
Travellers are focussed on
health and safety, flexible poli-
cies and free cancellations.
Competitive pricing and
deals, value for money and
sustainable travel are also
becoming some of their top
priorities, she added.
PSBs...
For giving a leg up to agri-
credit, PSBs have been asked
to identify beneficiary farmers
under the PM-KISAN scheme
and provide them Kisan
Credit Cards. The government
has so far sanctioned 25 mil-
lion Kisan Credit Cards with
~2.62 trillion credit limit.
Co-Lending Model
The Centre has also asked
state-owned banks to enter
into co-lending arrangements
with NBFCs and MFIs. As
NBFCs and MFIs have a far
better reach in rural areas,
such lenders will on-board
borrowers, and finance loans.
Then, banks will sign an
agreement with NBFCs and
reimburse NBFCs about 80
per cent of the loan amount.
The remaining 20 per cent of
the loan amount will be
POLITICS & PUBLIC AFFAIRS 13
‘Ensure no
safe havens
for those who
betray India’
Prime Minister Narendra Modi
on Wednesday directed
officials of the Central Vigilance
Commission and the Central
Bureau of Investigation to
ensure there are no safe
havens anywhere in the world
for those who betray the
country. Virtually addressing a
joint conference of the CVC and
the CBI at Kevadia in Gujarat,
Modi said no matter how
powerful a person may be,
stern action should be taken
against those who work
against the interest of the
nation or its people.
The statement comes at a time
when the central government
is engaged in legal
proceedings to bring back
alleged economic offenders
like Vijjay Mallya, Nirav Modi
and Mehul Chowksi, who have
taken refuge in foreign
countries.
"You have to remember that
your partnership is with this
'mitti' (soil), with Maa Bharti
(Mother India). There should
not be any safe havens
anywhere in the world for
those who betray the country
or its people," the PM said
addressing the conference. PTI
retained by such non-bank
lenders in their books.
This would help in tack-
ling two broad issues. One,
such MFIs lack funds but
have a better reach; second,
the rate of interest for bor-
rowers would come down
from 22-24 per cent to effec-
tively 14-15 per cent.
PSBs would benefit by
entering a new market to lend
without having a physical
presence, and the responsibil-
ity of collection and recovery
would lie with NBFCs and
MFIs.
Future Retail...
The three agreements were of
“composite nature”, “wide
and comprehensive enough”
and the tribunal “has jurisdic-
tion over FRL (Future Retail)
in this Arbitration,” said the
69-page order.
Future and Amazon did
not immediately respond to
requests for comment.
The main arbitration pro-
ceedings will now begin in
due course, people familiar
with the matter said.
The dispute started after
Future, India's second-largest
retailer with over 1,700 stores,
entered into a deal last year to
sell its retail, wholesale, logis-
tics and certain other busi-
nesses to Reliance, after Covid-
19 hit its operations hard.
Amazon had its sights on
ultimately owning some of
Future’s retail assets itself. It
has argued a 2019 deal it had
with a Future unit contained
clauses prohibiting the Indian
group from selling its retail
assets to anyone on a “restrict-
ed persons” list that included
Reliance.
Amazon brought proceed-
ings against Future before a
Singapore arbitration panel,
and the dispute is also being
fought at various Indian legal
forums.
The outcome of the
tussle involving two of the
world’s richest men,
Amazon’s Jeff Bezos and
Reliance’s Mukesh Ambani,
could reshape India’s pan-
demic-hit shopping
sector and help determine
whether Amazon can blunt
Reliance's dominance of
India's almost one trillion-
dollar retail market.
14
>
NEW DELHI | THURSDAY, 21 OCTOBER 2021 1
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 15
<

(formerly Bhushan Steel Limited)

Regd. Office: Ground Floor, Mira Corporate Suites, Plot No 1 & 2, Ishwar Nagar, Mathura Road, New Delhi - 110 065
Tel: 91-11-3919 4000; Fax: 91-11-4101 0050; Email: tsbsl@tatasteelbsl.co.in, Website: www.tatasteelbsl.co.in;
CIN: L74899DL1983PLC014942

Extract of Standalone Financial Results for the quarter/six months ended September 30, 2021
` Crores
Quarter Quarter Quarter Six months Six months Financial
ended ended ended ended ended year ended
Particulars
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Audited Audited Audited Audited Audited Audited
Total revenue from operations 8,308.72 7,858.27 5,519.40 16,166.99 8,216.40 21,418.63
Net Profit / (Loss) for the period (before tax and exceptional items) 1,809.59 2,453.98 328.08 4,263.57 (330.15) 2,465.98
Net Profit / (Loss) for the period before tax (after exceptional items) 1,809.59 2,453.98 328.08 4,263.57 (330.15) 2,465.98
Net Profit / (Loss) for the period after tax 1,809.59 2,453.98 328.08 4,263.57 (330.15) 2,465.98
Total comprehensive income for the period [Comprising Profit / (Loss)
1,803.07 2,447.77 328.88 4,250.84 (329.94) 2,469.38
for the period (after tax) and Other Comprehensive Income (after tax)]
Paid-up equity share capital [Face value ₹2/ per share] 218.69 218.69 218.69 218.69 218.69 218.69
Reserves excluding revaluation reserves 24,157.80 17,107.64 24,157.80 17,107.64 19,906.97
Basic earnings per share of ₹2/- each (not annualised) - in Rupees
16.55 22.44 3.00 38.99 (3.02) 22.55
(after exceptional items)
Diluted earnings per share of ₹2/- each (not annualised) - in Rupees
4.56 6.15 0.90 10.71 (3.02) 6.44
(after exceptional items)

Extract of Consolidated Financial Results for the quarter/six months ended September 30, 2021
` Crores
Quarter Quarter Quarter Six months Six months Financial
ended ended ended ended ended year ended
Particulars
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total revenue from operations 8,308.72 7,858.27 5,519.40 16,166.99 8,216.40 21,418.63
Net Profit / (Loss) for the period (before tax and exceptional items) 1,836.71 2,478.86 342.02 4,315.57 (307.94) 2,519.27
Net Profit / (Loss) for the period before tax (after exceptional items) 1,836.71 2,478.86 342.02 4,315.57 (307.94) 2,519.27
Net Profit / (Loss) for the period after tax 1,837.03 2,478.00 341.71 4,315.03 (308.38) 2,518.16
Total comprehensive income for the period [Comprising Profit / (Loss)
1,828.69 2,470.15 342.54 4,298.84 (307.39) 2,518.66
for the period (after tax) and Other Comprehensive Income (after tax)]
Paid-up equity share capital [Face value ₹2/- per share] 218.69 218.69 218.69 218.69 218.69 218.69
Reserves (excluding revaluation reserves) and Non controlling interest 25,084.33 17,959.44 25,084.33 17,959.44 20,785.49
Basic earnings per share of ₹2/- each (not annualised) - in Rupees
16.80 22.66 3.13 39.46 (2.82) 23.03
(after exceptional items)
Diluted earnings per share of ₹2/- each (not annualised) - in Rupees
4.63 6.21 0.93 10.84 (2.82) 6.57
(after exceptional items)

NOTES:-
a) The above is an extract of the detailed format of Standalone and Consolidated results for the quarter and half year ended on September 30, 2021 filed
with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the
Standalone and Consolidated results for the quarter and half year ended on September 30, 2021 is available on the websites of the Stock Exchanges
(www.nseindia.com / www.bseindia.com) and the Company's website (https://tatasteelbsl.co.in/investors/financial-reports/quarterly-results/).
b) The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 19, 2021.

For Tata Steel BSL Limited

Sd/-
Kolkata (Rajeev Singhal)
October 19, 2021 Managing Director

ADC India Communications Ltd.

CIN: L32209KA1988PLC009313
Regd. Office: No.10C, 2nd Phase, 1st Main,
Peenya Industrial Area, Bangalore-560058
Tel:+91 80 28396102 / 28396291
E-mail: support@adckcl.com
Website: www.adckcl.com

NOTICE
Notice is hereby given pursuant to
Regulation 29 read with Regulation
47 of SEBI (Listing Obligations and
Disclosure Requirements)
Regulations, 2015 that a Meeting of
the Board of Directors of the
Company will be held on Friday,
November 12, 2021, inter alia, to
consider and approve the unaudited
financial results of the Company
for the quarter ended September
30, 2021.
This information is also available on
the website of BSE Limited at
www.bseindia.com and shall also be
available on the website of Company
www.adckcl.com.
For ADC India Communications Ltd
R.Ganesh
Company Secretary
Place : Bangalore
Date : October 20, 2021

Business Standard
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No Air Surcharge
16
>
NEW DELHI | THURSDAY, 21 OCTOBER 2021 1

DEMAND NOTICE
Under Section 13(2) of the Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest
Act, 2002 (the said Act.) read with Rule 3 (1) of the Security Interest (Enforcement) Rules, 2002 (the said Rules). In
exercise of powers conferred under Section 13(12) of the said Act read with Rule 3 of the said Rules, the Authorised
Officer of IIFL Home Finance Ltd. (IIFL HFL) (Formerly known as India Infoline Housing Finance Ltd.) has issued Demand
Notices under section 13(2) of the said Act, calling upon the Borrower(s), to repay the amount mentioned in the
respective Demand Notice(s) issued to them. In connection with above, notice is hereby given, once again, to the D-64, KAUSHAMBI, GHAZIABAD, UP 201010
Borrower(s) to pay within 60 days from the publication of this notice, the amounts indicated herein below, together with
further interest from the date(s) of Demand Notice till the date of payment. The detail of the Borrower(s), amount due as POSSESSION NOTICE [rule8 (1)]
on date of Demand Notices and security offered towards repayment of loan amount are as under:- Whereas the undersigned being the authorized officer of the Punjab National Bank, BO: Kaushambi, Ghaziabad. Under the
Name of the Demand Notice Date and Amount Description of secured asset (immovable property) Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (herein after referred to as the “said
Borrower(s) / Guarantor(s)
18-Oct-2021 All that piece and parcel of the property being : Flat Act”) and in Exercise of Powers conferred under section 13 read with Rule 3 of the Security Interest (Enforcement) Rules, 2002, issued a
Mr. Pramod Kumar Sharma, Mrs. Rs. 13,05,336/- (Rupees Thirteen No. F-1, admeasuring 900 sq. ft., on the First Floor,
Pratiksha Sharma (Prospect No. Lakh Five Thousand Three Hundred Safal-1, Plot No. 192, situated at Yojna Ganesh Nagar,
demand notice dated 29.05.2021 calling upon the Mr. Mamalashwar Trigunait s/o Mr. J. N. Trigunait (A/C No. 300000NC00400189) to
724233) Thirty Six Only) Niwaru Road, Jaipur, Rajasthan, 302012, India. repay the amount mentioned in the notice being Rs. 3,28,053/- (RupeesThree Lakh Twenty Eight Thousand Fifty Three Only)
Mr. Ritesh Shandilya, Mrs. 18-Oct-2021 All that piece and parcel of the property being : Unit No
(including interest upto 31.03.2021) with further interest, Expenses & other charges etc. thereon Minus Recovery until payment in full,
Namita Shandilya, Vrindavan Rs. 25,22,009/- (Rupees Twenty Five 401, admeasuring 325.06 sq. ft. and exclusive balcony within 60 days from the date of notice/date of receipt of the said notice, under section 13(2) of the said act.
Catering Company (Prospect Lakh Twenty Two Thousand Nine Only) area of 28.28 sq. ft., built-up area 386.73 sq. ft., super The borrower/Guarantor having failed to repay the amount, notice is hereby given to the borrower/ guarantor and the public in general
No. 907779) built-up area 522.08 sq. ft., Fourth Floor, in the Project that the undersigned has taken possession of the property described here in below in exercise of powers conferred on him under sub-
known as “Unique Vidhyadeep”, Station Road, Near
Sun N Moon, Jaipur, 302012, Rajasthan, India. Section (4) of Section13 of Act with rule 8 of the Security Interest Enforcement Rules,2002 on this 20th day of October, 2021.
Mr. Sunil Kumar Patidar, Mrs. 16-Oct-2021 All that piece and parcel of the property being : R2-E5- The borrowers/guarantors/mortgagors attention is invited to provisions of sub-section (8) of section 13 of the Act in respect of time
Durga Patidar, M/S Patidar Rs. 2,88,355/- (Rupees Two Lakh F6, measuring 334 Sq.fts South Extension , Balicha, available to redeem the secured assets.
Traders (Prospect No. 792060) Eighty Eight Thousand Three Hundred Udaipur, Rajasthan, India. The borrower/ guarantor/ mortgagor in particular and the public in general is hereby cautioned not to deal with the property and any
Fifty Five Only) dealing with the said property will be subject to the charge of the Punjab National Bank, BO: Kaushambi, Ghaziabad. For an amount of
IfthesaidBorrowersfailtomakepaymenttoIIFLHFLasaforesaid,IIFLHFLmayproceedagainsttheabovesecuredassetsunderSection13(4)of Rs. 3,28,053/- (RupeesThree Lakh Twenty Eight Thousand Fifty Three Only) (including interest upto 31.03.2021) with further
the said Act. and the applicable Rules, entirely at the risks, costs and consequences of the Borrowers. For, further details please contact to interest, Expenses & other charges etc. thereon Minus Recovery until payment in full:
Authorised Officer at Branch Office :- Ambition Tower, Plot No. D-46-B, Offices No. 307 To 312, Malan Ka Chauraha,Agrasen Circle, Subhash
Marg,C-Scheme,Jaipur-302001and/orCorporateOffice:IIFLTower,PlotNo.98,Phase-IV,UdyogVihar,Gurgaon,Haryana. DESCRIPTION OF THE IMMOVABLE PROPERTY
Date: 21-Oct-2021 Place: Jaipur / Udaipur Sd/- Authorised Officer For IIFL Home Finance Limited EM of IP situated at Flat. No. F-4 first floor covered area approx. 645 sq. ft. (i.e. 59.92 sq. mtr)built on plot no. 9/2/1 situated at residential
colony, Vaishali, Ghaziabad Tehsil & Distt. Ghaziabad.
Date: 20.10.2021 (Authorised Officer/Chief Manager)
Place: Ghaziabad (Punjab National Bank)

BRANCH: MAYAPURI, NEW DELHI-110064

APPENDIX IV [Rule-8(1)]
POSSESSION-NOTICE (For Immovable Properties)
Whereas The undersigned being the authorized officer of the Indian Bank, under the securitization and Reconstruction of Financial
Assets and the Enforcement of Security Interest (Second)(Act), 2002 and in the exercise of powers conferred under Section 13(12) read
with (rule 3) of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated 14.06.2021 calling upon the borrower Ms
Prem Lata W/o Sh Pop Singh Dhariwal to repay the amount mentioned in the notice being Rs 11,61,213.17 (Eleven lakhs sixty one
thousand two hundred and thirteen rupees and seventeen paise only) within 60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned
has taken possession of the property described herein below In exercise of powers conferred on him under sub-section (4) of section 13
of Act read with rule 8 of the Security Interest Enforcement Rules, 2002 on this the 14th day of Oct of the year 2021.
The borrower in particular and the public in general Is hereby cautioned not deal with the property and any dealings with the property will
be subject to the charge of the Indian Bank for an amount Eleven lakhs sixty one thousand two hundred and thirteen rupees and
seventeen paise only 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. DESCRIPTION OF THE IMMOVABLE PROPERTY
All that part and parcel of the property of Entire Backside portion of 3rd Floor (with roof rights) of property No C-703 (Old No 39), falling under
Khasra No 638 & 643, Sudershan Park, New Delhi-110015 in the name of Ms Premlata, Area admeasuring 41.805 sq.mtrs. bearing Reg No
1658 Book No 1 Vol No 23078 on page 30 to 38 Registered with Sub Registrar SR II Basai Darapur, New Delhi dated 06.03.2017 Bounded:
On the East - Other Prop No C-704, On the West - Other Prop No C-703 part of On the North - Front Side Road On the South - Back Side Gali
Date: 14/10/2021 Sd/- Authorized Officer
Place: Delhi Indian Bank
.
NEW DELHI | THURSDAY, 21 OCTOBER 2021 17 <

  

      Noble Bank
     ! ""    H.O.: 1st Floor, M.P. Road-1, Raghunathpur,
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)    !. , .  upon the borrower M/s. V. R. International to repay the amount mentioned in
   , !. ' , 8 the demand notice being Rs. 63,07,492/- (Rupees Sixty Three Lakhs Seven
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interest, penal interest, legal expenses & other misc expenses within 60 days from
+ 2 !  ,   the date of receipt of the said notice.
2,  .    
 . 8 !   . The borrower having failed to repay the amount, notice is hereby given to the
 ,. borrower and the public in general that the undersigned has taken constructive
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$  !.       Interest Enforcement Rules, 2002 on this the 18th Day of October of the year 2021.
,     !! The borrower in particular and the public in general is hereby cautioned not
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#    - the charge of Noble Co-operative Bank Ltd. for an amount of Rs. 63,07,492/-
&   .   . ! and applicable interest thereon.
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  9  8   The borrower’s attention is invited to the provisions of sub-section 8 of
  ,   '  () section 13 of the Act, in respect of time available, to redeem the secured assets.
    !  ' () , DESCRIPTION OF THE IMMOVABLE PROPERTY
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+*A*) 8 All that part and parcel of the property consisting of Residential freehold plot
8.  .     !,  bearing Khasra no. 61, Village Rasoolpur - Nawada, Sector - 62, Noida, Tehsil
 ) 8  !.   !.   Dadri, District Gautam Buddh Nagar. Bounded: On the North By: As per Site
 
A B  * .   *+ Plan, On the South By: As per Site Plan, On the East By: As per Site Plan, On
'(  !!, the West By: As per Site Plan
 
 B    Dated: 18.10.2021 Sd/- Authorised Officer
 
 'B)    Place: Noida Noble Co-operative Bank Ltd. Noida
18
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NEW DELHI | THURSDAY, 21 OCTOBER 2021 1

1 in 5 Indians prefers new WHEN SEBI TRIES TO GET YOU

picks for studying abroad A PIECE OF THAT HOT IPO In an increasingly institutionalised market, the regulator means
Over 50% students prefer
to find space for the individual investor
specialised courses over
Ivy League, finds study SACHIN P MAMPATTA
Mumbai, 20 October
1. HNIs CONTRIBUTE MOST TO IPO BIDS BY INDIVIDUALS
by Western Union n Institutional n HNI n Retail n Others (Share in %)
Have you tried to buy shares in a cove-

8.49
0.08

0.40
0.00

0.05
5.09
5.94

4.20
7.69

5.63

0.01
0.12

7.10
5.21

5.17
1.15
ted company entering the market for
VINAY UMARJI the first time and were disappointed?
Ahmedabad, 20 October Sebi will help you. The market

38.17

43.22
regulator, in a recent consultation

42.70
52.66

51.36
I

34.05 59.59

35.23 56.27
33.02 59.29
ndian students looking for higher edu- paper, proposed a rule tweak to ensure
cation abroad are increasingly opting for that you get some stocks. Noble
newer destinations such as Germany, intention, but an analysis of

49.63
42.58

56.34
41.63

Germany, Italy, Ireland, Turkey, Russia and
China even as the big four — US, UK, Canada
and Australia — continue to stand out as the
perennial favourites.
One in every five (22 per cent) students
prefer new and unconventional educational
destinations like Ireland, Turkey and Spain,
according to the study titled “Education
Overseas — An Evolving Journey” that was
commissioned by financial services firm
Western Union and carried out by NielsenIQ.
TICKET TO OVERSEAS
n 22% students prefer new destinations
exploring newer avenues for education, we
can make sure they continue to remain
financially supported and connected at all
47.93
international trends suggests that it
could be swimming against the tide.
First, let’s look at what’s happened. 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
Companies have gone big on initial Note: Data for 2021-22 is as of September 2021. Others covers investors such as employees.
Source:primedatabase.com
public offers (IPOs) in the coronavirus
pandemic. Rules reserve a portion of
shares for retail and non-institutional 2. LOWER RATES FUELLED 3. DIRECT HOLDINGS FELL
investors: if they don’t bid the shares OVERSUBSCRIPTIONS ELSEWHERE OVER TIME
can be allocated to other applicants. n Individual stake before (in %)
Retail investors are those who bid for
n Share of IPOs with more than 10x
oversubscription in non-institutional n Individual stake after (in %)
shares worth up to ~200,000. Bids over

70.83
segment (in %)

84
The study aimed to understand the col- like Ireland, Turkey and Spain times,” added Rajola. that fall under the non-institutional

54
61.29
n Repo rate at end of

37.7
lective journey that Indian families go Western Union also found that outward investor category. Wealthy high net

40
n 52% give precedence to courses like financial year (in %)

16.8
through as they strive toward securing over- remittances by resident Indians rose sequen- worth individuals (HNIs) often account

13.5
seas education and a footing in the global data analytics, artificial intelligence, tially by 34 per cent since October 2020 with for the bulk of bids in this category.

53.33
40
market for their children. It pointed out that digital marketing, cybersecurity, ethical outflows for education picking up in the last Companies sold, through 25 IPOs,
the availability of specialised areas such as hacking and ecotechnology quarter. Education related remittances shares worth ~51,979 crore this financial United United States Japan

20
data analytics, artificial intelligence, digital n 45% prioritise “self-dependence” and accounted for over 30 per cent of India’s total year. They received bids worth ~10.3 Kingdom of America (1970 to

6.25
marketing, cybersecurity, ethical hacking outward remittances in FY2020-21. Outward trillion, or 19.9 times the value of shares (1963 to 2011)

4.4
opportunities to “live life on their own (1963 to 2018) 2020)

and ecotechnology was taking precedence
over traditional university courses for 52 per
cent of students intending to study overseas.
They seek courses that are niche, but gaining
importance, and often look beyond Ivy Lea-
gue varsities that do not offer these courses.
The findings also highlighted a shift in
the perspective of both students and parents
with regard to the destinations preferred for
studying abroad.
According to data available from the
Ministry of External Affairs (MEA), students
from over 70,000 families went abroad in
January and February this year, undeterred
by the pandemic. As of January 2021, there
were more than 10.9 lakh Indian students
studying in 85 countries across the globe,
according to data from MEA. Countries such
as China (29,600 students), Germany and
France (10,000 students combined) also have
a significant Indian student population.
Nearly half (45 per cent) of the student
respondents also prioritised “self-depen-
dence” and opportunities to “live life on their
own terms” as key motivations to explore
international learning opportunities.
terms” as motivations to study abroad
n 43% prioritise opportunity to travel
and explore cultures over better
job opportunities & education
n 64% opt for countries/universities
that do not have entrance exams or
mandate English proficiency tests
n 54% identify financial issues as
topmost concern in studying abroad
Moreover, pandemic-induced hybrid learn-
ing is now mainstream, as 46 per cent of the
students prefer such a model.
The study also found that students pri-
oritised the opportunity to travel and explore
other cultures (43 per cent) over better job
opportunities and better education.
According to Sohini Rajola, head of
Middle East and Asia Pacific, Western Union,
assured that students had reliable and con-
venient support from the company’s global
financial network thanks to its presence in
over 200 countries. “Given that they are
remittances for education saw 64 per cent
year-on-year growth, with $1.2 billion remit-
ted between April and June 2021, up 5.3 per
cent compared to January-March 2021.
In terms of challenges, qualifying exams
remain a big barrier for students (64 per
cent), who tend to opt for countries/univer-
sities that don’t have entrance exams or man-
date English proficiency tests. On the other
hand, parents expressed distress related to
student loans with many worrying about
repaying loans owing to the volatile nature
of the current economic landscape. Money
related concerns, particularly budgeting and
financial planning, were the key barriers
expressed by both students and parents that
became a deciding factor in studying abroad.
Over half (54 per cent) of the students
identified financial issues as the topmost co-
ncern while opting for an education abroad.
This also reflected in their decision to pick
courses with shorter duration (47 per cent)
due to the high costs associated with study-
ing abroad. Three in four students surveyed
also looked for scholarships while selecting
their course due to high tuition fees.
being offered. HNIs accounted for a big
part of this bidding (as seen in chart 1).
Sebi found that oversubscriptions
often crowd out those on the lower side
of bids of over ~200,000. It suggested
reserving one-third of the non-
institutional investor quota for those
investing between ~200,000 and
~1 million, so that they are not crowded
out by moneybags bidding larger
amounts. Conversations with market
experts suggest that the wealthy borrow
money and invest in IPOs to make a
profit on companies expected to rise
after listing. Lower interest rate appears
to power this trend (chart 2).
A quota for individuals through
reservations for retail and non-
institutional investor categories was
supposed to bring in new investors to
the market. However, retail investors
often burn their fingers in IPOs. In
international markets, wider equity
ownership is happening increasingly
through institutional means (like
mutual funds). Trends for roughly
4
Source: Office for National Statistics (UK), Japan
2017-18 2018-19 2019-20 2020-21 2021-22 Exchange Group, US statistics from OECD Journal:
Financial Market Trends Volume 2013/2 ‘Institutional
Note: Data for current year is as of September 28, 2021. investors and ownership engagement’ by authors
Source: Sebi, RBI Serdar Çelik and Mats Isaksson
50 years show individual ownership
going down in favour of institutional
4. INSTITUTIONAL SHARE-
ownership (chart 3). HOLDING HAS BEEN RISING
Institutions, because of size and orga- n Individual (by value as % of free float)
nisation, can better assert their rights as n Institutional (by value as % of free float)
shareholders. Institutional investors’ n Others (by value as % of free float )
stake has risen from 62.39 per cent by
value of India’s publicly available
shares (or free float) in June 2009 to
70.35 per cent in June 2021. Individual
shareholding has dropped from 19.66
per cent to 18.74 per cent (chart 4).
This could mean institutional share-
holders will be the dominant providers
of equity capital. Such ownership can
create its own challenges: such as a bias
towards large listed firms. Meanwhile, a
debate on at what point individual Note: Shows ownership patterns for companies listed
on the National Stock Exchange. Individual ownership
quotas would have outlived their utility includes retail and high networth individuals.
in an increasingly institutionalised Institutional includes domestic institutional investors
and foreign portfolio investors.
market may well be worth having. Source: primeinfobase.com

Aryan denied
bail, moves
high court
PRESS TRUST OF INDIA
Mumbai, 20 October
A special court on
Wednesday denied bail to
Aryan Khan, the son of
Bollywood actor Shah Rukh
Khan, observing that “on the
face of it”, he was indulging
in “illicit drug activities on a
regular basis”.
His WhatsApp chats also
showed, prima facie, that he
was in touch with drug ped-
dlers, the court noted.
Aryan (23), arrested with
a few others on October
3 after the Narcotics Control
Bureau (NCB) raided a cruise
ship off the Mumbai coast
and claimed to have seized
drugs including charas, has
now moved the Bombay
High Court.
V V Patil, special judge for
the Narcotic Drugs and
Psychotropic Substances
(NDPS) Act cases, rejected
the bail pleas of Aryan Khan,
his friend Arbaaz Merchant
(26) and fashion model
Munmun Dhamecha (28).
The lawyers of Aryan
Khan and Dhamecha moved
the high court seeking bail.
The matter is likely to be
mentioned on Thursday
before Justice N W Sambre
seeking urgent hearing, legal
sources said.
The special NDPS Act
court in its 21-page order not-
ed that WhatsApp chats of
Aryan Khan prima facie
revealed that he was “dealing
in illicit drug activities on a
regular basis” and therefore
it cannot be said that he was
not likely to commit a simi-
lar offence if released on bail.
It also held that Aryan
knew that his friend and co-
accused Arbaaz Merchant
was in possession of drugs,
and hence there was “con-
scious possession” even
though the NCB had not
found any drugs on Aryan
himself.
“Considering the prima
facie involvement of the
applicants/accused No 1 to 3
(Aryan Khan, Merchant and
Dhamecha) in commission
of grave and serious offence,
this is not a fit case for grant-
ing bail,” the judge said in
the order.
British hard sell of
Rolls-Royce turbines
Indian admirals to visit HMS Queen Elizabeth on Friday,
as London aims to power IAC-2 with propulsion system
REUTERS
AJAI SHUKLA
New Delhi, 20 October
On Friday, a group of senior
Indian Navy admirals will
helicopter out from Mumbai
and land on Her Majesty’s
Ship (HMS) Queen Elizabeth,
the Royal Navy’s flagship air-
craft carrier that is moored in
the Arabian Sea on her way
back to the UK after patro-
lling the South China Sea.
HMS Queen Elizabeth is
named after the iconic, 16th
century British monarch,
also called the Virgin Queen,
whose legendary admiral, Sir
Francis Drake, destroyed an The Queen Elizabeth’s “integrated all-electric propulsion
invading Spanish armada system” is based on two Rolls-Royce MT30 gas turbine
(armed fleet) in the summer alternators and four diesel engines
of 1558, setting England on
course to be the world’s pre- small and powerful enough the eponymous next-genera-
dominant naval power for the for an aircraft carrier. And tion frigates and next-gener-
next 350 years. Washington has not offered ation destroyers, which he
The Royal Navy is harking to assist with a reactor would like powered by Rolls-
back to those glory days with design, the way it has offered Royce MT-30 turbines
its carrier battle group (CBG) to help Australia build a line instead of the American
showing its teeth to China. of eight nuclear-powered LM2500 and Ukrainian
Too small to go it alone, Lon- submarines. Zorya gas turbines that are
don has allied in the Asia- London, however, is currently used.
Pacific with Washington and pointing out to Indian plan- Jayaraman said the Queen
Canberra in a grouping called ners that nuclear power is Elizabeth’s two MT30 tur-
Aukus (Australia-UK-US). essential only for the 100,000 bines generate 36 megawatts
Its visit to India, however, tonne supercarriers that the (Mw) each and are supple-
has a more prosaic purpose: US Navy fields. INS Vishal is mented by four Finnish
London hopes to convince built to more modest propor- Wärtsilä diesel generators
New Delhi’s naval planners tions, tipping the scales at that provide another 10 Mw
to power India’s 65,000 tonnes — each. These drive electric
planned second “The Queen exactly the same motors provided by US firm
indigenous air- Elizabeth already as the QE — and GE Power Conversion, which
craft carrier (IAC- has exactly the carrying a similar propel the carrier at 32 knots
2) with the Queen propulsion aviation comple- (60 km per hour).
Elizabeth’s “inte- solution that India ment of 50-60 air- The groundwork for UK-
grated all-electric requires for the craft. India defence cooperation
propulsion sys- Vishal,” explained “The Queen has been gradually built up
tem” that is based a senior British Elizabeth already over the preceding years.
on two Rolls- officer, talking has exactly the New Delhi and London
Royce MT30 gas anonymously propulsion solu- recently signed a Memo-
turbine alterna- tion that India randum of Understanding on
tors and four diesel engines. requires for the Vishal,” Defence Technology and
Earlier, the Indian Navy explained a senior British Industrial Capability
had hoped to power IAC-2, officer, talking anonymous- Cooperation. This is the UK’s
which will be named INS ly. first such inter-government
Vishal, with a nuclear reac- “The Rolls-Royce MT30 arrangement, designed with
tor. A key element of the US- gas turbine is the most pow- India’s preference for sover-
India defence relationship is er-dense in the world,” said eign-to-sovereign transac-
the “joint working group” on Kishore Jayaraman, the tions in mind. That was sup-
aircraft carrier cooperation. South Asia chief for Rolls- plemented in May by a
However, the Indian atomic Royce. Jayaraman is looking Roadmap for India-UK future
establishment will take sev- beyond the IAC-2 to India’s relations arrived at by the two
eral years to deliver a reactor future naval fleet, including prime ministers.